Full text of Federal Reserve Bulletin : March 1929
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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 United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 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