Full text of Federal Reserve Bulletin : March 1930
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FEDERAL RESERVE
BULLETIN
MARCH, 1930
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Recent Banking Developments
Condition of All Member Banks
Annual Report of the Bank of France
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON: 1930
FEDERAL RESERVE BOARD
Ex officio members:
ROY A. YOUNG, Governor.
EDMUND PLATT, Vice Governor.
A. W. MELLON,
Secretary of the Treasury, Chairman.
J. W. POLE,
Comptroller of the Currency.
ADOLPH C. MILLER.
CHARLES S. HAMLIN.
GEORGE R. JAMES.
EDWARD H. CUNNINGHAM.
WALTER WYATT, General Counsel.
WALTER L. EDDY, Secretary.
E. M. MCCLELLAND, Assistant Secretary.
J. C. NOELL, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.
E. A. GOLDENWEISER, Director, Division of Research
and Statistics.
CARL E. PARRY, Assistant Director, Division of Research
and Statistics.
Chief, Division of Examination, and Chief Federal
Reserve Examiner.
E. L. SMEAD, Chief, Division of Bank Operations.
FEDERAL ADVISORY COUNCIL
District No. 1 (BOSTON)
District No. 2 ( N E W YORK)
District No. 3 (PHILADELPHIA)
District No. 4 (CLEVELAND)
District No. 5 (RICHMOND)
District No. 6 (ATLANTA)
District No. 7 (CHICAGO)
District No. 8 (ST. LOUIS)
District No. 9 (MINNEAPOLIS)
District No. 10 (KANSAS CITY)
District No. 11 (DALLAS)
District No. 12 (SAN FRANCISCO)
HERBERT K. HALLETT.
W M . C. POTTER.
L. L. R U E .
-_ HARRIS CREECH.
JOHN POOLE.
J. P. BUTLER, Jr.
FRANK O. WETMORE, President.
W. W. SMITH.
G E O . H. PRINCE.
W. S. MCLUCAS.
B. A. MCKINNEY, Vice President.
F. L. LIPMAN.
WALTER LICHTENSTEIN, Secretary
II
OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank of-
Chairman
Governor
Frederic H. Curtiss.
J. H. Case
Boston
New York
Deputy governor
W. P. G. Harding...
Geo. L. Harrison
W. W. Paddock
L. F. Sailer
E. R. Kenzel
A. W. Gilbart
L. R. Rounds
J. E. Crane
Walter S. Logan
j
!
|
I
_>j
j
j
Philadelphia-
_| R. L. Austin
Geo. W. Norris
Wm. H. Hutt
Cleveland
_| George DeCamp..
E. R. Fancher
Richmond
_| Wm. W. Hoxton..
George J. Seay
Atlanta
_ Oscar Newton
!
.! Wm. A. Heath...
M.J.Fleming..-.
Frank J. Zurlinden
C. A. Peple...
R. H. Broaddus
Hugh Foster
Creed Taylor
C. R. McKay..
J o h n H . Blair
Chicago
St. Louis
Eugene R. Black
J. B. McDougal
! Rolla Wells.
Wm. McC. Martin.
0 . M. Attebery.
Harry Yaeger
H. I. Ziemer
C. A. Worthington
J. W. Helm
R. R. Gilbert
R. B. Coleman
Wm. A. Day
Ira Clerk
j Minneapolis.._
John R. Mitchell-
W. B. Geery
] Kansas City
M. L. McClure...
W. J. Bailey
| Dallas
C.C.Walsh
Lynn P. Talley
i San Francisco .
|
Isaac B. Newton..
Jno. U. Calkins
i Assistant deputy governor.
Cashier
W. Willett.
J. W. Jones.*
Ray M. Gidney.t
W. B. Matteson.i
C. H. Coe.i
J. W. Jones, i
J. M. Rice.i
Allan SprouU
! C. A. Mcllhenny.
W. G. McCreedy.»
| H. F. Strater.
j
! Geo. H. Keesee.
John S. Walden, jr.»
M. W. Bell.
_
' W. C. Bachman.*
I K. C. Childs.2
J. H. Dillard.»
D. A. Jones.*
O. J. Netterstrom.*
A. H. Haill.a
F. N. Hall.* 1
S. F. Gilmore.
G. O. Hollocher.i
C. A. Schacht.a
._ Gray Warren.
Frank C. DunlopJ
J. W. Helm.
Fred Harris.
W. 0 . Ford. 1
Wm.M. Hale.
* Controller.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
i
Managing director
Federal Reserve Bank of—
Managing director
i
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
1
.; R. M. O'Hara.
'
! C. F. McCombs.
! J. C. Nevin.
_! A. H. Dudley.
; Hugh Leach.
I
Marcus Walker.
I W. S. McLarin, jr.
I A. E. Walker.
! J. B. Fort, jr.
j
i W. R. Cation.
|
i W. P. Kincheloe.
_| W. H. Glasgow.
, A. F. Bailey.
Minneapolis:
Helena branch
Kansas City:
Omaha branch
Denver branch
Oklahoma City branch
Dallas:
El Paso branch
Houston branch
San Antonio branch...
San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch
Seattle branch
Spokane branch
R. E. Towle.
L. H. Earhart.
J. E. Olson.
C. E. Daniel.
__ J. L. Hermann.
W. D. Gentry.
_ M. Crump.
W. N. Ambrose.
_ R. B. West.
_. W. L. Partner.
__ C. R. Shaw.
D. L. Davis.
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in
TABLE OF CONTENTS
Page
Review of the month—Recent banking developments
Reserve-bank credit—Member-bank credit—Analysis of member-bank credit.
Condition of all member banks on December 31, 1929
Annual report of the Bank of France
97
132-137
112
Australia—Text of Commonwealth Bank Act
116
National summary of business conditions
101
Financial, industrial, and commercial statistics:
Reserve bank credit and factors in changes
Analysis of changes in monetary gold stock
Gold movements to and from United States
Member bank borrowings at Federal reserve banks
Discount rates and money rates
Member bank credit
Bankers' acceptances and commercial paper outstanding
Brokers' loans
Commodity prices, security prices, and security issues
Production, employment, and car loadings
Industrial production and building
Factory employment and pay rolls
Banking and business conditions in Federal reserve districts:
Reserves, deposits, note circulation, and reserve percentages of Federal reserve banks
Discounts of Federal reserve banks
Bank debits
Building
Department stores—Indexes of sales and stocks
Commercial failures
Bank suspensions
Financial statistics for foreign countries:
Gold holdings of central banks and Governments
Gold exports and imports
Condition of central banks
Condition of commercial banks
Discount rates of central banks
Money rates
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
Resources and liabilities of Federal reserve banks in detail and Federal reserve note statement
IV
102
102
102
103
103, 104
105
105
105
106
107
108
109
110
110
110
110
111
111
111
118
118
119, 120
121
122
122
123
124
126
128
130
131
FEDERAL RESERVE BULLETIN
VOL. 16
MARCH, 1930
REVIEW OF THE MONTH
Liquidation of bank credit, which began last
November, continued, though at a slower rate,
in February. The decrease during the month
was in loans other than loans on securities and
reflected largely the diminution in current credit
requirements of trade and industry. The
volume of reserve-bank credit outstanding also
continued to decline, the reduction being
entirely in discounts for member banks, which
toward the end of February were at the lowest
level in more than two years. Money rates on
most classes of paper showed a further downward movement, and discount rates at the Federal Reserve Banks of New^ York, Chicago,
Boston, and Kansas City were reduced from
02 to 4 per cent, while those at banks that had
a 5 per cent rate were reduced to the 4% per
cent level.
During the week ended February 22 the
volume of reserve-bank credit, at $1,168,000,000, was $571,000,000 beReserve-bank
low
the seasonal peak at the
credit
close of last December, showing the largest decrease for any similar period
in recent years. This unusually large decline
in reserve-bank credit was the consequence of
several factors, as is brought out in the following table.
RESERVE-BANK
CREDIT AND PRINCIPAL FACTORS IN
CHANGES
[Weekly averages of daily figures. In millions of dollars]
Changes between weeks
ending—
j Dec. 28, ! Dec. 29, Dec. 24,
1929, and j 1928, and 1927, and
! Feb. 22, i Feb. 23, Feb. 25,
! 1930 j 1929
1928
Reserve-bank credit; outstanding.
Monetary gold stock
_____
Money in circulation
Member bank reserve balances _ _ _
-571 i
+36 I
-468 :
-86
-406
+4
-383
-27
-30
-406
-26
No. 3
Return flow of currency from circulation was
the principal factor in the decrease in reservebank credit in the early weeks of this year, as in
other years. The return flow this year, however, amounting to $468,000,000, was much
larger than usual, reflecting in part decreases
in pay rolls and reduced activity in retail trade.
Member-bank reserve balances also declined
much more than in either of the two preceding
years, the decrease corresponding to the large
liquidation of member-bank credit discussed
elsewhere in this review. There was also an
increase of $36,000,000 in monetary gold stock,
which further reduced the demand for reservebank credit. The movement of gold to Europe,
which was considerable in November and
December, when foreign funds were withdrawn
from the New York market, was arrested in
January, when money rates in European markets declined more rapidly than in New York.
At the same time there were imports of gold
principally from Japan and Brazil, resulting in
a net increase in this country's stock of gold.
Liquidation of member-bank credit in recent
weeks is indicated on the chart, which shows
separately since 1927 total loans
Member-bank
and investments of member
credit
banks in New York City and of
member banks in other leading cities, and also
loans to brokers in New York for the account of
nonbanking lenders. As this chart brings out,
credit expansion at member banks was rapid
both in New York City and outside during 1927
and the early part of 1928, but came to an end
in May and June, 1928. Member-bank credit,
in fact, showed little further growth until
October, 1929, and the active demand for
security loans during the period was supplied by
funds from nonbanking lenders. In the last
part of October, at the time of the break in the
security market, loans for the account of non-
98
FEDERAL RESERVE BULLETIN
MARCH,
1930
banking lenders were withdrawn in large volStatistics covering loans and investments of
ume, and New York City member banks took all member banks, which have now become
over these loans, with a consequent unpreceavailable for December 31,1929,
dented growth in their own security loans. At Analysis of meman mcrease f S e V e n
,
"
ber-bank credit
MILLIONS OF DOLLARS
MILLIONS Of DOLLARS
tenths of 1 per cent during
|
REPORTING M E M B E R BANKS
1929, as compared with an increase of 4 per
OUTSIDE NEW YORK CITY
cent in 1928, 8 per cent in 1927, and 7 per
15000
cent on the average for the years 1922-1927.l
Recent reports for member banks on call
ttOOO
dates include a classification of loans and
investments which permits a more significant
REPORTING MEMBER BANKS
analysis of the response of member banks to
IN NEW YORK CITY
conditions in the money market than was
possible on the basis of reports prior to 1929.
From the figures which are now available it is
apparent that member banks increased their
loans to local customers through the larger part
of 1929, while they reduced their short and long
term investments in the open market. This is
shown in the accompanying table, in which
loans and investments of all member banks,
200
exclusive of interbank loans, on call dates
during 1929 are classified so far as possible into
100
(1) loans made to local customers, (2) shortterm loans made in the open market and short1929
1930
1928
term United States Government securities, and
1927
(3) all other investments. Although this disthe same time member banks both in New York tribution does not classify, with complete
and outside increased their loans to customers
MEMBER
BANKS—DISTRIBUTION
OF
TOTAL
who were in need of funds partly as a conse- ALLLOANS
AND INVESTMENTS (EXCLUSIVE OF INTERBANK LOANS) DURING 1929
quence of the drop in security prices. Since
[In millions of dollars]
that time the entire growth of bank credit
caused by the stock-market break has been
Mar. 27 | June 30 Oct. 4 Dec. 31
liquidated, and the volume of member-bank
credit has fallen to the level of the summer of Loans to local customers:
On real estate
3,123 3,164 3,152
3,191
1929. At banks in leading cities outside of New
On securities
7,540 7,734 8,109
8,488
Allother
_
11,240 11,618 11,988 11,515
York liquidation has proceeded even further,
Total loans to local customers
21,903 22, 516 23,249 23,194
and the volume of their total loans and investShort-term open-market loans and
ments is little larger than it was two years ago. investments
3,754 3,514 3,191
2,914
Total liquidation of security loans, both by All other investments
9,188 9,009 8,833
9,112
banking and nonbanking lenders between
October, 1929, and February, 1930, can be accuracy, all member-bank credit according to
estimated at $4,750,000,000, of which $4,250,- these three categories, the distribution accord000,000 represents liquidation of security loans ing to classes is much more accurate than has
for the account of nonbanking lenders and ever been possible on the basis of previous call
$500,000,000 for the account of member and reports and presents a correct picture of the
nonmember banks. During recent months the
slackening of business activity has been re- 1 Condition figures for all member banks are published on pp. 132-137
of this issue of the BULLETIN, and in more detail, by States and cities,
flected in a liquidation of commercial loans.
in Member-Bank Call Report No. 46.
°
16000
MARCH, 1930
principal changes in the position of member
banks during the period.
As the table shows, real-estate loans by
member banks increased slightly from March 27
to October 4, while loans to local customers on
securities, which include loans to local dealers
in securities, increased by $569,000,000, and
"all other'' local loans by $748,000,000. This
indicates a total increase in loans to local customers of $1,346,000,000 between March 27
and October 4. In order to meet this demand
for credit by local customers in a period of
firm money, member banks decreased their
participation in the open market by the amount
of $918,000,000. About two-thirds of this
decrease occurred in short-term open-market
loans and investments and about one-third in
other investments. The figures indicate that,
as a whole, member banks throughout the
period of increasing speculative demand for
credit in 1929 increased their loans to local
customers, and did so largely by withdrawing
funds from the open market. These withdrawals were a factor in raising money rates in the
open market, and the high rates in turn attracted funds from nonbanking lenders.
Between October 4 and December 31, the
dates of the last two call reports, the break in
the stock market was reflected in an increase of
$380,000,000 in security loans to local customers.
There was also a small increase in loans on
real estate, but customers' loans as a whole
declined somewhat, as these increases in local
demands for funds were more than offset by a
decrease of $473,000,000 in demand for credit
by other local borrowers. This decrease reflected largely the reduced demand for commercial credit which in the final quarter of the year
accompanied the slackening of industrial activity. Member-bank holdings in the open market
as a whole were in about the same volume at
the end of December as at the beginning of
October, but the composition of these holdings underwent considerable change during the
quarter; the low rates and slackened demand
for funds in the call-loan market in New York
were reflected in a transfer of member-bank
funds from loans to brokers in New York to
open-market commercial paper and accept-
99
FEDERAL RESERVE BULLETIN
ances, and there was also a further transfer
of funds from short-term United States security
issues to long-term bonds.
A further analysis of the new call-report
figures, by classes of member banks, is presented in the following table, which shows total
loans and investments of member banks, exclusive of loans to banks, separately for member
banks in New York City, in other reserve cities
including Chicago, and in country banks:
DISTRIBUTION OF MEMBER BANK CREDIT (EXCLUSIVE
OF LOANS TO BANKS), BY CLASSES OF BANKS
DURING 1929
fin millions of dollars]
New York City banks: 1
Loans to customers
Short-term open-market loans
and investments..
Other investments
Banks in other reserve cities (including Chicago):
Loans to customers.
Short-term open-market loans
and investments-__
Other investments
_
Country banks:
Loans to customers.
Short-term open-market loans
and investments
.,
Other investments
Mar.
27
lune
30
4,253
4,532 : 4,846
4,964
1,594
1,628
1 , 7 6 6 ••
1,444
1,559
1,585
1,902
9,286
9,434 ! 9,775
9,748
1,199
3,182
912 : 890
3,179 3,024
691
3,001
8,364
8,551
8,628
8,482
961
4,377
836 !
858
4,283 ; 4,249
638
4,209
1,548
Oct.
4
Dec.
31
i Central reserve city banks.
This table indicates that between March 27
and October 4 banks in all parts of the country
felt the increased demand for local loans, diminished their participation in the short-term
open markets, and reduced their other investments. Between October 4 and December 31,
however, the period covering the break in the
stock market and subsequent weeks of easier
conditions in the central money market, there
were considerable differences between developments at banks in New York City and outside.
Notwithstanding the considerable liquidation of
loans at banks in New York City in November
and December, total loans and investments of
these banks at the end of the year were considerably larger than on October 4. This increase is attributable in part to loans taken
over by these banks from nonbanking lenders
in October and November, in part to a temporary increase in loans occasioned by end-ofyear developments, and in part also to investments made during the period of easier money
after the stock-market break. Outside New
100
FEDERAL RESERVE BULLETIN
York City, on the other hand, at country
banks as well as at banks in other reserve
cities, there was liquidation in all three major
classes of member-bank credit.
Since the beginning of the new year reporting
member banks in leading cities have further
reduced both their loans on securities and their
other loans. The banks of the country, therefore, enter upon the approaching spring season,
which is usually characterized by increased
credit requirements from commerce, industr}^
and agriculture, having liquidated during recent months a considerable part of their openmarket holdings, reduced somewhat their loans
to local customers, and paid off a substantial
amount of their borrowings at the reserve
banks.
Change of Agent at New York Bank
MARCH, 1900
officers as ex officio members and Messrs. Potter, Rue, Creech, and Smith will comprise the
executive committee. Mr. Walter Lichtenstein was appointed secretary of the council.
Mr. Herbert K. Hallett has been appointed to
represent the Boston district in place of Mr.
Arthur M. Heard, Mr. George H. Prince to
represent the Minneapolis district in place of
Mr. Theodore Wold, and Mr. Walter S.
McLucas to represent the Kansas City district
in place of Mr. W. P. Goebel. No other changes
have occurred in the membership of the
council.
Changes in Discount Rates
The discount rate on all classes and maturities of paper was reduced from 5 to 4K per cent
at the Federal Reserve Bank of Richmond,
effective February 7; at the Federal Reserve
Banks of Cleveland, Minneapolis, and Dallas,
effective February 8; at the Federal Reserve
Bank of St. Louis, effective February 11; and
from 02 to 4 per cent at the Federal Reserve
Bank of New York, effective February 7; at
the Federal Reserve Bank of ^Chicago, effective
February 8; at the Federal Reserve Bank of
Boston, effective February 13; and at the
Federal Reserve Bank of Kansas City, effective
February 15.
Mr. Gates W. McGarrah, who has served as
Federal reserve agent and chairman of the
board of directors of the Federal Reserve Bank
of New York since May 1, 1927, has resigned,
effective February 27.
The board has appointed Mr. J. H. Case,
deputy governor of the Federal Reserve Bank
of New York, as class " C " director of the New
York bank for the unexpired portion of the
term of Mr. McGarrah, which ends December
Changes in Foreign Central Bank Discount Rates
31, 1931, and has designated him as Federal
reserve agent and chairman of the board of
The following changes have been made in the
directors of the bank.
discount rates of central banks in foreign
countries: January 31, Bank of Poland from
8}i to 8 per cent; February 5, German ReichsMeeting of the Federal Advisory Council
bank from 6K to 6 per cent; February 6, Bank
The first meeting of the Federal Advisory of England from 5 to 4% per cent; February 10,
Council for 1930 was held on Tuesday, February Bank of Java from 5% to 5 per cent; February
18. Frank O. Wetmore, of Chicago, was 11, Austrian National Bank from 7 to 6% per
reelected president and B. A. McKinney, of cent; and February 13, National Bank of HunDallas, was reelected vice president. These gary from 7 to 6% per cent.
FEDERAL RESERVE BULLETIN
MAKCH, 1930
101
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled February 21 and released for publication February 24]
Industrial production increased in January
from the extreme low level of December.
Factory employment, which was in relatively
small volume in the middle of December, was
further reduced bj the middle of January, but
preliminary reports indicate a slight increase
in the three weeks following. There was a
further liquidation of bank credit and a decline
in money rates. Commodity prices continued
to move downward.
Production.—Industrial production showed
an increase of about 4 per cent in January,
according to the board's index, which makes
allowance for the usual seasonal variations.
This increase reflected principally a larger output of automobiles, steel, cotton textiles, and
shoes. Output of copper, cement, lumber,
anthracite coal, and flour declined, and the
increase in bituminous coal output was smaller
than is usual for the season. In the first two
weeks of February steel plants increased their
rate of operation further, but continued to be
less active than in the corresponding period of
last year.
Building contracts awarded showed little
change in January, a substantial increase in
public works and utilities being in large part
offset by a decrease in residential construction.
In the first half of February the daily average
of contracts was lower than in January.
Employment and pay rolls.—The number of
wage earners employed at factories declined
further between the middle of December and
the middle of January, and wage payments
showed a larger reduction. In automobile and
steel plants there was an increase in employment in the month ending January 15, and in
recent weeks further increases have been reported
for these industries. There were decreases in
January in the number of wage earners employed in the machinery, car building and
repairing, lumber, and cement industries.
During the 3-week period ending February
3, the Bureau of Labor Statistics, on the basis
of preliminary returns, reported a slight increase in factory employment.
Distribution.—Shipments of freight w^ere in
about the same volume in January as in December. Average daily loadings of miscellaneous freight and merchandise in less-thancarload lots decreased slightly during the
97600—30
2
month, but by a smaller amount than is usual
at this season. During the first two weeks
in February there was some increase in shipments, largely seasonal in nature.
Department-store sales in January, according to preliminary figures received by the
Federal reserve system, were about 2 per cent
lower than in the corresponding month of last
year, this difference being about the same as
was shown the month before.
Wholesale prices.—Wholesale prices of commodities in January continued to move downward. In general, fluctuations were small
until the latter part of the month, when decreases occurred in the prices of grains, cotton,
wool, iron and steel, and petroleum. The
prices of meats and livestock fluctuated over a
wide range and averaged higher in January
than in December.
In the first half of February the prices of hogs,
pork, and cattle increased, while the prices of
wheat, cotton, pig iron, petroleum, and textiles
continued to decline.
Bank credit.—Liquidation of member bank
credit in January and the early part of February was in substantially larger volume than in
the corresponding period of 1929. Declines
were reported in loans on securities and in all
other loans, which continued to decrease in
February, contrary to the usual seasonal trend.
There was little change in the banks' holdings
of investments.
The volume of reserve bank credit outstanding declined by about $140,000,000 between the
middle of January and the middle of February.
This decline was due in part to the reduction in
member bank reserve balances which accompanied the decline in the banks' loans and investments, in part to the continued return flow
of currency from circulation, and in part to
gold imports, largely from Brazil and Japan.
Money rates in the open market eased further. Rates on commercial paper declined to
a range of 4%-4% per cent, and rates on 60-90
day bankers' acceptances declined from 4 to 3%
and later to 3% per cent. Discount rates at the
Federal Reserve Banks of New York, Chicago,
Boston, and Kansas City were reduced from 4%
to 4 per cent, and rates at Philadelphia, Cleveland, Richmond, St. Louis, Minneapolis, and
Dallas from 5 to 4K per cent.
102
FEDERAL RESERVE BULLETIN
M A R C H , 193Q
FEDERAL RESERVE BANK CREDIT
RESERVE BANE CREDIT OUTSTANDING AND FACTORS IN CHANGES
[Averages of daily figures. In millions of dollars]
Reserve bank credit outstanding
Month or week
Bills discounted
1928—November. _
December
1929—January
February
March
April
May
_
JuneJuly..August
September
!
October
\
November
;
December
1930—January
February
;
Week ending (Saturday)— |
Feb. 1
i
Feb. 8
!
Feb. 15
j
:
Feb. 22
Mar. 1
i
897
1,013
859
Bills
bought
Other
United I reserve
i bank
i credit«
238
263
229
184
197
165
153 j
179 I
147 i
47
65
52
44
50
52
49
61
1,004
956
978
1,096
1,043
969
885
953
803
501
378
471
483
473
385
265
156
145
99
75
124
229
337
296
320
314 :
285 j
165
154
315
446
485
480
54
64
74
67
74
57
38
415
393
390
366
360
273 !
290
276
282 |
289 !
477
478
479
481
482
39
41
41
39
34
155 I
Total
I
Factors of decrease l
Factors of increase *
Monetary Treasury!
currency Money
gold
stock outstand-l
ing I
Member
Nonbank
member
reserve clearing
balances balances
; 1,653
| 1,824
'• 1,613
1,502
, 1,481
; 1,377
I 1,303
! 1,317
1,380
1,376
1,427
1,450
1,631
1,643
1,357
1,181
1,204 '
1, 202 :
1,186 j
1,168 i
1,165 !
4,151
4,142
4,115
4,143
4,166
4,226
4,292
4,311
4,335
4,351
4,368
4,381
4,374
4,324
4,283
4,319
1,787
1,790
1,789
1,784
1,791
1,785
1,787
1,779
1,790
1,781
1,766
1,785
1,789
1.797
1,784
1,781
i
i
'
;
4,860
5,008
4,748
4,686
4,709
4,679
4,684
4,687
4,764
4,777
4,811
4,810
4,845
4,943
4,652
4,556
4,290
4,301
4,313
4,328
4,344
1,775
1,788
1.798 ;
1,771 ;
1,765
4,550
4,562
4,565
4,551
4, 548
2,352
2,367
2,387
2,357
2,337
2,308
2,296
2,314
2,334
2,322
2,335
Unexpended
capital
funds
oo
&o
347
352
351
357
361
366
370
376
376
382
387
392
395
27
29
29
391
26
25
33
26
25
394
392
391
394
394
32
29
31
29
31
35
32
30
31
27
28
3Rfi
49, OOO
33
2,521
2,395
2,349
2,305
2,299
2,312
2,308
2,296
2,307
i For explanation see BULLETIN for July, 1929, pp. 432-438.
1
Includes "other securities," amounts due from foreign banks, and reserve bank float; for explanation see BULLETIN for July, 1929.
ANALYSIS OF CHANGES IN MONETARY GOLD STOCK
GOLD M O V E M E N T S T O AND F R O M U N I T E D S T A T E S
[End of month basis. In millions of dollars] *
[In thousands of dollars]
Increase or decrease (—) during
month
rough
domestic
production,
etc.i
Month
1928—January.
February
March
April
_..
May
June
July
August
September
October.
November.
December.
Total (12 mos.)
1929—January
February
March
April.
May.
June.
July
August.
September.
October. __
November.
December.
Total (12 mos.)
1930—January
February
1930
4,373
4,362
4,305
4,266
4,160
4,109
4,113
4,123
4,125
4,142
4,128
4,141
-6.0
-11.2
-57.6
-38.7
-105.7
-51.0
3.4
10.3
2.1
17.3
-14.0
13.2
-13.
-11.1
-94.9
-91.2
-81.7
-79.9
4,127
4,153
4,188
4,260
4,301
4,324
4,341
4,360
4,372
4,386
4,
4,284
-14.4
.4
34.4
72.4
40.6
23.4
16.3
18.9
12.1
14.4 !
-19.8
-82.3
47.2
25.5 '
24.8
23.1
23.6
30.2
34.7
18.4
17.6
17.5
-23.2
-64.4
1
For explanation of this figure, which is derived from preceding
columns, see BULLETIN for December, 1928, p. 831.
From or to—
February
(preliminary)
Imports
England
France
Germany __
_.
Italy
Netherlands
Poland
Switzerland
Canada
_J
Central America . '
Mexico
I
Argentina.
295
Brazil
: 11.777
Chile
Colombia
Ecuador
Peru
Venezuela
British India
China and Hong
Kong
Dutch East Indies
Japan
40 416
Philippine Islands
New Zealand
All other countries.. *2,554
Total.
1
1929
255,042
Exports
Imports
1
20
23
148
3,158
328
988
Exports
8,497
126
36
235
5,430
27
1 214
112
368
48
!
Imports
Exports
62, 396
202
46, 773
5
5
21,086
65, 381
2,384
5,010
10,007
390
r
1,052
3,605
73,880
1,030
9,174
72,478
528
5,292
1 373
1,921
1,600
87
2,511
1,280
124
383
721
118
13 ! 1,727
! 1,199
»10
246
22
82
40
158
12,908
> 2 9fi9
'715
9,306
8,948 291, 649
•»
2,066
116, 583
Includes all movements of unreported origin or destination.
* At New York—imports, $14,626,000; exports, $158,000. Elsewhere—
imports. $40,416,000.
' Revised.
103
FEDEEAL RESERVE BULLETIN
M A R C H , 1930
MEMBER BANK BORROWINGS AT FEDERAL RESERVE BANKS
[Monthly averages of weekly figures. In millions of dollars]
Reporting member banks m leading cities
Member banks
outside leading
cities i
Total i
Month or date
1929
January
February
March
April._
May
June
July..
August
September...
October
November
December
__:
-...
.---I
I
i
...|
|
i
891
893
978"
991
951
972
1,100
1,013
974
885
944
755 [
i
i Includes (in small amounts) discounts by Federal reserve banks for nonmembers: (1) bills discounted for intermediate credit banks and (2)
notes secured by adjusted service certificates discounted for nonmember banks.
FEDERAL RESERVE BANK RATES
OPEN-MARKET RATES
DISCOUNT RATES
R A T E S I N N E W Y O R K CITY
[Rates on all classes and maturities of eligible paper]
Average rate Average yield
Prevailing rate on—
Federal reserve bank
Boston. _
New York
Philadelphia..
Cleveland
Richmond
Atlanta.
Chicago
St. Louis
Minneapolis..
Kansas C i t y . .
Dallas...
San Francisco
Rate in !
effect on ! Date established !! Previous
rate
March 1 •
4
F e b . 13, 1930.
F e b . 7, 1930
4
4K> Jan. 16, 1930
V
4j
•V
'
3;
2,
!
V
2
Feb. 8, 1930
Feb. 7, 1930
Dec. 10, 1929
Feb. 8, 1930
Feb. 11, 1930
Feb. 8, 1930
Feb. 15, 1930
Feb. 8, 1930
Dec. 6, 1929
4i /2
!
5"
5
5
5
_:
\
i!
5
5
!
5
BUYING RATES ON ACCEPTANCES
[Buying rates at the Federal Reserve Bank of New York]
Maturity
1-15 days
16-30 days
31-45 d a y s . . .
46-60 days
61-90 days
91-120 d a y s . .
121-180 days
Rate in !
effect on i Date established
March 1 '
3%i F e b . 11, 1930
%Y±
do
3%i
do
tyi
do
3%i
do
3%i
do
4MI
do
Previous
rate
ZH
3%
3%
4
4
4^
NOTE.—Rates on prime bankers' acceptances. Higher rates may be
charged for other classes of bills.
jp .
Prime
Month or week * com- i b a n ? "
jmerciali e r s
S
4 to 6
|months
days
Qn
1929
February
March
April
May
June
July
August
September
October
November
December
_ 6 -6H\
1930
January
February
Week ending—
Feb. 1
Feb. 8
Feb. 15
Feb. 22
5 -5J4 7H
5H-5H 7H-8
5H ^ 9
8^
8 -8H
7H-8
-9
U
7 -9
4*4-6
! 394-4
!
; 4H-5
\ 4^-5
i
i 4%-5
4%-5
4i/2-4%I
4^-4%
Call loans 1 U. S.
Treasury
Time
notes • Treasloans,
and
ury
90
1 bonds'
days 2 New i newal certificates, ,
3 to 6
I
months;
m5
4H-5
4H5
4U5
7.47
9.80
9.46
8.79
7.83
9.41
8.15
8. G2
6.10
5.40
4.88
7.06
9.10
8.89
8.91
7.70
9.23
8.23
8.50
6.43
5.44
4.83
4.31
4.28
4.64
4.32
3.39
3.36
3.51
3.50
4.40
4.40
4.00
4.40 j
3.58
3.58
3.48 :
3.35
3.54
3.49
3.49
3.50
% 4.12
4.22
3% 4^-4% 4.19
3%
4% 4.40
4.39
3.66
«4.60
3.76
4.80
3.67
5.09
3.67
<4.80
3.71
4.55
3.68
4.70
i 3. 72
<4.58
[3. 70
4.37 L 3. 67
3.47 & 3 4 5
•3.03
l
12 Stock exchange call loans; new a n d renewal rates.
Stock exchange 90-day time loans.
3
3 issues—3%, 4, a n d 4J4 per cent; yields calculated on basis of last
redemption dates—1956, 1954, and 1952.
* Change of issues on which yield is computed.
104
FEDERAL RESERVE BULLETIN
MARCH,
1930
PREVAILING RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES
WEIGHTED AVERAGES
8 other northern and eastern
cities
New York City
western cities
Month
i 1927
1928
1929
i 1930
1927
1928
1929
|
1930
1927
927
1928
1930
1929
I
January
February
_
March
April
._
May
__
June
_
July.
August
September
October
November
December
:
4.66
4.56
!
4. 56
.—i 4.63
I 4.63
4.60
4.56
: 4.41
! 4.44
'
__!
_
4.49
4.35
4. 50
4.56 '
4.44
4.59
4.72
4.97
5.09
5.38
5.56
5.63
5.63
5.56
5.63
5.74
5.64
5.73 .
5.35
5.81 i
5.85 . .
5.88
5.93
5.88
6.05
6.06 —
6.08
5 86
5.74 :
4.99
4.98
4.88
4.90
4.95
4.93
4.90
4.87
4.77
4.79
4.82
4.76
4.73
4.76
4.81
4.91
5.04
5.36
5.57
5.59
5.80
5.80
5.82
5.91
5.87
5.86
5.91
6.00
6.09
6.02
6.08
6.11
6.24
6.25
6.12
5.94
5.72
5.71
5.65
5.57
5.59
5.54
5.52
5.53
5.61
5.56
5.56
5.60
5.88
5.66
5.94
5.96
6.04
6.07
6.10
6.16
6.17
6.22
6.27
6.29
6.29
6.20
5.53
5.53
5.54
5.54
5.56
5.67
5.77
5.80
5.82
5.87
5.90
5.91
6.12
6.04
I
NOTE.—Figures relate to rates charged by reporting banks to their own customers as distinguished from open-market rates (which are given
on preceding page). All averages are based on rates reported for three types of customer loans—commercial loans, and demand and time loans
on securities. The method of computing the averages takes into account (a) the relative importance of each of these three types of loans and (6)
the relative importance of each reporting bank, as measured by total loans. In the two group averages the average rate for each city included is
weighted according to the importance of that city in the group, as measured by the loans of all banks.
PREVAILING QUOTATIONS
j Loans secured by prime stock- Loans secured by warehouse
exchange collateral
receipts
Prime commercial loans
Federal reserve
bank or branch city j
Decem- January,
I ber, 1929 j
New York City
Boston
Buffalo
PhiladelphiaPittsburgh. _.
Cleveland
Cincinnati
Detroit
Chicago
Richmond
Baltimore
Charlotte
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
St. Louis
Little Rock
Louisville
Minneapolis
Helena
Kansas City
Denver
Oklahoma City
Omaha
Dallas
_
El Paso
Houston
San Antonio
San Francisco. . .
Los Angeles
J
Portland
\
Salt Lake City
|
Seattle
!
Spokane
_.!
1930
February, 1930
February, 1930
Decem- • January,
ber, 1929 :
1930
Decem- j January,
ber, 1929 j 1930
5H-6
V2
6
-7
6
51/2-6
53^-6
6 -7
6
5 -5H
&A-VA
5 -6
53^-6
53^-6
6
-ey2
6
6
6
6 -8
6K-7
6 -by
5
534-6
6 -6}
6 -8
-6
6
6
6
6
5
6
6
-6)
-6
6
6
-8
6
6
-63
5346
6
5
/2
6 '
6 -8 i
6 -634
-6
-7
6
8
5H-6
6
7
6
-8
6
6 -7
5M-6
6 -6
6
6
6
6
5%-6l
6 -8
6
6 -7
5M-6
6 -6>
6
6
6
-8
6
G -7
-8
6 2 -7
6 -8
6 -7
6 -8
6 -63/
634-7
6 -7
6 -7
6
6
6 -8
' 6 -63^
6
534-6
•'
o3x2-6
5
6
5
5
-5
6
-7
5^6
6-
6
6
6
-8
-7
6
6
-8
6
6
._
5H-6
,
634-7 i
63-3-7
G --63
634
5M-6
6
534-6
._
6 -7
:
6 -634
534-6 !
6 - 7
6
C
J-G
-7
-6*
-7
-7
6
6 -7
G
6
6
6
6 4 -7
5H-6
6
6 -8
6 -8 :
534-6
6 —63/ \
6
6 -7
6
7/2-8^
6
Q>}/2-7
8
6
-7
6 -8
6 -8
6 -7
-/
-7
!
53^-6
-%y2
6
6
6 -8
6 -7
6 -7
6
6 -7
5^-6
6 -7
6 -6
6 ~6
8
%
%
6
6
FebruDecem- ! J a n u a r y ,
February, 1930 | ber, 1929 ,
1930
ber, 1930
53/2-6
5 -5}
6 -6}
53^-6
^ ^6
6 /2 -7
6 -6}
Interbank loans
1
i
6
6
6
6
6
6
6
-7
8
-6 :
-8
-8
-7
-8
-634
-7
G
-G;
G
6
-7
-6
6
6
6
V
6
6/2-7
:
6
6
6'
-8
-8
6
I
-8
G
-
-7
6
e
c
-8
-8
-8
-8 :
—63-1
6
6
6
6'
6 4 -8
7 -8
63
6 -638
6
6
6
-8
-8
53^-6
G -8
6 -8
6 -&
-8
6
6
6
2
6
6 -1
6
-oy2
6 -&
5 3 i-6
6 -63
6
6 -6
G
KJ
-8
6
6
6
<2~ 0
-63/2
53/2
6
6
534-6
e
6
5 -5H
6 -&H
6
G
634-7
f NOTE.—Rates shown are those at which the bulk of the loans of each class were made by representative banks during week ending 15th of
month.
Rates from about 200 banks with loans exceeding $8,000,000,000; reporting banks are usually the larger banks in their respective cities.
r
Revised.
105
FEDERAL RESERVE BULLETIN
MARCH, 1930
MEMBER BANK CREDIT
BROKERS' LOANS
REPORTING MEMBER BANKS
[In millions of dollars. Monthly data are averages of weekly figures
Borrowing
at
Due
Fedto
Total
banks eral
investOnse-j All
reserve
Total curitiesi other ments
banks
BROKERS' BORROWINGS ON COLLATERAL IN N. Y. CITY
REPORTED BY THE NEW YORK STOCK EXCHANGE
[Net borrowings on demand and on time. In millions of dollars]
Loans and investments
Loans
Month or date
! Total
I
Total:
7,5061
1929—Jan
i 22,320:
Feb
I 22,263! 16,300 7,5221
Mar
I 22,472 16, 260 7, 580
Apr
| 22,388 16, 491 7, 392
May
! 22,113 16,464 7, 218;
June
| 22,231 16, 27' 7,332!
July
! 22,479 16, 480 I 7,716 :
Aug.
! 22,465 16, 950 7, 578!
Sept
' 22,(546 16,969 7, 654
Oct..
i 23,124 17,197
Nov
| 23,663 17, 706 8, 249
Dec
': 23,012 18, 041 7,9681
1930—Jan
; 22,368 17, 444 7, 794!
16, 821
1930—Jan. 29....' 22,205 16, 676 j 7, 6811
Feb. 5 . . . J 22,132 16, 630 7,692i
Feb. 12...i 22,106 16, 593 7,682
Feb. 19_._! 22,090 16, 519 7, 669.j
7,641
Feb. 26 —j 22,003 It), 4
New York City: :
i
1929—Jan
._, 7,262 5,378 2, 904
Feb
: 7,190 5,306 2,820
Mar
| 7,296 5,424 2,823;
Apr
_| 7,297 5,437 2, 7291
May
! 7,182 5,344 2, 653
June
i 7,281 5 , • " 2, 749'
July
i 7,496 5,804 3, 045 i
2, 845:
Aug
; 7.407 5,
Sept
7,50" 5, 803 2, 892!
Oct
: 7,83'
6,108 3,191:
Nov.
8,349 6, 380 3,340
Dec
8,001 6,021 3,112
193(3—Jan
7,664 5,705 2, 9451
:
1930—Jan. 29.... 7, 567 i 5,641 2, 866'
2,921
Feb. 5
i 7, 551 |
Feb. 12...' 7,525|! 5,611 2, 912:
Feb. 19.-.. 7,4841 i 5,578 2, 913i
Feb. 26 —' 7,412|j 5,499 2,890
Other leading
'!
cities:
;
1929—Jan
: 15,059M10,922 4,602:;
Feb
i 15,073 10,954 4,703
Mar
! 15,176! 11,067 4,756
Apr
• 15,0921 11,027 4,663
May
i 14,931 10,933 4,565!
June
_| 14,950 11,012 4,582:j
July
i 14,983 11,146 4,670
Aug
' 15,058 11,281 4,734;
Sept
I 15,139 11,394 4,762!
Oct
! 15,288 11,L98 4,906:
Nov
| 15,314 11,661 !| 4,909|
Dec
i 15,011 11,424 4,856;
1930—Jan
i 14,705 11,115 4,849j
1930—Jan. 29. __ 14,637 11,035 4,815;
14,581 10,981 4,771;
Feb. 5
Feb. 12... 14,581 10,981 . 4,771!
Feb. 19... 14,607 10,941 i 4, 756.
Feb. 26 — 14,591 10,929 47l
Chicago:
8871929—Jan
2,065J| 1,613!!
911
Feb
2,096 I 1,641.1
950
Mar
2,130jj 1,676 i
905
2,045
1,606 !
Apr
897:
M a y . . . 2,015|! 1, 596 |
910
2,033
1,616 i
June
906:
J u l y . . . . 2,015|! 1,601 j
2,064j| 1,659!!
943:
Aug
933
Sept
I 2,054!! l,663j!
1, 733 '
998.
Oct
i
990'
Nov....! 2!lO6!| 1,712!
954;
Dec
! 2,037|| 1,639
9171
1930—Jan
j 1,957|| l,552i|
1930—Jan- 29-j 1, 919 j 1, 544 '
923
921:
Feb. 5—'! 1,920 I 1,532i910
Feb. 12. 1,913! l,521i
92 4
Feb. 19.:
1,930! 1.530!
:
93",
Foh. 2-». 1,912!': l,540i
2,7291
2, 899!
2, 848!
2, 7341
2,790|
603
659
740
725
661
670
801
717
706
634
655
490
247
193
173
185
186
152
1,884 1.012J
9491
1, 885
910!
1,872
8741
1, 859
817
1, 838
7901
1,812
935
1, 092
1,720
1, 704
1, 729 1,023
1, 909 1,132
1, 981
980
1, 959
931
885
1,927
950
1, 903
911
1,914
844
1, 905
904
1,914
190
131
166
102
145
165
319
196
106
74
00
80
39
20
11
37
37
1
8, 794,
8, 7371
6,021
6,004
5,981
5,924
9, 059|
9,149!
9, 234
9, 390
9,543
9,608
9,792
9,476
9, 027
5, 836
5, 751
5, 529
5,490
5, 449
5,418
5, 623
5, 507
5, 548
5, 529
5, 503
5, 513
5, 571
5, 57.'
8,911|
9, 0731
8,995
8,938
8, 911
8,850
8, 780
2, 473!
2, 486|
2,6011
2, 70S!
2, 6911
2, 719
2, 758
2, 843 i
2,911 !
2, 910;
3, 040|
2, 909J
2, 760
2, 775)
2, 727!
2, 700|
2, 665!
2,009:
6,321}
6,2511
6,310!
6,364j
6,368
6,430
6,470
6,547
6,632
6, 692
C, 752
6,568
6,267
6,220
621i;
6,184!
6,176!
3,074
2,918
2,861
2, 709
2, 545
2,532
2,738
2, 604!
2, 718
2,
3,
2,
2,
9161
008!
880 j
828;
2,062
1,969
1,945
1,835
1,728
1,736
1,803
1,777
1,830
1,893
1,875
1,906
1,897
3,602 1,844
3,600 1,949
3. 600 1,937
3,066 1,890
3,002 1,880
473
528
574
563
516
505
482
521
540
561
594
410
208
173
162
148
149
151
33l|
323
3421
320i
307
314
310
309
313
309
303:
310
306;
299:
303!
315;
314;
314!
71
96
121
46
36
64
47
32
18
38
28
37
7
4,13(;
4,119
4,109
4,065
3,998
3,93<r
3,83'
3,770
3,745I
3,690
3, 654
3,587
3, 589
7261
731!
726 !
70l[
698;
706i
695;
716|
730|
735j
722
685
635|
452
455
454
440
419
417
414
405
391
386
395
398
106
622 ;
6121
611!
•512!
405
394
392
395
39t
Total
;
End of month
1929
January..
February.
March
April
May
June
1929
1930
0,735 3,935
" 579 1 4,168
6,804 !__
6,775 1
0,665 i
7,071 j
7,474 I
August--"".."]"-!
September
•
October
I
November
!
December
From New
From private
York banks banks, brokers,
and trust com- foreign banking
panies
agencies, etc.
i 1930
1929
1930
5,6C4 1 3,308 1,071
5, 619 ! 3, 529
: 1,060
:
5,713 !
1,091
5,580!!
• 1,194
•• 5,482
5,797
0,154
:
-;
!
•
7J882 I
8,549 |
0,109!
4,017 ._
3,990
'
;
:• 6J492 ;I
7,077
5,313!
_: 3,432 !
J 3,370 ;
--_
._
:
616
639
1,183
1,272
1,325'
lj 390 :
1,470 i
790
585 ;
'
020
i.Call loans, $3,711,000, 000; time loans, $457,000,000.
LOANS TO BROKERS AND DEALERS IN SECURITIES MADE
BY REPORTING MEMBER BANKS IN N. Y. CITY
[In millions of dollars. Monthly data are averages of weekly figures]
!
I
|
For banks
i
1
In
New
York
Total
Month or date
Total
1929—January
February
March
April
May
June
_
July.
August
September
October
November
December
1930—January
5,408
5,555 I
5,679 !
5,477
5,491
5,383
5,841
6,009
0, 540
6,498
4,023
3, 391
3 3, 351
3,345
3,402
3,450
3,494
3,489
1930—Jan. 29
Feb.5
Feb. 12
Feb.19
Feb. 20
2,974
2,899
2,800
2,583
2,520
2,443
2,849
2,778
2,898
2,890
1,809
1,601
1,700
City 1
Outside
New
York
City 2
1,173
1,082
1,071
934
801
895
1,198
993
1,048
1,257
1,090
888
844
1,801
1,817
1, 729
1,649
1,605
1,548
1,651
1,780
1,850
1,039
779
713
862
!
!
I
!
i
j
!
i
!
!
;
I
823
928
924
902
953
1,698 '•
1,855 i
1,913 !
1,949
1,933 ,
>
!
!
i
;
:
;
!
!
i
875
927
989
987
980
For
others
'
'
i
:
2,434
2,656
2,879
2,893
2,965
2,940
2,992
3,290
3,642
3,602
2,154
1,790
1, 644
I
!
!
j
i
1, 648
1,547
1, 536
1,545
1,556
;
i
:
;
i
;
:
:
1 Weekly reporting member banks in New York City.
2 Member and nonmeinber banks outside New York City (domestic
banks only); includes unknown amount for customers of these banks.
3 Call loans, $2,920,000,000; time loans, $425,000,000.
ACCEPTANCES AND COMMERCIAL PAPER
[Amounts outstanding in millions of dollars. Figures for acceptances
as compiled by American Acceptance Council; for commercial paper
as reported by about 25 dealers]
End of month
January...
February
March
April
May
June
July
August
3 September
2 October
1 November
1 December
Bankers' acceptances out- I Commercial paper outstanding
standing
1927 j 1928 ; 1929 > 1930 j 1927 I 1928 j 1929 1930
774
785
809
Sll
.-
751
741
782
864
975
1,029
1,081
1,058
551 j 577 407
40o
! 577 ! 567 411
! 606 i 570 ! 387
371 j 351
; 599
304
'• 582 '.
274
: 579 •
569 :
265
591 I
267
600 ;
265
611
285
603
316
555
334
1,279 i 1,693 !
1,056 1,228 :
1,085 1,205
1,071 , 1,111
1,041 1 1,107
1,026 1,113
978 1,127
952 , 1,201 i
1, 004 1, 272 !
1,123 , 1,541
1,200 ! 1,658 I
1,284 1,732 ]
106
FEDERAL RESERVE BULLETIN
MARCH, 1930
COMMODITY PRICES, SECURITY PRICES, AND SECURITY ISSUES
WHOLESALE PRICES, BY COMMODITY GROUPS
[Index of Bureau of Labor Statistics. 1926=100]
Month
All commodities
Farm
products
96.7
97.2
96.7
97.5
96.8
95.8
96.4
98.0
97.7
97.5
96.3
94.4
94.2
93.4
103.6
105.9
105.4
107.1
104.9
102.2
103.3
107.6
107.1
106.6
103.9
101.1
101.9
101.0
1928—December.
1929—January...
February..
March..
April
May
June
July
August
SeptemberOctober
November.
December..
1930—January
Metals
Hides
House- Miscel- Nonagricultural
Building Chemiand
and
Textile Fuel and
and furnish- laneous
' commodmetal materials cals
leather products lighting
drugs ing goods
ities
products
products
Foods
98.0
98.8
98.1
98.1
97.7
97.7
98.9
102.8
103.1
103.2
101.2
98.8
98.6
97.2
96.1
96.4
96.1
96.1
95.5
94.2
93.3
92.8
93.1
93.1
92.7
91.5
90.4
89.4
115.7
113.6
109.0
108.3
107.9
106.8
108.0
109.2
109.7
110.8
110.5
108.4
107.4
105.1
83.5
82.5
81.3
80.6
80.6
81.1
83.3
82.0
80.9
81.1
81.7
81.7
81.3
79.9
Month
August, 1909-July, 1914= 00]
Dairy Cotton
Fruit
Un27 comand
and
and
Meat poultry
mod- Grains vegeanimals prod cotton- classified
ities
seed
tables
ucts
1929
January
February_March
April
Mav
June
July
August
September.
October
November..
December..
133
136
140
138
136
135
140
143
141
140
136
135
115
123
124
120
113
111
122
129
131
128
118
:
119
109
111
112
110
119
120
136
160
160
168
159
163
146
150
160
164
164
163
167
165
156
151
144
143
149
148
144
138
137
137
137
141
146
151
157
157
148
149
155
152
148
146
145
146
146
141
132
130
92
91
90
88
86
85
85
86
85
89
90
87
167
168
146
150
146
136
128
121
87
84
1930
January
February..
134
131
118
i
FOREIGN CAPITAL ISSUES
96.8
96.6
97.5
98.8
97.9
96.8
96.4
96.7
96.7
97.5
97.8
96.0
96.2
96.2
96.1
95.9
96.1
95.6
94.9
94.2
93.4
93.4
93.7
93.9
94.2
94.0
93.6
93.0
80.1
80.5
80.4
80.0
79.2
79.6
80.4
81.3
81.3
81.7
81.3
80.1
79.8
78.7
96.4
96.6
96.6
96.5
96.7
96.7
96.6
97.2
97.1
97.1
97.1
97.1
97.3
97.3
94.8
94.9
94.3
94.9
94.7
94.1
94.6
95.5
94.3
95.1
94.3
92.6
92.1
91.4
SECURITY PRICES
[Index numbers of Standard Statistics Co.]
PRICES OF FARM PRODUCTS AT THE FARM
[Index numbers of Dept. of Agriculture.
102.9
103.6
104.4
106.4
106.4
105.2
105.1
105.0
104.3
104.1
103.6
102.3
102.1
101.2
Common stocks (1926 = 100)
Month or date
(Thursday)
Bonds,60
404 stocks 337 in34 public
combined dustrials 33 rails utilities
1928—November
December
1929—January
February
March
April
May
June
July....
August
September
October
November
December
1930—January
February
171.1
171.4
185.2
186.5
189.1
186.6
187.8
190.7
207.2
218.1
225.3
201.7
151.1
153.8
156. 3
165.5
178.9
178.4
192.5
192.3
196.0
193.4
192.6
191.0
202.7
210.3
216.1
194.4
144.8
146.9
148.8
155.9
134.9
134.9
141.8
141.6
140.4
138.3
138.7
144.8
160.0
165.4
168.1
157.0
135.1
136. 3
136.5
142.5
168.6
173.4
192.7
202.4
203.7
201.4
212.3
233.0
272.8
304.3
321.0
276.6
194.4
200.9
208.7
230. 5
97.8
97.2
97.0
96.3
95.8
95.3
95.7
95.3
95.2
95.0
94.8
95.1
95.7
96.5
96.5
96.4
Feb. 6
Feb. 13....
Feb.20..._
Feb. 27
165.2
167.5
163. 1
166.3
156.9
157. 6
152.8
156.1
141.0
144.6
142.1
142.3
225.2
233.3
228.7
234.7
96.3
96.3
96.3
96.5
[In millions of dollars]
DOMESTIC CAPITAL ISSUES
[In millions of dollars. Source: Commercial and Financial Chronicle ]
January-December
January,
1930
1929
Class of issue
1928
January-December
January,
j
I
1930
Gov- Cor- Govern- poernment rate ment
Corporate
Government
Corporate
22.4
335.5
470.4
836.9
657.5
48.4 308.5
5 0 87 6
454.9
87 5
723.3
317 1
520.4
257 4
1<*2 7
73.5
122 0
51.4
65 7 100 2
257.9
88.9
4 6
77
186.2
15.5
62
76.4
113.6
1929
Class of issue
New
Total.-.
New issue.
Europe.
. . . .
Canada and Newfoundland
Latin American
United States insular
possessions
Miscellaneous
Refunding issues
Total Government and
corporate
8.4
48.4
29
35
4.0
15
"ii.'o"
40.0
70.7
~~27.T
805.9
16
72.4
137.1
1,49 4.4
Total.
Corporate issues
Bonds and notesLong-term
Short-term
Stocks
Farm-loan issues
Municipal issues
Total new and refunding
Refunding
I ReNew | funding
~
1928
| ReNew I fundI ing
716.6 i 56.8 9,334.3;1.3
611.1
55.1 7,936.1{1,374.3 5,277.2|1,549.7
436.0
48.3
126.8
44.2 1.863.4J 495«>.9 2, 167.5 999.4
10.9
204.6; 45.8 209.8 54.3
5,868. li 832.6 2,899.L9 496.0
1.9
105.5
773.4
1.7
1,398.2
12.31,387.2
10,720.9
22.3
8,300.3
107
FEDERAL RESERVE BULLETIN
M A R C H , 1930
INDEXES OF PRODUCTION, FACTORY EMPLOYMENT, AND CAR LOADINGS
[1923-1925 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variations]
Freight-car loadings*
Industrial production*
Tc tal
Manufactures
Unad- Adjusted justed
UnadAdjusted justed
Year and month
FacBuilding con- • tory
emtracts awarded ployment
Minerals
Factory i
pay
rolls
Miscellaneous
j and mdse. in
1 less-than-carload lots
Total
Unad- Ad- Unad- Ad- Unad- Unad- Unad- Ad- Unad- Adjusted justed justed justed justed justed justed justed justed justed
ANNUAL
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
84
87
67
87
101
94
105
108
83
87
67
85
101
95
104
108
10'l
I
106
111
•
111
118
77
89
70
74
105
96
99
108
107
108
119
115
64
63
57
81
84
95
122
130
128
135
107
108
82
90
104
96
100
101
99
97
81
103
96
101
104
102
102
84
91
79
86
100
98
103
107
103
103
117
100
107
106
98
118
77
84
78
88
97
98
105
108
107
108
110
MONTHLY
January
February
March.
April
May
June _
July
August.
September
October
November
December
1926
1927
January. _ .
February
March.April
May
June
July.
August
September _ _
.
October
November.
December. _
January
105
.
January
February
March
April
.
May. . . .
June
July
August . .
September
October
November
December...
January
. .
1930
116
120
121
123
125
125
119
121
123
119
108
95
*103
v Preliminary.
111
111
' 106
' 108
r HI
108
1929
108
106
107
r
107
r
106
108
r
107
r 110
112
111
108
106
106
110
113
110
112
107
102
105
106
105
101
96
105
111
112
110
110
108
105
110
116
118
115
.
106
r
1928
February
March _
April
May.
June
July
August
September
October
November
December
r
108
109
108
107
106
103
109
113
114
110
101
r
109
111
' 108
106
107
105
:
1
no
108
106
102
108
112
112
108
99
109
'108
108
' 107
106
'108
'107
111
112
'110
'106
103
105
107
104
110
113
112
113
' 109
107
109
102
104
106
109
' 111
'107
107
104
' 105
'102
99
100
101
95
99
99
' 106
106
114
115
113
111
108
106
110
116
117
115
106
110
111
110
' 102
109
' 110
109
109
109
'109
r H2
114
'115
»• 1 1 3
••115
:
109
117
117
118
122
123
126
124
123
'122
117
106
99
116
»103
v 102
T
120
125
127
127
126
119
121
122
118
107
92
' 109
111
111
113
' 116
'115
'113
'115
117
'116
' 120
90
92
98
96
102
109
110
115
118
124
123
113
112
113
111
96
108
108
103
111
111
112
105
97
'107
' 109
105
99
106
'104
105
101
'103
94
103
107
105
104
104
99
104
105
108
105
104
96
99
98
106
110
111
113
122
123
113
98
102
104
104
107
107
109
108
108
109
109
109
107
98
103
105
110
111
111
112
121
122
112
96
107
107
106
106
109
109
108
107
109
110
108
107
94
96
151
147
135
154
130
135
127
137
114
116
120
131
134
127
122
141
128
121
125
133
125
126
98
100
100
100
99
99
98
99
101
99
97
95
99
105
106
105
104
102
99
102
102
103
98
99
97
100
102
100
105
106
104
109
116
114
101
88
105
109
108
108
106
104
101
104
104
101
97
95
94
99
107
109
110
110
110
112
120
118
107
90
108
109
109
110
108
108
107
108
108
106
103
100
133
153
128
135
148
145
139
113
140
141
126
94
96
97
96
96
96
96
98
100
100
99
96
101
103
100
101
101
98
103
104
107
104
92
94
97
96
104
103
105
109
119
119
108
100
102
102
104
105
102
102
104
106
106
104
93
97
105
107
111
109
112
114
123
123
111
98
104
95
103
97
106
106
107
108
110
107
109
109
111
111
107
108
95
104
' 100
113
106
112
105
116
113
,,7
100
128
»102
*10S
' Revised.
118
101
102
103
102
101
101
99
101
103
103
101
100
111
104
113
144
157
163
158
142
126
143
145
115
124
122
117
105
96
123
116
'117
143
145
129
120
123
121
124
133
134
122
130
142
101
106
146
139
134
133
126
148
137
126
119
131
99
98
97
94
104
103
103
110
115
122
117
115
101
103
116
115
117
121
127
126
113
110
' 125
'129
' 126
92
95
104
107
104
106
107
109
110
114
118
119
103
102
103
'104
105
100
105
107
'113
97
100
101
102
102
101
101
102
103
102
98
95
101
77
119
104
135
130
122
156
107
106
105
105
85
108
111
112
112
109
105
109
111
110
102
99
99
98
102
110
109
111
114
121
118
102
90
79
101
93
94
89
120
107
115
116
112
114
114
118
118
109
116
88
118
156
143
133
159
119
108
109
1>5
*112
93
107
103
111
111
108
108
109
108
104
99
97
99
109
113
115
114
115
118
126
123
107
90
95
109
109
111
114
114
112
112
113
113
111
103
100
97
89
102
* Average per working-day, «except for annual indexes
108
FEDERAL RESERVE BULLETIN
MARCH, 1930
INDUSTRIAL PRODUCTION AND BUILDING
INDEX OF INDUSTRIAL PRODUCTION
[Adjusted for seasonal variations.
Month
1923
1924 | 1925
BUILDING CONTRACTS AWARDED, BY TYPES OF
BUILDING
[Value of contracts in millions of dollars]
1923-1925 average=100]
1926 I 1927 i 1928 j 1929
1930
Month
January
February
March
April
May
June
July.
August
September...
October.
November.
December
Annual index
:
100: r 99 i '
; 100; 102!
103 ' 100 ; '
107
95!
105 ' 108
105 ' 106
104 ' 107
103 »• 107
106
117
108 :: 109
111 M10 , ' 1 1 8
109 | 109 ; 122
:
!
..-'106
108
104;
; 102;
84 ' 103 107
89 103 "110
95 j 104
j
111
109
108 i r 109
106
109
107 : 112 ;
89
103 ' ' 1 0 6
85 , 102 r 108
; 100 ; 94 , 102 112
_ 99 , 95 : 105 111
; 98 !! 97 . 107 108
97 101 ; ' 108 106
101 •
' 1 0 6 ! 117
1 0 5 '•
108
r
1928—December..
1929—January
February. _
March
April
.May
June.
July
August.....
September.
October
November.
December..
1930—January....
123
126
124
123
' 122
114
115
99 ! ' 1 1 3
100 '. ' 1 1 5
117
106 j
99
106 ; 111
118 ]
102
»103
: Public
Com- 1 works Educa- All
, Resi- !
merTotal i den- ! Indusand
;
trial
tial
cial i public tional other
: utilities
432.8
410.0
361.3
484.8
642.1
587.8
545.9
652.4
488.9
445.4
445. 6
391.0
316. 4
324.0
178.3 '
138.1 !
129.5 I
197.2 ;
256.8 ;
192.0 !
189.8 :
199.9
146.1
118.4 •
137.7
113.5
114.0
66.6
38.
66.8 '• 8 0 . 2
63.
66.5
100.4 •
56.1
68.3 ; 57.6
55.8
71.5
75.6 •:
68.2
78.0 ! 152.1
80.8
86.5 ! 139.4
70.0
80.9
120. 8
66. 6 91.3 •• 1 9 4 . 5
75.3
72.0 i 119.3
52.6
76.9 : 117.2
60.9
85.1
67.7 i
39.7 101.8
72.4
67.4
33.4
51.8
38.3
54.1 i 112.1
25.4
17.7
22. C
37.5
29.9
38.2
43.4
48.0
32.3
29.8
36.9
25.7
19.8
19.0
43.8
24.1
27.3
47.2
57.1
50.9
40.9
52.0
43.9
50.4
57.3
38.0
29.9
34.0
INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS
All manufactures
Iron
and
steel
Food
products
Textiles'
Paper Automo- Leather Nonfer- Petro- Rubber Tobacco
and
leum
and ; rous
manutires
printing biles
shoes
metals refining
factures
i
r
r
r
1928—September
October
November
December
116
115
113
' 115
128
126
117
i
116
ri20
123
r
125
r
129
' 126
124
122
117
105
96
117
126
132
135
145
155
151
143
139
124
100
90
\
P
102
99
~i
1929—January
February
March.
April
May
June
July
August.
September
October
November
December
...
_
_ ;!
.__
:
1
-—
1930—Januarv
_
1
r
120
123
107 i
112 i
113 i
111 i
1
1 1 6 j1
113
116 ;
120 !
121
121 |
118 ;
120
116
118
108
96
1
j
!
i
102 j
95
98
••119
116
136
119
102
104
121
121
92
101
103
101
96
102
97
96
96
99
98
96
96
r
95
••122
123
125
124
125
128
124
125
131
124
123
119
150
148
159
153
148
162
142
143
133
113
81
49
95
P122
102
117
121
162
160
169
167
128
126
126
128
159
158
154
144
124
127
93
124
123
129
137
137
126
127
122
126
121
119
114
159
160
160
165
168
170
171
176
173
178
171
166
148
152
152
161
158
162
141
119
116
114
94
80
131
129
126
142
142
139
131
133
138
135
130
133
*>95
106
163
"106
131
110 i
103 1
97 j
92 !
95
98 i
99 •'
97
101 '
113
114 i
116 ,
116 '
113
105 :
INDEX , OF PRODUCTION OF MINERALS, BY PRODUCTS
All minerals
Bitumi- Anthracite
Crude
petroleum
nous coal
coal
106
111
109
100
137
137
129
136
133
135
100
106
112
116
120
111
99
112
125
122
93
'116
122
125
127
124
112
105
102
112
114
107
119
115
114
105
101
103
123
126
111
127
1929—January
February
March ..
April
May
June
July
August
September
October.
November
December
117
120
107
115
116
112
114
114
118
118
109
116
103
109
110
110
89
77
.-
1930—January
M12
95
86
Silver
115
108
93
' 117
99
100
102
Lead
111
94
99
_..
Zinc
114
110
107
'113
113
112
97
Copper
123
128
131
133
1928—September
October
November
December
97
Iron ore
shipments
131
132
134
100
101
97
101
101
96
102
76
72
81
106
116
92
121
135
143
145
140
140
131
132
99
104
132
110
114
106
143
126
119
121
121
107
98
141
139
124
122
119
125
123
118
79
79
93
94
91
103
93
94
88
91
89
94
114
87
91
f
p Preliminary.
Revised.
NOTE.—The combined index of industrial production is computed from figures for 58 statistical series, 50 of manufactures, and 8 of minerals.
Adjustments have been made in the different industries for the varying number of working days in each month and for customary seasonal variations, and the individual products and industries have been weighted in accordance with their relative importance The sources of data and methods
of construction were described in the BULLETIN for February and March, 1927.
109
FEDERAL RESERVE BULLETIN
MARCH, 1930
FACTORY EMPLOYMENT AND PAY ROLLS
PER CENT
INDEXES OF FACTORY EMPLOYMENT AND PAY ROLLS
[Without seasonal adjustment. Monthly average 1923-1925=100]
Factory employment
Month
I
Factory pay rolls
1927
1928
1929
1930
1927
1928
January
98.1
February
99.7
March.
100.4
April
99.8
99.1
Mav
99.0
June
July
98 0
99.2
August
September.. 100.6
October
99.3
November.. 96.9
December- 95.5
Annual index 98.8
94.2
95.7
96.6
96.0
95.7
96.2
95.7
98.3
100.3
100.2
98.8
98.1
97.2
97.4
99.7
101.3
101.8
101.6
101.2
100 7
102.0
103.4
102.1
98.2
94.8
100.4
93.1
98.6
104.8
lOfi. 3
; 105.0
104.3
102.5
08 fi
102.2
101.9
102 a
98.5
! 99.4
102.0
95.7
101.1
102.5
100.3
100.8
100.9
98 3
102.5
104.2
107 5
103.6
104.2
101.8
1929
PERC
110
1930
100
100.9
94.2
108.4
111.1
111.7 :
111.5
109.2
104 8
109.4
110.5
110 0
102.0 1
98.7
107.4
110
FACT ORYE ^PLOY WENT
/A>
90
( 1923- 25 = 100 )
100
\J
V
'
\
90
• ^ ^d/usied for Seasonal Variations
Withour Seasonal Adjustment
|
80
1923
1924-
80
1925 1926 1927 1928 1929
Seasonal adjustment provisional
1930
INDEX OF FACTORY EMPLOYMENT , BY GROUPS
Iron
and
steel
Month
1928—September..
October
November..
December...
1929—January
February
March
April
...
May
June
...
July
August
September. _
October
November..
December...
1930—January
Food
Machinery Textiles products
Paper
and
printing
Lumber
and
products
Transportation
equipment
Chemicals
CeLeather ment,
ToNonferRubber bacco
and
rous
clay,
prod- prodprodPetrometals
Autoand
ucts
ucts
Group mobiles
ucts
Group leum
glass
refining
96.4
96.9
97.7
97.1
97.1
98.3
99.3
99.7
100. 7
100.8
99.8
101.0
101.0
99.4
97.0
92.2
101.4
102.8
103.8
105.2
106.7
110.4
113.8
116.7
119 1
120.8
121.5
119.4
119.5
118.7
115.0
112.1
92.6
95.7
96.2
97.0
95.9
98.0
101.1
99.3
97.3
96.3
91.5
94.2
98.4
99.8
97.1
94.3
100.5
102.6
101.9
102.0
98.6
98.8
97.6
96.2
97.3
99.2
99.8
99.7
102.4
104.2
101.6
100.5
101.1
102.4
103.7
103.6
102.5
103.4
103.1
102.5
102 8
103.2
103.6
104. 1
106.0
106.1
106.7
106.9
90.4
90.6
90.5
88.2
85.5
85.8
86.6
88.2
89 2
90.0
90 5
92.2
91.8
90.1
86.7
81.6
95.4
94.4
90.2
89.9
94.0
99.0
100.5
101.7
101.5
97.6
96.4
95.5
94.8
90.2
82.9
81.3
121.5
119.8
109.1
107.7
118.3
129.5
131.1
131.4
130 0
120.6
117.8
115 0
113.1
101.3
83.7
79.6
96.1
94.6
89.3
88.6
91.9
94.1
92.7
90.6
90.3
89.4
94.6
98 1
99.5
99.3
94.4
90.0
96.0
94.1
91.8
89.5
84.3
84.5
86 8
90.5
93.1
93.8
91.6
93.8
93.6
91.9
88.9
82.3
97.6
100.0
102.2
102. 4
102.4
106.1
107.9
107.7
105.3
102.9
100.5
99.8
98.6
98.5
93.6
89.9
106.8
107.4
107.3
107.8
107.6
110.9
115.5
119.0
110.3
107.9
108. 9
11L2
114.5
116.1
113.8
111.8
105.8
104.3
104.0
104.7
104.0
106.7
109.2
111.9
114. 4
116.4
120.0
121 9
124.0
124.6
123. 7
120.9
113.4
113.2
109.8
109. 6
112.2
112.3
113.3
114.3
115.3
115.0
114. 2
111.5
108.3
102.7
91.2
89.2
96.7
99.1
98.9
95.7
84.1
92.0
92.0
91.3
90.3
91.4
90.5
93 0
93.7
95.0
96.1
89.2
91.7
109.9
92.8
97.4
105.1
76.8
83.2
85.7
91.4
74.7
85.9
110.6
120.8
89.7
84.2
INDEX OF FACTORY PAY ROLLS, BY GROUPS
Iron
and
steel
Month
1928—September..
October
November..
December.. _
1929—January
February
March
April
May
June
July...
August
September..
October
November..
December...
1930—January
99.1
105.1
105.1
103.3
101.3
107.2
108.5
110.5
111.6
109.9
103.5
109.3
108.9
107.9
100.0
93.5
90.5
Food
Machinery Textiles products
Paper
and
printing
Lumber
and
products
104.3
106.0
104.9
106.3
102.2
102.5
101.2
100.4
103.1
105.6
105.6
105.0
108.1
108.8
105.5
105.5
102.5
109.2
111.5
111.7
113.7
111.4
113.0
114.9
113.3
114.3
113.6
111.4
112.8
116.3
117.8
117.2
118.2
114.9
93.4
95.8
94.4
90.8
83.4
86.5
88.4
90.9
92 8
92.2
93.5
94.7
96.6
96.8
89.2
82.7
72.8
106.0
111.3
110.3
114.0
112.3
120.7
126.5
129.5
131.9
131.6
128 2
127.5
127.9
129.0
121.6
119.9
113.8
94.9
101.0
96.7
100.3
97.0
103.6
108.8
103.2
99.3
97.8
90.4
97.4
103.0
104.8
96.2
93.8
92.2
Transportation
Chemicals
Ceequipment
Leather ment,
ToNon ferRubber bacco
and
clay,
rous
prodprodPetro- prodand
metals
ucts
Autoucts
Group mobiles ucts
Group leum
glass
refining
100.1
104.7
96.1
95.8
93.6
111.4
113.9
117.0
116.0
107.9
97 1
106.8
103.3
99.8
89.4
85.6
80.9
129.0
134.1
114.5
112.4
114.5
147.4
148.2
152.0
147 1
130.9
110 2
128.0
120.3
108.0
84.3
72.9
74.0
99.6
95.9
80.1
86.0
90.2
94.5
91.4
87.9
88.1
89.8
97 8
105.0
104.3
100.0
83.9
84.1
85.4
92.8
94.1
90.7
88.4
79.0
81.0
84.8
89.3
91.8
92.5
86 1
91.2
91.3
90.6
86.4
80.2
67.3
109.4
116.6
118.5
120.5
117.4
124.1
127.6
127.0
123.1
117.0
112.6
113.2
112.1
112.5
99.6
96.1
91.5
106.3
109.2
108.2
108.1
106.3
111.3
113.6
117.8
113.1
111.2
111.2
113.0
116.0
118.2
115.6
114.0
109.3
109.3
107.8
107.1
107.2
105.3
110.2
112.1
117.1
118.9
120.0
123 3
125.1
129.3
129.4
126.3
124.8
121.1
123.8
120.4
112.4
114.1
118.8
145.8
146.7
150.2
146. 6
120.6
115 1
110.9
104.9
100.9
85.9
85.0
88.9
92.9
95.2
94.1
94.3
76.3
82.3
84.4
86.1
86.1
88.5
87 9
90.6
93.4
94.2
94.3
88.8
77.0
NOTE.—These tables contain index numbers of factory employment and factory pay rolls for certain months, together with group indexes fof
important industrial components. The nature and sources of basic data and the method of construction were described and the indexes for the*
period January, 1919, to November, 1929, were published in the BULLETIN for November, 1929, pp. 706-716.
97600—30
3
110
FEDERAL RESERVE BULLETIN
M A R C H , 1930
BANKING AND BUSINESS CONDITIONS IN FEDERAL RESERVE DISTRICTS
FEDERAL RESERVE BANKS—RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES
[Averages of daily figures. In thousands of dollars]
Total cash reserves
Federal reserve
bank
1929
1930
January
February
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco...
Total
Federal reserve notes
in circulation l
Total deposits
1929
1930
February February
January
1929
1930
February February
Reserve percentages
FebFebruary ruary
January
1929
1930
January
February
266, 297
910,040
209, 986
279,819
112,175
152, 758
509,129
118, 981
88, 455
144, 430
63, 780
305, 465
286,101
877, 789
214, 350
269, 201
110,822
148,970
483, 577
124, 070
90, 247
142, 627
64, 686
312, 096
173,813
991,902
174,187
266, 226
93, 785
126,182
432,821
86, 321
81,919
110, 710
64,945
223,859
148,337
952, 221
135,034
186, 035
68, 320
66, 538
336,187
80, 656
51,758
88, 879
65, 327
182, 468
152,323
973,413
135, 880
185, 973
69,611
67,375
340, 774
81, 254
52,895
90, 326
65, 255
187, 415
149,229
943,161
135, 384
188, 741
71,101
69,113
357,010
84,955
54, 036
93, 787
72, 800
187, 334
162, 582
246, 391
146, 724
177, 865
80, 969
132,116
297,460
85, 766
61, 393
80,489
41,261
164, 793
182,469
298,958
153, 079
181,050
88, 010
134, 891
298,164
90, 492
64,985
85,405
42, 647
176, 733
129,810
318, 571
140,128
203, 358
76, 663
130, 245
277, 267
60, 257
61, 274
66, 639
40, 017
159, 263
85.6
75.9
74.5
76.9
75.1
76.9
80.3
71.5
78.2
85.3
59.8
88.0
85.5
69.0
74.2
73.3
70.3
73.7
75.7
72.2
76.6
81.2
59.9
85.7
62.3
78.6
63.2
67.9
63.5
63.3
68.2
59.4
71.0
69.0
57.6
64.6
3,161, 315
3,124, 536
2,826,670
2, 361, 760
2, 402, 494
2, 406,651
1, 677, 809
1, 796,883
1,663,492
78. 3
74.4
69.4
i Includes " F. R. notes of other F. R. banks " as follows: Latest month $24,282,000; month ago, $35,076,000; year ago, $19,901,000.
DISCOUNTS OF FEDERAL RESERVE BANKS
BANK DEBITS
[Averages of daily figures. In millions of dollars]
[Debits to individual accounts. In millions of dollars]
Number
of centers
January December January
February January February
Boston
-.
New York
Philadelphia
Cleveland _
Richmond
Atlanta
- Chicago
St Louis
Minneapolis
Kansas City
Dallas
-
-_. _ .
___
San Francisco
Total .
-
_ .
-.
_- -- ---
23.2
70.5
50.5
53.3
22.2
25.3
63.0
16.7
3.0
23.0
11.9
15.1
23.9
111.8
53. 7
72.8
30.8
31.7
87.4
17.7
7.0
28.1
13.3
22.5
61.9
216.3
85.5
84.7
41.0
55.8
165. 9
37.8
12.8
32.5
19.2
75.8
377.6
500.8
889.2
BUILDING CONTRACTS AWARDED
[Value of contracts in thousands of dollars]
1929
1930
1929
1930
Federal reserve bank
New York City
Outside New York City
Federal reserve district:
Boston
...
New York _
Philadelphia
Cleveland
Richmond .
Atlanta
Chicago
__ _
St. Louis ,
Minneapolis
Kansas City
Dallas .
San Francisco
Total
1
140
34, 732
25, 723
39,850
2e, 932
54,719
28,126
11
7
10
13
15
21
5
9
15
10
18
3,050
35,662
2,609
2,827
780
1,211
6, 5t3
1,281
751
1,409
741
3,569
3,032
40,848
2,852
3,005
796
1,200
6,896
1,331
890
1,475
808
3,650
3,208
55, 778
2,910
3,028
813
1,332
7,370
1,417
745
1,442
806
3,998
141
60,455
66, 783
82,846
BUILDING PERMITS ISSUED
[Value of permits in thousands of dollars]
1930
1929
Federal reserve district
January December January
Boston.
.
New York
...
Philadelphia
Cleveland
_-.
Richmond..
Atlanta
Chicago
St. Louis.......---.
Minneapolis.:
Kansas City
Dallas
Total (11 districts)
16,631
79,462
50,914
34,861
27,433
21,433
39,906
13,114
3,868
14,922
21, 432
14,850
116, 284
12,926
24, 287
13, 417
11,805
75, 335
17, 387
8,705
8,464
12, 908
323, 975
316, 368
Number of
cities
26, 556
104,447
26,306
54, 680
28, 748
25, 745
77, 439
25, 479
7,466
15, 668
17, 435
Boston
New York....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
409,968 Dallas
San Francisco.
Figures for building contracts awarded are for 37 States east of the
Rocky Mountains, as reported by the F. W. Dodge Corporation.
Federal reserve district
Total...
1930
January December January
4,464
34,649
3,913
168
1929
9,363
3,177
14,174
1,202
808
3,011
4,179
20,132
5,654
38,536
7,190
12,162
6,986
2,553
18,091
2,693
1,132
4,160
' 6,764
12,259
4,964
90,535
20,312
10,023
8,863
6,520
24,273
3,802
1,215
4,149
5,504
22,139
107,168
118,180
202,298
INDEX OF DEPARTMENT STORES SALES
INDEX OF DEPARTMENT STORE STOCKS
[Monthly average 1923-1925 = 100]
[Monthly average 1923-1925=100]
Without seasonal
adjustment
Number of
stores 1930
Federal reserve
district
United States....
Richmond
Atlanta
Chicago
St. Louis
Minneapolis 1
Kansas C i t y
Dallas
San Francisco
1930
I Without seasonal
adjustment
91
102
115
105
104
99
80
78
176
••207
173
171
96
97
78
86
110
110
92
93
108
122
105
109
102
107
89
102
85
76
88
72
204
171
'189
164
82
89
97
81
102
93
110
88
117
106
'117
102
100
108
119
70
74
80
104
132
165
179
203
70
83
90
106
82
89
81
93
117
114
127
104
119
r
i Monthly average 1925=100.
ber of i 1930
Revised.
Jan.
United States.
Boston
New York
Philadelphia..
Cleveland....
Richmond..
Atlanta
Chicago
St. Louis...
1930
1929
Dec. Jan
Jan.
Dec. Jan
414
94
34
42
45
49
94
104
84
85
82
98
79
64
102
72
100
Minneapolis. __
Kansas City i_
Dallas
San Francisco.
1
1929
stores!
Dec. Jan
185
With seasonal
adjustment
Nam-
Federal reserve
district
1929
Jan.
Dec. Jan
497
Boston
New York.
Philadelphia
Cleveland
With seasonal
adjustment
1929
Jan.
100
100
97
78
84
93
104
77
94
96
109
88
93
97
106
84
99
92
84
107
83
89
88
98
82
98
89
111
91
95
116
90
101
96
110
94
65
106
73
102
71
103
71
92
72
72
80
83
108
83
112
82
100
r
M o n t h l y average 1925=100.
Revised.
COMMERCIAL FAILURES i
BANK SUSPENSIONS i IN JANUARY, 1930
[Amounts in thousands of dollars]
[Amounts in thousands of dollars]
All banks
Number
Federal reserve
district
Boston
. _
New York
Philadelphia
Cleveland
. ...
Richmond
Atlanta
Chicago
St. Louis _
Minneapolis
Kansas City
Dallas.
San Francisco
Total
Liabilities
Dec.
Jan.
Jan.
Federal reserve
district
1929
1930
1929
1930
Jan.
1
111
FEDERAL RESERVE BULLETIN
MARCH, 1930
Dec.
Jan.
251
588
177
197
213
457
78
140
292
566
155
196
3,999
16, 603
6,887
6,101
7, 486
20, 644
2,491
8,168
4,389
16,426
3, 819
4, 636
184
124
428
170
116
132
307
113
170
130
325
171
4, 510
2,587
7,966
3,054
2,033
3,800
9, 595
4, 935
2,165
4,170
5,163
3,053
60
163
67
350
63
96
39
283
56
144
58
272
999
3, 983
488
4,008
1,182
1,578
1, 035
4,518
697
1,274
1,080
7, 006
2,759
2,037
2, 535
61,185
67, 465
53, 877
Figures furnished by R. G. Dun Co.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta. _
Chicago
St. Louis_.
_.
Minneapolis
Kansas City
Dallas
San Francisco
Total -. _.
\ Member banks 2 Nonmember
Num- Depos- Numits a
ber
ber
15
16
15
11
18
17
1
* 97
121
5;i0
152
2,572
7,132
11,123
2, 678
2, 458
3, 309
22
Deposits 3
i
30,127 i
1
1
5
2
1
152
477
1, 646
5,154
690
2
1
536
22
13
8,677
Num- Deposits 3
ber
1
2
121
560
14
11
13
10
18
15
2, 095
5,486
5,969
1,988
2,458
2,773
84
21, 450
1
Banks closed to the public on account of financial difficulties by
order of supervisory authorities or directors of the bank.
2 Includes 9 national banks with deposits of $3,402,000 and 4 State
member
banks with deposits of $5,275,000.
3
Subject to revision.
4
Includes 1 private bank for which deposit figures are not available.
112
FEDERAL RESERVE BULLETIN
MARCH, 1930
FOREIGN BANKING AND BUSINESS CONDITIONS
ANNUAL REPORT OF THE BANK OF FRANCE
The annual report of the .Bank of France for from 62,200,000,000 francs ($2,438,240,000) to
1929 was presented to the regular meeting of almost 63,000,000,000 francs ($2,469,600,000);
shareholders on January 30, 1930. The main the volume of other demand obligations ta
section dealing with financial and economic banks and individuals rose from 6,700,000,000
conditions is given herewith: 1
francs ($262,640,000) to 6,800,000,000 francs
The French money market, having func- ($266,560,000). Throughout this period we
tioned under normal conditions since June 25, actually furnished the market, through the
1928, has developed freely and favorably dur- medium of public funds and by the expansion
ing 1929 under the regime of the gold standard. of our discounts, more funds than the market
The money market during the first half turned in to us in payment for foreign bills
year.—Throughout the first half of the year which we delivered to it. From December 22,
floating funds, attracted by the unusually 1928, to June 21, 1929, the public treasury and
favorable rates of interest prevailing in most the Caisse d'Amortissement released from their
foreign markets, sought investment abroad, accounts with the bank and put into circulation
and in general foreign exchange rates remained 1,413,000,000 francs ($55,389,600) which had
rather high. This tendency, however, at no previously been immobilized. At the same
time reached the proportions of an actual time our portfolio of discounted bills increased
exodus of capital, and the large volume of by 1,718,000,000 francs ($67,345,600)—from
metallic reserves and foreign balances of the 4,648,000,000 ($182,201,600) to 6,366,000,000
bank enabled it to meet the situation very francs ($248,371,200)—and the volume of our
advances on securities rose by 163,000,000
easily.
francs
($6,389,600).
Our supplies of foreign exchange, it is true,
The money market during the second half
declined during the first six months by about
7,000,000,000 francs ($274,400,000)—from 32,- year.—Beginning with July, various factors,
760,000,000 francs ($1,284,192,000) on De-normal and abnormal, combined to reverse the
cember 22, 1928, to 25,671,000,000 francs tendency of the exchanges and throughout the
($1,006,303,200) on June 21, 1929. But this second half year to maintain the franc at a level
decline was compensated to the extent of favorable to France. The influx of tourists
4,778,000,000 francs ($187,297,600) by the from abroad brought the usual credit to the
simultaneous increase in the metallic reserve, national balance of payments. The needs of
which during the same period rose from 31,- commerce and industry compelled the banks
838,000,000 francs ($1,248,049,600) to 36,-to repatriate part of their foreign holdings in
616,000,000 francs ($1,435,347,200) as a result order to strengthen their cash balances. Fiof our converting foreign bills into gold on nally, during the last months of the year, the
foreign markets and also to a less extent as a crisis which the New York market experienced
result of our domestic purchases of coin. In and the decline in the cost of short-term funds
fact, our aggregate reserves of gold and in the majority of European markets helped to
foreign exchange, which stood somewhat above direct toward Paris a large flow of funds pre64,500,000,000 francs ($2,528,400,000) at the viously sent abroad for speculation or investbeginning of the year, declined during the first ment. All these large movements of capital
half of the year by only the relatively small during the last six months of the year reamount of 2,311,000,000 francs ($90,591,200). sulted in a large and continuous demand for
In spite of the return of francs (to the bank) francs. The exchange value of our currency
caused by our release of foreign bills, the rose in the principal markets of the world; it
aggregate means of payment—notes in circula- reached, and on several occasions passed, the
tion and credits in current account—not only gold-export point; accordingly, it was by gold
underwent no contraction during the first half shipments that the international credit balance
of the year but even increased by about of this country w^as liquidated during most of
900,000,000 francs ($35,280,000). The volume the second half year.
The gold which the French banks were thus
of notes in circulation rose (in round numbers)
led to import as a result of the high level of
* In addition the report contains remarks on personnel, details of French exchange was, of course, brought to the
banking operations, income statement, etc. For earlier reports, see
Bank of France by the commercial banks for
FEDERAL RESERVE BULLETIN, March, 1929,1928,1927, etc.
MARCH, 1930
FEDERAL RESERVE BULLETIN
conversion into francs. We had to accept all
these offerings of gold in accordance with the
monetary law of June 25, 1928, which obligates
the bank to purchase, at a fixed price, all gold
offered. This exchange of gold against francs,
which was obligatory under the law, brought a
new and very large advance in our metallic
reserves. Although our portfolio of foreign exchange remained practically unchanged from
June 21 to December 24 (the last day of the
fiscal year), the amount of gold held by the
bank increased, almost without interruption, by
more than 5,000,000,000 francs ($196,000,000),
rising from the sum of 36,616,000,000 francs
($1,435,347,200) mentioned above to 41,622,000,000 francs ($1,631,582,400), a figure which
has since been exceeded.
Policy of the Bank of France.—The enormous
increase by which our reserve benefited during
the second half of the year is merely the natural
result of the international movement of funds.
From June to December we never took the
initiative in acquiring gold by means of foreign
bills. We were obliged, in fulfillment of our obligation to regulate the currency, to accept all
gold of foreign origin which w^as offered to us
over the counter for francs, but we did not at
any time intervene in the exchange market to
accelerate the pace of these gold imports. The
bank has opposed no obstacle whatever to the
free play of the money market under the regime
of the gold standard. It will not depart from
this attitude, whatever may be the direction of
capital movements. Whenever, under the influence of an advance in foreign exchange rates,
gold shall be demanded over our counters instead of being offered, the bank will permit
gold to flow oat in execution of the monetary
law just as freely as it permitted it to flow in.
Assistance rendered the money market.—
The funds which the bank furnished to the
market during the last six months of the year
through its purchases of bullion and coin aided
most opportunely in easing the monetary
stringency which was threatened by reason of
the demand for accommodation on the part of
commerce and industry, the advance in retail
prices, and the large withdrawal of funds
through taxation. This relief, however, was
not sufficient, and we were compelled to provide
for the needs of business by a new and considerable increase in our discounts. The volume of discounted bills in our portfolio rose
steadily. It increased by 2,092,000,000 francs
($82,006,400) from June 21 to December 24; on
the latter date it amounted to almost 8,500,000,000 francs ($333,200,000), thus showing an
113
increase in one year of more than 80 per cent.
Beginning with the latter part of August, it
exceeded 9,000,000,000 francs ($352,800,000) on
several occasions, and on November 29 reached
its maximum of 10,644,000,000 francs ($417,244,800). After that date demands for credit
moderated, chiefly as a result of redemptions
and purchases by the Caisse d'Amortissement,
and the capital market was able to meet the
end-of-year commercial settlements under conditions of extraordinary ease.
In spite of the increase in our portfolio and
the high cost of money in some of the larger
foreign markets, our official discount rate remained fixed during the year at the very moderate level of 3% per cent, from which it has not
deviated since January 19, 1928.
Demand liabilities of the bank.—The twofold
increase in reserves and discounts had its influence, of course, upon the volume of demand
obligations. The note circulation rose (in
round numbers) from 63,000,000,000 francs
($2,469,600,000) on June 21 to 67,800,000,000
francs ($2,657,760,000) on December 24. The
volume of our credit accounts with banks and
with individuals showed a parallel increase of
about 1,100,000,000 francs ($43,120,000), and
at the end of the year amounted to 7,926,000,000
francs ($310,699,200).
Deposits of the public treasury and of the
Caisse d'Amortissement, which, as mentioned
above, declined by 1,413,000,000 francs ($55r
389,600) during the first half year, increased
thereafter by about 2,500,000,000 francs ($98,000,000) up^to the middle of September, then
showed another decline toward the end of the
year, and on balance for the last six months
increased by 757,000,000 francs ($29,674,400).
On December 24 last they reached a total of
12,167,000,000 francs ($476,946,400), less by
656,000,000 francs ($25,715,200) than the figure
for December 22, 1928.
The aggregate volume of the bank's demand
obligations—notes in circulation and credits in
current account—amounted, therefore, on the
last day of the fiscal year to a total of about
87,800,000,000 francs ($3,441,760,000); these
were covered to the extent of 41,600,000,000
francs ($1,630,720,000) by the bank's gold
reserve and to the extent of 26,000,000,000
francs ($1,019,200,000) by its holdings of foreign exchange.
The ratio of the reserve to the aggregate
demand liabilities of this character advanced
throughout the year, almost without interruption, from 38.97 to 47.37 per cent. Thus at
the close of the year the reserve exceeded by
114
FEDERAL RESERVE BULLETIN
12 points the minimum ratio of 35 per cent
required by the law.
Monetary security and savings.—The confidence which a sufficient metallic reserve inspires
in the permanent future of the franc has been
reflected in public savings and has stimulated
the bond market to a noteworthy extent. Surplus funds, in view of the assured stability and
security of the currency, have again sought
long-term investment. A large number of
industrial or financial enterprises were able in
1929 to reduce the rate of interest on their
indebtedness and, for the first time in many
years, to obtain the capital necessary for carrying on their business at moderate rates. The
price of French rentes, stimulated by the favorable situation of public finances and by the
systematic policy of amortization carried on
by the Caisse Autonome d'Amortissement,
registered a very considerable advance in the
course of the year—a fact which bears witness
to the complete reestablishment of Government
credit and to the soundness of the financial
reconstruction carried on for the past three
years.
Prices.—The economic situation of the country and its industrial and commerical activities
have continued, on the whole, to develop favorably and have suffered no adverse effects from
the movements of capital mentioned above or
from the increase in the volume of fiduciary
circulation.
The general index of wholesale prices, which
stood at 637 at the end of December, 1928,
advanced, as it usually does, during the first
three months of the year. In March it reached
653. Thereafter it declined gradually until at
the end of December it was 588—its lowest
level. If the large groups of merchandise
which are used in the compilation of this index
are considered separately, it may be said that,
comparing 1929 with the preceding year, the
price of consumption goods declined from 589
to 546 and that of raw materials from 679 to
625. Wholesale prices, therefore, followed for
the most part the general decline of world
prices on the important markets, although to a
far less extent; this parallel movement tends to
prove that wholesale prices have become fairly
well adapted to the rate at which the legal value
of the franc was fixed in 1928.
The adaptation of retail prices to new monetary conditions—which is necessarily more
gradual—continued well into 1929, and their
index, after having been for a long time below
that of wholesale prices, has now caught up
with the latter, as was to be expected, es-
MARCH, 193©
pecially under the influence of the steady
adjustment of salaries and wages to the stabilization level of the currency. The index of
retail prices, which at the end of December,
1928, was 596, rose to 634 in May, 1929, and
declined again to 614 at the end of December
last,
Industrial and commercial activity.—As a
result of circumstances in the domestic market,
of which they were able to take advantage*,
agriculture and industry have in general
progressed favorably. The large harvests,
sufficient to meet the needs of our national
consumption, have enabled the country to
reduce its import of foodstuffs during the
second half year by a very considerable amount.
Production of coal rose from 52,500,000 tons
in 1928, to 55,000,000 tons in 1929, but the
ever-increasing needs of our industries for fuel—needs which bear witness to, their activity—
have obliged them to make demands on foreign
production. During the 12 months just past
France has consumed 83,000,000 tons of coal,
as compared with 70,000,000 tons in 1928, and
with 61,000,000 tons in 1913; furthermore, the
tonnage imported was very much greater than
that of the year before.
The building and metallurgical industries
have been particularly active. Production of
steel rose from 10,000,000 tons in 1928, to
10.500,000 tons in 1929.
The general movement of trade and commerce, which is reflected in the figures of railway business and in the statistics of the seaports, likewise shows progress. The daily
average of freight-car loadings rose from
63,300 cars in 1928 to 65,000 cars in 1929, and
the gross income of our great railway systems
exceeded that of the preceding year by 170,000,000 francs. The entries and clearings of
ships amounted to 110,000,000 tons in 1929,
an increase of 10,000,000 tons as compared
with the year 1928.
Balance of trade.—On the other hand, in
spite of the efforts of our exporting industries,
the foreign commerce of France showed a larger
adverse balance than that of the year before—*
the volume of imports rising to 59,447,195 tons,
as compared with 49,105,307 tons in 1928.
Exports showed a decline from 41,080,629 tons
to 39,888,775 tons. The total value of our
imports amounted to 58,284,000,000 francs
($2,284,732,800), an increase of 4,836,000,000
francs ($189,571,200). The value of exports,
on the other hand, totaling 50,072,000,000
francs ($1,962,822,400), showed a decrease of
1,274,000,000 francs ($49,940,800). Thus the
MARCH, 1930
FEDERAL RESERVE BULLETIN
adverse balance increased from 2,102,000,000
francs ($82,398,400) in 1928 to 8,212,000,000
francs ($321,910,400) during the past year.
This showing, however, should not cause undue anxiety. The increase in the debit items
of our merchandise trade balance appears to
be'the result of increase in the value and volume of our imports—especially of raw materials which are intended to replenish our working stocks.—far more than to the relatively
slight decrease in our exports. The actual
amount of commodities manufactured for sale
abroad really shows a slight advance. The
situation revealed by the comparative totals of
the various elements of our foreign commerce
during 1929 is not, in fact, so very different from
that which this country experienced regularly
before the war and which in no way affects
adversely the very strong position which France
holds in the international capital market.
One should not fail to recognize, however,
that very active competition from foreign countries and the consequent difficulties which
French, foreign commerce is meeting make it
imperative for our exporters to reduce their
net costs. It is to be hoped that new facilities
may be accorded them by a reduction of their
taxes, a measure toward which both the Government and Parliament have been directing
their efforts.
Expansion of the Paris market.—The year
which has just closed has been for France a
period of very strong financial consolidation,
of economic adaptation, and, on the whole, of
prosperity and progress. The franc, guaranteed to the extent of more than 45 per cent by
gold, redeemable on demand in gold over the
counter at the bank, has again become one of
the strongest currencies of the w^orld as a result of the confidence which it has been able to
inspire.
A very large metallic reserve safeguarded by
a large supply of foreign bills assures the French
market of exceptionally favorable credit conditions and opens before it the prospect of
security and growth. This favorable situation—the fruit of continuous effort toward reconstruction, and the reward of the wisdom
and the virtues of the French people—should
be utilized henceforward in the interests of the
country itself and of the world economy. This
situation affords the Paris market an excellent
opportunity, and imposes upon it the obligation, to participate more actively in the distribution of international credit in collaboration
with the other great world markets. Such a
financial expansion—rendered possible by the
115
adoption in France of gold monometallism and
currency reform—calls for a methodical and
coordinated effort of organization and adaptation, which is dependent on the triple action of
Parliament, the Government, and the banks.
Certain timely measures have already been
taken in this direction by the public authorities
and by the great commercial banks in Paris.
We have assisted and shall continue to assist
in furthering such measures within the limits
which our function and our statutes prescribe.
Measures taken by the Bank of France.—One
of the most immediately indispensable tasks
would seem to be to assure more rapidity and
flexibility to the mechanism of the short-term
money market. Your board of directors moved
in this direction toward the end of last year by
adopting two measures which have been well
received. Since the end of October the
principal banking houses have had the privilege
of presenting their requests for discount accommodation at our head office not only until noon
but up to the time in the afternoon when the
daily market transactions are settled. This extension of time permits all these establishments
to adjust their cash position more easily, to
avoid any useless tying up of money as well as
the contraction of burdensome emergency loans,
and to facilitate transactions by the more
rational use of their available funds.
Furthermore, it seemed advisable to permit
the market to call on us for funds for very short
periods of time when it had temporary need of
them and then to return them as soon as they
were no longer needed. Sharp fluctuations in the
demand for funds and in the available supply
take place rather frequently, especially on the
day preceding and the day following the maturing of a large volume of commercial bills.
To lessen the extent of these fluctuations, which
tend to exert pressure on the cost of money and
sometimes on the level of the exchanges, we
have since December 6 granted certain Paris
institutions the privilege of discounting with us
bank acceptances of commercial origin, which
carry all the guaranties demanded by our
statutes, and of repurchasing them after an
interval of a few days before their maturity.
We think that the combined effect of these
two measures will help not only to facilitate
and regulate the domestic movements of capital
but also to further the creation and the growth
in France of a large international acceptance
market and thus to prepare Paris for the more
extended role which henceforward it can and
should assume.
116
FEDERAL RESERVE BULLETIN
AUSTRALIA—TEXT OF COMMONWEALTH BANK ACT, 1923
BALANCE SHEET OF THE BANK OF FRANCE AS OF
DECEMBER 24, 1929
•
Francs (in Dollars l(w
thousands) thousands)
RESOURCES
Gold reserve (coin and bullion)
Silver and copper coins
Postal current accounts.
Funds available on demand abroad
Advances on gold bullion and coin
Bills:
Commercial bills discounted—
In France
Abroad
"Negotiable bills bought—
In France
Abroad
Advances against securities _
Negotiable bonds of the Caisse d'Amortissement
_
(Convention of June 23, 1928).
Loans to the Government without interest
(Law of June 9, 1857; convention of Mar.
29, 1878; law of June 13, 1878, extended;
laws of Nov. 17,1897, Dec. 29,1911, Dec.
20, 1918, and June 25, 1928).
Rentes earmarked for special purposes
Bank buildings and equipment _
Miscellaneous resources
Totak-
41,622,114
221, 536
761, 209
7, 280, 930
50
1,631, 587
8,684
29,839
285,412
2
8,436,065
22,413
330,694
879
8,458,478
331, 572
34,938
18, 749,819
1,370
734,993
18, 784, 757
736,363
2, 507, 466
98, 293
5, 611, 552
219,973
3, 200, 000
125,440
112,981
220,425
1,453, 818
4,429
8,641
56,990
90,235, 319
3, 537, 225
182, 500
272, 696
7,154
10, 690
22,106
867
4,000
157
70,000
21,000
2,744
823
63,430
2,486
51,100
103,485
2,003
4,057
309,015
12,113
LIABILITIES
Capital
__
.
.
Surplus
(Laws of June 9, 1857, and Nov. 17, 1897.)
Reserve invested in legal securities
(Law of May 17, 1834; decrees of Apr. 27
and May 2, 1848; law of June 9, 1857.)
Depreciation reserve (real estate)
Profit and loss:
Provision against contingencies._
Provision against overdue bills
Gross dividends:« 347.56 francs (net 285
francs)
Payment to the Government of sum equal
to the annual dividend in excess of 240
francs n e t . .
Carried forward
Total
Demand liabilities:
Notes in circulation
67, 769, 335
7, 662,376
Current account of the Treasury
Current account of the Caisse d'Amortissement
4, 505, 520
7, 519,462
Other current accounts and deposits406, 524
Other demand liabilities
Miscellaneous liabilities
Total
2, 656, 558
300,365
176,616
294, 763
15, 936
20,093, 883
787,680
1, 581, 783
62,006
90,235,319
3, 537, 225
Total demand liabilities, 87,863,218,746 francs.
Ratio of gold reserve to demand liabilities, 47.37 per cent.
* Conversion at par: 1 franc= $0.0392.
2
For second half year. Gross dividend for first half year, 286.59 francs
(net 235 francs).
MARCH, 1930
Toward the close of 1929 an amendment to
the Commonwealth Bank act was adopted in
Australia with the purpose of concentrating the
management of Australian gold in the hands of
the Commonwealth Bank, a Government institution and the sole bank of issue in the country.
By the terms of the amendment the Australian
Treasurer may authorize the board of directors
of the bank to compel persons holding gold to
report their holdings and, if the directors request it, to exchange their gold for Australian
notes. This provision is significant by reason of
the fact that approximately one-half of the total
stock of monetary gold in Australia is held by
the private banks. The amendment further
provides that upon the recommendation of the
board of directors of the Commonwealth Bank
the Governor-General may prohibit the export
of gold from the country except with the approval of the Australian Treasurer acting upon
the recommendation of the board. This second
provision is an added safeguard. The redemption of Tthe currency of the country in gold
coin, w hich is still required by law, also
becomes, in effect, subject to the discretion of
the bank through its power to requisition gold.
It is to be noted that the power of the board to
act under the amendment is subject to the consent of the Australian Treasurer (himself a
member of the board) or the Governor-General.
These measures were taken apparently in
view of the depletion of the foreign balances
held by Australian banks, the high premium on
foreign currencies, and the consequent inducement to export large amounts of gold from the
country. The depletion of foreign balances has
been due to the long period of stringency in the
principal money markets of the world and the
difficulty of borrowing abroad. The serious
decline in the price of wool, the chief export
commodity of the country, and the partial
failure of the wheat crop were other factors in
the situation. Under the circumstances, notwithstanding the fact that the Commonwealth
Bank still held in its reserves almost twice the
amount of gold legally required, it was deemed
advisable to bring the gold export movement
under control.
The full text of the amendment is presented
on the following page.
FEDERAL RESERVE BULLETIN
"MARCH, 1930
COMMONWEALTH BANK
No. 31 of 1929
An Act to Amend the Commonwealth Bank Act,
1911-1927
(Assented to 17th December, 1929)
Be it enacted by the King's Most Excellent Majesty,
the Senate, and the House of Representatives of the
Commonwealth of Australia, as follows:
Short title and citation.
1. (1) This act may be cited as the Commonwealth
Bank act 1929.
(2) The Commonwealth Bank act 1911-1927 1 is in
this act referred to as the principal act.
(3) The principal act, as amended by this act, may
be cited as the Commonwealth Bank act 1911-1929.
2. After section seven A of the principal act the
following sections are inserted:
Returns of holdings of gold.
7B. (1) Where the Treasurer [of the Commonwealth]
is satisfied that it is expedient for the protection of the
currency, or of the public credit of the Commonwealth,
to obtain particulars of gold coin and bullion held by
persons in Australia, or to require the exchange of any
gold so held for Australian notes, he may, by notice in
writing, authorize the board [of directors of the Commonwealth Bank]—
(a) To require persons to furnish particulars of the
gold coin and bullion held by them; and
(6) To require persons to exchange for Australian
notes any gold coin or bullion held by them.
(2) The board may, in pursuance of any authority
given under the last preceding subsection, by notice
in writing—
(a) Require any person to furnish to the bank
particulars in writing of the gold coin and bullion held
by that person; and
(b) Require any person to exchange with the bank
for its equivalent in Australian notes any gold coin or
bullion held by that person.
i Act No. 18, 1911, as amended by No. 24, 1914; No. 43, 1920; No. 15,
1924; No. 16, 1925; and No. 36, 1927.
117
(3) For the purposes of this section—
(a) The equivalent of gold coin shall be the nominal
value thereof, and of gold bullion shall be three pounds
seventeen shillings and ten pence and one halfpenny
per ounce of the standard gold content of the bullion; and
(b) "Standard gold" contains eleven-twelfths fine
gold.
(4) Any person who refuses or fails to comply with
any requirement made under this section shall be
guilty of an offence.
Penalty: A fine of one hundred pounds or imprisonment for one year or, in the case of a corporation, a
fine of one thousand pounds.
Export of gold.
7C. (1) Where, after the receipt of a recommendation from the board, the Governor-General is of opinion
that it is expedient so to do, he may by proclamation
prohibit the export of gold from the Commonwealth
except in accordance with the provisions of the succeeding subsections of this section, and thereupon gold shall
not, while the proclamation remains in force, be exported
from the Commonwealth except in accordance with
those provisions.
(2) Any person who desires to export gold from the
Commonwealth may apply in writing to the board for
the approval of the Treasurer of the export of the gold.
(3) Where, after the receipt of a recommendation
from the board for such approval, the Treasurer is of
opinion that it is expedient so to do, he may in his
absolute discretion approve of any application under
this section.
(4) Any person who exports gold without the
approval of the Treasurer shall be guilty of an offence.
Penalty: A fine of one hundred pounds or imprisonment for one year or, in the case of a corporation, a
fine of two per centum of the value of the gold in
respect of which the offence was committed but in no
case less than one thousand pounds.
Exemptions from export provisions.
7D. Nothing in the last preceding section shall
prevent any person taking with him out of the Commonwealth gold of a value not exceeding twenty-five
pounds.
118
FEDERAL RESERVE BULLETIN
MARCH, 1930>
FINANCIAL STATISTICS FOR FOREIGN COUNTRIES
GOLD HOLDINGS OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars. Figures for end of month or latest available preceding date; see BULLETIN for June, 1929, p. 396]
Month
Total
Ar- Aus- Bel- Bra- Can- EngSwitGer- In(44 United genJa- Neth- Rus6 France
traSpain zermany dia7 Italy pan8 ercoun- States » tina
3 lia gium zil* ada* land
land
lands
tries) i'
10,042
1929—January
February
10,065
March..
10,092
April
10,049
May
10,121
June
10,134
July
10,151
August
10, 233
September... 10,262
October
10.293
November... 10, 298
December... *10, 291
1930—January
PIO, 360
605
3,746
603
3,776
585
3,814
569
3,889
564
3,931
527
3,956
513
3,974
507
3,995
497
4,008
4,023 476
452
4,003
434
3,900
3,921 M 4 6
v
3, 987
February
109
109
110
110
106
108
111
113
114
109
97
89
88
149
126
150
126
126
150
134
150
134
151
151
139
141
151
141
151
142
151
143
151
151
151
163
150
164 P 1 4 4
79
78
78
78
78
76
76
77
77
77
78
78
P78
1,333
1,334
1,340
1,403
1,435
1,436
1,462
1,526
1,545
1,570
1,600
1,633
1,683
»740 P 1, 680
744
736
748
762
795
780
694
670
648
643
659
711
732
650
650
639
451
420
455
512
520
527
531
534
544
547
128
128
128
128
128
128
128
128
128
128
128
128
128
541
541
542
542
542
542
541
541
541
541
542
542
520
266
266
270
270
270
271
271
271
272
272
273
273
*273
175
175
170
174
176
176
181
178
178
178
180
180
177
92
92
92
92
93
93
103
119
132
142
142
147
147
150
1
r
494
494
494
494
494
494
495
495
495
495
495
495
495
28
other
coun-r
tries
712
713
713
70S
7Q9
707
700
704
704
709
708
93
93
93
95
96
96
98
98
103
103
105
115
108
3
Revised last month to include figures for Albania, Ecuador, GuateGovernment conversion fund and Bank of the Nation.
mala, and Mexico; see BULLETIN for February (p. 73).
* Bank of Brazil and stabilization fund.
»
Preliminary,
based
on
latest
available
figures.
•
Includes
gold held by Government against Dominion notes and
1
All countries for which satisfactoryfiguresare available; see explana- savings bank deposits, and such gold as is held by chartered banks in
tion in BULLETIN for April, 1929 (p. 263), where separate figures for 40 the central reserve.
countries are given by years back to 1913. The 16 countries for which
e Gold held by Bank of England.
figures are here shown separately by months include all those which 7 Currency and gold standard reserves.
have
held gold in recent years to the amount of $90,000,000 or more.
8 Domestic holdings of Bank of Japan and the Japanese Government2
Treasury and Federal reserve banks.
GOLD MOVEMENTS
[In thousands of dollars]
Germany
United States
Month
1929
January
February. __
March
April
May
June
July
August
September..
October
November..
December..
1930
January
Imports
Exports
Net
1,378
47,199
48, 577
1,425
25,488
26,913
24,835
26,470
1,635
23,093
24, 687
1, 594
23, 630
24,098
467
30,212
30, 762
550
34, 718
35, 525
807
18,390
19, 271
881
17, 576
18, 781
1,205
17, 516
21, 321
3,805
7,123J 30, 289 -23,166
8,121 72, 547 -64,426
12,908
8,948
3,960
Imports
Great Britain
Exports
J
From or to
January
Imports
Exports
11,844 27,891 -16,047
12,347 21, 3831 -9,036
25, 734 7,746 17. 98"
16,144 3,714 12,430
4,652 23, 632
21,085 40,001 -18,917
22, 578 100,479 -77, 901
17, 226 59, 278 -42,052
18,301 41, 283 -22,982
28, 591 26, 794 1,796
36, 249 27, 844 8,405
65, 343 16,439 48, 903
629
16,102
5,052
4,423, 41,702
Total
41,702
Revised.
16,102
25, 600
January
ImExports ports
11,844
India
Net
Net
Net
14
490
6
175
14, 320 -14,187
2
163
23
4,315
17
173
8
121
2,522 -2,419
'99
r
166
12
92
15
280
17
248
3,224 -2,975
377, 505
4,730
7,700
13,06a
6,580
6,076.
3, 5964,164
2,771
3,390
3,146
4,408
4,605
-16,607
-17,848
-21, 542
-15,871
-17,975
-22, 625
-14,816
-20,981
-15,375
-15,812
-20,922
-18,220
MOVEMENTS TO AND FROM BRITISH INDIA
[In thousands of dollars]
From or to
Exports
2,066 162, 527
3,203 92, 991
14, 382
2,006 |
4
359
10, 781
23, 090 61,293
39,129
" 16," 320
24, 603
2,433
3, 78
4,641
184, 954
4,216
1,003 33,434
27,891 303,725
South
Africa
1929
Calendar year
Imports
Exports
504
181
133
165
4,338
190
129
103
M16
177
107
297
1929
332
France
351 10, 676
592
Germany
3,481
5
Netherlands
589
187
8
Spain and Canaries.!
5
Switzerland
3,041
407
United States
12, 797
South America
49
12, 387
British India
885
1,460
Australia
2
~9~830'
New Zealand
Egypt
246
Rhodesia
359
361
Transvaal
18, 372
10,458
West Africa
370
5
270
3
All other countries..
25
403
285
8,822
p
Imports
Net
1,250
577
1,338
764
574:
1,701
804
897!
1,768 223, 247 -221,480
1,946
781
1,165
7,493
681
6,812
48, 728
716
48,012
27, 728
879
26,849:
9, 939
851
9, 088!
4,624
1,002
3, 622i
5,093
919
4,174j
li, r
10, 290:
M O V E M E N T S TO AND FROM GREAT BRITAIN
[In thousands of dollars]
1930
Exports
| ImJ ports
Net
Netherlands
November
Imports
Exports
1928
January-
November
Exports
Calendar year
Imports
Imports
England
654
United States
Aden and dependencies
106
Arabia
180
British Oceania
2,191
Bahrein Islands
Ceylon
267
China
14
Mesopotamia
240
Straits Settlements..
Egypt
732
Natal
"___
24
All other countries..
9,779
22
11,071
4,086
952
1,264
5,405
116
4,016
181
2,203
17
6,652
28,856
206
5,067
285
720
153
1,543
200
6,714
44, 387
4,408
59,670
Total___
Exports
910
r
170
0
48
~44
46
76, 007
119
FEDERAL RESERVE BULLETIN
M A R C H , 1930
CONDITION OF CENTRAL BANKS
[Figures are for the last report date of month)
Bank of England (millions of pounds
sterling):
Issue department—
Gold coin and bullion
__.
Notes issued
Banking departmentGold and silver coin.
Bank notes..
Government securities
Other securities
Discounts and advances
Public deposits
Bankers' deposits
Other deposits
Reserve ratio 1 (per cent)
Bank notes in circulation 2
1930
1929
1930
1929
January
NoDecember vember January
January
JanDeNocember | vember uary
150.1
410.1
145.8
405.8
134.7
394.7
152.7
412.7
.3
62.1
54.3
14.0
5.5
14.6
67.5
36.0
52.9
348.0
.2
26.3
67.1
17.7
22.3
8.8
71.0
35.8
22.9
379.6
.7
40.2
57.7
17.9
15.3
17.4
58.2
38.2
35.9
354.6
.3
57.1
50.5
15.9
9.7
19.2
58.2
37.9
49.7
355.6
National Bank of Belgium (millions
of belgas):
Gold
Foreign bills and balances in gold.
Domestic and foreign bills
Loans to State
Note circulation
Deposits
Bank of Brazil (millions of milreis):
Gold
Currency
Correspondents abroad
Loans and discounts
Securities
Note circulation
Deposits
Bank of France (millions of francs):
National Bank of Bulgaria (millions
42, 921 41, 668 40,808 33,995
Gold
of leva):
6,984
7,249 7,107 11, 789
Sight balances abroad
Gold
18, 732 18, 693 18, 741 18, 738
Foreign bills
Net foreign exchange
13,155
11,146
7,252
8,517
Loans and discounts
Total foreign exchange
5,930
5,453 5.612 5,612
Negotiable bonds
Loans and discounts
8159
62,153
70, 339 68,571 I 68,159
Note circulation
Government obligations
10,172 11,737 I 13,871
12, 712
Public deposits
Note circulation
7, 495
7, 850
7,105
7, 512
Other deposits
O ther sight liabilities
Central Bank of Chile (millions of
German Reichsbank (millions of
pesos):
reichsmarks):
Gold at home
2,644
2,147 2,133 2,091
Gold reserve
Deposits abroad
150
86
150
150
Gold aboard
Loans
and discounts
397
397
404
152
Reserves in foreign exchange
Note circulation
1,885
2,222 3,099 2,574
Loans and discounts
Deposits
357
755
445
423
Deposits
4,653 5,044 4,916
4,454 Bank of the Republic of Colombia
Reichsmarks in circulation.
(thousands of pesos):
392
410
522
410
Rentenmarks in circulation
Gold at home
Gold abroad
J
Bank of Italy (millions of lire):
Loans and discounts
5,189 5,190 5,189
5,052
Gold at home
Note
circulation
5,743
4,911
5,151
5,167
Credits and balances abroad
Deposits
4,810
Loans and discounts
_. 4,713 6,121 5,194
16, 329 16, 774 16, 828 16, 590 Czechoslovak National Bank (milTotal note circulation
300
300
300
300
Public deposits
lions of Czechoslovak crowns):
2,450
1,560 1,685 1,422
Other deposits
Gold
Foreign balances and currency...
Loans and advances
!
Bank of Japan (millions of yen):
1,063
1,062
1,066
1,065
Assets
of banking office in liquiGold
827
769
732
793
dation
Advances and discounts
170
179
187
195
Note circulation
Government bonds
1,355
1,347 1,633 1,279
Deposits
I
Notes issued
872
786
638
822
Total d e p o s i t s . . .
Danish National Bank (millions of \
kroner):
i
Commonwealth Bank of Australia
Gold
I
(thousands of pounds sterling) :
Foreign bills, etc
|
Issue department—
Loans and discounts
!
18,148 18,264 19, 951 22,481
Gold coin and bullion
Note circulation
!
17, 263 20, 967 19, 650 23,881
Securities
Deposits
I
Banking d e p a r t m e n t 1,536 Bank of Danzig (thousands of Dan- ,
1,411 1,223 1,386
Coin, bullion, and cash
zig gulden):
I
Money at short call in LonBalances with Bank of England J
17, 353
4,669 8,423 6,851
don
Foreign bills, etc
!
16,497 19,160 12, 413 12,885
Loans and discounts
Loans and discounts
j
9, 380
12, 319 10, 503 13, 423
Securities
Note circulation
i
33, 239 36,626 33, 719 42, 345
Deposits
Deposits
j
38,466 42, 423 37, 915 41, 749
Bank notes in circulation
Bank of Estonia (thousands of !
krones):
i
Austrian National Bank (millions of
Gold
;
schillings):
169
Net foreign exchange
j
169
169
169
Gold
199
Loans and discounts
|
225
238
204
Foreign exchange of the reserve..
366
Note circulation
328
334
312
Other foreign exchange
165
Deposits—
301
306
238
Domestic bills
116
Government
-109
109
109
Government debt
_.
965
Bankers
1,094 1,072
Note circulation
981
53
Other
61
64
53
Deposits
1
Ratio of gold and notes in banking department to deposit liabilities.
2
Notes issued, less amounts held in oanking department and in currency note account.
3
Figures not yet available.
1,175
578
816
(3)
2, 685
249
1,083
567
822
344
2,694
161
537
673
350
2,419
107
407
690
305
1,440
128
592
1, 679
407
714
293
1,403
128
592
1,667
407
604
237
1,141
152
592
1, 375
1,395
506
875
1,227
3,340
3, 260
1,886
1,389
912
1,307
1,402
3,505
3,609
2,231
1,386
846
1,318
1,583
3,505
3,900
2,144
1, 329
2,170
2,990
1, 345
3,685.
3,898
3,399
63
501
103
344
181
63
403
91
346
146
63
410
84
330
162
61
450
56
334
166
21, 270
10, 897
17,979
34, 246
6,720
22, 371
15, 377
18,135
39, 074
6,865
23, 396
17,044
16, 585
38, 757
8,084
25,14a
36, 279
10, 736
51, 781
1, 262
2,039
. 364
1,258
2,270
1,011
1,259
1,954
994
1,157
2,010
184
355
6, 923
407
362
8, 230
675
427
366 i
7,689 | 7,115
562
172
106
78
347
35
172
91
97
367
53
13, 969
13,883
20,481
36, 281
1,333
16, 660
12,433
22,427
37, 797
3,398
1,177
542
816
322
2,7
138
172
87
82
370 i
34 |
17a
94
65
336
29
15,956
11,711
22, 526
38,121
13,204
18,670
22, 745
36,344
2,364
6,437 6,408 6 373
19,478 20, 782 18 932
27,819 27, 573 28 329
32, 260 34,042 35 159
6,267
22, 523
31,868
35,133
8,127
5,718
2,341
17,311
1,619
3,376
6,187
2,102
8,117
5 145
1 863
120
FEDERAL RESERVE BULLETIN
MARCH, 1930
CONDITION OF CENTRAL BANKS—Continued
[Figures are for the last report date of month]
1929
1930
JanDeNouary cember vember January
Bank of Finland (millions of Finnish marks):
Gold
Balances abroad and foreign
credits
Foreign bills
Domestic bills
Note circulation __
Demand liabilities
301
302
303
304
705
15
1,147
1,259
670
21
1,213
1,361
237
595
28
1,225
1,347
236
719
17
1,245
1,431
405
644
640
2,474
4,135
325
3,596
5,193
1,529
636
2,665
4,551
270
3,596
5,173
1,660
558
3,606
4,736
116
3,790
5,514
2,239
205
46
358
97
102
485
213
85
169
39
91
300
59
Bank of Greece (millions of drachmas) :
Gold
Net foreign exchange in reserve..
Total foreign exchange
Loans and discounts
Government obligations
Note circulation
Other sight liabilities
3,830
377
3,596
4,907
2,081
National Bank of Hungary (millions of pengos):
Gold
Foreign bills, etc..
Loans and discounts
Advances to treasury
Other assets...
_
Note circulation
Deposits
Miscellaneous liabilities.
163
18
293
88
97
476
63
94
163
39
329
501
98
60
163
41
322
89
65
473
116
63
Bank of Java (millions of florins):
Gold
Foreign bills
Loans and discounts
Note circulation
Depositsf
140
31
95
279
37
140
23
112
289
38
140
30
124
297
61
Bank of Latvia (millions of lats):
Gold
Foreign exchange reserve
Loans..
Note circulation
Government deposits
Other deposits
24
67
85
48
43
104
67
~_
Bank of Lithuania (millions of litas):
Gold
Foreign currency
Loans and discounts
Note circulation
Deposits
Netherlands Bank (millions
florins):
Gold
Foreign bills
Loans and discounts
Note circulation
Deposits
of
_.
_.
Bank of Norway (millions of kroner):
Gold
Foreign balances and bills.
Domestic credits...
_
Note circulation.
_.'
Foreign deposits..
Total deposits
Reserve Bank of Peru (thousands of
libra):
Gold..
Gold against demand deposits..
Foreign exchange reserve
Bills..
Note circulation
Deposits
_.
440
217
141
787
34
448
220
182
851
33
448
216
148
821
29
435
203
160
782
44
147
30
233
147
59
240
318
2
147
52
242
303
2
101
147
32
268
299
3
78
3,836
580
677
3,177
6,523
1,160
3,836
580
668
3,090
6,422
1,160
4,111
305
1,185
1,351
5,953
610
71
• Converted Into the terms of the leu adopted Feb. 7,1929.
1929
1930
JanNoJanDeuary cember vember uary
Bank of Poland (millions of zlotys):
521
Gold at home
180
Gold abroad
372
Foreign exchange of the reserve. _
101
Other foreign exchange
756
Loans and discounts..
_.
1,247
Note circulation
300
Current account of the treasury. _
154
Other current accounts
521
180
419
108
781
1,340
271
196
521
162
422
94
795
1,366
270
144
426
195
527
158
723
1,222
363
191
Bank of Portugal (millions of escudos):
9
Gold
304
332
350
Balances abroad
313
254
312
354
361
Bills
1,944
1,972 2,001 1,932
Note circulation
59
55
108
Deposits
National Bank of Rumania (millions
of lei):
Gold at home
5,280 5,266 5,243 i 5, 077
Gold abroad
3,919 3,919 3,919 4 3,177
()
Foreign exchange of the reserve.. 5,063 6,745 6,748
46
44
()
Other foreign exchange
39
Loans and discounts
9,529 9,718 9,805 1 12,400
5,469 5,631 6,062 10, 679
State d e b t . . .
19,767 21,150 21, 387 20,135
Note circulation
9,097 9,389 10,125
1,473
Deposits
State Bank of Russia (thousands of
chervontsi):
473, 734 456, 745 358, 067
Loans and discounts
Deposits
268, 790 253, 290 209,423
Issue d e p a r t m e n t Gold
28, 570 27, 643 17, 886
4,319
3,461 3,690
Other precious metals
8,259
7,077 8,692
Foreign exchange
153, 697 57, 540 106, 505
Note circulation
South African Reserve Bank (thousands of pounds sterling) :
7,840
7, 495 7,879
Gold
7,078
6,567 5,288
Foreign bills
1,345
3,167 3,099
Domestic bills.__
8,125
9,173 9,270
Note circulation
Deposits1,915
1,839 1,714
Government
5,079
4,755 4, 695
Bankers
__
530
382
626
Others
Bank of Spain (millions of pesetas):
2,559
2,565
Gold
2,567 2,566
707
711
705
Silver
711
98
90
103
Balances abroad
86
1,825
Loans and discounts
2, 062 2,209 2,181
4,312
4,390
4,433
Note circulation
4,399
965
933
924
Deposits
1,017
Bank of Sweden (millions of kronor):
236
240
245
Gold
244
199
256
266
Foreign bills, etc.
237
331
323
411
296
Loans and discounts
486
573
569
521
Note circulation
201
153
272
183
Deposits
Swiss National Bank (millions of
francs):
482
546
595
Gold
560
185
288
353
Foreign balances and bills
378
218
174
224
Loans and discounts
135
840
928
999
Note circulation.
890
67
102
200
Demand deposits
188
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
95
95
91
Gold
96
289
268
199
Foreign notes and credits
276
1,507
1,518
1,634
1,434
Loans and discounts
2,966
2,999 2,999 3,000
Advances to State
5,194
5, 586 5,818 5,690
Note circulation
761
1,372 1,411 1,308
Deposits
5 Foreign exchange not reported separately.
121
FEDERAL RESERVE BULLETIN
MARCH, 1930
CONDITION OF COMMERCIAL BANKS
[Figures are for the last report date of month except for London clearing banks, which are daily averages]
1930
1929
1929
Janu- Decem- Novem- January
ary
ber
ber
Nine London clearing banks (millions of pounds sterling):
Money at call and short notice.. .
Advances and discounts
Investments
Deposits
_
_.
142
' 144
1,213 ' 1,198
233
236
1,767
1,773
Six Berlin banks (millions of reichsmarks):
Bills and treasury notes _.
Due from other banks
Miscellaneous loans __
Deposits
\cceptances
Tokyo banks (millions of yen):
Cash on hand ._ . . . .
Total loans
Total deposits
Total clearings
145
1,201
235
1,751
147
1,231
250
1,809
276
2,148
2,072
1,545
319
2,160
2,089
1,996
344
2,059
2,096
1,733
260
2,079
2,102
2,400
30
11
30
12
41
13
140
12
85
120
128
123
156
155
154
212
620
601
588
517
893
889
888
824
733
995
'739
'990
743
769
1,002
1,000
61
61
62
68
1,684
532
1,715
521
1,493
558
525
186
2,618
1,653
507
448
175
2,605
475
187
2,636
487
185
2,679
60
60
60
90
204
234
212
222
Not including gold held abroad.
1,789
142
71
1,961
1,777
138
58
1,964
1,781
146
60
1,974
1,716
130
86
1,915
9,566
234
9,667
200
9,801
224
9,525
256
482
509
526
529
7,311
7,487
7,380
20, 903 20,511
10, 746 10,825
32,929 33, 313
1,051
1,056
21, 220
9,331
34, 279
896
1,145
8 260
5, 689
13, 714
3,115
1,241
9 053
5,174
13, 659
3,010
1,252
1,252
1,318
126
142
115
92
103
7,481
Four commercial banks of France
(millions of francs):
Bills and national-defense bonds.
Loans and advances
Demand deposits
Time deposits
Four private banks of Italy (millions
of lire):
Cash
1928
Decem- Novem- Octo- December
ber
ber
ber
1
Joint-stock banks of Denmark (millions of kroner):
Loans and discounts
Due from foreign banks
Due to foreign banks
Deposits and current accounts. _.
487
1929
Banks of Buenos Aires, Argentina
(millions of gold pesos):
GoldBank of the Nation
Other
Other
c a s banks
hBank of the Nation
Other banks
Loans and discountsBank of the Nation
Other banks
DepositsBank of the Nation
_
Other banks
Chartered banks of Canada (millions of dollars):
Gold coin and bullion *__
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_
Decem- Novem- Octo- December
ber
ber
ber
Joint-stock banks of Finland (millions of Finnish marks):
Loans and discounts._
Due from abroad
Due to abroad
Deposits
2,885
1,230
8,267
11 645
1928
Due from correspondents
Due to correspondents
Deposits
Joint-stock banks of Norway (millions of kroner) :
Loans and discounts
Due from foreign banks
Due to foreign banks
Rediscounts
Deposits
Joint-stock banks of Poland (millions of zlotys):
Loans and discounts.
Due from foreign banks.
_
Due to foreign banks
Rediscounts
DeDosits
Joint-stock banks of Sweden (millions of kronor):
Loans and discounts
Foreign bills and credits abroad..
Due to foreign banks
Rediscounts
Deposits
Preliminary.
84
96
1,537
170
p 150
p 170
P 148
P
4 169
294
111
4 257
'297
115
251
3,481
r
167
3,521
Revised.
85
101
1,545
1,601
844
761
40
161
36
162
153
548
161
484
4 258
350
146
4 060
291
121
176
3,561
276
3,431
122
FEDERAL RESERVE BULLETIN
MARCH, 1930
DISCOUNT RATES OF CENTRAL BANKS
[Rate prevailing March 1, 1930, with date of latest change]
Country
Austria..
Belgium
Bulgaria
Chile....
Colombia
CzechoslovakiaDanzig.,
Denmark
Ecuador
Rate
3^
10
6
9
5
6
5
9
In effect
since—
Country
Feb. 11,1930
Jan. 1,1930
July 2,1929
Oct. 22,1928
Nov. 20,1929
Mar. 8,1927
Nov. 23,1929
Dec. 27,1929
Jan. 10", 1930
Rate
England-.
Estonia...
Finland.. _
France
Germany _
Greece
Hungary..
India
Italy
4H
8
7
3
6
9
m
7
7
In effect
since—
Country
Rate
Feb. 6,1930
Oct. 3,1929
Nov. 16,1928
Jan. 30", 1930
Feb. 5,1930
Nov. 30,1928
Feb. 13,1930
Oct. 31,1929
Mar. 14,1929
Japan
Java.
Latvia
Lithuania...
Netherlands
Norway
PeruPoland
5.48
5
6-7
7
4
5
7
8
In effect
since—
Oct.
Feb.
Apr.
Feb.
Jan.
Dec.
Nov.
Jan.
Country
10,1927
10,1930
1,1928
1,1925
16,1930
28,1929
23,1929
31,1930
In effect
since—
Rate
Portugal
Rumania
Russia
South Africa
Spain
Sweden . . .
Switzerland.
Yugoslavia-
8
9
8
6
5H
4H
3^
6
July
Nov.
Mar.
Aug.
Dec.
Jan.
Oct.
June
27,1926
26,1929
22,1927
17,1929
19,1928
1,1930
22,1925
23,1922
Changes.—German Reichsbank, from 6H to 6 per cent on Feb. 5, 1930; Bank of England, from 5 to 4 ^ per cent on Feb. 6, 1930; Bank of Java,
from o^i to 5 per cent on Feb. 10, 1930; Austrian National Bank, from
7 to 6H per cent on Feb. 11, 1930; National Bank of Hungary, from 7 to 6 ^
c
per cent on Feb. 13, 1930.
Corrected.
MONEY RATES IN FOREIGN COUNTRIES
Month
Bankers'
acceptances, 3
months
1928—September
October
November
December
1929—January
February
March
April
May
June
July.
August
September
October—
November
December
1930—January
_
Treasury
bills, 3
months
Bankers'
Day-to-day allowance
money
on deposits
4.23
4.35
4.38
4.37
4.19
4.37
4.30
4.37
3.55
3.80
3.64
3.22
4.32
5.05
5.33
5.21
5.21
5.32
5.38
5.47
5.59
6.13
5.35
4.76
4.07
4.29
4.96
5.30
5.18
5.21
5.35
5.39
5.48
5.63
6.19
5.30
4.75
4.04
3.41
4.33
4.51
4.43
4.67
4.23
4.54
4.35
4.39
5.45
5.15
4.23
3.62
Belgium
(Brussels)
France
(Paris)
Italy
(Milan)
Private
discount
rate
Private
discount
rate
Private
discount
rate
Netherlands (Amsterdam)
Germany (Berlin)
England (London)
2H
2H
2tt
2tt
2H
2^-3^
ZH
3H
w
m
m
4^-4
4 -3H
3^-3
3
Private
discount
rate
Money for Day to-day
1 month
money
Private
discount
rate
Money for
1 month
Switzerland
Private
discount
rate
6.65
6.57
6.28
6.28
8.58
8.26
8.15
8.77
6.65
6.70
6.70
7.30
4.39
4.40
4.44
4.46
4.35
4.42
4.74
4.68
3.38
3.38
3.35
3.32
5.80
5.80
6.31
6.63
7.49
7.50
7.39
7.18
7.18
7.28
6.89
6.98
6.33
7.51
7.07
7.30
7.57
9.65
9.89
9.35
9.43
9.48
9.06
8.29
8.78
7.71
5.13
6.33
6.97
6.85
9.32
7.90
8.21
7.42
7.86
8.06
7.79
8.14
6.03
4.20
4.39
4.64
5.36
5.37
5.30
5.20
5.06
5.36
5.15
4.26
3.52
*2.96
4.46
4.78
5.05
5.81
5.88
5.30
4.90
4.68
5.32
4.52
4.17
3.87
P2.88
3.28
3.31
3.39
3.45
3.34
3.26
3.19
3.33
3.38
3.38
3.32
3.15
2.97
Austria (Vienna)
Sweden
(Stockholm)
Hungary
Japan (Tokyo)
Month
1928—September
October
November
December
3.96
3.94
3.94
3.94
3.26
3.37
3.37
3.41
5.25
5.25
5.45
5.50
1929—January
February
March
April.
May
June
July
August
September
October
November
December
1930—January
3.94
3.94
3.94
3.94
3.94
3.94
4.00
4.93
4.94
4.94
4.fi2
4.37
3.40
3.50
3.39
3.37
3.44
3.49
3.50
3.50
3.50
3.50
3.50
3.50
3.50
3.38
5.83
6.00
6.31
6.75
6.83
6.75
6.75
6.85
7.01
7.18
7.00
7.00
7.00
» Preliminary.
Private
discount
rate
6^6 -6*4
6H
6H
6V4
-«9*
6M« -69$
6^6 -6^5
6^« -7H
7V& -7)4
7M« -7H
7H -7H
7H -7^6
7H
8
-m
794 -8V4
7tf - 7 %
6J/2 - 7 K
Money
for 1
month
Prime
Loans up Discounted
commer- Day-to-day
to 3
money
bills
cial paper
months
Call
money
overnight
7VS-8H
7^-8^
7V4-8H
7K-SK
7*4 -&H
7U -9
794 -9
7li -8H
5^-79i
6^-89*
6H 8H
6^-8H
4H-6H
4^-6^
4fc-6V*
6.02-«.39
6.21-6.39
6.02-6. 21
5.84-6.21
2.37-4.02
2.92-4.02
2.01-4.02
1.83-6.57
7H-&H
7M-8H
7M-8H
7H-SH
8 -9
8*4-9
8*4-9
8*4-9
8*4-9*4
9 -10
894-10
8*3-9*4
7H-SH
7H-&H
7H -8H
7H-8H
6H-8H
6H-8J4
6^-8H
7 -9
7 -9
7 -9
7 -%M
7 -8
694-8
7*4-8
6^-794
7 -7H
4^-6^
4^-6^
4H-6H
4^-6^
4H-6M
4^-6^
4^-6^
5H-7
5H-7
6V4-7
5^-7
5.84-6. 21
5.66-5.84
5.66-5.84
5.48-5.66
5.48-5.66
5.48-5.66
5.48-5.66
5.48
5.48
5.48
5.48
5.48
1.46-5.84
2.01-4.02
2.19-4.02
3.47-4.02
2.56-4.02
2.56-4.02
2.74-4.02
2.56-4.02
••1.64-4.02
2.92-4.02
2.74-4.02
2.19-5.84
m -9
8 H -9*4
894-10
894-1OH
894-1OH
9 -10M
8^ -m
m -9%
* Revised.
NOTE.—For sources used, methods of quotation, and back figures, see BULLETIN for November, 1926, April, 1927, July. 1929, and November, 1929.
123
FEDERAL RESERVE BULLETIN
MARCH, 1930
FOREIGN EXCHANGE RATES
[Monthly averages of daily quotations. 1 In cents per unit of foreign currency]
Country
Monetary unit
Par
of exchange
1930
Country
Monetary unit
January February
NORTH AMERICA
Austria
Belgium
Bulgaria
Czechoslovakia
Denmark
Schilling
Belga
Lev
Crown
Krone
England. _
Finland...
France
Germany.
Greece
Hungary. _
Pound...
Markka..
Franc.
Reichsmark.
Drachma
Pengo
Italy
Netherlands
Norway
Poland
Portugal
Lira
Florin
Krone
Zloty
Escudo
108. 05
Rumania
Russia 2
Spain
Sweden
Switzerland
Yugoslavia
Leu.
Chervonetz.
Peseta
Krona
Franc.
Dinar
.60
514. 60
19.30
26. 80
19.30
19. 30
1
2
3
i
14.07
13.90
! .72
i 2.96
I 26.80
14. 0597
13. 9377
. 7213
2. 9583
26. 7517
14. 0605
13. 9271
.7212
2. 9590
26. 7532
486. 65 486. 8823
2.52
2. 5160
3.92
3. 9291
23.82 23. 8821
1.30
1. 2976
17.49 17.4912
486.1785
2. 5162
3. 9155
23.8711
1. 2962
17. 4769
5.26
40.20
26. 80
11.22
1
5. 2331
40. 2279
26. 7347
11.1973
4. 4969
5. 2346
40.1028
26. 7212
. 5962
515. 0000
13.1044
26. 8460
19. 3486
1. 7658
. 5950
515. 0000
12. 6955
26. 8262
19. 2938
11. 1935
4. 4957
1. 7604
Canada
Cuba
Mexico
Dollar..
Peso._.
. —_do_.
Par
of exchange
1930
January February
98. 8932
99. 9247
47.4393
99. 2408
100. 0313
47. 4758
96. 48 91. 3355
36. 50 36. 0000
11.96 11. 0857
12.17 12. 0556
97.33 96. 3900
20.00 20. 0000
486. 65 400. 0000
103. 42 92. 9796
19. 30 19. 2500
86. 5311
36.0000
11.1533
12. 0319
96. 3900
20. 0000
400. 0000
88. 9679
19. 2500
34.18 35. 6106
47.13 49. 6186
33.43 35. 5497
33.93 39. 9497
36.50
36. 3102
49. 85 49. 0905
40.20 40.1769
56.78
56. 0259
439. 65 5 46.8929
34. 3963
47. 9616
34. 2746
38. 2350
36. 2071
49.1295
40. 0791
56. 0006
6
46. 7776
49! 85
SOUTH AMERICA
Argentina
Bolivia'
Brazil
Chile
2
Colombia
2
Ecuador
2
Peru
Uruguay
Venezuela 2
ASIA
Peso
Boliviano .
Milreis
Peso
do
! Sucr
i Libra
j Peso
! Bolivar
i
China 4i
| Mexican dollar
China 4
' Shanghai tael
China
j Yuan dollar
'
Hong Kong*
| Dollar
India
! Rupee
Japan2
j Yen
Java
Florin
Straits Settlements._J Singapore dollar...
Turkey
| Turkish pound....
AFRICA
Egypt
I
; Egyptian p o u n d . .
494.31 is 500. 2389 J 500. 6147
Based on noon buying rates for cable transfers in New York.
Averages based on daily Quotations of closing rates as published by New York Journal of Commerce.
Chervonetz quotations nominal.
Silver currency. The figure given for parity represents gold value of unit in February, 1930, computed by multiplying silver content of unit
by New York average price of silver for February, 1930, wThich was $0.43505 per fine ounce. On the same basis, parity in February, 1929, for the
Chinese-Mexican dollar was 44.41 cents; for the Shanghai tael, 61.22 cents; for the Yuan dollar, 43.43 cents; and for the Hong Kong dollar, 44.08
cents.
6
November, 1929.
6
December, 1929.
Back figures.—Sea BULLETIN for January, 1930, 1929, and 1928.
124
FEDERAL RESERVE BULLETIN
MARCH, 1930'
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES
ALL COMMODITIES
Base of index and country
(See note)
Base:
United States
Base:
Poland
Base:
Canada
Finland. _.
Base:
Australia
Austria
__
Belgium
Czechoslovakia
India
Switzerland
Base:
China
Denmark
1929
Jan.
Feb.
Mar.
Apr.
May
June
1930 ,!
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
1926=100
97
97
98
97
96
96
98
98
98
96
94
94
98
99
99
98
95
95
96
95
94
93
95
92
95
100
96
100
96
100
94
99
92
98
93
98
96
97
98
97
97
96
97
96
96
95
96
95
96
94
157
128
867
139
145
143
156
130
865
139
144
143
157
133
869
141
143
142
158
134
862
141
140
140
156
135
851
137
139
139
158
134
848
134
138
139
159
132
858
135
142
143
160
132
850
134
143
143
163
128
846
132
143
142
161
127
838
131
140
142
158
125
834
130
137
140
154
123
823
128
134
139
151
125
808
126
131
136-
160
151
149
125
138
657
139
132
461
140
149
186
177
171
144
162
159
149
122
138
660
139
136
463
146
150
C
185
177
« 173
145
164
154
150
123
140
654
140
136
461
147
150
189
178
174
144
161
150
148
120
139
648
137
135
455
144
148
185
179
174
141
162
148
150
114
136
643
136
123
452
142
146
186
180
171
140
163
146
149
108
136
629
135
122
447
141
147
186
181
170
139
163
149
149
109
137
624
138
119
440
141
149
187
180
169
140
165
150
148
112
136
598
138
114
437
142
148
187
180
170
141
167
150
148
113
136
608
138
109
437
141
148
186
181
171
140
168
149
147
115
136
607
137
111
436
140
147
186
182
172
138
165
147
146
112
134
603
136
107
431
137
146
184
181
171
135
165
146
146
110
133
596
134
107
425
135
146
182
182
172
134
170
143
1927=100
1926=100
.
1914=100
_. __
1913=100
Dutch East Indies
Egypt
England
France
Germany
._
Hungary. ._ _
Italy
Netherlands
Norway
Peru
Russia _ _- - _
Spain
Sweden
Base: 1910=100
South Africa
Base: 1909-1913=100
New Zealand—
131
135
129
109
131
578132
4ir
144
181
128
155
154
155
154
155
155
156
156
157
156
155
228
226
226
225
223
222
220
218
218
216
211
Base: 1900=100
Japan
205
201
" Corrected.
NOTE
The foregoing table contains for the countries listed
the same index numbers that have heretofore appeared
in the BULLETIN, but with more precise information
regarding base periods. In the case of three countries,
however—Japan, New Zealand, and South Africa—
for which the index has heretofore been shown as converted or recomputed from its original base to a 1913
base, the index is here shown on its original base; the
series on 1913 base can be continued by dividing the
index numbers that are now published by the following
yearly averages for 1913: Japan, 132.3; New Zealand,
105.5; and South Africa, 112.5. In the case of one
other country—Czechoslovakia—the index appears in
revised form (gold basis).
For all of these index numbers, with a few exceptions,
convenient sources of current figures are the Monthly
Bulletin of the League of Nations (Geneva) and the
Monthly Bulletin of the International Institute of
Statistics (The Hague). For France and Poland,
however, for which the figures published by the League
and the Institute belong to a different index, the
following sources may be used: France—Bulletin de
la Statistique Generale; Poland—Polish Business
Conditions, published by the Polish Institute of Economic Research.
Base Periods.—The base periods shown in the table
relate to calendar years, the average for the year (or
period of years) representing 100. In certain cases
however, the base period more exactly described is a
selected month or selected series of months, as follows:
Australia—July, 1914; Austria—January-July, 1914;
Belgium—April, 1914; China—February, 1913; Czech-
oslovakia—July, 1914; Egypt—-January 1, 1913-July
31, 1914; India—July, 1914; Japan—October, 1900;
Norway—December 31, 1913-June 30, 1914; Switzerland—July, 1914.
Compilers of these indexes.—All of the indexes
shown, with two or three exceptions, are compiled by
official agencies of the countries to which they relate,
as indicated specifically by the following list:
United States—Bureau of Labor Statistics, Department of Labor; Australia—Commonwealth Bureau of
Census and Statistics; Austria—Federal Statistical
Bureau; Belgium—Ministry of Industry, Labor, and
Social Insurance; Canada—Dominion Bureau of Statistics; China—National Tariff Commission, Ministry
of Finance; Czechoslovakia—Statistical Office of the
Republic of Czechoslovakia;
Denmark—Department
of Statistics; Dutch East Indies—Department of Agriculture, Industry, and Commerce; Egypt—Department of Statistics, Ministry of Finance of Cairo;
England—Board of Trade; Finland—Central Statistical Office; France—General Statistical Bureau; Germany—Federal Statistical Bureau; Hungary—Royal
Hungarian Central Statistical Office; India—Department of Statistics, Calcutta; Italy—Professor Riccardo
Bachi; Japan—Bank of Japan; Netherlands—Central
Bureau of Statistics; New Zealand—Government Bureau of Census and Statistics; Norway—(3konomisk
Revue; Peru—General Bureau of Statistics, Ministry
of the Treasury; Poland—Central Statistical Office;
Russia—Central Statistical Office; South Africa—Office
of Census and Statistics; Spain—Bureau of Special
Statistics, General Statistical Service; Sweden—Department of Commerce; Switzerland—Federal Department
of Agriculture and Industry.
125
FEDERAL RESERVE BULLETIN
MARCH, 1930
WHOLESALE PRICES—Continued
GROUPS OF COMMODITIES
1929
1930
Country and group
Jan.
Feb.
Mar.
Apr.
May
June
i July
Aug.
Sept,
Oct.
Nov. ! Dec.
Jan.
UNITED STATES (1926=100)
\11 commodities
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building material-!
Chemicals and drugs
Housefurnishing goods
Miscellaneous
97
97
9S
97
96
96
98
98
98
96
106
99
114
96
83
104
97
96
97
81
105
08
109
96
81
104
98
96
97
80
107
98
108
98
81
108
99
96
97
80
105
98
108
96
81
106
98
95
97
79
102
98
107
94
81
105
97
94
97
80
103
99
108
93
83
105
96
93
97
80
108
103
109
93
82
105
97
93
97
81
107
103
110
93
81
104
97
94
97
81
107
103
111
93
81
104
98
94
97
82
104
101
111
93
82
104
98
94
97
81
!
;
i
'
94 ;
101
99
108
92
82
102
96
94
97
80
i
!
!
!
;
94
93
102
99
107
90
81
102
96
94
97
SO
101
105
89
80
101
96
93
97
79
ENGLAND (191C; = IOO)
-VII commodities
138
138
140
139
136
136
137
136
136
136
134
133
131
Total food
Cereals
Meat and fish._
Other foods
Industrial products
. __
Iron and steel
Other minerals and metals
Cotton
__
Other textiles
Miscellaneous . . .
148
140
144
159
133
113
116
162
161
139
149
142
144
150
140
145
165
135
113
126
162
158
136
148
137
146
ISO
134
114
125
159
156
135
144
133
146
152
132
115
119
155
154
134
143
132 ;
144
155
131
115 i
119 I
154
151
134
149
143
144
158
131
115
119
153
150
136
144
146
145
144
131
115
119
154
149
134
143
141
143
145
132
115
121
154
147
138
145
137
148
150
131
115
121
152
144
137
142
132
150
145
129
115
120
147
144
134
141
132
158
135
128
115
120
144
140
131
139
129
154
135
127
115
110
141
123
130
A.11 commodities
657
660
654
648
643
629
624
598
608
607
603
596
578
Farm and food products
Animal products
Vegetable products
Wl industrial products
Minerals and metal*
Textiles
Hides and leather
Chemical products
Rubber
Paper
Lumber
Cement and brick, etc
610
632
596
698
541
820
568
592
123
677
930
592
620
642
607
693
551
812
530
590
141
677
930
592
609
603
612
692
568
802
498
596
140
677
930
592
605
610
602
688
558
793
499
596
132
677
930
606
607
595
614
675
560
771
453
598
129
677
968
606
584
614
565
668
560
758
450
586
126
677
969
606
578
603
563
664
561
748
445
579
133
677
969
636
524
590
484
664
562
745
442
593
129
677
969
636
551
639
499
656
561
725
452
603
117
677
969
636
556
670
487
652
567
705
455
608
114
677
1,003
636
555
686
476
645
566
694
432
606
96
685
1,003
636
546
695
456
640
568
684
433
603
97
685
987
636
518
661
432
630
571
657
438
602
89
685
987
677
A. 11 commodities
139
139
140
137
136
135
138
138
138
137
136 i
134
132
Total agricultural products
Vegetable foods
Cattle
\nimal products
Fodder
Provisions
Total industrial raw materials and
semifinished products.
Coal
Iron
132
130
118
147
138
124
134
132
120
151
140
125
134
133
123
142
142
128
128
130
122
127
140
127
126
125
120
130
133
125
125
120
127
130 !
122
124
132
131
134
136
127
128
133
130
134
140
123
130
133
125
134
149
120
131
132
122
134
153
113
126
128
119
128
153
107
120
i
126
120
126
148
105
115
122
117
128
134
98
115
134
138
128
113
153
139
127
87
127
28
151
157
159
138
175
134
139
128
118
149
131
126
87
126
34
151
157
158
138
174
134
138
128
132
150
130
127
88
126
34
151
157
158
137
174
133
136
128
127
148
129
126
88
126
29
150
157
158
138
173
131
136
128
118
144
120
12(3
87
126
30
151
157
158
138
172
132
136
130 i
118 I
141
123 i
131
137
131
118
139
124
132
137
131
118
137
122
127
82
129
29
152
161
158
140
171
132
137
131
118
136
122
127
82
134
28
151
162
157
140
131
138
131
116
133
121
127
82
132
26
151
162
157
140
170
130
139 '•
130
113
130
118
127
83
129 :
23
152
161 :
157
139
169
129
138
130
112
128
116
127
84
130
22
151
161
156
140
169
128
138
130
112
125
116
127
85
128
21
151
158
15"
140
16S
133
113
118
159
159
137
FRANCE (1913 = 100)
1
I
!
i
!
!
i
!
!
i
:
.
:
;
;
GERMANY (1913 = 100)
"NYmferrous mp.tal^
Textiles
Hides and leather.
Chemicals
Artificial fertilizers
. .
Technical oils and fats
Rubber .
Paper materials and paper
Building material
Total industrial finished products..
Producers' goods- ._
Consumers' goods
127 •
126
87
125
30
151
158
158
138
172
81
127
31
152
159
157
139
171
170
!
i
i
"
126
FEDERAL RESERVE BULLETIN
MARCH,
1930
INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA
ENGLAND
TRANSPORTATION
PRODUCTION
.
Coal
j
u u u
|UnemRaw Iron
British railways; ployCot- Woolen
Steel
cotton and
Ships
_
| ment
ton
ingots Fin- visible steel
and Raw! Raw Crude Raw cleared
among
and ished supply man- Coal man- worsted cot- ;wool rubber ™V cleared
w
th
ufac- tissues ton \
hides cargo
__ L . Freight-Freightcast- steel
ufactrain j train insured
tures
ings
tures
receipts; traffic
Mil- Thous.
lion sq. yd.
sq.yd.
Thous. Thousand
long tons
Thousand long tons
Million
pounds
Thousand
pounds
Thous
Thorn
- Million
1D0US
tontons - £sterling miles
Per
cent
1928
August
September..
October
November..
December..
16,199
23,275
18,519
19,213
23,310
I
i
I
!
i
519
504
544
544
540
'648 j 540
719
572
632
756
763
628
546
818
737
809
,070
.,255
370 i 4,274
295 3,995
377 4,630
399 4,231
359 ! 4,184
344 19,395
301 12,773
337 12,712
335 I 12,492
293 | 12,406
84
52
109
216
225
1929
January
February. _
March
April
May
June
July
August
September-.
October
November..
December. _
19,778
21,326
26,992
19,462
18,401
3 24,786
18,875
3 23,589
20,380
20,613
i
I
I
I
i
i
j
!
564
520
591
611
655
658
672
682
665
765
lib
860
809
844
831
805
753
848
890
*815 9
,277
,326
,268
,267
,190
,047
956
910
892
923
1,060
1,154
421
380
350
340
443
307
376
358
300
390
383
332
4,473
3,890
4,763
4,756
5,328
4,883
5,848
4,977
5,206
5.761
5,394
4,988
383 | 18,563
329 14,587
337 12,061
9,513
353
325 11, 286
10,
211
227
360 17, 543
17,084
325
240 11,287
269 11,105
287 10,815
276 11,410
241
128
144
118
115
76
68
66
64
131
191
196
103
100
85
119
99
70
39
33
18
22
49
78
1,213
352
5, A
316
172
95
1930
January
3 26,420
19,975
21,087 ;
i End-of-month figures.
14,089
2 Include Irish Free State.
17.500
23,079
16.501
12,146
34,921
5,967
5,474
5,546 5,702
6,074 '5,488
6,860 '5,168
42,005
20,374
30, 237
28,387
22, 748
20,123
22, 501
43,192
46,122
46,379
38, 580
34, 561
5,808
3,622
4,947
6,437
4,071
4,713
7,058
5,229
5,737
7,161
9,256
8,556
5,407
4,617
5,510
5,514
6,013
5,750
6,183
6,485
5,967
6,220
5,857
5,167
35,685 i 6,383
5,788
r
1,451 I
1,483 !
1,584
1,524
1,440
9,132
8,239
9,279
8,946
8,943
8,388
9,054
8,821
8,875
1,
1,
1,
1,
1,
1,
1,
1,
1,
592
478
662
519
552
476
580
571
564
11.7
11.5
11.8
12.2
11.2
12.3
12.2
10.1
9.9
9.9
9.8
9.9
10.1
'10.0
10.4
11.0
11.1
12.6
r
9 Preliminary.
• 5 weeks.
8,407
8,498
9,361 :
9,033
8,339
Revised.
FRANCE
EXPORTS
PRODUCTION
Coal i
TRANSPORTATION
Raw
cotton
Pig Crude Cotton Cotton Total Total for
coniron
steel j yarn cloth volume volume sumpI
tion
j Thous. Pieces
Thousand metric tons I kilo- of 1,000
grams meters
Thousands
metric tons
Raw
silk
for consumption
Metric tons
1928
August
September
October
November
December
5,589
5,331
5,899
5,562
5,263
857
821
857
850
882
793
759
834
800
828
11,295
11, 221
11, 994
11,043
12,137
26,225
3,792 4,285
25,243 ' 3,730 ' 4, 070
29,518 ' 3,340 ' 4,497
28,063 ' 3,337 ' 4,199
26,820 3,262 4,240
21,888
17,184
30,248
36, 684
45,854
607
1,169
'751
933
622
1929
January
February
March
April
May
__
June
_-.
July
August
September
October
November
December
5,485
5,227
5,803
5,713
5,472
5,626
6,077
5,894
5,504
6,220
5,850
5,632
903
782
880
871
897
865
'878
893
851
894
852
874
841
743
805
810
820
795
815
827
763
847
786
813
12,402
10,641
11,457
11,193
10, 766
10,894
11, 525
11,445
10,851
31,811
28,190
29, 678
44,154
39,988
29,380
28, 508
28,675
21,987
20, 717
22,346
14, 324
28,708
38, 709
437
645
321
521
450
361
420
556
602
547
28, 651
26, 346
26, 366
25, 558
27,248
3,006
3,273
3,108
3,217
3,087
3,617
3,741
3,214
3,217
3,314
4,316
4,288
4,690
5,073
4,921
5,322
5,062
5,121
5,151
5,037
5,173
Coal
for con
sumption
Ships
cleared
with
cargo
Freight- Receipts
car
of princiloadpal railings
ways
Thous. Thous. Average
metric tons daily
number
tons
1,592
1,223
1,557
1,369
1,386
3,994
3,951
3,958
3,973
4,050
3,534
1,516
3,236
1,703
4,034
2,005
4,279
2,018
4,378
1,889
1,998 ! 4,426
2,056 i 4,207
4,578
2,013
4,275
20
2,130
4,403
2,073
4,191
2,064
Business
failures
Thous.
francs
1,187, 087
61,696
66,186 < 1,575,128
66, 534 1, 247, 434
67,861 ' 1,149, 542
62,805 '«1,436, 715
59, 984
61,193
65,185
67, 586
63, 358
66, 370
63,510
63, 536
66, 776
68,196
68,158
66, 564
Registered
unemployed
1,010
562
453
503
895
632
432
649
687
763
1, 023, 011 1,604
1,055,466 3,527
1,162,258
1,078
706
« 1,480, 393
1,154,193 j 558
394
1,198, 412
399
« 1,525, 234
403
1, 260, 026
* 1, 637, 854 j 385
1,278,657 I 396
1,189,981 I 577
817
• 1, 497, 782
757
750
930
561
791
746
812
645
420
734
804
764
I
1930
January
1,484
2
* Coal and lignite, including Lorraine and the Saar.
End-of-month
figures.
* 5 weeks.
Revised to include women. In earlier issues of the BULLETIN thefigurespublished referred to men only.
3
' Revised.
907
127
FEDERAL RESERVE BULLETIN
MARCH, 1930
INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA—Continued
GERMANY
:TRANSPORTA-
PRODUCTION
;
TION
UNEMPLOYMENT
!
Coal
Lignite
1929
j
January...!
February..;
March
April
May
_
June
July
August
September .
October
November.
December.
Unem- Busiployed ness
persons failreceiv- ures
ing
State
Thous. Thous,
net
wag- Per
cent
ons
Number
^S:^|^jta«j
Pig Crude Pot- iron
iron j steel ' ash manu- \ +xS~",
Thousand metric tons
1928 i
August....!
September.,
October...:
November.
December.!
Arriv; als of Freight Tradeunion
vescar memsels loadbers
in
unemHamployed
;
burg
Metric tons
aid 12
13,02114,330 1,031 1,332
12,15713,616 985 1,190
13,31115,226 1,016 1,306
12,14114. ~'"
267 357
11,81914]
1,091
123
113
128i
130
118
52,393
74,006
64,163
54,014
63,846
13,602
13,387
12,959
14,337
14,353
1,850,577 7,958
1,829,556 5,274!
2,019,177 8, 789
2,278,554 5,818
2,120,291111,682
20,64219,3571,516,096
17,14416,730-1,394,715!
16,650 33,662 1, 552,182;
14,089|49,662 1,157,8911
15,560 44,645 615,630
1,926
1,749
1,715
1,760
1,752
4,083
4,036
4,375
3,957j
3,404
6.5 654,689!
6.6 663,945!
7.3 763,959!
9. 51,1,137,772j
16. 7 1,829,716
552
530
685
674
624
13,49014,817
12,10413,689
13,50214,727
13,40714,226
12,759!l3, 669
13,221113,763
14,362J14,885
14,46715,136
1431 419,589 61,386
117 341,312 63, 239
121 346,262 58,463
118 619,460! 68,159
108 587,115; 67, 598
115! 522, 037 j62, 946
125! 545,568 j 69,177
125 519, 569! •76,203
124 470,068 67,493
133 505,883i 75,516
132 463,082 66,903
473,415: 63, 094
14,975
11,639
13,585
16,469
16, 655
16,630
14,831
14,778
13,616
13,326
13,164
12, 381
1,909,657 17, 786!
1,307,227 20,294j
2,240,475 19,899;
2,355,068 24,544!
2, 258,510 1 9 , j
2,152,01115,890
2,385,04312,577!
2, 541, 646 10,811
2,687,443 5,823^
2, 214,582 5,511!
2,106,138 5,484
2,611, 289 10; 722|
15,660 54,2821,312,346
12,227 31,893 496,159
18,490 28,9001,090,958
21,349 32,933 1,558, 607
18,42125,3351,933,229
22,693 19,589 1,925,538
17,367 20,698 1,635,792
16,209 20,268 2,108,464
14, 646 20,555 1,755,834
13,610 38,875 1,704,731
14,523 58,0451,579,999
9,437 47,466jl, 491,627
1,679
1,307
1,666
1,933
2,030
1,922
1,932
2,010
1,856
1,926
1,856
3,376
3,072
3,733
3,929
3,922
3,934
4,218
4,182
3,980
4,454
4,131
3,431
19.4 2,391,637
22.3 2,622,253
16.9|2, 091,435
11.11,324,748
9.11,010,781
8.5 929,579
8.6 863,594
8.9 883,002
9.6 910,245
10.9 1,061,134
13.7 1,387,079
20.11,9S4,811
775
930
885
846
803
845
739
657
840
813
881
1,061
1,105
1,133
1,164
1,204
1,168
1,109
1,157
1,091
1,100
1,470
1,270
1,314
1,415
1,421
1,430
1,466
1,402
1,231
1,377
1,287
1,156
1930
January. _. 14,398 14,008; 1,092
1,275
13, 48014,2201
14,83516,050
14,15715,623
13,65214,520
505,857,
480,647;
415,690
410,171
298,890
I
22. 2[2,482,648 1,106
521,398! 76,162 12,697 2, 556,693 19, 559J 11,823 43,9501,619,111
1 End-of-month figures.
Revised to include unemployed persons receiving emergency relief as well as those receiving insurance relief.
CANADA
2
1928
August
September..
October
November..
December..
1929
January
February...
March
April
May
._
June
July...
August
September..
October
November..
December..
1930
January
Index
of
industrial
production
Construction
contracts
awardCoal Newsprint Flour | ed
Receipts at
Restockceipts
y a r d s in
of
wheat Toronto and
Winnipeg
at
Fort
William
, i
| Planks
i Crudei Raw
p
Wood
and
cotn*~
Hogs j and
pulp Wheat Coal i petro-!
Port
tle
leum I ton
,
; boards
Arthur
1919- ;
1924= !
100 !
Thousand
short tons
Thous.
bushels
PRODUCTION
181.6. 1,552
201 j
171. 71
187.21
175.9:
165.3J
1,414
1,743
1,722
1,523
185!
217
224
209. o'
203. li
200.1:
197. 5
199. 9j
189. 9!
192.2:
193.6'
174. 5:
197. 51
195.8;
161.3
1, 585
1,650
1,"
1,394
1,405
1,361
1,316
1,361
1,408
1,560
1,519
1,
212'
2181
2221
246;
225
229
226
228
252
252|
187.8
1, 630
206
187J
Number
39,441
45,439
44, 584
29,038
18,905
3,538
39,132
81, 361
72, 861
51, 633
73,233
71,487
81, 599
60,806
36, 941
32, 598|
24, 873
39,178
38,484
47,316
161137,829
140 134,440
1531162,286
1581155,448
124 158, 875
25, 057
26,923
43, 687
75, 417
1, 698:
1, 600
1, 631:
1, 606'
1,749!
1, 548,
1, 603
1, 607
1,283,
1, 528
1, 6291
1,703
41, 963
28,426
27,125 i
43,3281
64, 860|
72, 420J
57,941;
58, 622,
46,959
57, 084J
45, 376|
32, 548
10,971
2,918
5,223
9, 691
39, 459
27, 507
32,101
42, 003
38,956
30, 969
54, 388
52, 587
57, 547
73, 078
63, 668
39, 060
60,978
42, 226
38, 597|
47,464;
43, 609
36, 744;
36, 874;
30, 270
25,808;
41,514
50, 085
54, 558
111 136, 365
94 112, 273'
145 142,9091
109115,075!
168151,249
158 144, 976
172 121,3901
186 166,421|
165| 143, 419
1931140,482
152 165,169
116 131, 694
20, 831
15, 220
21, 207
7,314;
27, 073 j
25, 588!
17, 019!
10,156!
7, 410!
20, 722!
22, 4451
15,961
50,587;
138 150,618
4,994
' 37,530
2,789 36,361
Index i Busiof |
em- ] ness
ment i| ]
NumThous. Thous. Thous. Thous.
dolber
tons gals. lbs.
lars
! Mil- Thous,
i lion
lbs.
I feet
1,158:
1,892!
2,130:
2,175;
1,672;
13, 839
14, 683
14, 606|
2, 3731
27, 759!
28, 918j
17, 010
6,178
Machinery
Total
revenue
car
loadings
1926= i N u m 100 i ber
1,612
1,478
1, 779
1,637
1,639
88,164
107, 297
100, 023
86, 014
79, 939
7,300
4,971
13,842[
16,955!
17, 481;
4,790 312,816 119.3!
4,552 361,247 119.11
4,884 420, 263' 118.8!
1,344
1,409
1,651
982
1,369
60, 753
49, 214
76,445
71,130
55, 969
18, 485
13, 089
16, 67l|
12,201
11, 219
6,402
6, 447
5,233
3, 550
11,812
18,159
13, 029
5,004
4,675
6,922
5,377
6,925
6,390
5,969
5,838
5,597
6,454
5,214
5,210
1,3131124,275
1, 428 117, 725
1, 608 123, 627
1,583 84,759
1, 942 128, 959
1,649162,979!
1,451 73,583!
4,r4
380,405;
275,678
118.9!
116.7;
252, 217J
261,410'
282, 315|
283, 745!
306, 728 [
310, 885)
313,292;
318, 200,
335, 338!
353,095!
284, 740!
230, 630!
109.1
110.5
111.4
110.4
116.2
122.2,
124.7
1,763 81,900'! 10,626; 5,173 241,603
2
Total number of firms failing during the month.
' Revised.
252
197
176
177
181
154
149
141
155
161
164
191
111.2 194
i
1 First of month.
127.8
126.8'
125.
124.6
119.1
142
165
200
193
230
!
128
FEDERAL RESERVE BULLETIN
MARCH, 1930
CHANGES IN MEMBERSHIP
NATIONAL BANK MEMBERSHIP-Continued
STATE BANK MEMBERSHIP
The following list shows the changes affecting State
bank membership during the month ended February
21, 1930, on which date 1,116 State institutions were
members of the svstem:
N o . 2 — N E W YORK
1930
Jan. 20
Feb. 15
Harbor State Bank, New York, N . Y
Admitted to membership.
Murray Hill Trust Co., New York, N. Y
Consolidated with and under title of Bank of
America, N. A.
No. 3—PHILADELPHIA
1929
Nov. 18
1930
Feb. 3
Dollar State Bank & Trust Co., Scranton, Pa
Absorbed by South Side Bank & Trust Co.,
nonmember.
North City Trust Co., Philadelphia, Pa
Admitted to membership.
No. 4—CLEVELAND
Feb.
No. 2 — N E W YORK
1929
Dec. 11
I
1 ; Geneva Savings Bank Co., Geneva, Ohio., title I
! changed to Geneva Savings & Trust Co.
j
5 Security Bank, Portsmouth, Ohio
Consolidated with Central National Bank.
300,000
No. 7—CHICAGO
Jan. 15 • State Bank of Shannon, Shannon, 111
: Peoples State Bank, Shannon, 111
Consolidated and succeeded by the First
State Bank, nonmember.
;
Whiteside
County State Bank, Fulton, 111
31
!
Suspended.
_.
Feb. 17 !1 Lilley State Bank, Tecumseh, Mich
Reopened.
50,000
40,000
50, 000
40, 000
No. 9—MINNEAPOLIS
Feb. 20
Bank of Philip, Philip, S. D a k .
Converted into First National Bank.
50, 000
7 i Jamestown State Bank, Jamestown, K a n s .
Voluntary withdrawal.
j
25, 000
Jan. 25
No. 11—DALLAS
Jan. 25
27
Fanners State Bank, Clifton, Tex., absorbed
First National Bank
_
Citizens State Bank, Maypearl, Tex
Succeeded by First State Bank, nonmember.
Jan. 23
Valley Bank, Phoenix, Ariz., title changed to
Valley Bank & Trust Co.
Bank of Commerce, Everett, Wash—
•
Consolidated with Everett Trust <fc Savings
Bank, nonmember.
Feb.
3
40,000
25, 000
No. 12—SAN FRANCISCO
27
150,000
Feb.
NATIONAL BANK M E M B E R S H I P
Federal reserve district
1930
Feb. S
Torrington National Bank, Torrington, Conn
Torrington Trust Co., nonmember
Consolidated under charter of Torrington
National Bank and under title of Torrington National Bank & Trust Co
,
1
Jan. 20
Jan.
$300,000
200,000
2
15
20
400,
000
No. 4—CLEVELAND
First National Bank of New Carlisle, Ohio
New Carlisle Bank, nonmember
Consolidated under charter of First National
Bank and under title of New Carlisle National Bank
First National Bank in Logan, Ohio, title changed
to First-Rempel National Bank of Logan.
Central National Bank of Portsmouth, Ohio
Security Bank, member
Consolidated under charter of Central National Bank and under title of Security
Central National Bank
Hatfield National Bank, Hatfleld, Pa., title
changed to Hatfield National Bank & Trust
Co.
25,000
30,000
25, 000
200,000
300,000
500,000
First National Bank, Portsmouth, Va
Absorbed by American National Bank.
Planters National Bank, Rocky Mount, N . C ,
title changed to Planters National Bank &
Trust Co.
300,000
No. 6—ATLANTA
Capital
No. 1—BOSTON
300,000
N o . 5—RICHMOND
Jan. 15
The following list shows reported changes (except
suspensions and insolvencies) affecting national bank
membership, concerning which information became
available between January 21 and February 24, 1930:
Date
No. 3—PHILADELPHIA
Ardmore National Bank & Trust Co., Ardmore,
Pa
I
Succeeded by Ardmore Title & Trust Co.,
!
nonmember.
1930
Jan. 20 j First National Bank, Dallastown, Pa., title
changed to First National Bank & Trust Co.
22 First National Bank, Bethlehem, Pa., title
changed to First National Bank & Trust Co.
25 The Williamsport National Bank, Williamsport,
i Pa., title changed to Williamsport National
I Bank.
Feb. 1 ! The National Bank of Chester County, West
| Chester, Pa., title changed to National Bank
j of Chester County & Trust Co.
1 The Union National Bank, Huntingdon, Pa.,
I title changed to Union National Bank & Trust
j Co.
1 ! First National Bank, Fleetwood, Pa., title
! changed to First National Bank & Trust Co.
N o . 10—KANSAS CITY
Feb.
Capital
Federal reserve district
1930 |
Jan. 18 Guardian National Bank of New York, N . Y
$500,000
Capital
!
Absorbed by Brooklyn Trust Co., member.
25 I National Exchange Bank, Clayton, N . Y
50,000
i First National Bank
50,000
i
Consolidated under charter of National
•'
Exchange Bank and under title of First
$200, 000
I
National Exchange Bank
100,000
25 ! Lafayette National Bank of Brooklyn in New
2, 000, 000
I York, N. Y
_
1, 075,000
i Prospect National Bank & Trust Co
500, 000
I
Consolidated under charter and title of La!
fayette National Bank
1, 450,000
27 ; The Lincoln National Bank & Trust Co., SyraI cuse, N . Y., title changed to Lincoln National
200, 000
; Bank & Trust Co.
Feb. 15 j Bank of America, N. A., New York, N . Y
35, 775,300
I Murray Hill Trust Co., member
2,000, 000
Consolidated under charter and title of Bank
500, 000
:
of America, N. A
36, 775,300
Federal reserve district
Date
Date
National Bank of Sylvania, Ga.._
;
Absorbed by Sylvania Banking Co., non- i
member.
I
Barnett National Bank, Avon Park, Fla
•
Primary organization.
I
No. 7—CHICAGO
j
Creston National Bank, Creston, Iowa
Absorbed by First National Bank in Creston.
First National Bank, Fredericksburg, Iowa
Absorbed by First State Bank, nonmember.
The Second National Bank, Saginaw, Mich.,
title changed to Second National Bank & Trust
j
I
Co.
i
|
j
!
25,000
50,000
100,000
30,000
NATIONAL BANK MEMBERSHIP—Continued
Date
Federal reserve district
NATIONAL BANK MEMBERSHIP—Continued
Capital
No. 7—CHICAGO—Continued
1930
Jan. 20
20
30
Feb.
1
20
21
First National Bank, Hartsville, Ind
;
$25,000
Absorbed by Hope State Bank, Hope, Ind., j
nonmember.
East Side National Union Bank, Jackson, Mich-.
100,000
Absorbed by National Union Bank & Trust
i
Co.
;
j First National Bank, Sioux Rapids, Iowa
j
50,000
i
Succeeded by First National Bank in Sioux
j
Rapids.
i!
I Abram R u t t National Bank, Casey, Iowa
50,000
j
Absorbed by Citizens Savings Bank, non- I
!
member.
;
| City National Bank & Trust Co. of Niles, Mich.,
j title changed to City National Bank & Trust !
j Co. of Niles.
i Commercial National Bank, Peoria, 111
1,125,000
• Merchants & Illinois National Bank
\
600,000
Consolidated under charter of Commercial i
National Bank and under title of Com;
mercial Merchants National Bank & Trust
Co. of Peoria
: 2, 000, 000
No. 9—MINNEAPOLIS
Jan.
5
24
28
29
31
Feb.
4
20
21
First National Bank, Grand Meadow, Minn
:
Absorbed by Exchange State Bank, non- ;
member.
Citizens National Bank, Watertown, S. Dak.,
; title changed to Citizens National Bank &
j Trust Co.
Farmers & Merchants National Bank of Mil- .
! bank, S. Dak
'
Succeeded by Farmers & Merchants National
Bank in Milbank.
First National Bank in Minot, N . Dak., title ;
changed to First National Bank & Trust Co. ,
in Minot.
Freeborn County National Bank & Trust Co.,
i Albert Lea, Minn
!
j
Succeeds Freeborn County State Bank, nonj
member.
| The Transportation Brotherhoods National
! Bank, Minneapolis, Minn
:
!
Absorbed by Marquette National Bank, :
;
member, and Marquette Trust Co., non!
member.
i First National Bank, Philip, S. Dak
i
Conversion of Bank of Philip, member.
i Security National Bank, Sioux Falls, S. Dak.,
title changed to Security National Bank &
, Trust Co.
!
129
FEDERAL RESERVE BULLETIN
MARCH, 1930
25, 000
75, 000
100, 000
200, 000
50, 000
1930
Feb. 5
20
1929
Dec. 23
25, 000
200, 000
1930
Jan. 3
50, 000
25, 000
50, 000
30, 000
16
Feb.
1
100, 000
21
50, 000
Capital
No. 10—KANSAS CITY—Continued
First National Bank, Lewellen, Nebr
Conversion of Bank of Lewellen, nonmember.
Nebraska National Bank, Grand Island, Nebr. — 1
Conversion of Nebraska State Bank, non- !
member.
American National Bank, Sidney, Nebr
Conversion of American Bank, nonmember.
First National Bank, Cozad, Nebr
_.
Conversion of The Farmers State Bank, nonmember.
First National Bank, Bushnell, Nebr
j
Conversion of American State Bank, non- |
member.
;
Traders National Bank, Kansas City, Mo
Gate City National Bank
Consolidated under charter of Traders National Bank and under title of Traders Gate
City National Bank of Kansas City
$50,000
100,000
50,000
50, 000
25,000
200,000
200, 000
400,000
No. 11—DALLAS
Winfield National Bank, \Vinfield, Tex
Absorbed by First National Bank, Mount
Pleasant, Tex.
28 ! First National Bank, Tishomingo, Okla
Succeeded by First State Bank, nonmember.
Farmersviile National Bank, Farmersville, Tex..
Absorbed by First National Bank.
1930
Jan. 15 First National Bank, Crandall, Tex
Absorbed by Citizens National Bank.
25 City National Bank, Whitesboro, Tex., title
changed to Whitesboro National Bank.
|
25 I First National Bank, Clifton, Tex
Absorbed by Fanners State Bank, member.
30 | First National Bank, Whitesboro, Tex
Absorbed by Whitesboro National Bank.
30 First National Bank, Crosby ton, Tex
Absorbed by Citizens National Bank.
Feb. 11 First National Bank, Leonard, Tex
Absorbed by Leonard National Bank.
13 First National Bank, McKinney, Tex
Primary organization.
17 Red River National Bank, Clarksville, Tex
Primary organization.
21 First National Bank, Durant, Okla..
Commercial National Bank
Consolidated under charter and title of First
National Bank
1929
Nov. 14
No. 10—KANSAS CITY
1929 i
Dec. 30 j The City National Bank, Davis, Okla.
Succeeded by City Exchange Bank, non;
member.
1930 I
Jan. 9 I Peters National Bank, Omaha, Nebr
i
Absorbed by Omaha National Bank.
21 I Peoples National Bank, Liberal, Kans
| Peoples State Bank
i
Consolidated under charter and title of
•
Peoples National Bank
25 Farmers National Bank, Grant, Nebr
Conversion of Farmers State Bank, noni
member.
28 j American National Bank, Kimball, Nebr
!
Conversion of American State Bank, nonj
member.
28 ! National Bank of North Kansas City, Mo,, title •
I changed to National Bank & Trust Co.
Feb. 1 ; American-First National Bank, Stillwater,
j Okla., title changed to First National Bank.
1 : First National Bank of Iola, Kans
!
Absorbed by Iola State Bank, nonmember.
Federal reserve district
25, 000
25, 000
50,000
50,000
40, 000
50,000
50,000
75,000
100,000
100,000
100,000
100,000
100, 000
N o . 12—SAN FRANCISCO
Florence National Bank, Florence, Calif
Absorbed by Bank of America of California, !
Los Angeles, nonmember.
|
Graham National Bank, Graham, Calif
Absorbed by Bank of America of California,
Los Angeles, nonmember.
75,000
National Bank of Hermosa Beach, Calif
Absorbed by Bank of America of California,
Los Angeles, nonmember.
First National Bank, Ilealdsburg, Calif..
Absorbed by Bank of America of California,
Los Angeles, nonmember.
First National Bank, Anaheim, Calif.
Absorbed by Bank of America of California,
Los Angeles, nonmember.
The Montesano National Bank, Montesano,
Wash., title changed to First National Bank in
Montesano.
First National Bank, Yakima, W a s h . . .
Yakima National Bank
Consolidated under charter of First National
Bank and under title of Yakima First
National Bank
50,000
75, 000
100,000
200, 000
300, 000
250, 000
500, 000
130
FEDERAL KESERVE BULLETIN
The Comptroller of the Currency presents the following summary of increases and reductions in the number
and capital of national banks during the period from
January 25 to February 21, 1930, inclusive.
Num- Amount of
ber of
capital
banks
New charters issued
Kestored to solvency
Increase of capital approved
$805,000
200,000
5,125,000
l
Aggregate of new charters, banks restored
to solvency, and banks increasing capital..
Liquidations
Reducing capital 2
Total liquidations and reductions of capital..
46
6,130,000
30
5 I
2,930,000
385,000
one or more of the fiduciary powers named in section
11 (k) of the Federal reserve act as amended, as follows: (1) Trustee; (2) executor; (3) administrator;
(4) registrar of stocks and bonds; (5) guardian of estates; (6) assignee; (7) receiver; (8) committee of estates
of lunatics; (9) in any other fiduciary capacity in which
State banks, trust companies, or other corporations
which come into competition with national banks are
permitted to act under the laws of the State in which
the national bank is located.
. Dis- I
trict
No. i
Location
Canaan, Conn
Fort Fairfield, Me
Lancaster, N. H
oonsolidation of national banks under act of Nov.
N. J
4, 550, 000 Allendale,
7, 1918
j
6
Clayton, N. Y._
Consolidation of national banks and State banks I
37,700,300 New York, N. Y
under act of Feb. 25, 1927
j
4
Total consolidations
i
10
42, 250, 300
Coatesville, Pa
Aggregate increased capital for period....
-I 6,130,000
Gap, Pa
_
-|
3,315,000
Reduction of capital owing to liquidations, etc..
Net increase
2, 815, 000 Hatfield, P a . . .
Circleville, Ohio
Mobile, Ala
1
Includes one increase in capital of $275,000 incident to a consolidation
under act of Nov. 7, 1918, also three increases aggregating $1,400,000 Streator, 111
Indianapolis, Ind
under
act Feb. 25, 1927.
2
Includes three reductions in capital aggregating $275,000 incident to Spencer, Iowa
Waupun, Wis
consolidations under act of Nov. 7, 1918.
Albert Lea, Minn
S. Dak
Fiduciary Powers Granted to National Banks Aberdeen
Dodge City, Kans
During the month ended February 21, 1930, the Beaumont, Tex
Federal Reserve Board approved applications of the
national banks listed below for permission to exercise
MARCH, 1930
1
;
1
1
1
2
2
'
2
;
3
•
i
3
3
4
6
J
[
1
!
!
;
7
7
7
7
9
9
10
11
Indicates supplementary.
Name of bank
Canaan National Bank
Fort Fairfield National
Bank.
Lancaster National Bank
First National Bank
_.
First National Exchange
Bank.
Fort Greene National Bank
in New York.
National Bank of Coatesville.
Gap National Bank
Hatfield National Bank
First National Bank
American National Bank &
Trust Co.
Union National Bank
Merchants National B a n k . .
Clay County National Bank.
National Bank of Waupun..
Freeborn County National
Bank & Trust Co.
First National Bank
First National Bank in
Dodge City.
First National Bank
Powers
granted
1 to 9.
1 to 9.
1,2, 4 and 9
1 to 9.
1 to 3, 5 to
9.1
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 7 and 9
1 to 9.
1 to
1 to
1 to
1 to
1 to
9.
9.
9.
9.
9.
Ito9.
1 to 9.
5 to 9.1
131
FEDERAL RESERVE BULLETIN
MARCH, 1930
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES IN DETAIL AND FEDERAL RESERVE NOTE STATEMENT
lln thousands of dollars]
1930
F e b . 28
Gold with Federal reserve agents
_.
Gold redemption fund with United States Treasury
Gold held exclusively against Federal reserve notes.
Gold settlement fund with Federal Reserve Board
_.
Gold and gold certificates held by banks
_
Total gold reserves
Reserves other than gold..
Total reserves
Nonreserve cash
Bills discounted 1
!
1929
J a n . 31
j
F e b . 28
1,619,405
54, 297
1, 650,164
58,258
1,158,031
66,053
1, 673. 702
646,153
644,884
1,708,422
650,124
601,166 !
1, 224,084
808,843
643,878
2,327,442
2,355,710
2,408, 597
_
Bills bought:
Outright
Under resale agreement.
Total bills bought.
United States securities:
Bought outright Under resale agreement.
Total United States securities.
Other reserve bank credit:
Other securities
Due from foreign banks
Reserve bank float3
Total reserve bank credit outstanding..
Federal reserve notes of other reserve banks._
Other uncollected items not included in float.
Bank premises
_
All other resources....
Total resources..
Federal reserve notes:
Held by other Federal reserve banks..
Outside Federal reserve banks
Total notes in circulation
Deposits:
Member bank—reserve account.
Government
_
Foreign bank
Other deposits..
Total deposits.
Deferred availability items.
Capital paid in
Surplus
All other liabilities
Total liabilities
5,042,153
5,033,317
Contingent liability on bills purchased for foreign correspondents
Federal reserve notes:
Issued to Federal reserve banks by Federal reserve agents
Held by Federal reserve banks *
In actual circulation
__
Collateral held by agents as securitv for notes issued to banks:
Gold
;
_
Eligible paper
_
525,875 :
502,969
648,607
151,480
254,398
18,531
5,146,155
304,499
I
FEDERAL RESERVE NOTE STATEMENT
Total collateral.
511,800
171, 524
276,936
15,617 :
583,197
171,841
276,936
17,925
2,027, 350
371,374
1, 655, 976
2,077,092
366, 526
1,710,566
2,059,164
394,622
1,664,542
1,619,405
594, 683
1, 650,164
664,389
1,158,031
1,240,346
2,214,088 j
2,314,553
2,398,377
i Includes bills discounted for intermediate credit banks as follows: Latest month, $250,000; month ago, $1,009,000; year ago, $12,222,000;
and notes secured by adjusted service certificates discounted for nonmember banks as follows: Latest month, $20,000; month ago, $28,000; year
ago, $122,000.
i1 Includes bills payable in foreign currencies as follows: Latest month, $1,038,000; month ago, $1,035,000; year ago, $1,029,000.
Uncollected items (exclusive of Federal reserve notes of other Federal reserve banks) in excess of deferred availability items.
* Excludes " F . R. notes of other F. R. banks," which are consequently included in "actual circulation."
CONDITION OF ALL MEMBER BANKS
00
ALL MEMBER BANKS—CONDITION ON CALL DATES DECEMBER 31, 1926, TO DECEMBER 31, 1929
[Amounts in thousands of dollars]
1926
Dec. 31
1928
1927
M a r . 23
June 30
Oct. 10
Dec. 31
F e b . 28
J u n e 30
|
1929
Oct. 3 | Dec. 31 I| Mar. 27
June 29 j Oct. 4 j Dec. 31
RESOURCES
Loans (including overdrafts)
...
United States Government securities
Other securities
Total loans and investments
_
Customers' 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.
Due from banks in United States
Due from banks in foreign countries (including own
branches)
Exchanges for clearing house and other checks on local
banks
Outside checks and other cash items
Redemption fund and due from United States Treasurer
Acceptances of other banks and bills of exchange or
drafts sold with indorsement
.
Securities borrowed
__
Other assets
Total .
22, 652, 044 22, 327,037122, 938,207 23, 226, 513 23, 886, 393 23, 098,936 24,302, 787i24, 325, 010 25,155, 255i24, 944, 641 25, 658,491 26,164,82926,150,061
3, 388,963 3,835,151 3,796,347 3,856,149! 3,977,557 4, 215,822 4,224,730| 4,385,830 4,311,7901 4,453,953 4,154,929 4,021,636 3,862,968
5,600, 708 5,786,776 6,021,927 6,103,1191 6,382,962 6,373, 630 6, 533,6561 6, 218,145 6,216,890; 5,994,432 5,897,541 5,727,306' 5,920,921
31,641,715 31,948,96432,756,481 33,185,781 34,246,912 33,688,388 35,061,173 34,928,98535,683,93535,393,026 35,710,961 35,913,771 35,933,950
802,188:
988,912: 1,252,147
512,945 500, 232 502,024 576, 223
'9, 701 695,3191 710,207
727,258
929. 540i
836, 028
998, 212 1, 012,103 1, 036, 731 1, 059, 930 1, 067, 200 l,077,529| 1,099,210 1,105,558 1,107,2871 1,118,418 l,169,752i 1,175,393 1,190,306
179,878!
182, 796,
183,989
173, 727 178, 230 175, 829 180, 546
177,229
180, 511
184,109
184,873
178,443!
177, 716
558,450
522,596 538,305 537, 856 539,137
523, 370 525, 992| 449,198! 519,126| 564, 384: 516, 742 433,491; 497,212
2, 210, 048 2, 321,414 2, 280, 439 2, 319, 736 2, 514,465 2,366,605i 2,342,045: 2,348,018 2,409,367| 2,338,569 2,359,077' 2,321,806 2,373,760
784,391
994.373
739, 871
810,250 673, 512 740,816
686, 8811 680, 492|
856, 655
967,836
841, 606
775,822|
923,363
124252 1,741,478
1 7 4 1 4 7 8 l,885,167j 2,004,938 2,167,756
2, 065, 518 1,
1,968,326 2, 077,441 2, 209,831 1,940,619!
1,897,231
167756
9| 1897
940619|
2311 2,026,259
2 0 2 6 2 5 9 2,124,252
287,104
275,887
255,821
258,337
269,373|
291,490;
286,686
305,299!
287,248
272, 682'
246,996|
263, 834
2, 077,090 l,222,670; 1,912,942 1, 564, 796 1,508,418! 1,311,817 1,447,219 1,634,689| 3,493,061, 2,486,203 1,446,186 2,132, 331 i 2,762,463
181,593
134,916
217,291
163,52203, 884;
142, 395
f
117,298
102,363!
139,056
101, 676, 177, 771 157, 841 200,159
i
33, 054
33, 281
32,823
32, 785
33, 025!
33, 001
32, 995
32, 761
32,715
32,828;
32,889
32,480:
32,891
431,968
254, 506 205,382 210, 519 265,007
454,958
436, 486!
735,193
677,994
475,155
453,826
551, 587:
433, 668!
29, 464
35,212
41,521!1
33,539
29, 248
37,733!
36, 337
35,533
44,345
35, 947 > 48,844
32,592:
36, 5511
171, 070
197, 666j
232,621
158,488
168,141
186,677
204, 940i
219. 379
504.314
222,1491
229, 751
198,700;
205. 273!
42, 029,644;41,118, 464 42,810,192 43,155, 718 44, 888,140J43, 581,656j45, 091,849 45, 483, 69748,935, 646 46, 673,097 45, 908, 001 47, 305, 588:48,843, 078
1
5
LIABILITIES
Capital
stock paid in
p
S l
Surplus
i 2,203,447 2,248,210' 2,273,737! 2,304,708 2,337,780 2,345,5191 2,415,3761 2,453,859: 2,474,223^ 2,563,273 2,646,928 2,739,645: 2,757,113
9 1 9 4 n 9 f l ! 2,144,182
9 1A.A 1 K 9 ' 2,
9 285,
OQZ 536i
r . o c ' n2,382,393
QC9 QOQ 2,
9 440,
AAf\ 709,
7HO 2,
9 548,155
KAU. 1 5 * 2,
O 650,
C Kf\ 330
QQP. 2,
9 811,
« 1 1 269j
9 A 0 ' 2,
9 864,
Rfi4. T>19
1, 955, 349 1,992,174 2,030,342 2,049, 325 2,124,020:
612
832, 564 ' 918,145J
980,928
909, 548
882,806
940, 505
845, 596i
843, 319
879,480! 914,114!
924,012j{ 886, 025
| 785,517
144, 2421 164, 430
143,603!
177, 252
120,020
151, 744
Undivided profits—net
Reserves for dividends, contingencies, etc
Reserves for interest, taxes, and other expenses accrued
152, 531
128, 757
128,142
120,386
139, 315:
137, 3451 145,458!
157, 144! 148, 825'
172,193:
137, 660
120, 676:
150,438'
and unpaid
54,402
52, 073
47,221
53,043
49, 8231
45, 3601
55,720!
54, 458
51,445
56, 510!
51, 433
51,883
65, 379.
Due to Federal reserve banks
!
Due to other banks in United States
3, 507, 732 3, 567,193 3,808,222| 3,495,722; 3,263,494' 3,462,377 3,649,037!
3, 091, 639 3,153, 077; 3, 517, 325
,
, ! 3,070,084
,
,
002,995 ,388,441
Due to banks in foreign countries (including own
586, 869
745,6911 643,372613,732
451,747'
567, 800
508, 571
464,871
481,696;
576,6(4
543,273;
402,649
branches)
788,522, 1,064.605
977, 944
839,556
848,064!
787,770 1,041,114 2,184,138 1,739,94'
1,141,102
753,620 1,405,446- 1,003,562
Certified and officers' checks outstanding
26, 391
25,015!
41, 696
21,641
29,015!
43,177
20,499
27,613|
23,460
27,7338i ' 23i 128, "''27^385|1 43,182
Cash letters of credit and travelers' checks outstanding.
Demand deposits
____ 17, 638, 648 16, 830, 709 17, 735, 244 17, 374, 426 18,170,140 17, 304, 64617, 606, 564 17, 501,43018, 903. 658 17, 708, 269 17,814, 603 17, 937,47818, 861, 582
11,439,859|ll, 817,69412, 209,834 12,459, 248 12, 764, 79812,922, 63813, 438, 585 13, 409, 608^13, 453', 31113,328, 712 13, 325,06613, 317, 64913, 233,481
Time deposits
""" " "
'
"*- ' "
266,9811
86,032
256,681
~~~ " " '
- - . . 967!
— <• 315,479j
—- - ~ .
435,475
234,116
406,850:
217,622
143, 203
347,
158,761!' 261,505!
410,867
United States deposits..
Agreements to repurchase U. S. Government or other
13,248:
17,967
32, 7851
21, 375
17, 845
32, 537
18,103!
149,090 j 136,957
103, 758
95,161;
134,084:
102,423
securities sold
_
Bills payable and rediscounts:
457, 758
583, 266
463,900^
440, 565
640, 262
485,874 1,095, 997J l,019,789 ! 1,040,608
899, 311
981,434 1,029,391'
646, 334
With Federal reserve banks
80,209;
100,683
70,457
95,018,
119,604
232,188
168,975
250, 587
113,440,
134,1271
121,5701
171601
171,601
82,5331
Allother
Acceptances of other banks and bills of exchange or
431,968!
210, 519
265, 007
454, 958:
254, 5061 205,382
453,826
436, 4861 433,665!
551, 580! 735,193
677, 994
475,155
drafts sold with indorsement
503, 595
575, 636
721, 473'
705,001
984,670; 1,276,159
716,270:
717, 9311
800,423!
515,046! 505, 586
928, 329:
846,370
Acceptances executed for customers
Acceptances executed by other banks for account of re32, 042
22, 318
29, 013
26, 075
26,008;
35,917
28, 235j
40,400 J
29, 647
45,025
42,075 j
41,417'
43,636
porting banks
_
650,445
649,877
642,067
649, 390
646,162i
645,956
648,6021
648,944! 640,610! 645,562
649,893!
647,354
648,0461
National-bank notes outsta nding
33, 564
29,471
41, 546
35,936
44,345
29,352
32, 592
37, 782!
48, 844
36, 337|
35, 533
35, 947
36, 556
Securities borrowed
___
__
._
147, 696
135,062
191,169
148,108
153,695
201, 899
214,946
224,581
238,116
245, 585
166, 726:
189, 692
209,109
Other liabilities
_.
Total
42,029,644 41,118,464 42,810,192 43,155, 718 44,888,140J43, 581, 656 45,091, 849145,483, 697 48, 935,646 46, 673, 097 45,908,001147,305,588 48,843,078
Number of banks
j
9,144
9,099
9,087
9,034]
8, 983
9,5
8,929:
8, 896
8,837j
8, 755
8, 707
8,616
8, 522
1
ALL MEMBER BANKS
CONDITION OF NATIONAL AND OF STATE MEMBERS ON DECEMBER 31, 1929
[Amounts in thousands of dollars]
All member banks
Total
Loans (including overdrafts)
United States Government securities
Other
Oth securities
i
t
i
e
s
!
Total loans and investments
Customers
Customers' liability on account of acceptances
Banking
andd ffixtures i
Bki
hhouse, ffurniture,
i t
t
!
Other real estate owned
_
Cash in vault
Reserve with Federal reserve banks
Items with Federal reserve banks in process of collection
Due from banks in United States
_
Due from banks in foreign
own branches)) j
g countries (including
( g
E
h
f
l
i
h
d
th
h
k
l
l
b
k
Exchanges
for clearing
house
other checks on local banks I
Outside checks
and other
cashand
items.
Redemption fund and due from United States Treasurer
_
Acceptances of other banks and bills of exchange or drafts sold with
indorsement
Securities borrowed.
Other assets
_
Total
uentrai
reserve
city
banks
Other
reserve
city
banks
State bank members
National banks *
I
! Country
j banks
I
Total
Central Other
reserve j reserve Country
banks
city j city
banks < banks
Central
reserve
city
banks
Total
Other
reserve Country
banks
city
banks
'26,150,061! | 8,130,237
084,286 8,935,538iil5,136,414 3,039,04515,443,178! 6,654,191 11,013,647 5,091,192 3,641,108 2,281,,347
654,313; 396,975 202,815
"~
3,862,968 || 1,228,333
1,266,750 2,608,865
574,0201 970,910 1,063,935 1,254,103
j 3,86,68
,228,333
, ,
367,885
719,5331 703,824 658, 515
! 5,920,9211
59209211 1,172,079
1172079 1,576,462
576462 3,172, 3801 3, 839, 049| 452, 546j 872, 638i 2, 513,865 2,081,872
'2,677
35,933,950 110,530,64912, 028,633 13,374,668!
3374668! 21,584,328j 4,065,61li7,286,726 10,231,991 14,349,622 6,465,038 4,741,907 3,142;
5,421
! 1,252,147 II 950,087
11,406
634,645
572,003 i 57,221
16,827!
617, 502 378, 0841 228,012!
285, 233 i
,
143,289! 165,930 115,252
424,471
! 1190306
1,190,306 | 225650
529,43982,361 269, 287! 414,187
765, 835
217
225,650 435,
3, 540;
33,400 23,450
29, 689
88,754
60, 390
I 183,989
112, 204,
5,156|
123,
599
63, 089
8,696 156, 398| 321,073!
47,806i
55,803 64, 701
256,372
168, 310
I 558,450
33,173! 100, 595
390,140
80,979 751,
619, 570 274, 643 131, 501
375,9971 476, 753
495, 296 1,025, 714
j 2,373,760
626, 797] I 1,348,046
396j
995,567
53,656
214, 615 142,475
189,919: 294,872;
98, 836
410, 746
I 994,373
152,492
583, 627
437, 347]
404, 534 947, 3641 908, 342: 1, 565, 020
214,818 239,184 148, 734
759,608
602, 736
| 2,167,756
97, 232* 708,180
312,050
1,745
72,374
9,175
37, 269'
2, 912!
83,294
j 263,834
4,657|
180, 540! 140,359j
46,444!
263,8
212,733
212,733
35,080
72, 269! 1, 569,132 1, 377,621 156,431
2762463 2,135,924
519,190|
107,349! 1,193, 331 758, 303; 362, 7591
I 2,762,463
!
135924
6,619
27,078
12, 680;
57,309!
24, 671
46,377;
10, 699!
139,056
92, 679
23, 379;
84, 3871
31, 290!
7,825i
2,044J
23,020
2,0441
32,889
7,825
23,020|
735^93
35, 533
219,379
647,432
211
84, 521
84, 522
23, 738
87, 352
3,239!j
11,5841!
47,506 i
230,961:
26,985 i
104,100J
176,941i
198
28,980
!
51, 547:
18,784;
44,171!
2,473
8,003
30,949
470,491j
13>
55, 541!
504, 232
8, 548;
115,279|
32,975
4,954
43,181
766
3,581
16,557
48,843,078 16, 614,456 15,958,135 16,270, 487jj28, 839, 582! 6, 345,057;9,973, 778 12, 520, 747 20,003,496: JlO, 269, 399 5,984, 357 3,749,740
LIABILITIES
Capital -stock paid in.__
_
I 2,757,113
554,440!
777, 726
995,495!! 1,701,048,
893, 781
867,837
653,449
Surplus
_
2,864,612 1,138,815
864,987! 1,546,323 433, 625, 459,249!
860, 810
269,970
Undivided profits—net
__
_
| 909,548
~
496,475'
82,045, 144, 460
344,573!!
321, 702
243, 273
32,333!
36,888
Reserves for dividends, contingencies, etc
_
| 177,252
22, 355
53,409|i
56, 733
91, 57667, HO!
24,292
20, 326 i 27,221'
Reserves for interest, taxes, and other expenses accrued and unpaid137,660
36,789
44,135
71,839 i
56, 736
8, 542
34,366
Due to Federal reserve banks
_
54,458
43,974
10, 474
42,908:
10
326,948!
Due to other banks in United States
_
_
3,517,325 1, 508, 284 1, 603, 756
646,4431, 192, 326!
405, 2851 2,165,717:
:
:
2,186!
Due to banks in foreign countries (including own branches)
576,664
257, 863.i 216, 583
39, 0941
2, 832!
523, 381
50,451
91,117
Certified and officers' checks outstanding...
_._
_
: 1,603,562 1,195,333
686, 545 :j 401, 748! 193, 680.
283, 723 i 124, 506!
181
" 734
Cash letters of credit and travelers' checks outstanding
_;
23,460:!
403!
4,191
5.362,
5,834!
17, 223
Demand deposits...
18,861,582 7, 057, 844 5,970,365! 5, 833, 373' 11, 074, 485-,2, 769, 749 3, 841,339; 4, 463, 397
Time deposits
i 13, 233,481 1, 755, 014 4,888,0591: 6, 590,408: 8,419, 021 650, 006 2, 737, 023! 5,031,992
32, 581
United States deposits...
_
.; 143, 203
39,326;
100,588!|
10, 440
57, 567j
27,999,
75, 878
7,113
15, 877
700!
24, .168!
Agreements to repurchase U. S. Government or other securities sold.! 136,957
31,981||
53, 535
67, 5451
Bills payable and rediscounts:
:
;
:
79, 777 148, 616
197,183
With Federal reserve banks___
.: 646,334
425, 576!
149,108:
242,078 • 255,148
24,992
All other
_
' 232,188
79,994
49, 622'
111,516
71, 050
120,011
15, 025:
1
Acceptances of other banks and bills of exchange or drafts sold with !
84, 522!
3,239
51, 547:
2,473
indorsement
735,193
647,432
230,961 j 176,941'
292,812'
10,601
Acceptances executed for customers
1,276,159
15,897
626, 497; 385,098 230, 798
967,450
5,142
1,746
12, 525j
6, 050!
1,333
Acceptances executed by other banks for account of reporting banks.
29,647
14,340
13, 561 i
453,031
645,562!
39,4071 153,124!
453,031
National-bank notes outstanding
645,562 j
153,124;
39,407
11, 584
26,985'
198!
18, 784
8,003
Securities borrowed
_|
35,533
23, 738!
211
67,0891
55,362
23,063;
15,923
Other liabilities
_
._
i 245,585
83,815!
16, 376
94,681
Total
Number of banks..
524,899 j 313,397 217,769
705,190| 401, 561 211,538
239,657i
98,813 74,603
44, 755:
24,400 16, 521
16,914 12,497
36,410
1,932
10;
9,608
861,841: 411,430
78,337
306, 798!
11, 357
646
793, 585! 90,043
33,389
13,032!
222
288, 09512,129, 026 1, 369,976
105,008J2,151,036 1, 558,416
17,559! 18,311
6,745
66,845' 29,367
8,764
j
220, 758 j
112,177:
69,331!
56,025!
93,462
24, 630
57,965
31, 522
504,232,
649,662;
17,122!
470,491 i
582,352|
9,198
32,975
62,014
7,511
766
5,296
413
8,548i|
190, 223! I
13
78,305|
4,954
60, 752
3,581
51,166
48,843,078 16,614,456 15,958,135 16, 270,487 28,839, 582; 6,345, 057 9,973,778,12,520, 747 20,003,496 jlO, 269,399 5,984,357 3,749, 740
8,522 j
1 Member banks only, i. e., exclusive of national banks in Alaska and Hawaii.
1,056,065:
1, 318, 289 i I
413,073! I
85,676!!
65,821!
11,550:
1,351, 608;
318,801! 1
917,017,!
13,726;!
7,787,0971!
4,814,460!!
42, 615 ! |
104,976!
73|
458:
7,991
7,403!
34
323!
7,046
1,119
135
945
CO
CO
ALL MEMBER BANKS—CONDITION ON DECEMBER 31, 1929, BY FEDERAL RESERVE DISTRICTS
CO
[Amounts in thousands of dollars]
Federal Reserve District
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
MinneAtlanta Chicago St. Louis apolis
Kansas
City
Dallas
San
Francisco
RESOURCES
Loans (including overdrafts)
-- 26,150,061 1,910,499 9,096,589 1,859,014 2,409,537 974,173 854,7813,770,101 955,428 563,024 804,011i 713, 786 2, 239,J, 118
215,919 1,342,844 193,436 405,738 124,446 115,228 408,055 114,777 134,771 180, 676: 131,631 495,447
United States Government securities
•""
5,920,921 434,340 1,876,770 634,271 640,130 178,940! 144, 721 756,330 266,675 213,129 227,205
90, 741 457,669
Other securities
_..
35,933,950 2,560,758 12,316,203 2,686, 721 3,455,405 1,277,5591 ,114, 730
' 4,1,934,4861,,336,880 910,9241, ,211,892 936,158 3,192;
192,234
Total loans and investments
11,840
1,252,147 102,892
877,457 27,750 24,866
2,977
18,647
97,591
788 i
Customers' liability on account of acceptances.
13,135
9,361
1,190, 306
71,584 301,250 102,190 145,397 64, 206 60,126 176,133 40, 655
43, 772]
24,195
46,610 114,188
Banking house, furniture, and fixtures
16,207
7,175
21,348 22,093
27,052
183,989
24, 239
7,429!
14, 628
12,722
6,684
9,570
14,842
Other real estate owned
_
..
43,343
126,146 45,221
60,607 28,137! 27,316
84,737
27,400
558,450
23,419
19,912
25,032
47,180
Cash in vault
984,256 137,069 180,470 68,293! 64,132 331,335
87,748;
2,373,760 142,707
80,055
56,998
65,016 175,681
Reserve with Federal reserve banks..
_
79,456 438,058 65,629
85,287 43,6311 26,952 103,364
36,986
994,373
41,979
34,199
7,767
31,065
Items with Federal reserve banks in process of collection_..
2,167, 756 143,446
294,989 118,092 156,348 100, 586 131, 722 330,241 113,421 105,999 209,416 148,127 315,369
Due from banks in United States.._
_
476
975
20,925
193,082
2,932
3,743
263,834
1,868
25, 715
Due from banks in foreign countries (including own branches).._
581
1,557
564
11,416
27,705
67,124 2,063,942
96,995
65,718 26, 629 23,561 185,457
2,762,463
19, 749 143,773
Exchanges for clearing-house and other checks on local banks
28,426
13,384
4, 532;
3,595
16,710
24,692
4,417 11,029
139,056
8,264
26,959
5,526
4,411
5,518
23,403
Outside checks and other cash items
..1,628!
2,
2,268
4,341 2,784
3,984
2,345
4,379
2,375
1,660
3,104
Redemption fund and due from U. S. Treasurer
1,358
Acceptances of other banks and bills of exchange or drafts sold
622,519
3,614
6,247
8,908
735,193
31,062
39,814!
2,005
8,025
532
1,132
154
with indorsement
11,181
3,061
689
9,386
303
35,533
547
1,934
7,289!
4,409
103
493 i
1,083
6,236
Securities borrowed
4,766
17,009
94,647
9,285
4,907
219,379
26,937
20,324 5,197
4,132!
1,442
6,403
24,330
Other assets
I
48,843,078 3,299,038 18,363,619 3,345,624 4,255,209 1,655,263 1,509,157 6,392,063 1,698, 797 1,174,469 1,666,028 1,301,832 4,181,979
Total.
LIABILITIES
Capital stock paid in
Surplus
Undivided profits—net
2,757,113
2,864,612
909,548
Reserves for dividends, contingencies, etc
177,252
Reserves for interest, taxes, and other expenses accrued and unpaid.
137,660
Due to Federal reserve banks
_
_.54,458
l
Due to other banks in United States.—
3,517,325
Due to banks in foreign countries (including own branches)
576,664
Certified and officers' checks outstanding
1,603,562
Cash letters of credit and travelers' chocks outstanding
23,460
Demand deposits
18,861,582
Time deposits
13,233,481
United States deposits
143,203
Agreements to repurchase U. S. Government or other securities
sold
._
136,957
Bills payable and rediscounts:
With Federal reserve bank.
_
646,334
All other
_
i 232,188
Acceptances of other banks and bills sold with indorsement
735,193
Acceptances executed for customers
1,276,159
Acceptances executed by other banks for account of reporting
banks
_...:
29,647
National-bank notes outstanding
645,562
Securities borrowed
_
35,533
Other liabilities...
245.585J
Total
Number of banks
_
_
193,305
176,883
72,377
11, 269
12,722
9,374
157,150
19,198
34, 673
321
1,415,901
932,439
7 f"1
956,761 182,799 233,815 112,470
86,927
1,243,996 369,590 290,272
76,758
28,525
399,715
83, 278
17,642
7,799
57,836
13,502
__
12,792
52,193
6,778
6,232
15,152
6,341
7,083
1,282,779 193,836 211,349 . 128,169
498,250
5,178
3,739
772
1,194, 607' 34,780
15, 507
60,100
26
15,216|
103
3,886
7,378,181 jl,150,156 1,455,285 562,406
3,196,14111, 069,359 1,620,642 562,064
26,219!
13,814
12,513
10,130
101,735 379,657
72,605 288,267i
21,817 85,268;
2,987 37,318;
2,975
25, 2961
3,119
140,694 491,133
301ll 28, 756
,
14,058 74,467
2,442
170
559,715*2,444,9201;
431,846i2,076,814
14,631 18,092;
6,882
3,168
12,129|
77,769|
9,317
16,621
3,969
39,826
8,705
31,062
104,946
170,915;
86,996!
622,519
892,720
66,188
28,123
6,247
25,472
78,462
22,037
8,908
24,735
38,636
9,175
3,614
12,127
29,027
13,296
8,025
23,415
113,005
34,745j
39,814'
98,769
1,532
44,119
303!
12,922:
14,807 i
84,376!
689
95,776|
3,541
55,049
547
26,749
794
78,871
9,386
7,630
105
52,249
3,061
3,073
7,317
45,632
1,934
4,266
539
86,984,
7, 289 i
51,932|
111, 532
62,966
28,582
5, 534
3,930
268
167,004
t
435
13,777
54
675,855
520,903
2,001
64,645
35,770
15,806
3, 650
3,732
26
101,143
1,428
10,806
135
421,614
457,932
1T"
92,4621
95,797 232,135
45,001!
48,220 144,115
21,210
52,982
23,230
3,701
4,317
11,697
3,251
2,928
6,070
30
2,454
991
237,851 131,048 275,169
288
1,511
14,092
36,860
37,8111
76,116
11
76
1,020
799,024 640,862 1 357, 663
350,359 .224,511 ,790,471
11,150
3,179
21,625
2,494
878
2,249
788
17,887
14,080
2,005
2,871
10,335
1,918
532
13, 241
30,
4,492
1,132
793
12,912
3,590
154
11,202
38,943
5,031
11,181
65,868
120
32, 506*
4,409
29, 584
24
26,830
103
1,954
32,267!
493
1,717
46,400
1,083
1,343
868
60, 279
6,236
8,639
. 48,843,078 |3,299,038; 18,363, 619|3,345,624 4, 255,209 1, 655, 263 1,509,157 6,392,063J1,698,797 1,174,469 1, 666, 028 1,301,832 4,181,979
.
8,5221
404
9311
764
795
514
1,186J
571
683
746
607
w
d
135
FEDERAL RESERVE BULLETIN
MAECH, 1930
ALL MEMBER BANKS—RESERVE POSITION ON DECEMBER 31, 1929
[Amounts in thousands of dollars]
Reserve with Federal reserve
banks
Net demand deposits
I
Class of bank and Federal reserve j
district
|
i
\
!
All member banksl
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
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. _.
Kansas City...
Dallas
San Francisco..
Demand
deposits
exclusive
Due to
of bank
banks,
and Gov- i
net 2
ernment! !
deposits
Time
deposits
Total
Net
demand
plus time
deposits
Required
Held
Ratio of
required
reserve
to net
demand
time
i Excess 3 plus
deposits
(per cent)
18,861,582
935,446
19,797,028 ! 13,233,481 33,030, 509
2,373, 760 ! - 5 4 , 021
7.4
! 7,057,844
. . . ! 5,970,365
| 5,833,373
546,333
320, 788
68, 325
7,604,177 | 1,755,014 9,359,191
6,291,153 4,888,059 11,179,212
5,901,698 ; 6,590,408 I 12,492,106
1,041,193 ,
775,757 ;
610,831 '
995,567 j -45, 626
751,396 -24,361
626,797 I 15, 966
11.1
6.9
4.9
1,415,901 I
7, 378,181
1,150,156
1, 455, 285
562,406
559, 715
2,444, 920
675, 855
421, 614
799, 024
640, 862
1, 357, 663
10,126
452,180
26, 643
56, 508
21,150
26, 891
130, 858
47,412
31,401
74, 629
34,376
23, 272
1,426,027 | 932,439
7,830,361 i 3,196,141
1,176,799 i 1, 069,359
1,511,793 ! 1, 620, 642
583,556
562,064
586,606
431,846
2, 575, 778 2, 076, 814
723, 267
520, 903
453, 015
457, 932
873,653
350,359
675, 238
224, 511
1,380,935 1, 790,471
2,358,466
11, 026, 502
2, 246,158
3,132,435
1,145, 620
1,018,452
4, 652, 592
1,244,170
910, 947
1, 224,012
899, 749
3,171,406
149,886 i
1,035,152 !
134,478 '
183,930 j
65,892 !
63,465 !
334,991 ;
79,434 i
51,242
86,848;
62,225 ;
180,238 •
142,707 ;
984,256 I
137,069 I
180,470 i
68,293 !
64,132 I
331,335 j
80,055 i
56,998 !
87,748 i
65,016 :
175, 681
5, 975, 010
1,082,834
442,
103,
648
685
6,417, 658
1,186,519
1,336,182
418,832
7, 753,840
1, 605,351
874,381 |
166,812 ,
826,520
169,047
-47,861 i
2,235
6,020
736, 393
202, 751
667,348
982, 840
272, 721
314,912
706,378
439, 266
193,102
506, 043
274,095
995,304
270, 646
288,990
230, 558
857,389
164,967
199,002
738, 536
237,585
100,855
169,991
132,668
1,496,872
1, 007, 039
491, 741
897,906
1,840,229
437,688
513,914
1,444,914
676,851
293,957
676, 034
406,763
2,492,176
81,758 ;
28,945 j
73,652 |
124,006 I
32,221
37,461
92, 794
51,054 i
22,336 i
55,704 I
31,390 !
144,436 \
79, 260
28,257
73. 503
118', 720
32,415
34,691
84,353
50,734
25,859
54, 034
31,720
137,850
-2,498
-688
-149
- 5 , 286
194
- 2 , 770
-8,441
-320
3,523
-1,670
330
- 6 , 586
8.1
5.9
8.2
6.7
7.4
7.3
6.4
7.5
7.6
8.2
7.7
5.8
661,793
1, 570,969
1, 351,427
2, 780,921
1,348, 252
1, 292, 206
707,932
504, 538
1,602,327
567,319
616,990
547,978
492, 986
679, 230
68,128
131,826
60,826
59,924
33,671
26,004
75,385
28,380
28,906
31,144
30, 835
35,802
63,447
129,479
63,566
61, 750
35, 878
29,441
77,935
29, 321
31,139
33,714
33,296
37,831
-4,681
-2,347
2,740
1,826
2,207
3,437
2,550
941
2,233
2,570
2,461
2,029
5.0
4.7
4.5
4.6
4.8
5.2
4.7
5.0
4.7
5.7
6.3
5.3
I
730,373
202, 751
641, 726
929,495
258, 542
291,413
687,867
402,378
165,899
436, 668
245, 520
977, 733
25, 622
53,345
14,179
23,499
18,511
36,888
27, 203
69,375
28, 575
17, 571
685, 528
1, 200,420
508,430
525, 790
303, 864
268,302
674, 219
273,477
255,715
362,356
395,342
379, 930
4,106
9,532
1,021
3,163
6,971
3,392
8,662
10,524
4,198
5,254
5,801
5,701
763,253
397,097
232,844
919,446
283,318
357,077
180,368
91,843
293, 599
2,427, 781
-7,179 ;
-50,896 I
2,591
-3,460
2,401
667
- 3 , 656
621
5, 756
900
2,791
4,557
6.4
9.4
6.0
5.9
5.8
6.2
7.2
6.4
5.6
7.1
6.9
5.7
I
11.3
10.4
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
om foreign branches of other American banks, and exchanges for clearing house and other checks on local banks.
s Deficiencies in reserves indicated by a minus (—) sign.
ALL MEMBER BANKS—CLASSIFICATION OF LOANS, INVESTMENTS, DEMAND AND TIME DEPOSITS, AND BORROWINGS OF
NATIONAL AND OP STATE MEMBERS ON DECEMBER 31, 1929
[Amounts in thousands of dollars]
National banks l
All member banks
Total
Loans—Total
_..
Acceptances payable in United States
Bills, acceptances, etc., payable in foreign countries
Commercial paper bought in open market
Loans to banks
Loans on securities
(exclusive of loans to banks)
.Real-estate loans:—
On farm land
On other real estate
_
All other loans (including overdrafts)
Loans eligible for rediscount with Federal reserve banks
United States G o v e r n m e n t securities—Total
Bonds
Treasury notes
Certificates of indebtedness
All other
O t h e r securities—Total
_
Domestic securities—Total __
State, county, and municipal bonds
Railroad bonds
_
_
Other public service corporation bonds_
_
_
All other bonds
Stock of Federal reserve banks
_
_
Stock of other corporations
Collateral trust and other corporation notes
Municipal warrants
_
All other
Foreign securities—Total
Government bonds
_
Other foreign securities
_
Demand deposits—Total
Individual deposits subject to check
__
Certificates of deposits
_
_._
State, county, and municipal deposits.-_
_
All other
Net demand deposits
Time deposits—Total
States, counties, and municipalities.
_
Banks in United States
_
Banks in foreign countries
Other time deposits—
Evidenced by savings pass books
_
Certificates of deposit
Open accounts, Christmas savings accounts, etc
Postal savings
_
Bills payable and rediscounts—Total
Bills payable—
With Federal reserve banks
All other
Rediscounts—
With Federal reserve banks.
All other
1
Country
banks
Total
State bank members
Central
reserve
city
banks
Total
Central Other
reserve reserve | Country
city
city
banks j banks
banks
,281,347
26,150,061 8,130,237 9,084,286 8,935,538 15,136,414 i|3,039,045 5,443,178j6,654,191 11,013,647 |5,091,192 3,641,108 2,
42, 525
981
2,372
211, 950 136,811
80,916
41,544
30,242:
59, 248 " "557895
32,614 i 152, 702j
24,071
39,049;
5,595
137
79, 577
50, 796
4, 7101 i
16,000
18,476
4,573
40,
528
34,796
240,462 !
18,431
17,626
290,822
11,503
84,038! 144,921
50, 360
14,303
25,806 102,469 162,547 I
408,532! 182,682* 189,299!
69,021
8,474
714,076 410,331 258, 320
45,425!
36,951
305,144
227,649
10,147,866 [4,185,691 3,439,800
5,439,
2,!,522,375 ! 5,259,792 1, 548,328 1,919, 589 1,791,875 4,888,074 2, 637,363 1, 520,211 730, 500
387, 714
_..; 2,803,2815
1,972, 109,641 276,101
188,480|l, 428,45011,186,351
299,264
1,177, 520
278
19, 528
85,290
547,006
213,696
610,986
62,405
575, 365
884,468
1,439, 568! 17818J 760 3607645J ~~260,~i63
1,254,103! ~6547 313 396,975 202,815
1,035, 708 ;' 550, 786 "3367455 "154,467
45, 535 38, 745
158, 311 j - 74,031
19, 332
7,134
40, 241 j 13, 775
_ 1,653
2,469
19,843! 1 15,721
jJ,08M72;!
703,824 658,515
1,936,417!' 678, 334 651,755! 606,328
4347565:! 162,373 154,5"32J 117,600
207,000i! 55, 572 61, 6581 89,770
40,420 71,034i 107, 565
219,019 M
399,372; 119, 768 138,106 141,498
12,802
73,085 ij 38,470 21,813
456,4571 181, 754 161,093i 113,610
19,967
7,486
53,980;
26, 527,1
14, 007
69,337'; 44, 975
10, 355
1^990
23, 662.1 15,035
"41,199 ~527069
52,187
20,410
25, 277
71,138;
25,451
31, 659 _ 2 6 , 9 1 0
74,_317;i _ 15, 748
369,976
77787^097 4,288,095 2,129,026
77108,147; !4,023,0351, 920, 718 "164,394
24,160
14,771
55,236;;
16,305
,;
160, 630
68, 602 145,188
374,4201
20,792
249, 294 180,153
88,450
1,625,761'
1,
168,952
24,351
881,444
^ILJ^LZZ . 3,130,350J3, 679,010J4, 705,415 7, 558, 693 1,179, 810 2, 557, 936 3,820,947 3,956,082 (1,650, " ' " L'JL2!' 9JA
:
4,396,904
3,862,968
3,094,275
519,983
_._! 151,659
97,051
1^6,921
' 5,292^123
__J 1,224,030
_.j 785,867
_ 905,606
', 1,253,469
__ 170, 517
_. 558,794
i 166,049
168,947
! 58,844
:
' "628,798
;
304,123
| 324, 675
-KMk^J
16,935,643
_ 201,671
: 1,335,485
J 388,783
i9^"7977028
_.
594,896
! 95,170
154,009;
I
_. 9,592,096
1, 740,944
| 933,902
j 122,464
I 878,522
453,574
214,209
192,760
17,979
Member banks only; i. e., exclusive of national banks in Alaska and Hawaii.
Central Other
reserve reserve
city
city
banks
banks
> 309,913' I,402, 711 jl±684^280 2,957,336
491,153 1,042,066 1,424,117
,2667750 2,608,865: 574,020 970,910 1,063,935
ji;228,333 i C
982,574 ! 1,112,408 999, 293 2,058, 5671 431", 788 781,953 844, 826
361, 672! 110, 732 119,033 131,907
184, 763!
164. 568 170, 652;
59,412
111,418
12,106
52, 278
25,881 i
66,366
47,034
37,393
34,924
35,115 1
24,543!
77, 20S, __19»394 _22, 890
M72,079:1 576,462 3,172,380; 3,839,049 452,546 J872,J38 275I3T865
M)67[385il 441,839:2,782,8991 ~3,355, 706j 389,051 790, 084 2,176, 57J
789, 525|
93,941 264,435 431,149
256,3141 418,967 548, 749
578,867
99,532 97,835 381,500
155,1041 159,493 471,270 I
686, 587
40,809 103,158 542,620
81,229 174,192J 650,185!'
854,097;
74, 637 181,579 597,881
739,379;
319,685!
194,405
97,432!
23, 755 30,440 43,237
56,039
52,253
62,225j
102,337
17,348 50, 976 34,013
147,
623
212,069
199,102!
112,069
21,985 35,914 54,170
62,441
61, 656
41,952!
99,
610
:
lfi,
825 18, 986 63, 799
29,341
77,806
61,800
219
13. 398,
30,192
35,182;!
15, 254!
(>, 761 _ 2 8 , 202
03,495J "82,554 3377294!
483,343!
104,_694 ^134, 623i 389,4811)
56,822
232, 985 i 31,371 " 39,131 "162,483'
"59,541:" 187,760!
43,423 174,_811!
32,124
47,872 _ _ _ - _
i
250,358 j
7^057,844 5, 970^365 5,833,373 j j l M 7 4 , 4 8 5 |2,769,749-3,841,3391 463,J97
6, 607,466;5, 422, 522 4,905, 661! I gf 827, 496 |2, 584, 425 3,, 501, 804 3, 741,267,
41,043i 133,491!
146,435
10,832
27,137!
26,272 109,331'
961,065*1 101,379 278,182 581, 504
169, 9811 423,370i 742,134!
52,087,
139,489 j
73,113
253, 266| _83,_43035,081
31, 295
77604,1776,29l7l53;5,^0l7698; jll,
,755,^14j4788870^9 6;59b,408||
91, 239 370, 783 132,874
59,149
29,528
6,493
140,247:
13,675!
87;
7j
637, 601 ! 376227887! 4, 089,504 4, 525,210 8,159,427 |47581,"290 272017649
1^105^008 2,151,036
?, 737,023 5,031,992
83,416
4577647
137,849
64,'109 287,367 105,571'
"27,130
70,381
4,907
46,323 24,621
5,437
18,789
12,826
39,974
53,736
13, 675
87^
100,273
100,273
772, 813 3, 723, 860 5, 095,423, 6,014,176 I 241, 227 1,990,359 3,782,
,782, 590 j 3, 577,920
131,533 410,600 1,198,811: 1, 304, 752 ! 33,074 250,819 1,020,859
020859
436,192
539,485; 299,0351
95,382
416,350; 216,347
136,901
63,102!
517, 552
20, 548!
40, 578!
61, 338:
96^579|j
8,952 _ 3 3 , 281
25, 885
54,^46'
220,158; 291,700
366,664 ""54575871 "~"" 947802
7 7f§7
2777^77 J 3 2 , 9 3 5
145,342
66,150
3, 766|
4,900!
171,172
42,716
70,906
6,906
137,060'
105,343;
i
118,088!
6,173i
289,105
108,306 i
77, 027
10,125
109,134
22, 394
102,944!
75,787,;
136,471
11, 705
2,750
4,900
39,482
2,598
94,239J
4, 207!
164,469
105,903
6,274
3767488
5587416
27, 303
1,056
531,586 1 ,733, 501 1,312,833
98,459 159, 781 177, 952
32, 280
323,138 162,134
6,992
7,297
11, 596
89,487
125,356
68,315
56,025
62,038
20,322
34,116
29, 556
1,016
31,424
23,849
1,966
J
4,308
CO
ALL MEMBER BANKS—CLASSIFICATION OF LOANS, INVESTMENTS, DEMAND AND TIME DEPOSITS, AND BORROWINGS ON
DECEMBER 31, 1929, AND OCTOBER 4, 1929, BY CLASSES OF BANKS
[Amounts in thousands of dollars]
All m e m b e r b a n k s
Central reserve city banks
New York
Dec. 31,
1929
Loans—Total..
_
Acceptances p a y a b l e i n U n i t e d States
Bills, acceptances, e t c . , p a y a b l e i n foreign countriesCommercial paper b o u g h t i n open m a r k e t
Loans t o b a n k s
Loans on securities (exclusive of loans to banks)
Real estate loans—
On farm land
On other real estate
All other loans (including overdrafts)
Loans eligible for rediscount with Federal reserve banks.
United States Government securities—Total
Bonds-Treasury notes
Certificates of indebetedness..
All other
Other securities—Total
_._
Domestic securities—Total
State, county, and municipal bonds.
Railroad bonds
_
Other public service corporation bonds
All other bonds
_
_
Stock of Federal reserve banks
Stock of other corporations
Collateral trust and other corporation notes..
Municipal warrants
_
Allother__
foreign securities—Total
_
_.
Government bonds
Other foreign securities
Demand deposits—Total
Individual deposits subject to check
Certificates of deposit
_
_
State, county, and municipal deposits
Allother
.__
Net demand deposits..Time deposits—Total
__
States, counties, and municipalities
Banks in United States
Banks in foreign countries
Other time depositsEvidenced by savings pass books
,
Certificates of deposit
_._
Open accounts, Christmas savings accounts, etc.
Postal savings
_Bills payable and rediscounts—Total.
Bills payable—
With Federal reserve banks
..
Allother
_
Rediscounts—
With Federal reserve banks. _
_
AUother
„
i
i
Oct. 4,
1929
Dec. 31,
1929
26
_»_150»0(J1 ! 26,164,829
211,950"]
79,577 I
290,822 •
714,076 i
10,147,866 i
322, 287
3,401,289
387, 714
2, 803, 281
11,514,775
184
169,128
2, 595, 209
4,396,904 | 4,598,240
3,862,968
4,021,636
37094,275 ~2, 992,184
519,983 ! 664,821
151,659 I 251,392
97,051 j 113,239
JM2C921 ! ^727,306
5, 292,123" f 5,1147 902
1,224,030 i 1,116,276
785,867
787,134
Q05,606
902, 764
1,253,469
1,227.883
170,517
166; 686
558, 794
503,848
166, C49
154,060
168,947
169, 501
86,750
58^844
628,798 |
612,404
304,123 |
303,407
324,675 j
308, 997
18t 861,<
16,935,643 j16,167,047
188,152
201,671
1,335,485 1,224,375
388,783
357,904
19,797,028
13,233,481 j
491,095
594,896"
95,170
111,148
154,009
112,405
1,067,011
6,682,565
127,875
45, 855
20, 738
Chicago
Dec. 31,
1929
Oct. 4,
1929
Oct. 4,
1929
Other reserve city
banks
Dec. 31,
1929
Oct. 4,
1929
Country banks
Dec. 31,
1929
Oct. 4,
1929
6,343,64G 1,447,672 1,510,153 9,084,286 9,085,403 8,J>3jM»3_8_| 9,225,627
6,191 " 32,614
26,814
8,936 "~ 1,320 "" 42, 525
58,782"
27, 360
5, 555
24,071
4,941
4,710
32, 964
3,682
102,469
144,213
5,068
71, 303
162, 547
8, 374
3,684
44,865
258,320
45,425
301, 744
88,044
225, 373
68, 319
3, 040, 326 784,402
819, 879 3,439,800 3, 462,110 2, 522, 375 2, 671,452
•
~888,~721
165,624
23,477
34,205
979,445
213,980
142,487
65, 215
179, 559
54,123
192, 022
30,525
7,683
4,386
19, 465
48,114
41,351
j 5,975,010
ij' 5,574,324
I; 24,116
':. 127,744
248,826
33,154
39, 688
133,197
920
174,861
2,725,675
1,168,317
989,220
731,723
226,055
21,764
9,678
109,641
1,840
19,143 !1,428,450
592,286 3,679,010
251,120 j 1,402,711
152,664"; 1,367,885
115,995 :1,112,408
33,913 ' 164,568
66,366
2,214
24,543
542
110,114
276,101
1,360,299 1,186,351
3.822, 653 4. 705, 415
1,445,653 | 1,684,280 !
1,518,708 ^266,750 !
1,123,150
999, 293
203,744
170.652
123, 545
59,412
68, 269
37,393
1,556,696 JJ, 172,380
1,426,114 2,782,899
398, 681 " 548,749"
471,270
161,238
650,185
177,459
739, 379
320, 222
56,039
50, 700
147,623
203, 337
61,656
62,914
77,806
31,958
19,605
30,192
279, 202
1, 206,119
4, 847,407
1,733,150
1,361,044
1, 021, 316
261,109
103,869
34, 750
J59,824 1^576,462
1487694 "1, 441,'839
418,967
_
42,334
555,057
32,227
159, 493
12,617
475, 773
10,290
130,311
174,192
16,014
653,554
10,113
139,833
319,685
14,846
752,398
17,928
61, 638
8,102
52, 253
8,012
56,208
137,335
7,080
212,069
5,091
140,100
51, 766
11,427
62,441
65,371
627
155,320
54,117
65,653
53,395
29,341
25,148
10,868
_3(U61
ll
13,39_8_
18,495
15,229 j
_389L481 I "398,893
134,623
25,773
j
187, 760"
"71,799
8, 708
"59,541 ~~6l7~34T
"193,496
~ 7, 773
40, 797
6, 521
201, 721
69,
241
205, 397
3,357
75, 082
31,002
5,129,611
5,^27^497
1,082,834 1,086,382 5^970,365 I 5,793,988
"4," 800, 540" 1,033,136 1,038, 821 5,422, 522" 5,286,897 4,905, 661 5,040,789
23,675
3,021
2,776
33, 222
133,491
128,479
41,043
75.125
42, 237
38, 724
405, 242
742,134
705, 284
423, 370
230, 271
4,440
6,061
68, 627
52,087
83,430
52,945
A. 5 S7,184_! l7l86, 519 1, 217, 021 6,291,153
~57996,858
4,888,059
17373,642 I 7418,832^
6,7677892
72,400
20,250 I 58,085
370,783
258,123 : 132, 874
140,322
46,980 I 19,461
22,168
29, 528
35,176 ;
6,493
6,824
92,942 !
7,050
13, 675
9,521 I
87
14
817,418
7[
9, 592,096
1, 740,944
933,902
122,464
878752%" j
9,603, 720
1,743,212
1,136,043
120,026
1,149,898 j,
617,125
77,162
417,421
18,435
178,931
633,232
79,503
482, 634
453, 574
214, 209
583, 665
226, 742
111,715
61,050
64,937
85, 624
192,760 !
17,979 i
315, 646
23,845
1,266 j
4,900 j
;
1,788 I
i 19,352 !
| 535,141 j
I 242,902 |
l>6,306 |
! 937853" |
19,139 j
, jj
\.
2,404
910 !
18,101
192,634
177,405
155, 688
54, 371
122,064
_2Jil3
165,282
3, 546
11,175 i
184,070 3, 723, 860
410, 600
56, 334
299, 035
117,893
40, 578
1, 602
291,700
47,819
33, 627
5,100
30,019
2,700
171.172
42,716
2,500
15,100
70, 906
6,906
3,653,139 I 5,095,423 5,133, 279
388,368 1,198,811 1, 219,007
325,970
95, 382
209, 546
41,423 ! 61,338
_58,_900
336, 697
49,117
1
75, 725
4, 521
366,664
3707737
137,060
105, 343
152,012
89,301
118,088
6,173
121,275
8,149
1
FEDERAL RESERVE DISTRICTS
Little*Rock/
—BOUNDARIES OF FEDERAL RESERVE DISTRICTS
. — BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
®
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
O
FEDERAL RESERVE BANK AGENCY
O
@FedFRASER