Full text of Federal Reserve Bulletin : March 1929
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FEDERAL RESERVE
BULLETIN
MARCH, 1929
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Federal Reserve Policy and Bank Credit
Condition of All Member Banks
Annual Reports of Central Banks: France
and Germany
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1929
FEDERAL RESERVE BOARD
Ex officio members:
ROY A. YOUNG, Governor.
EDMUND PLATT, Vice Governor.
A. W. MELLON,
Secretary of the Treasury, 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.
J. C. NOELL, Assistant Secretary.
E. M. MCCLELLAND, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.
E. A. GOLDENWEISER, Director, Division of Research
and Statistics.
CARL E. PARRY, Assistant Director, Division of Re*
J. F . HERSON,
search and Statistics.
ChiefJ 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 ( N E W YORK)
ARTHUR M. HEARD.
WM. C. POTTER.
District No. 3 (PHILADELPHIA)
L. L. R U E .
District No. 4 (CLEVELAND)
District No. 5 (RICHMOND)
District No. 6 (ATLANTA)
HARRIS CREECH.
JOHN POOLE.
J. P. BUTLER, Jr.
District No. 7 (CHICAGO)
FRANK O. WETMORE, President.
District No. 8 (ST. LOUIS)
District No. 9 (MINNEAPOLIS)
District No. 10 (KANSAS CITY)
W. W. SMITH.
THEODORE WOLD.
P. W. GOEBEL.
.__
District No. 11 (DALLAS)
B. A. MCKINNEY, Vice President.
District No. 12 (SAN FRANCISCO)
F. L. LIPMAN.
II
OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank o—
f
Chairman
Deputy governor
Governor
Boston
New York-
Frederic H. Curtiss.
G. W. McGarrah...
W. P. G. Harding...
Geo. L. Harrison
Philadelphia—
Cleveland
Richmond
Atlanta
Chicago
R. L. Austin
George DeCamp..
Wm. W. Hoxton..
Oscar Newton
Wm. A. Heath....
Geo. W. Norris...
E. R. Fancher
George J. Seay
Eugene R. Black..
J. B. McDougal—
St. Louis
Rolla Wells..
Wm. McC. Martin.
0. M. Attebery.
MinneapolisKansas City..
Dallas
John R.Mitchell....
M. L. McClure...
C. C. Walsh
San Francisco .
Isaac B. Newton..
W. B. Geery
_
W.J. Bailey
Lynn P. Talley...
J. U. Calkins
B. V. Moore
Harry Yaeger
C.A. Worthington..
R. R. Gilbert
R. B. Coleman
Wm. A. Day
Ira Clerk
.._
1
W. W. Paddock
J. H. Case
L. F. Sailer
E. R. Kenzel
A. W. Gilbart
L. R. Rounds.
Wm. H. Hutt
M. J. Fleming
_
Frank J. Zurlinden..
C.A. Peple
R. H. Broaddus
Hugh Foster
Creed Taylor
_
C. R. McKay
John H. Blair
2
Assistant deputy governor.
Cashier
W. Willett.
J. W. Jones.i 1
Ray M. Gidney.
J. E. Crane.i
W. B. Matteson.i
C. H. Coe.i
C. A. Mcllhenny.
W. G. McCreedy.*
H. F. Strater.
Geo. H. Keesee.
John S. Walden, jr.*
M. W. Bell.
W. C. Bachman.2
K. C. Childs.2
J. H. Dillard.J
D. A. Jones.2
O. J. Netterstrom.2
A. H. Haill.2
F. N. Hall.2 2
S. F. Gilmore. 2
G. O. Hollocher.
C. A. Schacht.2
Gray Warren.
Frank C. Dunlop.2
J. W. Helm.
Fred Harris.
W. D. Gentry.1
Wm. M. Hale.
Controller.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank o—
f
New York:
Buffalo branch
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Charlotte branch
Atlanta:
New Orleans branch
Jacksonville branch
Birmingham branch.
Nashville branch
Chicago:
Detroit branch
St. Louis:
Louisville branch
Memphis branch
Little Rock branch
Managing director
_ W. W. Schneckenburger.
_
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 o—
f
Managing director
Minneapolis:
R. E. Towle.
Helena branch
_
Kansas City:
L. H. Earhart.
Omaha branch
J. E. Olson.
Denver branch
C. E. Daniel.
Oklahoma City branch
Dallas:
W. 0. Ford.
El Paso branch
_
Houston branch
__ D. P. Reordan.
M. Crump.
San Antonio branch
_
San Francisco:
W. N. Ambrose.
Los Angeles branch__
Portland branch
R. B. West.
Salt Lake City branch
W. L. Partner.
Seattle branch
C. R. Shaw.
Spokane branch
D. L. Davis.
SUBSCRIPTION PRICE OF BULLETIN
THE FEDERAL RESERVE BULLETIN is the board's medium of communication
with member banks of the Federal reserve system and is the only official organ
or periodical publication of the board. The BULLETIN will be sent to all member
banks without charge. To others the subscription price, which covers the cost of
paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the
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cents.
in
TABLE OF CONTENTS
Page
Review of the month—Federal reserve policy and bank credit
Reduction of security loans—Senate inquiry—Position of reserve banks in the banking structure—
Banking policy and credit policy.
Meeting of Federal Advisory Council
Revisions in indexes of production and trade
Member bank reportings ervice
Acceptances as security for public deposits in Texas
Condition of all member banks on December 31, 1928
Return of Rumania to the gold basis
Legal reserve ratios of Netherlands Bank and Bank of Java
Annual report of the Bank of France
Annual report of the German Reichsbank
National summary of business conditions
175
' 178
180, 193, 194
179, 233-236
180
179, 237-240
201
201
201
208
181
Financial, industrial, and commercial statistics:
Reserve bank credit, gold stock, money in circulation, and member bank reserve balances
Analysis of changes in monetary gold stock
Discount rates and money rates
Member bank credit
Bankers' balances
Bankers' acceptances and commercial paper outstanding
Brokers' loans
Commodity prices, security prices, and security issues
Production, employment, and trade
Industrial production
Factory employment and pay rolls
Building
Trade and distribution
Bank suspensions and commercial failures
Financial statistics for foreign countries:
Condition of central banks
Condition of commercial banks
Discount rates of central banks
Money rates.
Gold exports and imports
Foreign exchange rates
Price movements
Industrial statistics for England, France, Germany, and Canada
Changes in National and State bank membership
Fiduciary powers granted to national banks.
212
214
214
215
216
217
218-220
221,222
223
223
Detailed banking statistics for the United States
224-232
IV
182, 183
183
185, 186
187
188
188
189
190
191
192
195
196
197-199
200
FEDERAL RESERVE BULLETIN
VOL. 15
MARCH, 1929
REVIEW OF THE MONTH
In recent weeks there has been a considerable
reduction in bank loans to brokers in New York
City. The entire decline has
Reduction of
been in loans for out-of-town
security loans.
banks, the reduction in street
loans by banks outside of New York City being
general throughout the country. During the
same period loans to brokers by nonbanking
lenders continued to increase, and this increase
offset a considerable part of the decline in
brokers' loans by banks. Changes between
February 6 and March 6 in the different classes
of brokers' loans reported by New York member banks are summarized in the following table:
B R O K E R S ' L O A N S BY R E P O R T I N G M E M B E R B A N K S I N
N E W YORK CITY
[In millions of dollars]
Total
1929— Feb. 6.
Mar. 6
Increase or decrease..
For acFor
own count of
out-ofactown
count banks
Total
for ac- For account of count of
banks others
5,669
5,647
1,116
1,117
1,931
1,707
3,047
2,824
2,621
2,823
-22
+1
-224
-223
+202
Reduction in the total of brokers'loans during
the four weeks ending March 6 was $22,000,000,
this decrease representing the net result of
an increase of $1,000,000 in loans by New
York banks for their own account and a decrease
of $224,000,000 in loans for account of out-oftown banking correspondents, offset to the extent of $202,000,000 by an increase in loans for
account of foreign and nonbanking lenders.
A part of the decrease in bank loans to
brokers in the four weeks between February 6
and March 6 has reflected a shift from brokers
No. 3
to banks by borrowers holding securities for investment or for speculation. This shift may
have been due in part to the increasingly high
rates and wide margins demanded by brokers
from their customers. There was, in fact, an
increase in the total of security loans by reporting member banks in leading cities, notwithstanding the decline in brokers' loans by these
banks. Total security loans of the reporting
member banks at the end of February were
larger than at any previous time and more than
$1,000,000,000 above the level of a year ago.
In last month's BULLETIN the Federal Reserve Board defined its attitude toward the
rapid growth of loans on secuSenate inrities in recent years and toquiry.
ward the present high level of
this class of loans. The board said that "the
extraordinary absorption of funds in speculative security loans, which has characterized the
credit movement during the past year or more,
deserves particular attention lest it become a
decisive factor working toward a still further
firming of money rates to the prejudice of the
country's commercial interests." Discussion
of the board's statement and of the conditions
that caused it to be made led the United States
Senate to adopt the following resolution:
Whereas in press dispatches recently, the Federal
Reserve Board has complained that money is being
drawn from the channels of business and used for speculative purposes, and that some of said speculation is
illegitimate and harmful: Therefore, be it
Resolved, That the Federal Reserve Board is hereby
requested to give to the Senate any information and
suggestions that it feels would be helpful in securing
legislation necessary to correct the evil complained of
and prevent illegitimate and harmful speculation.
[n replying to this resolution the board
quoted its statement in the BULLETIN and called
the attention of the Senate to the fact " t h a t
175
176
FEDERAL RESERVE BULLETIN
the purport and language of the board's statement do not agree with those in the preamble
of the Senate resolution." "The board's statement/' continues the reply to the Senate resolution, "concerned itself with credit conditions.
It disclaimed the authority and the desire Ho
set itself up as arbiter of security speculation
or values.' That still is the board's position.
"At the time of the issue of its statement it
was the belief of the board that it could count
upon the cooperation not only of the Federal
reserve banks but of leading member banks
everywhere in the country in making successful
an effort to bring about an orderly readjustment of the credit situation; and the board has
been confirmed in this belief by what has taken
place since.
"This also is the view of the Federal Advisory Council, as will be seen from the following minute of its proceedings which was presented to the board February 15 on the occasion of its recent quarterly meeting:
"The Federal Advisory Council approves the
action of the Federal Reserve Board in instructing the Federal reserve banks to prevent, as
far as possible, the diversion of Federal reserve
funds for the purpose of carrying loans based
on securities. The Federal Advisory Council
suggests that all the member banks in each district be asked directly by the Federal reserve
bank of the district to* cooperate in order to
attain the end desired. The council believes
beneficial results can be attained in this
manner.
"This whole matter is engaging the earnest
attention and efforts of the Federal Reserve
Board. If it should develop that the board,
through exercise of the powers granted under
the provisions of the Federal reserve act, or
through cooperation with the Federal reserve
and member banks, should be unable to bring
about a solution of the problem which has
awakened the concern alike of the Senate, the
Federal Reserve Board, and the general body
of public opinion, it will be glad to give consideration to the possibilities of remedy by way
of legislation."
A more complete statement of the position
of the reserve banks in the banking structure
MARCH, 1929
of this country and of the nature of the reserve
system's responsibility for credit developments
over a longer period of time appeared in the
Federal Reserve Board's annual report for 1928,
which was submitted to Congress on March 1.
In its report the board says:
In a period like the present, when the gold
reserves of the country have been diminished
by more than 10 per cent through gold exports,
while member bank credit has
Position of re- continued to expand, it is apserve banks in propriate to define the charthe banking
,
, „ ,, ^ , ,
x
structure.
acter.and extent of the federal
reserve system's responsibility
for changes in credit conditions. The Federal
reserve system is under obligation to make
such use of its own lending power as will be,
in the broadest sense, in the interests of the
business of the country. Since the reserve
banks hold all the reserves of member banks,
and through credit policy can influence the
rate of growth of these reserves, the Federal
reserve system has a responsibility, within
the limit of its powers, for the character of
growth in the total volume of member bank
credit. Increased loans and investments of
member banks, regardless of the purpose for
which the loan or investment is made, result
in the creation of additional deposits. A
growth in deposits, resulting from an increase
in any class of loan or investment, in turn increases the reserve requirements of member
banks and consequently their demand for reserve bank credit. Every class of loan or investment, therefore, rests in the final analysis
upon reserve bank credit, which is the base of
the entire credit structure, and excessive or too
rapid growth in any field of credit, whether it
be commerce, industry, agriculture, or the trading in securities, is a matter of concern to the
Federal reserve system. Too rapid expansion
of bank credit in any field may result in serious
financial disorganization and it inevitably leads
to increased demand for reserve bank funds.
Because the system has a broad responsibility
for the general soundness of credit conditions,
and because a growth of bank credit for any purpose ultimately leads to a demand for reserve
MARCH, L929
FEDERAL RESERVE BULLETIN
bank credit, it is its duty to use its influence
against undue credit expansion in any direction.
In recent years the most rapid expansion of
bank credit has been in the direction of increasing use of bank funds in investments and in
loans on securities. Between the middle of
1925 and the middle of 1928 member bank
holdings of investments increased from $8,863,"
000,000 to $10,758,000,000 and their loans on
securities from $6,718,000,000 to $9,068,000,000. At the present time, of the total
volume of nearly $35,700,000,000 of loans and
investments of member banks, more than 57
per cent are either in investments or in loans
on securities. Securities thus underlie considerably more than half of the outstanding
volume of member bank credit. The proportion of bank credit that is based on securities
has been rapidly increasing.
When the question is considered in the light
of the reserve banks7 position as holders of the
reserves against all member bank credit, it becomes apparent that the Federal reserve system's responsibility is not limited to the control
of funds obtained directly from the Federal
reserve banks. There is no way of earmarking
for special purposes the credit extended by the
Federal reserve banks, and even if that were
possible, it would still be true, under existing
law, that the entire credit structure ultimately
rests upon Federal reserve credit as a base;
the reserve system has a correspondingly broad
responsibility.
It is a generally recognized principle that
reserve bank credit should not be used for
profit, and that continuous indebtedness at the
reserve banks, except under unusual circumstances, is an abuse of reserve bank facilities.
In cases where individual banks have been
guilty of such abuse, the Federal reserve authorities have taken up the matter with officers
of the offending banks and have made clear
to them that their reserve position should be
adjusted by liquidating a part of their loan or
investment account rather than through borrowing. Abuses of the privileges of the Federal
reserve system, however, have not been general
among the member banks. The tradition
against continuous borrowing is well established
177
and it is the policy of the Federal reserve banks
to maintain it.
Influence exerted by a reserve bank on the
loan and investment policy of an individual
member bank is ordinarily exer«sed only over banks that
are borrowers from the reserve
banks. It is in the nature of banking supervision, and is akin in many respects to the
bank examination function of the reserve
system. This phase of reserve bank policy
may be called banking policy, as distinguished
from credit policy, which deals with more
general developments of banking in relation to
the credit needs of the country. Banking
policy ordinarily has but limited effect on
credit conditions as a whole, because no class
of borrowers is confined for accommodation to
any single bank or group of banks, and because
of the general mobility of bank credit. When
one member bank, for example, on its own
initiative, or at the instance of the reserve
bank, repays indebtedness to the reserve bank
by withdrawing funds lent on the stock exchange, the effect may be to cause the borrower
to seek accommodation at another bank,
member or nonmember, that is not indebted
to the reserve bank. For the purpose of
meeting the demand thus transferred without
borrowing at the reserve bank, the bank to
which the borrower applies may borrow from
a member bank, which in turn may borrow
from the reserve bank. As the result of this
series of transactions there would be no reduction in security loans or in borrowings at the
reserve bank. The importance of banking
policy lies in promoting the soundness of
member banks, and cooperation of these banks
with the Federal reserve system in carrying
out banking policy is essential to the maintenance of sound banking conditions. For
influencing general credit conditions, however,
the Federal reserve system relies on credit
policy rather than on banking policy.
Credit policy is essentially impersonal and
finds expression chiefly through the influence
that the Federal reserve system may exert on
the volume and cost of bank credit through its
policy of sales or purchases in the open market
and through discount rates on member-bank
178
FEDERAL RESERVE BULLETIN
borrowings and buying rates on acceptances.
In determining upon credit policy the Federal
reserve system is always under the necessity of
balancing the advantages and disadvantages
that are likely to follow a given course of action.
Low money rates may have a favorable effect
on domestic business, but at the same time may
stimulate speculation in securities, commodities, or real estate. High money rates, on the
other hand, may exert a moderating influence
on speculation, but at the same time may result
in a higher cost of credit to all lines of business,
and thus be detrimental to commerce and industry; ultimately they may draw gold from
abroad, which would tend to ease the domestic
situation. It is impossible to foresee all the
effects of a credit policy and difficult to appraise
them even after they have developed. It is
certain, however, that the Federal reserve system must steer its course with reference to
broader developments and longer time objectives than day-to-day or month-to-month
changes in any particular line of credit. Principal among such objectives are the continuous
provision of credit at reasonable cost in amounts
adequate for the requirements of trade and industry and the safeguarding of our gold
reserves, which are held in trust to meet future
needs, against unduly rapid absorption through
expansion of credit.
MARCH, 1929
Meeting of Federal Advisory Council
The Federal Advisory Council, at its first
meeting in 1929, held on Friday, February 15,
organized by reelecting Mr. Frank O. Wetmore,
of Chicago, as president and electing Mr. B. A.
McKinney as vice president. These officers
as ex officio members and Messrs. Potter, Rue,
Creech, and Smith will constitute the executive
committee. Mr. Walter Lichtenstein was reappointed secretary of the council.
Mr. William C. Potter has been appointed
to represent the New York district in place of
Mr. James S. Alexander; Mr. John Poole to
represent the Richmond district in place of Col.
John F. Bruton; and Mr. J. P. Butler, jr., to
represent the Atlanta district in place of Mr.
P. D. Houston. No other changes have
occurred in the membership of the council.
At a preliminary meeting, held on February
14, the council made the following minute,
which was delivered to the Federal Reserve
Board at the regular quarterly meeting of the
council and the board on February 15:
The Federal Advisory Council approves the action
of the Federal Reserve Board in instructing the Federal
reserve banks to prevent, as far as possible, the diversion of Federal reserve funds for the purpose of carrying
loans based on securities. The Federal Advisory
Council suggests that all the member banks in each
district be asked directly by the Federal reserve bank
of the district to cooperate in order to attain the end
desired. The council believes beneficial results can be
attained in this manner.
Residence of Mr. Wells—A Correction
Advances in Bill Rates and Discount Rate
Buying rates on acceptances at the Federal
Reserve Bank of New York were advanced on
February 15 from 4%-4% to 5 per cent for
maturities up to 45 days and from 5 to 5j^-534
per cent for longer maturities.
An advance in the discount rate from 4 Y2 to
5 per cent on all classes of paper of all maturities
was made at the Federal Reserve Bank of
Dallas, effective March 2, 1929.
The residence of Mr. Rolla Wells, chairman
of the board of the St. Louis Federal Reserve
Bank, was erroneously reported in the February BULLETIN as Memphis, Tenn. Mr. Wells's
residence is St. Louis, Mo.
Branch Banking in Oregon—A Correction
In the classification of States given on pages
97, 102, and 103 of the February BULLETIN,
Annual Report
Oregon is listed with States which permit the
The text of the Annual Report of the Federal establishment of branches, provided these are
Reserve Board, covering operations for 1928, located in the home city. This State should
was presented to Congress on March 1 and have been included with States which prohibit
released for publication March 2.
the establishment of domestic branches.
MARCH,
179
FEDEKAL KESERVE BULLETIN
1929
Member Bank Reporting Service
On page 187 of this issue of the BULLETIN,
revised monthly figures (for loans on securities
and all other loans) are published for reporting
member banks during 1927, supplementing
monthly figures for 1928 published with explanation in the BULLETIN for February. Corresponding data (also figures of balances due
to banks) by weeks for 1927 and 1928 are given
on pages 233-236.
The figures now published, together with
those published in the BULLETIN for January
and February, make available on a basis
comparable with current figures, continuous
series by months and by weeks from January,
1927, to date. Comparable figures for earlier
years are in process of preparation.
for the quarter and the year ending December
31/1928:
ALL
MEMBER BANKS
[In millions of dollars]
Loans and investments
Total ' Loans
34,247J1 23,886
Dec. 31, 1927
Feb. 28, 1928
33, 688 23,099
June 30, 1928
35,062J 24, 303
Oct. 3, 1928
34, 929j 24, 325
Dec. 31, 1928
'
25,155
Change since—
Oct. 3, 1928... +755; +830
Dec. 31, 1927__:+1,437i +1,269!
Net
deInvestments
mand
plus
U. S. , Other time
desecu- I secuTotal
rities I rities posits
Borrowings at
Federal
reserve
banks
10, 361
10, 589,
10, 758
10, 604
10, 529;
3,978
4,216
4,225
4, 386
4,312
6,383
6, 374|
6,534,
6,218|
6,217!
32,848
32,129
32,586
32,405
33,397
583
486
1,096
1,020
1,041
-75!
+168,
-74|
+334|
-1|
-166;
+992
+549
+21
+458
Total loans of member banks, after having
shown little change during the third quarter of
Condition of All Member Banks on December 31,1928 the year, increased rapidly in the final quarter,
by about $830,000,000, to a level $1,270,000,000
Further growth of $755,000,000 in the volume higher than a year earlier. Total investments
of member bank loans and investments during declined somewhat and at the end of the year
the final quarter of the year 1928 carried the were $170,000,000 larger than at the beginning;
total to $35,684,000,000 on December 31, as this compares with an increase of nearly
shown by the member bank call report for that $1,400,000,000 in the year 1927.
date. The increase for the year 1928 as a whole
Growth in the loans and investments of
was $1,437,000,000, or about 4 per cent. The member banks in 1928 was not accompanied
course of member bank loans and investments by an equivalent increase in their deposits.
since 1919 is shown in the accompanying chart. Net demand deposits of all member banks were
in fact about $140,000,000 smaller in volume at
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
40
40
the end of the year than at the beginning; time
deposits increased, however, and net demand
and time deposits together showed an increase
of $550,000,000 for the year. The more rapid
growth in loans and investments than in deposits reflected chiefly the net outflow of gold
from the country, and gave rise to an increase
of nearly $460,000,000 in the volume of member
bank indebtedness at the Federal reserve banks.
That growth in the volume of reserve bank borrowing was not larger under the circumstances
is to be accounted for chiefly by the fact that
the banks' capital funds (capital, surplus, and
undivided profits) showed an increase of about
15
$560,000,000 during the year. This increase
was for the most part in surplus and undivided
profits and reflected, chiefly, the larger earnings
10
which resulted from increase in the volume of
earning assets and in the rates of interest which
these bore. The volume of capital funds was
affected also by mergers, which were numerous
during the year.
Detailed figures of condition for all member
1919 1920 1921 1922 1923 1924- 1925 1926 1927 1928
banks, based on required reports for December
Figures are for dates on which member banks made call reports
31, are published on pages 237-240 of this issue
Principal resources and liabilities of all mem- of the BULLETIN, and in greater detail by States,
ber banks are shown in the following table for cities, and class of bank in Member Bank Call
the last five call dates, together with changes Report No. 42.
36722—29
2
180
FEDERAL RESERVE BULLETIN
Acceptances as Security for Public Deposits in Texas
MARCH, 1929
revision was to lower the level of the index
Legislation recently enacted in the State of slightly in the months of January, May, June,
Texas, with relation to the pledging of securi- and October and to raise it in March, Septemties by depository banks holding county de- ber, and December.
Freight-car loadings.—Revisions in this
posits, adds bankers7 acceptances to the list of
acceptable securities. The law requires them index, which was revised in 1927, have been
to be "bank acceptances of banks having a very slight.
capital stock of not less than $500,000."
Wholesale distribution.—This index no longer
includes currently sales of women's clothing,
REVISIONS IN INDEXES OF PRODUCTION AND the collection of the primary data having been
TRADE
discontinued in January, and back figures have
Several of the board's index numbers of pro- been revised accordingly. Developments withduction and trade that are regularly published in the industry during recent years have so
in the BULLETIN appear in this issue (pp. 191— affected the reporting firms as to impair pro199) with certain revisions. The revisions gressively the extent to which their reports
have been made possible, in general, by the might be taken to represent the course of sales
accumulation of additional primary data, of women's clothing by all wholesale houses.
especially data suitable for determining for the Exclusion from the general index of the data
different months of the year the magnitude of for sales of women's clothing has raised the
typical or usual seasonal variations. The in- level of the index in the last four years, as
dexes affected are enumerated in this note, measured by the annual averages, as follows:
together with a brief explanation in each case By 0.6 per cent in 1925, 2.1 per cent in 1926,
of the nature of the revision. In most cases 2.1 per cent in 1927, and 2.6 per cent in 1928.
the general level of the index, as measured by Monthly fluctuations in the general index were
annual averages, remains unchanged. Figures also changed materially—e. g., by as much as
prior to 1923 are not affected except for the 4 or 5 per cent for May, June, and July; these
are months in which there is a rapid seasonal
index of wholesale distribution.
Industrial production (including manufac- decline in the sales of women's clothing at
tures and minerals).—Measures of seasonal wholesale.
variations, designated as " seasonal adjustment
Department-store sales and stocks.—Addifactors," have been revised to some extent for tional department stores in the city of Chicago
most of the 60 industries included in the index. have begun during the past year to make curIndustries chiefly affected are iron and steel, rent monthly reports to the Federal reserve
automobiles, tires and tubes, plate glass, refined system, with corresponding figures for earlier
copper, refined sugar, and wood pulp. For past years. Inclusion of these firms has made the
years revisions raise somewhat the level of the board's indexes more comprehensive. For the
index in July and December.1
country as a whole, however, neither the genBuilding contracts awarded.—Seasonal ad- eral level of the sales index for past years nor
justment factors have been revised in such its fluctuations from month to month were
manner as to take more accurate account of affected; the general level of the corresponding
changes in seasonal fluctuations that have been stocks index was raised slightly (see p. 191).
developing in recent years.1 The effect of the For the Chicago district both indexes were
affected considerably; revised figures for the
1
Copies of the new seasonal adjustment factors may be obtained from
Chicago district are given on page 199.
the Division of Research and Statistics.
FEDERAL RESERVE BULLETIN
MARCH, 1929
181
NATIONAL SUMMARY OF BUSINESS CONDITIONS
Manufacturing and mining increased in
January and the first part of February, while
building continued to decline. Wholesale commodity prices rose slightly. Reserve bank
credit declined between the middle of January
and the middle of February, reflecting chiefly
a reduction in reserve balances of member
banks.
Production.—Industrial production increased
in January and continued to be larger than a
year ago. Output of pig iron, steel ingots, and
automobiles was in record volume for January.
The high rate of steel activity reflected large
purchases from automobile manufacturers and
also increased demand from railroads. Domestic output of refined copper, while continuing in large volume, was somewhat lower in
January than in December. Activity of textile
mills increased considerably in January. In
the mineral group, output of copper ore,
bituminous coal, and petroleum was exceptionally large, and anthracite coal and tin also
increased.
In the first part of February preliminary
reports indicate the maintenance of a high
level of industrial activity. Steel plants operated at a high percentage of capacity; the
output of coal and petroleum continued large,
and employment in Detroit factories increased.
Building activity declined in January for
the third successive month, reflecting primarily
a large reduction in awards for residential
building, while commercial-building awards
increased somewhat. The value of building
contracts let during the first six weeks of the
year was substantially lower than in the
corresponding period of either 1928 or 1927.
Trade.—Shipments of freight by rail increased during January and the first two weeks
of February and were larger than a year ago.
The increase during January reflected primarily larger shipments of coal and coke and
livestock. Sales by wholesale firms were seasonally larger in January and above the level of
a year ago. Department-store sales declined
seasonally and were considerably larger than in
January, 1928.
Prices.—The general level of wholesale prices
rose somewhat in January. Prices of grains,
livestock, and meats advanced, and there were
also price advances in steel, automobiles, and
copper. A decrease in the group index for
building materials reflected reductions in the
prices of lumber and brick, and prices of pig
iron, and petroleum also declined. Among
the raw materials, rubber advanced sharply
in price, while silk, cotton, and hides declined. During the first half of February
the price of copper advanced to a new high
level, and the price of rubber continued to rise.
Among the agricultural commodities, prices of
wheat, corn, and hogs rose, while those of
sugar and cattle declined slightly.
Bank credit.—On February 20 total loans
and investments of member banks in leading
cities were nearly $90,000,000 smaller than in
the middle of January, owing chiefly to reductions in the banks' investment holdings. After
the first week in February security loans declined, while all other loans, largely commercial,
increased somewhat in February.
During the five weeks ending February 20
decline in the reserve balances of member
banks, together with a considerable inflow of
gold from abroad and some further decline in
the demand for currency, were the chief factors
accounting for a decline of $173,000,000 in the
volume of reserve bank credit in use. A large
decline in reserve bank holdings of acceptances
and United States securities was offset in part
by a small increase in the volume of member
bank borrowing.
Open-market rates on bankers' acceptances
and commercial paper advanced, while rates
on collateral loans showed little change.
182
FEDERAL RESERVE BULLETIN
MARCH, 1929
RESERVE BANK CREDIT
RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES
MILLIONS OF DOLLARS
5/+00 I
1
1
MILLIONS OF DOLLARS
1
1
'
1
1
1
'
1
1
1
'
I
'
I
'
1
5200
Member Bank
Reserve Balances
1925
1926
1927
1928
Based on weekly averages of daily figures; latest figures are for week ending February 23
1929
'
I 5t*°°
183
FEDERAL RESERVE BULLETIN
M A R C H , 1929
RESERVE BANE CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES
[Averages of daily figures. In millions of dollars]
Reserve bank credit outstanding
Bills and securities held by Federal reserve banks
Month or week
Total
volume *
1928—January
February...
March.
April
May..
June
July
August
September
October. _
November
December.._
1929—January
February...
Week endingJan. 26.._
Feb. 2
Feb. 9
Feb. 16..
Feb. 23
Increase or decrease of
compared with week
Feb. 16..
Jan. 26
Feb. 25, 1928..
_.
Total 2
_
1,388
1,264
1,295
1,405
1,472
1,531
1,531
1,485
1,581
1,622
1,653
1,824
1, 613
1,502
1,509
1,501
1,512
1,522
1,476
_
_
__
_
_.
_.
_.
_
_
_
week ending Feb. 23
ending—
1,350
1,237
1,272
1,371
1,442
1,495
1,488
1,449
1,534
1,584
1,610
1,766
1,570
1,468
1,471
1,472
1,474
1,484
1,442
-46
-34
+229
_
-42
-29
+219
Bills discounted for
member
banks
Bills
bought
465
471
513
Member
bank
reserve
balances
Monetary Money in
gold stock circulation
United
States
securities
373
360
343
358
349
244
185
178
226
368
471
483
473
385
512
406
415
351
257
232
213
210
240
237
238
263
229
184
4,377
4,373
4,335
4,287
4,207
4,119
4,113
4,118
4,125
4,133
4,151
4,142
4,115
4,143
4,785
4,709
4,710
4,730
4,722
4,736
4,746
4,743
4,804
4,836
4,860
5,008 i
4,748 !
4,686 |
2,426
2,368
2,365
2,396
2,388
2,355
2,324
2,274
2,314
2,332
2,352
2,367
2,387
2,357
791
822
856
898
890
462
438
412
394
367
209
202
197
183
175
4,117
4,123
4,130
4,143
4,152
4,677 I
4,664 i
4,675 I
4,689 :
4,691 j
2,358
2,364
2,366
2,377
2,339
+99
+419
-27
-95
+17
-9
-34
-227
-221
+8
+35
+2 I
+14 !
-23 i
-38
-18
-12
661
836
1,019
1,090
1,061
1,064
975
897
1,013
859
1 Includes total bills and securities, amounts due from foreign banks, and reserve bank float.
2 Including "other securities."
ANALYSIS OF CHANGES IN MONETARY GOLD STOCK
GOLD MOVEMENTS TO AND FROM UNITED STATES
[End of month basis. In millions of dollars]
[In thousands of dollars]
Increase (+) or decrease (—) during
month
Gold
stock
at end
of
month
Month
Total
I
1927—February..
March
ipril
May
-
June
_
July...
August
September.
October
November.
December..
Total (12 mos.)_
4,586
4,597
4,610
4,608
4,587
4,580
4,588
4,571
4,541
4,451
4,379
1928—January
February...
March
April
May
June
_.
July
August
September.
October
November-,
DecemberTotal (12 mos.)_
4,373
4,362
4,305
4,266
4,160
4,109
4,113
4,123
4,125
4,142
4,128
4,141
1929—January
February 3 ..
4,127
4,154
+21.3
+11.1
+12.9
-1.4
-20.9
-7.5
+8.5
-17.5
-30.1
-89.7
-71.7
-112.7
-6.0
-11.2
-57.6
-38.7
-105.7
-51.0
+3.4
+10.3
+2.1
+17.3
-14.0
+13.2
Through! Through Through
net gold) ear- | domestic
import j marking! producor
operation,
export
tions
etc 1
+3.2
+19.9
+10.8
+11.9
-1.5
-1.0
+31.7 j 2 - 3 5 . 5
+12.8 |
+8. 9 I
+6.4 !
-11.5 I
-8.6 !
-53.2
-67.4
+6.2 j
2- 3 6 . 7
2- 2 3 . 1
-2.5
-9.0
-25.0
-40.0
-8.5
—160.1
-13.8
-11.1
-94.9
-91.2
-81.7
-79.9
-63.9
+5.5
+2.9
+35.8
+45.7
-26.5
+30.1
+60.9
+5.9
-1.2
+1.2
-25.0
-15.7
+119.6
+.7
+.5
-237.9
+13.3
+6.7
+23.3
-392.0
-14.4
+26.7
+47.1
+23.4
!
j
!
I
-65.0
1929
From or to—
Imports
-1.8
+1.8
+2.1
+2.4
+3.0
+6.7
+4.6
+3.0
+3.4
+3.5
+4.2
+41.2
+2.3
-3.0
+1.5
+6.8
+2.5
-1.2
+6.4
+3.7
+2.8
+2.8
+4.3
+5.6
+34.5
+3.5
+3.3
February *
Belgium
England
22, 000
France
Germany
_
Italy
Netherlands
Canada
2,000
Central America
Mexico
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
British India
China and Hong
Kong
Dutch East Indies
Japan
Philippine Islands
All other countries.. 2 500
Total
24,500
1928
JanuaryDecember
January
ExImports ! ports
!
7, 274
17
3
2
39,127
69
511
750
Exports
2,000
32, 525
308,002
259
28, 759
26, 093
4,000
19 102, 371 22, 641
1,041
323
300
4,610
4,490
69,400
4,500
25, 012
154
1
2
624
58
6
260
1,374
1,483
1,458
162
77
400
49
104
2 482
338
1,042
48, 577
Exports
37, 524
133
111
172
300
Imports
13
481
2
1,262
4
1,773
10, 225
2,05a
9,000
5,970
1,485
9,374
2,531
248
6,854
1,378 168, 887 560, 759
i
* For detailed explanation of this figure, which is derived from pre- St. February figures are preliminary—3 customs districts: New York,
Lawrence, and San Francisco.
ceding columns, see BULLETIN for December, 1928, p. 831.
^ Includes all movements of unreported origin or destination.
2 Includes effect of earmarking operations connected with gold held
abroad by Federal reserve banks.
^ » Preliminary.
184
FEDERAL RESERVE BULLETIN
MARCH, 1929
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
2000
2000
RESERVE BANK CREDIT
1500
1500
1000
1000
500
500
1925
1926
1927
1928
1929
This chart is based on weekly averages of daily figures; latest figures are for week ending February 23
DISCOUNTS FOR MEMBER BANKS
[Monthly averages of weekly figures. In millions of dollars]
MILLIONS OF DOLLARS
M I L L I O N S OF DOLLARS
700
1700
DISCOUNTS FOR MEMBER BANKS
Reporting member banks in
leading cities
Mem-
600
600
500
500
ber
All
Month
member
banks
1927—May
June
July
August
September...
October.
November...
December
1928—January
February
March
April
May.
June
July
August
September...
October
November
December
1929—January
February
459
435
434
413
417
428
421
532
439
463
489
637
826
1,012
1,079
1,045
1,063
960
901
1,039
891
893
Total
302
268
272
256
267
283
276
388
314
338
362
488
644
796
854
806
822
736
681
799
663
659
New
York
City
90
51
59
74
90
75
73
127
94
78
75
145
222
271
274
223
266
202
157
221
190
131
Other leading
cities
Total
212
217
212
182
176
208
203
261
220
260
287
343
422
525
580
583
556
534
524
578
473
528
Chicago
19
20
12
6
8
10
11
21
23
13
25
35
49
61
80
80
41
58
67
91
71
96
banks
outside
leading
cities
157
167
162
157
150
145
145
143
125
125
127
149
182
216
225
239
241
224
220
240
228
234
1925
1926
1927
1928
1929
Based on monthly averages of weekly figures
185
FEDERAL RESERVE BULLETIN
MARCH, 1929
PERCENT
PER CENT
MONEY RATES IN NEW YORK CITY
3
-
1
-
1924
1923
1925
1926
1927
FEDERAL RESERVE BANK RATES
RATES IN NEW YORK CITY
Prevailing rate o n -
[Rates on all classes and maturities of eligible paper]
Boston
New York
Philadelphia ._
Cleveland
Richmond
Atlanta
ChicagoSt. Louis
Minneapolis...
Kansas City.__
Dallas
_..
San Francisco.
effect on j Date established !
Mar. 2
Pr
!J^us
rate
| July 19, 1928.-I July 13, 1928...
i July 26, 1928-_
i Aug. 1, 1928..July 13, 1928—_
I July 14, 1928- _
I July 11, 1928 —_
I July 19, 1928.__
j Apr. 25, 1928
! June 7, 1928
! Mar.2, 1929.: June 2, 1928
BUYING RATES ON ACCEPTANCES
[Buying rates at the Federal Reserve Bank of New York]
Maturity
1-15 d a y s . .
16-30 days
31-45 days
46-60 days
61-90 days
91-120 days
121-180 days
Rate in I
effect on j Date established ! Previous
rate
Mar. 2
Feb. 15,1929..
.do
.do._
..do.
.do.
_do_
-do..
NOTE.—Rates on prime bankers' acceptances.
charged for other classes of bills.
1929
OPEN-MARKET RATES
DISCOUNT RATES
Federal reserve bank
1928
Higher rates may be
Average rate
Averageyield
Month or week
1928
February
March
April
May__
June
July
August
September
October
November
December
1929
January
February
_.
Week ending—
Feb.2
Feb. 9.
Feb.16
Feb.23
3.61
3.62
3.68
3.71
1 Stock exchange call loans; new and renewal rates.
2 Stock exchange 90-day time loans.
3 3 issues—3%, 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.
« Maturities of 6 to 9 months.
* Revised.
186
FEDERAL RESERVE BULLETIN
M A B C H , 1923
PREVAILING RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES
The rates shown are those at which the bulk of the loans of each class were made by representative banks
during the week ending with the 15th of the month. Rates reported by about 200 banks with loans exceeding
$7,500,000,000.
FEDERAL RESERVE BANK CITIES
Cleveland
Boston
New
York
4*6
4*4-4*6
4*4-4*6
4*6-4%
4%-5
5 -6
5*4-5*6
5*6-6
5*6-6
5*6-6
5*6-6
5*6-6
h- 5*6
Month
Philadelphia
4*4
4*4-4*6
4*6-4%
4*6-5
4%-5
5 -5*6
5*4-5*6
5*6
5*6
5*4-5*6
5*6
5H
5*6
4*4-4*6
4*6-4%
4*6-4*4
4*6-5
5*6-6
5*6-6
5*6-6
5*6-6
5*6-6
5*6-6
5*6-6
5*6—6
5*6-6
5*6-6
5*6-6
Richmond
4*4-5
4*4-6
4*6-6
4*6-6
4%-6
4%-6
5*6-6
5*6-6
5*6-6
5*6-6
5*4-6
5*6-6
5*6-6
4*4-5
Kansas
City
Chicago St. Louis
Atlanta
Dallas !san Francisco
Prime commercial loans
1928— February
March
April.
May..
June
July
August
September
October
November
December
1929—January. __
February
m-5H
5*4-5*6
5*4-5*6
5H-5H
5*6-5%
5*6-6
5*6-6
5*6-5%
5*6-6
5
5
4*6-5
5*4-5*6
5*6
5*6-5%
5*6
5*^-6
5*6-6
5*6-6
5^-6
51/2-53/4
4*6-6
4*4-6
4*6-6
4*6-6
5*6-6
5 -6
5*6-6
5*6-6
5*6-6
5*2-6
5*6-6
5*6-6
5*6-6*6
4J4-4%
4*4-5
4 -5
4*6-5
434-5*6
5 -5*6
5 -5*6
5*4-5%
5H-5H
5*4-5%
5*4-6
5*6-6
51/2-6
4 -5
4*4-5
4*6-5
4*6-5
4*6-5*6
5 -5*6,
5 -5*6
5*6-5%!
5H5%
5*6-5%
5*6-6
5*6-6
51,2-6
4*4-5 ;
4*2-5*6'
4*6-5
43/4-5*6
5 -6
5 -6
5*4-5*6
5*2-534
5*6-6
5%-6 !
5*6-5%
534-6
5
5
5
5
5
5 -5*6
5 -5*6
5*
5*6-6
4*6-6
4*2-6
43/4-6
5 -6
5 -6
5^-6
5^2-6
Loans secured by prime stock-exchange collateral
j
5%-6
5*6-6
5*6-6
5*6~6
5*6-6
5*6-6
5*6-6
5*6-6
5*6-6
51/2-6
5%-6
5*6-6
5*6-6
5*6-6
5%-6
6
5*6-7 "
5*6-7
5*6-7
5*i-7
5*6-6 I
5*6-6*6)
6 -6*6!
6 -6*6
6 -7 j
6 -7 i
6 -7 S
5*^-6
5*2-6
5*2-6
5?4-6
574-6
5%-6
5%-6
5 -6
5 -6
5 -6
5 -6
5 -6
5*3-6
5*2-6
5
6
6
6
6
6
6
-8
-7
-7
-8
-7
-7
-8
5*2-6
5H-6
5*2-6
5*2-6
5*2-6
5*6-6
51/2-6
5 -6
5*4-6
5*4-5*2
5*4-5%
5*4-53/4
5*4-5%
5*6-6
5 -6
5*4-6
5*3-6
5*2-6
5*3-6
5*2-6
5*6-6
5 -6
5*2-6
5M-6
6 -7
5*2-6
5/2-6
1928— August
SeptemberOctober
November..
December. .
1929—January
February...
6
6
6
6
6
6
6
5*4-5*6
5*6-6
5*6-6
5*6-6
5*6-6
5*6-6
5*6-6
5*6-6
5*6-6
5*6-6
5*6-6
5%-6
5%-6
5*6-6
5*6-6
5*6-6
5*6-6
5*6-6
5*6-6
5*6-6
5*6-6
5 -6
5
5 -5*6
5 -6
5 -6
5 -5*6
5*6-6 !
5*6-6
-" "
5*2-6*2
6
534-6
5^4-6
Loans secured by warehouse receipts
1928—August
SeptemberOctober
November,.,
December...
1929—January
February.-.
5*4-6
5*2-6
5*2-6
5*2-6
6
6
6 -7
6
Interbank loans
1928—August
September
October....
November
December
1929—January
February
5*61
6 I
5*6i
5*2-6
5*6-6
5*6-6
5*6 1
5*4
5*6-6
5*6-6
5*6-6
5 -6
5*6-6
5*6-6
5*6
5*6
5*6-5%
5*6-53.4
5*6
5*6
5*6-6
5*4-5*6
5*6
5*4-6
5*6-6
5*4-6
5*6
5*6
5*6-53/4
5*6-5%
5*6-534
5*2-6
5*6-5%
5%-6
5*6-6
5*6-6
5*6-6
5*6-6
5*6-6
5*6-6
5*4-6
5 -5*6
5 -5*6
5 -6
5*6
5*6-6
5*6-6
5* 2 -6
5
5
5
5
5
5
5
-6
-6
-6
-6
-6
-6
-6
FEDERAL RESERVE BRANCH CITIES
Prime commercial loans
City
Buffalo..
C incinnati
Pittsburgh.
Baltimore
Charlotte
_
Birmingham
Jacksonville
Nashville.—
New Orleans
Detroit
Little Rock
Louisville __
Helena
Denver
Oklahoma City
Omaha
El Paso.
Houston
San Antonio
Los Angeles
Portland
Salt Lake City
Seattle. _
Spokane
Loans secured by prime j Loans secured by warehouse
stock-exchange collateral
j
receipts
Interbank loans
Decem- January, F e b r u - '• D e c e m - January, FebruDecem- January, FebruDecem- January, Februa r y , 1929 ber, 1928
ary, 1929
ary, 1929 j ber, 1928
1929
1929
1929
ary, 1929 ' ber, 1928
1929
ber, 1928
I
5*6-6
6
5*6-6
5*6-6
5*6-6
5 -6
5 -6
6
6 -7
5*6-6
5*6-7
!
5*6-6
5 -6
5*2-6
8
5 -6
5 -8
6
6
6
6 -7
5*6-6
6
5*6-6
5*6-6
5*6-6
5 -6
5 -6
6
5*6-6}$
5*6-6
5*6-6
6
8
5 -6
6
5*3-6
8
5 -6
5 -8
6
6
-7
-7
5*6-6
5*6-6
5*6-6
5*6-6
5*6-6
5 -6
5*6-6
6
5*6-6*6
5*6-6
5%-6
6
8
5 -6
6
5*6-5%
8
5 -6
6 -8
6 -7
6
6
6 -7
6 -7
6 -7
5*6-6
5*6-6
6
6
6 -8
6
6 -7
5*6-6*6
6 -7
6
6
6
6
5
6
6
6
-6*6
-8
-7
-8
-6
-8
-7
-6*6
6
6 -7
6 -7
5*6-6
6 -7
5*6-6
5*6-6
6
6
6 -8
6
6 -6*6
5*6-6
6 -7
6
8
6 -6*6
6 -7
6 -7
6 -8
5 -6
6 -8
6 -7
6 -6*6
6
6 -6*6
6 -7
6 -7
5*6-6
5*6-6
6
6 i
-8 I
6 -8 I
6
6 -6*6
5*6-6
6 -7
6
6
6
6
5
6
-6*6
-7
-7
-8 I
-6
-8 I
6 -7 I
6 -6*6!
6 I
6 -6*6;
6 -7 I
6 -7
6
6
6
6 -7
5*6-8
5*6-6
6 -7
6
6 -7
6
6 -8
6 -8
6 -7
6*6
7 -8
6
6 -8
6 -7
6 -7
6H-7
5*4-6
5*6-6
6
-7
6 -7
5*6-8
5*6-6
6 -6*6
6
6 -7
6
6 -8
6 -8
6 -7
6*6-7
7 -8
6
6 -8
6 -7
6 -7
7
6*6-7
7
6
6
6- -7
5*6-8
5*6-6
6 -6*6
6
5*6-7
6
6
6
6
67
-8
-8
-7
7
-8
6
6 -8
6 -7
6 -7
7
6*6-7
7
5 -6
5%-6
5 -6
6
5*6-6
5*6-6
5*6-6
6
5*6
6 -8
6 -6*6
6
6
6
5 -6
5 -6
6
6
6
6
6
5*6-6
5*6-6
5 -6
5*6
6 -8
5*6-6
5*6-6
6
5 -6
6
5 -6
6
5*6-6
5*6-6
5*6-6
6
5*6
6 -8
6 -6*6
6 -6*6
6
6 -6*6
6
5*6
5 -6
5*6-6
5 -6
6
5*6-6
6
5 -6
5*6-6
5 -6
6
187
FEDERAL RESERVE BULLETIN
MARCH, 1929
MEMBER BANK CREDIT
REPORTING MEMBER BANKS (REVISED SERIES)
[Monthly averages of weekly figures* In millions of dollars. For explanation of revisions, see p. 179]
Loans and investments
_ _
Month
Total
Total
1
On
securities
1
Total:
14,538 !
5,915
1927—January.. . 19,686
5,780
February. . 19,558 : 14,347 i
19, 989 ; 14,536 |
5, 867
March
20,068 ' 14,564 :
5, 930
April
'
6,017
20,273 1 14,666 •
May
14,849 i
6, 220
June
20, 506
14,781 !
20,404
6,191
July
14, 825
6,201
August
20, 357
15, 066
6, 298
September. 20, 653
20, 918
15,258 !
6,403
October
15,308 1
6, 492
November. 21,112
15, 396
0,676
December. 21, 328
15,441
6,811
1928—January- -- 21, 493
21,315
15, 223
6, 606
February. .
21, 502
15, 370
6, 586
March
6, 924
21, 944 i 15, 805
April
7,075
15, 960
22,148
May
6,962
15, 871
22. 063
June
15.892
6, 955
Julv. . .
22, 006
15,825
6,816
August
21, 809
15,898
6,840
September. 21, 871
21, 938 . 16,003 !
6, 874
October...
16,096
7,082
November. 21, 983
16, 253
7,198
December. 22,189
* 7,504
1929—January... * 22, 320 * 16, 300
February..
22, 263
16,260
7, 522
New York City:
4, 552
2,168
6, 205
1927—January--6, 067
4, 407*
2,047
February _.
4,508 i
2, 097
6, 240
March
6,313
4, 556
2, 156
April
2,201
4, 612
6, 423
May
4,747
2, 326
June
6, 576
2,281
4, 696
6,481
July
2,275
August
6,453 1 4,718
6, 575 '
4,875
2,313
September.
6, 642 .
4,966
2, 370
October...
2, 465
5,039
6, 775
November
2, 605
6, 906 , 5,114
December.
7, 040 : 5,180
2,710
1928—January...
6,871 ,
• 4,983
2, 527
February..
6, 918 , 5,014
2, 419
March
5,303
2, 675
7,152 ,
April .
5,408
2, 787
7,282 .
May
7,166
5,248 i
2,613
June
July
5, 270
2,626
7,170
August
6,962 ;
5,186 i 2,518
7,022 1 5,221
2,544
September.
7,013 !
5,209
2, 559
October
7,056 1 5,255
2,694
November.
7,152 1 5,339
2, 747
December .
7,262 ;
5,378
2, 904
1929—January
7,190 I 5,306
2, 820
February..
Other leading cities:
9,9S7
3,747
13,481
1927—January
13,492 i 9,940 1
3,733
February..
10,028
3, 769
13,749
March
13,754
10,008
3,774
April
10,054
3,816
May .
13,850
June
3,895
10,101
13,930
July
3,910
10,086
13, 923
3, 926
August
13. 904
10,107
10,191
3, 984
September. 14; 079
10, 292
4,034
October-_. 14, 276
4,028
10, 269
November. 14, 337
10, 282
4,071
December. 14, 422
10, 261
4,100
1928—January... 14, 452
4,079
14,443
10,240
February..
14, 584
10,356
4,137
March
14, 793
10, 502
4,249
April
14, 865
10, 552
4,288
May
14,897
10, 623
4,349
June.
July
14,837
10,622
4, 330
August
14, 846 i 10,639
4, 298
14, 849 1 10,677
4,296
September.
4,314
October. _ . 14, 925 i 10,794
4,388
November. 14, 928 1 10,840
4,450
December. 15,037 1 10,913 !
* 15, 058 * 10,922 | *4,600
1929—January...
4,702
February. . 15,073
10, 954 i
* Revised.
36722—29
3
Reserve
with
Investments
Loans
All
other
U. S.
securities
Total
8,623
8,566
8, 670
8. 634
8, 649
8,628
8, 590
8, 624
8,768
8,855
8,816
8,720
8,631
8,617
8, 784
8,880
8.884
S, 909
8, 937
9, 009
9,059
9,130
9,014
9,055
*8,796
8,737
Other
securities
reserve
banks
Cash
in
vault
Net
Time Government
deposits
deposits
deposits
Borrowings'at
reserve
banks
5,148
5, 212
5,453
5,504 :
5,608
5,658 :
5,623
5,531 :
5,587 '
5, 660 ,
5, 804
5, 932
6,052 !
6, 091
6,133
6,140
6,188
6,193
6, 114
5,984
5, 973
5, 934
5,888 j
5,036 |
6,021 ,
6,004 j
2, 339
2,374
2,518
2,565
2,637
2,591
2,553
2,502
2, 546
2,617
2,710
2, 820
2, 933
2, 991
2. 909
2^988
3,016
3, 020
2 986
2, 940
2, 981
3,024
2, 988
3,013
3,079
3, 074
2,809
2,838
2, 935
2,939
2,971
3, 067
3,069
3,029
3,041
3,043
3,094
3,111
3,119
3,100
3,164
3,152
3,172
3,173
3,129
3,044
2, 991
2, 910
2, 900
2, 924
2, 942
2,930
1,672
1,639
1,665
1,653
1,691
1,744
1, 690
1.702
1,703
1,719
1,761
1,781
1,799
1, 758
1, 726
1,783
1,771
1,740
1, 723
1,072
],699
1,707
1,714
1,748
1,777
1,746
284
265
260
263
260
261
265
252
264
265
272
314
270
246
245
244
243
248
248
241
248
253
264
299
259
249
13,067
12,883
13,034
13,033
13,179
13, 414
13, 306
13.276
13, 340
13,412
13, 703
13,872
13, 982
13, 673
13, 579
13,814
13, 760
13, 450
13, 246
12, 902
13, 049
13, 216
13, 369
13, 399
13, 593
13,391
5,854
5,888
5,989
6,021
6,113
6,163
6,177
6, 228
6, 269
6,345
6,409
6, 419
6, 560
6, 613
6, 689
6, 762
6, 892
6, 923
6,861
6,831
6, 831
6, 843
6,848
6,842
6.894
6,879
129
107
231
221
118
138
108
52
180
280
147
99
115
45
146
198
61
103
113
178
133
126
73
117
107
43
299
233
268
270
302
268
272
256
267
283
276
388
314
338
362
488
644
796
854
806
822
736
681
799
663
659
2, 384
2,360
2,411
2, 399
2,411
2,422
2,414
2,442
2, 562
2, 596
2, 574
2, 509
2,470
2,456
2,565
2, 628
2. 621
2,635
2,644
2, 608
2,678
2,650
2,562
2, 592
2,473
2,486
1,654 '
1,659 ;
1, 732 !
1,758 '
1,812
1, 829
1,785
1,735 ••
1, 700 '
1,676 ;
1,736
1, 792
1, 800
1,888
1,904 :
1,849 :
1,874
1,918 :
1,900
1,777 ;
1,801 •
'
1,803 :
1,800
1,812
1,884
1,885
848
857
909
922
968
943
893
887
887
886
935
986
1,048
1,089
1, 081
1, 056
1,075
1,103
1,105
1, 015
1,053
1,092
1,085
1,091
1,131
1,128
806
803
823
835
844
886
892
848
813
790
801
807
813
799
823
793
799
814
795
762
748
711
715
721
753
757
717
682
710
688
720
770
728
724
720
728
768
769
781
754
738
777
767
749
730
705
716
720
721
752
770
756
62
59
56
57
58
57
58
55
58
59
62
73
58
52
51
51
51
53
55
52
53
54
58
67
58
58
5,127
4, 935
5,068
5. 066
5,179
5, 390
5, 265
5,213
5, 224
5, 255
5, 430
5,570
5, 633
5,471
5,467
5, 607
5, 566
5,379
5,273
5,061
5, 092
5,152
5, 264
5,305
5,419
5, 303
918
929
929
950
956
1,010
' 992
1,010
1,004
1,015
1, 055
1,034
1,099
1,093
1,080
1,120
1,193
1,210
1,174
1,161
1,175
1,206
1,208
1,198
1,199
1,184
36
30
66
64
34
22
12
6
64
103
43
29
34
14
44
59
18
30
32
32
32
37
22
32
29
12
76
60
73
78
90
51
59
74
90
75
73
127
94
78
75
145
222
271
274
223
266
202
157
221
190
131
6,240
6,206
6,259
6, 234
6, 238
6, 206
6,176
6,182
6,207
6, 259
6,242
6,212
6,161
6,161
6, 219
6,252
6,263
6, 274
6, 293
6.341
6,381
6,480
6,452
* 6,463
*6,323
6,251
3,494
3,552
3,721
3, 746
3, 796
3,829 !
3,838 !
3,796
3,887 ;
3,984 i
4,068 1
4,140 ;
4,191 !
4,203 •
4,229
4,291
4,313
4,275 i
4,214 1
4,207
4,172
4,131 i
4,087
4,124
4,136
4,119
1,490
1,517
1,609
1,643
1,669
1, 648
1,661
1,616
1, 659
1, 730
1,775
1,835
1,885
1,902
1,887
1,932
1,941
1,917
1,881
1, 925
1,929
1,932
1, 902
1,921
1,948
1, 946
2,004
2,035
2,112
2,103
2,127
2,181
2,177
2,181
2,229
2,253
2,293
2,305
2,306
2,301
2,341
2, 359
2, 373
2,358
2,334
2,283
2,244
2,199
2,185
2,202
2,188
2,173
954
957
955
965
970
968
961
978
977
991
993
1,012
1,018
1,004
988
1,006
1,004
991
993
967
984
987
993
996
1,007
990
222
206
203
206
202
204
207
197
206
206
211
240
212
194
194
193
192
196
194
189
195
199
205
232
201
191
7,940
7,948
7,966
7, 967
8,000
8,024
8,041
8,063
8,115
8,157
8,272
8,301
8,349
8,202
8,111
8,207
8,194
8,071
7,973
7,840
7,957
8,064
8,105
8,094
8,174
8,088
4,936
4, 959
5,060
5,071
5,157
5,153
5,185
5,218
5, 266
5,330
5, 354
5,385
5,460
5,519
5,609
5,642
5, 699
5,713
5,687
5, 670
5, 656
5,636
5,640
5, 644
5, 696
5, 695
93
77
165
157
84
116
96
47
116
177
105
70
80
31
102
139
43
74
80
146
101
89
51
85
78
31
223
173
195
192
212
217
212
182
176
208
203
261
220
260
287
343
422
525
580
583
556
534
524
578
473
528
i
1
;
1
i
188
FEDERAL RESERVE BULLETIN
M A R C H , 1929
BANKERS' BALANCES OF REPORTING MEMBER BANKS IN LEADING CITIES
[Monthly averages of weekly figures. In millions of dollars]
Other leading cities
Total i
New i
York |
PhilaC ^ 1
Total* Boston1 delphia
Chicago
St.
Min- I Kansas San
FranLouis neapolisl City
cisco
Pittsburgh
Cleveland
134.5
128.8
128.8
124.3
121.3
125.0
128.5
127.3
130.8
132.9
131.2
131.3
132.2
118.4
118.5
112.2
101.8
101.1
99.2
108.9
112.3
104.7
100.5
99.4
93.3
48.8
53.6
54.0
55. 6
55.1
56.1
60.3
60. 4
61.4
61.2
63.1
59.6
62.0
62.9
61.2
60.2
59.1
58.8
59.5
58.3
64.5
63.0
61.5
58.0
60. 8
58.5
372.4
364.5
374.1
364.8
374.4
347.9
363.4
363.9
372.0
376.8
368.1
370.0
379.8
375.0
378.6
381.7
357.7
367.4
353.5
344.0
352.3
352.6
335.2
339.2
331.0
323.5 ;
88.5
88.3
87.0
86.1
81.8
81.4
81.9
78.6
78.7
78.9
85.3
86.4
88.5
85.9
77.9
77.5
78.7
74.4
74.0
73.0
75.7
77.2
78.0
78.6
81.4
75.7
53.1
55.5 !
53.6 !
50.9 i
47.5 i
47.5 !
46.5 j
45.5
57.6 !
63.8 !
62.3
58.4
57.1
68.1
61.8
58.5
55.1
52.8
50.9
47.4
53.2
60.2
56.2
54.1
51. 9
50.9
35. 5
43.2
36.8
38.4
40.9
36.1
39.7
38.3
41.0
37.3
33.3
36.7
34.6
32.7
32.3
31.0
29.3
31.0
33.2
37.0
34.9
36.6
35.7
37.1
36.8
27.5
23.3
22.3
22.9
22.7
24.5
22.9
24.2
26.4
24.9
24.3
22.3
23.6
24.9
23.1
23.9
23.6
22.7
25.1
23.6
24.1
24.4
22.9
24.6
25.8
27.1
154. 2
144.5
154.9
151.8
173.9
150.6
148. 3
146.8
152.2
152.7
158.1
150. 4
147.7
145.9
150.8 j
161.1
173.8 I
169.0 i
162.0 !
151.4 i
165.4
161.4
162.4
155.8
156.3
162.4
31.7
29.9
29.9
28.2
27.3
26.5
25.6
27.0
25.6
28.0
30.6
33.1
36.6
32.9
29.9
29.6
28.7
27.2
25.8
25.3
25.3
26.8
29.3
29.0
28.6
25.1
21.5
20.0
19.8
19.8
19.6
19.9
21.7
19.8
27.7
29.3
24.5
20.5
21.0
18.8
19.7
17.4
20.7
19.8
23.8
19.1
21.0
24.0
25.6
23.9
21.3
19.4
All
other i
I
Dae to banks:
1927—January
F e b r u a r y . _.
March
April.
May__
June
July..
August
September.
October
November..
December..
1928—January
February. _.
March
April
May
June
July
August
September.
October
November.
December..
1929—January
February. _
Due from banks:
1927—January
February._
March
April
May..
June..
July
August
September.
October
November _
December..
1928—January
February..
March
April
May
June
_
July
August
September.
October
November.
December..
1929—January
February..
1
3,150 '
3,152
3,070
3,029
3,010
3,086
3,090
3,155
3, 246
3,408
3,324
3,484
3,374
3,292
3,207
3,064
2,897
2,936
2,801
2,948
3,073
3,040
3,011
3,074
2,918
1,170
1,186
1,168
1,160
1,147
1,142
1,123
1,187
1, 246
1,268
1,209
1,262
1,182
1,161
1,184
1,152
1,116
1,129
1,046
1,142
1,170
1,200
1,180
1,217
1,156
997
960 j
988
954 !
947 i
981 ,
971 I
964 J
978
1,006 !
1,105 i
1,046 !
1,137 |
1,098 :
1,089
1,053
1,020
933
957
901
934
992
981
956
1,012
100
93
100
107
102
95
92
85
95
111
104
103
112
105
no
123
115
104
102
88
102
100
108
110
115
122.8
121.8
120.6
126.2
118.3
121.1
139.7
132.1
122.4
127.8
137.5
130.7
147.5
129.9
123.3
130.8
120.2
108.0
114.2
101.7
109.9
114.8
115.1
107.8
109.7
100.8
2,190
2,164
2,116 I!
2,082 |!
2,029 l!
2,115 !
2,126 i
2.177 !•
2,240 !
2,303 !
2, 278 |
2,347
2,276
2,203
2,154
2,044
1,964
1,979
1,900
2,014
2,081
2, 059
2,055
2,062
1, 969
1,077
1,086
1,062
1, 058
1,052
1,040
1,038
1,091
1,136
1,164
1,106
1,150 il
1,077 ,
1
1,051 ;i
1,061 I
1,037 !l
1,012 ij
1,027 '
958 •!
1,040 !i
1,070
1,092 ;!
1,070
1,102
1,060
173.0
173.1
172.5
170.6
169.1
164.2
169.1
167. 9
168. 6
172.9
173. 5 I
168. 0
204.2
192.4
188.2
185.8
174.2
162.9
163.1
153.7
162.2
106. 8
168. 2
164. 0
172.2
157.1
40.2
39.1
41.0
48.2
42.8
45.8
45.9
44.1
43.1
52, 6
45.7
42.2
52,3
41.2
36.7
42.8
40.1 I
37.1 I
41.9 j
34.6 ;
34.5 j
37.8 j
38.3 !
36.9 •
39.8 !
37.6 j
55.2
58.0
55.4
54.4
53.4
56. 4
50.7
52.3
51.2
52.3
60.9
52.6
56.7
52.1
50.3
57.8
56.7
53.5
53.3
50.7
51.5
56.5
57.0
55.2
59.2
52.8
101.2
95.3
90.3
86.7
82.6
82.7
91.8
91.2
87.9
83.8
83.8
88.1
92.2
92.9
89.4
84,5
82.2
77.0
90.0
91.3
88.6
85.5
80.3
83.0
89.5
87.3
44.6
41.9
40.6
38. 6
33.5
33.4
36.0
33.1
32.9
36.1
35.1
36.0
35.2
33.1
31.8
32.4
30.1
30.5
34.5
33.5
35.6
32.8
29.8
32.3
33.0
28.4
105.9
127.1
104.1
94.9
98.4
99.9
108.4
107.4
105. 7
110.1
127.9
126.3
117.7
114.5
117. 1
114.1
96.6
101.3
100.8
90.1
102.5
101.6
102.4
99. 8
96.8
87.4
975. 7
978.3
951.1
930. 6
907.2
928.4
951.4
995.0
1,033. 9
1,C69.O
1. 059. 7
1, 066.4
1, 032.1
j
986. 7
;
942.5
;
908.5
859.5
'
! 871.8
841.6
:
i 895.9
I 947.5
957.6
|
969.9
j
I 969. 3
934. 4
50.8
52.1
54.4
50.8
51.3
53.5
52.3
53.3
58.8
56.8
66.8
70.5
68.8 i
64.7
61.8
56.2
55.9
58.5
54.6
49.0
55.8
53.3
54.0
55.2
55.7
52.3
632.4
624.3
610.3
595.0
600.2
609.8
597.2
635.3
661.7
680.8
645. 5
671.7
628.1
613.6
607.3
577.2
564.3
574.3
538.0
589.8
617. 5
635. 9
622.1
645.3
618.3
Figures for 1927 revised; see page 6 of January BULLETIN, page 96 of February BULLETIN, and page 179 of this BULLETIN.
BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING
[In millions of dollars]
Total outstanding
Bankers' acceptances *
Commercial paper *
End of month
1926
January
February
March
April
May
June _
July
August
September
October
November
December
1,442
1,422
1,414
1,384
1,353
1,274
1,255
1,221
1,226
1,275
1,292
1,281
1927
1,325
1,362
1,415
1,410
1,357
1,330
1,310
1,373
1,464
1,586
1,632
1,636
1928
1,635
1,623
1,655
1,642
1,582
1, 529
1,461
1,410
1,434
1,550
1,621
1,667
1929
1,686
1926
788
767
746
721
685
622
600
583
614
682
726
755
1927
774
785
809
811
775
751
741
782
864
975
1,029
1,081
1928
1,058
1,056
1,085
1,071
1,041
1,026
978
952
1,004
1,123
1,200
1,284
1929
1.279
1926
654
655
668
663
668
652
655
638
612
593
566
526
1927
551
577
606
599
582
579
569
591
600
611
603
555
1 Figures collected and compiled by American Acceptance Council.
* Paper maturing within 7 months. Figures reported by about 24 dealers to the Federal Reserve Bank of New York.
1928
577
567
570
571
541
503
483
458
430
427
421
383
1929
407
189
FEDERAL RESERVE BULLETIN
M A R C H , 1929
BROKERS' LOANS
BROKERS' BORROWINGS ON COLLATERAL, IN NEW YORK CITY, REPORTED BY THE NEW YORK STOCK EXCHANGE
[Net borrowings. In millions of dollars]
On demand and on time
From
private
banks,
brokers,
foreign
banking
agencies,
etc.
From
New York
banks and
trust companies
Date
1927—Jan. 31...
Feb. 28..
Mar. 31..
Apr. 30..
May 31..
June 30__
July 30_ _
Aug. 31..
Sept. 30..
Oct. 31 __
Nov. 30..
Dec. 3 1 . .
1928-Jan. 31...
Feb. 29..
Mar. 31..
Apr. 30..
May 31..
June 30..
July 3 1 . .
Aug. 31..
Sept. 29..
Oct. 31__
Nov. 30..
Dec. 3 1 . .
1929—Jan. 31...
Feb. 2 8 -
3,139
3,256
3,290
3,341
3,458
3,569
3,642
3,674
3,915
3,946
4,092
4,433
4,420
4,323
4,640
4,908
5,274
4,898
4,837
5,051
5,514
5,880
6,392
6,440
6,735
On demand
2,670 ,
2,757 I
2,790
2,865
2,968
3,065
3,145
3,170
3,340
3, 363
3,519
3,812
3,805
3,737
3,947
4,246
4,568
4,169
4,150
4,260
4,647
4,994
5,412
5,401
5,664
Total
2,328
2,475
2,505
2,541
2,674
2,757
2,765
2,746
3,018
3,023
3,134
3,481
3,393
3,294
3,580
3,739
4,070
3,742
3,768
4,094
4,690
5,116
5,614
5,722
5, 983
469
499
500
476
490
504
497
504
575
583
573
621
615
585
693
662
707
730
687
791
866
886
979
1,039
1,071
From
New York
banks and j
trust com- j
panies |
On time
From
private
banks,
foreign
banking
agencies,
etc.
1,964
2,085
2,112
2,146
2,254
2,316
2,343
2,330
2,539
2,549
2,675
2,963
2,882
2,807
3,016
3,201
3,455
3,122
3,183
3,420
3,939
4,360
4,771
4,810
5,043
From
New York
banks and
trust companies
Total
810
781
785
800
784
812
877
928
391
393
395
420
441
421
415
479
475
459
518
511
488
564
537
616
619
585
674
751
756
843
913
939
958 j
l
952 ii
027 ! I
028
060 I
169 ,
!
204 \\
157 !
070 !
958 i
824 !
764 !
'
777 !
'
717 !
•
'
752 i
:
707
673
679
719
713
749
802
840
801
814
844
849
923
931
931
1,045
1,113
1,046
967
840
709
634
641
591
621
From
private
banks,
brokers,
foreign
banking
agencies,
etc.
103.9
108.4
106.6
81.4
70.5
63.5
75.5
88.8
95.8
108.5
113.4
103.4
104.2
97.7
128.8
124.2
90.8
110.3
102.5
117.3
115.6
129.9
136.1
126.2
132.0
LOANS TO BROKERS AND DEALERS IN SECURITIES MADE BY REPORTING MEMBER BANKS IN NEW YORK CITY
[In millions of dollars. Monthly data are averages of weekly figures]
Demand and time loans
Month or date
Total
1927—January
February
March
April
May
June . July
AugustSeptember..
October
November..
December—
1928—January
February
March
April
_
May
June..
July
August
September-.
October
November..
December...
1929—January
February
Feb.
Feb.
Feb.
Feb.
6.
13
20
27
_
2,778
2,733
2,816
2,866
2,933
3,115
3,096
3,181
3,261
3,392
3,441
3,621
3,802
3,784
3,761
4,062
4,414
4,360
4,232
4,239
4,417
4,701
5,102
5,193
5,408
5,555
5,669
5,568
5,477
5, 507
For own
account
For account of
out-oftown
banks
For account of
others
1,105
1,114
1,173
1,082
1.117
1,247
1,252
1, 514
1,744
1,760
1,881
1,924
2,048
2,248
2,319
2,434
2,656
2,094
2,069
2,154
2,190
2^219
2,385
2 336
2^366
2,463
2, 603
2,632
2,782
2,938
2,871
2,861
3,122
3,368
3,309
3. 207
3, 359
3,684
4,075
4,483
4,623
4, 835
4,986
1,116
1,097
1,023
1,090
1,931
1,859
1,786
1,693
2,621
2,612
2,668
2,724
1,077
1,032
1,048
1,061
1,103
1,175
1,282
1,342
1,167
1,064
1,193
1,272
1,048
929
835
887
933
741
765
824
806
805
858
877
908
916
962
990
985
900
For acFor own count of
out-ofaccount
town
banks
Total
1,104
1,127
1,091
1,131
1,191
1,180
1 188
1^225
1,285
1,326
1,276
1,354
1,470
1,500
1,450
1,617
1,628
1,568
1,543
1, 522
1,607
1,720
1,749
1,760
1,801
1,817
933
841
901
929
936
Time loans
Demand loans
!
:
;
i
i
i
1
639
548
615
642
639
772
705
726
777
820
879
948
992
820
741
843
885
687
614
590
675
741
895
!
j
G01
968
|
886
5,081
4,984
4,918 i
4,962
835
919
895
895
799
843
805
830
861
851
857
849
891
942
902
981
For account of
others
656
678
734
718
719
762
774
791
795
841
851
853
863
967
1,083
1,084
1,036
1,204
1,198
1,143
1,136
1,178
1,332
1,507
1,559
1,586
1,633
1,650
1,084
1,075
1,285
1,479
1,456
1,591
1,677
1,825
2,030
2,136
2,234
2,450
1,759
1,691
1,619
1,533
2,403
2,398
2,464
2,534
Total ; For own
account
685 !
For account of
out-oftown
banks
For account of
others
733
625
618
570
572
569
295
293
285
287
297
306
327
322
284
283
296
334
350
347
323
350
386
361
315
245
212
189
210
213
205
196
305
284
286
301
330
328
330
376
394
385
374
373
387
416
414
413
431
425
407
344
276
213
190
174
168
167
84.8
87.1
89.9
88. 4
86! 4
95.8
102.9
116.4
120.5
121.4
138.7
132.3
126. 8
150.0
162.9
177.3
229.1
265.2
303.2
290. 2
246.1
223.3
218.0
182.9
199.2
2C6.4
588
584
559
545
197
203
187
195
173
168
168
159
218.4
213.2
203.7
190.3
664
661
677
714 ',
730
760
815
799
789
809
839 ,
863
813
900
940
1,046 :
1,051
1,025
880 i
190
FEDERAL RESERVE BULLETIN
M A R C H , 1929
COMMODITY PRICES, SECURITY PRICES, AND SECURITY ISSUES
W H O L E S A L E PRICES, BY C O M M O D I T Y G R O U P S 1
[1926 = 100]
i
All commodities
Month
j
1927—November.. _|
D e c e m b e r . _.j
1928—January
;
February
|
March
__•
April.
(
May
_J
June
_;
July
:
August
'
September...!
October
•
November...,
December...
1929—January
<
Farm
products
96.7
96.8
96.3
96.4
96.0
97.4
98.6 ||
97.6
98.3 l|
98.9 !
100.1 ii
97.8 i
96.7 !|
96.7 :l
97.2 ij
104.3
104.4
106.1
104.5
103.5
107.6
109.8
106.7
107.1
107.0
108.8
103.5
101.6
103.6
105.9
;
Chemi- ' House-
Hides ''•
Metals
and
' Textile Fuel and
d
leather , products lighting
products :
products !
Miscellaneous
101.5 .
100.7
98.5
98.7
98.0
99.5
101.2
100.3
102.3
104.1 '
106.9
102.3
100.1
98.0
98.8
114.3
116.9
121.0
124.1
124.0
126.7
126.3
123.7
124.2
121.0
120.7
117.5
115.5
115.7
113.6
97.5
97.2
96.7
96.6
96.5
96.5
96.6
96.3
96.8
96.3
95.6
96.1
96.1
96.1
96.4
82.9
82.5
80.8
81.2
80.8
80.8
81.8
82.1
82.8
84.6
85.1
84.9
84.4
83.5
82.5
Nonagricultural
commodities
88.3
89.0
89.0
87.3
86.8
84.9
85.1
82.2
80.8
79.3
79.7
80.3
80.0
80.1
80.5
metal SSteSSl " lf cd^ <,&*&.
*ooas
94.6
94.8
93.7
94.2
94.0
94.7
95.6
95.2
95.9
96.7
97.8
96.4
95.4
94.8
94.9
i i n g g o o d s
90.2 ;
90.4 i
90.8 :
91.0 .
91.0 !
92.5 •
'
93.5
93.9 i
94.4 i
94.6
94.7 •
95.0
96.0 :
96.8 '
96.6 !
97.0
98.4
98.1
98.3
98.4
98.4
98.6
98.7
98.6
100.4
100.5
101.0
101.7
102.9
103.6
97.4
97.2
96.3
95.8
95.6
95.8
95.3
94.9
94.5
94.7
95.1
95.6
96.0
96.1
95.9
;
'
;
j
'
!
i
98.9
98.8
98.6
98.4
98.3
97.9
97.8
97.0
96.9
97.2
97.2
96.5
96.4
96.4
96.6
il
1
Index of Bureau of Labor Statistics.
P R I C E S OF F A R M P R O D U C T S AT T H E F A R M i
[August, 1909-July, 1914=100]
SECURITY PRICES
C o m m o n stocks i (1926=100)
Month
1927December..
1928
January
February. _
March
April
_
May
June. _ . .
July
August
September.
October
November .
December. _
1929
January
February. _
i
30 commodGrains
ities
Dairy
Fruit
Cotton
and
and
Meat
poultry and
cottonvege- animals
prodseed
tables
ucts
Unclassified
137
123
141
138
158
153
90
137
135
137
140
148
145
145
139
141
137
134
134
125
128
136
144
160
152
142
120
117
116
110
112
144
153
174
179
181
168
156
137
127
114
109
108
138
139
139
142
151
150
157
162
174
160
150
143
154
144
137
134
134
132
134
136
145
150
155
159
152
141
147
154
166
162
170
153
142
147
146
148
91
90
89
85
86
87
88
87
85
83
86
90
133
115
123
109
111
146
150
149
148
148
149
92
91
i Index numbers of Department of Agriculture.
M o n t h or week
390
|
stocks I
combined,:
1927—October
November..
December...
1928—January
February
March
April
May—
June
July.
August
September..
October
November..
December...
1929—January
February. __
Week ending—
Feb. 2.
Feb. 9
Feb. 16
Feb. 23
.
322
industrials
! Bonds:
| Average
35
j price of
public j 40 issues
utilities
33 rails
126.7
129.6
133.1
134.4
132.3
137.9
145.9
152.1
145.3
144.2
148.3
156.1
159.1
169.2
172.9
183.6
186.8
127.5
131.3
135.5
137.4
134.8
141.1
149.5
154.9
148.2
147.8
152.6
161.6
166.2
177.1
180.0
191.4
192.4
124.5
125.6
127.2
129.5
130.9
134.4
142.5
155.3
148.1
145.3
147.9
155.2
154.5
165.5
174.7
188.3
203.1
99.25
99.35
99.31
99.20
99.18
98.79
97.38
96.56
95.82
96.47
96.58
96.90
96.24
96.12
95.60
191.6
184.9
186.3
184.4
197.1
190.8
191.9
189.7
210.0
198.4
202. 7
201.3
95. 86
95. 69
95. 51
95.33
98.62
i Index of common-stock m a r k e t values (revised series) computed b y
S t a n d a r d Statistics Co. from closing prices on T h u r s d a y .
FOREIGN CAPITAL ISSUES
[In millions of dollars]
D O M E S T I C CAPITAL I S S U E S
[In millions of dollars]
January-December
January,
1929
January-December
1928
1927
January, 1929
Class of issue
1928
Gov- Corernpoment rate
Government
Corporate
Government
Corporate
New
23.3
10.3
836.9
657.5
988.5
10.3
3.0
723.3
317.1
520.4
257.4
853.8
325.6
528.1
238.8
5.8
1.5
65.7
257.9
100.2
88.9
119.7
280.7
103.0
79.7
6.2
76.4
113.6
1.6
72.4
137.1
12.9
114.8
134.6
19.3
87.3
112.7
Refunding
New
Refunding
| ReN e w i fundj ing
640.8
20.1
New issue
8.0
Europe
Canada and" Newfoundland
11.8
Latin America
United States insular pos.3
T T isooll aneous
V
3.3
Refunding issues
1927
Class of issue
Total
Total Government and
corporate
.
33.6
»
1,494.4
1,62 9.3
Total.
Corporate issues _ _
Bonds and n o t e s Long term
Short term
Stocks
Farm-loan issues
Municipal issues
Total new and refunding
875.1
144.1 6, 728.3 1, 572. 0 6,151. 5|1,969. 9
803.7
142.5 5, 277. 2 1, 549. 7 4, 641. 6;1,849. 9
250.2
10.8
542. 7|
56. 7 2,167. 5 999.4 2,961.4 1,504.1
4. 7 209.8
4 7 2098
54.3 220. 61 81.9
81.1 2,
496. 0 1, 459! 6! 264.' 0
63.9
86.9
92.8
1. 6 1, 387. 2
22. 3 1, 423.1
27.1
1,019. 2
8, 300. 3
8,121. 5
191
FEDERAL RESERVE BULLETIN
MARCH, 1929
PRODUCTION, EMPLOYMENT, AND TRADE
INDEX NUMBERS OF THE FEDERAL RESERVE BOARD—AS REVISED IN FEBRUARY, 1929; SEE PAGE 180
[Indexes of production and car loadings are adjusted to allow for seasonal variations; indexes of factory employment and pay rolls without'seasonal adjustment]
Year and month
ProducIndus- tion of
trial
manuproducfaction
tures
als
Mo. av. 1923-1925=100
ment1
Building contracts
Wholesale dis- Departmentawarded
tribution
store sales
Freight
Factory
car
pay
loadrolls i Unad- | Adings UnadAdUnad- j Adjusted | justed
justed
justed
Department-^
store stocks
Adjusted
justed | justed
Monthly averages 1923-1925=100
Mo. av. 1919=100
ANNUAL INDEX
84
91
79
86
100
98
103
107
103
104
111
115
87
89
100
98
102
101
97
104
107
113
113
128
128
135
135
125
127
145
103
103
99
104
104
101
101
105
102
100
105
106
93
95
105
97
93
95
97
112
117
123
102
102
102
100
100
99
100
102
102
102
106
102
111
106
146
139
134
133
126
148
137
126
119
131
143
145
129
120
123
121
124
133
134
122
130
142
102
104
104
107
107
109
108
108
109
109
109
107
95
96
106
96
95
95
95
111
118
111
101
87
104
103
101
99
101
100
100
101
103
96
101
102
109
110
108
108
106
101
104
104
105
101
102
94
96
151
147
135
154
130
135
127
137
114
116
120
131
134
127
122
141
128
121
125
133
125
126
105
109
108
108
106
104
101
104
104 ;
101 ,
104
105
103
104
104
100
104
105
109
106
107
133
153
128
135
148
145
139
113
140
141
126
116
91
103
103
128
104 !
64
63
57
81
84
95
122
130
128
135
104
99
95
99
104
101
104
107
82
90
94
103
109
110
107
107
105
102
105
104
111
112
112
75
76
120
138
124
137
133
149
138
129
116
129
109
109
108
108
107
109
108
111
112
111
107
104
92
95
104
107
104
106
107
109
110
114
118
119
107
112
113
110
109
109
104
108
108
112
109
108
107
109
112
109
111
109
106
107
105
103
99
100
105
107
110
109
112
109
108
107
106
103
99 I
116
118
118
106
108
105
99
106
103
105
101
102
105
109
109
109
109
109
110
112
114
114
112
113
106
110
110
110
110
111
111
113
115
114
112
114
103
102
103
105
105
101
100
105
107
114
113
112
117
117
117
84
87
67
87
101
94
105
108
106
111
106
105
105
103
103
102
104
103
102
105
107
109
106
106
106
104
103
102
104
102
104
108
109
111
107
107
108
108
107
108
108
111
112
111
108
106
|
|
;
!
77
89
70
74
105
96
99
108
107
106
79
105
89
89
98
102
101
103
102
102
100 j
90 I
89
89
90
88
90
91
92
92
91
104
113
144
157
163
158
142
126
143
145
115
105
100
124
84
89
113
104
107
109
105
104
83
87
67
85
101
95
104
108
106
110
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
100
103
82
90
104
95
95
96
92
90
99
103
106
107
108
MONTHLY INDEX
1925
January.._
February
March
April
May
June
July_._
August-.
September
October
November
December
1926
January
February.
March
April
May
June
July.
August
September
October
November...
December
1927
January
February
March
April. _
May
June
July...
August...
September
October
November...
December
1928
January
February
March
April
May
June
July
August-.
September
October.
November
December...
1929
January
_
i For ind
I
|
I
|
I
I
!
92
94
94
93
93
92
91
91
92 I
92 !
90 i
S!
102 ,
102 !
104 !
1 0 5 ••
102 !
102 !
104 !
106 i
106 !
104 !
103 i
91
102
92
91
91
91
112
113
108
97
85
103
103
102
101
101
100
101
102
111
104
106
90
96
105
106
103
98
94
98
107
112
115
97
102
101
102
102
101
101
101
102
103
101
102
103
123 :
121 !
184 i
105
104
101
103
108
103
105
107
109
109
106
110
93
98
107
107
104
98
93
97
107
114
117
96
105
104
104
103
102
102
100
101
102
103
103
102
95
97
98
95
97
96
96
102
98
94
97
95
83
100
111
102
102
75
89
100
119
122
186
106
107
105
105
103
103
104
111
108
106
107
111
92
97
106
107
103
97
94
98
107
114
117
96
104
103
103
102
101
100
101
102
103
104
103
102
92
99
92
94
101
96
97
100
95
103
102
108
104
78
85
107
123
122
188
104
105
104
103
103
105
107
105
119
105
106
116
93
99
106
107
104
97
94
98
105
114
117
95
105
104
103
103
102
100
101
102
100
103
103
101
107
91
102
93
100
90
110
111
112
99
85
101
95
106
100
99
75
78
94
130
114
178
81
101
103
107
101
79
83
i
;
!
!
j
'
,
j
101 I
94 !
192
FEDEKAL RESERVE BULLETIN
M A R C H , 1929
INDUSTRIAL PRODUCTION
{Index numbers, adjusted for seasonal variations. As revised in February, 1929; see p. 180. 1923-1925 average=100]
INDEX OF INDUSTRIAL PRODUCTION
PER CENT
1
PRODUCTION OF
MANUFACTURES AND MINERALS
INDUST RIAL PROCJUCTION
120
100
t
100
V
orv
60
120
100
120
80
WVvv
^VV>A
1926
1925
1927
60
60
1926
1925
1929
1926
80
80
1927
1929
1928
Total
Manufactures
Minerals
1923 1924 1925 1926 1927 1928 1929
1923 1924 1925 1926 1927 : 1928 1929
1923 1924 1925 1926 1927 1928 1929
Month
January
February __
March
April
May
June July _
August
September
October
November
December
.
_
Annual index
88
93
95
98
102
106
106
106
104
103
102
104
102
104
108
109
111
109
109
108
108
107
109
108
111
112
111
107
104
105
107
110
109
112
109
108
107
106
103
99
99
94
105
108
106 ' 111
100
100
103
107
107
106
104
102
100
99
98
97
100
10?
101
95
89
85
84
89
94
95
97
101
106
105
105
103
103
102
104
103
102
105
107
109
107
107
108
108
107
108
108
111
112
111
108
106
109
112
109
111
109
106
107
105
103
99
100
105 117
109
109
109
109
109
110
112
114 — 114
112
113
100
100
103
107
106
106
103
101
101
98
97
97
99
102
101
96
88
84
101
95
104
108
106
110
101
: 106 117
110
i 110
I 110
i 110
; 111
111
' 113
i 115
• 114
!
112
114
!
NOTE.—For description of this index and back figures see BULLETIN for February and March, 1927.
101
99
103
111
108
109
112
110
97
104
105
98
102
104
98
92
93
93
92
92
97
96
96
105
99
104
99
95
99
104
101
104
107
89
90
94
93
92
95
104
107
104
106
107
109
110
114
118
119
116
118
118
106
108
105
99
106
103
105
101
102
103
102
103
105
105
101
100
105
107
114
113
112
96
99
108
107
106
117
193
FEDERAL RESERVE BULLETIN
M A R C H , 1929
INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS
[As revised in February, 1929; see p. 180. Adjusted for seasonal variations. Monthly average 1923-1925=100]
All ! Iron !
Leather Cement, NonPaper
Petro- : Rubber Tobacco
Food
Automanu- >. and | Textiles •roducts and
and
leum
brick, ferrous
Lumber mobiles
manuprinting
factures; steel j
shoes and glass metals refining ; tires
factures
ANNUAL INDEX
19231924192519261927_
1928-
101
94
105
108
106
111
105
88
106
113
104
119
105
91
104
104
113
107
100
100
103
107
106
106
103
101
101
98
97
97
99
102
101
96
88
84
82
88
93
95
98
102
106
106
106
104
103
102
104
102
104
108
109
111
109
109
108
108
107
109
108
111
112
111
107
104
105
107
110
109
112
109
108
107
106
103
99
99
106
110 I
110 i
110 !
110 I
111
111
113;
115 ,
114
112 '
114 i
117 j
101
103
104
114
118
118
117
109
105
99
89
89
96
108
111
94
74
67
60
108
111
113
115
111
109
102
100
102
97
98
93
98
94
91
89
81
76
78
82
93
100
99
103
103
104
107
107
104
102
105
102
101
104
106
107
104
104
104
101
97
101
99
104
109
110
110
110
108
108
114
113
116
120
118
118
118
113
112
106
107
108
107
101
107
108
100
107
107
112
113
111
116
94
95
99
106
115
113
117
96
105
100
94
89
102
90
107
109
86
113
110
94
96
98
103
102
95
95
110
113
109
117
94
94
93
95
98
100
96
96
95 .
94 |
91
92
98
90
97
98
99
99
102
99
102
100
100
100
94
96
97
100
99
101
97
98
108
108
109
126
113
114
118
118
117
117
111
107
105
99
103
104
94
95
95
94
92
91
92
96
94
97
100
102
107
103
102
102
102
104
101
100
97
102
103
96
98
100
101
98
100
98
95
97
99
100
100
101
92
89
95
94
95
98
100
120
118
107
94
79
71
75
85
90
86
85
80
99
98
95
94
94
93
93
90
91
96
101
103
95
100
99
96
102
100
99
97
100
100
99
100
108
108
96
95
93
95
94
94
97
97
93
104
104
105
106
106
105
104
107
107
106
109
111
111
110
104
104
101
102
103
105
106
107
108
106
108
90
92
101
107
110
111
112
77
100
135
135
125
110
108
109
110
110
109
111
112
111
112
111
111
105
109
113
107
104
105
108
105
108
109
107
109
103
96
96
96
95
100
100
100
97
97
112
113
113
113
115
114
114
115
117
117
116
113
101
108
105
105
102
99
100
95
99
97
95
96
121
121
115
111
114
112
106
128
124
108
92
69
116
112
109
107
112
123
118
117
117
114
108
96
108
108
109
115
115
107
111
111
112
100
100
103
101
96
96
91
92
93
95
113
113
113
114
113
113
114
112
114
112
110
112
97
96
92
98
100
104
104
106
93
103
98
97
96
107
112
115 ,
125 i
136 ;
152 i
86
98
116
116
121
144
99
105
112
118
124
MONTHLY INDEX
1923—January
February
March
April-May
June
July
August
September
October
November
December
1924—January
February
March
April.May
June
July.August
September—
October
November
December
1925—January
February
March
April
May
June
JulyAugust
September
October—
November
December
1926—January
February
March
AprilMay
June
JulyAugust
September
October
November
December
1927—January
February
March
April
May
June
July
August
September
OctoberNovember
December
1928—January
February
March
April
May
June
July
August
September
October
November
December
1929—January
91
106
110
111
111
100
99
99
97
103
104
106
114
117
112
111
114
114
113
115
115
120 I
117
116
105
103
103
112
115
114 !
116
108
105
102
98
94
89
94
107
113
114
122
116
115
124
121
128
126
120
123
117
105
107
100
96
97
99
99
103
103
102
103
110
105
98
96
93
89
90
102
104
103
115
116
118
118
121
118
117
117
118
116
114
120
119
81
71
93
101 |
111
108
107
117
119
133
139
122
94
103
154
92
101
101
103
104
100
101
99
102
100
106
112
112
111
107
99
97
99
103
102
9;
96
108
112
112
110
103
97
92
100
107
120
109
108
109
110
114
113
109
108
106
114
117
112
111
116
123
119
126
130
122
122
130
130
84
84 :
84 •
86 i
87
113 i
119 ,
118 |
115 '
111
109
111
110
108
107
109
10G
107
106
111
100
108
108
109
111
115
113
117
117
121
126
128
124
•
•
86 !
87 ;
87 '
89 '
90 ;
92 :
95 ;
97
101
101
99
95
99
102
104
106
110
110
112
114
121
120
120
116
117
117
116
116
117
119
123
124
126
126
128
128
129
133
135
135
134
135
134
132
134
136
136
139
142
140
137
135
139
141
147
150
153
156
160
162
160
159
159
159
'
!
i
I
'
;
;
i
'
i
I
!
94
97
103
103
97
86
62
66
70
76
85
87
97
93
95
92
83
79
78
96
114
123
121
115
110
111
108
112
117
116
126
123
120
109
118
121
116
111
107
112
107
115
112
125
136
126
112
115
118
114
122
134
127
140
119
117
114
117
122
113
124
135
134
134
133
143 |
149 !
151 i
169
167
155
143
147
98
98
94
98
95
95
96
92
97
97
97
98
103
97
97
97
102
99
99
105
105
106
102
104
105
104
106
104
104
105
104
111
108
111
116
113
112
113
110
112
113
115
114
112
114
115
116
123
122
115
109
118
122
120
121
114
119
120
120
120
120
125
125
129
128
126
124
127
131
194
FEDERAL RESERVE BULLETIN
MARCH, 1929
INDEX OF PRODUCTION OF MINERALS, BY PRODUCTS
[As revised in February, 1929; see p. 180. Adjusted for seasonal variations. Monthly average 1923-1925=100]
All minerals
Bitumi- Anthracite Crude
Iron ore
nous coal
coal
i petroleum shipments Copper
Zinc
Lead
Silver
ANNUAL INDEX
105
96
99
108
107
106
19231924.
192519261927.
1928-
108
92
100
110
99
94
115
108
77
105
99
95
101
99
103
111
108
109
112
110
97
104
105
98
102
104
98
92
93
93
92
92
97
96
108
105
106
123
117
114
119
115
108
99
97
93
108
108
94
81
80
80
82
83
93
95
97
99
105
91
85
90
92
92
96
103
101
104
113
112
111
108
100
108
103
104
106
106
106
111
124
122
118
123
131
94
93
91
85
92
91
90
85
87
92
92
95
91
127
124
128
127
121
119
120
123
45
116
115
115
115
115
114
103
108
109
108
102
111
103
109
107
112
116
104
111
116
106
117
130
1
1
3
4
3
33
124
124
117
124
120
118
126
123
112
114
100
97
103
104
121
122
114
82
104
113
98
116
93
100
106
110
105
115
97
107
116
111
112
102
111
114
111
105
102
100
98
95
92
MONTHLY INDEX
1923—January
February...
March
April
May
June
JulyAugust
SeptemberOctober
November..
December..
1924—January
February—.
March
April
May
June
July—
August
SeptemberOctober
November.
December—
1925—January
February—
March
April
May...
June
JulyAugust
SeptemberOctober
NovemberDecember..
1926—January
February...
March
April
May
June
_.
JulyAugust
SeptemberOctober
November..
December...
1927—January
February—.
March
April
May..
June
July
August
SeptemberOctober
NovemberDecember—.
1928—January
February.-.
March
April
_
May
June
July
August
September..
October
NovemberDecember...
1929—January
104
99
95
99
104
101
104
107
82
90
94
93
92
95
104
107
104
106
107
109
110
114
118
119
116
118
118
106
108
105
99
106
103
105
101
102
103
102
103
105
105
101
100
105
107
114
113
112 i
117 i
99 j
103
87
106
115
102
74
106
99
106
104
91
107
112
76
67
94
95
119
113
98
110
94
93
103
104
105
106
108
110
99
95
97
97
99
98
97
96
97
96
95
95
94
100
102
109
109
106
106
105
103
103
101
100
99
98
100
99
101
103
105
105
112
117
120
120
123
122
120
122
122
124
123
121
123
124
123
121
119
121
120
120
118
119
123
124
127
127
132
138
100
114
120
116
115
109
122
100
99
100
101
94
129
95
95
110
95
105
111
125
117
130
120
101
80
107
104
104
110
114
106
100
100
103
106
105
111
110
108
106
105
105
105
102
106
106
105
108
106
109
110
110
109
107
111
108
113
113
116
112
114
111
100
106
107
105
101
101
104
102
106
104
102
104
102
103
110
110
113
116
123
128
131
133
129
95
91
93
98
97
100
94
96
95
101
100
95
93
94
100
101
103
104
103
105
105
109
110
110
111
112
112
113
117
109
113
113
111
111
119
121
121
121
119
114
113
114
109
108
114
109
112
111
110
108
109
105
107
112
113
113
117
117
120
114
110
111
106
100
87
75
85
83
83
94
96
96
103
106
105
106
116
105
105
103
106
103
111
110
110
112
110
110
110
117
111
117
115
116
117
111
116
109
113
116
117
118
116
121
113
112
115
120
113
113
116
112
111
105
110
108
103
109
109
100
101
100
97
107
115
108
111
112
112
97
90
108
126
127
96
105
96
96
99
96
90
87
109
98
90
105
92
96
99
106
103
108
108
103
97
87
105
97
103
104
108
93
85
96
94
96
96
93
94
90
93
93
107
97
95
90
90
90
93
94
94
90
91
100
95
93
83
94
89
85
93
76
87
79
79
93
103
91
195
FEDERAL RESERVE BULLETIN
MARCH, 1929
PRODUCTION OF MANUFACTURES, BY INDIVIDUAL LINES i
January, j Decem1929 | ber, 1928
Iron and steel:
Pig iron
_
Steel ingots
_._
Textiles:
Cotton consumptionWoolConsumption
Machinery activity 2
Carpet and rug loom activity 2
SilkDeliveries
Loom activity 2
Food products:
Slaughtering and meat packing—
Hogs__
_
Cattle
_
Calves. _
114
118
1
108
105
93
95
109
99
92
85 i
144
119
154
117
102
90
95
109
100
129
Flour_.
Sugar meltings
Paper and printing:
Wood pulp and paper—
Newsprint-__
Book paper
Fine paper
Wrapping paper..
Paper board
Wood pulp, mechanicalWood pulp, chemical
Paper boxes
Newsprint consumption
Lumber:
Lumber, cut
Flooring
Transportation equipment:
Automobiles
_
Locomotives
Shipbuilding
Leather and products:
Leather, t a n n i n g Sole leather 2
_..
Upper l e a t h e r Cattle—
106
Calf and kip.
Goat and kid
87 j
Boots and shoes..
93 j Stone, clay, and glass:
Cement
137
Face brick
Plate glass
119
Nonferrous metals:
Copper
101
Lead—.
91
Zinc103
Tin 2
I
115
Chemicals and allied products:
101
Petroleum refining—
124
Gasoline 2
.-_
|
Kerosene
|
Fuel oil 2
I
94
Lubricating oil 2
!
118
Coke production—
J
111
By-product
__
110
Beehive
I
115
Rubber tires and tubes:
99
Tires, pneumatic._
__
104
Inner tubes
_
115 Tobacco products:
129
Cigars
_
Cigarettes._.
91
Manufactured tobacco and snuff.__
113
124
118 I
108
82
90
109
98 j
94
137
95
128
116
102
126
100
109
153
128
90
I
I
|
'
!
85
115
154
January,! Decem- January,
1929 ! ber, 1928
1928
January,
1928
103
19
29
94
95
92
73 '
69
116;
101 ]
70
70
124
94
102
131
101
125
141
119
121
146
125
100
113
132
112
100
137
141
109
106
123
101
104
105
85
186
93
135
123
184
93
136
125
151
100
117
111
137
37
135
35
122
30
152
112
149
102
127
98
167
92
85
160
94
86
143
95
100
93
35
136
2
As revised in February, 1929; see p. 180.
WTithout seasonal adjustment.
FACTORY EMPLOYMENT AND PAY ROLLS
[Index numbers without seasonal adjustment. Monthly average, 1919=100]
Metals and
products
Textiles and products
!
Total
Group
Employment:
1928—January.
February..
March
April
May
June
July
August
SeptemberOctober. __
November.
December..
1929—January.
Pay rolls:
1928—January.'
February., j
March
j
April
!
May.
June..
July.
I
August
I
SeptemberJ,
October....
November.
December..!
1929—January!
Iron
and
steel
Group Fabrics Products
Lumber
and
products
Paper
Railroad Auto- and
vehi- mobiles printcles
ing
Chemicals
and
products
Foods Leather
and
and
prod- products
ucts
I
87.9
89.4
89.5 i
89.6 !
88.5
90.0
91.2 j
92.0 ,
91.6
91.3:
91.0
97.8
103.5
104.9
102.6
103.7
103.6
100.1
103.9
105.0
109.3
105.9
106.6
103.0
83.0
84.3
84.6
85.3
85.5
84.7
86.0
87.2
88.2
89.2
89.4
90.1
80.7
82.7
84.0
84.2
84.9
85.0
84.6
86.0
87.2
88.2
89.1
89.4
90.3
92.9
93.8
92.9
90.0
87.8
87.4
84.5
85.3
86.8
89.4
90.2
90.6
90.0
95.1
95.1
93.6
91.0
88.9
88.6
86.2
86.3
87.0
90.8
92.9
93.8
93.2
92.3
92.0
88.7
86.3
85.9
82.2
84.1
86.6
87.6
86.8
86.4
85.9
84.9
85.0
86.0
87.0
87 0
87.7
86 7
89.1
89.6
89.5
89.7
87.4
85.1
70.5
70.4
71.3
72.0
72.5
72.7
71 7
71.6
71.2
70.6
70.5
70.4
69.6
114.0
124.8
130.2
133.6
141.2
141.1
141.0
149.9 |
154.2 I
152.1 !
138.4 I
136.6
150.4
108.6
108.1
107.0
105.9
106.3
106.1
106.1
106.3
106.7
108.1
109.5
109.5
108.3
83.8
84.8
84.4
82.8
83.0
84.2
84.4
83.9
86.8
88 7
88.3
88.5
85.8
83.2
84.6
84.1
79.8
77.7
77.6
81.2
82.9
83.1
81.8
77.1
76.6
79.4
84.7
91.9
93.9
92.9
95.1
94.5
90.0
94.1
94.3
99.6
99.2
99.9
98.2
84.1
91.2
93.3
92.2
94.3
93.7
89.3
93.3
93.5
98.7
98.4
99.0
97.9
100.2
103.5
101.9
94.7
93.4
93.5
88.7
91.7
94.4
100.5
97.9
101.0
97.2
100.3
102.4
100.3
95.5 i
95.3 1
94.2 !
90.2 i
91.4 !
93.3 I
100.5
100.7
104.3
99.5
100.0
104.8
103.9
93.8
91.1
92.6
86.9
92.0
95.7
100.6
94.3
96.9
94.2
91.9
96.1
98.1
98.3
98.8
99.9
96.4
100.3
102.6
105. 5
104.2
100.7
92.3
75.1
78.2
80.4
81.2
80.7
81.3
76.5
77.0
75.7
80.2
79.7
79.6
73.5
127.2
160.0
168.9
171.8
178.8
169.5
166.0
184.9
185.8
193.3
165.0
161.9
165.0
148.8
147.5
147.7
146.7
146.7
146.7
144.6
144.5
146.8
149.6
149.6
153.0
150.1
99.0
100.8
100.4
96.5
99.0
101.3
101.4
100.1
103.4
105.6
104.3
105.5
101.3
83.5 I 122.1
88.9 ! 123.8
87.5 I 128.7
75.3 ! 134.6
72.7 1 140.9
141.3
76.3
136.1
82.6
143.3
88.0
139.6
87.2
140.8
84.0
135.4
70.2
131.7
75.2
116.6
78.9
101.6
101.9
105.7
109.1
113.8
114.9
112.8
115.7
114.6
112.1
109.3
106.2
99.3
73.8
77.1
77.9
76.0
76.8
77.5
73.4
79.0
80.6
82.6
82.4
79.8
70.2
75.1
77.2
76.9
76.7
74.5
75. 1
73.9
73.9
77.0
78.4
79.1
79.0
79.0
78.1
78.1
79.4
73.8
77.3
82.5
78.1
81.6
85.4 i
87.6
106.3
109.3
110.2
108.8
106.6
106.1
103.4
104.0
105.7
112.3
111.5
111.2
109.5
86.5 I
86.7 I
70.6 j
I
NOTE.—This table contains for certain months general index numbers of employment and pay rolls, together with group indexes for important
industrial components. The general index is a weighted average of relatives for 34 individual industries. The method of construction was described
in detail and indexes for the above groups since January, 1919, were published in the BULLETIN for May, 1925. See also p. 668 of BULLETIN for September, 1925, for certain revisions.
36722—29
4
196
FEDERAL RESERVE BULLETIN
MARCH,
1929
BUILDING
BUILDING CONTRACTS AWARDED
[Index numbers based on value of contracts.
Monthly average, 1923-1925 = 100]
With seasonal adjustmentl
Without seasonal adjustment
Month
1924 , 1925
January
February
March
April
May
June
July
August
September
October
November
December
61
71
94
101
109
93
79
75
73
91
80
76
Annual index.
1
84"
76
78
109
121
108
101
87
1923
75
76
120
138
124
137
133
149
87 I 138
103 : 129 !
95 : 116 I
83 129 I
94
111
96
106
146 151
139 147
134 135
133 154
126 130
148 135
137 127
126 137
119 114
131 116
95 , 122 130
104 !| 103
113 88
144 j
157 '
163 :
i
158 ;
142
126
143
145 i
115 :
105 !
1924
1925
1926
104
107
113
113
128
128
135
135
125
127
145
143
145
129
120
123
121
124
133
134
122
130
142
99
104
100
103
1927 1928
120
131
134
127
122
141
128
121
125
133
125
126
1929
128
119
133
153
128
135
148
145
139
113
140
141
126
116
128 ! 135
As revised in February, 1929; see p. 180.
BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS
[Value of contracts in thousands of dollars]
Federal Reserve District
Month
Total
Boston
1928
January
F e b r u a r y . _.
March
April
May.
June
July
August
September..
October
November. December...
New
York
Philadelphia
Cleveland
Richmond
427,169 |
465,331
592, 567
643,137
668,097
650,466
583,432
516,970
587,674
597,104
471,482
432, 756
33,410
21,826
39,694
42,957
56,097
38, 519
34, 456
36,370
69,918
39, 521
29,154
26,405
133, 271
140,227
155,154
154, 369
188, 687
178,448
139,821
129, 524
156, 588
189, 696
136, 525
140,159
35, 765
34,980
46, 317
60,982
49, 743
48,698
41,259
33,967
45,634
46,098
28,017
32,082
26,403
37,841
66,821
70,184
63,813
69,605
56,103
50,408
67, 748
57,118
56,684
31,755
409, 968
26, 556
104, 447
26, 306
54,680 i 28,748
27,607
22,301
42,061
66, 591
39,421
46, 227
32, 884
30,172
39,843
40, 329
33, 621
29,973
Atlanta
27,696
23, 376
29,826
24,371
32,497
28,600
31,996
28, 548
25, 989
36,097
18, 550
23, 362
Chicago St. Louis | " t a g -
77,806
108, 789
108,093
128,643
139,784
128,607
140,689
108,306
99,176
110,795
99, 429
76,924
29,187
35,294
40,626
43,818
36,360
44, 225
50,557
40,706
33,241
32,409
27,302
31,378
Kansas
City
Dallas
13,318
13, 793
33,174
20, 658
20,199
28,070
23, 807
26,177
22, 611
15,699
13,908
16, 511
18,278
22,936
22,463
20,315
28,318
28,426
20,771
19, 847
17, 715
16,697
20,397
18, 323
7,466 | 15,668
17,435
4,428
3,968
!
!
|
i
i
i
10,249
13,178
11, 042
11,088
12,944
9,213
12, 645
; 7,896
5,886
1929
January
BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING
[Value of contracts in thousands of dollars]
25,745 ! 77,439
25,479 i
BUILDING PERMITS ISSUED, BY FEDERAL RESERVE
DISTRICTS
[Value of permits in thousands of dollars]
Federal reserve district
1928
January.
193,189
February.
238,985
March
275,192
April
276, 586
May.
288,826 !
June
__ 258,084 I
228,703 i
July
213,705
August___ *
202,807
September
239,692
October..
200,226
November
178,323
December
1929
January
37, 970
68,851 | 72,039
34,881 i 57,695
59,980
48,804 ' 73,075 !110,338
85,093
82,758 |117,401
37,146
91,200 i150,223
63,537
93,942 I 130,852
31,400
95,697 |137,075
42,607
58,911 i118,890
60,068
67,330
68,309
66,773
'119,014
!148,697
! 93,228
i 80,194
138,069 ! 63,109 ! 100,378
66, 522
114, 780
62,259
38,665
38, 248
23.369
18,651
33,881
32,885
47,851
46,135
36,926
35, 713
38,801
31,293
30,023
25.370
Number
of cities
January,
1929
Decem- January,
ber, 1928
1928
United States
31, 750
55,139
51,277
48,413
52,851
57,917
53,632
47,144
52,205
47,833
41,032
43,849
168
202, 298
205,462
207,760
Boston..
New York
Philadelphia..
Cleveland
14
22
14
12
4,964
90, 535
20, 312
10, 023
7,224
60, 700
9,453
17, 257
5,553
83, 846
8,783
9,685
Richmond
Atlanta
Chicago
St. Louis
15
15
19
5
8,863
6,520
24, 273
11, 783
11,429
42,692
5,009
14, 014
7,810
38,151
5,385
Minneapolis-.
Kansas C i t y . .
Dallas
San Francisco.
9
14
9
20
1,215
4,149
5, 504
22,139
2,047
7,550
9,200
21,119
2,057
4,663
6,856
20,958
17, 746 24,145
I
NOTE.—Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation.
Adjusted indexes by months back to 1910 were published in the BULLETIN for August, 1927, p. 563.
197
FEDERAL RESERVE BULLETIN
MARCH, 1929
TRADE AND DISTRIBUTION
FREIGHT-CAR LOADINGS, BY LINES
[Index numbers,1 adjusted for seasonal variations. Monthly averages, 1923-1925=100]
Merchandise in less-than-carload
lots and miscellaneous
Total
Grain and grain products
Month
1923 1924 1925 1926 1927
LQ26 1927 1928
January
February
March
April
May
June
July
August—
September
October
November
December
102
104
104
107
107
109
108
108
109
109
109
107
,
92
92
95
99
97
100 I 100
96 ! 101
Annual average
105
109
108
108
106
104
101
104
104
101
97
95
100 104
102
102
104
105
102
102
104
106
106
104
103
107 103 104
100 | 97
I
96
94
95
99
99
97
96
95
96
97
99
97
97
98
100
98
98
96
92
94
96
99
101
101
101
103
105
104
105
104
103
104
105
107
105
107
110
107
107
106
106
109
109
108
107
109
110
108
107
1923 1924 1925 1926 1927 1928 1929
108
109
109
110
108
108
107
109 ! 102
93
101
! 103
87
|
89
i
91
j
92
92
97
101
106
106
107
108
100
107
109
108 109
108 I l l
106 111
103 107
100 108
106
96
92
90
96
94
90
97
95
91
102
110
J
98 105 108 107 108
95
91
105
94
100
99
108 I 97 ! 101 j 100 105
i
1
Livestock
96
101
97
102
100
105
97
98
107
..
107 | 107
95 i 108
95 i 105
Forest products
Coal
Month
1923 1924 1925 1926 1927 1928 1929
1929 1 1923 1924 1925 1926 j 1927 j 1928 1929
1923 1924 1925 1926 1927
i
January
February _.
March
April
May
June
July
August
SeptemberOctober
November.
December..
96
99
103
105
102
101
105
107
108
102
102
106
Annual average.
103 102
101 100 91
104 97 89
103 92 93
100 95 93
104 90 91
101 90 94
101 92 94
99 96 94
101 93 103
99 101 96
103 91 90
111 97 88
95
93
90
82
89
102
106
108
120
116
117
114
112
98
96
96
92
104
108
95
84
86
88
86
90
99
95
100
103
106
88 91
87 101
92 96
92 89
95 88
93 86
89 80
90 81
87 93
94 91
87 82
84 85
95
105
97
87
97
100
98
103
114
95
93
101
99
96
99
104
112
106
111
109
111
112
113
129
124
114 !
94
121
96
95
99
100
92
89
96
100
102
105
102
120 i
107 '
102
98
89
102
100
94
92
93
i
101
104
milli 1 5
0
105
IHIIli! 102
1 102
j 105
92
98
111 103
99
97
98
99
102
100
101
99
97
108 ji 101
i 1 87
87
i 97
| 104
!! 101
99 101
!
j
i
i
!
I
!
94
90
91
92
93
92
95
94
94
92
89
84
90
90
|
i
|
I
|
!
i
92 I 90
i Revised in February, 1929; see p . 180.
REVISED INDEX OF WHOLESALE DISTRIBUTION—EIGHT LINES OF TRADE i
[Monthly averages, 1923-1925=100]
Sales with seasonal adjustment
Sales without seasonal adjustment
I
Month
1923
January
February
March
April
May
June
July
August
_
September
October _ _
November
December
-__
_
-_
- _
____.
-
1924
1925
1926
1927
1928
1929
101
99
103
100
103
102
99
103
102
94
98
95
90
95
102
102
100
100
99
100
102
104
103
101
99
101
100
100
95
97
98
95
97
96
96
96
99
96
92
99
92
94
101
102
98
95
100
102
102
101
103
102
98
100
99
102
106
102
98
96
101
98
101
96
102
100
93
Annual average _. _
!
i Revised to exclude sales of women's clothing; see p. 180.
97
100
95
1924
1925
1926
92
92
108
97
98
97
94
95
95
98
95
90
86
90
93
95
105
97
93
95
97
95
96
106
96
95
95
95
! 112
113
104
115
111
118
118
100
116
99
112
117
83
91
100
94
97
95
1923
98
]
1927 i 1928 1929
88
91
102
92
91
91 i
88
93
100
88
93
93
89
91
90
112 ! 110
111
101
113
108
97
111
112
99
92
87
85
85
102
101
97
96
123
102
i
198
FEDERAL RESERVE BULLETIN
MARCH,
1929
SALES IN INDIVIDUAL LINES OF WHOLESALE TRADE
[Eight lines; sec p. 180. Index numbers. 1923-1925 = 100]
With seasonal adjustment
Month
November
December
Without seasonal adjustment
Men's B o ° t s 1 HardMen's Boots HardDry
Fur- GroGroDry
Furand
ceries Meats goods cloth- shoes | ™ e Drugs niture ceries Meats goods cloth- shoes ware Drugs niture
ing
ing
1927
94
92
89
87
86
93
93
98
97
93
99
94
91
100
92
95
94
89
106
113
109
112
109
112
111
116
122
111
122
115
89
88
83
78
86
79
80
90
84
85
91
86
99
99
94
77
96
76
79
90
89
99
95
101
98
1928
January.
_.
February
March «
.
___.
April
May
June ._ _
July
August
September
October
November
December
1929
January
__
105
109
116
88
97
115
110
96
94
113
82
123
109
90
87
100
72
i
'
!
i
:
i
j
j
|
'
100
97
112
106
100
89
100
90
101
103
88
70
61
48
110
82
98
90
113
99
105
83
92
93
91
86
94
92
91
94
92
97
*100
93
108
110
110
111
117
110
107
117
112
116
113
128
89
96
95
87
92
94
95
106
112
110
105
*100
85
85
95
88
96
97
92
101
100
108
100
*88
106
108
105
105
109
114
113
118
130
125
117
*108
85
89
87
70
75
71
74
110
105
99
90
*68
76
128
131
75
57
39
68
148
137
123
66
51
94
87
111
99
114
77
98
119
110
108
105
59
82
82
95
88
97
96
90
95
100
108
*98
86
106
101
• 121
113
110
104
102
115
119
134
114
120
78
96
107
88
87
83
78
108
126
131
110
*94
92
105
101 1
!
132
92
91
116
84
75
96
82
130
81
117 !
' NOTE.—The basic data used and the methods of construction of the index of wholesale distribution were described and monthly indexes back
to^January, 1919, were published in the BULLETIN for December, 1927, pp. 817-828.
* Revised.
DEPARTMENT STORE SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers.i
Monthly average 1923-1925=100]
Federal Reserve District
|
United
States
Sales (unadjusted):
1927—November
December
1928—January-November
December
1929—January
Sales (adjusted):
1927—November _
December
1928—January
November
Stocks (unadjusted):
1927—November
December
1928—January
November
December. _ _
1929—January
Stocks (adjusted):
1927—November _
December
1928—January
November _.
December
1929—January _
1
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago 2
_.
120
182
98
119
181
97
134
201
94
134
206
97
120
174
75
113
172
100
112
176
85
110
174
86
125
195
81
127
197
82
119
191
85
120
180
89
125
188
90
132
200
95
120
177
82
119
175
81
100
155
72
89
137
77
107
111
104 i
106 1
116 i
107
107
107
108
106
111
102
113
115
108
114
122
107
95
102
89
89
105
115
103
108
104
101
111
102
104
108
103
106
113
100
104
114
107
105
112
108
113
113
114
119
124
115
105
106
104
104
108
98
94
101
86
83
92
90
1
118
101
93
113
95
88
117
99
96
122
101
97
114
95
88
104
83
78
116
93
89
111
91
84
122
97
89
118
96
89
115
90
92
110
91
88
120
97
95
128
102
98
112
93
84
104
86
82
97
78
78
86
72
71
102
103
102
97
97
97
103
103
104
107
105
106
100
99
96
92
86
84
104
101
104
100
99
105
103
102
102
102
101
105
101
101
100
102
96
107
106
107
114
111
110
101
102
97
94
93
88
86
87
78
80
80
117
96
93
117
95
91
103
102
105
103
101
102
99
For description of department store indexes given in this table see BULLETIN for February, 1928.
2 Revised; see pp. 180, 191, and 199.
3 Monthly average in 1925 = 100.
St.
Minne- Kansas
Louis apolis City 3
122
186
88
122
188
94
._
December
1929—January
Boston
94
Dallas
San
Francisco
128
102
98
128
102
101
120
189
89
126
186
88
121
195
98
118
195
106
106
115
107
111
118
102
110
165
80
111
166
83
117
117
114
114
122
119
98
74
75
92
69
71
119
100
98
116
96
93
89
85
86
83
79
82
109
110
107
106
105
101
199
FEDERAL RESERVE BULLETIN
M A R C H , 1929
REVISED INDEX OF DEPARTMENT STORE SALES—CHICAGO FEDERAL RESERVE
[Monthly average, 1923-1925=100.
DISTRICT
For explanation of revisions see p. 180]
Sales witho ut seasonal adjustment
Sal es wit h seasonal adjustment
Month
1923
January. _^
February
March
April.
Mav
June
July
August
September
October
November
December _
_
1925
1926
1927
1928
1923
1924
1925
95
.
1924
100
100
106
107
92
98
99
99
99
100
,.
- - - - - „__
_
.-
_ . _ .
._
_ .
__
1927
1928
114
81
85
84
85
85
90
107
105
114
110
113
113
72
97
80
90
77
92
83
104
89
104
92
10$
107
108
97
106
107
105
115
10$
113 I 101
113 ! 103
117
71
116 ! 85
99
93
101
101
115
106
106
107
118
113
76
81
94
116
112
71
77
95
102
113
mo
131
114
88
87
111
121
120
79
95
107
122
125
86
9&
124
130
132
158
163
178
182
188
200
98 ! 103
109
110
117
99
. .-
1926
98
100
102
97
104
95
97
100
101
114
107
105
107
97
103
100
101
101
100
94
97
97
89
107
99
99
102
102
114
107
107
115
110
114
109
109
109
108
115
110
110
113
113
132
114
119
124
|
Annual average
99
i
REVISED INDEX OF DEPARTMENT STORE STOCKS—CHICAGO FEDERAL RESERVE DISTRICT
[Monthly average 1923-1925=100. For explanation of revisions see p. 180]
Stocks with seasonal adjustment
Stocks without seasonal adjustment
Month
1923
January
February._„
March
April
May
June
July
August
September
October
November
December
Annual average
_. _
_
.
__
_
1926
1927
1928
1923
1924
1925
1926
1927
91
95
96
96
95
98
101
101
101
101
102
101
106
107
104
103
106
105
102
102
107
106
106
106
81
92
99
101
84
94
105
106
90
97
106
106
94
102
108
108
94
101
106
107
95
102
110
112
98
100
102
105
107
99
101
103
104
106
108
100
101
99
98
104
105
105
104
104
97
99
101
100
106
98
100
101
104
104
104
106
106
107
107
107
91
91
99
106
94
92
97
104
97
96
103
110
100
90
98
107
97
95
101
112
100
98
105
114
98
_ , _-
1925
100
103
107
112
109
111
114
116
118
96
102
105
108
105
101
98
.
1924
104
103
107
106
114
111
113
90
108
94
118
100
116
95
120
97
124
128
99
103
103
104
1
1928
102
108
SALES O F CHAIN S T O R E S AND M A I L - O R D E R H O U S E S I
[Index numbers of sales. Monthly average 1923-25=100]
I
Chains:
Grocery
5-and-10-centApparel
_
Drug
Cigar
Shoe
Candy
Mail-order houses
Sales with seasonal adjustSales without seasonal
Number of stores
Numadjustment
ment
ber of
reporting
firms January, Decem- January, January, i Decem- :IJanuary, January, Decem- January,
1929
1928
1929 ; ber, 1928
1928
192S
ber, 1928
1929
ber, 1928
30,431
3,242
1,288
1,131
3,653
690
292
0)
30, 324
3,224
1,280 J
1,111 I
3,669 !
690 '
300
0)
28, 763
2,926
1,105
944
3,472
622
261
(0
222
112
140
177
91
102
106
!
i
!
I
I
i
*
>132 i
I
220
305
413
224
155
184
170
2
187
104
121
146
90
87
100
217
146
219
178
101
132
128
211
164
264
190
115
140
125
208
2 105
« 136
2 165
189
140
197
153
105
118
126
i
1
It is to be noted that some of the reporting mail-order houses have been establishing thoughout the country during recent years an increasing
number of branch stores in which sales are made "over the countei." Changes in the volume of sales by thesefirms,therefore, no longer measure
changes in sales through the mails.
2
Including sales made through branch stores.
NOTE.—For description of indexes given in this table see BULLETIN for April, 1928.
200
FEDERAL RESERVE BULLETIN
MARCH,
1029
BANK SUSPENSIONS AND COMMERCIAL FAILURES
COMMERCIAL FAILURES, BY CLASS OF ENTERPRISE *
BANK SUSPENSIONS,! BY CLASS OF BANK
[Amounts in thousands of dollars]
[Amounts in thousands of dollars]
All banks
Month
I Member banks
January.
February
March
April
May..
June
July
August
September
October
November
December
133
81
75
49
47
41
37
27
36
44
43
49
662
Total..
1928
January
;
i
i
:
53
50
66
43
29
i
'
28
24
21
__: 20
41
• 72
., 44
Total
1929
January
Liabilities
Number
Num- Total Num- Total Num- Total
dedeber posits 2 ber ! posits * b e r
ports'
1927
February
March
April..
May._
June
l
July
August
September
October...
November
December
Nonmember
banks
193,891
124
10,983
18,352
16,953
8,190
6,394 i
13,496 j
5,368 !
6,147 •
.
7,888 !
9,011 j
24,784 !
11,076 I
j 491 I 138,642 |
j = = | = = =
I
11,555
8,744
7,700
5,462
6,434
5,521
2,638
8,881
1,257
3,729
3,105
1,310
32,038
25,157
31,222
11, 750
13,198
10,784
12,162
17, 364
8,988
11, 542
11,210
8,476
!
j
j
!
106
65
59
39
36
32
35
22
30
35
37
42
66,336 ! 538 [ 127,555
2, 552
9, 373
3,026
2,446
1,927
1,819
413
1,944
2,997
8,431
8,979
13,927
5, 744
4,467
11,677
4, 955
4,203
4,891
8,208
13, 763
7,157
803
11,021
3,919
1
73
=
20, 483
16,413
23, 522
6,288
6, 764
5, 263
9,524
8,483
7,731
7,813
8,105
7,166
418
96,402
10,158
5 1 ; 17,905
42,240
45
Agents,
brokers,
etc.
ManuTotal factur- ing
ing j
1927
January-—
FebruaryMarch
April
May....
June
July-..
August
September
October
November
December.
2,4651
2,035;
2,143;
1,968
1,852
1, 833
1, 756
1, 708!
1, 573!
1,787
1,864
2,162
389}
4881
4781
597
,842i
., 508:
,468!
2,643
2,176
2,236
1,818
2,008
1,947
1,723
1,852
1,635
2, 023
1,838
1,943
553
468
546
432
470
513
450
493i
454
-"
528
519
122
116
106;
134:
116]
9Gj
121
96
1011
129|
HOj
135|
•i 342|
, 2921
,310;
., 187'
1,1741
1,083^
1,170!
l,276i
1,430.
5, 682 16, 082!
T o t a l - 23,146
1928
January.—
February..
March
April
!
May
|
June
I
July..
I
August
|
September
October....
November
December.
501
411:
569
492
444
427
448'
438|
Manu-;
Trad- Agents,
factur-i ing brokers,
etc.
ing '
51,290 19,996i
46,941 10, 518
57, 891; 22,368
53,156 25, 278!
37, 785' 13,802!
34,465, 13, 5871
43,150 | 16,743
39,196 j 14,921
32, 786.: 15, 349
36, 236 j 17,134
36,1471 12,7861
51,062 1 29,024
24, 530 6,764
23,406 13,017
28,191 7,332
22, 308 5,570
19, 978 4,005
17,856 3,022
16,832 9, 575
14, 702 9,573
12, 05f 5,385
14, 65' 4,445
16,949 6,412
16,733 5,305
1, 382J520,104, 211, 505 228,194
144
127
124
110
131
109
112
118
108
126
117
121
1,946:
1, 581 i
1, 566:
1.276,
1, 407'
1, 325|
1,161:
1,241!
l,073|
l,369i
47,634i|
45,071 '
54, 814 i
37,985.!
36,117!
29,827:j
29,587-1
58, 202'
33,957
34,990
40,601'
40, 774
14,871
12, 7511
20,412;
16,236;
14,230,
12, 7231
12,932j
16,877)
14.7271
13,4901
15,446!
17,783|
80,405
26,446
24,952
26,186!
18,049
18,900
13,781
12,899
19,096
13,567
17,268
17,224
18,933
6,318
7. 367
8', 216
5,700
2,987
3,324
3,755
22, 229
5,662
4, 232
7,932
4,059
7,747
1, 202!
1. 324j
Total..|23, 842|:
NOTE.—Figures of deposits for 1928 revised.
BANK SUSPENSIONS i IN JANUARY, 1929, BY DISTRICTS
[Amounts in thousands of dollars]
5,924 16,47l[
1,447 489, 560J| 182,478|225,301;
81,780
1929
j
I
J a n u a r y . . . 2,535,:
614 1,769
152 53, S77H 16,690! 32,024!
5,164
Member
Nonmember
All banks
banks 3
banks
Federal reserve district j
_.
Num- Total dc- Num-j Total de- Num- Total deber posits 2 ber | posits 2 ber posits 2
Boston
_.
New York
_
Philadelphia
Cleveland
Richmond
Atlanta
__
_j
Chicago..
__!
St. Louis
j
Minneapolis
__j
Kansas City
_.
Dallas
___
San Francisco.
Total-
[Amounts in thousands of dollars]
dumber
Federal reserve
district
7
4
7
6
10
4
6
797
1,507
1,189
1,206
1,052
918
931
431
9,874
17,905
1 i
2 j|
3
797
1,507
1,189
1,206
1,052
918
718
166
194
213
265
9,680
6 | 10,158
45 !
7,747
1 Banks closed to the public by order of supervisory authorities or by
the directors of the banks on account of financial difficulties.
2
Figures represent deposits for the latest available date prior to the
suspensions and are subject to revision when information for the dates of
suspension becomes available.
3 Includes 4 national banks with deposits of $9,666,000 and 2 State
member banks with deposits of $492,000.
4
Includes 3 banks for which deposit figures are not available.
COMMERCIAL FAILURES, BY DISTRICTS i
BostonNew York
Philadelphia
Cleveland _
Richmond
Atlanta
Chicago
St. Louis.
Minneapolis
Kansas City
Dallas
San Francisco
Total
.
Jan.,
1929
Dec,
1928
]liabilities
Jan.,
1928
Jan.,
1929
Dec,
1928
Jan.,
1928
292
566
155
196
170
130
325
171
56
144
58
272
153
542
79
134
113
85
302
103
56
103
52
221
272
587
103
269
197
137
384
148
94
131
104
217
4,389
16,426
3,819
4,636
2,165
4,170
5,163
3,053
697
1,274
1,080
7,006
2,958
4,909
17, 565
14, 371
2,350
1.436
1, 394
5.995
1,861
3,193
1,298
1,203
4,654
5,629
1,477
3.859
448 j
' 553
2, 028
1. 606
840
1,768
3,902
3,111
2,535
1,943
2,643
53,877
40, 774
i Figures furnished by R. G. Dun & Co.
47. 634
FEDERAL RESERVE BULLETIN
MARCH, 1929
201
FOREIGN BANKING AND BUSINESS CONDITIONS
RETURN OF RUMANIA TO A GOLD BASIS
Rumanian currency was officially stabilized
on February 7, 1929, the gold content of the
leu being fixed at 10 milligrams of gold ninetenths line, or the equivalent in value of
$0.00598. This rate had been approximately
maintained in practice since March, 1927. In
connection with the stabilization program the
Rumanian National Bank, which continues to
have the exclusive right of note issue, was
placed under legal obligation to redeem its notes
in gold or gold exchange in minimum .amounts
of 100,000 lei (about $600). The bank is also
required to maintain against its notes and
other demand liabilities a reserve of 35 per cent
in gold or gold exchange, five-sevenths of which
must be in gold. The gold may be held either
in the vaults of the bank or deposited abroad.
On the basis of recent bank statements the
minimum amount of gold required to be held
as reserves under the new law is approximately
equivalent to the amount reported as held in
the bank's vaults. The bank reports as "Gold
deposited abroad" an amount equivalent to
about $20,000,000.
In pursuance of an arrangement concluded
in November, 1928, the Federal Reserve Bank
of New York, in association with other Federal
reserve banks, has agreed, if desired, to purchase from the National Bank of Rumania up
to a total of $4,500,000 of prime commercial
bills. This agreement has been made in cooperation with the banks of issue of 13 other
countries, the aggregate credit so arranged
amounting to $25,000,000 or its equivalent.
Accommodation taken under the agreement is
to be divided between the participants in
amounts approximately proportionate to their
respective shares in the total credit. The
agreement is to run for one year from February 7, 1929.
In addition the Rumanian Government has
negotiated a 30 year loan with an international
group of private bankers. The total amount
of the loan is $101,000,000, of which $10,000,000 has been offered in the United States. The
proceeds, which in the first instance are to be
deposited with the Rumanian National Bank,
are to be utilized for the development of railways and other public works as well as for
strengthening the position of the bank and the
Government in connection with the stabilization program.
LEGAL RESERVE RATIOS OF NETHERLANDS
BANK AND BANK OF JAVA i
By royal decree of January 4, 1929, the
legal minimum reserve ratio of the Netherlands
Bank was increased from 20 per cent to 40 per
cent. This action restores the legal ratio to
the figure at which it had stood for 50 years
previous to emergency legislation in July, 1914.
The legal reserve ratio of the Bank of Java w^as
similarly restored at the end of June, 1928.
In both cases the actual ratio of coin and bullion to demand liabilities has been below 40
per cent for brief periods only, and in recent
years it has been well in excess of that figure.
The return, therefore, to the legal reserve ratio
prevailing in both countries before the war has
not required any addition to existing reserve
holdings.
• See FEDERAL RESERVE BULLETIN for August, 1028, p. 563.
ANNUAL REPORT OF THE BANK OF FRANCE
The annual report of the Bank of France for
1928 was submitted to the general meeting of
shareholders on January 31, 1929. The part
of the report which relates to the financial and
economic situation is as follows:1
A most important event in the financial
history of France occurred during the past
3^ear—the creation of a new franc. Facing a
sacrifice which unfortunately was inevitable,
the law in the public interest legalized the
depreciation which had taken place in the
national currency. On the other hand, it
1
For earlier reports of the Bank of France, see FEDERAL RESERVE
BULLETIN, March, 1928, 1927, 1926, etc.
assured convertibility of notes into gold. After
14 years of inconvertibility, the franc has thus
again become sound money, as solidly established as the most stable currencies of the
world.
However painful the sacrifice may have
seemed, this convertibility of the franc should
be welcomed with a lively sentiment of relief
and hope. It is toward this end, as you know,
that all our efforts in close cooperation with
those of the Government have been directed
during the past two years. We may congratulate ourselves that the steady improvement of
the condition of the bank made this reform
202
FEDERAL RESERVE BULLETIN
possible at the very time when it was shown
to be most indispensable for monetary security.
Note circulation and purchases of foreign
exchange and gold.—In our preceding report
we indicated the concern wdth which toward
the end of 1927 we were beginning to contemplate the expansion of the note circulation
resulting from our large purchases of foreign
exchange; we went on to say that it would be
necessary to give careful heed to the development of a situation which had been created by
purely temporary currency conditions, and
which could not long continue without danger.
These anxieties proved to be justified and became steadily more acute throughout the first
half year.
From the beginning of the year tenders of
foreign exchange which the bank was forced to
take up came into the French market with a
steadiness and in a volume exceeding all expectations. It was plain that this movement
was the result not merely of repatriation of
French capital invested abroad, but as well of
a vigorous speculative movement of foreign
origin which became day by day more difficult
to check.
In an effort to oppose to offers of exchange
originating in foreign markets, a steady demand in the French market, and so to moderate
purchases by the bank, the Government issued
a decree on January 10 suspending the law
which prohibited the export of capital. These
liberal provisions did not produce all the effects
anticipated. Uncertainty continued as to the
future level of the exchanges, and the risks
which this uncertainty presented to every purchaser of foreign currency prevented some wTho
were holding available funds in francs from
using the facilities offered them. As for
holders of foreign bills, they quite rightly interpreted the restoration of the free movement of
capital as one of the most certain indications of
financial reform in France and as a reason for
increasing their purchases of francs.
A more effective remedy consisted in the
exchange for gold of a part of the stock of
foreign bills which the bank had acquired. By
leaving at the disposal of the markets in which
they originated and without conversion into
gold the foreign bills which it was obliged to
purchase, the bank actually increased the
flood of tenders which it was endeavoring to
check. It was maintaining in these markets
an artificial monetary ease which permitted
them to continue their purchases of francs
indefinitely without experiencing any corresponding reduction in their available funds.
MARCH, 1929
It was, in fact, working to facilitate the initiation and development of a world-wide credit
inflation, which only actual purchases of gold
could arrest or keep within bounds.
We did not fail to make use of this method of
intervention to the full extent possible under
the circumstances. From December 24, 1927,
to June 25, 1928; we bought in the American
market with foreign exchange deposited there,
and had shipped to France, gold in the amount
of $168,000,000. We pause at this point to
offer our solemn tribute of gratitude and sorrow
to the memory of Mr. Benjamin Strong, the
distinguished governor of the Federal Reserve
Bank of New York, whose friendship for
France and whose breadth of vision were of
invaluable assistance in carrying out these
transactions, and whose death has been so
deeply felt by those who, like ourselves, had
the privilege of knowing and appreciating him.
But these purchases of gold—whatever effectiveness they might have—could not be carried
out without care and consideration. The Bank
of France, not being itself in a position to meet
the demands which might be made upon it for
gold against francs, might well call forth legitimate protests if it disturbed foreign markets
by excessive purchases of the metal. Our purchases of gold, therefore, carried on within the
narrow limits prescribed by necessity, were
effective in moderating the speculative movement for the time being; they were powerless
to overcome it.
The foreign markets watched closely the discussions and controversies to which the currency problem gave rise in France; and discounting in turn, on the strength of very minor
indications, a legal stabilization or revalorization of our exchange, or a rise of French securities or of the franc itself, these markets with
continually renewed resources, continued to
place in the Paris market huge tenders of foreign bills, the purchase of which became more
and more embarrassing.
As a result of these purchases of exchange,
which we were forced to make in order to maintain the stability of the franc, our portfolio of
foreign bills—including the foreign exchange
sold under repurchase agreement—increased by
more than 2,000,000,000 francs in January, by
almost 2,000,000,000 francs in February, about
1,700,000,000 francs in March, 2,500,000,000
francs in April, and 5,000,000,000 francs in the
single month of May. During the second half
of the latter month the daily amount of our
purchases rose to nearly 400,000,000 francs.
MARCH, 1929
FEDERAL RESERVE BULLETIN
Loan and discount policy.—While our purchases of foreign bills—to which must be added
the gold and silver coins which we bought from
the public—showed this extraordinary increase,
the francs which were put into circulation by
this means became more and more difficult to
recall. We explained in our previous report
that the larger part of the notes issued and the
credits granted against our purchases of gold
and foreign bills throughout 1927 could be returned to the bank of issue through the medium
of the sale of foreign exchange under repurchase
agreement, through the decline in our portfolio
of discounts and advances on security, and
through deposits made by public treasuries.
During the first months of 1928 the counterbalancing return movement failed to take place
on a sufficient scale to compensate for the
increase in our issues.
In order to facilitate the return of these
francs as far as lay in our power, we allowed the
sales of foreign exchange under repurchase
agreement to reach considerable amounts.
The total of foreign exchange thus sold to the
French market rose steadily and continuously
from about 2,500,000,000 francs at the end of
1927 to about 15,000,000,000 francs at the
beginning of June. But these transactions
could bring about only a temporary improvement in the situation, because the bank continued to be forward purchaser of exchange
which it sold spot, and because the settlement
of these transactions necessarily resulted, after
a more or less brief period, in further issues of
francs.
Our portfolio of discounts and loans on securities declined during 1927 to figures below which
it was scarcely possible or indeed desirable that
it should fall. I t remained practically stationary throughout the first half year, and
even rose slightly on the whole following the
lowering of our interest rates. The great
abundance of available capital, and the resulting decline of the rate on short-term loans in
fact enabled the bank on January 19 to reduce
its discount rate from 4 per cent to 3J^ per
cent, and its rate on security loans from 6 per
cent to 5}/2 per cent.
Treasury finance.—Lastly, the public treasuries, which during 1927 had collected and
deposited with the bank of issue a large volume
of francs seeking investment at short term,
were unable to perform this service during the
first half of 1928.
To hold the volume of national defense bonds
in circulation within the legal maximum, the
36722—29
5
203
Autonomous Amortization fund was forced to
reduce the amount of its issues of bonds maturing in two years. As it continued at the
same time to redeem the last issues of 1-year
bonds, its expenditures exceeded its receipts
for the first six months of the year. Instead
of absorbing francs, it put back into circulation part of those which had previously been
turned in at the bank, and its credit in current
account on our books declined by almost
5,000,000,000 francs between December 24,
1927, and June 21, 1928.
As for the central Treasury, it took advantage
of the extreme ease of the market to reduce
the rate of interest on its current accounts to 1
per cent, and for this reason ceased to attract
floating funds. These funds, accordingly, could
no longer help to reduce the debt of the Government to the bank in any considerable amount.
The total of our advances to the Government
remained almost unchanged until toward the
middle of May.
To make final the repayments which had
been effected previously, to consummate the
complete amortization of the Government debt
to the bank, and to consolidate a further portion of the short-term debt, the Government
Treasury floated a large issue of rentes, the
conditions and the striking success of which
demonstrated the very remarkable restoration
of public credit. The subscription was opened
on May 7. Within eight days cash subscriptions had exceeded the authorized maximum
of about 10,500,000,000 francs, and the subscriptions were abruptly closed on May 15/
By a convention of April 30, the Government agreed to allocate before July 1 the available cash yield of this issue to liquidation of its
debt to the bank. The total debt of the Government to the bank, which on May 3 amounted
to 23,900,000,000 francs, declined by June 21
to 17,900,000,000 francs as the result of final
payments made by the Treasury out of a portion of the subscriptions to the loan.
The issue of 5 per cent rentes of 1928 contributed very definitely to the soundness of the
cover against the fiduciary circulation, and it
was the great success of this issue that made
possible the resumption of convertibility of bank
notes immediately after the loan was closed.
I t was impossible to effect any considerable
or permanent reduction in note circulation
while our purchases of foreign exchange were
constantly increasing it, excepting in so far as
they could be redeemed out of the proceeds of
the loan.
204
FEDERAL RESERVE BULLETIN
The very success of the loan, the favorable
prospects which it created for the financial
situation of our country in future, induced a
great number of both French and foreign holders of bills of exchange to convert them into
francs by way of subscribing to the new rentes.
This resulted in a very active renewal of foreign
exchange offerings throughout the loan operation and in corresponding demands on the bank
for francs; and funds deposited in the bank by
subscribers were straightway put back into
circulation in the form of our constantly increasing note issues and franc credits. From December 24, 1927, to May 10, 1928, the total note
circulation rose from 56,300,000,000 francs to
more than 60,000,000,000, francs, and the total
of our credits in current individual account rose
from 4,232,000,000 francs to 5,500,000,000
francs. On June 21 notes in circulation again
amounted to almost 59,000,000,000 francs;
credits in current account were almost unchanged.
Need for monetary reform.—It had become
perfectly evident that the increasing difficulties
in which the French capital market had found
itself involved since the beginning of the year
required other remedies than those which it
had thus far been possible to administer. In
fact, the uncertainty which prevailed as to
the future status of the French currency had
made it the sport of world-wide speculation,
which obviously it was impossible to control
under the regime of de facto stabilization of the
franc, and of which the effects on the French
capital market might very soon^become, as a
result of the steady development of the
elements of danger involved therein, exceedingly
dangerous to the w^hole national economy.
Neither the Government nor the bank could
take the responsibility of allowing this state
of things to continue. The Government authorities, on whom devolved responsibility
for final decisions regarding measures to be
taken, found themselves confronted with this
inescapable dilemma—either, on the one hand,
to yield to the pressure of speculation on the
rise in value of the franc, suspend or remove
the check imposed on these attempts by our
intervention in the exchange market since
December 23, 1926—in other words, allow
speculation to make substantial profits at the
expense of the country and encourage it to
continue its activity while fostering the hope
of continuous revaluation of our currency at
higher levels; or, on the other hand, to put an
end to this speculation by fixing the legal value
of the franc at about the rate at which it had
been held for the past 18 months, and by
MARCH, 1929
reestablishing the automatic play of gold
imports and exports through discontinuance
of forced circulation of bank notes.
The first alternative would have encountered
almost insurmountable difficulties and would
have forced the country into an experiment,
the effects of which on the economic and social
order could not be foreseen. It was the second
alternative which the Government and Parliament wisely and courageously decided to
adopt. Your board of directors, gentlemen,
gave their assent to a currency reform which
seemed to them absolutely necessary.
The monetary law of June 25.—It would have
been permissible for the bank to insist that
before removing the protection afforded by the
inconvertibility of bank notes, the Government
should liquidate the remainder of its debt to
the bank by a final settlement in bank notes
or coin, and not by a mere bookkeeping allocation of the net increase in value of the gold
reserve resulting from its revaluation under the
terms of the currency law. The board of directors, however, were of the opinion that they
ought not to exercise this privilege, being convinced that immediate return of the franc to
gold convertibility was the only measure adequate to provide for the real interests of the
country. On June 23 it authorized the signing
of two conventions which enabled the proposed
monetary reform to be carried out. One was
signed with the Government, the other with the
Autonomous Amortization Fund. On June 25
the monetary law wxnt into effect. You are
familiar with its essential provisions:
Adoption of the gold standard; definition of the franc as a fixed amount of gold,
corresponding very closely to the rate at
which it had been held for the previous 18
months in the exchange markets.
Kestoration of convertibility of bank
notes, which had been suspended by the
law of August 5, 1914; obligation on the
part of the bank to insure to the bearer at
sight, convertibility of its notes into gold,
either by exchanging them for bullion or by
redeeming them in gold standard currencies
until the new gold coins shall have been
minted.
Authorization of the Minister of Finance
and the bank to determine by mutual
agreement the minimum amount—finally
fixed at 215,000 francs—which the public
may offer the bank in notes for exchange
or redemption in gold.
Establishment of a minimum legal ratio
of 35 per cent between the gold reserve
of the bank (exclusive of foreign exchange)
MARCH, 1929
FEDERAL RESERVE BULLETIN
and the aggregate of note circulation and
deposits in current account; repeal, therefore, of any legal maximum for note circulation. This legal ratio of 35 per cent
is one of the highest in the world and
insures a very strong metallic basis for
the new franc.
The convention of June 23, appended to the
monetary law and authorized by it, fixed the
conditions governing the reciprocal accounts of
the Government and the bank. Their primary
purpose was to establish a sound balance sheet
for the bank, which was an indispensable
condition for discontinuance of forced circulation of notes.
Nonliquid assets of the bank.—On the day
on which the monetary law went into effect
the assets of the bank included four nonliquid
items, as follows: (1) The balance of direct
advances made by the bank to the Government
from 1914 to 1925, which amounted to 13,554,000,000 francs after payment by the Treasury
of available funds in current account; (2) the
value, reckoned at its former parity, of gold
deposited in England as security for credits
made to the French Treasury (about 1,350,000,000 francs); (3) a credit to the Government
of about 209,000,000 francs, representing the
loss sustained on purchases and sales of foreign
exchange carried on by the bank in fulfillment
of the law of August 7, 1926; and lastly, (4)
the sum of about 5,930,000,000 francs of
Treasury bonds held by the bank under the
convention of February 3, 1927. In our
preceding report we discussed these bonds,
which under the law of March 15, 1928, had
been substituted in the portfolio of the bank
for the old bonds previously discounted by
the bank to enable it to make various advances
on behalf of the State to foreign Governments.
By the terms of the convention of June 23
between the Government and the bank, it was
agreed that the latter, upon promulgation of
the monetary law, should allocate to the complete liquidation of the first three nonliquid
items mentioned above, aggregating 15,113,000,000 francs, the sum total of the net increase
in value arising from the recomputation at its
new parity of the metallic reserve, and of
foreign bills purchased by the bank since July,
1926, as well as the surplus in the reserve of the
amortization account.
The recomputation of the metallic reserve
and foreign bills yielded a net increase in value
of about 16,640,000,000 francs. The total
amount in the reserve of the amortization account on June 25 was roughly 553,000,000
francs. The aggregate sum available for
205
liquidation of these immobilized creclits of the
bank to the Government was, accordingly,
about 17,193,000,000 francs. This amount
effected the complete liquidation of the first
three items mentioned above. It also left an
available surplus of 2,080,000,000 francs, which
was placed to the credit of the current account
of the Treasury, according to article 5 of the
convention.
As a result of these adjusted entries, the account of advances by the bank to the Government has been liquidated. Furthermore, it
has been " definitely closed," as was provided
by article 8 of the convention. By this settlement the Government and the bank have
signified their determination to avoid in future
every temptation and every pretext for permitting the bank of issue to make advances to
the Government, an operation that has disastrous effects on the currency. The Treasury
henceforth can under no circumstances contract
a debt on the books of the bank. It must
provide for its current expenditures in the usual
manner out of available funds in its current
credit account. By this means the franc is
made secure against any danger of inflation.
In order to provide the necessary minimum
of funds to the Treasury, which will henceforward be deprived of the available surplus in
the account of advances by the bank, and,
furthermore, to enable it to liquidate its most
pressing demand obligations, as provided by
the monetary law, the bank agreed to turn over
at once to the Treasury a sum of 3,000,000,000
francs as a fixed and permanent credit, without
interest, and maturing in 1945, when the bank's
note issue privilege expires.
The Treasury bonds, amounting to 5,930,000,000 francs, deposited with the bank and representing discounts for advances of the Government to foreign governments, could not be
redeemed at once, so that it immediately became necessary to make them negotiable and
to guarantee their amortization.
The Autonomous Amortization Fund, according to the terms of the two conventions which
it had signed, one with the Treasury, the other
with the bank, agreed to take over the administration of these bonds. It delivered to the
bank bonds of the Autonomous Fund in an
equal amount, having a maturity of three
months, which the bank has the right to sell
in the open market at any time, at its own
expense, and to repurchase before their maturity, according as currency requirements may
determine.
This special portfolio, therefore, is no longer
embarrassing on account of nonliquidity. On
206
FEDERAL RESERVE BULLETIN
the contrary it has become a thoroughly liquid
security for bank notes, and at the same time
a highly effective instrument, in view of the
power which it gives the bank to control the
volume of francs in circulation.
By way of contributing to the progressive
amortization of these new bonds, the bank
agreed to a considerable increase in the rate of
its tax payable to the Government, in addition
to a certain amount of its gross profits. The
Treasury, on its part, agreed to apply to their
amortization a budgetary annuity equal to
1 per cent of the amount of bonds unredeemed,
as well as the greater part of the profits resulting from the minting of new subsidiary
silver coins.
Demonetized silver coins.—Under the gold
standard, the former silver reserve of the bank,
consisting of demonetized silver coins, could no
longer serve as cover for the fiduciary circulation. The bank agreed to transfer this reserve to the Government at the bullion value of
the metal as of the day when the monetary
law became effective. This transfer must be
made before December 31, 1929. Pending
the completion of this operation, the value of
these silver coins still deposited with the bank,
and representing a short-term credit in favor of
the Treasury, is placed among the assets on
our balance sheet under the special caption,
"Demonetized silver coins to be reminted."
Purchases for account of foreign banks of
issue.—Lastly, the conventions of June 23
contained an entirely new provision to which
we attach great importance because it will be
exceedingly helpful in extending our relations
with foreign banks of issue, and as affecting the
future of our own money market. The bank is
authorized to purchase securities and short-term
commercial bills for account of foreign banks
of issue, to guarantee them, and to discount
them before their maturity. The leading
central banks have rendered these services to
our bank for the past ten years. Hereafter
the Bank of France will be in a position to
return these favors by a reciprocal courtesy.
The economic and financial conditions resulting from the war have demonstrated the close
interdependence of the great financial markets.
The authority thus bestowed upon the bank will
help to maintain and strengthen those bonds of
sincere cooperation between the several banks
of issue, which experience has shown during
recent years to be so indispensable.
This new power will also afford the bank the
opportunity and the means of intervening
directly in the short-term capital market by
MARCH, 1929
purchases or sales of securities, and in this way
will strengthen its control of the credit and
currency situation, which is one of its fundamental duties. These operations can not fail
to aid the restoration of Paris to its rightful
place among the great international markets.
Condition statement under the new law.—
All the settlements provided by the conventions which we have just analyzed were recorded on our books on the same day on which
the monetary law became effective, and on
June 28 we published the first condition statement under date of June 25 showing the changes
effected by the application of the monetary law
to our balance sheet.
We now publish under separate captions our
total reserves of gold and of foreign exchange,
a considerable part of which during the previous
year and a half had been included under the
caption "Miscellaneous assets." The aggregate
of note circulation (58,772,000,000 francs) and
deposits in current account (12,757,000,000
francs), not only of individuals but also of the
Treasury and the Autonomous Amortization
Fund, were shown to be secured in the proportion of more than 40 per cent by a reserve of
gold bullion and coin, freely disposable, and
amounting to almost 29,000,000,000 francs.
According to the same condition statement,
our holdings of foreign exchange—either payable at sight or represented by negotiable bills—
amounted to more than 26,500,000,000 francs,
exclusive of foreign bills sold under repurchase
agreement.
Developments during the second half year.—
During the second half of the year the money
market tended to reach a normal equilibrium
and experienced no sudden disturbances.
Legal stabilization and the convertibility of
the franc into gold checked the immoderate
inflow of foreign bills; and the rates of exchange, being now free from artificial restriction, fluctuated naturally between the gold
import and export points. To reduce the range
between these two points, the bank decided
on July 10 to charge the seller of gold bullion
only one-half of the minting costs, all of which
it was legally authorized to collect.
The sales of foreign exchange under repurchase agreement, which had proved very useful
during the period of de facto stabilization by
giving temporary employment to surplus funds,
was no longer necessary and could not be continued after the monetary situation had become normal. We endeavored to reduce them
gradually, first by making the terms less attractive, then by declining to renew them. This
MARCH, 1929
FEDERAL RESERVE BULLETIN
liquidation has now been completed. The total
of foreign bills thus lent at short-term amounted
on June 25 to 9,777,000,000 francs; on December 22, the last report day of the year, it had
been reduced to about 25,000,000 francs, and a
few days later completely disappeared from the
bank return. During the six months, as these
repurchase agreements matured, the bank obtained control of a stock of foreign bills amounting to almost 10,000,000,000 francs.
Our stock of foreign exchange did not,
however, show a corresponding increase. In
pursuance <f our policy of the past 10 years of
o
strengthening the metallic reserve, we used
foreign exchange in the amount of about
860,000,000 francs for the purchase of gold in
foreign markets. Fluctuations of the exchange
have, also, led us on various occasions to pay
out foreign exchange against francs in order to
avoid any export of gold. As a result of these
different movements, the value of the foreign
exchange holdings of the bank rose during the
second half year by about 6,200,000,000 francs,
from 26,529,000,000 francs on June 25 to
32,760,000,000 francs on December 22.
Our gold reserve rose similarly by about
2,900,000,000 francs, as a result of the foreign
purchases noted above, and still more as a
result of purchases of gold coin from the
French public, which during the six months
exceeded 2,200,000,000 francs. The gold reserve on December 22 last amounted to 31,838,000,000 francs, which represents the largest
gold reserve in the world after that of the
Federal reserve banks of the United States of
America.
Although the francs issued by reason of the
liquidation of the short-term loans of foreign
bills found their way into the capital market
during the second half of the year, the discount
rate in the open market remained at a level
very close to that of the official bank rate. To
assist the economic advancement of the country
we have met generously all demands made upon
us for credit, provided they were secured as
required by the bank law; and throughout the
second half of the year we were able to keep
our discount rate at 3^2 per cent and our rate
on loans on securities at 53^ per cent. Our
commercial portfolio advanced gradually from
2,972,000,000 francs on June 25 to 4,648,000,000
francs on the last report day of the year. The
volume of advances on securities during the
same period rose from 1,846,000,000 francs to
about 2,200,000,000 francs.
The repurchase by the bank of foreign bills
previously sold under repurchase agreement,
its acquisitions of gold coin and bullion, and
207
the expansion of its portfolio of discounts and
advances inevitably reacted on the volume of
note issues. The greater part of the funds
which the bank put into the market in this way
did not remain in circulation but were absorbed, for the time being, by the Government
Treasury and by the Autonomous Amortization Fund, whose accounts with the bank rose
during the last six months of the year by about
2,500,000,000 francs and 3,250,000,000 francs,
respectively. Another part of these funds was
deposited or held by banks, organizations, and
individuals to the credit of their accounts with
the Bank of France. The aggregate of these
current accounts rose, in round numbers, from
5,500,000,000 francs to 6,700,000,000 francs.
Total notes in circulation rose during the same
period from 58,772,000,000 francs to 62,181,000,000 francs.
As a result of the strengthening of the gold
reserve, the reserve ratio against the aggregate
note circulation and the various deposit accounts declined but very slightly, and always
stood well above the legal minimum. It declined from 40.45 per cent on June 25 to 38.97
per cent on December 22, and reached 38.19
per cent, its lowest point, on November 9, 1928.
On the latest report day of the year the reserve
ratio of gold and foreign exchange to bank notes
in circulation and other demand liabilities of
the bank was 79.08 per cent.
Wholesale and retail prices.—The important
changes made during 1928 in the legal status
of our currency created no serious disturbance
in the economic life of the country which had
become adapted to de facto stabilization during
the 18 months which preceded legal stabilization. The general index of wholesale prices,
which stood at 617 at the beginning of 1928,
rose rapidly from March on to 636, as a result
of the rise in food stuffs which took place at
that time, when free export was reestablished
in respect of agricultural products. This index
remained around 640 during the rest of the
year, and stood at 637 for December. One of
the principal groups in the general index—
that of raw materials for manufacture—
showed remarkable stability: This group index was 676 at the beginning of the year, and
679 for the month of December.
The retail price index showed a trend parallel
to that of wholesale prices; it rose from 530
at the beginning of the year to 596 for December under the influence of the advance in foods.
Foreign commerce.—Statistics of our foreign
commerce show total ^ imports of 49,105,307
tons (as compared with 49,369,840 tons in
1927), and total exports of 41,080,629 tons
208
FEDERAL RESERVE BULLETIN
(as compared with 37,994,267 tons in 1927).
Taking the franc value of imports and exports,
total imports in 1928 amounted to 53,448,265,000 francs, an increase of 398,387,000
francs in comparison with the year before;
exports, on the other hand, which amounted
to 51,346,799,000 francs, showed a decline of
3,577,960,000 francs in comparison with 1927.
This decline in the value of exports, which
coincided with a considerable increase in the
quantities exported, seems to be due to price
reductions to which French producers who sell
on international markets agreed for the sake of
holding their own in markets which had been
opened to them during preceding years. The
increased value of exports is due chiefly to
manufactured commodities.
It must, therefore, be regretfully admitted
that the French trade balance was temporarily
adverse in 1928; but it should be noted that
since autumn our foreign trade has been making
excellent progress, which has been uninterrupted during recent months.
Conclusion.—Gentlemen, we have tried before presenting detailed statistics of the opera-
MARCH, 1929
tions of the bank, to explain as fully as the
scope of this report would permit, the motives
and the facts which justified the highly important monetary and financial decisions which we
agreed to and promoted during the past year.
We are fully convinced that these decisions
were inescapable, and that they will benefit
our entire national economy.
There is no way in which a nation can
achieve permanent recovery and productive
activity except by way of monetary security.
Delivered from that uncertainty regarding
tomorrow which paralyzes great initiative, discourages patient effort, creates the taste for
speculation to the detriment of the spirit of
enterprise—assured of being able, in short, to
make either short-term or long-term contracts
in francs with complete security, our country
can face the future and prepare for it with
confidence.
Our task at all times will be to make certain
that the franc of 1928 shall remain, under the
administration of the bank, a reliable instrument for the assistance of labor, production,
and savings.
ANNUAL REPORT OF THE GERMAN REICHSBANK
The annual report of the German Reichsbank
for 1928 was presented to the meeting of shareholders on February 4, 1929.* The portion of
the report dealing with general economic and
credit conditions follows:2
The halt which occurred toward the end of
1927 in the general economic improvement of
Germany continued well into 1928, and then
was succeeded by a gradual recession. The
buying power of the domestic market was
diminished by price increases, which in certain
branches of industry were made with the
primary purpose of holding down export prices.
In spite of these and other measures tending
to encourage exports, it was impossible, in the
face of the unabated protectionism of other
countries, to overcome the adverse German
trade balance and achieve that substantial
growth in exports which is so essential from
the point of view of reparations policy. On
several occasions wage disputes disturbed the
labor situation and thereby interrupted the
steady course of economic development; in
November they reached their climax in the
1
For earlier reports of the Reichsbank see FEDERAL RESERVE BUL-
LETIN for May,
1928, 1927, 1926,
etc.
2 The full report contains, in addition, accounting details, several
charts, and a brief discussion of changes of procedure in the Reichsbank
transfer (Giro) system. The 1928 report has been issued in English, as
well as in German. The official English version became available after
the accompanying extract, translated from the German, was already in
type, and was used in revising it.
lockout in the iron industry of northwestern
Germany, which was finally ended through
intervention by the Government. Once again
for an entire year reparation payments have
been discharged, not out of an economic surplus but out of borrowed funds, and the question becomes more and more serious how long
this debt-incurring process can be continued
and how far German business can bear up
under credit conditions which in the course of
the year have steadily become more unfavorable. The continuing high rates of interest
cast their shadows over all German economic
activity. They are among the principal causes
of the difficult situation of agriculture. Furthermore, they have been an important factor
in impairing credit conditions during the year,
as reflected in the growing number of suspended payments and of protested bills, accompanied by extra-judicial settlements and reorganizations which to an increasing extent
affect even the more important firms. If, on
the whole, business has hitherto shown remarkable powers of resistance to adverse influences,
that is primarily the effect of foreign credits,
both long and. short term, which have continued to flow into Germany in large volume.
Money rates.—The gradual recession of
business activity was reflected but slowly in
the condition of the money market. After the
MARCH, 1929
FEDERAL RESERVE BULLETIN
heavy demands at the end of 1927 the customary dullness followed during the first six weeks
the new year. A subsequent revival carried
interest rates to a high level, only slightly below
that of the last quarter of 1927. Not until
October did another period of inactivity set in.
Chart I [omitted] illustrates the course of openmarket rates in comparison with the Reichsbank
discount rate. The general trend of the money
market is reflected most clearly in the rate for
month-to-month funds. This rate rose gradually from February until September and only
during the last quarter showed a slight recession. The rate for day-to-day money also
reflected the general tension of the money market, although subject to frequent fluctuations
consequent upon influxes of short-term foreign
funds. Throughout the year bank acceptances
were in small volume. On these bills the rate
was very close to the Reichsbank rate. From
March to October the private discount rate
fluctuated between 6M> and 6% per cent; in
November it declined somewhat, but remained
above 6 per cent until the close of the year.
To broaden the scope of the acceptance market,
agreements which had already been in force
for some time between the Reichsbank and a
group of important acceptance houses in regard
to the purchase and sale of acceptances and
their rediscount by the Reichsbank were, at the
suggestion of the Reichsbank, extended to a
number of other first-class banking firms.
The more liquid condition of the bill market
enabled the Reichsbank, acting for the Government, to place Treasury bills in the market
from February, 1928, on. The rediscounting
of these bills and their use as collateral for loans
with the Reichsbank, as authorized by the
bank-law amendment of July 8, 1926, was in
very limited volume.
In contrast with the greater part of the
previous year the Reichsbank, by maintaining
its rate unchanged throughout the year at 7
per cent, found itself almost constantly in close
relationship with the rate situation in the open
market. The brief ease of the money market
during January and February was very soon
dispelled again by the customary spring demand for funds. The liquidity of the market,
which became evident again after October,
could not be regarded as adequate reason for a
lowering of the Reichsbank rate, although this
had been expected in many quarters. The
demand upon the Reichsbank for credit, it is
true, declined slightly; but total currency in
circulation continued to show a gradual upward trend, since the decline in bill offerings
209
was more than compensated by accessions of
gold and foreign exchange.
The Reichsbank rate for loans on securities
remained unchanged throughout the year at
8 per cent.
The demand on the Reichsbank for discount
of domestic bills was but slightly affected by
the ease of the money market at the beginning
of the year. The volume of domestic bills held
by the Reichsbank was maintained with almost
uniform monthly fluctuations at an average
level of 2,000,000,000 reichsmarks. In the
last quarter the volume declined and in
November fell temporarily below the figure of
1,500,000,000 reichsmarks. The supply of
bills brought to the Reichsbank originated for
the most part with the banks and other financial institutions, which were responsible for the
movement in theT Reichsbank's holdings of
domestic bills, w hile direct applications for
discount accommodation from other sources—
commerce, industry, agriculture, manufactures,
and other applicants for credit—remained
almost unchanged in respect to volume and
maturity.
Public funds.—The so-called public moneys
have become less disturbing as elements in
bank policy by reason of the decline in volume
of the funds involved. The departments concerned now manage with considerably smaller
reserves, and have become convinced that the
wishes repeatedly expressed by the Reichsbank
regarding the investment of these funds are in
every way to the interest of the public departments and accordingly of the public in general.
Reparations and foreign credits.—On August
31, 1928, the last of the four transition years
under the experts' plan came to an end. The
Agent General for Reparations has in each of
his reports laid stress upon Germany's punctual
and loyal execution of the plan. The Reichsbank also, to which special tasks were assigned
in respect to reparations policy by the London
Agreement, can claim on its part that during
these four years it has done everything to
facilitate the functioning of the plan without
friction. During this period the German bank
rate has at all times been higher than rates of
other important banks of issue. Demands for
foreign exchange made by the Agent General
have in each case been satisfied by the Reichsbank in such manner that the open foreign
exchange market has been in no way disturbed.
Moreover, in general financial policy, the
Reichsbank within its prescribed limitations
has worked for economical administration. In
particular it has insisted strenuously on the
210
FEDERAL RESERVE BULLETIN
employment of foreign funds in the most productive ways possible. During the transition
years about 7,000,000,000 reichsmarks have
come into Germany in the form of long-term
foreign loans. Short-term foreign funds borrowed by German banking institutions are
estimated at more than 6,000,000,000 reichsmarks. In addition, other branches of German
industry have floated short-term foreign loans
to obtain working capital. Finally, a very
considerable volume of domestic shares, bonds,
and other assets have been acquired in the
course of these years by foreign purchasers.
The effects of this foreign indebtedness have
given a peculiar character to the development
of German economy during these transition
years. It would have been strange indeed if
an artificially induced increase of capital in
such considerable amount had not been reflected in expansion of plant and of consumption, in rising wages, in an increase of deposits
with banks and savings institutions, and the
like—expansions which are all the more
striking if compared only with the years of
extreme distress resulting from inflation, and
not with normal years of peace. It is most
urgent and important to determine whether
this foreign indebtedness now and in future
will contribute to the creation of an adequate
German export surplus, from which not only
the interest payments on outstanding foreign
loans—amounting at present to about 1,000,000,000 reichsmarks per annum—but also
the annuity payments under the experts' plan,
can be made. Germany has every reason to
be grateful to foreign countries for their assistance by means of credits. We are justified
in adding that the credits which have been
extended are, from the commercial standpoint,
perfectly safe. A country possessed of such
economic resources as those of Germany will
always be able to make available a sum such
as these credits represent—if necessary, through
the sale of liquid assets. So long as the transfer protection provided in the experts' plan is
continued, there need be no fear that private
credits will be endangered. Transfer of previous annuities under the experts' plan, however, has been possible only with the help of
foreign loans. It will, therefore, be necessary
now that the four experimental years are past,
to probe to the bottom of the question whether
the situation will justify further transfers out
of borrowed funds, in view of the fact that the
experts' plan presupposed that transfers would
be made in the long run entirely out of a surplus
balance of payments.
MARCH, 1929
The gold and foreign exchange situation
during the year under review was also determined by the foreign credits. The dollar and
the pound sterling were generally below parity
as compared with the reichsmark; the sterling
rate several times and for a considerable
period even fell below the gold import point
(to Germany). This situation led to substantial imports of gold, which the Reichsbank
was obliged to take, inasmuch as the.bank is
legally obligated to convert gold bullion into
reichsmarks at the rate of 2,784 reichmarks
per kilogram of fine gold.
The fundamental cause for the continued
inflow of foreign capital is in last analysis
the high level of German interest rates, which
result from the disparity between domestic
capital accumulation and capital demand.
This disparity is made greater by the burden
of yearly reparation payments in the amount
of 2,500,000,000 reichsmarks. Germany, having lost her liquid capital during the inflation
period, had no alternative but to float credits
and loans as quickly as possible both at home
and abroad if she wished to preserve her economic existence and at the same time discharge her heavy obligations toward her reparation creditors. This led to interest, amortization, and commission charges which for a
country of such high cultural and economic
development are without precedent, and will,
if they grow in amount, become intolerable.
These costs have already deprived large
sections of industry of any opportunity for
profit or for capital accumulation, and their
payment up to the present time has been
possible only because a constant influx of
new foreign capital, accompanied by a steadily
rising price level, has enabled current obligations to be met by new indebtedness. So
long as it remains impossible to strengthen
the productive capacity of industry, and at
the same time reduce costs of production along
all lines and lower prices, so that Germany
can by increased exports and decreased imports
discharge a reparation burden adjusted to
her capacity to pay—after removal of the
more onerous tariff barriers—the danger will
still remain that capital charges will continue
to rise in Germany, and will eventually reach
a level far above any normal earning power of
German industry.
The capital market.—The German capital
market remained at high tension throughout
the year. Complete exhaustion of the market
was avoided by regular apportionment of
demands over stated periods of time. De-
MARCH, 1929
FEDERAL RESERVE BULLETIN
mands on the market so far exceeded its
capacity that at times even first-class issues
could be only partly absorbed. Only for
mortgage bonds, which enjoy a traditional
popularity, did the market show some absorptive capacity throughout the year. This, however, was undoubtedly due in considerable
measure to foreign purchases, a statement
which applies similarly to other domestic issues
of the past year. Participation of foreign
countries was especially marked in the issue
of Reich railway shares, and later on also in a
series of interim loans which were floated by
German municipalities under very unfavorable
conditions. The unsatisfactory situation of the
market for securities bearing a fixed rate of
interest is reflected in the actual yield, which
has risen in comparison with the previous year,
and terms of issue were considerably more
unfavorable. Even borrowers of the highest
standing had to pay 9 per cent or more for
their long-term loans by reason of the discount
at which the loan was issued.
211
The Reichsbank lent the market its support
by means of various measures during 1928.
In the case of loans against securities up to an
amount of 50,000 reiphsmarks, the Reichsbank
removed the restrictions as to maturity which
had been prescribed for credit institutions, so
that loans of this character can now be placed
with maturity up to the legal limit of three
months. Some alleviation was afforded the
market for Government securities by the creation of a banking consortium with the aid of
the Reichsbank, the members of which pledged
themselves to assume, without cost to the
borrower, the guarantee required for the
Reichsbank, under the bank law (section 21,
subsection 3, last clause). Most important of
all, it was possible for the Reichsbank, under
authority of the law of December 21, 1927, to
extend considerably the kinds of securities on
which advances might be made, through the
inclusion of a large part of the mortgage bonds
and municipal bonds issued by semipublic credit
institutions.
212
FEDERAL RESERVE BULLETIN
MARCH,
1929
FINANCIAL STATISTICS FOR FOREIGN COUNTRIES
CONDITION OF CENTRAL BANKS
[Figures are for the last report date of month]
1929
January
Bank of England (millions of pounds
sterling):
Issue department—
Gold coin and bullion
Notes issued
Banking d e p a r t m e n t Gold and silver coin
Bank notes.
Government securities
Other securities
Discounts and advances
_
Public deposits
__.
Bankers deposits
Other deposits.
_.
_.
Reserve ratio 1 (per cent)
Bank notes in circulation 2
Currency notes and certificates...
Bank of France (millions of francs):»
Gold
Sight balances abroad
_
Foreign bills
Foreign exchange loaned
Loans and discounts
Negotiable bonds
Note circulation
Public deposits
Other deposits
German Reichsbank (millions
reichsmarks):
Gold reserve
Gold a b r o a d —
--Reserves in foreign exchange
Bills of exchange and checks
Miscellaneous assets
Deposits
_
--Reichsmarks in circulation.
Rentenmarks in circulation
355.6
33,995
11,789
18,738
153.8 i 159.1 |
413.8 j 419.1 |
|
.3 I
.8 j
25.5 '
52. 1 |
67.3 '
52.2 I
18.9 ,
20. 2\l
25.9 ;
13.6/!
13.0 |
21. 5 j
69.5 I 62.41;
37.5 i
37. 2/!
21.5 ! 43.6 !
388.2 i 367.0
35.8
78.4
288. 0
7, 252
5,930
62,153
12, 712
7,495
2,729
86
152
1,774
481
423
4,454
522
|
1,062 I
155
2,627
530
816
4,930 i
537 !
I 5,052
i 5,992 ;
j 4,841 !
|
17,119 j
300 !
! 2,157 I
334
166
1,062
i Decem-Novem-1 Jan| ber I ber j uary
1,323
2,258
3,267
1,261
3,781
4,173 i
3,425 •
:
;
i
!
•
j
1,319 I
1,279
1, 390
1,205
4, 421
4, 379
2, 664
374
832
4,471
3,588
1,220
61
505
11
319
162
61
477
49
332
157
25,143 24,937
36,279 39,721
10, 736 11,251
51,781 I 5(5,183
9,896 10,350
61
408
44
270
123
25,049
41,714
7,920
52,077
11,546
21,009
25, 613
15, 677
45, 510
8,612
1,206
2,010
184
1,199
2,510
483
1,159
2,339
392
1,108
2, 052
83
427
7,115
562
430
8,466
830
437
7,818
777
495
7,099
949
13, 204
18, 670
22, 745
36, 344
2,364
Danish National Bank (millions of
kroner):
Gold
ForeigL bills, etc
Loans and discounts.
_.
Note circulation
_
Deposits
18, 242
18,647
22, 512
39, 416
3,636
17,211
18,559
22, 560
38, 567
2,513
15, 019
32, 284
20,417
34,824
3,461
173
96
63
354
26
182
76
81
336
24
173
94
65
336
29
173
114
71
360 i
53
National Bank of Egypt (thousands
of Egyptian pounds sterling):
'
Gold.
_
i.
English Government securities.. _ .
Egyptian Government securities.,.
!
Note circulation
_
.
Government deposits
i.
Other deposits
'.
903 j
567 j
682 !
829
539
637
366
2,322
2,306
231 !' 109
-
741
475
559
394
2,056
155
Ratio of gold and notes in banking department to deposit liabilities.
Notes issued, less amounts held in banking department and in currency note account.
2
61
450
Bank of Danzig (thousands of Danzig gulden):
Balances with Bank of EnglandForeign bills, etc
Loans and discounts
Note circulation
Deposits
30
170
1,355
786
905
537
673
350
2,419
107
Central Bank of Chile (millions of
pesos):
Gold at home
Deposits abroad
Loans and discounts
'_.
Note circulation.
Deposits
Czechoslovak National Bank (millions of Czechoslovak crowns):
Gold and silver
Foreign balances and currency. _.
Loans and advances
Assets of banking office in liquidation
Note circulation
Deposits
2, 644 i 2, 538 \
5,052
6,019
5,482
17, 295
300
2,241
1,329
2,170
2, 990
1, 345
3, 685
3, 898
3, 399
!i Bank of the Republic of Colombia
ij
(thousands of pesos):
!|
Gold at home
;'
Gold abroad
i
Loans and discounts
_
_.
:
i
Note circulation
!
l
Deposits
31,977 \
13,510 j
19,215 i
of
Bank of Italy (millions of lire):
Gold at home
--.
Credits and balances abroad
Loans and discounts
Total note circulation
Public deposits
Other deposits
_
__
Bank of Japan (millions of yen):
Gold
Advances and discounts
Advances on foreign bills
Government bonds
Notes issued
Total deposits
Austrian National Bank (millions of
schillings):
Gold
Foreign bills of the reserve
Other foreign bills
Domestic bills
Treasury bills
Note circulation..
Deposits
National Bank of Belgium (millions
of belgas):
Gold
_
Foreign bills and balances in goldDomestic and foreign bills
Loans to S t a t e .
Note circulation
Deposits
-•-.
1
152.7
412.7
National Bank of Bulgaria (millions
of leva):
Gold
_.
155.3 I
Net foreign exchange
Total foreign exchange
175.0 I
Loans and discounts
Government obligations
Note circulation
Other sight liabilities
1928
Bank of Estonia (thousands
krones):
Gold
_
_
Net foreign exchange. _
Loans and discounts
Note circulation
_
DepositsGo vernment.
Bankers..
Other
_
_
3,791
22, 860
22,851
26,126
17, 709
16, 512
of
!
I 6,267
i 22,523
i 31,868
| 35,133
6,380
6,414
25,067 26, 684
31, 853 30,186
36,433 37, 709
10,285
30, 843
29, 281
37,106
17,311
1,619
| 3,376
16, 740 17,182
2,863
1,561
3,802
4,018
15, 237
2,111
7 094
• New form of bank statement adopted in June, 1928.
* Figures not yet available.
213
FEDERAL RESERVE BULLETIN
MARCH, 1929
CONDITION OF CENTRAL BANKS—Continued
[Figures are for the last report date of month]
1929
1928
! 1929
January
Decem-iNovem-j Januber j her | ary
1,431
405
1,513 i 1,502
492
410
Bank of Greece (millions of drach
mae): 5
Gold...
Net foreign exchange in reserve...
Total foreign exchange
Loans and discounts
G overnment obligations
Note circulation
Other sight liabilities
558
3,606
4,736
116
3, 790
5, 514
2,239
554:
3,687 <
4,592 '
109 i
3,790 i
5,090 '
2,129 '
Reserve Bank of Peru (thousands of !
libra):
i
Gold! 4, 111
Gold against demand deposits
j 305
Foreign exchange reserve
; 1,185
Bills
| 1,351
Note circulation
_
5,953
Deposits
_
; 610
4,097 j
319
1,350 '
1,366 !
6,122 I
(539 !
304
304 '
305
National Bank of Hungary (millions of pengo):
Gold
Foreign bills, etc
Loans and discounts
.'
Advances to treasury
Other assets
Note circulation
Deposits
Miscellaneous liabilities...
Bank of Java (millions of florins):
Gold
Foreign bills
Loans and discounts
Note circulation
_
Deposits
Bank of Latvia (millions of lats):
Gold
Foreign exchange reserve
Bills
Loans
Note circulation...
Government deposits.Other deposits-.
Bank of Lithuania (millions of litas):
Gold.
Foreign currency
Loans and discounts.-Note circulation
Deposits
Netherlands Bank (millions of florins):
Gold
Foreign bills
_.
Loans and discounts
Note circulation
Deposits
_
Bank of Norway (millions of kroner):
Gold
—_
Foreign balances and bills
Domestic credits
Note circulation
Foreign deposits
_.
Total deposits
6
New form of bank statement adopted in May, 1928.
Janu- Decem-;Novem-; Jamiary
ber j ber j ary
I
Jank of Finland (millions of Finnish marks):
Gold....
Balances abroad and foreign
credits- __
Foreign bills
Domestic bills.._
State debts
Note circulation
__
Demand liabilities.-
1928
Bank of Poland (millions of zlotys):
426
426
426 I
353
Gold at homo
182 i
195
195
173
Gold abroad
Foreign exchange, etc.—
1,312 |:
527
637
Serving as note cover
527 !
43 ||
158
194 I
200
Allother
187 i
092
723
502
732 I
709 |
Loans and discounts.
107
Note circulation
1,222 1,295 , 1, 270 I 1,003
1, 503
406
287 I
286 !
Current account of the treasury. _!
303
231
237 i
247 !
Other current accounts
l'.)l
!
Bank of Portugal (millions of escudos):
i
Gold
9'
9
9
Balances abroad
•
292 i 279
175
249 ! 240
226
Bills
Note circulation
'
1,976 . 1, 924
1,834
Deposits
_
__
73 70
79
National Bank of Rumania (millions
of lei):
;
; 157
156 I
151
Gold at home
:
12,425 i 11,465
Loans and discounts
12,400
10,679 : 10, 679
Advances to State
10,679
21,756 i 21,027
Note circulation
•. 20,135
State Bank of Russia (note issuing !
department; thousands of cher- ,
vontsi):
19,183
Gold
; 17, 886 17,856 ! 17,819
•
6,710
Foreign currency
. . • 7,983 7,846 ; 7,910
Loans and discounts
_
: 76, 536 82,586 , 82,490 ' 70,373
Banknotes..1106,505 112,256 112,130 ; 97, 489
National Bank of the Kingdom of j
Serbs, Croats, and Slovenes (mil- ;
lions of dinars):
91
91 !
91 ,
89
Gold
199
267 :
231
316
Foreign notes and credits
1,724 i 1,660 ' 1,613
1, 634
Loans and discounts
2,966 : 2,966 i 2,966
Advances to State
._ 2, y66
5, 528 ! 5,598 ! 5, 382
5,194
Note circulation
812 ' 639 . 1,198
761
Deposits
South African Reserve Bank (thousands of pounds sterling):
7,840 8, 070 ] 7, 746 8,145
Gold
7,078 8,326 I 6,168 [ 7,039
Foreign bills.
_
1,345 2,137 i 1,951
821
Domestic bills.__
9,487 : 9,283 | 8,152
8,125
Note circulation
__
Deposits—•
1,915
2,897 ! 2,121 1,603
Government
_
5,079
5,001 ; 5,183 ; 5,014
Bankers
250 .
275 '
.
505
Others
530
i Bank of Spain (millions of pesetas):
2, 559 2,559 ' 2 559
2, 606
Gold
707
' 698 :
698 '
695
Silver
98
94 |
91 ,
41
]
Balances abroad. _ _
1,983
1,825
1,916 '
1,673
I
Loans and discounts
;
4,312 4,377
4,327 ;
4,157
Note circulation
954
965
1,077
I
Deposits
933:
! Bank of Sweden (millions of kronor):
237
236
236
234
;
Gold.
._
179 •
199
216
240
!
Foreign bills, etc
!
308 i
331
465
260
Loans and discounts
1
538 :
486
546
4.73
Note circulation—
112
201
195
285
I
Deposits.
; Swiss National Bank (millions of
francs):
482
533
469 '
!
Gold.
263 !
185
254
I
Foreign balances and bills
197 !
357
218
300
Loans and discounts
878 ;
840
953
814
I
Note circulation
109 ;
67
196
U14
j
Demand deposits.4,154 i Bank of the Republic of Uruguay
262 !
719 !
1, 760 !
5, 897 !
525!
(thousands of pesos):
Gold
Loans a n d discounts
N o t e circulation
Deposits.._
._
6
Foreign balances only.
_
66,086
100,973
65,571
82,153
7 Total deposits.
'
|
I
:
60, 258
97, 344
70, 730
78,132
214
FEDERAL RESERVE BULLETIN
MARCH, 1929
CONDITION OF COMMERCIAL BANKS
[Figures are for the last report date of month except for London clearing banks, which are daily averages]
1927
Nine London clearing banks (millions of pounds sterling):
i
!
Money at call and short notice...|
147
162
143
Advances and discounts
, 1,231 1,204! 1,190
241
Investments
_
250
244 '
Deposits
; 1,809 | 1,806 | 1,752
Six Berlin banks (millions of reichs- !
:
marks):
Bills and treasury notes !_
:
Due from other banks
..'
Miscellaneous loans
-.
Deposits
_
Acceptances l
_
'
Tokyo banks (millions of yen):
Cash on hand
Total loans
_.
Total deposits
Total clearings
2,399
1,059
6,361
9,176
399
i
' 260
! 2,079
___' 2,102
; 2,400
203 i 340
2,093 | 2,038
2,096 ! 2,117
2,716 I 2,427
1928
Chartered banks of Canada (millions of dollars):
Gold coin and bullion 3
Current loans and discounts
Money at call and short notice
Public and railway securities
Note circulation
Individual deposits
Gold reserve against Dominion
notes
Dominion note circulation
140
12
140
12
140
12
123
212
155
217
153
217
501
806
783 I
498
791
517
824
769 !
1,000 ,
1,493
558
525
186
2,618
776
984
C7
68
1,477 1, 476
527
546
!
488 I 442
:
187 I 190
2,585
• 2,633
!
!
109
237
Joint-stock banks of Finland (millions of Finnish marks):
Loans and discounts
Due from abroad
Due to abroad
Deposits
2
2
1, 858
1, 034
2 5,101
2 7, 608
2 394
Three commercial banks of France
(millions of francs):
Bills and national-defense bonds
Loans and advances
Demand deposits
Time deposits
266
2,262
1,932
2,407
1927
DeNoOctocembor vember1 ber
Banks of Buenos Aires, Argentina
(millions of gold pesos):
GoldBank of the Nation
.__.
Other banks
Other c a s h Bank of the Nation
Other banks.
Loans and discountsBank of the Nation
_..
Other banks
DepositsBank of the Nation
Other banks.
Joint-stock banks of Denmark (mil*
lions of kroner):
!
Loans and discounts...
Due from foreign banks
Due to foreign banks
Deposits and current accounts. _.
220 !
; Four private banks of Italy (millions
i of lire):
Dei
Cash....
cember I
Bills discounted
i
Due from correspondents
I
Due to correspondents
|
Deposits
Joint-stock banks of Norway (millions of kroner):
Loans and discounts
Due from foreign banks
141
Due to foreign banks.
209
Rediscounts
Deposits...
522 !
71
12
744 -
Joint-stock banks of Poland (mil
lions of zlotys) :
Loans ami discounts...
!
Due from foreign banks
i
Due to foreign banks.
;
Rediscounts
Deposits
69
1,347
533 Joint-stock banks of Sweden (millions of kronor):
529
Loans and discounts
4,060
183
Foreign bills and credits abroad. J
291
2,503
Due to foreign banks
|
121
Rediscounts
_
_
j 276
128
Deposits
_..j 3,431
221
713
905
'
4,044
321
144
186
3,484
» Checks formerly included under "Acceptances" are included under "Bills andltreasury notes" beginning with the March, 1928, statement..
2
Figures are for December, 1927.
3 Not including gold held abroad.
* Preliminary.
DISCOUNT RATES OF 33 CENTRAL BANKS
[Prevailing rates, with date of last change]
Country
; Rate j
Austria
|
Belgium
i
Bulgaria
j
Chile.
I
Colombia..
j
Czechoslovakia.:
Danzig.._
I
Denmark
!
England
__|
In effect
since—
6H1 July 17,1928
4 June 30,1928
9 Dec. 15,1928
6 Oct. 22,1928
7 May 15,1924
5 i Mar. 8,1927
6 June 21,1927
5 June 24,1926
5y2 Feb. 7,1929;'
Country
Country
Estonia.._
Finland...
France
Germany.
Greece. _.
Hungary. .
India
Italy
Jan.
Nov.
Jan.
Jan.
Jan.
Oct.
Feb.
Jan.
2,1928
16,1928
19,1928
12,1929
5,1929
2,1928
14,1929
7,1929
Japan
Java 1
Latvia
Lithuania...
Netherlands
Norway
Peru.
Poland
In effect
since—
Rate
5.48 Oct.
Feb.
6-7 Apr.
Feb.
7
Oct.
Mar.
Mar.
May
I
10,1927
25,1929
1,1928
1,1925
13,1927
27,1928
7,1929
13,1927
Country
Portugal
Rumania
Russia
South Africa
Spain
Sweden
Switzerland.
Yugoslavia..
In effect
since—
! Rate
July 27,1926
I Sept. 4,1920
Mar. 22,1927
ii Jan. 9,192S
. Dec. 19,192S
i| Aug. 24,1928:| Oct. 22,1925
! June 23,1922
I
Change: Imperial Bank of India from 7 to 8 per cent on February 14, 1929; Reserve Bank of Peru from 6 to 7 per cent on Mar. 7, 1929.
1 Discount rate on bills of exchange with at least three signatures; previous to Feb. 25, 1929, this rate was as follows: From August 1, 1909, to
October 20,1924, 3M per cent; from October 20, 1924, to July 14,1926, 4J$ per cent; from July 14, 1926, to Feb. 25, 1929, 4 per cent. These figures
extend and replace those given in previous issues of the FEDERAL RESERVE BULLETIN (June, 1925-February, 1929).
215
FEDERAL RESERVE BTJLLETIN
MABCH, 1929
MONEY RATES IN FOREIGN COUNTRIES
England (London)
Month
Bankers'
acceptances, 3
months
Treasury
bills, 3
months
Bankers'
Day-to-day allowance
money
on deposits
1927
January
February
March
April
May
June
July
August
September
October
November
December
4.17
4.19
4.33
4.04
3.88
4.34
4.33
4.33
4.32
4.32
4.33
4.31
4.21
4.32
4.36
4.04
3.84
4.36
4.33
4.35
4.33
4.33
4.34
4.31
3.65
3.93
4.07
3.64
3.73
3.43
3.50
3.61
3. 55
3. 57
3.62
3.44
1928
January
February
March
April
May.
June
July
August..
September
OctoberNovember
December
4.19
4.18
4.12
4.02
3.97
3.82
3.99
4.27
4.23
4.35
4.38
4.37
4.13
4.18
4.07
4.01
3.95
3.80
3.97
4.26
4.19
4.37
4.30
4.37
3.49
3.63
3.63
3.57
3.58
3.26
3.27
3.50
3.55
3.80
3.64
3.22
4.32
4.29
3.41
1929
January.
Belgium
(Brussels)
France
(Paris)
Private
discount
rate
Private
discount
rate
Private
discount
rate
Money for Day-to-day
1 month
money
Money for
1 month
rate
Switzerland
Private
rate
4.20
4.23
4.59
4.61
4.90
5.39
5.90
5.82
5.90
6.69
6.76
6.87
6.06
5.77
6.91
6.57
6.95
7.73
8.49
8.38
8.30
8.72
8.72
9.10
3.78
5.19
4.87
5.63
5.99
5.79
7.06
5.81
6.00
7.19
6.03
7.24
2.97
3.47
3.50
3.47
3.46
3.57
3. 53
3.45
3.56
4.11
4.50
4.49
2.93
3.62
3.55
3.72
3.76
3.87
3.25
3.40
3.82
4.29
4.73
4.85
3.16
2.87
2.98
3. 13
3.19
3.42
3.47
3.44
3.39
3.38
3.39
3.40
2H
6.27
6.20
6.72
6.71
6.66
6.59
6.74
6.68
6.65
6.57
6.28
6.28
7.66
7.30
7.51
7. 57
7.80
8.08
8.18
8.19
8.58
8.26
8.15
8.77
5.16
6.66
6.81
6.64
7.00
6.37
7.74
6.12
6.65
6.70
6.70
7.30
4.29
3.97
3.97
4.18
4.27
4.18
4. 10
4.13
4.39
4.40
4.44
*4.46
4.10
3.80
3.89
3.93
4.17
4.11
3.84
3.90
4.35
4.42
4.74
*4.68
3.29
3.12
3.20
3.29
3.32
3.40
3.44
3.41
3.38
3.38
3.35
3.32
2X
5.80
7.51
5.13
4.20
4.46
3.28
3
3
3
3-2H
2Yi
2H
2^2
2\^
2\k
2\\
2H
2Y>
2H
2Yi
2H
2H
2Yi
2Yi
2Yi
2\k
2Vi
Italy
(Milan)
Private
discount
rate
Netherlands (Amsterdam)
Germany (Berlin)
Austria (Vienna)
Sweden
(Stockholm)
Hungary
Japan (Tokyo)
Month
1927
January
February
March
April
May__
June
July
August
September
October
November
December
3.90
3.99
4.19
4.33
4.23
4.17
3.84
3.84
3.75
3.87
4.09
4.15
4.99
4.45
3.89
3.17
2.46
2.25
2.13
2.04
2.01
1.82
2.75
2.95
9.25
9.25
9.25
9.25
8.50
7.60
7.00
7.00
6.81
6.50
6.27
6.00
1928
January
February
March
April..
_.
May
June
July...
August
_.
September
October
November
December
4.08
3.90
4.10
4.25
4.25
4.27
4.02
4.00
3.96
3.94
3.94
3.94
2.81
2.75
2.72
2.62
2.62
2.90
3.12
3.23
3.26
3.37
3.37
3.41
6.00
5.89
5.75
5.49
5.25
5.25
5.25
5.25
5.25
5.25
5.45
5.50
1929
January.
3.94
3.50
5.83
Private
discount
rate
Money
for 1
month
5M -6lHo
634-8%
4% - 5
43/4 - 5 H
5 j ^ -53/4
53/6 -53/4
6 -7H
g 14-734
5%
5%
6j4
6H
6H
- 5 %
-6^6
-6^6
-6Me
-6Me
6^-8
g^-73,^
7 -8%
73^6-83/4
7 -8^
7H-8U
Prime
commer- Day-to-day
cial paper
money
63/4-8
576-634
6 ^£-7^
6J>£-73>^
bU-sk
6 -m
5££_g^,<2
gt^-71,^
7 -7%
7U-8
71^-31,^
534-634
5^_g^
6 -7
6 -7%
6 -7H
6 -726
53/4-73/6
6^6 -634
6i/6 -6M«
7te-m
63/4-83/4
7^-8^
7 -8\i
7J4-8H
5% -6>6
5H - 5 %
6^-8
7\i-m
h\i-7%
5U-7H
gi^-7^
7j,^_8^
5 -73/6
7H-8H
7^_g^
7j,^_gi,^
7^_gi,^
7^_gi,^
7J,|_g^
7%-9
73/4-9
5H-7H
5J4-726
5^_7^£
5i^_7^
5^_7^
5j^_7^
gi^_8^
g i^_8^|
6H-8U
b%
-59*6
5^6 -5^6
5 ^ -5%
51M6-51M6
5% -634
g^g -6H
6 34-7^1
g \<l-1\^l
g££_gi4
6^6-8^4
6^4
7\i-m
7\i-m
7^£-S3^
6H -6H
7H-8H
6s/
_636
Loans up Discounted
to 3
Killo
D111S
months
43^-6
43"i~6
4
4
4
4
4
4
4
4
4
-6
-6
-6
-6
-6
-6
-6
-6
-6
4 -6
4 -6
4 -6
4 -6
4 -6H
4 -63^
4 -6^
43^-63^
4^2_g^£
43^-6^6
4^_gi^
4^-6^
Call
overnight
6. 39-8. 76
6. 21-8. 03
5. 84-7. 67
5. 84-8. 03
6. 57-7. 67
6. 57-8. 76
6. 21-8. 40
5. 48-8. 03
5.11-7.67
4. 75-7. 30
5.11-7. 30
5. 48-7. 67
4.56-7. 30
2. 92-7. 30
4. 38-6. 21
4. 38-5. 29
4. 38-4. 75
4. 38-5.11
3. 65-5.11
3. 65-4. 75
2.19-4. 38
2.19-4. 38
2. 74-4.02
2.19-5. 84
4. 38-7. 67
4. 38-6. 21
4. 02-5. 84
4. 75-5.84
4. 75-5. 84
4. 38-5. 84
4. 38-5. 84
4. 38-5. 84
4. 75-5. 84
4. 75-6. 21
4. 75-6. 75
4. 93-6. 94
1. 64-5.11
1. 46-4. 02
2. 92-4. 02
2. 56-4. 02
1. 46-4. 02
1. 46-4. 02
1. 46-4.02
2. 92-4. 02
2. 37-4. 02
2. 92-4. 02
2. 01-4. 02
1. 83-4. 02
4H-e;-2
* Revised.
NOTE.—For sources used, methods of quotation, and back figures, see the FEDERAL RESERVE BULLETIN for November, 1926, and April, 1927.
216
FEDERAL RESERVE BULLETIN
M A R C H , 1929
GOLD MOVEMENTS
[In thousands of dollars]
Germany
United States
Net
imports
or exports
Month
Imports
Exports
j
Imports
Great Britain
Net
Ex- | im Pf v rts
or exports
ports
Imports
Exports
I
1927
January
February
March
April
May
June
July....
August
September
October
NovemberDecember
59,355
22, 309
16, 382
14,503
34, 212
14,611
10, 738
7,877
12,979
2,056
2,082
10,431
44,465
14,890
2,414
19,895
5, 625
10, 757
2,592
11,911
2,510
31, 702
1,840
12,771
1,803
8,935
1,524
6,353
24,444 - 1 1 , 4 6 5
10, 698 - 8 , 642
55, 266 - 5 3 , 1 8 4
77, 849 - 6 7 , 418
207,535 201,455
Total..
525!
659:
840:
666'
673
662.
14, C
6,231!
6,576'
9351
705|
711!
7051
11.259J
1,483'
1,6681
1, 627,
1, 635!
6,080
47,622
876
975
925
9,135
13,563
5,572
5,736
269
32
49
20
10, 579
607
699
652
710|
Net
imports
or exp
Imports
11,514
15, 742
7,526
24, 678
16,464
8,435
13,071
21,469
18,181 - 6 , 6 6 7
15,480
262
632;
3,735 20,943
26,580 -10,116
9,674 - 1 , 2 3 9
6,061
7,010
5,782 15, 687
7,637
744
4,726
6,126|
1,400
15, 0121 21, 709!
9,485 10,546 - 1 , 0 6 0
38,487! 157,905. 137,008
South
Africa
Netherlands
20,896
10,498
9,167
10,875
19, 257 - 6 , 231
78, 6051-72,316
2,943! 8,816
5,498! 13, 248
6,409 J 33,263
9, 4361 14,522
20,180; 3,875
28, 2471 -9,014
45, 597 -29, 773
41,989' -19,728
25, 502; - 7 , 710
74
39
1,334
3,015
5,190
4,623
2,477
47
35
102
2
1,228
411
449;
-1,053
-2,969!
-2,5371
-4,421,
- 2 , 373
78'
154
331
4,262
16,937 - 6 , 4 3 9
12,725
227
192J
66|
157!
89!
107!
125J
389
856|
4141:
170|
Net
imports
or exports
Net ! Net
imports' imports
or ex- ! or exports I ports
()
!
()
Exports
1,303
411
488
281
46
2,653
202
103
125
189
433
4,264
India
-18,899
—15,036
-16,924
-21,785
-14,720!
-16,9231
-21,896
-12,053
-23,064
-15,435
-16,456
-19,087
2,518
6,543
10,041
4,941
4,890
7,122
5,936
2,860
3,315
2,685
4,408
3,916
-212,279!
59,175
-12,834
- 2 1 , 339
-18,303
-17,923
-17,3391
- 2 1 , 028;
-16,919'
- 2 2 , 300!
-15,3151
-12,843!
-20,081 j
8,590
6,952
9,544
8,250
8,664
6,238
2,128
2,994
1,680
4,604
6,426
9,839
1928
January
February
March
April..
May
_
June
July..
August
September
October
November...
December
38, 320
14, 686
2,683
5,319
20| 000
10, 331
2,445
4,273
14,331
29,591
24,940
Total...
52, 086
25,806|
97,536 1
96, 469
83, 689
99,932
74,190!
1, 698i
3,810j
992
22,916
1,636
-13,766
-11,120i
-94,853j
-91,150i
-81,721!
-79,932,
-63,8591
747;
463!
13, 339!
6, 676j
23,304!
1,113
6,074
9,018
29,834
1,175
11, 276
28, 024
14,058
37,084
34,146
23, 261
26, 923
168, 887J 560, 7591-391,872 221,986
704
844
1,008
822
688
707
632
765
783
844
943
802
409
5,230
8,010
29,012!
487
10,569
27, 392
13,293!
36,301!
33, 3021
22,318!
26,1211
48, 577
1,378
47,199
11, 760
18, 7461
39,672|
23,958!
24,0551
19, 233
15,824
22,261
17, 792
9,542 212,444: 232,658 294,539,-61,881
1929
January
20,042
13,026
1, 321
577
744:
MOVEMENTS TO AND FROM GREAT BRITAIN
11,844
January
1928
Calendar year
From or to—
Iraports
Exports
France
399
22
Germany
Netherlands
Russia
Spain and Canaries..
Switzerland. __
39
United States
11
South America
British India . . _ _
British Malaya
Egypt
359
Rhodesia _ .
.
10,458
Transvaal
270
West Africa
285
All other countries...
332
592
589
.
11,844
8
3,041
12, 797
Imports
32
5,395
Imports
Exports
670
980
4,717
912
258
145
18,582
9,733
97,178
102,423
7,081
24
1,018
32, 532
1,166
1,101
156
438
_. 10,173
304
8,558
3,682
27,891
Exports
15
2
1,460
264
246
20,042
1"
75,909
MOVEMENTS TO AND FROM BRITISH INDIA
1928
January
1
13,639;.
[In thousands of dollars]
1929
Total. _.
15,417! 1,778
12,716
-920;
185
47
-2221
51,
76!
103!
386!
820;
27,8911-16,047
[In thousands of dollars]
From or to—
1,147
7
19
379
38
31
22
3
36
23
65
71
1,309
5,280
144,482
3,384
2,206 14,803
10,875 232, 658
16
26,978
England
United States
Aden and dependencies _ . __ _ _ _
Arabia
British Oceania
Bahrein Islands
Cevlon
China
Mesopotamia
Straits Settlements
Egypt
Natal
All other countries
294, 539
Total _ .
199
13,493
32,132
1,074
10,770
1,810
1 384
JanuaryDecember
December
Imports
1927
Exports
Imports
738
910
870
5,067
285
720
153
1,543
200
6,714
44,387
Exports
11,071
4,086
81
134
315
Calendar year
Imports
13, 780
525
44
3
144
c
479
7,949
9,844
5
76, 007
Exports
1,288
1,089
2,224
730
1,028
186
1,160
375
7,361
29,486
49
99
59,280
6
48
2
91
11
104
217
FEDERAL RESERVE BULLETIN
M A R C H , 1929
FOREIGN EXCHANGE RATES
[Monthly averages of daily quotations. 1 In cents per unit of foreign currency
EUROPE
Austria
(schilling)
Belgium
(belga)
Bulgaria
(lev)
Par value
14.07
13.90
0.72
1928—February
July
August
September...
October
November...
December
1929—January
February
14. 0823
14.0852
14.0860
14.0788
14.6079
14.0602
14.0628
14.0598
14. 0543
13. 9232
13.9351
13. 9070
13.8988
13.8959
13.8966
13.9073
13.8958
13.8944
.7214
.7212
.7213
.7213
.7203
.7193
.7190
.7191
.7202
Czechoslo- Denmark
vakia
(krone)
(crown)
England
(pound)
Par value
5.26
1928—February
July
August
September...
October
November...
December
1929—January
_
February
5. 2930
5. 2406
5.2334
5. 2303
5. 2365
5. 2385
5.2369
5.2337
5. 2343
j
France
(franc>
Germany
Greece
(reichs- (drachma) Hungary
(pengo)
mark)
(2)
26.80
486.65
2.52
3.92
23.82
1.30
17.49
2. 9625
2.9624
2.9623
2. 9624
2. 9627
2.9626
2.9624
2.9605
2. 9604
26. 7733
26. 7349
26.6890
26. 6662
26. 6578
26.6541
26. 6868
26.6704
26. 6664
487. 4840
486. 3571
485. 3525
485. 0516
484.9500
484. 9213
485. 2442
484.9878
485. 2140
2. 5179
2. 5171
2. 5169
2.5166
2. 5167
2. 5173
2. 5170
2.5171
2. 5169
3. 9304
3. 9163
3. 9070
3.9055
3.9061
3. 9066
3.9098
3.9082
3. 9057
23. 8577
23.8626
23.8327
23.8287
23.8143
23. 8234
23.8325
23.7694
23. 7306
1.3229
1. 2991
1. 2952
1. 2937
1. 2868
1. 2925
1.2924
1. 2917
1. 2915
17.4663
17. 4350
17.4273
17.4251
17.4256
17.4220
17.4185
17.4246
17. 4278
Russia 8
(chervonetz)
Netherlands
(florin)
Italy
(lira)
Finland
(markka)
Norway
(krone)
Poland
(zloty)
Portugal
(escudo)
Rumania
(leu)
40.20
26.80
11.22
108.05
0.60
40.2550
40.2479
40.1056
40.0946
40.0908
40.1374
40.1748
40.1096
40. 0490
26. 6098
26.7270
26.6881
26.6656
26. 6543
26.6511
26. 6728
26. 6560
26. 6633
11. 2312
11. 2011
11. 2053
11.2032
11. 2012
11.1985
11.1913
11.1883
11.1942
4. 7573
4.4565
4. 5260
4.4966
4. 4993
4.4708
4.4082
4. 4281
4. 4069
.6145
.6136
.6110
.6098
.6072
.6042
.6005
.6018
.6001
NORTH AMERICA
Spain
(peseta)
Sweden
(krona)
514.60
19.30
26.80
19.30
515. 0000
515. 0000
515. 0000
515. 0000
515. 0000
515. 0000
515. 0000
515. 0000
515. 0000
16.9782
16.4759
16. 6101
16. 5325
16.1798
16.1201
16. 2348
16. 2954
15.5587
26.8371
26. 7843
26.7619
26. 7556
26.7378
26.7278
26. 7633
26.7392
26. 7275
19.2389
19.2612
19. 2521
19. 2491
19. 2447
19. 2494
19. 2729
19. 2405
19. 2318
Yugoslavia
(dinar)
19.30
I. 7598
L. 7602
L. 7598
I. 7596
I. 7591
L. 7581
L. 7587
L758O
L. 7573
SOUTH AMERICA
Colombia 3 ! Ecuador 3
(peso)
(sucre)
Cuba
(peso)
100.00
100.00
49.85
96.48
36.50
11.96
12.17
97.33
99. 8126
99.7894
99.9958
100.0382
99.9667
100 0043
99.7872
99. 7509
99.6411
100. 0428
99.9344
99.9667
99.9441
99.9270
99.9300
99.9332
99. 9583
100. 0307
48.6710
47. 2920
47.4859
47.8517
47.5742
47.8901
47.9841
48. 3678
48.4581
97.1376
96.1408
95.8955
95.6642
95.5933
95.8150
95. 7504
95. 7642
95. 7650
34. 8000
34.8000
35.3007
36.4900
36.4900
36.4900
36.4696
36. 3308
26. 5000
12. 0088
11.9385
11.9404
11.9293
11.9477
11.9429
11.8900
11.9160
11.9171
12. 2065
12.1390
12.0779
12.0860
12.0843
12. 0603
12. 0678
12. 0630
12. 0479
98. 0400
98.1024
97.2604
97.2596 >
97.5146
97.1109
97.0900
97.0900
97. 0900
Mexico
(peso)
Argentina I Bolivia»
(peso-gold) (boliviano)
SOUTH
AMERICA—
Brazil
(milreis)
Chile
(peso)
Peru'
(libra)
Uruguay
(peso)
20.00
Canada
(dollar)
Par value
1928—February
July
August
September. _.
October
November...
December
1929—January
February
Switzerland
(franc)
486. 65
103. 42
19. 5870
20.0000
20.0000
20.0000
20.0000
20.0000
20.0000
20.0000
20. 0000
390.1600
400.4800
398.0000
398.1250
399.0385
400.3043
400.4000
400. 0000
399. 7727
102. 9357
102.2849
102. 5100
102.1055
101.8431
102.3049
102.6068
102. 7469
102. C037
ASIA
AFRICA
continued
China
China
, China
(Shanghai
(Yuan
tael) «
dollar) «
Venezuela 3
(bolivar)
Par value
1928—February
July___.
_
August.
September
October
November
December
1929—January
February
(Mexican
dollar)«
19. 30
44.40
61.69
19. 1943
19. 2500
19. 2500
19.2500
19. 2500
19.2839
19.3800
19. 3400
19.2636
45. 3620
47. 0840
46. 9617
46.1813
46. 5591
46. 5538
46. 0455
45. 6837
44. 7932
63. IVS7
65. 2332
64.9965
63.6945
64. 0374
64. 0020
63.5510
63.1168
62.1973
Hong
Kong
(dollar)«
India
(rupee)
43. 92
44.08
45. 9818
46. 8483
46. 8549
45. 9461
46. 1963
46.1675
45. 6808
45. 4070
44. 5558
49. 8564
49.9917
49.8974
49. 7146
49. 9471
49. 9763
49. 7879
49.8161
48. 8849
Straits
SettleTurkey
ments
(Turkish
(Singapore pound)
dollar)
Japan
(yen)
Java*
(florin)
36. 50
49. 85
40.20
56. 78
36. 5189
36. 2571
36. 2501
36. 3312
36. 4541
36. 4563
36.4653
36.4487
36. 3629
46. 8740
45. 8476
45. 0505
45. 7832
46. 2019
46. 3503
45. 8940
45.5102
45. 2103
40. 5243
40.1528
39. 9752
40.0300
40. 1161
40. 1226
40.1396
40. 0623
39. 9218
56. 7038
56. 0416
55.9815
56.0731
56. 3404
56.4409
56.2488
56. 0027
55. 9681
439. 65
50. 4843
50. 8384
51. 4607
51. 6896
50. 8354
50. 0867
49. 2924
48.7216
Egypt
(Egyptian
pound)
494. 31
499.7511
498. 9014
497. 8298
497.4590
497. 4003
497. 2970
497. 6198
1
Based on noon buying rates for cable transfers in New York as certified to the Treasury by the Federal Reserve Bank of New York, in pursuance of the provisions of sec. 522 of the tariff act of 1922. For back figures see BULLETIN for January, 1928, and January, 1929.
i
The National Bank of Czechoslovakia opened Apr. 1, 1926, under the obligation " t o maintain the relation of the Czechoslovak crown to the
undepreciated foreign gold currencies at the level of the last two years." During the period Apr., 1924, to Mar., 1926, inclusive, the range of the
Czechoslovak crown was between 2.9193 cents and 3.0312 cents; the quotation on Mar. 31,1926, was 2.9616 cents.
• Averages based on daily quotations of closing rates as published by New York Journal of Commerce.
* Nominal.
4
Silver currency. The figure given for parity represents gold value of unit in February, 1929, computed by multiplying silver content of unit
by New York average price of silver for February, 1929, which was $0.56517 per fine ounce. On the same basis, parity in February, 1928, for the Chinese
Mexican dollar was 45.04 cents; for the Shanghai tael, 62.57 cents; for the Yuan dollar, 44.55 cents; and for the Hong Kong dollar, 44.72 cents.
218
FEDERAL RESERVE BULLETIN
MARCH,
1929
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES
ALL COMMODITIES
EUROPE
United
States
(Bureau of
Labor
Ger-
France
England
(Board
of
Trade)
Statistics) i
May
June
July__
Austria
(gold
basis)
94
94
94
95
97
97
97
97
137
142
140
133
130
129
127
127
848
851
845
850
837
839
838
841
2,751
2,823
2,775
2,745
2,736
2,747
2,707
2,739
988
990
992
983
975
966
967
975
152
152
152
153
153
154
154
154
141
142
141
141
142
141
141
140
142
144
144
147
148
148
149
148
629
623
617
618
601
587
595
604
618
605
590
578
574
554
545
567
137
138
138
138
140
140
140
140
133
133
133
134
133
133
133
135
496
473
467
465
465
468
466
463
146
148
150
149
150
150
152
152
160
159
160
161
158
157
157
156
96
96
96
97
99
98
98
99
100
98
97
97
129
128
129
131
131
133
133
133
131
129
128
127
851
848
848
847
844
844
841
831
830
835
847
855
2,782
2,826
2,839
2,891
2,906
2,866
2,911
2,790
2,805
2,844
2,875
982
985
978
984
987
986
979
996
986
971
957
955
153
152
153
154
155
155
155
154
151
150
151
151
141
140
141
143
144
143
141
139
138
138
138
138
144
143
144
145
143
145
145
147
146
146
145
144
607
609
623
619
632
626
624
616
620
617
626
624
569
569
587
601
617
621
613
607
598
585
580
588
139
138
139
140
141
141
142
142
140
140
140
140
135
134
135
136
135
135
133
134
137
138
137
135
463
461
464
464
465
462
453
456
458
463
466
464
154
151
153
153
152
152
148
145
146
146
148
148
157
157
157
156
156
158
160
153
153
151
150
150
97
Month
128
867
Belgium
Czecho- Denslovakia mark
Bulgaria
Finland
(gold
basis)
Italy Nether(Bachi) lands
Statis- Federal eral
tical Reserve Statisti- fecld
Bureau Board cal Bu- basis)
reau)
Norway
(Oslo)
1927
August
September . . .
October
November _
December
1928
January
February...
March
April
May
. .
June
July-
August
September
October _.
November
December .
_
1929
January.
February
953
138
AFRICA
ASIA AND OCEANIA
EUROPE—continued
CanSwitzer- ada i
Month
PoRussia* Spain
land »«
149
139
139
630
Peru
Sweden land »
Australia
China Dutch
(Shang- East
Indies
hai)
India
(Calcutta)
New
Zealand
Japan
(Tokyo)
Egypt
South
Africa
1927
102
102
102
101
101
101
102
101
May
June
July__
August
September
October
November
December
175
174
173
171
170
170
170
170
172
171
168
168
169
169
168
169
145
146
146
146
148
147
148
148
142
141
141
143
144
145
147
146
99
99
99
98
97
97
97
97
207
206
205
204
205
200
200
199
152
155
161
165
170
173
166
162
171
169
171
171
172
169
166
164
155
155
153
154
153
152
151
150
146
149
150
151
150
147
148
148
171
173
170
167
169
170
168
168
145
146
146
146
146
146
147
148
124
123
118
117
120
118
115
114
100
99
102
105
103
103
102
100
100
104
106
100
171
171
171
171
171
172
172
173
173
176
176
177
166
166
165
166
164
164
164
166
168
174
176
148
147
149
151
152
151
150
149
146
145
145
145
145
144
145
146
145
145
144
145
145
145
145
144
97
97
98
98
98
97
96
95
96
95
95
95
199
195
193
197
195
195
193
190
188
187
186
185
163
160
160
162
159
158
157
154
153
152
152
154
163
164
163
163
165
160
159
157
156
159
159
160
150
149
149
150
151
150
150
148
149
149
145
144
144
146
147
145
148
143
142
143
146
145
169
169
169
170
171
169
169
170
174
174
173
174
150
147
147
147
148
148
148
147
148
147
114
114
116
120
117
117
117
119
120
126
129
126
95
186
185
145
172
1928
January
February
March
April
May
June
July
August
September
October
November
December __ __ .
1929
January _
February
177
i New index-1926 = 100.
» First of month figures.
160
162
a New official index.
1
120
122
120
121
119
120
125
* 1927=100.
NOTE.—These indexes are in most cases published here on their original bases, usually 1913 or 1914, as determined by the various foreign statistical offices which compile the index numbers and furnish them to the Federal Reserve Board. In several cases, however, viz, France, Netherlands, Japan, New Zealand, and South Africa, they have been recomputed from original bases (1901-1910; 1901-1910; October, 1900; 1909-1913;
1910) to a 1913 base. Index numbers of commodity groups for most of the countries are also available in the office of the Division of Research and
Statistics and may be had upon request. Further information as to base periods, sources, numbers of commodities, and the period of the month
to which the figures refer may be found on pages 769-770 of the BULLETIN for November, 1927.
219
FEDERAL RESERVE BULLETIN
MARCH, 1929
WHOLESALE PRICES—Continued
GROUPS OF COMMODITIES
[Pre-war=100]
ENGLAND—BOARD OF T R A D E
1929
SWEDEN—BOARD OF TRADE
1929
1928
DeJanu- cemary
ber
October
September
138
148
140
144
159
133
113
138
148
140
145
158
133
112
138
149
143
142
159
132
112
138
148
142
138
165
132
112
138
148
141
141
160
132
112
141
153
152
144
164
134
113
116
162
161
139
All commodities
_
Total food
Cereals
Meat and fish
Other foods
Industrial products. _
Iron and steel
Other minerals and
metals
Cotton
Other textiles
Miscellaneous
November
115
164
160
138
114
161
159
138
113
160
158
141
112
158
162
141
113
158
164
147
All commodities
All foods
_
Animal foods
Vegetable foods.
Sugar, coffee, cocoa
All industrial material
Minerals
Textiles
Sundries
620
603
565
594
690
634
535
784
627
607
568
534
575
611
639
531
777
643
630
612
604
623
590
645
549
822
623
624
601
602
597
592
642
547
808
624
626
608
604
608
598
641
551
807
620
617
595
573
604
610
635
536
794
624
GERMANY—FEDERAL STATISTICAL BUREAU
All commodities
Total agricultural products
Vegetable foods
Cattle
Animal products
Fodder
Provisions..
Total industrial raw materials and semifinished
products
Coal
Iron
Nonferrous metals
Textiles
Hides and leather
Chemicals_.
Artificial fertilizers
Technical oils and fats.
Rubber.
Paper materials and I
paper
|
Building material
|
Total industrial finished
products..
Producers' goods
Consumers' goods
139
132
130
118
147
138
124
140
134
126
118
162
137
125
140
135
127
119 j
164
139
128
140
135
132
119
155
140
129
140
134
134
119
149
139
131
139
132
145
102
147
141
130
134
138
128
113
153
139
127
87
127
28
134
137
128
110
154
143
127
84
128
25
138
135
128
109
152
142
127
83
129
25
133
135
128
107
152
145
127
82
127
26
134
133
128
105
155
149
127
81
125
25
134
131
126
106
159
167
126
82
115
48
151
157
151 I
152
159
151
160
160
138
176
145
130
150
115
145
131
147
115
145 !
131 I
144
113
146
134
145
112
148
143
137
116
116
162
116
160
115 j
160 !
115
161
114
160
141
139
141
145
149
165
141
145
148
137
153
All commodities
Vegetable products
Animal products
Fuels and oils...
Raw materials for manufacture in iron and metal
industry.
Paper pulp and paper
Raw materials for manufacture in leather industry
Raw and manufactured
chemicals
Raw materials
Semifinished materials
Finished materials
Producers' goods
Consumers' goods
November
166
140
144
148
136
152
165
139
145
148
136
152
164
139
147
149
137
154
166
143
150
149
138
156
All commodities
_
95
Vegetable products.
87
Animal products
i 106
Textiles
__! 93
Wood and paper products.!
98
Iron and its products
93
Nonferrous metals
\ 94
Nonmetallic minerals
94
Chemicals
94
156
134
173
i
i
:
!
152 ;
'
158 j 159 i
160 ! 160 :
138 i 139 !
176 ! 176 i
i
159
138
175
January
ber
CANADA i - D O M I N I O N B U R E A U O F STATISTICS
95
87
109
93
98
93
92
94
94
152
158
160
139
176
December
January
January
FRANCE—STATISTICAL BUREAU
1928
95
88
111
92
99
93
91
94
94
95
88
112
93
99
93
91
94
95
95
87
115
94
99
93
90
93
95
97
95
107
95
98
94
90
94
97
AUSTRALIA—BUREAU OF CENSUS AND STATISTICS
All commodities
Metals and coal
_ _ -.
Textiles
Agricultural products
Dairy products
Groceries and tobacco
Meat
Building materials
Chemicals
INDIA
154
172
160
161
149
164
111
161
189
157
172
159
167
156
163
117
159
189
152
172
154
155
146
165
114
160
186
(CALCUTTA)—DEPARTMENT
152
174
152
158
146
164
112
161
186
OF
153
174
152
157
147
165
116
161
186
176
169
174
143
168
136
155
186
STATISTICS
1928
DeNocem- ! vern- October
ber ! ber
16a
1927
September
August
December
I T A L Y - C H A M B E R OF C O M M E R C E OF M I L A N
All commodities
Total food
i
Vegetable foods
j
Animal foods
j
All industrial products
j
Textiles
j
Chemicals
j
Minerals and metals..
Building materials
Other vegetable products
j
Sundries
i
•Revised.
1
496
559
572
543
472
445
455
442
536
508
547
' 497
;
472
450
450
439
529
495
563
581
539
469
447
448
438
525
;
515
555
504
554
560
; 574
i 543
!
;
I
492 !
563 ! 549
587 i 577
532
515
465
464
450
446 !
435
435 I
432
428 I
519
516 j
490
540
569
505
470
439
451
433
531
504 ! 519 ;
556 I 556 i
511
574
i
All commodities
Cereals
Pulses
Tea
Other foods
Oil seeds
. . . _ _ .
Raw jute
Jute manufactures
Raw cotton _ . . . .
Cotton manufactures
Other textiles
Hides and skins
Metals .
Other articles
145
131
]81
157
153
152
97
147
159
160
140
125
127
138
;
;
i
'•
'
!
i
i
i
'
!
146
139
183
143
153
151
100
148
*159
160
140
131
127
138
143
135
164
133
151
148
99
145
159
161
140
124
126
139
142
136
159
128
152
147
94
145
149
161
133
121
124
140
143
133
154
143
153
143
111
160
154
161
139
115
124
140
Canadian index revised in January; base changed from 1913 to 1926 and number of piece series from 236 to 502.
148
137
155
185
168
141
91
151
170
157
123
152
127
149
220
FEDERAL RESERVE BULLETIN
MARCH,
1929
RETAIL PRICES FOOD AND COST OF LIVING
RETAIL FOOD PRICES
[Pre-war=100]
EUROPEAN COUNTRIES
Month
United
States
(51 cit- Aus- Bel- Bul- Czecho- Eng
tria
ies)
(Vi- gium^ garia slovakia land
enna)
Greece Italy Neth- Nor- Rus- Swit-j Can- Aus- India N e w South
2 tra- (Bom- Zea-j
2
erzerlands way sia land ada lia i bay) land,Africa
Esto- France^ Ger- j
3
n i a2 2 3 (Paris) many| (Ath- (Milan)
1927
March
April
May
June
July
j
August
j
September.
October. __
November.
December.
151
151
152
155
150
149
151
153
153
153
118
119
119
122
122
120
119
120
119
118
201
200
196
201
205
202
206
210
211
212
2,533
2,478
2,630
2,699
2,653
2,625
2,615
2,626
2,587
2,618
915
923
930
949
962
914
910
907
905
913
162
155
154
154
159
156
157
161
163
163
118
118
119
120
122
118
111
112
113
113
1928
January. _.
February. _
March
April.
May
June
_.
July
August
September.
October
November.
December.
152
149
148
149
151
150
150
151
155
153
154
153
118
117
116
117
117
122
119
120
120
120
120
119
211
207
201
202
197
200
202
205
210
215
223
222
2,660
2,701
2,713
2,766
2,778
2,740
2,783
2,667
2,682
2,719
2,692
913
910
902
905
162
159
155
155
156
157
156
156
156
157
118
118
122
126
126
126
130
129
124
125
126
126
1929
January
151
943
943
928
907
900 i
905 i
OTHER COUNTRIES
581
580
589
580
557
539
532
520
500
523
530
522
524
532
546
3 113
3 111
i 3 111
I 3 110
I
J 3 H9
I 3 121
151
150
151
153
156
150
151
152
152
153
! 1,997 635
! 2,021 617
565
541
524
518
509
509
510
513
146
145
145
145
144
143
143
146
148
148
I 2,101
I
152 ! 3 146 ! 3 140 148
j
151 3 144 j 3 141 149
151 i 3 143 | 3 141 150
152 , 3 144 i 3 141 150
151 | 3 145 ! 3 140 j150
152 I 3 144 3 142 150
154 J 3 138 3 140 I 150
156 i 3 134 3 138 i 150
153 | 3 132 3 140 : 148
152 I 3 137 3 141 j 148
152 i 3 137 3 144 : 148
153 I 3 133 3 145 148
153 j
156 !
February..
173
169
169
172
175
175
174
173
171
171
205
203
201
199
199
199
198
198
199
200
157
156
156
157
156
156
158
158
159
159
170
170
171
171
172
170
173
170
164
163
161
161
201
202
203
203
205
206
211
211
210
211
213
215
158
157
156
156
156
157
157
156
157
158
158
158
158
2,063
2,063
2,059
2,044
2,070
2,071
2,086
216
;
!
'
j
i
j
'
i
149
146
145
146
147
147
147
148
149
151
151
151
152
153
152
155
157
159
157
155
i
i
i
;
i
i
152 146
151 145
150 145
151 144
154 144
155 143
151 143
i 148 143
147 144
! 149 146
151
149
147
146
146
145
146
149
150
152
152
152
151
146
142
140
140
142
143
142
141
142
144
145
152 161
146
146
147
145
145
J 144
146
] 147
147
146
147
149
150
118
119
121
120
119
118
117
119
119
119
119
118
118
119
120
114
116
115
115
115
118
115
115
COST OF LIVING
[Pre-war=1001
EUROPEAN COUNTRIES
Month
Massachusetts
Bel- Czecho- Enggium 1 slovakia l a n d 2
Finland
1927
March
April
May
June .
July
August
SeptemberOctober
November
December.
156
156
157
156
155
155
155
155
157
157
195
195
193
196
199
198
202
207
208
208
744
749
756
761
753
739
736
734
735
740
171
165
164
163
166
164
165
167
169
169
1,183
L, 173
1,166
1,184
1,203
1,237
1,230
1,237
1,251
1,243
1928
January _
February..
March
April
May .
June
July
August. ._
September.
October . .
November.
December.
157
156
155
155
156
155
157
157
158
157
157
157
210
207
204
205
202
204
205
207
211
215
220
219
741
739
737
741
743
741
753
761
756
735
730
734
168
166
164
164
164
165
165
165
165
166
1.216
1,206
1,214
1,212
1,207
1,219
1,236
1,258
1,249
1,254
1,262
1,260
1929
January _.
February.
157
France
(Paris)
524
525
507
498
507
3 105
3 105
3 108
Ger- Greece Hunmany (Ath- gary
ens)
145
146
147
148
150
147
147
150
151
151
1,898
1,911
1,938
1,951
1,960
1,951
1, 955
1,956
1,964
1,978
119
119
119
121
119
119
119
120
120
120
151
151
151
151
151
151
153
154
152
152
152
153
3 155
3 154
3 153
3 153
3 153
3 152
3 148
3 146
•145
3 148
3 148
3 146
121
120
119
121
121
121
121
126
127
126
125
126
153
154
Italy
(Milan)
663
651
612
586
548
543
537
536
536
531
OTHER COUNTRIES
Netherlands
Nor- Po- Spain Swe- Swit- Canzerw a y land*
den land a d a 2
166
203
167
201
167
197
170
195
3 145
3 145
3 145 169
3 145
3 144
3 145 _
170
3 143
»142
3 143 169
3 144
3 146
3 147 168
193
193
185
183
Aus- India South
tra- (Bom Africa
lia bay)
98
100
101
101
98
99
99
101
103
103
197
191 "l7o"
186
185
184
169
192
187
189 "l72"
188
186
159
158
160
160
160
160
161
161
162
162
150
155
148
148
149 ""155"
149
149
149 ""I57"
150
150
159
151
155
153
152
154
156
157
154
151
150
151
131
131
132
132
132
131
131
132
132
132
102
100
101
102
103
103
104
104
104
104
106
106
178
171
165
176
175 "17I"
171
172
173 "173"
174
178
179 ""l72~
181
187
161
161
160
160
160
161
161
161
161
162
162
162
151
150
149 "I57"
149
149
148
157
148
150
151
155
152
152
152 " I I "
154
148
145
144
147
146
146
146
145
146
147
148
132
131
132
133
133
132
131
131
131
131
132
131
152
149
149
131
i
I
2
4
11921 = 100.
First of month figures.
3 Revised on a gold basis.
1927=100.
NOTE.—Information as to the number of foods and items included, the original base periods, and sources may be found on page 276 of th
-April, 1925, issue of the BULLETIN.
221
FEDERAL RESERVE BULLETIN
MARCH, 1929
INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA
ENGLAND
PRODUCTION
I
j
Pig
iron i
i
i
Coal
TRANSPORTATION
Raw
cotton
Iron
Steel
and
ingots Fin- visible steel
supand ished
l
mancast- steel ply
ufacings
tures
1927
October
November..
December...
3 24,712
19,634i
3
23,858i
1928
January
February ._
March
April.
May.
_.
June
July
August
September..
October
November..
December..
20, 045!
20,119!
3 25,1941
17, 679
19,191
3 21,056j
16, 902;
16,1991
3 23, 2751
18, 5191
19, 213j
3 23, 310!
Cmde
sr;; aw
Mil- Thous.
lion
sq.yd. sq. yd.
Thousand
long tons
Thous.
bales
Thousand long tons
699!
I
Thousand
pounds
Million
pounds
Unemployment
among
insured
Thous.
Thous. I £ s t e r - | i Million Per
toncent
tons
ling ! miles
28, 000,
24, 707;
23, 885
7, 035
8,031
8,814
5, 299
5,286
4,914
9, 3771
9, 315]
8, 649!
,483
,455J
., 402!
9.5
10.0
9.8
6,
6,930
6,399
6, 860i
6,172j
5, 850
5, 853
7,696
6, 688,
5, 546!
6, 074
6,860
4,958
4,753
5,382
4, 859
5, 499
5, 699
5, 491
5,972
5, 466
5,721
5,487
5,159
8, 6001
8, 766
9, 502
8,129
,504
,385!
, 5281
, 275,
., 364'
, 327;
271
19:
2i;
34,
53!
24, 754!
19, 851|
26, 636|
20, 287,
12, 860;
19, 077,
18, 473
17, 500j
23, 079i
16, 501 i
12,146i
34, 9211
10.7
10.4
9.6
9.6
9.9
10.8
11.7
11.7
11.5
11.8
103
42,005|
5,808
5,415
3
5 weeks.
584|
582
542
1,190
1,148
1,100
385
399
352
4,141
4,127
3,886
316
406
293
13,061
16,351
15,041
119
116
567
6141
674!
530!
615
614;
549!
540!
572,
566
1,061
1,070
* 1,065
*l,080j
1,057
973
892]
818
737
809
1,070
1,255
332
317
409
344
359
366
333
370
295
377
399
359
3,905
4, 008'
4,11L
3, 722,
4, 487i
4, 346;
4,163,
4, 274,
3, 995,
4, 630l
4,231:
4,184|
340
319'
401;
317!
292'
281!
342
344!
301:
337,
335
293!
16,919
14,458
15,119
9,970
11, 789
14, 682
17, 954
19, 395
12, 773
12, 712
12, 492
12,406
130i
142,
134i
127
114
84
84
52!
109
216
225
j
135:
92;
421
596
576,
559
British railways
Ships ,.
cleared'
j
with Freight-,Freightcargo 2 train 1 train
! receipts; traffic
I
Cotton
Coal manB
ufac- worsted; ;°i" ; wool
tures tissues ; t o n :
4,473
383!
18, 563
241
I
561
551
593
563
592
564
538
519
504
544
544
540
764]
793|
644i
753i
709|
667!
6431
719!
756j
7631
683
1929
January
1
End-of-month figures.
2
102
Includes Irish Free State.
8, 2191
8,41l!
8,515l
9,361!
9,033|
1, 360;
1, 396'
1,491!
1,433'.
*Kevised.
FRANCE
PRODUCTION
I EXrORTS
Unemployed BusireceivRaw
ing mu- ness
Raw
Coal
Ships Freight- Receipts nicipal fail-3
cotton
silk
Cotton 1 Total Total for con- for con-1 for con- cleared
ear
of princi- aid in ures
cloth volume volume sump- sump- i sump- with
loadpal railParis 2
tion
ings
cargo
ways
tion
tion
• Thous. Pieces
Thousand metric tons ! kilo- of 1,000
1 grams meters
1927
October
November
December
1928
January
February
March
April
May..
June
July
August
September
October
November
December
5,503
5,333
5,517
_
J
I
i
_j
796
764
796
5,541
5,283
5,763
5,129
5,245
5,527
5,360
5,589
5,331
5,899
5,562
5,248
785
858
834
871
844
836
857
821
857
850
723 ! 11,211
684 ! 10,744
735 I 11,360
29, 781
29,076
30,174
12, 204
9,241
12, 231
738 10, 937
794 11, 530
797 I 11,347
757
10,746
793 j 11,295
759 i 11,221
834
800 !
828 i . . .
27, 784
26, 994
29, 744
26, 598
28,423
26, 745
25,615
26,225
25, 243
750
738
TRANSPORTATION
Thousand
metric tons
1
Metric tons
*3, 360 I *4,053 *28,672
*3,218 I *3, 820 *44,402
3,423 ! 3,908 53,025
3,001 :
3,590
3,314 i
3,422 •
3,262 ,
3,576 :
3,367
3,738
3,846
3,329 ;
3,353
3,519
3,653
4,086
4,328
4,161
4,153
3,926
4,238
4,234
4, 355
4,212
39,056
28, 924
28,179
27, 748
21,494
30,153
19,006
21, 888
15,184
30, 248
36, 684
Thous.
I metric
•788
*695
597
1,299
1,349
1,540
1,552
1,658
1,425
1,326
1,592
1,223
1,557
1,369
tons
Average
daily
Thous.
francs
T1 ,, rn v,o
'
!
I
i
>
!
!
I
i
1
66,507
62, 963
61,456
1,074,836
* 1,000,419 I
6,860
8,106
10, 075
164
180
160
3,148
3,113
3,850
3,913
4,029
3,364
4,067
3,994
3,951
3,958
3,973
4,050
60,426
64, 792
65, 446
61, 265
60, 680
61,535
59, 763
61, 696
66,186
66, 536
66, 482
61, 574
917, 976
968,577
« 1,064, 286
' 1,09S, 175
1,103, 660
* 1, 400,342
1,083,826
1,175,462
* 1, 561,466
1, 228,445
1,150,061
< 1,428,406
14, 012
12, 989
10,483
5,796
2,978
1,227
796
732
474
365
395
723
188
161
146
184
184
199
145
158
106
1929
January
Num- I Number I ber
3,800
3,485
3,508
1,480
1,364
1,425
415
598
677
584
452
772
526
303
1,169
750
933
rpi irv1 , o
T h
s
t ™ -1
1,403 i
1
2
3
Coal and lignite, including Lorraine and the Saar.
End of month figures.
Number of failures in the Department of the Seine.
4
5 weeks.
* Revised.
222
FEDERAL RESERVE BULLETIN
MARCH, 1929
INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA—Continued
GERMANY
TRANSPORTATION
PRODUCTION
MaIron chinery
and
and
Lig- Pig
Coal nite iron Crude Pot- iron
elecsteel ash manu- trical
factures supplies
Dyes
and
dyestuffs
Coal
Thousand metric tons
Raw Raw
wool copper
Cotton
j
j
ArrivUnem- Busials of Freight Trade- ployed ness
union persons failvescar
sels load- mem- receiv- ures
bers
in
ing
ings unemHamployed State
aid
burg
Iron
ore
Thous. Thous.
net
Per
reg. wag- cent
ons
tons
Metric tons
1927
October. __ 13, 094 12, 5311,140 1,414
November. 12, 874 13,430 1,119 1, 401
December. 13, 238 14,13311,150| 1,368
104 *353,252 51,658 13,699 2,155,732 6,919 21,218 37,240 1, 593,892 1,764
1,727
'
109 *336, 823 55, 788 12,488 1,845,51911 " 17,200 51,026 1,431,493 %i.
115*352,772 59, 620 13,9871 1,903, 23712^668! 19,641 52, 633 1, 289, 597 1,854
~~
1928
January... 13,42114, 2221,1811
February.. 12, 92613,419; 1, 122i
March
14,11814,40111 ,170
April
ll,71512,263|l ,045
11,93212,964:1 ,0441
May
11,83113, 24l!l ,0211
June
12,48313, 531|1,035i
July
August
13, 02114,330 1,031
September. 12,15713,616 985
13, 311 15, 226 1,016
October
November. 12,14114,548 267
December. 11,819 14,105
132! 363,026
133i 390,776
132! 434,798
96| 412,810
99| 398,470
111' 453,231
1131 466,079
123; 505,857
113! 480,647
128! 415,690
130; 410,171
;
298,890
1,469
1,323
1,422
1,161
1,248
1,295
1,311
1,329
1,190
1,306
357
1,091
1929
January... 13,490 14,
,8171,098 1,470!
48,810
50,449
54, 788
57,102
56,516
53,880
53,194
52, 393
74,006
64,163
54, 014
63, 846
UNEMPLOYMENT
12,458 2,272,995 18,084 20, 566
11, 985 2,229, 956 25, 260 18, 563
15, 799 2, 250, 616 21,433 22,941
1,433
14, 3181 2,115,161 -2, 333 20,443
22,
14,645 1,665,48119,"
19, 312! 19,214
14, 613! 1,420,802 '6,4731 19,362
16,
13,411 1,841,962 8,403, 21,809
13, 602, 1,850, 577 7,958' 20, 642
13,387 1,829, 556 5, 274| 17,144
12,959! 2,019,177 *8,789j 16, 650
14,089
14, 337! 2, 278, 554 5,
14, 353 2,120, 291 11, 682j15, 560
37,032
36,839
28, 001
30, 772
31, 045
29,989
23,861
19, 357
16, 730
33, 662!
49,662
44, 645
1,183, 214
1,146,188
1,407, 989
1, 275, 088|
1,053,621,
1,279,688!
1,282,767|
1,516,096 j
1, 394, 715!
1,552,182!
1,157,891,
615, 630!
1,835
1,564
1,767
1,849
1,819
1,791
1,926
1,749
1,732
1,772
1,754
Number
4,326
4,156
3,811
4. 5 339,982
7.4! 604,509
12.9 1,188, 274
3,541
3, 5841
4,069|
3,439!
3, 727|
3,844j
3,917i
4, 083!
4, 036!
4, 3751
3,957
3,404
11. 21,, 333,115 766
10. , 237, 504 699
9. . 010,763{ 791
,
6.9 729,321 614
6.3 629,470 692
6.2 610,687 702
6.3 564,064 655
6.5 574,475 552
6.6 577,093 530
7.3 670, 997j 685
. 5 1 , 029,700 674
.
1, 702,342 624
! 419, i 61, 386 14,975 1,909,65717,786 15,660 54,282 1,312,346
445
574
619
832
CANADA
Index
of
industrial
production
Receipts at
Restockceipts
yards in
PRODUCTION
of
Con- wheat Toronto and
strucWinnipeg
at
tion
con- Fort
Wiltracts liam
award- and
Planks
Crude Raw
id
Port Cat- Hogs and Wood Wheat Coal petro- cotCoal News- Flour
tle
print
I Arboards pulp
leum ton
thur
19191924=
100
Thousand
short tons
Thous. Thous. Thous.
bardol- bushrels
lars
els
Number
1927
October-..
November.
December.
151.5
151.0
161.5
1,480
1,757
1,872
191
190
182
2,005 47,135! 51,416 94,718 46,419
2,120 30,26l| 70, 965|l09,927 70, 910
1,767 50,427 41,025 44,936 62,204
1928
January...
February..
March
April
May
June
July
August
SeptemberOctober. ._
November.
December.
160.3
166.1
168.2
160.6
187.9
176.2
172.9
181.6
*171.7
187.2
175.9
165.3
, oyo
,406
,404
,146
1,263
:, 331
,309
^,535
L, 396
L,702
.,695
1,519
187
190
198
193
204
1921
184!
20l!
185!
217!
224,
1,579
1,464
1,617
1, 304
1, 541
1, 359!
1,458|
1,158!
1,892!
2,130|
2,175
1929
January
1,537
1
First of month.
20, 480
25, 875
22,946
56,346|
70, 684
59,926
38,360
39,441
45,439
44,584i
29, 038!
18,905!
21, 095 44, 311
9, 545 33,889
3,251 31,374
879 37,306
17, 618 39,898
20,146! 32, 806
14, 393! 57, 553
3, 538! 73,233
39 132- 71,487
8ll 361| 81, 599
72, 861 i 60, 806
51,633 36,941
71, 535!
63, 286>
47, 7331
50,000
50, 458
44, 047
43, 262
32, 598
24, 873
39,178
38,484
47, 316
J 10,971 39,459 60,978
Million
feet
els
Machinery
Total
revenue
car
load-
Index
of
employment 1
Business
failures 2
Thous. Thous. Thous. Thous, Num- 1926= Numdoltons gals. lbs.
ber
100*
ber
lars
182144,795 19,430
174158,396 52,805
122147,531 44,809
1,479 78,905
1,5481 64,978
1,366 67,626
6,685 4,185 360,238, 110.3
11, 987 4,1241 344,7671 108.8
19,198 3,970 286,719; 108.1
152
160
111 113, 297
117 128, 606
150 182, 229
99 113, 220
1511148,272
178| 146, 917
182146,184
161137,829
140 134,440
153 162, 286
1581155,448
124'l58, 875
1,226 58,501
1,235! 47,810i
1,350; 82,871
930, 23,876
l,288i 75,670
1,176 95,725
1,168 80,434
l,61l! 88,164
1,423,107,297
1,779100,023!
1,637 86,0141
1,639! 79,939
19, 635
11,854
12,239
7,100
6,910
8,469
7,462
7,300
4,971
13,842
16,955
17,481
3,904
3,858
5,720
4, 058
5,204
5,402
5,125
4, 790|
4,5521
4,884
4,9631
4,682
197
167
163
132
146
130
138
142
161
192
185
197
60,753) 18,485
5,004
15,201
18, 372,
18, 655!
8, 3611
30,282,
21,960
32, 426!
25,057|
26,923!
43, 687|
75,417
49, 089.
111136,365 20,831
1,344
Total number of firms failing during the month.
265,487i
267,131!
285, 567,
252,131
300, 295
294,451
290, 6771
312, 816
361, 247
420, 263
380,405
275,678!
* Revised.
100.7
102.0
102.6
102.3
106.8
113.
117.7
119.3
119.1
118.8
118.9
116.7
223
FEDERAL RESERVE BULLETIN
MARCH, 1929
Changes in State Bank Membership
Fiduciary Powers Granted to National Banks
The following list shows the changes affecting State
During the month ended February 21, 1929, the
bank membership during the month ended February
21, 1929, on which date 1,204 State institutions were Federal Reserve Board approved applications of the
national banks listed below for permission to exercise
members of the system:
one or more of the fiduciary powers named in section
ADMISSIONS
11 (k) of the Federal reserve act as amended, as
follows: (1) Trustee; (2) executor; (3) administrator;
! Total re(4) registrar of stocks and bonds; (5) guardian of
Capital
Surplus ! sources
estates; (6) assignee; (7) receiver; (8) committee of
i
estates of lunatics; (9) in any other fiduciary capacity
District No. 2
in which State banks, trust companies, or other corpoMidtown Bank of New York, N. Y . $500,000 $250,000 , $3,844,808 rations which come into competition with national
District No. 3
banks are permitted to act under the laws of the State
100,000 , 1,305,201 in which the national bank is located.
Miners Savings Bank, Olyphant, Pa_ 100,000
District No. 7
Merchants Trust & Savings Bank,
Battle Creek, Mich
250,000
125,000 i 4, 564,279
Location
District
No.
Powers
granted
Name of bank
CHANGES
District No. 2
Mechanics Bank, Brooklyn, N. Y. ,
member (merged with Brooklyn j
Trust Co., Brooklyn, N. Y., a
member)
_.!$4,000,000
Manufacturers Trust Co., New |
York, N. Y., a member, has ab- |
sorbed the State Bank & Trust |
Co., New York, N. Y., nonmember
5,000,000
Bank of the Manhattan Co., New
York, N. Y., has absorbed the
Little Neck National Bank, Little
Neck. N. Y
100,000
American-Exchange-Irving Trust
Co., New York, N. Y., has changed
its title to Irving Trust Co.
District No. 4
Farmers & Merchants Bank, Walterboro, S. C. (voluntary withdrawal),
100,000
District No. 6
Bank of Henry County, McDonough, Ga. (closed)
50,000
Citizens Banking Co., Eastman, Ga.
(closed)
100, 000
District No. 7
First Trust & Savings Bank, Chicago, 111
7,500,000
Union Trust Co., Chicago, 111
4,000,000
(Above banks consolidated under new charter and title of
First Trust & Savings Bank,
Chicago, 111., nonmember.)
Farmers Trust & Savings Bank,
Seneca, 111., member (absorbed by
State Bank of Seneca, 111., a member)
25,000
District No. 8
Peoples Savings Bank & Trust Co.,
Pine Bluff, Ark. (voluntary withdrawal)
100,000
District No. 11
First State Bank & Trust Co., Snyder, Tex. (voluntary withdrawal)._
50,000
First State Bank, Idalou, Tex.
(closed)
25,000
District No. 12
Monterey County Bank, Salinas,
Calif, (title changed to Monterey
County Trust & Savings Bank).
Thomaston, Me
i
$9, 000,000 i$67,172, 500
Somerville National Bank...
First National Bank
Wernersville National Bank
& Trust Co.
National Bank of Rising
Sun.
Unaka and City National
Bank.
American National B a n k . . .
MilHkin National Bank
First National Bank
First National B a n k . .
Security National Bank
First National Bank
First National B a n k . .
Rising Sun, Md
Johnson City, T e n n . .
6,632,000 117,735,000
I
74,000 ! 1,240,000
Beaver Dam, Wis
I
Docatur, 111.
Alliance, Nebr
Omaha, Nebr
Norman, Okla
Childress, Tex
Beverly Hills, Calif—
Medford, Oreg
First National Bank
and 9.
1 to 9.
Ito9.
Ito9.
5 to 9.1
Ito9.
1 to 9.
5 to 9.1
1 to 9.
5 to 9.1
1 to 9.
Ito9.
1 to 9.
1 to 9.
i Supplemental.
30,000 i
590,000
30,000
315,000
20,000 j
607, 000
Changes in National Bank Membership
' 7, 500,000
i 6, 000, 000
The Comptroller of the Currency reports the following increases and reductions in the number and capital
of national banks during the period from December 22,
1928, to January 25, 1929, inclusive:
146, 574, 000
116,283,000
Number of
banks
10, 000
25, 000
886, 000
Aggregate of new charters, banks, restored
to solvency, and banks increasing capital.
30,660,000
1,990,000
1, 000, 000
Liquidations
Reducing capital 2
!
15,000
684,000
i
5,000
192,000
The following member institution has been authorized by the Federal Reserve Board to accept drafts and
bills of exchange up to 100 per cent of its capital and
surplus: Chatham Phenix National Bank & Trust Co.,
New York, N. Y.
_
Total liquidations and reductions of capital-
Amount of
capital
$500,000
0
30,160,000
New charters issued.
150, 000 Restored to solvency
Increase of capital approved i
Acceptances to 100 Per Cent
Thomaston National Bank.. 1, 2, 3, 5, 8,
Somerville, Mass
Huntington, N. Y
Wernersville, Pa
30
2, 990,000
Consolidation of national banks under act of
Nov. 7, 1918
Consolidation of a national bank and a State
bank under act of Feb. 25, 1927.
Total consolidations
63,625,000
Aggregate increased capital for period
Reduction of capital owing to liquidations, etc
Net increase..
30. 660,000
2,990,000
28,100,000
91,725,000
27, 670,000
i Includes 3 increases in capital aggregating $5,850,000 incident to consolidations of State banks under act of Feb. 25, 1927.
*Includes one reduction in capital of $300,000 incident to a consolida
tion under act of Nov. 7, 1918.
224
FEDERAL RESERVE BULLETIN
MARCH, 1929
DETAILED BANKING STATISTICS FOR THE UNITED STATES
FEDERAL RESERVE BANKS
BILLS DISCOUNTED, AND DEPOSITS BY CLASS OF DEPOSIT
[Monthly averages of daily figures. In millions of dollars]
Federal Reserve Bank
Total
Boston
Bills discounted:
1928—February
March
April
May
-.
June
Julv
August.
September
October
. _
November
December
1929—January
February _
Total deposits:
1928— February..._ .
March
April
May
May
1929—January
February
_ _.
_
_ ..
..
.
_
_
Phila- Clevedelphia land
Richmond
At•St.. Minne- Kansas Dallas
lanta Chicago Louis apolis
City
San
Francisco
470.7
513. 2
660.9
835. 5
1,018. 7
1, 089. 6
1,060. 8
1,064.3
975.2
897.3
1,013. 0
859. 2
889.2
June .
July
August
September _
October
November
December
1929—January
February...
Member bank reserve balances:
1928—February _
March
April
May
_
June
July
August..
September
October _._
November
December..
1929—January
Februarv.
Government deposits:
1928—February
March
April
.
June
July.
August
September
October
November
December
1929—January.
Februarv
All other deposits:
1928—February
March
April
Mav
June
July
August
September _
October
November
New
York
..
45.2
49.5
44.4
59.6
84.8
68.0
61.1
50. 9
45.9
50.6
65.0
60.4
61.9
119.3
130.0
210.9
296.9
376.1
382.6
321.3
352.3
300.7
238.1
298.7
245.9
216.3
53.1
49.2
52.7
60.4
80.2
93.8
99.1
106.5
93.7
79.3
91.3
73.1
85.5
50.8
57.0
60.8
68.4
89.3
100.8
80.1
77.8
75.5
85.6
108.0
79.7
84.7
27.3
27.8
34.6
43.0
48.0
54.9
56.6
57.2
47.8
42.5
40.8
40.7
41.0
28.3
25.2
38.9
51.9
59.8
68.5
76.8
82.9
79.4
68.7
57.8
58.5
55.8
50.9
67.9
87.6
109.5
136.1
156.7
159.4
113.8
134.1
138.8
178.9
142. 7
165.9
24.0
26.1
33.1
39.0
52.9
55.1
58.8
65.0
49.8
43.9
39.6
37.4
37.8
3.3
10.1
10.6
8.5
12.2
18.5
17.8
18.1
16.0
10.4
12.0
12.8
11.4
10.5
18.8
22.9
22.4
23.9
22.7
24.0
31.3
43.1
44.2
33 3
32.5
11.3
16.7
29.8
29.6
25.3
21.3
17.9
20.6
19.2
52. a
63.1
61.3
64. a
49.4
56.5
76.7
86.5
73.5
69.6.
60.3
55 0
75. a
2,419. 5
2,411.7
2,450. 2
2, 438. 8
2, 394. 9
2, 372. 6
2, 330. 2
2, 370.1
2,380. 6
2, 401. 6
2, 415.1
2,436. 3
2, 406. 7
154.1
153.7
159.0
155.7
150.6
151.4
149.6
152. 6
J 155.0
I 154.7
! 150.7
i 152 4
149.2
942.7
948. 8
972.8
965.1
942.1
919.4
889.8
897. 8
902.9
920.9
939.1
953. 2
943. 2
140.4
140.7
142.3
140.8
137.8
137.2
134. 4
137.9
137.0
136.4
136. 8
139. 4
135.4
192.2
189.5
190.3
191.8
188.9
190.1
189.3
195.8
190.9
188.9
186.2
190. 1
188.7
75.1
72.9
73.4
71.8
70.2
70.1
69.7
70. S
71.3
71.5
71.7
71.9
71.1
72.5
71.2
72.4
70.9
67.8
66.5
66.4
65.2
65.8
67.1
69.6
69. 1
69. 1
349.7
349.7
353.5
358.2
355. 9
355.4
350. 6
357.0
357. 7
357.7
357.2
358. 2
357.0
87.5
84.5
84.3
84.1
81.6
81.6
80.8
83.6
83.5
83.8
85.3
85 9
85.0
54.6
55.3
53.9
53.1
54.0
53. 3
52.6
55.0
57.0
57.5
56.4
55. 3
54.0
95.0
94.4
94.1
92.8
91.8
93.7
94.8
97.5
95.7
94.8
94.4
95 6
93.8
70.6
68.5
67.0
66.3
65.2
65.6
64.8
67.3
70.8
73.1
73.7
73.3
72.8
185.0
182.5
187. 3
188.0
189.0
188. 3
187.4
189.5
193.1
195.1
194.0
191. 8
187.3
151. 0
151.2
156.3
153.6
149.3
149.9
147.1
149.6
152. 5
152.0
148.6
150.5
146.7
924.4
931.6
955.5
946.8
925.9
902.4
872.0
883. 2
889.7
903. 4
923.4
936.3
928. 5
138.5
138.6
139.3
138.5
136.2
134.7
132.0
134.9
134.8
134.4
134.5
137.2
133.5
188.1
186.0
186.7
188.7
185.9
186.8
185.8
190.3
187.8
185.4
183.4
187. 0
185.7
72.4
70.6
69.9
69.0
68.5
67.2
66.2
67.6
68.3
69. 1
69.6
69.7
68.6
70.0
69.4
69.1
68.3
66.6
64.7
63.7
62.7
63.4
64.8
67.5
67.2
67.6
345.8
345.7
348.1
353.2
352.0
351.0
344.8
352.3
353.3
354.0
353.0
354. 3
352.8
85.0
82.8
82.5
82.3
80.3
79.7
78.5
80.1
80.5
81.5
83.4
84 2
82.9
53.1
53.9
52.4
51.6
52.9
52.0
50.7
53.0
55.1
56.1
55.1
53.9
52.5
92.4
92.4
91.9
90.6
90 3
91.7
92.4
92.8
92.5
93.0
93.0
93 9
91.9
69.3
67.1
65.4
64.9
64.1
63.7
62.5
65.5
68.9
71.4
72.2
71.8
70.7
178.2
175.8
179.5
180. a
182.5
179.9
178.2
182.4
185.2
187.3
183.2
180.7
176.0
2.0
2.0
2.1
1.6
.6
.7
1.6
1.6
1.7
1.4
1.4
1.2
1.3
6.8
5.9
5.2
5.3
4.1
3.7
6.9
4.2
3.3
2.9
4.6
3.7
4.7
11.5
11.3
12.1
13.1
12.1
13.4
10.8
10.4
9.9
14.6
11.1
13.2
10.0
1.3
1.6
2.3
1.6
.8
1.3
1.4
1.3
1.2
1.3
1.6
1.3
1. 1
.6
.6
.8
.8
2.2
1.9
1.7
1.6
.8
1.0
1.2
1.3
.9
1.2
1.2
.9
1.3
2.3
2.0
3.0
2.3
1.2
2.2
2.7
1.7
2.2
1.9
1.7
1.7
2.1
.4
.3
.5
.4
1.9
1.5
2.7
2.0
.8
1.4
2.2
1. 6
1.6
1.8
1.7
1.5
1.1
2.3
2.2
3.0
2.8
1.1
1.8
2.7
1.2
1.4
1.4
1.5
1.6
2.3
1.4
1.2
1.2
1.3
.8
1.2
1.2
.9
1.1
1.3
1.2
1.0
1.0
1.1
.6
.9
1.4
.8
.9
.9
.8
1.0
1.1
1.4
1.1
1.3
1.4
.6
1.2
1.4
.7
1.1
.9
.8
1.2
1.3
1.8
1.5
1.9
1.9
.9
2.7
3.2
1.1
1. 6
1.3
1.4
1.8
2.0
.6
.3
.6
.6
1.7
1.8
2.4
2.3
1.0
.5
.6
.6
.3
.4
.5
.4
1.2
.9
.9
.9
1.0
1.2
1.4
1.1
.7
1.5
2.0
1.2
1.6
1.4
1.2
1.3
1.1
.2
.2
.3
.3
.4
2.8
.7
.5
.9
1.0
.8
.5
.4
.4
.4
.8
1.0
2.8
1.7
1.1
1.0
.7
.8
.5
.5
1.2
1.0
.5
.5
.5
.4
.3
2.7
3.1
3.5
3.0
2.3
2.7
2.3
1.9
.8
1.0
4.0
2.1
.9
.6
.5
.6
2. 368.1
2, 365. 0
2, 396. 5
2, 387. 6
2, 354. 5
2, 323. 5
2, 273. 9
2, 314. 3
2, 332. 2
2, 352. 3
2, 366. 8
2, 386. 7
2, 357. 3
25.6
23.0
20.8
23.8
12.8
19.5
27.9
17.6
18.7
17.5
18.8
18.2
20.9
25.8
23.7
26.9
27.3
27.5
29.7
28.4
38.2
29.7
31.8
29.4
31.3
28.5
;
!
1
|
1
i
1
!
1
\
!
;
i
!
1
i
1.2
.5
.6
.6
.7
.9
.9
1.4
.7
1.3
:S
1.2
1.9
1.6
1.9
1.6
.9
2.1
.5
1. 1
1.0
1.7
1.0
.8
.8
.8
.7
2.3
2.3
4.2
2.1
2.4
1.6
.7
.7
1.5
.8
.5
.5
.5
.4
r.8
L2
4.0
4.1
3.8
8.0
9.0
.4
.4
.5
.3
.3
.3
.3
1.0
5.0
5.2
5.9
5.9
5.6
.5.7
6.0
6.1
6.3
6.6
9.4
9.3
9.3
MAECH,
225
FEDERAL RESERVE BULLETIN
1929
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES AT END OF MONTH
[In thousands of dollars]
1928
1929
Feb. 29
Feb. 28
Jan. 31
Total gold reserves
Reserves other than gold
2,676,805
153, 549
2,656, 550
164,354
2,808, 370
165,931
Total reserves.
Nonreserve cash
2,830,354
73, 930
2,820,904
87,814
2,974,301
70, 296
972, 631
805, 388
492, 568
303,853
25, 700
*382, 870
*56, 947
302,932
40,827
329, 553
439,817
343, 759
164, 984
3,750
199, 017
2,710
401, 607
5,995
168, 734
10, 250
201, 727
9,025
407, 602
1,000
1, 481,168
724
27,729
1,455, 957
730
27,407
1,244, 929
567
17,850
1,509,621
1,484,094 I
1, 263, 346
22,361 !
597,761 j
*58,622 |
*8,298
17,150
579, 520
59, 064
11,168
EESOURCES
Bills discounted
_
Bills bought:
Outright
Under resale agreement
_
Total bills bought
United States securities:
Bought outright
U nder resale agreement
Total United States securities
Other securities
_
__
Total bills and securities
Duo from foreign banks
Reserve bank float1
Total reserve bank credit outstanding...
Federal reserve notes of other reserve banks...
Other uncollected items not included in float..
Bank premises._
__
All other resources..
17,076 |
648, 607
58,660
7,907
146, 155
5,079,854
4, 974, 845
17, 076
1, 647, 466
22, 361
1, 632, 948
17,150
1, 571,088
Total resources..
Federal reserve notes:
Held by other Federal reserve banks.
Outside Federal reserve banks.
1,664,542 !
1,655,309 j
1, 588, 238
Deposits:
Member bank—reserve account.
Government
Foreign bank
Other deposits
2,362, 358
21, 260
5, 849
19,130
2, 362, 002
16, 854
6, 231
22,454
2, 374, 515
27, 917
6,044
17,129
Total deposits
Deferred availability items..
Capital paid in.
Surplus
All other liabilities
2,408,597
648,607
153,480
254,398
18,531
2,407, 541
597, 761
148, 810
254, 398
16, 035
2,425, 605
579, 520
136, 592
233,319
11, 571
Total liabilities
5,146,155
5,079,854 '
4, 974, 845
Total notes in circulation.
I
j
I
j
304, 499
Contingent liability on bills purchased for foreign correspondents..
238^817
312, 814
* Revised.
1
Uncollected items (exclusive of Federal reserve notes of other,,Federal reserve banks) in excess of deferred availability items.
KINDS OF MONEY IN CIRCULATION
[End of month figures. In thousands of dollars]
Total
1928—Jan.31
Feb. 29 .
Mar. 31
Apr. 30
May 3 1 . . .
June 30..
July 3 1 . . .
Aug. 3 1 . . . .
Sept. 29
Oct. 31
Nov. 3 0 . .
Dec. 31
1929—Jan. 31_.
Feb. 28»
1
Gold
coin
..._j 4, 677,055 389,364
385,856
4,690,430
383,116
_j 4,748,934
:
381, 203
. 4,748,458
379, 684
_. ! 4,744,074
i 4,796,621 377, 017
. . . . ; 4,700,535 374,980
373, 558
4,802,820
! 4,846,198 i 372,909
373,202
| 4,806,230
374,306
4,990,114
1 4,973,168 j 395,310
4,656,617
--! 4,699,218 378, 216
Preliminary.
Gold certificates
1,015,888
1, 003, 880
1,024,875
1, 020, 267
1,013,139
1,019,149
977,077
981, 785
977,673
959, 652
1,030, 546
990,996
923,193
935, 437
Standard
silver
dollars
46, 764
46,412
46,188
46,154
46, 228
46, 223
46,082
46, 241
46,411
46, 298
46, 342
46, 475
44,456
44, 075
Silver
certificates
Treasury
notes of
1890
Subsidiary
silver
Minor
372,485
368,938
372, 709
377,946
379,604
384, 577
384,159
391,047
397, 589
394,328
404,860
410, 334
381,672
385, 389
1,312
1, 311
1,308
1,306
1,305
1,304
1,301
1,300
1,298
1,296
1,295
1,294
1,292
1,291
276,105
275,101
274, 544
276,089
277,404
278,174
279,072
280, 661
283,296
285, 350
288,002
291,314
280,751
280, 768
109, 727
109, 640
109,922
110, 306
110,921
111,067
111, 400
111,937
112,431
113,427
114,641
115, 613
114,007
113, 780
United
States
j Federal
™™
notes
"I"
283,119
286,187
290, 046
293,119
296,189
298,438
293,235
300, 563
303,110
300, 659
306,015
294,199
282,172
283, 603
™
I notes
1, 560, 703
1,570,063
1, 588, 391
1,585,904
1,586,975
1,626,433
1, 592,137
1, 662, 249
1,698,908
1, 689,171
1, 770,184
1,808, 053
1,631,432
1, 646, 567
4,237
4,178
4,138
4,096
4,072
4, 029
3,985
3,948
3,916
3,880
3,848
3,820
3,775
3,747
Nati0Dal
bank
notes
617,290
638,866
653, 696
652, 068
648,552
650, 212
637,109
649, 532
648,656
638,965
650, 077
615, 761
612,915
626, 344
226
FEDERAL RESERVE BULLETIN
MARCH, 1929
FEDERAL RESERVE BANKS—AVERAGE DAILY RESERVES AND DEMAND LIABILITIES IN FEBRUARY AND
JANUARY, 1929
[In thousands of dollars]
Total deposits
Total cash reserves
Reserve percentages
Federal reserve bank
February \ January : February
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas C i t y Dallas
San Francisco.
173,813
991, 902
174,187
266, 226
93, 785
126,182
432,821
86,321
81, 919
110, 710
64,945
223, 859
Total-
170,746 !
906,036 :
185, 394
260,428 :
89,489
113,999
461, 262
87,670
78, 366
116,079
64, 878 i
243, 416
January
149,229
943,161
135, 384
188, 741
71,101
69,113
357, 010
84,955
54, 036
93, 787
72, 800
187, 334
2,826,670 I 2,777,763 [ 2,406,651
152, 354'
953,202
139. 351
190, 097
71,934
69,123
358, 213
85,919
55, 297
95, 591
73, 346
191,823
2, 436, 250
February
January ; February
129, 810
318, 571
140,128
203, 358
76,663
130, 245
277, 267
143,925
333,814
131,801
205,441
81,275
130,349
205,618
61,571
02,024
6S, 283
44,400
163,617
60,257
61, 274
66, 639
40, 017
159, 263
1, 663, 492
January
62.3
78.6
63.2
67.9
63.5
03. 3
68.2
59.4
71.0
69.0
57.6
64.6 I
:
i
:
i
!
|
;
57.6
70.4
68.4
65.8
58.4
57.2
70.5
59.4
66.8
70.8
55.1
68.5
66. i
1,722,118 i
FEDERAL RESERVE BANKS-RESOURCES AND LIABILITIES, BY WEEKS
RESOURCES
[In thousands of dollars]
Total
Gold with Federal reserve
agents:
Feb. 6
_
Feb. 13
Feb. 20
_
Feb. 27
Gold redemption fund with
United States Treasury:
Feb. 6
_
Feb. 13
Feb. 20
Feb. 27
Gold held exclusively against
Federal reserve notes:
Feb. 6
_
Feb. 13..
Feb. 20
Feb. 27
Gold settlement fund with
Federal Reserve Board:
Feb. 6
Feb. 13
Feb. 20
Feb. 27._
Gold and gold certificates held
by banks:
Feb. 6
Feb. 13
Feb. 20
Feb. 27—_
Total gold reserves;
Feb. 6
Feb. 13..
Feb. 20
Feb. 27
Reserves other than gold:
Feb. 6.
Feb. 13
Feb. 20
Feb. 27
Total reserves:
Feb. 6.
Feb. 13..
Feb. 20
Feb. 27
Nonreserve cash:
Feb. 6
Feb. 13...
Feb. 20
Feb. 27
_
Boston
New
York
Minneapolis
San
Phila- Cleve- ; Richdelphia
land
mond
Atlanta
50,814
53,985
52,599
51,683
79,137
87,91l|
86,529*
91,623
232,836|
232,728
232,651
202,651
28,017
30,550
28,143|
27,901
47,536
47,536:
48,057
47,448
54,300
53,773
52,833
52,571
18,254
19,481
21,342
20,826
138,070
144,545
147,959
139, 932
2,789
2,259
2,540
2,474
4,547
3,790;
3,669!
4,414
6,307
4,796;
6,483
10,434
5,332
6,112
3,945:
3,637i
1,091'
1,351:
1, 507'
4,1
4,157
4, 582
V~~
2, 505
2,344i
1,942
2, 263
4, 241
4, 580
4,071
4, 205
58,386
57,930
57,415
57,059
20,759
21,825j
23,284J
23,089
142,311
149,125
152,030
144,137
1,192,665
1,214,425!
1,207,199;
1,167, 630
62,305
60,163
63,167
61, 565
242,1731
"J" """
242,072
241,981
241, 981
102,174!
103,460!
93464
93,464
91,582
64,362!
60,347
60,476
67, 836i
7,630
9,029
5,336
6,440
12, 560
11,441
14,841
13, 558
8,221
5,758
6,759
8,129
137,049i
138,221
138,474'
138474'
137,867!
5,053
4,730
4,801
5,916
Chicago
St.
Louis
Kansas Dallas
1,878
Francisco
1,257,027
1,274, 772
1,267,675
1, 235,466
69,935
69,192
68, 503
68,005
254,733- 110,395 142,102;
253,513! 109,218 142,951
256,822: 100,223 143,275
255, 539 99,711 143, 783
53,603'
56,2441
55139
55,139
54,157
83,684
91,701
90,198
96,037
239,143
237,524
239,134
213,085
|
i
33,349J 48,627i
36,6621 48,887|
32,088i 49, 564!
31, 538i 49, 326
747, 771
752,817
764,092j
796,139
50,024
61,669
73, 793
65,889
299,273
269,467
329,7031
334,545'
|
28,178
26,146
22,749
20,086
64,83066, 508
70,422
80,453,
12,332
15,825|
12,913|
14, 573
17,206
19,614
16,376
20,087
134,057
136,167
93,414
122,034
22,870
26,912
20,970i
28, 233!
25,039
25,619
23, 730
21, 577
37,899
42,280
40,467
42, 847
20,826
27,252
26, 747
22,992
35,237
35,358
32.808
22, 823
659,122
658, 632
649.343
655, 241
27,519
27,385
24,864
24,125
414,97l|
414,398i
407,006
411,873
36,500
37,123
37,093
38,859
45,397i
44,017
44,659
44, 899j
14,295
14,632
14,392
14, 262
6,678i
7,148j
7,196
7,382
51,151
51,008
53, 544
53, 864
11,470i
11,625
11, 905
11, 250:
4,192
4,660
4,595
4,961
5,428
5, 581
5,261
4,997
12,837
12,909
10, 517
10, 553
28,684
28,146
28, 311
28, 216
147,478 968,977
158,246
937,378
167,160 993,531
158,019 1,001,957
175,073
172,487
160,065
158, 656
252,329.
253,476
258,356
269,135
80,230
86, 701
82,444
82,992;
107, 568
118,463
113,770
123,506
424,351
424,699
386,092
388,983
67,689
75,199
64,963
71, 021
77,858
79,166
77,889
75, 864
101,713!
105, 791 i
103,143!
104,903;
54,422
61,986
60,548
56,634!
206,232
212,629
213,149
195,176
10,686| 10,970 15,978
9, 709] 10,596 15,401
9,115J 9, 738 15,180
8, 794 9.380; 15,866
18,255
18,197
17,405
16, 785
3,038
3,062
2,878
3,225
5,734!
6,356!
6,216
6,316
90,916
96,410
91, 559
91, 786
440,329
440,100
401,272
404,849
85,944
93, 396
82, 368
87,806
80,896
82, 228
80, 767
79,089
107,447
112,147;
109, 359 i
111,219
!
61,605!
69,192
67,743
63,719
220,107
225,495
227,673
210,096
7,488
6,764
7, 073
7.826
4,659
4,510
4,475
4,3201
1,138
1,096
1,281
1,151
1,929!
2,064!
1, 757 i
3,193|
3,320i
3,280:
3,448J
4, 710
4, 774
4,484
4, 605
2,663,920
2,686,221
2,681,110
2,686,846
166, 685
161,928
158, 751
157,318
18, 732
18,715
17, 577
17, 502
41,107
40,970
39, 773
41, 213
9, 534 11,593
8,743 10,107
7,175
10,281
9,057
2,830,605; 166,210 1,010, 084
2,848,149 ! 176,961 978, 348
2, 839, 861 184, 737 1, 033, 304
2,844,164;! 175,521 1,043.170
184,607
181, 230
168,934
165,831
263,922
263,583
268,637
278,192
35,089
33, 531
31,451
32, 081
2,476
2,597
2,586
2,433
86,458!
81,967
77, 396
78,1181
8,892
8,201
6,756
6,290
4,!
4,:
4,618
4, 6791
7,392
6,442
5,611
5,631
118,538
129, 059
123,508
132,886
4, 508
4,399
4, 024
3, 759.
1,8951
7,183 13,875
7,206 12,866
7,195 14,524
7,085 14,920
MARCH,
227
FEDERAL RESERVE BULLETIN
1929
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
RESOURCES—Continued
[In thousands of dollars]
Total
Bills discounted:
Secured b y U . S. Governm e n t obligations—
Feb.6
F e b . 13.
Feb. 2 0 . . .
F e b . 27
Other bills discounted—
|
Feb. 6
F e b . 13
F e b . 20
F e b . 27
Total bills discounted:
Feb.6
F e b . 13
.-.Fob. 20
F e b . 27
Bills bought in open market:
Feb. 6
F e b . 13
F e b . 20
F e b . 27
U . S. Government securities:
Bonds—
Feb. 6.
F e b . 13
F e b . 20
F e b . 27
Treasury notes—
Feb. 6
F e b . 13
F e b . 20
F e b . 27
Certificates of indebtedness—
Feb. 6
F e b . 13
F e b . 20
F e b . 27
Boston:
Phila- Clevedelphia
Dallas
539.462
617,744:
518,271;
608, 752
35, 387
37, 229
36, 835
40,838
141,628
197, 399
107,926
172,139
48,112
53,109
59, 613
62, 560
49,879'
65,169 j
54,716|
53,185
18, 716
16,624
20,722
21,835
23, 247 96, 226
19,520 115,797
19,019, 111,429
17,491| 118,198
23, 549
21, 570
25,486
21, 418
312,159
286, 205
346, 709!
343, 730!
26, 888
16,952;
17,166
23, 654:
53,499
55, 294
73, 801
50, 250
22,220
27, 083
30,961
31, 961
30, 844
24,336
26, 093
24, 640
20, 722
18,411
20,485
21, 325
36, 218J
37, 460
36,133 i
34,998,
54,486
46, 615
77, 773
87.932
15, 503
10, 741
16, 322
16,469
851,621
903, 949
864,980!
952. 482
62,275
54,181
54,031:
64, 492:
195,127
252,693
181, 727
222, 389
70, 332
80,192
90, 574
94, 521
80, 723!
89, 5051
80,809!
77,825
39,438
35,035
41,207
43,160
59,465!
56,980
55,152i
52,489!
150,712
162,412
189,202
206,130
410,742i
391,058
355, 636;
334,075',
58, 762
55,809
47, 623
43, 707
103, 734
94,598
70, 355
66, 632
25,16:
26, 762
24, 793
22, 543
37,061
35, 505;
34,484!
32,418!
17,488
15,955
15,613
14, 218
51,615;
51, 592i
51, 592'
51,593
689
689
1,384
1,
1,384
1,384
585
585
585
585
548:
548!
548!
548!
97,8691
96, 843,
95,144!
90, 738
3,091
3,091
3,004
2, 630
12, 682
11,682
10, 381
9, 332
10, 307
10,307
10, 225
9, 871
50, 605
28, 735
25,853;
24, 069!
4,411
2,524
2,219
2,078
12,121
5,603
4,549j
4, 6001
8,191
26,187j
18,669J
16, 314
15, 316
5,102,145
5,143,935
5,107,100!
5,166, 586
5,912
5, 397
28,
28,
28,
28,
6,398
13,846
18, 356
14,600
13,480
12, 578
58, 829
56,471
47, 053
60,690
3,892
3, 403
3,067
2,604
20,296!
18,614;
16, 441!
15, 331j
4,6191
2,797
4,232|
5, 398
22,972
24,499
24, 235
29,168
052
311
808
887
12,976
11,483
9,46."
16,450
36, 745
30, 790!
31,999;
29, 305!
22.975
17, 397
17, 718
17.976
81, 801
80, 970
71,288
89, 858
22,162 ; 42, 2301 9,172
9,093
19, 760: 39,440
19, 716' 39,488 10, 397
19, 058! 37, 422
15, 777
13,838
13, 357
12,805
9,129!
9,62li
11, 5391
9, 892,
20, 003 50,057
18, 791 51, 886
19, 200 49, 071
18, 855 46, 854
4,519
4,519
4,519
4,519
7, 755!
7,755:
7, 755!
7, 755i
7, 813!
7, 813;
7, 813
7, 813!
6, 239: 11, 563 4,619
6, 214 11, 563 4,619
6, 339 11, 504 4,575
5, 238 11, 253 4,385
902:
902
902:
902
2,219
2,219
2, 219|
2, 2191
1,152
1,152
1,152
1,152
44
21'
21:
22
:
530'
530,
4341
024
1,062
l,06r
1,03;
903
3,
3,
3,
3,
10, 555
8, 771
" •8, 348
3,8841
1, 8141
1,480'
1, 324!
1,213
561
455
407
1, 303;
67l!
452
400!
21, 44'
19, 663
19, 293
18,804
32,962 :
30,892
30,462
29,896!
3,427
2,775
2,640
2,462
4,905
4, 249;
4,002:
3, 825,
558
557:
529,
403i
19,937,
19,937 !
19,937
19,937:
39,
32,
41,
37,
7,12
7,125
7,125
7,125
150, 7461
155, 9021
14K 7K»v
145,755;
140,139!
325,048.
365,960
268,396|
304,337
116,946
126,617
134,660
135,868
54
54
54
54
222
222
219|
519
219|
70
70
70
70
64,165
68,186
69, 250
69, 976
175,703!
177, 457
205,457
195, 618
56,096
55, 273
62,827
60, 776
57,302
61, 508!
69,715!
70,934
50,44:
51, 32:
48,882
51, 017
3,702
3,702
3,702
3,702
16,087
16,087
16,087
16, 087
1,752
1,752
1,752
1,752
6, 535
6, 5351
6,535;
6, 5351
71
71
85
55
1,047
973
776
823
228
261
282
347
372, 322
373,469
372,150
369,194
1,563, 280
1, 572, 578
1, 555, 690
1, 592, 335
362,175
367,800
371,11:
367,07'
60, 353
53, 765
59,460
59,840
86, 5321
80,989
78,870:
75,372!
64
64
64
64
i
7, 439: 2, 355
3,251 1,
3,225
885
2,397,
1,770
817
663
592
33, 615' 21,043 10,908
29, 402 19, 777 9,955
9, 757
29,501! 19,514
27, 572 19,168 9,496
825
825
1,825|
1,825
129,228
116,294
107,566
113,596
San
Francisco
16,449':
12,176|
15, 558
13,974j
1
Total U. S. Government securities:
j
200,089
Feb. 6
!
177,170
F e b . 13
____|
172, 589!
F e b . 20
i
166, 400
F e b . 27
Other securities:
1,075'
Feb. 6
9,075:
F e b . 13
10, 075
F e b . 20
10, 075
Feb. 27
"ITotal bills and securities:
1,471,527Feb. 6
l,481,252i
Feb. 13
_
l,403,280i
Feb. 20
1,463,032.
Feb. 27
Due from foreign banks:
731! [
Feb. 6____
73l!
Feb. 13
729
Feb. 20
TOO:i
729
Feb. 27
Uncollected items:
646, 528|
Feb. 6
665,350!
Feb. 13.._
719,2441
Feb. 20
713,637;
Feb. 27
Bank premises:
58,622i
Feb. 6.
58,656 !
Feb. 13
58, 656|
Feb. 20
58, 660
Feb. 27
All other resources:
7, 674j
Feb. 6
7,830
Feb. 13
Feb. 20
7,934!
Feb. 27
8,246
Total resources:
Feb. 6
F e b . 13
F e b . 20
F e b . 27
New
York
29
29
29
29
24,790 :
24,182
27, 797i
23,935j
74, 5871
77, 590
86, 359;
88,350
31,089
33,393
31,094
31, 230
3, 57£
3, 575
3, 575
3, 575
2,744
2, 744
2,744
2,744
3,828
3,862
3,862
3,862
1,1751
1,1921
1, 208;
1,224
47!
503
499
492
1,389;
1,486,
1,7041
1 663
8, 527!
8, 527
8, 527;
8, 527i
I
797,'
818i
827,
952!
484,739
493,064'
496,543
501,778;
213,19C
212,05C
209,620
212,375
238,529
242,887;
238,676!
240,388|
758,3851
765,153:
762,349!
781,728;
506
3,942
706, 1,822
856 1,480
706! i} 321
9, 763 10, 538,
9,763; 10, 738
9,763 10,888
9,763 10,738
1,
1,
1,
1,
500
500|
500!
500!
6,000)
6,000
6,000
6, 000
17,103
14,983
" ~14, 543
13, 963
750
750
750
750
57,137
51,674
54,80ll
50,460
59,516:
52,926!
53,806|
53,569
149,711
148,589
135,652
151,425
24
24
24
24
24[
24!
24
53
53
53
53
12,440 37,864
12,497 37,434
13,073 37,132
13, 203 41, 285
26, 794
27, 332
28,310
26, 580
35,257
39,177
39, 348
40, 733
226,557!
,
40,486
231,254; 61,181 36,101
258,19l! 71, 719 34,404
271,124! 66,726 40, 576
100;
100
100:
100!
1,106!
1,106!
1,106:
1,106
13,097
13,097
12, 999
12, 578
18
18
18
18
2,110
2,110J
2, lio!
2,110
4,140!
4,140
4,140
4,140
1,921
1,921
1,921
1,922
3,701
3,701
3,701
3,704
4561
473
483
488
790
762
772
326
369
359!
379!
513
511
526
539
403
411
413
418
195,272
196,844
194,030
194,461
137,878
134,812
132,425
137,013
208,867!
207,852!
207,572!
209,402
153,566
155,226
155,610
149,801
413,942
422, 200
411,324
411, 034
228
FEDERAL RESERVE BULLETIN
M A R C H , 1929,
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
LIABILITIES
[In thousands of dollars]
Boston!
Federal reserve notes in circulation:
Feb. 6
Feb. 13...
Feb. 20.—
Feb. 27...Deposits:
Member bank—reserve account—
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Government—
Feb. 6 . .
Feb. 13
Feb. 20
Feb. 27..
Foreign bank—
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Other deposits—
Feb. 6
Feb. 13
Feb. 20.
Feb. 27
MEMORANDA
RichChim o n d Atlanta! cago
Phila'delphia
I
1,
1,
1,
1,
646,
659,
651,
653,
127, 953i
128, 962,
127,438j
318,161|
315,7091
313,707!
308,057
132,879
142,595
139,452
140,995
195,'
205,976
201,459
208,374
77,393
75,653
75,624
74,620
2,
2,
2,
2,
386, 284 I 147,851
372, 622 '••
153, 078
318, 644 ! 143,018
367, 250!i 141, 879
948,515
947,1511
917,400;
959,853
136,188
129,756
132,401
128,758
188,
181,
184,
182,
69,
68,
67,
67,
168
1, 788!
3691
406
5,433
4, 687!
2, 2011
2,022|
1. 382
i; 301
858
1, i
5,876i.
5,37l|i
6, 475 :
5, 606 !
461
461
461
461
1, 533
1, 0281
2,1321
1,263
598
598
598
636
6361
636|
636!
21,938i'
22, 6671
20, 715 ,
18,960
110
110
118
8,076
7,384
8,384
7,766
91
235
138
218
148, 590]
155,437
143,966
142,828
963,557
960,250'
930,117
970,904
[
596, 735
640, 560
671, 503
675,013
62,120
59,251
68,404
68, 066
j
149, 565
149, 764
150,196
151,266
10,258
10,263
10,266
10, 265
254,398
254,398
254,398
254,398
19,619
19, 619
19, 619
19, 619
16,999
17,914
18, 387
18, 966
Total deposits:
Feb. 6
F e b . 13
F e b . 20
Feb. 27
Deferred availability items:
Feb. 6.
—
F e b . 13
F e b . 20
F e b . 27
Capital paid in:
Feb. 6
F e b . 13
F e b . 20
F e b . 27
Surplus:
Feb. 6
F e b . 13
F e b . 20
F e b . 27
All other liabilities:
Feb. 6
F e b . 13
F e b . 20
F e b . 27
Total liabilities:
Feb. 6
F e b . 13
F e b . 20.
F e b . 27.
130,847!
New
York
933
978
308
777
595
971 j
2,438,140
2, 421, 522
2,361, 021
2,412,972
5,102,145
5,143,935
5,107,100
I 5,166,586
I
j
284
788
722
058
2,609
287
1,391
1,304
560
786
721
676
1,411
1,512
921
1, 540|
St.
San
Francisco
i M£" Kansas
Louis *"£
City
274,126
275,958
276,945
278,561
60,091
59, 748
60,144
60, 049|
61,179
61, 275
61,420
61, 655
66,757
66,467
66, 537
66, 588
40,877
39,979
39,489
38, 617
158,983
159, 536
157, 689
158,437
67,098 352,564
69,445 ! 344,701
65, 038 342,167
67,195; 353,413
84, 524
84, 737
81,787|
82, 316;
53, 679
50,612
48,623
52,105
92, 398
91,835
91,909
90, 903
69, 652
69,876
70, 794
69, 524
175, 971
180,857
173, 064
171, 570
129,235
128,928
130,167
130,580!
1, 733: 1, 760 1, 3981 1, 055
1,765
2, 000 1, 261; 1, 396
412 3,644
1,389: 744
1,8651 4, 626 2,130 1,125
867;
1, 556!
1,177]
779:
4,300
2,430
1, 018 1,063
1,491 2,781
1,9
249
2491
2491
249
156
156
156
156
337
287
306
245
279
241
280
257
69,211 356,092
71,56l| 349,112
65,804; 347,333
69,389 360,290
86,508
86, 534
83,731
84, 940
55,169
52,405
49,803
53, 643
93, 733
93,903
93, 512
92,142
72, 748
72,009
73, 022
71, 248
189,895
193,682
183,172
182, 720
44, 802
46,082
45,300
48,498
22, 970
25,220|
25,497|
23,179!
69, 970
81,711
79,433
84,403
31, 249
33,106
32, 579
31, 860
10,487 34,349
10,081 33,470
10,100 33,498
10,620 36, 665
26,361
29, 572
29,392
26,184
35,733
39, 560
41, 006
40,424
14, 560
14, 605
14, 609
14, 609
6,162
6,170
6,174
6,176;
5, 261
5, 278
5, 282i
5, 282
18, 712
18, 700
18, 710
18,379
5,414
5,417
5,496
5,494
3,028
3,028
3,086
3,f"
4,;
4,:
4,:
4,286
4,310
4,326
4,383
4,446
10,643
10, 643
10,647
10, 640
24,101
24,101
24,101
24,101
26,345
26,345
26,345
26, 345
12,399!
12,399
12,399
12, 399'
10,554
10, 554
10, 554
10,554
36,442
36,442
36,442
36,442
10,820
10,820
10,820
10,820
7,082
7,082
7,082
7,082
9,086
8,690
8,690
8,690
17,978
17,978
17, 978
17,978
4,370
4,673
4,618
4,829
629
672
778
1,644
1,756
1,797
1,891
1,0611
1,043
1,090|
1, 088]
1,2
1,346]
1,372|
1,404
3,043
3,230
3,486
3,653
1,190
1,219
1,260
933
941
934
933
653
637
653
635
580
650
634
616
710
801
832
835
372,322 1,563,280
373,469 1,572,578
372,150 1,555,690
369,194) 1,592,335
362,175
367,800
371,111
367, 077
484, 739
493,064
496, 543
501,778
213,190;
212,050
209,620]
212,3751
238,529
242,887
238,676
240,388
758,385
765,153
762, 349
781, 728
195, 272
196,844
194, 030
194,461
137,878
134,812
132,425
137,013
208,867
207,852
207, 572
209,402
153, 566
155,226
155, 610
149,801
413,942
422, 200
411,324
411,034
287J
287]
287
287
243!
243'
2431
243
853
853
853
853
1,476
1,325
784
6151
I
115!
118
104!
|
137i 915
108,' 1,558
111! 669
86] 1,398
138,259
131,890
133,995
130,661
193, 005
184,036
187, 533
184, 613
71,373!
70, 703;
69,033
69,594
153, 525
168,140
183,441
183,386
51, 764
54,021
58, 053
55, 782
53, 405
60, 346
64,800
65,946
52,385
52, 524
52, 525
53, 877
71, 282
71, 282
71, 282
71, 282
14, 543
14, 521
14, 732
14, 732
If""
206
206
206
206
448
448
448
448
262
964
306 1,048
220 1,004
254
27
9,176
9,947
8,597
7,921
206
2061
2061
206
Ratio of total reserves to F e d eral reserve note a n d deposit
liabilities combined (per
cent):
Feb. 6
..Feb. 13
Feb. 20
Feb. 27
Contingent liability on bills
purchased for foreign correspondents:
Feb. 6
Feb.13
Feb. 20
--.
Feb. 27
Own Federal reserve notes
held b y Federal reserve
banks:
Feb. 6
Feb.13
Feb. 20
Feb. 27
_
69.3
69.8
70.8
59.5
62.4
67.7
64.9
78.8
76.7
83.1
81.6
68.1
66.0
61.8
61.0
67.9
67.6
69.1
70.8
61.1
65.9
63.3
63.6
59.7
64.4
63.0
66.5
70.4
64.3
63.4
58.6
63.8
57.2
60.6
69.5
72.3
72.6
66.9
69.9
68.3
70.1
54.2
61.8
60.2
58.0
63.1
63.8
66.8
61.6
306. I l l
312,893
306,830
306,461
22, 695
22, 997
22, 512
22, 705
92,345
96,285
94, 791
92, 601
29,443
29,834
29,205
29,456
31,283
31, 699
31,030
31, 297
14,108
14,296
13,994
14,114
11,961
12,120
11,864
11, 966
42,017
42, 576
41,678
42, 036
12,268
12,431
12,169
12, 273
7,667
7,769
7,605
7,671
10,121
10, 255
10, 039
10,125
10,121
22,082
417, 706
394,448
399,171
402, 383
22, 780
20,832
17,877
22, 599
325,438
120, 711
117,023
126, 014
48, 295
39,865
43, 712
38,487
38,152
30,047
36,418
29,196
18,358
18,269
17,292
29,841
30, 782
30,012
17, 381 30,833
32,039
29, 925
31, 715
30, 634
11, 961
11,417
10,814
11, 007
6,754
8,438
7,844
7,000
7,860
8,923
7,392
9,200
10, 255 22,376
10, 039 21,904
10,125 22,092
9,277
9,726 65,513
10,078 68,994
10, 373 69, 659
229
FEDERAL RESERVE BULLETIN
MARCH, 1929
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Phila- I Cleve- j Richdelphia land j mond
Boston
Federal reserve notes received
from comptroller:
Feb. 6
Feb. 13._
Feb. 20
Feb. 27
Federal reserve notes held by
Federal reserve agent:
Feb. 6
._
Feb. 13
Feb. 2O._
Feb. 27
Federal reserve notes issued to
Federal reserve bank:
Feb. 6
Feb. 13
Feb. 20
Feb. 27
-|
Collateral held as security for |
L Federal reserve notes issued to ;
!
Federal reserve bank:
Gold and gold certificates— i
:
Feb. 6
Feb. 13
Feb. 20
i
Feb. 27
.:
Gold redemption fund—
!
Feb. 6
_
!
Feb. 13
i
Feb. 20
;
Feb. 27
Gold fund—
|
Feb. 6
;
Feb. 13
i
Feb. 20
i
Feb. 27._
-i
Eligible paper—
Feb. 6_
I
Feb. 13
— .
Feb. 20
....
Feb. 27.
_|
Total collateral:
Feb. 6
Feb. 13
Feb. 20
Feb. 27._
_...
_
234,152
232,010
230,014
228, 412
2,927,701
2,911, 668
2,905,238
2,895,166
863, 6871
857,443 j
854,472
838, 812
I
770,404
769,225,
768,535
768,356
80, 525
83, 2r"
83,175
78,3'
326, 805
332,805
337,805
334, 285J
216,274
213,960!
214,9641
212,882!
272,662
272,1531
270,407!
270,700
116,892
115,063
113,677
112,762
221, 576
221,150
221, 769
222, 643
35,100
31, 500
31, 800|
33, 400|
38, 730i
36,130!
32, 530!
33,1301
21,141
21,141
20, 761
20, 761
62, 500
61,440
61, 590
61, 230
443, 599 181,174
436,420; 182,460
430, 7301 183,164
434, 071| 179, 482
233, 9321
236,023
237, 877
237, 570|
95, 751
93,922
92,916
92, 001
159,076
159,7101
160,179!
161,413]
50,000!
50,000!
50,000i
50, 000J
6,690
6, 6901
6,690!
6,690|
153, 627
148,785
146, 839
150, 03:
360,145
360,145
362, 6451
362, 645:
35,300
35,300
35,300
35,300
171,880;.
171,880.
171,880!_
171,880!.
97, 2061
93,611)
101, 3001
94, 7681
19,005
16,863
14, 867;
13, 265
15, 293;
15,192;
15,1011
15,1011
13, 397
11,083
14,087
12, 005
12,049|
13,221
13,474!
12,867
5,124l
3,295|
6,909
5,993J
5,2S7j
4,061!
8,679:
7,273J
735,314
760, 669
743,254
710, 217
8,000
8,000:
13,00013,000'
55,000!
55,000,
55,000,
55,000!
88,777
92,377
79,377
79,577
75,000
75,000
75,000
75,000
39,000;
44,000
39,000
39,000!
120,961
109,914
101,579
108,123
281,480! 79, 203
327,101' 85,257
235,785j 97, 719
267,374| 101,693
116,651
123,9081
112,435
109,634
183,266
170, 077
164, 746
169, 688
523, 653
569,173!
477, 766!
509, 355
253, 700
3,
262,129!
250,909
247, 501
I
j 2,412,703
_ . - | 2,459,412
2, 382,805
2, 408,039
Minneapolis
St.
Louis
27,350.
27,350 .
27,350;_
27, 350!.
2,064,014
2,054, 225|
2,050,766!
2, 056, 354!
1, 220,038
1,244, 987
1,175,606
1, 240,409
Chicago
Atlanta
|
Kansas i
City ; Dallas
San
Francisco
435,485i
431,104i
428,280
424, 515;
86,002
84,935
84, 528
84,486
83,722;
83,722
84,663
84,054
106,597'
106,070'
105,129;
105,388
129,
125,
119,
115,
13,950 15, 789
13, 770 14,009
13, 570 15, 399
13, 430 15, 399
31,980;
30, 680
31, 200
29, 600
14, 247 93,600
13, 922 93, 600
13,422 93, 600
13, 482 90,400
67,933
69, 713
69,264
68, 655
74, 617i
75, 390
73,929'
75, 788|
50,154
49, 705
49, 567
48, 990
320:
2211
620
320
306,165;
305,883,
308,660
309,195'
72,052
71,165
70,958
71, 056
64,401
63, 627
62, 989
62,472
319,534
318,649
320, 283
318,496
225,934
225, 049
226,683
228, 096
I
181, 377
188, 717
191,183
193, 275
7,500
7, 500
7,500
7,500l
14,167;.
14,167'
14,167:
14,167'"
1,836
1,728
1,651
1,651
1,517
2,050
1,643
3,401
2, 369i
2, 369;
2,890
2,281|
2,940
4,413
3,473
3,211
2,996
4,223
3,584
3,068
15, 393
15,113
14, 942
14, 652
46,500;
56,5001
50,500,
57,000!
231,000
231,000
231,000
201,000
19,000
21,000
19,000
17,000
31,000'
31,000
31,000!
31, 0001
51,360
49,360
49,360
49, 360
3,000
3,000
3,000
3,000
87,677
94, 432
98,017
90, 280
52,361
48,680J
52,630,
52,315
81,199
76,263'
74,261!
70,819
192,685
201,485)
228,424!
243,275
48,148
41,329
52,104
47,460
28,434'
25,004!
22,403^
28,932;
45,401
39,833
42,965;
38,705
42,901
36,106
36, 787
36,695
130, 614
130,107
118, 514
135, 384
103,175f
102,665)
105,229
103,998!
160, 336i
164,174)
160,790'
162, 442|
425,521
434,213
461,075
445,926
76,165
71, 879
80, 247
75, 361
75,970
72,540'
70,460
76,380:
99, 701 i
93,606
95, 798;
91,276!
61,155
55, 587
58,129
57, 521
268,684
274,652
266,473
275, 316
12,258 35, 000
12, 258 35, 000
14,758 35,000
14, 758 35, 000
MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS
[In thousands of dollars]
Total
Bills discounted:
Feb 6
Feb. 13
:
Feb 20
Feb 27
Bills bought in open market:
Feb 6
*"" peb 13
Feb 20
Feb 27
Certificates of indebtedness;
Feb 6
Feb. 13
Feb 20
Feb. 2 7 . . .
W i t h i n 15
days
16 to 30
days
31 to 60
days
61 to 90
days
91 days to
6 months
851, 621
903,949
864, 980
952,482
36, 500
35, 609
35,853
41, 273
60,261
56,914
67, 067
69, 807
36,363
33,905
43, 758
42, 589
8,549
7,757
6,530
6,381
410,742
391,058
355 636
334, 075
-
707,601
767, 210
708,979
789, 566
138,009
140, 202
122,069
134,661
91,155
89,121
104, 340
104, 774
150,152
135,951
106,076
77, 558
28, 468
23, 381
19,326
13, 419
2,958
2,403
3,825
3,663
50, 605
28, 735
25,853
24,069
506
706
884
1,737
22,863
7,779
8,216
188
45
1
7,400
639
658
639
Over 6
months
i
2,347
2,554
2,792
2,866
19, 791
19, 606
16,095
21, 505
230
FEDERAL RESERVE BULLETIN
MARCH,
1929
GOLD SETTLEMENT FUND—INTERBANK TRANSACTIONS FROM JANUARY 24, 1929, TO FEBRUARY 20, 1929, INCLUSIVE
[In thousands of dollars]
Transfers for Government account
Transit clearing
Federal reserve note
clearing
Federal reserve bank
Credits
Boston
New York
Credits
884,167
3,356,180
871,871
805, 541
800, 273
337, 724
1, 410, 282
569,918
160,114
411,554
333, 622
431,733
920,542
3, 401, 836
851, 571
803, 982
800,073
349, 672
1, 374, 505
560, 938
161, 347
397, 228
336, 807
414, 478
6,187
8,891
7,303
8,275
3,076
3,200
9,473
2,518
1,687
2, 331
1,531
2,630
3,180
18, 728
3,977
3,909
5,459
4,589
6,088
3,364
1,210
2,506
2,036
2,056
12, 500
33, 000
16, 500
19, 000
10,372,979
11, 001, 428
9, 218, 449
11, 485, 692
10, 372, 979
11, 001, 428
9, 218, 449
11, 485, 692
57,102
63, 742
48, 751
62, 045
57,102
63, 742
48, 751
62,045
1,000
_
9,500
Philadelphia
Cleveland-Richmond
Atlanta
Chicago
St. Louis
Minneapolis-_
Kansas City
Dallas
San Francisco
Debits
1,000
Debits
1,000
4,500
2,000
2,000
.
2,666
1,000
1,000
,.
- -
Debits
Credits
Changes in ownership
of gold through transfers and clearings
Decrease
Increase
34,368
45, 993
23, 626
1,425
3,183
13, 337
39,162
7,134
756
13,151
3,690
16, 829
Balance
in fund
at close
of period
73, 794
329, 703
22,749
70, 421
12, 913
16, 376
93, 414
20,969
23, 730
40, 467
26, 746
32,808
Total four weeks ending—
Feb.
Jan.
Feb.
Jan.
20, 1929
23, 1929_
22,1928
25,1928
12, 500
33,000
16, 500
19, 000
101,327
101, 327
764,090
683, 066
749,107
636, 955
MARCH,
231
FEDERAL RESERVE BULLETIN
1929
WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
[In millions of dollars]
Federal Reserve District
Total
Richmond
Atlanta
Loans and investments:
22,295
Feb. 6
22,240 i
Feb. 13
22,180 !
Feb. 20..
22,338 |
Feb. 27
Loans:
16,254
Feb. 6
16,230
Feb. 13____
16,189 i
Feb. 20
16,366 •
Feb. 27
On securities—
7,558 .
Feb. 6
7,515 :
Feb. 13
7,444
Feb. 20
7,573 :
Feb. 27
i
All other—
8, 696 ;
Feb. 6.__
8,715 j
Feb. 13
8.745 !
Feb. 20
8, 793 |
Feb. 27.._
Investments:
6, 041
Feb. 6
_
6,010
Feb. 13
5, 991
Feb. 20
5,972
Feb. 27
U. S. Government securities—
3,103
Feb. 6
3,084
Feb. 13
3. 067
Feb. 20
3, 042
Feb. 27
All other—
2, 938
Feb. 6
2, 926
Feb. 13
2,925
Feb. 20
2, 930
Feb. 27
Reserve with Federal reserve bank:
1,751
Feb. 6
.
1,740 j!
Feb. 1 3 . . . .
Feb. 20
_..
1,750 •:
1.746 i 1
Feb. 27
_
I
Cash'in vault:
2 3 7 i'
Feb. 6
_
261 i
Feb. 13
253 i
Feb. 20
246 !
Feb. 27
Net demand deposits:
13,415
Feb. 6
13, 505
Feb. 13
13,259 ji
Feb. 20
13,387 !
Feb. 27.._
Time deposits:
6,891 j |
Feb. 6
6,879 !
Feb. 13
Feb. 20
; 6,867 !i
Feb. 27
I 6,879 ij
Government deposits:
!
50 i|
Feb. 6
.1
43 !:
Feb. 13
43 !|
Feb. 20--.
36
Feb. 27
Due from banks:
1,154
Feb. 6
-..
1,190
Feb. 13
1,144
Feb. 20..
i
Feb. 27
j 1,135 j
Due to banks:
Feb. 6 . .
! 3,006 I
Feb. 13.__
___
i 2,927 I
Feb. 20
! 2,878 I
Feb. 27
! 2,859 I
Borrowings from Federal reservi
banks:
Feb. 6 . .
669
Feb. 13
637
Feb. 20
_
712
Feb. 27
1,493
1,475
1,467
1,471
2,202
2,203
2,194
2,205
678
676
674
676
642
641
637
637
i
!
i
!
3,324
3,347
3,382
3,408
895
892
898
896
I 1,506
1,507
! 1,501
i 1,511
519
518
515
516
506 i
506 |
502 !
2,569
2,588
2, 631
2,657
730 |
!
542 I
537 i
532 i
532 i
510
502
509
503
712
710
> 696
702
202
202
197
197
153 :
156 i
1,188
1,211
1, 245
1, 250
261
255
251
250
352
8,455
8,404
8,345
8,478
1,126
1,111
1,114
1,117
6,226
6,199
6,141
6,284
467
458
455
470
I
I
I
I
3,289
3,235
3,170
3,293
659
654
659
647
i
|
I
|
2,937
2,963
2,971
2,990
385
390
389
393
794
798
804
810
367
363
353
354
2,229
2,205
2,204
2,195
342
342
342
340
696
695
693
693
159
158
158
160
163
161
153
153
1, 242
1,228 '
1,227
1, 216
107
107
106
106
333
335 !
334
334
72
71
71
71
204
203
200
202
987
977
977
979
235
234
236
234
363
361
360
359
87
100
104 I
96 !
94 |
816
809
838
827
80
77
131
126
129
126
is:
68
76
76
70
14
16
15
15
28
31
31
29
921 I 5,936
916
5,895
893 I 5,812
890 j 5, 949
742
731
725
725
1,027
1,040
1,017
1,024
474 !
476
478
479
291
289
284
283
503 J
316
316
318
319
18 !
18
17 ;
1 !
\\
i
I
|
I
1,734
1,715
1,709
1,711
15
13
13
11
48
50
52
48
149
147
151
143
118
108
109
104
1,027
1,003
1,007
993
38
30
30
38
!
I
!
I
154
206
139
167
l\
3 i
\
60 '
56
56
61
174
162
156 I
162 i
58
155 I
154
985 i
985 '
986 |
69 :
67
65
68 :
67 :
|
68
69
11 !
11 !
12 i
11 i
i
:
,
i
;
10
10
10 I
10
361 :
!
361
356 i
352 |
394
397
395 !
399 !
260 !
258
255
267
43 :
40 ;
40 •
743
737 !
732 •
386
385
388
391
687
687
681
682
501
498
493
489
1,947
1,953
1,948
1,937
255
254
257
260
449
450
444
443
368
367
361
355
1,293
1,301
1, 293
1, 292
i
!
'
:
80
80
80
151 j
151 j
145 |
141
128
129
122
117
412
428
417
416
:
281 !
282
281 i
282 ;
172
174
176
180
299 ;
299 i
299
302 j
240
238
239
239
881
873
876
876
201
200 :
200
197
131
131 :
130 '
131
237
237
237
239
134
131
132
134
654
652
655
645
82
80 !
79 j
74 :
74
74
74
115
114
115
115
92
90
91
92
392
391
394
383
57 :
57
57 i
57 ;
122
123
123
123
42
41
41
41
262
261
261
261
26 :
24
21 :
25 ;
58
60
58
57
36
35
37
35
112
116
111
109
117;
118 !
120
118
49 i
50 '
48 •
:
7 :
7 |
6
6
6
6
372
370
362
358
332 : 1,851
338
1,909
330 I 1,880
330 : 1,895
414 !
418 !i
405
405 |
214
216
216
219
239 i
240
240 !
240 j
228
1,261 ;
234 ! 1,268 I
233 • 1,272
233
1,274 :
240 :
241 ;
237
241 I
140
139
139
138
1
1
1
1
4
4
4
1
i
l
1
102
115 I
111 !
101
54
51
82 j
47
50
81
81
218 i
239 !
229
248 :
220 !
214 j
209 j
211 '
108
103
101
99
121
120
113
113
467 i
464 ;
445
459 ;
74 I
67
66 ;
20
17
22
24
36
37
37
34
5 i
St.
Louis
1, 381
350 j 1,377 I
347 1,385
350
1,406 |
I
137 !
755 |
136
759 I
135
751 I
134
751 j
41
42
40
40
!
!
I
I
Chicago
|
'
!
:
121
133
161
181
San
Francisco
Min- Kansas
neapCity
olis
Cleveland
ji B o s t o n
|
57
55
55
50
153 I
145;
140 i
133 i
i
i
i
i
!
12
wi
513 i
520
508;
509 |
175 |
177 i
178
179
1
1
1
1
I
19
22
20
21
313
320
313
312
780
832
801
772
143
146
145
144
979
970
969
971
5
4
4
3
13
11
11
9
52
45
49
121
119
115
115
67
68
61
59
145
151
141
130
86
85 :
83 :
84
227
216
216
219
114
112
106
101
190
194
164
181
10
8
7
14
20 |
14 !
15 i
15 I
72
71
61
79
Back figures .—For 1927-28 in January BULLETIN, p p . 59-91 (with revisions in March BULLETIN, pp. 233-236): for January, 1929, in February
BULLETIN, p p .
169-170.
232
FEDERAL RESERVE
BULLETIN
MARCH, 1929
LAND BANKS AND INTERMEDIATE CREDIT BANKS
LOANS OF FEDERAL AND JOINT-STOCK LAND BANES
LOANS OF INTERMEDIATE CREDIT BANKS
[In thousands of dollars]
[In thousands of dollarsj
Net amount of loans outstanding
1928
Date
Federal
Total
Jan. 31...
Feb. 28..
Mar. 31..
Apr. 30..
May 31..
June 30_.
July31_.
Aug. 31..
Sept. 30..
Oct. 31__
Nov. 30..
Dec. 31..
land b a n k s Ii' Joint-stock ,
•> o
l a „A ,
(12 banks)
n d banks i
Class of loan
Nov.
30
Oct.
31
19,549
1,676
2,519
16,684
1,768
2,517
Jan.
1927
1,724,821
745,404
765,365
732,395
, 741, 275
., 738,165
, 742, 575
, 749, 393
, 752,665
., 757,185
, 758, 834
L, 765,121
1, 085,170
1, 097, 642
1,109,354
,117,914
, 124, 055
, 130, 648
. 134,896
,
,139, 502
, 143,130
. 147,135
,
, 150, 943
. 155, 644
,
639, 651
647, 762 Direct loans outstanding
656,011
on614, 481
Cotton
_i
617, 220
Tobacco
|
607, 517
Wheat
607, 679
Canned fruits and vege609, 891
tables.—
609, 535
Raisins
610, 050
Wool
607,891
Rice...
--.
609,477
Allother__-
,767, 515
, 778,338
, 786,862
,791,341
, 793, 035
., 794, 236
,793,610
, 796, 591
, 797, 796
, 797, 910
, 797,319
, 799, 045
. 158, 717
,
, 168, 354
, 175,858
, 180, 420
,183, 672
,184, 656
,185,714
, 187,365
, 189,345
, 190, 278
,191, 724
, 193, 846
Total609, 984
611,004 Rediscounts outstanding
for—
610, 921
Agricultural credit cor609,363
porations __
_.
609, 580
National banks
607,896
State banks
_
609, 226
Livestock loan compa608, 451
nies
607, 632
Savings banks and trust
605, 595
companies
605,199
Total.
604, 375
1928
Jan. 31...
Feb. 29..
M a r . 31..
Apr. 30_.
May 31..
June 30..
July 3 1 . .
Aug. 31..
Sept. 30.
Oct. 3 1 . Nov. 30..
Dec. 3' .
Jan. 31..
1,195, 089
1, 799, 464
22,753 23,100
1,491
1,565
2,461 2,483
1,863
4,672
290
1,226
281
14,107
4,029
2,402
2,723 ! 1,051
4,627 ! 6,000
I
769
231
650 i 1,672
205 !
872
2,118
4,679
564
1,360
305
2,370
4,696
663
1,397
259
35, 037 | 36,174
33,129
29, 943
30,364
19, 875
52
20,991 i 23,745
50 |
3
188
195
27,112
3
22,720
7
189
24,147
| 23,784 j 21,482
83
44,425
90 I 131
192
21,534
19,198
99
45,103 | 45,556 46,604
20
44,470
i Number of banks, 1927: January-March, 55; April-May, 54; JuneAugust, 53; September-November, 52; December, 51. 1928: JanuaryApril. 51; May-November, 50; December, 49. 1929: January, 49.
PAR COLLECTION SYSTEM1
BANK DEBITS
MEMBERSHIP, BY FEDERAL RESERVE DISTRICTS
DEBITS TO INDIVIDUAL ACCOUNTS BY FEDERAL
RESERVE DISTRICTS
fin thousands of dollars]
Number of
centers
New York City
Outside New York City.
Federal reserve district:
Boston
New York
Philadelphia
Cleveland.
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas C i t y . . .
Dallas.
San Francisco
Total..
Revised.
[ Number of banks at end of January]
December, January,
1928
1928
Federal reserve
district
I
Not on par list
1928
1929
3, 208,475 3,157, 853 3,126, 582 United States
55, 778,127 j 805, 631 38, 799,064
53,
Boston
2, 909, 650 3,075, 534 2,458, 387
New York
3,027, 591 3, 335,466 2, 796,099
Philadelphia
812,691
862,277
780, 278
Cleveland
1, 332,170 1, 350, 219 1,184, 396
Richmond.
7, 369, 564 7,829, 706 6, 279, 842
Atlanta
1,416, 768 1, 523,407 1, 307,032
Chicago
745, 360
839,418
667, 275
St. Louis
1,441,717 1,488, 329 i 1, 298, 922
Minneapolis
805, 541
870,275
Kansas City
3, 998,100 4, 248, 029 3,498, 670
Dallas
San Francisco—.
82,845, 754 82, 386,144 j i 62,884,595
I
On par list
1929
1 54, 719, 288
140 28,126, 466 2% 659; 008 | 25; 001) 021
141
Nonmember banks
Member banks
January,
1929
1928
1929
1928
8,807
9,013
12,567
13,155
3,913
3,918
407
941
778
816
545
453
1,250
585
717
923
771
621
415
935
Til
835
564
463
1,284
593
735
96*
795
653
252
406
490
1,008
618
312
3,563
1,742
660
2,225
616
675
247
408
500
1,029
652
309
3,684
1,880
746
2,346
653
701
9
569
960
215
490
1,126
277
211
56
10
588
1,013
189
450
1,135
267
207
59
i Incorporated banks other than mutual savings banks.
233
FEDERAL RESERVE BULLETIN
M A E C H , 1929
REPORTING MEMBER BANKS—REVISED FIGURES OF CLASSIFIED LOANS AND
BANKERS' BALANCES
[For explanation of revisions see p. 179]
REPORTING MEMBER BANKS IN LEADING CITIES: REVISED FIGURES OF LOANS ON SECURITIES AND ALL OTHER
LOANS, BY WEEKS, 1927-1928
[In thousands of dollars.
I Total, all reporting
! member banks
Date
New York City
Revision of data published on pp. 60-65 of BULLETIN for January, 1929]
1
:
Total, all reporting |
member banks !
Other leading cities
I
Loans on All other I Loans on All other Loans on | All other
securities
loans
loans
securities
loans
securities
8, 664,444
8,654,829
8, 600, 743
8, 573, 231
2,307,080;
2,189,078:
2,102,247!
2,073,031!
2,407,389
2,396,611;
2,369,693i
2,361,388!
5,848,910
5,757,720
5,751,051!
5, 764,172;
8, 561, 625
8, 575,618
8, 558,207
8, 569, 641
2,113,340
2,014,942
2,025.675
2,035, 540
Mar. 2
9
16
23
30
5,858, 2861 8, 630,805!
5,817,102 8, 659,740:
5,887, 5541 8, 696,802
5,860,132 8,707,155
5,909, 678 8, 655,074
2,096,137
2,061,069
2,095, 292
2,087,432
2,145,966
Apr.
6
13
20
27
5,932,014 8,675,350
5,890,992 8,665,375
5,918,094 8,607,8911
5,977, 764 8,586,599
2,188,522
2,113,657
2,146,549
2,175,758
2, 368,070: 3, 735, 570!6,193, 555 Feb. 1
2, 375,902: 3,742, 778]6,199, 716
8
2,351,640] 3,725, 376 6,206,567 !
15
2, 343, 536j3, 728,632 6,226,105 '
22
29
2, 396,402j 3, 762,149 6,234,403
2,397, 269i 3, 756, 033 6,262,471 ] M a r . 7
2, 413, 359!3, 792, 262 , ,
14
2, 454,436 3, 772,700 6,283,443
21
2, 393, 964 3, 763, 712 6,252,719
28
6,261,110 ]
2,408,043] 3,743,492 6,267,307 i Apr. 4
2,412,655; 3,777,335 6,252,720
11
2,396,252: 3,771,545 6,211,639
18
2,380,679; 3,802,006 6,205,920
25
May
4
11
18
25
6, 043,975 8, 651,460
5,981, 376 8,677,661
6,039,361 8, 630, 049
6,003,157 8,635,625
2,244,191
2,176,405
2,203,379
2,178, 252|
2,402,036!
2,422,746i
2,403, 954J
2,415,305'
June
1
8
15
22
29
6, 204, 384 8,633,767!
6,179, 227 8,612,391'
6, 229,880 8,623,010j
6, 210,118 8,618,581
6,278, 776 8,652,598
2,355,933J
2,274,264|
2,304,614
2,322,518
2,371,210
2,432,727! 3,848,451! 6,201,040
2,421,020; 3,904,963: 6,191,371
2,413,348, 3,925,266:
" " ° o " v ° ™ r noe>'! 6,209,662
2,414,905: 3,887,600' 6,203,676
2,426,268! 3,907,566! 6,226,330
July
6
13
20
27
6,290,998 8,633,698
6,151,688 8,590,053!
6,148,422 8,585,117|
6,174, 783 8,551,143
2,381,577
2,248,703
2,228,299
2,266,506
Aug.
3
10
17
24
31
6,212, 549 8,581,526
6, 201, 854 8,633,313
6,205, 766 8,624,952!
6,156,894 8,605,612
6, 228, 608 8,674,444
Sept. 7
14
21
28
6,257,055
6,258,218
6,231,050
6,211,843
Other leading cities
Loans on • All other j Loans on | All other Loans on All other
securities
securities; loans j securities: loans
loans
1927
Jan.
5 6,086,002
12 5,932,759
19 I 5,840,848
26 ; 5,800,710
3,778,922
3,743,681
3,738,6011
3,727,679}
New York City
Date
1928
Jan. 4
11
18
25
7,022,135
6,805,626
6,741,'""
6, 672,806
8,651,889'
8,681,625i
8,630,375
8,559,248
2,914,544:
2,685,234'2,608,916
2, 631, 782=
2,489,082
2,489,326
2,471,706
2,429,433
4,107, 591
4,120,392
4,132,882
4,041, 024
6,162, 807
6,192, 299
6,158, 669
6,129,815
6,768,811
6, G33,627
6, 565, 514
6, 509,962
6, 554,098
8, 547, 203
8,613, 809
8,642,053
8, 614, 711
8, 667,153
2,690,601
2,537,219
2,497,877:
2,428,356
2,480,720
2,400,980
2,448,064
2,461,369
2,467,092
2,503,303
4,078,210
4,096,408
4, 067, 637
4, 081, 606
4,073, 378
6.146, 223
6,165, 745
6,180, 684
6.147, 619
6,163,850
6,509,563 8,721,233
6,614,08918,792,611
6, 544, 556) 8, 805, 352!
6,675,353| 8,815,478!
2,402,268
2,474,976
2, 395, 467
2,523,514
2,519,302
2,556,771
2, 585,176
2,597,119
4,107,295
4,139,113
4,149,089
4,151,839
6, 201,931
6, 235, 840
6, 220,176
6, 218, 359
6, 953, 098! 8, 878,120
6,875,054 8, 933, 0091
6, 920,445 8, 887, 873!
6,948, 860! 8, 822,070]
i
7,092, 275| 8,904, 314
7,048,159 8,899,115!
7,105, 5111 8,884, 622:
7,034, 682! 8,876,560!
7,096,645: 8, 857,4841
2, 733,461:
2, 606, 740
2, 643, 285
2,715,9961
I
2, 850, 596'
2, 782, 384:
2, 812,493;
2, 726, 289:
2,763,170:
2,640,983 4,219,637
2,655,321 4,268,314
2, 626, 270 i 4, 277,160
2,588,603 4,232,8641
6, 237,137
6, 277, 688
6, 261, 603
6, 233,467
2, 619,158;
2, 619, 305;
2,612,458'
2, 637,167j
2,616,763
4, 241, 679:
4, 265, 775
4,293,018
4, 308, 393
4,333,475
6, 285,156
6, 279, 810
6, 272,164
6, 239, 393
6, 240,721
7,051,618
6,997,002!
6,911,222i
6, 887, 718i
8,858,569'
8,936,300'
8,922,447'
8,918,335:
2, 707,415i
2,638,262!
2,571,2781
2,536,504'
2,621,852!
2,650,793!
2,637,356!
2,629,534!
4,344,203
4,358,740
4,339,944;
4,351,214!
6,236,717
6,285,507
6,285,091
6,288,801
2,439,484: 3.909,421 6,194,214 ! July 3
2.399,845; 3,902,985 i 6,190,208 ;
11
2,417,929 3,920,123 6,167,188 !
18
2, 400, 211 3,908,277 6,150,932 |
25
7,150, 675
7,002, 671
6,853, 501
6,814, 932
8, 992,482;
8,889, 21l!
8,942,881!
8, 921, 925;
2, 788,138.
2, 665,852,
2, 533,475'
2,516,032:
2,705,823
2,604, 7731
2,627,240;
2,638,281!
4,362,537
4,336,819
4,320,026
4,298,900
6, 286, 659
6, 284, 438
6, 315, 641
6, 283, 644
2,313,938
2,280,144
2,260,065
2,227,555
2,295,096
6,162,647
2,418,879; 3,
2.433, 628! 3, 921, 710 6,199,685
6,190,198
2.434, 754 3,945, 701
2,436, 357; 3,929, 339 6,169,255
2,487,845; 3, 933, 512 6,186,599
1
8
15
22
6,953, 743 8,962,864
6,860, 210i 9,002, 773:
6, 780, 749 9,016,192j
6, 745, 260 9,010, 928
6, 739, 528 9,051,154]
j
2,645, 509'
2, 547, 685
2,471,44r
2,470,211:
2,454,186
2,638,479!
2,678, 7421
2, 657, 566;
2,663,403
2,702,503
4,308,234
4, 312, 525!
4,309, 308;
4,275,049!
4,285,342!
6,324,385
6, 324,031
6,358, 626
6,347,525
6,348,651
6, 208,275 8,694,045
6,314, 659 8,756,792'
6,300,357 8,821,000!
6,367,446 8,801,448
2,269,681
2,329,510
2,305,902
2,348,211
2,531,339!
2,543,247J
2,593,401!
2,578,479:
3,938,594
3,985,149
3,994,455
4,019,235
6,162,706 I Sept.
6,213,545 i
6,227,599
6,222,969
5
12
19
26
6,860,075 9,045,8961
6,814,463! 9,064, 547
6,874, 313 9,066, 217
6,810, 697 9,057, 537
2,576,027
2,519,745
2,577,361:
2,501,578
2,689,519
2,683,648
2,669,314
2,667,734
4,284,048
4, 294, 718|
4,296,9521
4,309,119
6,356,377
6,380,899
6,396,903
6,389,803
5
12
19
26
6,457,075 8,845,161
6,374,698 8,876,706
6,380,914 8,880,835
6,400, 759 8,816, 744
2,447, 612 2,587,412
2,351, 739 2,595,669!
2,337,604 2,606,538'
2,341, 570 2,595,081
4,009,463
4,022,959
4,043,310
4,059,189
6,257,749
6,281,037
6, 274,297
6,221, 663
3
10
17
24
31
6,864,629
6,806, 518
6,855, 943
6,882,401
6,958, 333
9,146,698
9,160,412
9,133, 295
9, 089, 256
9,119,079
2, 572,307
2, 500,661
2, 550, 517
2,566,525
2,606,4jOO!
2, 686,219
2,697,495
2, 635,155
2,618,152
2,613,524
4, 292, 322
4, 305,857
4, 305,426
4,315,876
4,351,933
6,460,479
6,462,917
6,498,140
6,471,104
6, 505, 555
Nov. 2
9
16
23
30
6,418,294 8,814,963
6,422,499 8,865,413
6, 527, 770 8,795,796
6, 507,255 8,801,810
6,585,101 8,801,195
2,386,336 2,581,076;
2,408, 550 2,600,928
2,491,202 2,570,27l|
2,462,977 2,560,313
2,573, 511 2,557,972
4,031,958
4,013,949
4,036,568
4,044,278
4,011,590
6,233,887
6,264,485 Nov. 7
14
6, 225, 525
21
6,241,497
6,243, 223
7,031, 314
6,946,958
7,104, 224
7,245, 563
9,064, 708
9,042,654
8,992, 959
8,954,143
2,674,3491
2,571,105!
2,716,374'
2,812,5621
2,581,755
2,573,006
2,550,450
2,541,278
4,356, 965
4,375,853
4,387,850
4,433,001
6,482,953
6,469,648
6,442, 509
6,412,865
7,282,155
7,149, 617
7,128, 557
7, 229,877
9, 009,009
9, 038, 279
9,118,972
9,054, 261
2,851, 9io!
2,685,392]
2,671,043]
2,779,936
2,558,482
2,566,237
2,625,447
2,619,449
4,430,245
4,464,225
4,457, 514
4,449,941
6,450, 527
6,472,042
6,493,525
6,434,812
Feb.
2
I
Oct.
Dec.
7
14
21
28
3,799,784! 6, 249,424
3,804,971] 6,254,915
3, 835, 982! 6, 226, 095
3,824,905 6, 220, 320
6, 580,156 8, 769, 527 2, 517, 508 2, 545,916 4,062,648
6, 621, 380 8, 731,286 2,538,139 2, 504, 225 4,083, 241
6,704,703 8,702,973 2,641,959 2, 499,262 4,062,744
6,798,358 8,677.281 2,723, 679 2,485,427 4,074,679
6,223, 611
6, 227,061
6,203, 711
6,191,854
May
2
9
16
23
29
j June
j
:
i
; Aug.
;
!
!
Oct.
Dec.
5
12
19
26
1 New York City figures for 1927 are the same as those published on p. 62 of January BULLETIN.
234
FEDERAL RESERVE BULLETIN
MARCH, 1929
REPORTING MEMBER BANKS IN FIVE* FEDERAL RESERVE DISTRICTS: REVISED FIGURES OF LOANS ON SECURITIES
AND ALL OTHER LOANS, BY WEEKS, 1927-1928
[In thousands of dollars. Revision of data published on pp. 69, 78-79, and 84-89 of BULLETIN for January, 1929]
Chicago district
Date
1927
Loans on
securities
i Kansas City district
All other
loans
securities
loans
Dallas district
Loans on
securities
San Francisco district
All other | Loans on
loans
securities
All other
loans
986,333
980,801
977,210
969,960
1,335,332
1,322,080
1,314, 747
1,299,836
284, 673
285,208
284,603
282,012
89,519
89.013
90,610
90,758
223,946
223,948
225,877 I
221,407 j
323,263
317,914
311,393
311,159
900,371
891,731
891,261
889,076
Feb. 1..
Feb. 9 Feb. 16..
Feb. 23..
133,474
134,044
137,242 !
138,952 !
I
992,305
987,491
984,669
970, 732
1,304,053
1,298, 778
1,296,857
1,312,400
133,550 !
138,645 I
136,869
134,002 ;
284, 611
286, 944
290,-335
290,182
91,834
94.014
97,610
96,125
226,807 I
232, 570
234,231 !
233,545
309,990
312, 715
318,092
329,442
885, 794
884,480
883,390
906,870
Mar. 2.
Mar. 9.
Mar. 16.
Mar. 23.
Mar. 30.
987,052
981,405
983,822
981, 746
969,650
1,305,435
1, 310, 342
1, 314,905
1,307,873
1,305,409
137,693
137, 726
135, 469
137,758
133, 955
290,097
289,546
296,447
294, 223
292,994
92, 568
91,730
94, 760
96,263
95, 570
234,290 I
235,498
233,764 ! !
229,627
225, 505
328,045
316,184
321,343
320, 895
321,018
907,468
921.380
912,870
907, 748
904, 648
Apr.
Apr.
Apr.
Apr.
6..
13..
20..
27—
955,124
968,374
980, 523
990,093
1,312,117
1,315,876
1,308,632
1, 296,119
129, 640
136,066
136,848
135,098
287,696
290,090
290,028
289,714
96,340
96, 734
97,195
96,105
225,448 |
226,090 I
224,710 i
221,613 |
316,531
320, 792
322,857
321,143
892, 697
903,559
899,900
905, 929
May
May
May
May
4..
11..
18..
25..
991, 942
998, 960
1,008,403
1,003,867
1,333, 746
1,327,031
1,311,930
1,315, 668
129, 710
136, 405
135,987
135.971
288,430
288, 241
285,273
282, 440
97, 769
97, 946
98,315
222,990
216,887
217,805
217,254
323, 783
325,867
326,440
324, 246
907,847
910,064
908,415
904, 999
June 1_.
June 8..
June 15-.
June 22_.
June 29_.
1,019, 753
1,047, 542
1,057,290
1,053, 563
1,054, 573
1,300, 098
1,296,190
1,299, 503
1,293,910
1, 306, 359
135.132
140,448
151,013
143, 930
144,801
278, 649
280, 272
278,089
279,069
278,905
97,124
97,372
98,881
96,916
95.457
215,044
214,367
217,319
217,213
218,775
324, 738
326, 799
330, 223
326.430
325, 784
904, 390
July 6_.
July 1 3 . .
July 20. .
July 27..
1,058,481
1,069,831
1,086,765
1,090,120
1,315, 395
1, 292,474
1, 283,954
1,268, 630
148, 756
157,150
147, 958
152, 777
274,592
274,716
276,817
276,680
92,996
93,132
93,875
92, 775
217,919
219,016
219, 298
219,137
322, 253
319,097
317, 702
316,882
Aug. 3 . .
Aug. 10..
Aug. 17..
Aug. 24..
Aug. 3 1 -
1,096,044
1,099, 764
1,125,148
1,108, 464
1,123,377
1,279,998
1,302,464
1,286,230
1,282,434
1,284,863
142, 784
151.133
154,104
152,856
149, 289
280,795
281, 760
284, 710
282,052
93,474
94,472
92, 529
94.458
94, 594
215, 233
215,034
219, 719
221,122
225,043
313,549
314, 670
315,052
311,105
316,022
Sept.
Sept.
Sept.
Sept.
1,099,946
1,100,499
1,101,999
1,108,845
1,292,863
1,309,999
1,303,060
1, 294,827
152,392
155,071
146,050
144,656
278, 942
276,225
276, 295
274,819
96,814
96, 988
97,017
98, 579
224, 777
228,121
228, 503
228,853
314, 584
322, 370
319,938
323,258
876,037
875.381
875, 632
880,403
880,036
856, 342
859, 326
867,559
863,553
Oct. 5__
Oct. 12..
Oct. 19.Oct. 26..
1,098, 908
1,115, 562
1,129,862
1,134,479
1, 303,420
1, 294,817
1, 289, 561
1, 280,609
141, 335
143, 997
144, 515
142.972
277,156
275,430
278,920
276, 723
100, 709
99, 710
98, 701
99,811
227,441
237,108
236, 250
328,172
327,473
327,365
324, 276
878,166
885, 541
876, 649
863,026
Nov,
Nov
Nov
Nov
Nov
1,121,126
1,110, 556
1,127,184
1,134, 591
1,097,461
1,287,567
1,304,629
1,285,026
1, 292,317
1,296,435
141,917
139, 656
143,077
141.496
141,029
279, 674
282,897
280,350
283,504
282,445
101,893
103,198
103, 230
100, 579
101,687
237,165
240,142
239,850
238,101
236,400
327, 769
330,045
335,929
338, 574
335,145
Dec. 7.
Dec. 14.
Dec. 21.
Dec. 28-
1,101,709
1,100,410
1,073, 590
1,073,468
1, 289,496
1, 285,198
1,281, 504
1, 281,457
143,385
145.497
144, 246
139,341
283, 638
284,009
283,691
283,104
103,929
105, 738
105,429
104,066
235, 547
237,651
236,243
235,560
342,787
346,819
350,684
351.431
866,013
864,807
861, 520
862, 529
864,604
874, 715
876, 550
877,043
Jan.
Jan.
Jan.
Jan.
5_.
12..
19..
26..
7.
14.
21.
28.
901, 585
902, 713
902,110
899,882
879,460
883,824
880, 684
879,617
i Four districts only for 1927, figures for the New York district requiring no change from those published on p. 68 of the January BULLETIN.
235
FEDERAL RESERVE BULLETIN
MARCH, 1929
REPORTING MEMBER BANKS IN FIVE FEDERAL RESERVE DISTRICTS: REVISED FIGURES OF LOANS ON SECURITIES
AND ALL OTHER LOANS, BY WEEKS, 1927-1928—Continued
[In thousands of dollars. Revision of data published on pp. 69, 78-79 and 84-89 of BULLETIN for January, 1929]
New York district
Chicago district
Date
Kansas City
district
Loans on | All other
securities ! loans
All other
loans
Loans
on securities
3,288, 972
3,060, 329
2,995,477
3,011,009
1928
Loans on
securities
2,930,310
2,935, 502
2,906, 621
2,865, 367
1,083,980
1,086,942
1,077, 716
1,047,412
1, 283,064
1, 307,463
1, 303, 795
1, 286,327
140,765
141,985
148,634
145, 283
2,842,326
2, 891,431
2, 903, 577
2, 908,169
2,946,163
1,039, 274
1,036, 412
1,024,929
1, 046,474
1,052, 321
1, 294, 813
1, 288, 440
1, 299, 226
1, 276, 776
1, 286, 862
Jan.
Jan.
Jan.
Jan.
4...
11_.
18..
25..
Feb.
Feb.
Feb.
Feb.
Feb.
1_.
8..
15_.
22..
29.
3,072, 928
'2,914, 749
2, 877, 938
2, 803, 902
2,848,960
Mar.
Mar.
Mar.
Mar.
7
14
21
28
2,774,679
2,849,098
I 2,770,843
2,897,759
Apr.
Apr.
Apr.
Apr.
4__.
11_.
18..
25_.
2,965,831
3, 003,989
3.034,470
3,049,423
3,102,603 3, 093, 341
2,987, 211 3, 111, 583
3,035, 569 3, 081, 561
3,114, 777 3,044, 633
May
May
May
May
May
2...
9...
16..
23..
29_.
3, 251, 340
3,186, 786
3, 210, 507
3,118, 448
3,158, 566
June
June
June
June
6.
..
13.
20..
27
July
July
July
July
3
11
18...
25....
Aug.
Aug.
Aug.
Aug.
Aug.
1
8_.
15..
22_.
29..
Sept.
Sept.
Sept.
Sept.
_
_
_
__
_
_
102, 600
102, 735
104,004
105,167
230, 247
227,971
228,281
229,365
350,495
347,097
344, 052
341,185
871, 780
876, 057
876, 397
874,857
107,464
110,437
108,971
108, 571
106,009
233,629
231,479
234,072
231,160
228, 824
345,452
338, 671
344,614
350, 715
347,197
876, 754
876,923
876, 918
880, 860
884,260
1, 291,967
1.310, 725
1, 300,989
1, 298,722
279, 570
281, 202
282, 288
281, 372
285, 061
153, 204 287,142
156,571 286,914
156,737 283, 536
155,458 284,063
106,075 229,316
107,123 228,898
104,882 231,905
104,138 231, 371
351,317
360,134
351, 844
349, 623
893, 714
888,463
882, 799
881,957
1,
1,096,095
1,095, 641
1,085, 264
1,311,865
1, 318,984
1, 315,171
1.311, 301
157, 247
157, 880
154, 796
147,826
102,639
104, 520
105, 237
104,652
3,078,946
3,080, 681
3,074,103
3, 097, 890
3,083,199
1,090, 029
1,124,179
1.143, 259
1,130, 744
1,153, 560
1, 344,123
1, 344,128
1,344, 384
1, 336, 544
1, 348,145
150, 332
147, 314
145, 863
145,115
144, 022
286,937
290, 279
291, 657
290, 581
291,454
293,029
295, 508
290, 346
289, 365
104,667
105, 663
105,180
106, 233
103,433
230,106
230,873
228, 725
225,840
224,840
373,352 '871, 370
365, 870 876, 314
364,616 ,883, 285
371,808! 877, 250
369.676 ;877, 697
3.098, 338
3,130,981
3,120, 093
3,114, 324
1,151, 286
1,167, 398
1.144, 538
1,155, 039
1, 350, 067
1, 366, 359
1, 359, 276
1,353, 374
139, 826
141,457
144, 041
145, 238
287, 377
286,188
285, 377
286,139
102,879
101, 610
102,057
103,964
225,193
227, 221
228, 206
229, 879
376,190: !880,144
369,883 887, 785
356,858 .888,963
356,903 \888, 439
3,191, 246
3,086,131
3,105, 683
3,115,477
1,151,959
1,135,600
1,126,930
1,122,420
1, 356,965
1, 350, 506
1, 375,952
1, 372, 225
136, 639 293,298 j 105,170 226, 507
147,261 287,343 I 105,708 229,483
153, 705 291,939 i 106,995 231, 585
147,882 | 294,229 ; 104,292228,665
354.677 |887,039
354,980 !881, 729
360,865j |880,455
362,038 870, 626
3,118, 784
3,154, 851
3,132,343
3,140, 824
3,179, 589
1,133,900
1.132, 566
1.133, 513
1.130, 111
1.131, 375
1, 394, 580
1,388,021
1, 391, 727
1,387, 313
1, 386,043
144, 502
147,153
148,440
144, 490
151, 082
295,438
297,920
297,794
294,919
292,358
! 104,788
! 107,183
! 105,339
i 104,909
! 103,468
227,968
228, 347
228, 221
226, 389
229, 033
356,154
355,375
360,925
360,639
361,702
2,978,817
2,918,957
2,981,116
2,910, 718
_.
279,425
280, 237
277, 388
277,337
I 3,028,778
2,936,076
2, 870, 781
2,866, 225
2, 851,420
Nov. 7...
Nov. 14_.
Nov. 21..
Nov. 28_
5
12
19
26...
All
3,169,550
i 3,044,747
2,908,422
I 2,889,559
_
_
3
10
17
24
31
Dec.
Dec.
Dec.
Dec.
other
loans
3,103,961 !
3,026,587 j
2,969,411 i
j 2,916,335 |
5...
12..
19_.
26..
Oct.
Oct.
Oct.
Oct.
Oct.
San Francisco
district
Loans
on securities
All I Loans
other j on seloans i curities
147, 295
154, 633
156, 378
153,431
150,448
1, 071, 261
1,065, 935
1,074,811
1, 077, 238
Dallas district
3,163, 719
3,163,989
3,149, 786
3,151, 672
1,129,946
1,131, 211
1,149,074
1,141,166
1, 379, 888
1,376,029
1,395, 355
1,383,168
146, 975
149, 202
144, 397
144, 616
290,962
291,950
293, 719
296, 716
103,848
107, 819
109, 534
106, 294
230, 666
233,155
239,199
245, 307
365,337 I 888,832
363,403 . 891,623
365,835 ! 881,348
369, 916 j 884,179
1,141, 093
1.137, 966
1.138, 367
1,149,158
1,154,866
3, 075,145 3, 071, 739 1,161,961
2,974,124 3,061,189 1,164, 271
3,113, 675 3, 038,089 1,161, 608
3, 220,419 3, 026,041 1,167, 216
! 2,980,020
2,905,705
2,959,344
2,968,914
3,014,683
3,169, 686
3,185,178
3,122,819
3,104,174
3.099, 358
3, 265, 834
3,099,123
3,083, 677
I 3,192,088
3, 050, 715
3, 065, 760
3,117, 336
3.113,471
1,188, 313
1,193,946
1,183,060
1,179,986
235,319 360, 212 880,124
235, 675 363,872 883, 303
883, 220
233,356
229, 627 371,115 | 880, 301
i
1, 401, 478
1,412, 713
1,429,175
1,423,949
1,427, 732
140, 933 297, 265
143, 638 300,467
139, 881 301,108
136,142 303,790
135,867 307,108
104,117
111,010
108, 593
106, 238
106,834
1,414, 663
1,422,874
1,433,643
1,401,677
130,418
134, 225 310, 336
136, 580 310,181
135, 472 313,173
107, 546
108, 892
112,159
113,845
i
245, 564 366, 526
240, 303 375, 707
246, 398 375, 571
252,597 j 373,707
254,644 I 377,576
1.411, 848 132,200 307, 098 108, 800 247,768 ] 381,037
1,405, 225 134, 818 307,147 110, 520 248,458 I 390,385
1.412, 281 137,424 307, 699 111,410 248,171 395,948
1,
132, 509 307, 773 110,183 252,907 397,119
251,924
249,888
250,891
249, 852
396, 668
390, 305
394, 605
393, 229
i 877, 247
i 879, 202
i 888, 537
!886, 952
!882, 357
886, 473
888, 056
887, 838
885, 984
884, 309
889, 845
895,026
892, 072
891,484
902, 581
905,156
919, 494
920, 814
236
FEDERAL RESERVE BULLETIN
MARCH, 192&
REPORTING MEMBER BANKS: REVISED FIGURES OF BALANCES DUE TO BANKS, BY WEEKS, 1927-1928
[In thousands of dollars. Revision of data published on pp. 90-91 of BULLETIN for January, 1929]
Date
1927
Total, all
reporting ! New York
member j
City
banks i
Other leading cities
Date
1928
Total, all
reporting
member
banks
New York Other leading cities
City
3, 684, 062
3,498, 837
3, 398, 850
3, 354,465
, 237, 639
. 147, 721
,
, 080,469
, 080,944
2,446,423
2, 351,116
2, 318, 381
2,273, 521
1_8-_
15.
22.
29.
3, 527,025
3,351,076
3, 395, 700
3,224, 942
3, 373,050
, 202, 240
, 039,469
, 076, 520
. 007,813
,
, 161, 904
2, 324,785
2,311,607
2,319,180
2,217,129
2, 211,146
2,228,009
2,189,878 Mar.
2, 208, 707 Mar.
2,118,538 j Mar.
2,071,247 I Mar.
1.14.
21.
28.
3,400, 356
3, 363, 641
3,201,699
3, 200, 668
, 097, 879
, 128, 391
, 054, 237
,074,108
2, 302,477
2, 235, 250
2.147,462
2,126, 560
2,171,348
2,153,113
2, 088,340
2, 050,492
Apr.
Apr.
Apr.
Apr.
4__
11..
18..
25..
3, 399, 820 1,150, 738
3,214,864 i 1, 043, 886
3,169, 532 I 1, 024, 834
3,044,910 ; 991, 859
2, 249,082
2,170, 978
2,144, 698
2,053,051
997,828
933, 584
944, 832
910,881
2,152,306
2,107,647
2, 074, 754
1, 993, 307
2,153, 342
2,102, 501
2,064, 338
1, 962, 449
1, 936,189
l._
8__
15..
22..
29..
June
June
June
June
6_13..
20..
27..
2,953,228 I
2,929,231
2,869,662 |
2,834,969 ;
940,476
930,107
928, 711
930,845
2, 012,752
1,999,124
1, 940, 951
1, 904,124
July
July
July
July
6._
13..
20..
27..
July 3 July 11July 18..
July 25.
3,145, 008 1,087,176
2,947,833
931, 749
2,838,058 I 880,422
2,811,396 : 926, 825
2,057,832
2, 016,084
1, 957, 636
1,884, 571
Aug.
Aug.
Aug.
Aug.
Aug.
3._
10.
17.
24.
31.
3,229,675 1,041.100
981, 929
3,136,143
960, 324
3.039, 514
901,025
2, 936, 931
968, 218
3,105,811 i
956,186
3,089,080 !
969, 229
3,101, 204 !
928, 782
3.040, 372 !
995, 485
3,115,945 |
2,058, 709
2,041,083
2,057,086
1, 976, 230
2, 013, 391
2,188, 575
2,154,214
2,079,190
2,035,906
2._
9__
16.
23.
29.
3, 260, 037 I 1,106, 695
3,115,400 ; 1, 012,899
3,088,699 j 1, 024, 361
2,938,742 j 976, 293
2,917,380 i 981,191
3,079, 998 1, 021, 289
910, 279
2, 951, 362
3,138, 868 1,081,782
923, 675
2,899,905 !
966, 532
2,979,923 j
May
May
May
May
May
2,137, 593
2,132,894
2,131,975
2, 111, 590
2,120,460
Aug.
Aug.
Aug.
Aug.
Aug.
2, 945, 248 ; 1, 019,197
2,812,710 j 879, 655
2,797,766! j 884,400
2,722,722
852, 208
2,726,698 ; 871,871
1, 926,051
1, 933,055
1, 913, 366
1,870, 514
1,854,827
j 1,053,040
1,003,644
941, 573
!
911,363
Jan.
' Jan.
Jan.
Jan.
4_11.
18.
25.
996, 765
3,224, 774
992,445
3,182, 323 j
1, 023,112
3, 231, 819
953,518
3,072,056 |
975, 661
3,046,908 [
Feb.
Feb.
Feb.
Feb.
Feb.
6._
13..
20..
27.
3,157,484 '
3, 075,882
3,036, 388
3, 011,004
986,136
922, 769
948,048
960, 512
May
May
May
May
4._
11..
18.
25.
3,150,134
3,041,231
3, 019, 586
2, 904,188
June
June
June
June
June
Jan.
Jan.
Jan.
Jan.
5__
12.
19.
26.
Feb.
Feb.
Feb.
Feb.
2__
9__.
16.
23.
3,180, 975
3,129,714 !
3,185,146
3,103,440
Mar.
Mar.
Mar.
Mar
Mar.
2__
9__
16.
23.
30.
Apr.
Apr.
Apr.
Apr.
0)
0)
0)
(1)
970, 362
916,887
978,408
976,089
8
8
2,210,613
2,212,827
2,206,738
2,127,351
1.8_.
15.
22.
29.
Sept. 7__
Sept. 14..
Sept. 21..
Sept. 28..
3,198,741
3,190, 567 !
3,119,335 !
3,109,377
975, 269
983,065
982,112
971, 918
2, 223,472
2, 207, 502
2,137, 223
2,137,459
Sept. 5__
Sept. 12..
Sept. 19..
Sept. 26..
2,907,653
2,912,764
3,007,614
2,963,421
935, 353
934, 987
932,405
934, 793
1, 972,300
1.977, 777
2,075, 209
2,028, 628
Oct.
Oct.
Oct.
Oct.
3, 360,843 1,058, 800
965,034
3, 220, 622
3, 251, 578 i 1, 021,125
978,876
3,150,381 |
2, 302,043
2, 255, 588
2, 230,453
2,171,505
2,191, 790
2,117,426
2,106,349
1, 982, 733
2,005, 754
1,108, 555
1,053, 217
1,106, 368
1, 037, 384
1, 218,069
2, 260,409
2, 274, 291
2, 365, 775
2, 314, 599
2, 302,045
3-.
10.
17.
24.
31.
3,173,617
981, 827
3,030,650
913, 224
3,149,533 1, 043,184
2,936,269 i 953, 536
3, 074, 946 1, 069,192
3,368,964 !
3, 327, 508
3,472,143
3, 351, 983
3, 520,114
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
7_14.
21.
28.
3,082,442
3,118,765
3, 000,170
2, 960,465
987,185 j 2, 095, 257
2,132,879
2, 025,161
975,009
977, 288 ! 1,983,177
3,406,482
3, 319, 746
3, 266, 647
3, 304,038
1,052, 603
1,055,317
1,045, 513
1, 029, 637
2, 353,879
2, 264,429
2, 221,134
2, 274,401
Dec.
Dec.
Dec.
Dec.
5__
12.
19.
26-
3, 088,* 603
2, 995, 578
2, 968, 990
2,990,873 I
976,060
957, 371
946, 343
944, 819
512.
19.
26.
Nov.
Nov
Nov
Nov,
Nov
Dec.
Dec.
Dec
Dec.
7._
14.
21.
28.
1
Figures not available.
!
|
'
•
2,112, 543
2,038, 207
2, 022, 647
2, 046, 054
CONDITION OF ALL MEMBER BANKS
ALL MEMBER BANKS—CONDITION ON A SERIES OF CALL DATES ENDING WITH DECEMBER 31, 1928
[Amounts in thousands of dollars]
Dec. 31,
1925
Apr. 12,
1926
J u n e 30,
1926
Dec. 31,
1926
M a r . 23,
1927
June 30,
1927
Oct. 10,
1927
Dec. 31,
1927
Feb. 28,
1928
June 30,
1928
Oct. 3,
1928
Dec. 31,
1928
RESOURCES
Loans (including overdrafts)1
United States Government securities
Other securities
Total loans and investments
__
21,996,297 21,785,018 22,060,187 22,652,044 22,327,037 22,938,207 23,226,513 23, 886,393 23,098,936 24,302, 787 24,325,010 25,155,255
3, 805, 467 3, 744, 929 3, 388, 963 3, 835,151 3, 796, 347 3, 856,149 3,977, 557 4, 215, 822 4, 224, 730 4,385, 830 4,311,790
5,159, 541 5, 228, 564 5, 378, 479 5, 600, 708 5, 786, 776 6, 021,927 6,103,119 6, 382, 962 6, 373, 630 6, 533, 656 6, 218,145 6, 216, 890
30,884,197 30,819,049 31,183,595 31,641,715 31,948,964 32,756,481 33,185,781 34,246,912 33,688,388 35,061,173 34,928,985 35,683,935
498,143
695, 319
710, 207
727, 258
431, 307
500, 232
699, 701
929, 540
576, 223
486, 259
512,945
502,024
927, 357
969, 380
955, 563
998, 212 1, 012,103 1, 036, 731 1, 059,930 1,067, 200 1, 077, 529 1,099, 210 1,105, 558 1,107, 287
170,763
180, 511
184,109
172,986
178,443
178, 230
180, 546
177, 229
177, 716
173,906
173,727
175, 829
574, 532
525, 992
449,198
534,120
519,126
538,305
539,137
523, 370
564, 384
540, 261
522, 596
537, 856
2, 238, 233 2,135,948 2, 236,172 2, 210, 048 2,321,414 2, 280, 439 2, 319, 736 2, 514, 465 2, 366, 605 2, 342, 045 2, 348, 018 2,409, 367
_. 3, 728,359
Customer's liability on account of acceptances.
Banking house, furniture, and fixtures
Other real estate owned
Cash in vault
Reserve with Federal reserve banks
Items with Federal reserve banks in process of collection
825, 543
739, 871
784, 391
686, 881
680, 492
732,161
856, 655
967,836
722,055
810, 250
673,512 I 740,816
Due from banks in United States 2
2,155, 306 1,933, 501 1,980,051 2, 065, 518 1,896, 383 1, 968, 326 2,077,441 | 2,209,831 1,940,619 1, 897, 231 2, 026, 259 2,124, 252
Due from banks in foreign countries
269, 373
297, 535
291,858
306,950
255,821 j 258,337
287,104
275, 887
Exchanges for clearing house and other checks on local
banks
_.
2,195,466 1, 450, 457 1, 762, 736 2, 077,090 1, 222, 670 1, 912,942 1, 564, 796 1, 508,418 1,311,817 1, 447, 219 1, 634, 689 3,493, 061
Outside checks and other cash items
159,060
134,916
217, 291
157, 841
203, 884
137,866
101, 676
200,159
163, 527
142, 939
181, 593
177, 771
Redemption fund and due from United States Treasurer.
32,982
32, 823
33,054
33, 025
32,995
32, 997
32, 480
33, 281
33, 001
32, 785
32, 879
32, 891
Acceptances of other banks and bills of exchange or
drafts sold with indorsement
278,988
454, 958
436, 486
433, 668
677,994
207, 292
254, 506
205, 382
265,007
431, 968
221, 290
210,519
Securities borrowed
37, 733
49,643
29, 248
35, 947
41, 521
29,464
35, 212
36, 551
44, 631
44, 345
45, 304
33, 539
Other assets
198, 895
3 435,082
158,488
171,070 i 197, 666
186, 677
220,498
3 419, 895 3 504, 314
200,101
168,141
Total
41,425,295 40,075,440 40, 845,189 42, 029, 644 41,118,464 42, 810,192 43,155,718 144,888,140 43, 581, 656 45, 091, 849 45, 483, 697 48, 935, 646
a
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 4
Certified and officers' checks outstanding
Cash letters of credit and travelers' checks outstanding.
Demand deposits
Time deposits
United States deposits
"__""__"
Total deposits
2,105,308 2,162,434
1,832,691 1, 880, 620
2,169, 484 2, 203, 447 2, 248, 210 2, 273, 737 2,304,708 2,337,780 2, 345, 519 2,415, 376 2,453, 859
1, 809, 565 1, 955, 349 1, 992,174 2, 030, 342 2, 049, 325 2,124, 020 2,144,182 2, 285, 536 2, 382, 393
/ 886,025
914,114
845, 596
763,156
940, 505
879,480
843, 319
785, 517
924, 012 \ 120,020
2,474, 223
2,440, 709
832, 564
151, 744
688
893
513
466
124, 484
145, 458
139, 315
128,142
152, 531
128, 757
150,438
137, 345
120, 386
45, 214
49, 823
47, 221
54,402
52, 073
65, 379
53, 043
45, 360
51,445
f3, 388,441 3, 507, 732 3, 567,193 3, bO8, 222 3, 495, 722 3, 263, 494 3,462, 377
3, 935,113 4, 002, 995 L 451,747
586,869
745, 691
613, 732
567, 800
643, 372
508, 571
962, 694 1,141,102
788, 522 1, 064, 605 977,944
839, 556
848, 064
787, 770 1, 041,114
120, 676
56, 510
3, 649, 037
543, 273
2,184,138
21,965
23, 266
17, 824,702 16, 823,148
10, 653,028 10, 954, 747
304,131
37 450
379,
34,250,166 32,893,483
38, 415
21, 641
41, 696
26, 391
25,015
29, 015
43,177
27, 338
20,499
17,380, 041 17, 638, 648 16, 830, 709 17, 735, 244 17, 374, 426 18,170,140 17, 304, 646 17, 606, 564 17, 501, 430
11,172, 863 11,439, 859 11, 817, 694 12, 209, 834 12,459, 248 12, 764, 798 12, 922, 638 13, 438, 585 13,409, 608
227647
| ' 227, 647
406, 850
217,622 f 435,475
266,981 , 86, _ , „ _256,681 | 158,761
_ 032
234,116
33,761,987 34,528,664 33,756,199 35,397,576 35,481,948 36,669,103 |35,374,849 36,059,826 36,174,578
23,128
18,903, 658
13,453,311
261, 505
39,074,560
]•
739,934
108,903
51,112
J4,169,470
1, 225, 758
783, 012
132,
47,
3, 801,
863,
<
W
d
Agreements to repurchase United States Government or other securities sold.
7,081
15, 800
5,632
134, 084
13,248
17,967
17, 845
32, 785
18,103
95,161
32, 537
21, 375
Bills payable and rediscounts
732, 824
619, 568
611,619
546,433
541,248 j
528,215
663, 475
580, 892 1, 209, 437 1,153, 916
1,162,178
759, 866
Acceptances of other banks and bills of exchange or
i
drafts sold with indorsement
221,290
278,988
207, 292
205, 382
254,506
210,519 |
265,007
436, 486
677,994
454,958
433, 665
431,968 i
Acceptances executed for customers
486, 548
435, 751
470, 292
505, 586
503,595 !
716, 270
717, 931
515,046
705, 001
928,329
575,636 j
721,473 j
Acceptances executed by other banks for account of
reporting banks
53,608
55, 002
42, 054
28, 235
41,417
35,917
32,042 I 26,075
22,318 I
43, 636
29,013
26,008
National-bank notes outstanding
647,951
648,954
650, 662
648, 602
648, 046
645, 956
642, 067
650,445 j 649,390
649,877
649,893
646,162
Securities borrowed
49, 643
45, 304
44, 631
41, 546
44, 345
33,564
29,471
37, 782
36, 556
35,947
35,936
29, 352
5
Other liabilities
131,650
153. 695
« 146, 993 5 138, 872 5148,108
147. 696
135.062
201, 899
166, 726
189, 692
209,109
191,169 !
Total
41,425,295 40,075,440 40,845,189 42,029,644 41,118, 464 42,810,192 143,155,718 [44,888,140 143,581,656 45,091, 849 45,483, 6971 48,935, 646
Number of banks
_.
8,837
8,929
8,896
9,489
9,412 I
9,375
9,260
9,144
9,034 ]
9,099
9,087
8,983
1
2
3
4
6
Excludes "Acceptances of other banks and bills of exchange or drafts sold with indorsement," now shown separately.
Includes amounts due from own foreign branches. Prior to Mar. 23, 1927, amounts due from foreign banks and own foreign branches are included in "other assets."
Includes amounts due from foreign banks and own foreign branches.
Includes amounts due to own foreign branches, beginning Mar. 23, 1927. Prior to that date, amounts due to own foreign branches are included in "other liabilities."
Includes amounts due to own foreign branches.
to
CO
ALL MEMBER BANKS—CONDITION OF NATIONAL AND STATE MEMBERS ON DECEMBER 31, 1928, BY CLASSES OF BANKS
[Amounts in thousands of dollars]
National banks1
All member banks
Total
Central
reserve
city
banks
Other
reserve
city
banks
Country
banks
Total
to
00
00
Central
reserve
city
banks
State bank members
Other
reserve
city
banks
Country
banks
Total
Central
reserve
city
banks
Other
reserve
city
banks
3,867,904
547,975
559,636
4,975,515
345,242
90,716
3,726
42,863
481,308
3, 715,777
514,348
808,097
5,038,222
47,567
172,734
27, 704
67,807
293,299
2, 286,430
243,231
733,797
3,263,458
5,426
113, 774
23,239
66, 760
138,444
Country
banks
KESOURCES
Loans (including overdrafts)2
25,155,255
United States Government securities
4,311,790
Other securities
6,216,890
Total loans and investments
35,683,985
Customers' liability on account of acceptances...... 929,540
Banking house, furniture, and fixtures
1,107,287
Other real estate owned
177, 716
Cash in vault
564,384
Reserve with Federal reserve banks
._ 2,409,367
Items with Federal reserve banks in process of collection..
967,836
Due from banks in United States
2,124,252
Due from banks in foreign countries 3
306,950
Exchanges for clearing house and other checks on
local banks
3,493,061
Outside checks and other cash items
203,884
Redemption fund and due from United States
Treasurer
_
_
32,995
Acceptances of other banks and bills of exchange or
drafts sold with indorsement
677,994
Securities borrowed
35,947
Other assets
220,498
Total
48,935,646
7, 537,414 8, 702,347 8,915,494 15,285,144
1,267,836 1,662,415 1,381,539 3,006,236
1,055, 740 1, 791,212 3,369, 938 4,115,360
9,860,990 13,155,974 13,666,971 22,406,740
212, 534
531,305
16, 275
700, 731
415,097
512,361
730,063
179,829
59,954
112, 725
123,047
5,037
167,273
318, 697
386,954
78,414
779,327
651,751 1,496,316
978,289
3,669,510
719,861
496,104
4,885,475
355,489
89,113
1,311
35, 551
496,981
4,986,570 6,629,064 9,870, 111
1,148, 067 1,138,308 1,305.554
983,115 2,636,141 2,101,530
7,117,752 10,403,513 13,277,195
164,967
398,235
10,849
242,363
377,224
398,587
54,669
32,250
89,486
177,430
99,466
251,937
913,051
486,028
513,307
369, 501
248,126
239,502
458,926
899, 258
63,934
139,409
976,868
3,514
577,086
1,581,969
206,003
182,634
118, 252
152,058
303,648
648,619
51,844
90,804
815,098
2,101
390,750
542,283
100,947
186,867
129,874
87,444
155,278
250,639
12,090
48,605
161,770
1,413
2,880,609
81,414
489,157
87,169
123,295
35,301
1,923,860
116,161
1, 521,248
34,290
321.492
54,367
81,120
27,504
1, 569,201
87, 723
1,359,361
47,124
167,665
32,802
42,175
7,797
1,994
8,192
22,809
32,995
1,994
8,192
22,809
329, 764
125,571
1,936
550,487
20,341
20, 720
14,877
350
110,853
64,236
47,353
108,909
16,284,182 16,007,322 16,644,142 30, 573,457
236,608
350
48,601
8,159, 955
91,809
10,052
32,291
33,762
313,879
10,668
31,945
""60,368
8,124,227 j 6,342,182
589
4,938
17,392
3,895, 780
H
d
348,230
1,347
15,606
9,939
109,645
29,961
9, 665,140 12, 748, 362 18,362,189
GO
LIABILITIES
Capital stock paid in
2,474,223
Surplus
2,440,709
Undivided profits—net
832, 564
Reserves for dividends, contingencies, etc
151, 744
Reserves for interest, taxes, and other expenses accrued and unpaid
120,676
Due to Federal reserve banks
56, 510
Due to other banks in United States
3,649,037
Due to banks in foreign countries 4
543,273
Certified and officers' checks outstanding
_ 2,184,138
_
Cash letters of credit and travelers' checks outstanding
23,128
Demand deposits
18,903, 658
Time deposits
13,453,311
United States deposits
261, 505
Total deposits
_ 39,074,560
Agreements to repurchase United States Government or other securities sold
134,084
Bills payable and rediscounts
1,162,178
Acceptances of other banks and bills of exchange or
drafts sold with indorsement
677,994
A cceptances executed for customers
_ 928,329
Acceptances executed by other banks for account of
reporting banks
43,636
National-bank notes outstanding
649,893
Securities borrowed
35,947
Other liabilities..._
209.109
Total
48,935,646
Number of banks
8,837
1
2
674,972
846,755
265, 732
65,060
821,693
777,835
243,524
45,174
977, 558
816,119
323,308
41,510
1,615,601
1,489,099
491,559
85,317
343,550
434,905
95, 208
31,928
508,323
425,291
142,944
23,585
253,407
29,804
858, 622
951,610
341,005
66,427
331,422
411,850
170,524
33,132
313,370
352, 544
100,580
21,589
213,830
187, 216
69,901
11,706
44,340
1
1, 541,351
41,325
12,508
1,680,614
54,035
271,081
35,011
44,001
427,072
2,350
126,097
_ 66,602
"40, 748
2, 595, 768
296,761
1,134,195
17,679
977,804
251,697
866,816
26,190
9,015
1,263,386
43, 236
174,287
22,733
31,733
354, 578
1,828
93.092
54,074
15, 762
1,053, 269
246, 512
1,049, 943
26,661
1
563, 547
235,191
920.144
15,135
3,493
417, 228
10, 799
96, 794
12,278
12,268
72,494
522
33,005
10,344
6,085
573
16,470
6, 748, 224 6,034, 666 6,120, 768 11, 774,872
1,826, 601 4,832,306 6,794,404 8,304,361
183,337
58,382
152, 702
50,421
12,464,877 13,043,997 13,565,686 24,340,386
4,920
3, 303, 998
735,737
28,137
6,169,109
4,995
12, 784
429
3, 788,158 4, 682, 716 7,128, 786
2,443, 970 5,124, 654 5,148, 950
111,321
43, 879
78,168
7,838,368 10,332,909 14,734,174
11, 550
3,444,226
1,090,864
30, 245
6,235,768
1,090
2, 246, 508
2,388, 336
41,381
5,205,629
144
1,438,052
1, 669, 750
6,542
3,232,777
1, 786, 960
72,870
456,056
52,854
375,922
8,360
330.200
75,165
785,059
50, 590
331,903
17,738
228,196
6,837
224,960
58,919
377,119
22, 280
124,153
35,116
147, 726
1,523
105, 240
550,486
700,366
125, 571
212,882
1,937
15,081
329, 764
524, 725
236, 608
354,196
91,809
160,436
1,347
10.093
348, 230
403,604
313,878
346,170
33, 762
52,446
590
26,980
39, 399
350
75,939
15, 348
161, 234
20, 720
69,243
1,308
449,260
14,877
63,927
23,248
649,893
20,341
76,698
12, 564
39,399
350
41,966
14,416
5,562
410
16,284,182 16,007,322 16,644,142 30,573,457
517
75
7,629
8,245
8,159, 955
9,786
20,388
161,234
449,260
10,052
9,939
15,606
132,411
21,188
13,544
9, 665,140 12,748,362 118,362,189
365
7,232
1,208
33,973
8,124, 227
10,668
48,055
6,342,182
4,938
50,383
3,895, 780
43
152
1,013
32
Member banks only: i. e., exclusive of national banks in Alaska and Hawaii.
Excludes "Acceptances of other banks and bills of exchange or drafts sold with indorsement," now shown separately.
763, 728
3
4
Includes amounts due from own foreign branches.
Includes amounts due to own foreign branches.
ALL MEMBER BANKS—CONDITION ON DECEMBER 31, 1928, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve District
Total
Boston
New
York
Philadel- Cleveland
phia
Richmond
Atlanta
Chicago ! St. Louis
Minneapolis
Kansas
City
Dallas
San Francisco
RESOURCES
25,155,255
Loans (including overdrafts) *_-_
4,311,790
United States Government securities
6,216,890
Other securities
35,083,935
Total loans and investments
Customers' liability on account of ac929,540
ceptances.
1,107,287
Banking house, furniture, and fixtures
177,716
Other real estate owned
_
_.
564,384
Cash in vault
2,409,367
Reserve with Federal reserve banks
Items with Federal reserve banks in
967,836
process of collection...
2,124,252
Due from banks in United States 2
306,950
Due from banks in foreign countries
Exchanges for clearing house and other
3,493,061
checks on local banks
203,884
Outside checks and other cash items
Redemption fund, and due from United
32,995
States Treasurer
Acceptances of other banks and bills of
exchange or drafts sold with indorse677,994
ment
_
35,947
Securities borrowed
220,498
Other assets
_
48,935,646
Total
1,824,366 8,404,303 1,744, 565 2,291,196
235,373 1, 353,438
230,977
423,961
511,376 1,835,167
690,213
699,134
3,571,115 11,593,908 3,665,755 3,414,391
1,021, 518
129, 800
186,945
1,338,363
895,201 ! 3,812,187
134,779 ! 535,597
158,410 |
814,801
1,188,390 5,163,585
954,105
161,431
290, 263
1,405,799
560,043
146, 579
226,230
933,853
802,632
212,331
235,056
1,350,019
736,396
173, 509
83, 515
993,430
2,108, 743
574,015
485,780
3,168,538
46,518
168,681
25,968
90,913
343,073
1,954
43,179
9,038
23, 982
84, 641
6,704
24,175
9,531
20,381
55,467
272
46,082
9,920
26, 992
90, 950
6,825
43,863
11,361
26,047
73, 685
42,220
103,153
19,305
47,481
182,556
42,298
118,481
1,776
8,137
116, 775
1,476
37, 269
224,876
1,786
33,995
165,301
543
37,468
258,486
14,635
28,559
4,887
14,463
9,017
27,913
6,429
22,139
4,921
102, 538
21, 584
2,018
1,391
1,667
2,359
2,933
1,919
673
10,390
98
5,600
5,454
5,759
5,626
26,307
1, 208,145
1,594,816 6,584,696 j 1,778,511
2
527
3,645
69, 727
6,638
45,684
145,171
666,411
250,400
18,026
123,064
980, 644
19,837
95,834
15, 627
42,162
136,047
13, 076
139,993
22,439
60,416
185,295
12, 239
60,850
16, 302
27,899
67, 986
13, 798
61,350
13, 561
29, 363
63,852
77, 564
106,184
32,563
410,043
234,068
227,762
64, 647
126,280
5,024
88, 662
181,140
2,487
46, 554
103, 575
620
24, 758
144,035
1,763
82,596
12,280
2,807,199
61,309
89,952
4,400
63,923
11,885
29,464
7,671
28,146
13,312
2,199
4,362
2,741
2,705
2,179
60,142
540, 719
6,069
10,187
1,953
340
4,958
9,230
115,074
9,141
10, 747
16,047
3, 321,030 18,033,942 3, 290,080 4, 223,070
2,809
3,669
5,090
1,725,696
96,441 I
345,051 '
16, 515
196,169
46,189
4,442 |
3,351
2,026
4,932
1, 728, 349
39,339
2,394
1,568
524
15,499
2,631
1,390,008 I 4,057,303
G
O
LIABILITIES
Capital stock paid in
2,474,223
2,440,709
Surplus
832,564
Undivided profits—net
151,744
Reserves for dividends, contingences, etc.
Reserves for interest, taxes, and other ex120,676
penses accrued and unpaid
56,510
Due to Federal reserve banks
3,649,037
Due to other banks in United States
Due to banks in foreign countries 3_
543,273
Certified and officers' checks outstanding- 2,184,138
Cash letters of credit and travelers' checks
outstanding..
_
23,128
18,903,658
Demand deposits. _
13,453,311
Time deposits...
_
_
261,505
United States deposits
39,074,560
Total deposits
Agreements to repurchase United States
134,084
Government or other securities sold
1,162,178
Bills payable and rediscounts.
Acceptances of other banks and bills of
exchange or drafts sold with indorse677,994
ment
928,329
Acceptances executed for customers
Acceptances executed by other banks for
43, 636
account of reporting banks
_.
649,893
National-bank notes outstanding.
Securities borrowed
_
_.
35,947
Other liabilities
209,109
Total...
48,935,646
Number of banks..
1
8,837
174,607
167,563
77,296
9,993
764,904
934,933
315,448
172,103
316, 735
78, 731
11,403
221,345
263,337
69,963
15,776
115,063
88,923
28,373
6,047
102,335
69,685
23,779
4,113
339,774
276,258
101,891
37,138
113,753
65,321
30,114
3,641
63, 515
^ 5 , 709
16, 216
2,531
93,103
43,401
20, 559
3,234
94,307
45,721
19,479
3,003
219,414
133,123
50,715
5,917
11,911
7,827
149,390
26,112
34,538
39,474
19, 642
1,301, 313
478,732
1,779,412
5,862
7,375
190,392
3,369
26,602
11,101
4,212
229, 530
2,820
64,461
5,095
7,053
133,417
713
17,060
3,420
3,193
155,127
2,836
13,135
22,214
2,910
529,854
11, 325
73,028
3,407
587
183,797
384
17,648
5,224
17
111,634
1,088
10, 757
3,096
447
263,017
198
35,146
2,704
2,281
162,460
1,573
36,844
7,168
966
239,106
14,123
75,507
60
21
94
2,414
433, 027
693,498
596,023 2, 562,304
2,257,163
537, 601
480,054
466, 602
19,421
7,549
5,550
17,022
1,354,033 5,458,419 1,441,134 1,043,148
67
831, 660
364, 599
9,926
1,505,060
34
706, 561
222, 906
22,190
1,154,849
548
1,377,041
1,695,404
51,916
3,454,611
354
14, 630
1,400,164 7,136,631
3,145,434
953,438
8,986
63,493
3,580,809 13,939,387
827
4,044
35
1,152,426 1,429, 260
585,063
1, 642, 632
1,091,091
596, 387
24,153
15, 572
15, 727
3,487,654 3,401,113 1,355,455
9,141
76,144
80,285
499,445
611
99,244
16, 836
105, 201
3, 095
48,723
8,462
52,139
7,107
163, 576
6,824
39, 363
139
5,279
687
22,443
11,648
271
38,973
60,142
96,655
540, 718
663,897
6,069
15, 560
10,187
13,224
12, 333
3,352
19,680
10,390
47,767
673
2,007
1,919
6,779
2
267
2,394
6,825
39, 339
43,335
1,017
5
10
4,266
27,294
32, 943
88,120
39,828
43,065
527
5,454
5,600
98 !
2,026
3,022
4,462
25, 571
26, 846
1,286 I
1, 725, 696 1,594,816 I 6,584,696 1, 778, 511 1,208,145 1,728,349
45,969
524
1,959
1,390,008
574
56,974
1,561
5,328
4,057,303
780
627
5,007
581
27,086
78, 500
85,973
54, 278
9, 230
1,953
4,958
6,677
91, 591
31,865
3,321,030 18,033,942 3,290,080 4,223,070
5,020
43,315
340
408
938
78
7
816 !
62
53, 634
3, 669
2,415
547
453
Excludes "Acceptances of other banks and bills of exchange or drafts sold with indorsement," now shown separately.
2
Includes amounts due from own foreign branches.
1,252
587
719
932
»Includes amounts due to own foreign branches.
to
CO
240
FEDERAL RESERVE BULLETIN
MARCH,
192&
ALL MEMBER BANKS—RESERVE POSITION ON DECEMBER 31, 1928
[Amounts in thousands of dollars]
Reserves with Federal reserve banks
Net demand deposits
Demand
Class of bank and Federal reserve deposits,
district
exclusive of Due to
bank and banks, net
Government
deposits i
All member banks
Central reserve city banks.
Reserve city banks
Country banks
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
Reserve city banks:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas-..
San Francisco
Country banks:
Boston
New York___
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
_.
St. Louis.
MinneapolisKansas City
_.
Dallas
San Francisco
Total
Time
deposits
Net
demand
plus time
deposits
Required
13,453,311
33,396,894
Held
Excess 3
Ratio of
required
reserves
to net
demand
plus time
deposits
(per cent)
18,903,658
1, 039, 925
19, 943, 583
2,430, 742
2,409,367
6, 748, 224
6,034,666
6,120, 768
546, 460
412,367
81,098
7, 294, 684
6, 447,033
6,201,866
1,826, 601 9,121, 285
4,832, 306 11,279,339
6, 794, 404 12, 996, 270
1, 003,107
789, 672
637, 963
978,289
779, 327
651, 751
-24,818 |
-10,345
13,788 !
1,400,164
7,136,631
1,152,426
1,429, 260
585,063
596,023
2, 562, 304
693,498
433,027
831,660
706, 561
1,377,041
27,823
475,918
19,014
60,997
28, 507
29,543
118,438
63,489
32, 375
85,033
56,400
42,388
1,427,987
7,612, 549
1,171,440
1,490,257
613, 570
625, 566
2, 680, 742
756,987
465,402
916, 693
762, 961
1,419,429
953,438
3,145,434
1,091,091
1, 642, 632
596, 387
466, 602
2,257,163
537, 601
480,054
364, 599
222,906
1,695,404
2,381,425
10,757,983
2,262, 531
3,132,889
1,209,957
1,092,168
4,937,905
1, 294, 588
945,456
1.281,292
985,867
3,114,833
150,395
1,002, 276
134,040
180,974
68,901
67, 587
350,416
82, 826
52,692
90, 748
69, 253
180, 634
145,171
980, 644
136,047
185, 295
67, 986
63,852
343,073
84, 641
55,467
90, 950
73,685
182, 556
- 5 , 224
-21,632
2,007
4,321
-915
- 3 , 735
-7,343
1,815
2, 775
202
4,432
1,922
6.3
9.4
5.9
5.8
5.7
6.2
7.1
6.4
5.6
7.1
7.0
5.8
5,621, 349
1,126,875
463,626
82,834
6,084,975
1, 209, 709
1, 268,318
558, 283
7.353,293
1, 767,992
829,097
174,010
809,063
169,226
11.3
9.8
704, 676
323,820
625,158
854,193
252,925
303,467
723,180
407,198
162,380
443,483
256, 789
977,397
23,126
7,307
18,373
58,380
15, 717
23,171
25, 764
49, 737
27,986
77,906
48, 503
36, 397
727,802
331,127
643, 531
912,573
268,642
326, 638
748,944
456,935
190, 366
521, 389
305, 292
1,013, 794
267,972
303, 731
238, 259
819,968
166, 594
214,176
754,804
253,613
109,896
177, 037
132, 200
1, 394,056
995, 774
634,858
881, 790
1, 732, 541
435, 236
540,814
1, 503, 748
710, 548
300, 262
698,426
437,492
2,407,850
80,819
42, 226
71, 501
115,856
31,862
97, 538
53, 302
22,334
57,450
34,495
143, 200
82, 320
42,365
70, 786
118,433
28, 564
32, 730
91,475
53, 744
24,091
55,645
35, 791
143,383
-20,034
- 4 , 784
1,501
139
-715
2,577
-3,298
-6,359
-6,063
442
1,757
-1,805
1,296
183
695,488
1,191,462
527, 268
575,067
332,138
292, 556
712, 249
286,300
270,647
388,177
449,772
399,644
4,697
4,985
641
2,617
12, 790
6,372
9,840
13, 752
4,389
7,127
7,897
5,991
700,185
1,196,447
527,909
577, 684
344, 928
298,928
722,089
300,052
275,036
395,304
457,669
405,635
685, 466
1,573, 385
852, 832
822, 664
429,793
252,426
944,076
283,988
370,158
187, 562
90,706
301,348
1,385,651
2, 769, 832
1,380,741
1, 400, 348
774, 721
551,354
1, 666,165
584,040
645,194
582,866
548,375
706,983
69, 576
130,953
62,539
65,118
37,039
28,498
78,868
29, 524
30,358
33, 298
34,758
37,434
62,851
129, 216
65, 261
66,862
39,422
31,122
82,372
30,897
31,376
35,305
37,894
39,173
- 6 , 725
-1,737
2,722
1,744
2,383
2,624
3,504
1,373
1,018
2,007
3,136
1,739
5.0
4.7
4.5
4.7
4.8
5.2
4.7
5.1
4.7
5.7
6.3
5.3
-21,375 I
11.0
7.0
4.9
8.1
6.7
8.1
6.7
7.3
7.2
6.5
7.5
7.4
8.2
7.9
5.9
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 from
foreign branches of other American banks, and exchanges for clearing house and other checks on local banks.
3 Deficiencies in reserves indicated by a minus (—) sign.
FEDERAL RESERVE DISTRICTS
•—•BOUNDARIES OF FEDERAL RESERVE DISTRICTS
» . — BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
®
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
O FEDERAL RESERVE BANK AGENCY
O
@FedFRASER