Full text of Federal Reserve Bulletin : November 1930

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FEDERAL RESERVE
BULLETIN




NOVEMBER, 1930

ISSUED BY THE

FEDERAL RESERVE BOARD
AT WASHINGTON

Recent Gold Movements
Seasonally Adjusted Index of Factory Employment
Condition of All Member Banks
Report of the Agent General for Reparations

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1930

FEDERAL RESERVE BOARD
Ex officio members:

EUGENE MEYER, Governor.

, Vice Governor.

A. W. MELLON,

Secretary of the Treasury, Chairman.
J. W. POLE,

Comptroller of the Currency.

ADOLPH C. MILLER.
CHARLES S. HAMLIN.
GEORGE R. JAMES.
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.
HOWARD A. LOEB.
HARRIS CREECH.
JOHN POOLE.
J. P. BUTLER, Jr.
MELVIN A. TRAYLOR.

W. W. SMITH, Vice President.
G E O . H. PRINCE.
W. S. MCLUCAS.
B. A. MCKINNBY, President.
F. L. LIPMAN.

WALTER LICHTENSTEIN, Secretary.

OFFICERS OF FEDERAL RESERVE BANKS
Chairman

Federal Reserve Bank of—
Boston
New York

Philadelphia

Frederic II. Curtiss
J. H. Case

Roy A. Young
Geo. L. Harrison

R. L. Austin

Geo. W. Norris

. . George DeCamp

E. R. Fancher

Richmond..

Wm. W. Hoxton

George J. Seay

Atlanta
Chicago

Oscar Newton
Wm. A. Heath

Eugene R. Black.
J. B. McDougal

St. Louis

John S. Wood

Minneapolis

John R. Mitchell

Kansas City

M. L. McClure

Cleveland

_

_

W. W. Paddock
_. W. R. Burgess
J. E. Crane
A. W. Gilbart
E. R. Kenzel
Walter S. Logan
L. R. Rounds
L. F. Sailer
Wm. H. Hutt
M. J. Fleming
Frank J. Zurlinden
C. A. Peple
R. H. Broaddus
Hugh Foster
C. R. McKay
John II. Blair
J. H. Dillard

Wm. McC. Martin

0. M. Attebery

W. B. Geery

Harry Yaeger
_
H . I . Ziemer
C. A. Worthington
J. W. Helm
R.R.Gilbert.-.
R. B. Coleman
Wm. A. Day
Ira Clerk

W. J. Bailey.._

Dallas

C. C. Walsh

Lynn £. Talley

San Francisco

Isaac B. Newton

Jno. U. Calkins

Cashier

Deputy governor

Governor

»Assistant deputy governor.

W. Willett.
C. H. Coe.i
Ray M. Gidney.i
J. W. Jones.i
W. B. Matteson.i
J. M. Rice.i
Allan Sproul.i
C. A. Mcllhenny.
W. G. McCreedy.i
_ U. F. Strater.
Geo. II. Keesee.
John S. Walden, jr.»
M. W. Bell
W. C. Bachman.i
D. A. Jones.i
0. J. Netterstrom.i
E. A. Delaney.i
S. F. Gilmore.a
A. H. Haill.J
F. N. Hall.*
G. 0. Hollocher 2
C. A. Schacht.2
II. I. Ziemer.
Frank C. Dunlop.a
J. W. Helm.
Fred Harris.
W. 0. Ford.i
Wm. M. Hale. I [J

-Controller.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:
Buffalo branch
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Charlotte branch
Atlanta:
New Orleans branch
Jacksonville branch
Birmingham branch
Nashville branch
Chicago:
Detroit branch
St. Louis:
Louisville branch
Memphis branch
Little Rock branch

Managing director

R. M. O'Hara.
:

C. F. McCombs.
J. C. Nevin.
A. H. Dudley.
Hugh Leach.
Marcus Walker.
W. S. McLarin, jr.
A. E. Walker.
J. B. Fort, jr.
W. R. Cation.
W. P. Kincheloe.
W. H. Glasgow.
A. F. Bailey.

Federal Reserve Bank of—
Minneapolis:
Helena branch
Kansas City:
Omaha branch
Denver branch
Oklahoma City branch
Dallas:
El Paso branch.
Houston branch
San Antonio branch
San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch
Seattle branch
Spokane branch...

Managing director

R. E. Towle.
L. H. Earhart.
J. E. Olson.
C. E. Daniel.
J. L. Hermann.
W. D. Gentry.
M. Crump.
W. N. Ambrose.
R. B. West.
W. L. Partner.
C. R. Shaw.
D. L. Davis.

SUBSCRIPTION PRICE OF BULLETIN

The FEDERAL RESERVE BULLETIN is the board's medium of communication
with member banks of the Federal reserve system and is the only official organ
or periodical publication of the board. The BULLETIN will be sent to all member
banks without charge. To others the subscription price, which covers the coat of
paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the
United States, Canada, Mexico, and the insular possessions, $2.60; single copies,
25 cents.




in

TABLE OF CONTENTS
Page

Review of the month—Recent gold movements
655
Gold movements, 1927-1929—First half of 1930—Movement to France—Canadian gold movements—Summary of figures—Concentration in commercial countries.
Seasonally adj usted index of factory employment
622
Condition of all member banks on September 24, 1930
659, 753-761
Security loans in September, 1930
659
Report of the Agent General for Reparations
694
National summary of business conditions
661
Financial, industrial, and commercial statistics:
Reserve bank credit and factors in changes (chart and table)
678. 679
Analysis of changes in monetary gold stock
679
Gold movements to and from United States
679
Member bank borrowing at Federal reserve banks
680
Discount rates and money rates
680
Member bank credit
681
Bankers' acceptances and commercial paper outstanding
681
Brokers' loans
681
Security prices, security issues, and building contracts awarded
682
Production, employment, car loadings, and commodity prices
683
Industrial production
684
Factory employment and pay rolls
685
Department stores—Indexes of sales and stocks
686
Banking and business conditions in Federal reserve districts:
Federal reserve banks—
Discounts (chart and tables)
687, 688
Reserves, deposits, note circulation, and reserve percentages
688
All member banks—Deposits subject to reserve, reserves held, and indebtedness at reserve banks. _ 688
Member banks in leading cities—Prinicpal resources and liabilities
690
Discount rates and money rates
689
Building
692
Commercial failures
692
Bank debits
.
692
Bank suspensions
'.
692
October crop report
693
Financial statistics for foreign countries:
Gold holdings of central banks and governments
1
738
Gold exports and imports
738
Foreign exchange rates
739
Condition of Bank for International Settlements
739
Condition of central banks
740, 741
Condition of commercial banks
742
Discount rates of central banks
743
Money rates
1
743
Price movements
744, 745
Law department:
Surrender of trust powers by national banks—Amendment to Regulation F
746
Eligibility of a note of an insurance agency for rediscount by Federal reserve bank
746
Limitation on deposits of member banks with nonmember banks
747
Detailed Federal reserve statistics, etc.:
Resources and liabilities of Federal reserve banks in detail and Federal reserve note statement
748
Condition of each Federal reserve bank at end of month
749
Maturity distribution of bills and short-term securities held by Federal reserve banks
750
Membership in par collection system
750
Loans and investments of all banks in the United States
750
Kinds of money in circulation
750
Changes in national and State bank membership
751
Fiduciary powers granted to national banks
752
IV




FEDERAL RESERVE BULLETIN
VOL. 16

NOVEMBER, 1930

REVIEW OF THE MONTH

No. 11

decline in money rates was reflected in an outward movement of gold, particularly to France
and England, causing a decrease of $100,000,000
in the monetary gold stock of the United
States by the end of the year.
Money rates abroad, which had been kept
up largely to protect the reserves of foreign
countries against the attraction

Gold holdings of the United States increased
in October, as is not unusual at this season of
the year when exports of Amer* c a n P r °ducts a r e m largest
im C ort t
volume and dollar exchange is at
a premium. Recent gold imports, however
have not come from Europe, but from the First half of
-, , j i • i_
£
Orient and South America, where special condi- 1939
oi speculative and nigh-money
conditions in the United States,
tions have resulted in particularly sharp
declines of the exchanges. The total stock of declined rapidly when these conditions had
monetary gold in the United States at the end changed. After the beginning of 1930 there
of October was $4,530,000,000, an amount was a cessation of the outward movement of
MONETARY GOLD STOCK OF THE UNITED STATES
$140,000,000 above that of a year ago but $150,5000
000,000 below the peak figure of May, 1927.
A survey of gold movements in the past year
with some reference to earlier years is presented
V.—
in this review.
4000
4000
^
The chart shows the monetary gold stock of
the United States from 1922 to date. Between
3500
May, 1927, and June, 1928, the
GoId mo
, 7oe^
United States lost $580,000,000
MILLIQNS OF DOLLARS

rr

y

m e n t s : lyz/—

P I T

1929

i

IT

oi gold as the result largely ol a
lower level of money rates in
this country than prevailed in other parts
of the world. This movement was reversed
following the rise in money rates in the United
States, which began early in 1928, and by
October, 1929, this country's stock of gold
had increased by $280,000,000, most of the
gold coming from Canada, England, Germany,
and Argentina. Gold imports in the first 10
months of 1929 were on a large scale and were
due to movements of funds to the United States
caused by the prevailing high level of money
rates, the increasing participation of foreigners
in the American stock market, and the diminution in foreign capital flotations in this country.
Toward the end of October, 1929, the fall in
security prices and the accompanying rapid




1922

1923

1924

1925

1926

1927

1928

1929

1930

Weekly averages of daily figures

gold, and during the first half of the year gold
movements between the United States and
Europe were on a small scale. In the meantime, however, gold flowed into the United
States in the amount of $225,000,000, coming
largely from Japan, China, Brazil, and other
Central and South American countries. In the
case of Japan the exports followed upon the
return of the country to the gold standard,
which involved removal of all restrictions on
gold movements. Decreased exports of silk to
the United States and of cotton goods to China
and India contributed to the weakness of Japanese exchange. Taking the first 10 months of
1930 as a whole, gold imports to this country
from Japan amounted to $140,000,000. China
655

656

FEDERAL RESERVE BULLETIN

also contributed to the flow of gold to the
United States, but in this case, since the
country is on a silver basis, her exports of gold
were in much smaller volume, amounting in
all to about $22,000,000. An important factor
in this movement was the drop in the price of
silver, which resulted in an increase to China
in the cost of goods imported from abroad.
Gold movements from Central and South
America amounted to about $138,000,000 during the first 10 months of the year, and reflected chiefly a decline both in the volume and
in the prices of raw materials exported by
these countries, following upon a long period
of conditions in the United States unfavorable
for the flotation of foreign bonds. Declining
value of exports and the absence of the usual
volume of borrowing from abroad left these
countries no alternative other than to cover
their unfavorable balance of payments through
the export of gold.
During July and August gold continued to
flow into the United States from the Orient
and from South America, but there were at
the same time exports of gold from this country to France and to Canada. The circumstances leading to these movements call for a
brief explanation.
France has been the principal taker of gold
in the world market since the spring of 1927,
soon after the value of the franc
t0
was
stabilized at approximately
its present level. During the
period immediately following stabilization,
large foreign balances were accumulated by the
Bank of France, the French commercial banks,
and the Government, chiefly in consequence of
repatriation of French capital as the confidence
of the French people in the stability of their
currency was reestablished. Until the spring
of 1929 the Bank of France utilized a part of
its foreign balances for the purpose of building
up its gold reserves. From that time on, however, the bank has kept its foreign balances at
an approximately constant level and has taken
no direct part in the importation of gold.
Gold movements into France, however, have
continued with little interruption, the imports




NOVEMBER,

1930

being arranged by commercial banks, which
have been under the necessity of meeting a
growing demand for currency and have drawn
upon their foreign balances for the purpose of
importing gold to be exchanged for notes at the
Bank of France. The increased demand for
currency in France has been due in part to an
increase in the country's business activity and
its prosperity, but has also reflected a reduced
velocity of circulation such as usually follows
stabilization of a currency.
While the Bank of France has not directly
imported gold since the spring of 1929, about
$550,000,000 of gold has been added to its
reserves between that time and the autumn of
1930. French imports of gold during this
period, not being in response to central bank
policy, have come from different countries at
different times, depending on market conditions. Between June and October, 1929,
most of the gold came from England, where
money rates at that time were lower than in
the United States or Germany. After the
break in the stock market in the United States
in the autumn of 1929 and the subsequent decline in money rates in this market there was
a considerable movement of gold to France
from this country. There followed a period of
several months during which gold movements
to France ceased altogether, and there was
even an export from France to Germany in
response to the higher rates prevailing in that
country. The movement toward France was
soon resumed, however, gold once more being
shipped from England. By the summer of this
year the amount of gold imported from England
to France was in such large volume that the
Bank of England no longer paid out gold of
the degree of fineness required by the Bank of
France (995/1000 fine), but began to exercise
its legal authority to pay out gold of lesser
fineness, known as standard gold (916%/1000
fine). French purchasers of gold from the
Bank of England were thus forced to pay the
cost of refining it, and this fact, together with
some tightening of money rates in London as
a result of previous gold losses, led to a diversion of French purchases to the United States,

NOVEMBER, 1930

FEDERAL RESERVE BULLETIN

from which $65,000,000 of gold was taken in
July and August. Since that time the French
demand for gold has once more turned to
England and for a period to Germany.
From an international point of view, the
significance of this movement is found in the
fact that for several years France has had a
continuous demand for gold, first from the
central bank and later from the commercial
banks, coupled with the ability to satisfy this
demand by the use of large foreign balances.
In these circumstances gold has moved to
France in an almost uninterrupted stream,
though the origin of this gold has shifted from
time to time in response to changes in relative
money-market conditions.
Gold movements between Canada and the
United States are to a considerable extent
seasonal in character. In the
movements0
autumn months, when Canadian demand for currency is at
its maximum, there is usually a movement of
gold from the United States to Canada, while
after the turn of the year, when currency returns from circulation, surplus funds are
transferred to the United States, causing an
export of gold from Canada to this country.
Over a series of years the result of gold movements between the United States and Canada
has been a net export from Canada of an
amount of gold not infrequently approximating
her annual production of about $40,000,000.
Movements during the past tw^o years, however, have not followed the usual course. During 1928 the high level of money rates prevailing in the New York market caused Canadian
banks, in addition to the usual exports, to
borrow $40,000,000 from the Finance Minister
and to export this amount in gold, so that
Canadian gold exports to the United States
during that year were approximately twice as
large as usual. In 1929 gold exports from
Canada continued, and Canadian reserves
declined to a point where informal measures
for the cessation of further movements were
adopted. During the period of high money
rates in New York in 1929 Canadian balances
were not withdrawn from this country, and




657

seasonal requirements were met by the Canadian banks through additional borrowing from
the Finance Minister. In the autumn of 1929,
after the stock-market break and the decline
in money rates in th's country, Canadian
exchange continued to be low, owing to an
unusually small volume of wheat exports and
also to a movement of funds from Canada for
the protection of margins in the New York
stock market. After the turn of 1930, currency
returning from circulation was used by the
Canadian banks to reduce their indebtedness
to the Finance Minister, and consequently the
usual flow of funds and of gold from Canada to
the United States did not occur in January of
this year. The banks, in fact, drew upon their
dollar funds to meet the unfavorable balance of
payments arising from the decline in wheat
exports. By the middle of the year, however,
Canadian exchange, owing to the low level of
rates in New York and to the flotation of
Canadian securities in this market, advanced
to the gold-import point, and about $20,000,000 of gold was imported from the United
States during the third quarter of the year, an
unusual movement at that season, which in
part restored the Canadian gold reserves
diminished by the exceptionally large gold
exports of 1928. More recently there have
been additional gold exports to Canada, but in
smaller volume and in accordance with the
usual movements at this season.
The following table brings together the
figures of gold movements between the United
States and other countries for
° f t h e P a s t year. During that
period the gold stock of the
United States increased by $140,000,000, of
which $122,000,000 represented net imports
from abroad, the difference being accounted for
by domestic production and a change in gold
earmarked for foreign account. The table
shows gold movements for the entire year and
for the periods that have been discussed above—
(1) November and December, 1929, when
gold was exported, chiefly to France and England; (2) January to June, 1930, when gold
was received largely from Japan and South

658

FEDERAL RESERVE BULLETIN

America; (3) July and August, 1930, when
gold was exported to France and Canada;
and (4) September and October, 1930, when
once more there were gold imports from Japan
and South America.
UNITED STATES GOLD IMPORTS (+) AND E X P O R T S ( —)

[In millions of dollars
1929

1930

1929-30

November,
Novem- JanuJuly Septem- 1929,
ber and ary to
and ber and Octo-to
Decem- June August October ber,
1930

Country

France
England . _. . . _
Switzerland
Canada
Japan
..
Other Far Eastern countriesBrazil
. .
Other Central and South
American countries
Other countries
Total

-62
-21
-10

-8

-65

+16
+114
+15
+59

-13

+2

+8
+8
+6

+18
+2
+17

+7

+26
1

+17

+5

-8

-1

+140
+27
+83
+55
-8

-88

+223

-39

+26

+122

+5

-15

-136
-21
-10

As already stated, the net effect of gold
movements during the past
Concentration y e a r o n t ^ e United States has
in commercial

,

.

.

countries

NOVEMBER, 1930

In Europe there has been a large growth in
the gold stock of France, the holdings of the
Bank of France amounting now to about
50,000,000,000 francs, or $2,000,000,000. The
increase in the gold stock of the United States
and France, however, has not been at the expense of other European countries. England's
losses of gold to France and to Germany have
been more than made up by the receipt of new
gold from South Africa and by imports from
Australia, where the decline in the price of
wool and wheat has been largely responsible
for an unfavorable balance of payments leading to a decline in the exchange value of the
Australian pound and to exports of gold. Of
the other major European countries, Germany's gold holdings increased considerably
until June, but declined more recently to a
level somewhat below that of a }rear ago.
Gold reserves of the Netherlands also declined
somewhat, while there was a substantial increase in the reserves of Switzerland, Belgium,
and Canada, and a smaller increase in those of
Italy. A characteristic of the year's gold movements has been a shifting of gold from outlying countries producing raw materials, which
have felt the effects of the decline in the value
of their exports, to France, the United States,
England, and other important commercial
countries.

been to increase its stock oi
gold. The table below shows
gold holdings of some of the principal countries
of the world at the end of September, 1929 and
1930. Total monetary gold holdings of the 44
principal countries of the world, not including
Russia, increased by about $470,000,000 during the year, as the result of new production
Change of Agent at Chicago Bank
and the absorption into central reserves of
gold previously held by commercial banks
Mr. William A. Heath, who has served as
and by individuals.
Federal
reserve agent and chairman of the
G O L D H O L D I N G S O F P R I N C I P A L C E N T R A L B A N K S AND
board of directors of the Federal Reserve Bank
GOVERNMENTS
[In millions of dollars]
of Chicago since January 1, 1917, has resigned,
effective
December 31, 1930.
Increase
Oct. 31, Oct. 31,
or deCountry
1929
19301 crease
The board has appointed Mr. Eugene M.
(—)
Stevens, of Chicago, as class C director, with
United States (Treasury and F. R.
4,183
4,023
banks)
160 designation as chairman of the board of di422
France
•.
i
1,570
1,992
643
782
139 rectors and Federal reserve agent, in succesEngland
!
-12
531
519
Germany
I
6 sion to Mr. Heath, effective January 1, 1931.
Italy
1
272
278

Netherlands
Belgium
Switzerland
Argentina
Brazil
Australia
Japan
Canada

I
j
I
I
!

178
143
103
476
151
109
541
77

Partly estimated on basis of latest available figures.




171
ISO
129
429
43
bS
418
122

-7
37
26
-47
-108
-26
-123
45

Changes in Foreign Central Bank Discount Rates

The following changes have been made since
the 28 th of September in the discount rates of
central banks in foreign countries:

NOVEMBER, 1930

659

FEDERAL RESERVE BULLETIN

September 29.—South African Reserve Bank, from 6 and investments of all member banks on September 24 and the changes for the quarter and
to 5% per cent.
October 1.—Bank of Latvia, from 6-7 to 6 per cent. for the year:
October 3.—Bank of Poland, from 6}^ to 7% per cent.
ALL MEMBER BANKS—LOANS AND INVESTMENTS
October 7.—Bank of Estonia, from 8 to 7 per cent
[Preliminary figures in millions of dollars]
and Bank of Japan, from 5.48 to 5.11 per cent.
October 9.—German Reichsbank, from 4 to 5 per
Change
Change
cent.
Sept. 24,
from
from
1930
J
u
n
e
30,
Oct. 4,
October 10.—Bank of Danzig, from 4 to 5 per cent.
1929
1930
Loans and investments—total

CONDITION OF ALL MEMBER BANKS ON SEP- Loans to banks—total
On securities
TEMBER 24, 1930
All others

Detailed figures of condition of all member
banks on September 24, including the detailed
classification of loans, are given on pages 753761 of this issue of the BULLETIN, and in
greater detail by States, cities, and class of
bank in Member Bank Call Report No. 49.
During the third quarter of the year total
loans and investments of member banks,
amounting on September 24 to $35,472,000,000,
decreased by $180,000,000, reflecting a decrease
of $475,000,000 in their loans and a further
increase of $290,000,000 in their investments.
In comparison with a year ago—the call date
of October 4, 1929—member bank loans decreased by $1,425,000,000 and their investments increased by $985,000,000.
The detailed figures for the third quarter of
1930 show the influence on the demand for
bank credit of the continued business recession,
since much the larger part of the decrease in
loans was in the further decline of $365,000,000
in loans to customers, exclusive of loans secured by stocks, bonds, or real estate. Customer loans secured by real estate showed little
change during the quarter, while security loans
to customers (exclusive of loans to banks)
decreased by $200,000,000. At the same time
the member banks increased by $43,000,000
their total holdings of paper purchased in the
open market, including both acceptances and
commercial paper, and increased their street
loans at New York City by $107,00u,000. The
open-market portfolio of the member banks at
the end of the third quarter amounted altogether to $14,000,000,000, including $267,000,000 of acceptances, $523,000,000 of commercial
paper, $2,472,000 of street loans, and $10,734,000,000 of bonds and other securities.
The following table shows the classified loans
19367—30
2




Loans to customers (exclusive of
banks)—total
Secured by stocks and bonds—total
To brokers outside New York
City
To other customers
Secured by farm land
Secured by other real estate
Otherwise secursd and unsecured,..
Open-market loans—total
Purchased acceptances payable in
United States
Purchased acceptances, etc., payable abroad
•_
Commercial paper purchased
Street loans 2
Investments—total
United States Government securities
Other securities

35, 472

-183

466
175
291

-70
-55
-14

21,010
7,864

—555
-196

-2,239
-245

774
7, 090
387
2,776
9,982

-45
-151

-165
-79
—5

-367

3,262

+149

205

+36

62
523
2,472

-16
+23
+107

10, 734

+292

+296
+587
+985

4, 095
6, 639

+34
+258

+74
+912

+1
+7

-175

0)
0)

+16
-2,006

+987
+112

1
2

Figures not available prior to Mar. 27, 1930.
Loans on secuiities to brokers and dealers in securities in New York
City.

These figures are shown separately elsewhere
in this BULLETIN (p. 753) for banks in New
York City, Chicago, other reserve cities, and
outside such cities (country banks) for the
whole period for which they are available—
from October 3, 1928, to September 24, 1930.
SECURITY LOANS IN SEPTEMBER, 1930

By combining statistics from the quarterly
member bank call report and monthly reports
of the New York Stock Exchange, it is possible
to arrive at quarterly data for aggregate loans
secured by stocks and bonds that are more
comprehensive than those available weekly or
monthly. This aggregate, here designated as
total reported security loans, includes those
reported on call dates by all member banks and
in addition that part of the brokers' borrowings
at New York City reported by the stock exchange arrived at after subtracting the call

660

FEDEKAL RESERVE BULLETIN

date figures of member bank loans to brokers
in New York. It includes no security loans for
nonmember banks or nonbanking lenders except those made at New York to members of
the stock exchange. This compilation, now
available for quarterly intervals from October,
1928, to September, 1930, is given in the following table, which shows separately security
loans of member banks, by class of loan, and
those of other lenders on securities.
The compilation shows that the total of
reported security loans decreased further during the third quarter, by $500,000,000, and
that the total decrease from October, 1929,
when these loans were at their peak, to September, 1930, amounted to $5,450,000,000.
For member banks the decrease in security
loans for the quarter was $150,000,000 and for
other lenders included in the compilation it
was $350,000,000.




NOVEMBER. I93t

TOTAL REPORTED SECURITY LOANS
[In millions of dollars]

By member banks
•

Call date

1928—Oct. 3
Dec. 31
1929—Mar. 27
June 29
Oct. 4
Dec. 31
1930—Mar. 27
June 30
Sept. 24

;

By
To
To
other
brok- broklend2
ers in ers
To
To
Total banksi
New else- others ers
York
!
City where

Total i
!

8,819
12,429
14,062 i 10,172
14, 613 j 9,693
15,144 ! 10, 094
16,974 ! 10,314
12,835 1 10, 505
12, 644 • 10, 334
12, 015 I 10, 655
11,521 ! 10, 511
1

274
269
274
335
320
357
260
230
175

1,899
2,556
1,879
2,025
1,885
1,660
2,344
2, 365
2,472

850
975
1,014
921
939
803
706
819
774

5,796
6,373
6,526
6,813
7,170
7,685
7,024
7,242
7,090

3,610
3,890
4,920
5,050
6,660
2,330
2,310
1,360
1,010

1
Security loans to banks, not available separately prior to 1930, estimated
for 1928 and 1929 at half of total loans to banks.
2
Total borrowings at New York as reported for end of month by members of Stock Exchange minus loans to brokers in New York as reported
for call dates by all member banks; resulting figures, except in December
and June, reflect in part differences in these dates.

FEDERAL RESERVE BULLETIN

NOVEMBEK, 1930

661

NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled October 21 and released for publication October 24]

Volume of factory production increased by
about the usual seasonal amount in September,
while factory employment increased somewhat
less than in other recent years. The general
level of prices, which had advanced during
August, declined during September and the
first half of October. At member banks in
leading cities there was a liquidation of security
loans, and a considerable growth in commercial
loans and in investments.
Industrial production and

employment.—

Output of factories increased seasonally in September, while that of mines declined. The
board's seasonally adjusted index of production
in factories and mines, which had shown a substantial decrease for each of the preceding four
months, declined by about one-half of 1 per
cent in September. Production of iron and
steel, lumber, and cement decreased, and the
output of automobiles continued to be in small
volume. Activity in the textile industries, including cotton, wool, and silk, increased substantially, and stocks of cotton cloth were
further reduced. At bituminous coal mines
there was an increase in output of more than
seasonal amount; output of copper was larger
than in August, and there was a further increase
in stocks of copper. Anthracite coal and petroleum production and shipments of iron ore
declined.
Employment in manufacturing establishments increased less than is usual at this season,
the increase being chiefly in fruit and vegetable
canning and in clothing industries, while reductions in number of employees were reported for
the iron and steel, automobile, and lumber
industries. Outside of factories increased employment was reported in retail establishments
and coal mines.
Residential building increased materially in
September, contrary to the usual seasonal
trend, while the volume of contracts for commercial buildings and public works and utilities
decreased. Total value of building contracts
awarded, as reported by the F. W. Dodge Corporation, showed little change during the
month. In the first 10 days of October there
was an increase in the daily average volume of
contracts awarded.




Department of Agriculture estimates based
on October 1 conditions indicate somewhat
larger crops than the estimates made a month
earlier for cotton, corn, oats, hay, potatoes, and
tobacco.
Distribution.—Freight car loadings continued
at low levels during September, the increases
reported for most classes of freight being less
than ordinarily occur in this month. Dollar
volume of department-store sales increased by
nearly 30 per cent, an increase about equal to
the estimated seasonal growth.
Wholesale prices.—The index of wholesale
prices on the average for the month of September as a whole, according to the Bureau of
Labor Statistics, was at about the same level
as in July and August. The movement of
prices, however, was upward in August, reflecting chiefly advances in the prices of livestock
and meats, while in September the movement
was downward, reflecting declines in a large
number of commodities, including grains, livestock, meats, cotton, and copper. In the first
half of October there were wide fluctuations in
many agricultural prices, decreases in prices of
nonferrous metals, and considerable increases
in the prices of sugar and coffee.
Bank credit.—Security loans of reporting
member banks in leading cities increased in the
latter part of September, but declined rapidly
early in October, the decline reflecting a large
volume of liquidation in loans to brokers and
dealers in securities. Commercial loans, which
up to the last week in September had not
shown the usual seasonal growth, increased by
$150,000,000 in the following three weeks. The
banks' holdings of investments continued to
increase.
In response to the seasonal demand for currency, outstanding volume of reserve-bank
credit showed an increase of $30,000,000 on the
average between the weeks ending September
20 and October 18.
Money rates in the open market continued
at low levels. The yield on high grade bonds
declined further until early in October, when
bond prices declined and there was a corresponding rise in yields.

662

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

SEASONALLY ADJUSTED INDEX OF FACTORY EMPLOYMENT
Employment in manufacturing industries
fluctuates every year from month to month in
response to seasonal requirements, and adjustment for these regular fluctuations is necessary
in order to observe changes in employment that
reflect variations in the general condition of
business. For this reason the Federal Reserve
Board's index of factory employment, which
has been described in the BULLETIN for November, 1929, has now been adjusted to allow for
seasonal variation, and the new general index,
with component indexes, is presented in the
accompanying tables and charts.
In making this adjustment measures of seasonal variation in employment have been deter-

from the seasonally adjusted index, represented
by the smoother solid curve.
While the amplitude of the purely seasonal
swing varies slightly from year to year, it has
been found that in general the monthly variation attributable to seasonal influences in the
past 12 years has corresponded to that indicated
by the curve in Chart II. This curve shows an
index of average seasonal variation in employment in each month in relation to the average
for the 12 months of a typical year. From
the peak in mid-September to the low point
of activity in mid-January the average seasonal
change in number of workers employed in all
manufacturing industries is about 4 per cent,

FACTORY EMPLOYMENT
INDEX NUMBERS, 1923-25*100

Adjusted for Seasonal Variation
Without Seasonal Adjustment

1920

1921

1922

1923

192^

1925

1926

1927

1928

1929

1930

CHART I

mined for each of the 54 manufacturing industries currently represented in the general index,
and these measures have been used in computing adjusted indexes for particular industries,
which in turn have been combined into group
indexes and into a composite index. The
composite index, adjusted for seasonal variation, is shown in Table 1 and Chart I, and
indexes for 13 industrial groups and for individual industries included in the composite are
given in Tables 3 and 4.
Manufacturing industries, as a group, have
two busy and two dull seasons each year.
Working forces are enlarged in the spring and
again in the autumn months, and are reduced
in midsummer and in midwinter. This typical
seasonal movement is evident in the recurring
divergence of the Board's unadjusted index,
represented by the broken line on Chart I,




employment in September being in a typical
year about 2 per cent larger, and in January 2
per cent smaller than the average for the year.
In terms of number of workers this seasonal
fluctuation is equivalent to about one-third of a
million, out of some 8,400,000 wage earners employed in factories, although the actual seasonal
displacement of labor may be considerably
greater than this, since it does not follow that
those seasonally unemployed in one industry in
excess of the average are absorbed by employment in some other industry. The relatively
narrow range of the seasonal fluctuation in employment in manufacturing industries taken as
a group results partly from the overlapping of
slack aad busy seasons which come in different
months in different industries, and partly from
a desire on the part of employers to keep their
forces intact.

FEDERAL RESERVE

NOVEMBER, 1930

Although seasonal variations in employment
are the rule, rather than the exception, regular
changes of this character do not appear in all
industries. Employment is relatively free of
seasonal factors, for example, in the manufacture of electrical machinery and of paper and
wood pulp. In certain machinery and metal
industries seasonal variations in employment
are smaller than in manufacturing industries
taken as a group. This is true of foundries and
machine shops, railway car building and repair
shops, machine-tool factories, and steel works
and rolling mills. The same is true also of
newspaper printing. At the other extreme,
showing regular and wide seasonal fluctuations,
are the industries in which perishable raw
materials are used—such as fruit and vegetable
canning; those in which, as in the clothing
industries, style is the dominant factor and in
SEASONAL VARIATION IN FACTORY EMPLOYMENT
PERCENT

( AVERAGE FOR YEAR = 100 )

f>ERCENT

100

60

J80
Jan. Feb. Mar. Apr. May June July Au£. Sept. Oct. Nov. Dec.

CHART II.—Thesefigureswere computed by (1) dividing the composite
unadjusted index for each month by the adjusted index for the corresponding month, in order to determine monthly divergences due to
seasonal'factors, which vary somewhat from year to year, and (2)
grouping these ratios by months—all the Januaries, all the Februaries,
etc., and (3) selecting therefrom a set of 12 typical monthly ratios.

which, consequently, inventories may result in
costly losses; and those in which demand is
affected by weather—as, for instance, in the
manufacture of ice cream.
The magnitude of fluctuation in individual
industries is shown in Table 2, which gives the
indexes of seasonal variation used in computing
the Board's adjusted index of factory employment. It is to be noted that these measure?
of seasonal variation apply to the number of
wage earners employed in the pay-roll period
ending nearest the loth of the month—the
period covered by the original reports collected by the Bureau of Labor-Statistics and
by the State departments of labor of New
York and New Jersey—and are not necessarily
representative of complete calendar months.
Method of seasonal adjustment.—The measures of seasonal variation given in Table 2 have
been derived from the unadjusted relatives




BULLETIN

663

(1923-1925 = 100) for each of the industries
in the index. Reports of employment from
which seasonal indexes were computed extend
over a period of either 11% or of 7% years, the
period covered by the data beginning in January, 1919, for 22 of the industries and for the
remaining 29 in January, 1923.
In computing these measures of seasonality,
the method used is the " ratio-to-moving-average" method, used also in the board's indexes
of production and trade, and described in the
FEDERAL RESERVE BULLETIN for April, 1928.
In the case of each industry, as a first step, the
influence of long-time trend and of broad cyclical fluctuations was determined by computation
of a 12-month moving average of the unadjusted relatives (1923-1925 = 100) for the industry. This moving average, centered at the
seventh month, approximately measured nonseasonal influences, with exception of those
which have been purely accidental or erratic.
Each monthly relative of the original unadjusted index was then divided by the moving
average for the month, the resulting ratios
reflecting solely the influence of seasonal and
accidental variations. These seasonal ratios
were then grouped by months and arrayed in
order of magnitude—those for January of
different years in one array, and similarly those
for each other month in separate arrays. The
very high and low ratios were then struck out,
in order to eliminate so far as possible the
influence of erratic fluctuations. Finally, 12
monthly ratios were derived by averaging the
remaining medium-sized ratios for each month,
and these ratios, adjusted to average 100 for
the 12 months, became the measure of seasonal
movement.
It was found that seasonal fluctuations in
employment have for the most part been fairly
regular—that not only has the maximum and
minimum of employment occurred in the same
month year after year, but that the relative
variation from month to month has been reasonably constant over a number of years.
Where this has been the case, a single set of
seasonal indexes, derived as described above,
has given a fair picture of seasonally. In a
number of industries, however, there was evidence of a shift in the periods of seasonal
fluctuation. In such industries employment in
certain months may have become progressively
larger, and in other months progressively
smaller over the course of several years, so that
occasionally it happened that the month of
greatest activity during the early part of the

664

FEDERAL RESERVE BULLETIN

period under review had gradually yielded first
place to another month. In any industry in
which the shift in seasonality was marked,
changing seasonal indexes varying from year to
year have been computed. The particular
industries for which such indexes were computed are indicated in Table 2.

NOVEMBER, 1930

Adjusted indexes, in which the effect of
seasonality is eliminated, were derived by
dividing the unadjusted monthly indexes for
each industry by the monthly index of seasonal
change. These seasonally adjusted indexes
were combined into group indexes and into a
general index for all manufacturing industries.

TABLE 1.—INDEX OF FACTORY EMPLOYMENT, ADJUSTED FOR SEASONAL VARIATION
[Monthly average 1923-1925=100]

1919

1920

January
February
March
April
May
June
July
August
September
October
November
December

107.9
103.3
102.2
102.3
103.2
104.1
106.9
107.9
109.0
108.4
111.1
113.8

116.9
114.8
115.3
114.2
112.1
111.1
108.9
107.6
105.2
101.9
96.7
90.2

Annual index.

106.7

107.9




1925

1922

1923

1924

83.0
83.6
82.9
82.2
82.4
81.4
80.4
80.9
82.0
82.7
83.5
83.4

84.1
85.2
85.4
85.6
87.9
89.8
87.6
89.7
92.0
95.1
98.0
100.2

102.3
102.7
104.2
104.7
105.4
106.4
105.9
105.3
104.3
103.7
103.3
101.9

98.0
101.4
98.4
101.1
98.8
100.5
99.0
99.1
98.8
96.4
98.9
93.9
99.4
91.7 j
91. 7 i 99.4
99.8
92.8 i
94.0 ! 101.0
94.7 I 102.1
96.5 I 102.4

82.4

90.1

104.2

1921

96.2 j

99.6

1926

1927

102.4
102.1
101.8
101.4
101.2
101.2
100.5
100.7
101.5
101.7
101.4
100.9

100.0
99.9
99.8
99.4
99.4
99.5
99.2
98.7
98.4
97.6
97.1
96.5

96.1
96.1
96.1
95.7
96.1
96.7
96.6
97.3
97.7
98.3
99.3
99.8

99.8
100.3
100.9
101.7
102.4
102.7
102.8
102.7
102.4
101.3
99.3
96.9

101.4

98.8

97.2

101.1

1928

1929

1930

95.6
93.9
92.9
92.4
91.4
89.7
86.6
84.4
83.4

665

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

TABLE 2.—FACTORY EMPLOYMENT: INDEXES OF SEASONAL VARIATION, BY INDUSTRIES
[Average lor the year=100]

January

Fe r u
±T "

March

100.5
97.1

101.5
101.7
97.7

102.2
101.5
97.4

88.0
95.6

101.0
97.0
96.3

98.0
100.0
103.4

! 101.5
I
j 102.1
j 102. 5
99.0
99.4
, 100.7

102.0
102.3
101.2
101.5
102.5

99.9
101.2
102.6
94.5

102.7
102.0
108.7
98.0

June

July

102.1
99.0
97.8

101.5
101.0
99.4

99.7
100.5
100.9

98.1
101.3

99.2 i 99.9
97. 5 100. 7
103.4
103. 3

99.3
99.5
102.3

100.0
100.2

98.4
100.0
99.2

101.3
99.0
99.4

101.1
100.5
101.0

100.7
101.0
102.0

100.7
100.5
102.4

97.9
93.0
103.2

101.4 < 102.3
100.4 < 105.2
102.6 , 101.3

102.1
108.6
100.3

99. 5
106.1
98.3

95.1
100.7
97.6

100.5
101.8
106.4

101.8
101.9
107.4

101.6
100.9
106.3

101.0
100.2
103.1

101.1
99.2
99.3

100.5
98.6
94.7

100.2 ! 99.8
98. 9
98. 8
94.7 ! 92.8

99.2
99. 7
95.3

102.5

102.0

100.0 I

99.6

99.0

96.8

95. 6 1 98. 5

103.6
102.1
102.7
102.5

98.4
97.8
102. 7 101.0
102.2 I 100.9
100.4
101.4
103.0
99.8

98.2
97.6
100.2
98.7
99.0

95.1
94.7
95.7
97.8
96.5

97.9 ;
96.3
97.3 I
98.4
96.0 j

102.0
102.0
113.4
113.1

96.9
100.3
108.7
117.1

95.1
98.8
97.3
108.0

100.3
96.9
87.5
98.0

100.9
95.2
84.3
70.5

97.6 j 98.2
99.4
103.5 ! 103.0 ! 98.0
98.0 i 98.0 I 96.1
85.7
86.5 ' 89.3
99.5 I 100.0
99.2
92.0 i 95.7
101.0

98.4
95.9
90.9
96.1
95.5
102.7

104.7
96.0
100.5

101.9
99. 5
89.8
114.7
96.2
101.7

102.3
100.4
99.4

101.0
100.2
98.6

101. 2
100.2
98.7

99.3 i 98.9
100.3 | 100.3
97.2 i 96.2

98.7
99. 7
96.3

95.5
97.5
99.0

95.7
98.6

96.7
99.8
99 2

98. 4
95.0
103. 0

98. 5
101.5
105. 6

99.5
104.6
106.2

| 100. 3
. i 101.8

102.5
103.1

101.1
102.4

97.8
99.2

95.6
97.6

94. 5
97.1

87.8
98.1
93.8
91.5

101.2
97.3
90.8

92.2
102.0
100.5
93.5

100.7
101.5
101.3
98.3

105.8
100.9
101.5
102.0

96.1
99.5

102.6
101.9

106.5
102.7

105.1
101.8

100. 7 I 102.0 i 101.3
98.1 j 98. 7 ! 99. 0
98.0
105.8
148.0
97.9
103.5

100.4
102.0

IRON AND STEEL AND PRODUCTS:

Steel works and rolling mills..
Hardware 1
Structural iron work
Heating apparatus— •
Steam fittings
Stoves i
Cast-iron pipe

MACHINERY:

Foundry, machine-shop products..
Machine tools
Agricultural implements
TEXTILES AND PRODUCTS:

A. F a b r i c s Cotton goods 1
Woolen, worsted manufactures—
Woolen and worsted goods
Carpets and rugs
Hosiery and knit goods__
Silk manufactures
Dyeing and finishing textiles i
B . Wearing a p p a r e l Clothing, men's
Shirts and collars i
Clothing, women's
Millinery i__
B aking
Slaughtering and meat packing i
Confectionery
Ice cream
Flour i...
_
Sugar refining, cane *

PAPER AND PRINTING:

Printing, book and job
__.
Printing, newspapers and periodicals.__
Paper boxes
._
._

Lumber, sawmills
Lumber, mill work
Furniture *

_

_.
__

TRANSPORTATION EQUIPMENT:

Car building and repairing—steam
Automobiles i
Shipbuilding
___

LEATHER AND MANUFACTURES:

Boots and shoes i
Leather

_.

99.9 i
96.9

98.2
100.1
99.7

100.8

101. C

102.1

96.8
99.0
99.1
97.5

102.4
99.1
100.7
100.6
100.2

103.9 j
101.3 I
101.4 :
99.8 !
100.8

103.4
102.1
100.3
100.2
101.5

103.0
95.9
92.0
83.5

102.4
98.9
102.1
107.4

101.1
102.0
105.5
109. 9

97.4
103.3
98.3
103.5

98.3
103.5
98. 6
96.5

100.7 ! 99.5
100.0 i! 99.0
87. 7
93.6
120.6 j 117.4
99.7 i 102.0
104.0 ! 105.5

101.4
99.0
110.0
109.1
103.9
101.1

103.2
99.5
120.7
97.9
104.5
103.5

101.1
101.0
115. 0
90.2
102.8
99.0

99.2
105.0
110.3
87.8
100.7
93.3

99.4
98.9
101.6

99.1
100.2
105.4

100. 6
101.3
106.8

102. 5
101.8
104.2

103.2
101.4
103.5

101.7
99.9
108.0

100.7
98.4
106.4

98.0
98.5
102.7

100.8 100.6 \ 100.3 : 100.5 i 100.5
102.2 i 99.7
102. 5 , 103. 0 ! 100. 0
101.2 j 97.7
94.6 j 93.2 ; 93.8
I

99.7
89.2
96.1

99.8
87.5
100.0

98.1

'•

j

FOOD AND PRODUCTS:
]

LUMBER AND PRODUCTS:

No- j DecemOctober vember
ber

May

ary

99.4
100.6
96.8

101.5
100.8
94.5

100.7 i 100.7
106.3 ! 108.5
106.1
102.5

102.6
101.1
94.6

i

98. 7 j
98.7 !.
97.2 !
102.2 ! 102.8
101.4 j 102.0
96. 5 . 100. 0

100.0 ! 103. 5
98.2 i 99.5

105. 0
100.1

104.2
99.9

99.0
100.7

96.5
100.4

107.4
100.2
102.5
104.7

108.2
96.3
96.0
105.2

108.3
98.9
101. 5
107.0

105. 8
99.8
103.5 I
105. 3

102.4
100. 6
102.9
104.0

99.7
100.2
101.7
101.3

94.8
100. 3
97.5
96.4

103.9
100.6

102.4
99.4

97.5
99.0

96.4
99.2

97.3 !
98.9 !

97.1
98.!

96.0
99.3

100.9
100.0
160.8

98.5
99.8
91.0

98.0
100.9
68.4

96. 6 j 97. 5
102.2 I 101.9
68. 5
77.0

99.9 j 101.0 ! 101.9
101. 8
99. 8
99. 0
99.0
97.0
94.5

101.7
98.8
92.0

101.4
98.0

101.7
97.5

102.0
95.5

101.9
94.5

101.9
95.0

102.9
95.5

102.8 ' 98.4
102. 0 ! 104.0

93.6
105.5

95.1
107.0

91.5
103.6

98.3 ;
106.3 ! 105.0

97.6

98.5
96.3

99.5
97.8

98.2
92.9

99.5
97.9

103. 5 : 106.2
99. 0 I
99.7

106. 3
100.1

102.1
102.1

103.2

102.0

99.5

96.0

95.4

90.7

100. 6 I 103. 8

106.2

105.4

CEMENT, CLAY, AND GLASS PRODUCTS:

Clay p r o d u c t s Brick, tile, and terra cotta
Pottery
Glass i 1
Cement

NONFERROUS METAL PRODUCTS:

Stamped and enameled ware..
Brass, bronze, and copper

CHEMICALS AND PRODUCTS:

Chemicals and drugs
Petroleum refining
Fertilizers i

RUBBER PRODUCTS:

Automobile tires and tubes..
Rubber boots and shoes i.._
TOBACCO MANUFACTURES:l

C igars and cigarettes
Chewing and smoking tobacco, snuff L_

MUSICAL INSTRUMENTS:

Pianos and organs
1

100.4

In these industries there was evidence of progressive change in seasonal movement from year to year, and separate sets of seasonal indexes were
computed for each year. They may be obtained from the Division of Research and Statistics; indexes shown are for the year 1929.
NOTE.—No seasonal variation in employment was evident in the following industries: Electrical machinery, paper and pulp, and electric carbuilding and car-repair shops.




666

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

TABLE 3.—FACTORY EMPLOYMENT: INDEXES BY GROUPS
[Adjusted for seasonal variation. Monthly average 1923-1925= 100]

Year and month

TransPaper j Lumber porta- Leather "ement, NonIron and Machinclay,
Food
tion
and
ferrous
and
; and
Textiles
products printing^ products equipsteel
ery
products and
metals
ment
99.7
107.0
65.3
84.0
104.4
97.2
98.4
101.3
96.8
95.4

117.2
128.9
77.0
82.2
107.7
93.6
98.7
107.9
100.0
98.8
116.1

93.1
97.3
105.3
95.1
99.6
97.8
100.8
95.1

1919—January
February--.
March
April
—
May
June
July
August. — September.
October
November.
December—
1920—January—
February. March
April
May
June
July
-August.---September.
October.--November December..

109.7
103.3
98.6 !

121.0
118.2
114.5
113.2
110.2
107.9
108.7
114.2
117.9
122.4
126.8
131.2
134.8
133.0
135.6
134.3
132.0
133.0
133.7
131.0
128.0
123.2
117.8
110.4

1921—January—February...
March..--April
May
June
July
August
September.
October—
November.
December..

Chemi- Rubber Tobacoa
cals products products

109.0
104.1
94.6
95.4
102. 0
100.0
98.0
98.4
99.2
98.7
99.7

96.9
104.4
89.1
92.7
99.2
99.8
101.0
103.6
103.1
101. 7
104.2

93.1
88.2
74.4
95.5
100.9
98.1
101.0
100.5
92.4
88.1
88.2

96.3
104.2
71.6
78.3
106.9
94.8
98.3
98.3
88.3
90.7
94.4

107.6
98.4
87.8
97.7
106.2
96.3
97.5
96.8
97.2
93.5
93.7

84.2
89.3
73.4
87.7
100.8
99.0
100.2
101.9
97.5
92.4

114.7
121.3
74.5
90.1
107.1
95.0
97.9
99.5
97.4
96.7
101.1

108.3
97.1
70.8
81.0
101.5
95.9
102.6
108.9
107. 9
105.3
112.3

90.4
82.9
84.9
CO. 3
95.8
99.4
105.5
104.7
103. 6
103.6
105.8
107.6

114.8
112.5
110.2
110.4
108.0
107.4
108.0
106. 8
107.4
106.3
107.3
109.3

95.4
95.1
95.2
94.9
93.4
96.0
97.5
98.4
98.2
97.7
98.9
101.3

86.3
86.0
87.7
86.7
87.6
87.4
91.1
94.2
98.3
102.0
103.7
106.7

97.4
94.5
92.4
91.2
91.2
91.8
95.1
95. 9
99. 0
99.9
102.4
105.1

103.9
102.6
100.4
101.4
104.4
105.4
107.8
109. 0
110.8
112.7
115.4
116.9

73.3
73.9
75.1
81.4
85.7
89.3
82.4
£2.1
89.0
91.7
88.5
88.4

110.3
107.2
104.4
105.4
109.2
111.8
118. 8
121.6
120.7
121.1
122.1
123.8

128.9
124.9
117.2
110.6
107.4
106. 2
103.7
101.7
100.4
99.0
69.1
100.4

129.2
126.8
125.2
126.0
123.1
112.3
100. 7
90.4
95.1
99.6
114.2
113.4

111.3
107. 4
106.8
107.8
107.4
107.0
106.1
103.6
101.7
98.7
96.6
94.4

103.6
102. 5
104.3
104.8
104.7
104.8
106.8
106.7
105.9
105.3
103.4
99.8

105.8
105.4
104.8
97.8
90.4
83.9

i
j
I
I
I
j

109.0
105.9
107.7
108.8
108.8
105.6
99.4
86.2
94.0
89.6
81.7
73.0

112.4
109.4
108.9
106.3
105. 8
106.0
106.0
106.3
103. 7
98.8
95.0
92.2

116.2
112.3
111.4
111.9
110.3
105.3
98.0
93.5
84.7
82.4
78.5
76.0

91.9
93.3
90.5
87.9
88.7
90.2
89.4
88.6
88.6
87.1
89.0
86.4

127.4
122.1
127.2
126.8
123.5
128.5
128.4
126.7
126.6
123.5
108.0
86.6

101.1
98.1
98.5
97.9
97.8
98.0
101.2
100.8
95.9
97.3
92.7
86.4

118.6
112.0
112.7
116.4
111.4
110.9
110.4
110.0
109.8
107. 7
110.4
110.7

73.4
74.9
71.6
64.6
64.8
61.0
54.5
57.9
60.2
64.3
67.9
68.6

103.0 j
94.8 J
89.7 i
84.0
78.6
74.3
68.6
67.0
66.0
65.0
65.4
67.3

70.9
81.9
86.4
91.2
94.4
96.0
98.6
98.7
100.8
100. 3
99.2
98.4

92.4
93.9
94.3
93.7
94.2
93.7
94.2
93.3
95.8
97.2
97.9
94.9

95.8
94.9
93.6
89.3
83.9
84.5
85.2
86.5
87.2
88.4
89.9

71.4
73.8
74.7
74.9
74.4
74.0
72.4
72.1
73.4
75.0
78.3
79.1

75.0
71.2
68.4
67.8
69.0
67.4
69.4
72.0
73.8
74.6
75.8
74.9

73.4
78. 4
80.4
82.0
86.6
91.3
92.8
93.3
94.4
93.8
93.1
94.4

77.8
70.6
71.1
71.8
72.9
73.1
72.5
72.6
74.6
74.1
74.3
75.1

78.3
69.4
68.5
70.6
72.9
72.4
69.5
75.3
76.2
80.4
80.9
79.8

80.9
74.4
74.5
70.3
70.4
70.2
68.6
66.3
65.1
69.5
71.2
67.9

111.6
106.9
102.0
111.2
112.8
113.8
112.7
113.1
112.0
112.0
109. 3
108.2

1922—January
February-.
March
April
May
June
July
--.
August
September.
October
November .
December..

66.0
70. 1
72.1
77.0
80.7
85.9
88.1
88.6
89.2
93.6
96.6
99.4

70.0
71.0
74.5
76.9
79.8
80.6
80.8
82.0
87.1
90.3
94.1
99.0

97.8
98.0
94.1
92.3
93.3
93.9
96.1
97.1
98.4
99.2
102.4
104.7

94.4
95.0
95.1
93.0
93.4
93.6
95.3
96.9
95. 0
95.7
98.7
98.2

92.6
92.3
91.1
89.3
91.5
91.2
91.7
93.7
94.0
94.4
94.4
95.7

87.3
91.3
94.4
92.8
96.3
98.8
98.3
97.8
96.2 i
97.3 !
98.1

73.6
73.7
74.8
75. 4
78.3
82.3
57.2
66.3
77.0
88.3
93.7
98.6

94.4
94.5
91.5
91.0
91.5
94.8
97.7
98.7
101.9
103.2
105.3
107.4

76.0
77.0
81.4
83.2
87.1
87.8
88.8
91.4
93. 1
94,0
95.7
96.7

78.2
78.0
78.8
80.1
85.4
88.4
93.1
96.2
96.8
99.3
102. 8
104. 4

69.0
69.2
72.5
73.8
77.8
78.2
83.4
85.7
86.8
89.3
92.3
• 94.2

101.9
106. 0
106.3
103. 0
105.4
105. 1
113.2.
112.1
109.3
1C9.0
107. 4
107.3

1923—January
FebruaryMarch
April
May
June
July
August
September.
October
November.
December..

101.5
100.8
102.0
102.5
104. 3
107.7
106.8
107.9
106.4
106.1
104.7
102.1

101.9
103.9
106.5
108.6
109.6
110.1
111.1
110.7
110.0
108. 0
107.3
104.7

105.7
105.1
106.8
107.8
108.7
108. 0
107.4
105. 4
104.0
102.1
101.4
100.8

97.6
99.0
100.7
101. 3
101.6
102.7
102.8
103.6
103.8
104. 5
103.7
101. 5

96.1
97.1
99.3
100.2
99.7
100. 5
100.1
100.2
99.4
99.6
99.4
99.5

100.4
100. 4
100. 3
100. 6
102.2
103.2
101.9
101.0
101.1
100.8
100.2

104.7
104.4
105.9
104. 5
105. 3
107.9
107.2
108.6
108.0
109.2
110.0
106.6

108.3
108. 5
107.8
109.9
108.7
109.0
104.8
104.0
104. 0
103.1
103. 7
102.3

98.1
98.5
98.6
100.0
101. 2
103.0
101.9
102.4
102.2
101.6
100.3
101.0

106. 3
105.9
107.3
109. 6
110.3
110.8
110.4
109.0
105.0
104.0
102.8
103.1

101.4
102. 3
100. 4
105. 7
105.0
103.9
103.0
100.0
99.2
99.1
98. 5

111.0
113.7
114.7
114.6
114.5
109.9
102.3
91.7
85.9
87.4
91.0
93.3

109.0
107.7
107. 8
109.4
107.1
106.9
104.7
103.1
103.8
104.1
103. 4
102.9

1924—January
February. .
March
April
May
June
July

103.9
105. 3
106.2
105.6
99.1
94.7
90.6

101.4
99.0
98.6
97.9
94.4
91.6
88.2

100.7
100.4
99.2
96.6
94.6
93.0
89. 2

101.4
102.8
102.4
101.4
100.6
100.1
99.6

100.1
100.4
100.4
100.7
100.3
99.9
98.3

99.5
101.4
100.7
100.2
99.3
96.5
95.5

104.6
102.7
101.0
98.3
93.7
90.6
90.0

100.3
99.9
100.2
98.8
95.7
93.3
91.3

102.1
101.6
102.9
102.4
100.6
98.6
95.9

103.4
104.2
102.6
101.1
96.7
91.8
88.1

99.3
98.3
97.9
97.8
97.8
92.9
93.0

92.5
92.3
91.7
90.3
89.6
87.2
84.2

102.8
102.3
100.9
101.4
98.6
98.0
99. 3-

1919
1920
1921
1922....
1923.—
1924._.

1925—

1926._.
1927....
1928.—
1929....




93.8 I

92.2
93.9
101.0
103.0
102.8
91.3
100.3
106.7

!
!
I
!

111.6
110.8
111.8
110.1
105.1
109.2
110.4
107.7
108.4
107.2
101.7
90.0

I
I
I

i
j

I
I
i

|
!
j

!

j
i
!
:
!

!
i
j
i

I
|
!
i

85^2
82.3
80.3 j
74.8
70.4

102. 5
91.8
105.7
104.6
104.0
108.7
108.1

113.0
111.8
110.4
107.2
105.8
98.8
95.4
90.8
93.6
93.6
91.6

667

FEDERAL RESERVE BULLETIN

N O V E M B E R , 1930

TABLE 3.—FACTORY EMPLOYMENT: INDEXES BY GROUPS—Continued
[Adjusted for seasonal variation. Monthly average 1923-1925=100]

Year and month

1924—August
September.
October
November.
December...

TransNonPaper Lumber porta- Leather Cement,
Iron and MachinFood
clay,
tion
and
ferrous
and
and
Textiles products
steel
and
ery
printing products equip- products glass
metals
ment
88.2
89.8
92.6
93.2
97.2

1

91.3

90.4
92. 7
94.2
94.1
96.1

99.4
99.4
97.8
97.4
98.6

94.9
95.5
97.4
97.4
98.7

90.1
91.4
92.0
93.5

Chemi- Rubber • Tobacco
cals products products

91.9
94.2
95.8
97.1

96.9
96.0
96.3
96. 6
98.5

86.6
88.6
90.0
92.1
94.8

92.8
92.8
94.7
95.6
97.4

83.9
92.5
95. 0
101.4
101.0

99.9
98.3
90.0
97.3
97.0

1925—January
February
March
April
May
June
July
August.
September. _
October
November. _
December...

100.8
100. 3
100.3
98.3
97.2
96.6
96.4
96.0
96.0
97.6
99.2
101.8

95.0
95. 2
95.4
96.4
96.5
96.8
96.9
97.8
99.8
102.4
105.3
107.1

97.1
98.3
99.0
99.6
99.4
99.8
100.7
100.2
99.2
99.9
100.9
100.4

99.0
99.2
98.1
97.2
97.3
98.2
97.3
97.5
97.3
98.1
98.3

100.1
100.6
101.3
101.2
100. 5
100.4
100.7
100.5
100.7
101.7
101.8
102.0

100.8
102.1
100.9
100.9
100.2
100. 6
100.3
100.0
100.8
101.9
101.8
102.2

94.8
94.4
95.4
96.7
96.8
96.8
98.0
98.4
99.7
101.9
104.3
103.3

97.9
98.5
98.7
98.4
96.0
96.4
97.0
98.2
98.2
97.2
95.6

99.1
99.6
100.4
100.7
100. 0
99.7
100.4
99.3
100.0
100.6
100.8
102.3

96.6
96.1
95.1
94.8
97.3
98.4
97.9
98.0
98.5
98.9
100.8
102.2

97.5
98.7 I
100.7
101.6 i
100.2
102.0
103.9
103.7
104.8
105.3
105. 8
106.4

101.4
101.7
102. 9
106.4
108. 0
110.1
109.8
107.9
104. 5
106.6
109.1

97.4
96.9
96.9
93.9
96.9
95.3
95.5
95.7
94.3
94.7
93.6
94.3

1926—January
February...
March
April
May
June
July
August
September .
October.._ .
November.
December..

101.8
101.1
100.4
101.2
100.6
100.6
101.2
101.3
102.2
102.4
102.0
100.4

108.2
108.1
107.9
107.4
107.1
108.2
107.6
108.0
108.6
109.2
107.4
107.3

100.2
99.1
98.6
98.2
98.4
97.3
94.3
94.4
97.2
98.1
98.4
99.7

98.8
98.2
98.3
97.8
98.3
98.4
98.4
98.9
98.8
99.0
98.6
97.7

102.8
102. 5
103.0
103.3
103.5
103.6
103.4
103.7
104.3
104.8
104.8
104.0

102.0
101.7
101.4
101.8
101.4
101.1
100.7
100.6
99.3
99.4
98.7
98.3

102.4
102.3
102.2
99.7
97.8
98.2
98.0
97.8
97.9
95.6
95.1
92.6

95.0
95.3
95.2
94.5
94.9
95.8
97.3
97.8
98.1
98.6
99.5
99.4

102.8
102. 3
100.3
99.8
101.3
102.3
102.3
102.9
103. 2
102.4
102.4
101.2

101.2
100.6
100.7
100.6
99.4
98.3
98.3
98.9
100.0
99.0
99.2
98.0

107.7
106.9
106.5
106.5
108.1
109.9
109.5
109.6
110.3
111.2
110.7
109.6

108.3
107.0
106.0
105.6
102.7
101.9
97.8
104.1
106.6
108.1
105.0
102.5

91.8
92.7
92.1
91.9
89.9
92.3
90.6
89.2
89.3
89.6
89.8
90.5

1927—January
February..
March
April.
May
June
July
August
SeptemberOctober
November.
December__

98.0
98.6
98.4
98.3
98.2
97.5
96.1
95.5
94.9
94.0
93.5

105.4
104.7
103.3
102.0
100.6
100.5
98.0
97.4
95.7
94.6

99.9
100.0
100.1
100.1
100.7
101.2
102.1
102.4
102.3
. 100.7
100.8
99.6

98.4
98.4
98.4
99.2
99.0
101.0
100.0
99.4
99.8
98.7
98.8
98.4

103.2
103.9
1C3.7
103.7
103.0
102.9
102.4
103.2
103.1
102.9
102.9
102.6

96.0
94.7
93.7
92.4
92.7
92.4
92.2
92.0
91.7
91.2
90.5

90.2
92.2
91.6
90.6
90.1
89.7
88.0
87.4
86.2
85.3
84.2
H.4

98.4
97.5
98.0
97.3
97.7
98.2
98.8
98.3
97.5
96.6
94.2
94.5

99.7
99.8
100.6
100.0
99.0
98.3
98.1
95.1
95.1
94.4
95.5
94.4

97.7
95.4
97.0
97.9
100.3
98.9
99.4
99.2
97.4
96.5
95.0
94.2

110.6
109.7
110.2
109.5
108.7
108.3
107.8
107.0
106.4
105.9
105.6
104.8

101.0
100.9
101.4
105.4
108.7
107.8
105.7
104.1
102.8
102.7
103.0
104.3

90.391.6
91.7
92.7
93.0
94.6
96.3
91.1
95.696.0
95.4
94.4

1928—January
February. .
March
April
May
June
July
August
September _
October
November.
December. _

92.8
93.2
94.0
94.0
94.6
95.4
95.1
96.2
95.7
9C.6
98.2
98.5

93.4
94.1
94.7
96.7
97.6
97.9
99.7
101.9
103. 6
105.2
106.4

98.6
98.0
96.7
95.2
94.2
94.0
92.8
92.8
93.3
94.0
95.2
96. 0

98.2
98.8
99.4
99.2
98.9
97.8
98.2
97.6
98.0
98.2
99.4
100.2

102.2
102.2
101.1
100.8
101.4
101.4
101. 6
102. 1
101.4
102.0
102.3
101.7

88.0
87.9
88.6
88.3
87.8
88.0
87.1
88.0
87.9
88.1
89.0
88.7

85.4
85.9
86.3
86.6
88.7
91.1
91.7
93.2
94.5
94.4
95.4
95.6

95.5
95.4
95.3
94.2
93.6
94.0
94.7
93.3
92.7
91.8
90. 1
91.1

93.6
93.3
92.7
91.2
92.4
92.2
92.4
92.5
92.3
91.9
91.2
92.4

90.9
91.7
91.4
93.6
94.7
96.0
96. 6
97.4
99.1
101.4
103.4
103.9

103.6
104.9
105.1
103.8
103.4
105.0
104.9
104.4
106. 3
107. 1
107.0
108.0

105.4
106. 4
105.0
104.7
104.7
105.0
110.7
110.8
111.0
113.8
114.4
112.3

94.6
93.3
93.7
93.7
y3.7
93.6
89.9
95.7
93.8
93.9
93.8
93.8

1929—January
February. _
March
April
May
June
July
August
ScpteTTiber.
October
November.
December..

99.0 ',
97.6
97.8 i
98.5
99.5 ;
100.8 ;
101.3 !
101.4 !
100.2
99.1
97.4 I
93.6 j

107.8
109.8
112.0
115. 2
118.3
120.1
121.5
119.6
120. 1
119. 5
116.4
113.3

05.2
95. 4
97.4
97.5
98.1
98.6
96. 6
97.8
tK 7
97.9
96.2
93.4

99.8
99.5
99.6
100.0
99.4
100.1
99.9
99. 9
99.8
99.1
98.7

101.7
103.2
102.8
103.0
103. 6
104.2
104.8
105.4
106.3
105. 6
105. 2
105.0

88.4
88.4
88.5
89.3
89.7
89.8
90.1
90.5
89.1
87.2
85.0
82.1

96.9
98.6
98.0
98.0
97.0
96.2
96.4
94.5
93.7
90.4
87.3
8e. 0

91.4
91.7
91.5
92.4
94.1
94.1
94.9
95.4
95.6
96.0
95.1
92.6

91.9
90.9
90.0
89.9
90.2
89.9
89.6
89.7
89.9
89.7
88.4
85.0

103.6
104.0
104.2
105.1
104.0
102.9
101.9
101.2
100.1
S9. 9
94.8
91.1

108.0
109.5
110.4
112.0
112,2
111.8
113.4
114.4
114.0
115.8
113.4
111.9

113.2
111.4
112.6
113.3
114.6
114.7
113.8
110.3
105. 6
102.9
94.4
90.8

90.8
92.9
92.6
93.3
91.9
92.0
92. 6
93. 6
90.9
89.9
90.9
87.4

1930—January
February..
March
April
May
June
July
August
September.

93.6 ;

111.0
108.6
106.9
105.6
102.8
99.5
95. 2
90.8
90.2

92.2
90.3
89.4
88.6
87.4
85.7
8J.0
81.0
82.4

98.7
97.6
96.9
97.5
97.1
95.8
95.2
93. 0
92.9

104.3
103.8
103.4
103.1
103.2
102.4
101. 7
101.1
99.0

79.6
77.4
76.8
75.2
73.9
71.6
67.8
65.1
62.4

85.6
83.6
81.4
81.0
80.4
78.9
74.9
71.7
69.7

90.9
90.2
90.4
91.5
90.4
88.9
86.8
85.1
82.7

81.2
80.7
81.1
80.7
79.3
77.1
74.3
71.4
71.7

82.9
81.6
81.0
80.2
80.3
78.7
76.1
73.6

111.1
109.0
107.5
105.6
106. 5
105.7
105.4
104.4
102.3

90.4
87.3
86.8
88.0
88.0
88.0
82.4
80.0
75.3

90.8
90.1
90.2
90.1
90.9
89.7
90.4
84.1
85.1




92.8 I

91.6 !
91.9 |
91.6 I
90.0 I
87.3 !
83.9 j
81.7 i

668

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

TABLE 4.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES
[Adjusted for seasonal variation. Monthly average 1923-1925=100]
Machinery group

Iron and steel group
(?rude irori and stee I
Year and month

Steel
works
and
rolling
mills

Total

1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929

-

-

1919—January
February
March
April -May
June
July
August
September
October
November
December
1920—January
February M^arch
M!ay
June
July
\ugust
September
October
November
December
192i—January
Februarv
March
April
June
July
August
September
October
November
December
1922—January
February
Miarch
April
IVIay
June
July
August
SeDtember
October
November
December
1923—January
February
March .
April
May
June
fuly_.
August
September
October
November
December
1924—January. _
February
March
April
May
June..
July

,

100.5
108.9
64.2
81 9 1
104.4
97.3
98.2
101.6
97.3
96.6
100.7
114.5
107 1
101.4 1
95.4
93.3
95.9
102 8
104.1
103 3
86 6
97 2
104.4
110 2
110.4
112.4
109 9
105 2
111 4
111.5
109 3
112.2
112 2
107 5
94 2
75.9
76 4
72.2
63 2
63 4
60 3
52 4
55 4
57 5
62 1
65.4
66.0
62.4
66.9
69 3
75 1
79 1
84.6
86 6
86 6
86 8
92 4
95 4
:
97 4
1 99.8
100.0
101.3
101.7
104.0
108.5
106.4
108.7
107.1
107.4
_.
••

106.2

102.7
!

i
!

104.9
106.5
107.9
107.1
99.1
94.1
89.9




104 9
97.0
98.1
100 8
96 3
95.7
99 8

100.4
100.4
101.5
101.9
104.5
109.1
107.1
109.2
107.4
107.8
106.3
102.6
104.9
106.8
108.6
107.9
98.8
93.4
1 88.8

Castiron
pipe

95.9
102.0
102.1.
106.9
100.0
91.3
86.6

90.9
92 7
92.5
92.8
93.1
96.4
97.8
97.3
96.9
98.6
100.4
100.9
104.5
106.5
104.9
104.7
104.0
101.4
99.6

Heating apparatus
Structural
ironwork

104.6
97.7
97.7
107.6
106.6
108.9
117.0

97.7
98.1
102.9
103.3
103.9
107.4
104.4
108.8
108.2
107.6
107.8
105.1
104.8
104.0
101.9
100.2
99.2
97.8
96.8

Hardware

106 1
105.2
70.8
91.2
104.2
97.0
98.8
97.7
92.7
90.6
93.6
103.8
104.4
103.6
101.7
103.3
96.5
101 1
107.4
110 3
110.7
114 4
116.3
117.7
117.8
114.7
112.0
103 6
106.3
106.9
105.8
102.8
98.1
91 7
85 1
69.7
71 2
72.2
72 4
73 1
71.6
66.3
66.9
69.3
70 4
72.4
73.4
74.8
79.9
82 1
85.4
88 7
91.3
94.5
97.2
97.3
98.5
100.9
103 4
103.5
104.4
104.4
105.0
104.4
103.8
106.3
107.1
106.1
103.8
100.5
100.5
102.2
104.4
102.1
101.3
99.6
96.3
91.3

Total

88.4
96.7
67.2
90.0
104.0
96.8
99.2
102.9
97.6
91.9
91.8
84.8
77.3 !
75.9
75.2
74.5
78.2
89 9 j
91.3
92 4
102.1
106 7
111.8
114.5
106.2
104.4
109.2
106 2
97.1
106.8 !
99.0 1
89.2
84.9
74 0
68 2
61.3
69 2
67.0
66 2
65.6
55.8
55.6
65.3
68.5
72 3
79.2
80.6
80.2
81.7
80 5
81.3
82 7
88.7
91.3
93.7
97.0
95.7
99.7
107 3
110.4
102.5
104.6
105.6
105.8
106.3
109.3
103.6
101.8
100.1
99.4
99.5
98.9
98.0
99.1
99.9
98.8
97.3
94.7

Steam
fittings,
etc.

102.1
97.9
100.0
102.5
99.5
90.9
86.9

Stoves

105.8
95.8
98.4
103.3
95.9
92.9
96.4

_

102.3
100.3
103.4
103.3
103.8
103.6
106.1
102.7
101.1
100.0
98.7
99.8
99.9
97.6
100.3
102.4
100.4
98.6
98.1

117.7
104.6
105.8
107.6
107.7
108.7
112.3
104.3
102.4
100.2
100.2
99.2
97.9
98.3
98.1
97.6
97.2
96.0
91.4

ElecFound- trical
Agriculries
ma- Machine tural
and ma- chinery
tools
implechine (unadments
shops justed)

Total

117.2
128.9
77.0
82.2
107.7
93.6
98.7
107.9
100.0
98.8
116.1
121.0
118.2
114.5
113.2
110.2
107.9
108.7
114.2
117.9
122.4
126 8
131.2
134.8
133.0
135.6
134.2
132 0
133.0
133.7
131.0
128.0
123.2
117 8
110.4
103.0
94 8
89.7
84 0
78.6
74.3
68.6
67.0
66.0
65 0
65.4
67.3
70.0
71.0
74.5
76.9
79.8
80.6
80.8
82.0
87 1
90.3
94.1
99.0
101.9
103.9
106.5
108.6
109.6
110.1
111.1
110.7
110.0
108.0
107.3
104.7
101.4
99.0
98.6
97.9
94.4
91.6
88.2

111. I
92.1
96.8
1 105.1
96. 9'
1 94.4
1 106.7

108.3
91.5
100.2
119.8
114.5
126.2
161.8

99 9
97.8
102.3
111.6
102.6
99.6
125.6

110.0
87.9
102.1
115.4
118.7
140.7
159.1

_ _

_

I

1
|

I

J

j
1
i
1

105.9
107.4
109. 6
111.9
113.2
114.2
115.6
115.4
113.9
111.0
109.6
105.7
101.0
97.3
96.2
95.8
92.8
90.7
87.5

93.0
95.4
98.4
99.8
99.8
99.3
100.8
100.6
102.3
102.4
103.9
103.4
103.1
102.7
103.9
103.3
99.1
95.0
91.5

100.9
103.6
108.2
113.4
115.8
115.9
113.6
111.5
107.6
106.1
101.3
101.1
98.0
98.1
98.6
97.2
94.4
93.1
87.1

103.7
113.1
116.9
117.8
118.8
117.8
114.6
109.5
106.6
100.5
101.1
99.9
100.0
99.1
98.5
92.7
86.1
78.2
75.3

669

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

T A B L E 4 . — F A C T O R Y E M P L O Y M E N T : I N D E X E S BY I N D U S T R I E S — C o n t i n u e d

I Adjusted for seasonal variation. Monthly average 1923-1925=100]
j
Year and month
! Total

Steel
works
and
rolling
mills

1924—August
September..
October
November..
December..

87.1
88.6
92.0
92.6
97.7

85.7
87.5
91.6
92.4
98.0

1925—January
February...
March
April
May
June
_
July...
August
September..
October
November..
December. _

101.8
101.0
100. 9
98.8
97.3
96.3
96.0
95.1
94.8
96.7
98.3
101.1

1926—January
February...
March
April
May
June
July
August
September...
October
November..
December..
1927—January
February...
March
April
May
__
June
July...
August
SeptemberOctober
NovemberDecember..
1928—January
February...
March
April
May
June
July
August
SeptemberOctober
November...
December..
1929—January
February
March
_
April
May
June
July
August
September...
October
November...
December...
1930—January
February
March
April
May
June
July...
August
September...

Machinery group

Iron and steel group
Crude iron and steel
Structural
ironwork

Castiron
pipe

Hardware

86.7

92.3
94.0
96.0
95.3
96.9

86.1
85.4
85.0
86.4

77.7
81.3
85.0
88.6
92.6

97.2
98.3
98.2
94.4
95.6
97.4
96.4
98.5
99.4
99.9
102.4
102.8

95.0
94.0
94.0
95.2
94.1
95.4
95.0
96.4
95. 5
96. 5
96. 2
96.8
96.0
96.9
96.2
97.8
97.2
99.8 jl
99.2
102.4 l!
105.3 |i 101.4
107.1 U 103.0

97.9
98.6
98.8
100.0
98.8
97.7
98.2
99.8
103.6
108.2
112.2
114.2

91.8
92.0
91.6
93.1
94.7
97.6
100.1
102.4
107.7
111.9
115.4

91.0
93.6
96.0
97.9
98.2
98.4
99.4
105.1
109.5
109.8
112.7
113.0

102.8
101.8
101.4
100.7
100.1
100.1

104.1
102.9
102.4
104.6
102.5
102.4
105.0
103.8
103.3
103.1
103.1
102.2

108.2
108.1
107.9
107.4
107.1
108.2
107.6
108.0
108.6
109.2
107.4
107.3

104.7
104.9
104.9
105. 0
105.0
106.6
105.9
105.9
105.7
105.2
103.3
104.6

114.0
113.4
112.8
110. 4
109.7
109.4
108.8
109.7
111.7
115.2
113.3
110.4

117.6
116.2
117.9
118.8
118.4
119.2
120.0
120.4
121.4
122.1
122.8
122.3

113. 9
113.3
111.6
112.8
112.9
115.2
114.7
118.1
120.6
118.4
118.4
115.9

99.3
98.3
99.0
98.6
99.7
103.4
100.6
101.6
99.8
97.4
96. 9

101.5
99.2
99.3
97.4
97.6
97.9
91.5
94.7
95.0
93 3
92^4
91.5

105.4
104.7
103.3
102.0
100.6
100.4
98.9
98.8
98.0
97.4
95.7
94.6

103.3
103.1
101.8
100.1
98.4
97.2
96.3
95. 9
93.9
92.4
90.4
90.0

106.9
105.3
103.6
102.9
101.7
103.8
100.3
100.4
102.0
103. 1
102.0
98.9

121.7
118.8
117.4
116.7
114.8
115.0
112.7
112.5
112.8
111.7
110.1
110.0

113.0
113.6
113. 6
112.8
114.4
118.1
120.0
122.6
123.1
124.1
123.1
126.4

90.1 j
90.7 i
91. 3
91.9 j
92.8
93.3 I.
92.6 i
94.1 I
91.8 i
92.3 i
91.8 '
90. 7 I

92.2
91.0
92.0
92.2
92.7
92.4
91.1
94.6
89.6
89.8
88.2
84.7

88.1
90.4
90.7
91.7
92.9
94.1
94.0
93.7
93.7
94.6
95.0
96.2

93.8
93.4
94.1
94.7
96.7
97.6
97. 9
99.7
101.9
103.6
105.2
106.4

96.0 i
94. 8 I
95.4 j
94.8 I
95.6 '•
96.9 '
96. 2 j
100.2 i

95.3 i

92.6
92.3
90.2
89.1
85.9
84.1
82.3
83.6
83.4
85.7
87.2
86.0

97.7
96.7
97.1
97.6
97.7
97.4
97.8
96.8
98.0
98.0
92.6
89.3
88.2
88.9
86.7
83.9
82.1
82.0
79.5
77.1
72.6

107.8 il

90.0
89. 9 !
90. 3 |
91. 2 i
93. 5 !
93. 9 I
94.3 |
95. 2
96.6
97.9
99.7
100.3
101.8
103.2
104.9
107. 5 |
109.7 I
109.9 I
110.4
107.4 ;
108.4 I
108. 0 j
105.6
103.4
101.6
99.5
97.5
97.0
95.2
92.3
88.8
84.4
83.3

109. 9
110.7
113. 0
117.1
121.2
124.6
127.2
130.6
134.3
104. 0 I
106. 0 I 137.4
106.8 j 142.2
108. 8 1. 146.7
109.8 I 149.4
112.6 i 151.9
116.1 : 157.4
119.9 ! 159. 8
125. 3 ' 161.7
130.6 ' 165.9
134. 0 | 168.1
168.7
134. 7
135.2 i 169.8
169.4
134.3
129. 8 ! 164.4
125. 0 i 154.9
122.0 ;
148.7
119. 0
142.4
118.1 i 139.4
115.9 ! 136.1
111.5 ,: 133.1
108. 6 j 130.5
103.9 ! 120.6
115.9
101.0
101.3 i 111.7

127.0
127.9
130.6
132.1
136.2
142.2
145. 4
144.6
146.6
150.3
151.3
153.7
154.1
156.6
158.3
166.0
167.7
168.0
169.4
161.2
154.6
151.8
150.8
150.7
150.1
149. 8
149. 2
141.8
136.3
121. 1
110.2
95.9

102.4
101.-*
101.2
99.0
97.1
95 9
95.4
94.6
94.3
96.2
98.0
101.2

100.4 I
103.4
102.4 !
100.9 |
101.9 !
100. 9 j
100.5
102.1
102.7
103.2
102.8
103.9

96.4
95. 9
96.7
96.3
97.1
99.0
100.6
97.4
96.7
98.8
98.5
99.1

96.5
97. 7
98.7
97.7
98.6
98.3
97.7
99.2
99.8
99.9
100.4
101.2

98.2
97.8
97.7
95.3
95.9
96.9
97.8
98.4
99.6
101.7
104.4
106.6

101.4
100.7
100.1
101.1
100.7
101.0
101.5
101.7
102.9
103.4
102.9
101.3

101.3
100.3
99.6
100.4
100.0
1G0.2
100.0
100.6
101.8
102.4
102.1
100.3

105.6
107.4
105.9
105.8
105.0
103.4
109.3
108.2 |
109.7 I
108.4 !
107.3 I
104.2 !

100.7
102.3
103.2
106.1
106.4
107.2
112.7
110.6
111.4
110.5
110.0
109.8

100.9
101.0
99.8 ,
99.2 '
98.4 '
96.8 i
96.9 |
96.9 I
98.7 i
96. 0 i
93.6

105.5 [•
103.8 I
102.9 !.i
103.9 I,
102.3 s.
102.7 \
103.9 i,
102.9 I,
102.4 !•
102.0 I,
101.7 !
101.2 l|

99.4
98.4
99.2
99.2
99.0
98.8
98.1
96.8
95.6
95.1
94.4
93. 8

98.4
97.4
98.2
98.1
98.0
97.9
97.2
95.7
94.6
94.3
93.4
92.6

104.8
103. 8
103.7
102.7
103.9
102.0
99.8
98.2
95.8
94.4
94.6
96. 1

107.7
107.4
107.4
108.1
107.1
107.1
106.7
106.6
105.9
104.4
105.0
105.5

93.4
93.8
94.4
93.9
94.0
93.3
93.5
90.1
92.0
92.1
90.9
90.8

100.2
99.2
98.8
98. 1
98.1
98.7
97.2
97.5
98.2
96.4
94.8
94.1 I

92.6
93.1
94.3
94.2
94.6
95.6
95.7
96.3
96.1
97.0
99.2
99.4
99.6
97.6
97.8
98.9
100.8
102.7
103.2
103.6
101.6
99.7
98.4
93.6
94.5
94.2
93.0
93.6 ,
94.1 j
92.6
89.6
85.8
83.3

95.1
92.0
92.5
92.2
94.2
94.0
89.1
89. 5
91.2
90.5
88.0
86.7
87.3
81.7
84.1
84.0
84.9
87.4
88.8
90.7
91.9
90.1
85.8
82.3
79.4
80.0
80.5
81.4
80.9
81.0
77.6
76.1
75.4

105.9
105.9
105.2
105.4
107.5
108.9
108.2
110.4
108.9
110.5
112.6
116.9
115.2
114.4
115.4
115.6
115.7
116.3
118.0
118.4
119.4
119.8
118.8
116.6
115.0
111.1
110.3
111.0
110.0
109.0
108.2
101.9
101.0

89.0
89.2
89.5
88.7
88.9
89.9
89.0
91.9
91. 5
92.3 |
93.2 j
94. 0
93.4
94.9

95.7 I
96.6 I

96.4
97.2
97.0
97.9
99.9
100.4
100.4
98.4
98.8
99.7
101.4
103.3
103.9
104.3
102.7
101.0
99.7
95.1
95.7
95.1
94.0
94.6
94.9
93.6
90.7
86.8
84.5




95.8 I

95.6 I

95. 6 I
94.3 !
94.0
95.1
93.4
93.3
94.2
90.5
89.1
89.0
86.8
85.6
86.3
82.9
80.8
78.6
76.8
74.6

Total

Elec- I
Found- trical
Agriculries
ma- Machine tural
and ma- chinery
tools
implechine (unadments
shops justed)

86.4
87.5
90.0
92.9

95.2
95.0
91.3
91.1
94.7

!

89.4
92.8
93.7
94. 5
96.2

Steam
fittings, Stoves
etc.

Total

I
!
;
!
|

94.2
95.1
95. 1 .

100.7
98.6
101.3
100.4
97.8

Heating apparatus

94. 4
94. 7
95. 3 :
95. 6
95. 2 1

I!
I.
j:
|
!:
,:!
j
j:
:
V

94.6 !
93.8 ;
93.4 ,
92.0 j|
91.1 ,|
90.4 |
90.4 J
91.0 \\
92.1
90.0
87.7
84.0
83.8
81.8
79.8
78.4
75.7
74.1
72.6
70.1

95.5
95.2
95.6
96.1
94.4

93.5
94.2
95.0
95.0
95.8

99.4
97.3
97.1
96.3
96.2
96.3
99.4
98.4
99.7
103.7
106.5
110.8
106.9
104.8
103.4 I
103.1
102.1
102.9 I

79.4
78.3
76.4
75.2
74.3
68.8
68.2
67.6
67.4

88.0
88.4
89.8
91.3
93.9

109.8 ||
112.0 ;
115.2 !
118.3
112.1
121.5
119.6
120.1
119.5
116.4
113.3
111.0
108.6 '
106.9 !
105.6
102.8
99.5
95.2
90.8
90.2

104.4 I

670

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

TABLE 4.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued
[Adjusted for seasonal variation. Monthly average 1923-1925=100]
Textiles and products group
Wearing apparel

Fabrics
Woolen and worsted manufactures

Year and month

Hosiery ;

Cotton
goods

1919..
1920...
1921—
1922_.
1923—
1924..
1925__
1926..
1927._
1928..
1929_ ..
1919—January
February..
March
April
May
June
July
August
September.
October
November.
December..
1920—January
February
March
April
May
June
July
August
September
October
November
December
1921—January
February
March..
April
May
June
July
August
September
October
November
December
1922—January
February
March
April
May
June
July
August
September
October
November
December
1923—January
February
March
April
May
June
July
August
September
October
November
December
1924—January
February
March
April




Total

96.7
97.0
92.5
92.3
106.0
93.9
100.1
99.9
10c, 0
95.2
95.5
94.1

I
[
|
I
I

91.4
97.7
98.3
99.0
100.4
99.3
99.3
99.4
103.4
103.6
100.1
102.6
102.7
100.3
100.5
102.2
100.2
96.8
92.8
84.8
77. 7 |
75.8
89.3
89.2
89.4
91.3
91.9
T4.5
96.5
97.9
98.3
98.6
97.5

I
!
I
i
I
i
I
|
I
j

97.7 I
93.9
81.4 !
82.0
84.2
85.5
88.8
91.4
94.8
97.6
103.7
106.7
106.2
106.1
108.1
109.6
110.9
110.7
108.3
105. 8
104. 6
100.7
100.7
100.8
98.8
98.6
96.1
94.4

89.9
84.2
87.7
96.7
108. 7
97.2
94.1
86.7
88.9
86.1
87.8
72.0
48.2
60.9
77.8
88.4
101.8
108.7
170.3
106.6
102.4
102.3
101.7
108.2
105.4
109.8
110.3
111.0
100.2
61.9
57.8
68.2
68.4
59.1
49.7
44.0
61.5
74.3
89.8
96.7
99.2
101.9
100.4
100.8
96.1
93.9
93.8
89.9
91.0
91.7
89.1
92.0
94.2
97.6
97.6
102.2
102.8
105.1
107.0
106. 2
107.1
109.9
112.3
113.1
112.3
114.6
110.4
107.8
104.4
103.8
103.2
102.4
102.4
103.6
99.2

W'oolen
and knit
and
Ca_rpets
goods
orsted andd rugs
goods

109.7
97.3
93.0
84.6
87.4
84.6
85.7

103.9
96.2
99.9
97.6
96.6
93.4
98.9

92.9
96.8
87.4
103.8
104.9
94.3
100.8
101.1
102.9
99.6
103.3

i
;
!
'
,
;

i

87.3
79.8
79.5
80.4
85.6
92. 0
100.9
101. 5
98.6
101.2
101.7
1C6.4
108.8
105.6
108.1
109. 2
110.6
107.
107. 5
103.3
93.8
80.9
68.6
57.9
54.6
66.8
75.6
81.4
86.8
90.1
91.3
93.7
97.6
101.7
104.2
105.0
105. 5
106.9
106.3
105. 4
103.9
103. 9
102.8
104.3
100.6
100.9
101.7
103.7

107.0
108.4
111.8
114.5
115.2
113.5
115.4
110.9
107.9
104.3
103.9
103.3
102.6
102.4
103.6
99.2

102.0
100.4
100.1
100.6
102.4
106.1
109.9
107.9
106. 9
105.2
103.2
102.2

105. 0
104.2
105. 0
105.6
107.0
106. 6
107.2
106.0
103. 2
102.9
103.0
103.2

101.1
102.3
103.5
98.7

103. 41
102.4
102.7
100.8

Silk
manufactures

101.9
104.4
97.8
95.1
99.6
94.9
105. 5
102.8
101.2
99.7
100.6
95.3
90.8
92.0
100.7
104.3
103.1
107.2
108.0
100.9
102.0
107.7
111.0
113.2
111.2
108.2
112. 1
113.6
112.2
107.3
102.8
98.0
95. 4
93.1
86.1
82.8 !
84.9
90.0
95.2
98.8
102.2
104.5
102.4
104.7
103.4
101.9
102.2
103.1
101.0
99.7
93.8
91.7
91.0
91.3
90.3
91.4
92.7
96.4
98.7
99.1
99.1
99.4
100.9
101.5
101.6
100. 9
100.7
99.9
97.9
97.5
96.8
97.3
97.4
95.8
94.2

Dyeing
and finishing
textiles

84.9
80.5
77.9
83.3
97.0
94.9
108.1
109.9
113.2
112.5
115.2
84.2
75.9
73.9
79.5
82.6
85.9
86.9
87.8
87.9
89.2
92.1
93.2
93.5
92.4
89.0
86.3
83.7
83.8
82.8
81.5
75.7
68.4
66.1
63.3
61.0
70.7
73.7
76.0
79.1
80.9
80.4
81.6
82.5
82.7
84.1
81.3
82.5
77.8
79.4
71.2
73.2
77.2
80.7
82.9
90.0
92.1
95.6
97.4
99.6
98.9
97.8
99.7
99.5
98.6
98.4
94.6
93.0
94.7
94.3
94.9
89.5
93.6
93.5
94.1

Shirts Clothing,
Clothing, and
col- women's Millinery
men's
lars
96.5
101.6
90.6
100.1
106.9
97.6
95.5
89.2
79.8
71.5
71.3
80.0
82.0
83.3
89.6
93.4
93.3
99.2
96.9
102.9
108.2
118.3
111.3
110.9
109.1
114.7
123.0
125.3
114.4
108.7
101.4
96.2
86.4
73.3
55.4
61.0
73.2
78.3
87.3
87.8
90.8
97.7
101.8
101.9
102.0
102.6
103.4
102.2
99.1
99.9
96.2
96.2
97.7
99.6
98.3
99.5
100.3
103.4
108.3
109.2
108.8
111.6
109.8
111.1
107.8
107.2
104.6
104.9
103.2
102.5
102.4
106.3
106.6
103.7
96.9

92.1
106.8
97.7
108.4
107.5
93.7
98.8
101.2
105.2
105.4
106.0
87.9
87.2
84.5
83.0
85.7
88.1
87.7
92.4
96.5
99.1
104.5
108.8
109.2
107.7
108.4
109.0
109. 4
110.2
111.6
110.0
109.8
108.6
98.8
88.7
84.1
93.3
96.6
97.8
100.4
97.8
95.6
73.1
104.9
107.3
109.0
112.7
112,3
111.7
111.1
110.5
109.6
109.2
107.2
110.7
106.8
103.3
103.3
105.2
108.0
107.3
107.8
107.0
107.3
107.0
107.9
109.0
108.1
107.9
107.2
105. 7
104.7
101.4
100.9
97.9

131.2
123.6
114.1
104.8
105.7
93.9
100.4
104.0
123.0
123.4
133.2
126.2
114.6
112.8
120. 5
119.9
127.9
159.2
145.9
139.3
135.1
134.9
137.8
135.5
129.4
126.9
122.0
123.3
124.2
123.3
123.4
120.4
121.5
118.7
115.1
112.2
111.8
115.5
116.1
121.4
120.6
125.1
123.4
119.0
114.1
99.2
90.7
88.7
110.3
109.9
107.3
108.4
105.6
109.4
109.3
105. 6
101.9
102.2
99.0
107.8
105.4
106.4
108.6
108.9
109.0
107. 8
106.4
104.3
105.6
101.4
96.2
100.4
99.4
97.2
96.3

95.1
98.0
100. 2
103.3
100.9
99.0
100.1
97.8
102.4
84.5
83.5
92.6
93.3
93.2
90.8
101.7
98.8
99.4
98.1
97.0
90.2
90.6
94.9
99.6
95.2
94.6
95.2
96.6
97.4
96.1
94.8
99.0
102.8
103.3
100.9
96.6
104.3
103.7
102.8
99.2
102.1
98.6
98.3
99.1
98.3
98.7
100.2
100.6
101.0
101.2
104.0
104.7
103.1
107.2
105.4
103.2
103.4
102.7
103.7
105.6
97.3
102.4
100.6
100.7
99.2
98.4
100.9
100.9
102.2
101.9
100.9
100.6
98.0
99.9
97.5

671

FEDERAL RESERVE BULLETIN

N O V E M B E R , 1930

TABLE 4.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued
[Adjusted for seasonal variation. Monthly average 1923-1925=100]
Textiles and products group
Wearing apparel

Fabrics
Woolen and worsted manufactures

Year and month
Cotton
goods

Total
1924—May
June
July
August
September.
October
November.
December..
1925—January
February
March
April
May
June
July
August
September
October
November
December
1926—January
February
March
April
May
June
July
August
September
October
November
December
1927—January
February
March..
April
May
June
July
August
September
October
November
December
1928—January
February
March
April
May
June. -_.
July
August
September
October
November
December
1929—January
February
March
April
May
June
July
August
September
October..
November
December
1930—January
February
March
. April
May
June
July
August
September

._

_




92.5
91.5
90.0
90.5
90.3
93. 4
92. 6
96.2
98.0
99.0
99.4
101.0
101.8
102.1
100.9
100.3
97.5
100.4
101.1
100.0
99.9
100.2
100.9
101.1
100.8
99.3
97.8
97.0
300.4
100.4
100.3
100.2
101.2
101.8
103.0
104.3
105.1
106. 4
109.2
109.1
108.5
105. 7
104.7
101.4
100.4
98.8
97.0
96.6
92.8
92.6
93.0
92.7
92.6
93.6
95.4
96.2
97.1
96.7
96.7
96.7
97.2
97.8
96.6
95.8
95.4
94.0
92.3
90.1
89.3
86.6
86.0
86.9
84.2
82.1
78.3
76.3

92.4
90.6
89.8
94.2
97.1
97.7
99.7
98.8
97.9
97.5
97.5
95.4
94.3
94.9
92.7
92.1
89.9
89.6
89.2
89.2
84.4
84.3
85.0
84.8
84.1
86.3
84.9
87.7
89.5
90.6
91.1
90.0
89.1
88.2
88.8
88.5
89.2
89.3
87.2
87.1
87.3
86.7
86.4
85.1
84.6
86.0
87.0
86.6
86.0
83.8
85.9
87.2
87.4
87.7
87.4
88.0
89.4
90.3
89.4
89.9
90.3
89.6
88.3
83.3
80.0
79.2
76.7
72.9
69.8
72.4
72.9
71.6
71.3
70.0

Woolen
and
worsted
goods
97.1
92.9
91.0
89.6
94.4
97.5
98.0
99.7
98.7
97.4
97.0
96.8
94.1
92.6
94.0
91.4
90.7
88.4
87.8
87.3
87.4
81.7
81.5
82.3
82.4
81.9
84.6
82.6
85.8
87.9
88.4
88.3
89.2
89.8
88.8
87.8
86.6
86.9
86.2
87.7
87.9
85.9
86.0
86.0
85.6
85.0
83.7
83.2
84.8
86.1
85.3
84.7
82.1
83.9
85.6
85.6
85.9
85.3
86.1
87.8
88.8
87.3
87.9
88.2
87.8
85.7
80.3
77.2 |
76.8 I
74.1 !
70.3 i
66.7 \
71.2 I
72.5 '
72.4 !
71.4
70.4

Carpets
and rugs
95.4
90.1
88.4
90.8
92.9
94.7
96.3
99.2
99.7
100.4
100.0
101.3
102.0
102.0
99.4
99.4
99.4
97.6
98.9
98.8
98.9
98.5
98.8
99.0
97.0
95.6
95.3
97.0
97.6
98.1
97.9
97.4
97.8
97.9
96.4
96.3
96.2
98.7
100.3
97.6
96. 6
93.9
93.0
94.4
92.6
93. 8
92.2
92.0
92. 2
92.1
93.3
92.5
92.3
96.2
95.9
96.6
97.4
98.1
97.9
98.4
98.6
100.6
100.2
101.0
99.3
101.9
99.0
94.6
91.9
89.9
86.3
85.6
79.4
74.8
67.2
70.6
68.2

Hosiery
and knit
goods

97.7
93.4
83.5
85.0
87.8
89.3
91.0
94.0
96.4
98.4
99.3
99.6
100.3
100.1
102.9
101. 4
101.4
102.8
103.0
103.4
103.6
102.6
102.1
100.7
100.4
100.0
99. 8
101.3
101.7
103.0
103.5
102.1
101.3
101.4
102.3
102.9
101.4
101.6
104.1
104.2
105.2
104.8
103.8
103.0
101.3
98.9
97.7
97.1
98.3
98.5
99.2
99.9
98.7
99.3
100.1
100.7
102.3
102. 6
106.1
105.1
106.9
107.9
106.4
103.1
98.2
97.3
94.0
93.7
93.8
93.4
89.0
86.1
89.4

Silk
manufactures

92.7
92.4
90.4
93.4
95.3
96.4
96.5
96.2
98.1
98.6
99.4
101.3
103.3
106. 2
108.6
109. 8
110.1
109. 6
110.7
110.8
111.5
108.4
104.0
101. 9
99.8
99.2
99.2
100.4
101.4
102.4
103.1
102.3
102.1
100.5
101.3
102.4
102. 6
101.7
101.4
102.0
101.6
99.2
98.8
100.6
100.4
101.9
101.8
98.2
99.3
100.0
97.4
97.8
98.6
100.3
99.9
100.5
98.5
99.2
100.1
102.0
101.6
102.0
102.9
102. 8
101.8
100.3
99.7
98.6
97.5
98.3
97.3
96.7
91.4
89.8
82.7
81.4
79.1

Dyeing
and fin- Clothing
ishing
men's
textiles
93.1
93.9
93.3
93.5
96.5
97.2
98.9
101.6
104.4
104.9
106.9
107.7
108.3
107.2
109.2
108.9
108.9
110.1
110.2
110.1
111.4
110.3
110.6
109.4
108.9
109. 6
107. 5
110.2
110.4
109. 5
110.7
110.2
110.2
110.3
111.1
111.5
112.6
113.0
113.9
114.9
115.4
115.0
115. 4
114.4
114.1
114.0
112.8
110.1
111.6
110.8
111.7
111.9
112.0
112.2
114.3
114.5
114.6
115.4
116.0
114. 6
116.9
116.1
116.6
115. 4
116.9
115. 6
113.2
110.4
111.6
110.8
110.2
107.7
107.5
103.3
98.7
102.1
99 2

95.8
98.5
97.0
94.1
92.9
92.8
92.0
93.4
94.5
96.3
95.5
95.4
93.2
94.8
95.3
95.5
95. 8
95.6
97.6
96.9
95.3
94.3
93.0
91.4
90.1
89.2
85.8
86.7
85.7
85.9
85.7
87.8
84.8
85.0
83.2
80.8
80.3
80.0
79.1
79.1
78.0
77.5
75.8
74.5
74.4
74.0
73.3
71.6
71.2
71.4
69.6
70.3
70.6
70.4
70.8
70.4
69.4
69.7
71.3
71.2
71.8
72.4
72.0
72.2
72.3
71.6
71.8
70.2
68.7
67.8
66.0
65.5
64.1
63.1
61.1
60.0
61.6

Shirts
and col- Clothing, Millinery
lars

95.7
91.7
86.8
83.4
89.2
90.0
90.4
90.5
92.0
93.7
94.9
96.5
99.4
99.3
101.4
101.9
101.9
100.3
102.4
102.1
102.3
102.3
102.4
99.8
100.7
100.8
101.3
99.9
101.2
101.8
101.6
100.4
101.3
101.6
101.6
101.8
102.8
104.4
106.1
107.4
108.1
108.1
109. 3
109.3
109.3
108.0
108.8
106.0
104.8
104.3
104.3
102.3
104.0
104.8
104.1
104.1
103.4
103. 7
105.8
106.1
107.2
107.5
106.9
108.6
108.6
106.1
104.4
104.0
102.4
101.8
100.5
99.3
94.3
94.3
91.3
88.1
88.9

93.7
89.7
75.7
87.5
97.0
97.7
95.9
95.7
92.8
95.8
102.4
99.8
97.7
97.2
101.1
100.9
103.1
103.2
106.7
105.2
103.7
105. 6
104.7
103.7
111.1
111.2
87.0
89.7
101.9
104.1
106.2
119.0
117.9
117.3
118.2
118.1
122.0
121.8
125.1
125. 9
124.9
122.7
131.0
131.0
127.1
127.9
128.1
125.0
124.8
120.1
115.8
116.3
122. 0
121.4
123. 5
128.3
120.9
123.0
139.8
135.4
133. 3
136.6
113.5
129.9
141.9
141.9
144.0
137.8
133.4
128.9
136.6
133.3
135.1
129.8
111.8
124.4
140.2

98.0
96.3
96.8
101.0
105.4
99.0
98.4
97.0
99.1
102.4
99.8
99.0
98.5
101.1
103.1
103.0
96.2
96.9
99.7
102.6
99.3
97.6
97.2
102.3
105.8
95.1
92.7
90.6
94.5
98.3
100.3
99.3
103.1
107.1
108.3
104.2
104.0
102.4
103.3
101.2
101.4
102.0
96. 2
95.8
92.6
90.9
85.6
85.1
83.0
86.8
77.6
82.7
81.8
82.0
83.3
82.9
81.2
83.0
84.8
85.4
86.7
88.0
85.2
87.1
84.3
83.5
78.7
74.1
82.4
82.9
83.4
79.4
79.1
72.8
72.5
78.2
79.7

672

FEDERAL RESERVE BULLETIN

N O V E M B E R , 193 0

TABLE 4.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued
[Adjusted for seasonal variation. Monthly average 1923-1925=100]

Food products group

Year and month

Slaughtering
and
Bakmeat
ing
pack- Total
ing

87.0
95.3
92.0
91.9
99.7
101.0
99.3
101.8
105.6
106.2
107.4
87.0
86.6
85.4
86.7
86.8
86.6
June
85.6
July
August __ __ _ 85.5
86.0
September
86.6
October
89.1
November
91.8
December
95.2
1920—January
94.8
February
94.5
March
95.3
April
96.2
May
95.6
June
96.2
July
97.4
August
95.4
September
94,7
October
94.4
November
93.8
December
91.5
1921—January
89.9
February
March.
88.9
89.9
April
91.3
May
June
92.9
93.1
July
93.6
August
93.5
September
94.4
October
93.7
November
91.8
December
1922—January
92.3
91.6
February
92.1
March
April
89.4
90.2
May
90.9
June
94.2
July
August.__ _ __ 92.0
91.2
September
91.8
October
93.8
November
93.1
December
93.9
1923—January
97.1
February
98.3
March
98.1
April
98.9
May
_
100.5
June
102.1
July.
101.9
August
101.8
September
102.9
October
November
_. 99.8
100.8
1924—January
101.3
103.3
February _
102.3
March
101.3
April
101.7
May.
101.7
June
1919
1920
1921
1922
1923
1924
1925
1926
1927
- _1928
1929
._
1919—January
February
March
April
May




127 0
111.8
94.3
92.2
104.7
100.3
95.0
93.2
93.9
94.3
95.7
142.3
134.5
131.2
126.1
123.1
125.4
124.6
125.0
124.0
121.9
120.6
124.9
121.1
119.7
119.4
119.6
115.3
114.8
110.7
109.0
107.4
103.7
101.4
99.6
94.9
97.1
96.9
95.7
98.4
94.1
94.9
93.1
91.7
93.4
94.3
87.1
89.9
89.4
89.4
89.9
90.1
91.2
91 7
91.9
94.0
94.1
96.2
99.1
99.9
100.1
101.7
103.3
104.5
105.1
106.1
108.0
108. 7
107.4
106.3
104.9
104.9
105.1
104.5
103.4
100.8
99.2

ConfecIce
tion- cream
ery

111 7
100.1
93.9
97.3
100.6 101.0 99.6
97.4 100.7
98.3
101.1 101.6 99.7
103.1 105.1 98.3
99.1 100.6 94.9
96.4 91.7
96.0
95.4
95.8 94.3
119.1
120.2
119 (5
122.2
111.2 ,
105.3
111.3 ;
106.1 :
107.1
103.5 '
107.6
107.2 i
116.4 i
104.2 !
102.3 i
107.2 !
109.4 i
105.9
106.4
96.2
96.8
89.1
87.4
79.3
82.9
89.8
91.3
89. 2 ;
89.6
92.0
89.0
87.3
102.7
103.5 : : : :
105.2
104.1
94.8
100.6
99.0
93.7
93.0
90.6
93 4
105.8
94.3
1
•
99.2
104.4
99.1
98.7 89 9
96.3
99.4
97.1
90.5
100.2 102.4 94.0
100.4 101.7 97.1
99.1
98.6 100.6
102.0 100.1 107.0
99.]
97.6 103.0
100.8 101.1 99.8
101.4 101.7 100.8
103.0 103.0 102.8
107.1 108.1 104.5
98.0 105.6
100.1
99.4
97.1 105.3
98.7
96.4 104.8
100.7
99.2 104.6
98.9
96.7 104.7
96.3
93.6 103.6
98.3 96.9
98.0

Lumber and products group

Paper and printing group

Confectionery T and
ice crearrl

D

Sugar
Flour refining,
cane Total

135 2
122.2
105.5
107.1
105.2
99.7
95.1
91.5
89.6
89.7
91.4
132.0
132.4
123 9
133.4
138.7
13& 4
137.3
136.4
138.3
139.7
136.4
135.6
135.0
126.7
128.0
122.1
120.6
129.4
127.7
121.3
117.3
117.1
108.9
112.8
108.0
109.4
110.1
110.0
103 1
99.7
109.0
103.1
103.4
104.6
104.3
101.2
104.2
104.7
109.2
106 9
110 0
110.2
106 2
104.0
105 6
105.0
110.3
109.5
103.7
103.8
105.0
106. 9
106.4
105.2
105.1
108.8
105.1
105.6
104.4
102.9
102.6
103.2
102.6
102.4
101.8
100.2

124 0
116.5
106.0
122.5
103 4
98.2
98.4
94.8
95.0
88.6
91.4
121.0
121 0
118 5
118 8
124.1
125.4
127 0
122.1
132.8
128 9
127 0
120.9
121 5
117 9
113.0
116 4
121 4
122.3
124.4
128 3
114.6
112 9
103 4
101.9
99.2
100 2
111 6
108 1
97 7
97 0
97.7
104 9
99.2
108 0
118 2
130.0
132 4
125.1
123 9
123 3
121 4
124 3
125 7
127 3
125 0
110 1
114.2
117.3
113 2
112.0
112.4
112.8
110.8
104.3
99.4
89.8
95.0
103.4
103.2
84.7
84.9
100.3
96.4
97.1
102.3
102.7

98 1
102.5
91.8
95.1
98.8
100.9
100.3
103.1
104.5
104.5
107.9
95.0
95.8
96 3
97.4
97.7
98.6
99.8
100.4
100.0
97.4
97.9
100.4
103 5
102.9
103.0
103 3
102.4
102.4
103.4
103.1
102.0
102 6
102.1
99.1
95.7
95.0
94.1
90.4
87.0
90 4
90.3
90 7
91.2
92.9
92.3
92.0
97.2
95.7
94.0
92 5
94 7
93.7
93 0
96.0
96 4
95.7
95.5
96.6
97.1
97.7
97.9
98.4
98.0
98.7
99.1
99.0
99.3
100.1
100.1
99.9
101.2
100.9
100.9
101.1
101.3
100.9

rinting

•

Paper
and
News- pulp
papers (unadand
justed)
periodicals

Book
and
job

93 7
108.3*
86.9
90.1
~~~99."3~ 99.8
97.6
101.1
99.6 102.6
101.0 105.6
101.6 101.9
102.1
98.1
99.2
105.1

98.3*
100.7
101.0
104.9
107.1
106.7
101.3

93.0
90.4
91.1
88.2
82.1
90.1
92.9
94.4
98.5
99.4
101.7
102.7

!

103.6
102.4
107.2
107.2
108.5
109.2
111.3
112.0
111.8
112.0
109.4
104.9
99.9
97.6
95.2
87.6
78.4
77.4
79.9
81.4
82.8
84.3
88.8
88.7

i

88.0
89.5
88.5
85.6
87 9
88.9
90 5
89.9
90 7
93.8
93.7
94.7
96 1
97.6
97.7
99.0
97.0
98.4
99 3
98.5
98.6
99.5
99.2
99.0

98.2
97.7
98.1
97.7
99.2
99.1
98.9
99.6
100.2
100.7
101.0
100.9

94.6
96.5
102.1
103.8
102.7
103.4
100 9
101.5
98.5
97.7
97.4
98.4

100.2
100.2
100.1
100.1
101.0
100.8

102.3
101.7
101.7
102.2
101.7
101.1

97.5
98.8
98.7
98.9
98.6
98.0

Paper
boxes

98.2
104.3
81.8
87.3
100.3
99.5
100.2
101. 8
99.4
96.8
98.9
102.8
102.0
99.0
97.9
99.3
97.4
97.4
97.8
90.0
95.1
97.2
102.1
104.2
101.3
103.8
105.8
106.3
105.6
111.5
111.6
110.6
103.0
96.2
92.1
87.2
88.6
88.2
88.1
82.1
73.9
73.7
78.9
79.1
77.0
81.4
83.1
82.4
83.2
S4. 3
83.1
85.4
85.4
88 3
91.1
90.4
90.0
90.9
93.3
94.7
96.1
99.8
100.4
100.9
102.4
102.7
102.8
101.3
101.2
100.4
100.4
101.0
101.6
102.1
102.3
99.4
99.1

Lumber

Total

96.4
87.7
75.1
98.2
101.7
98.6
99.7
97.7
87.6
82.9
81.8
89.4
89.0
90.9
89.4
89.9
90.1
93.9
97.3
102.1
106.3
107.9
111.3
109.0
108.9
108.4
99.4
90.1
81.4
73.4
83.4
79.5
77.9
72.3
68.1

Saw Mill
mills work

102.9
98.6
98.5
96.6
86.7
81.8
81.1

96.6
98.6
104.8
102.6
91.5
87.7
85.3

100.2
102.5
102.3
101.9
102.0
103.8
105.0
103.6
103.4
103.4
103.2
102.9
101.9
103.8
102.3
101.3
100.2
96.8

94.4
94.4
95.9
96.7
97.1
98.5
98.4
97.2
95.3
96.0
97.4
97.9
97.8
100.0
100. 4
101.4
100.1
98.2

73.1 i

75.0 1
75.9
75.4
74.6
74. 1 '
72.4
72.1
73.8
75.7
78.9
79.6
89.4
94.2
98.1
96.0
100.1
102.8
102 0
101.0
98.6
99.3
99.7
97.6
99.1
101.1
101.2
101.0
101.0
102.8
103.8
102.4
101.9
102.1
102.1
102.0
101.2
103.1
102.0
101.3
100.2
97.1

Furniture

81 7
90.2
72.4
85.9
98.1
96.1
105.8
110.4
108.8
106. 0
110.0
75.6
75.4
76.4
77.4
79.9
78.3
81.3
83.6
84.9
87.1
89.0
90.7
95.0
93.6
92.2
92.4
91.3
92.2
92.5
91.4
91.3
88.4
83.3
78.4
65.9
69.5
70.6
73.0
73.4
73.4
72.9
72.2
72.4
72.6
76. 1
77.3
79.9
81.5
81.9
82.0
83.0
84.9
85 4
86.4
87.9
90.1
92.4
94.8
97.5
97.9
97.7
98.0
99.1
99.9
101.2
100.2
98.1
97.4
96.3
94.0
94.0
95.8
96.4
96.1
96.1
94.4

673

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

TABLE 4.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued
[Adjusted for seasonal variation. Monthly average 1923-1925= 100]
Food products group

Paper and printing group

Confectionery and
ice cream

Slaughtering
and
Bakmeat
ing
pack- Total
ing

Year and month

1924—July
August
September
October.N o vembcr
December
1925—January
February
March
April
May
June
July...
August-.September
October
November
December
1926—January
February
March
April
May
June
July
August
September
October
November
December
1927—January
February
March
April
May
June
July
August
September
October
November
December
1928—January
February
March
April
May
June
July
August
September
October
November
December
1929—January
February
March
April
May
June
July
August
September
October
November
December
1930—January
February
March
April
May
June
JulyAugust
September

..
.
1
.._]
'

._

__

_
_

99.7
99.6
100.2
99.6
100.7
101.0
101.0
100.5
98.4
98.4
98.4
99.0
98.0
97.7
98.0
100.9
100.1
100.4
100.1
99.0
100. 7
100.9
101.4
102. 6
102.7
102.6
102.6
102.8
102.7
103.0
103.7
104.4
104.4
105. 6
104. 3
106. 2
105.1
106. 3
107.1
106. 4
106. 7
107.1
106. 4
105. 7
105.2
105. 8
106.6
105.4
105. 7
105. 8
107.3
105.9
106.6
107.6
106.4
107.7
107.6
107.6
108. 0
107.1
108.3
108. 2
108.4
107.2
106.7
106.1
105. 3
104.7
102.7
104.1
103.5
102.2
102.6
101.6
100.8




99.1
98.3
98.1
95.6
95. 9
98.4
98.2
97.3
96.3
94.2
94.3
94. 2
94.0
94.7
94.9
94.6
94.5
93.4
93.4
93.2
92.6
92.1
92.7
92.7
92.7
94.1
94.4
94.4
93.4
92.4
93.0
93.4
93.3
94.1
94.3
96.8
96.9
94.1
93.6
93.0
92.7
91.4
91.9
94.9
97.5
95.7
94. 2
94.2
94.2
93.0
92.5
93.2
94. 7
95.6
97.0
95.1
95.0
95. 3
96.0
95.3
95. 7
95.7
96.3
96.6
95.5
94.8
94.9
94.4
94.6
94.1
93.9
93.9
91.8
90.3
90.3

ConFlour
focIce
tion- cream
ery

93.8
100.9 101.4
99.7
99.6
97.9
97.8
94.5
93.6
96.3
96.5
97.6
98.3
100.0 101.0
100.3 101.4
99.7 100.6
100.3 101. 3
104.0 102.0
101.5 101.6
103.4 105. 2
101.1 100.4
99.7
99.4
102.3 i 103. 2
103.3 104.6
105.6 | 108.0
106.4 i 108.9
105.2 107.7
103.0 105. 4
104.6 105.9
103.2 104.0
103.2 105.3
102.2 103.6
102.1 104.6
102.6 104.1
101.8 103.6
99.9
99.2
101.4 102.9
99.9 100.8
99.4 100.1
99.6 101.1
99.4 100.9
101. 6 104.4
98.5 100.6
98.4 100.4
99.6 102.4
97.7
96. 6
97.7
97.1
97.9
97.1
96.7
97.4
96.9
97.9
96.9
97. 6
97.2
97.9
96.8
97.8
95.4
96. 4
95.3
95.0
93.4
92.3
93.7
93.3
95.6
96. 0
97.0
97.8
96.9
97.8
96.1
96.3 j
95. 3
25"? I
94.7 1 95.4
95.9
95. 8
95.7
97.1
95.7
96.0
95.5
96.1
94.8
95. 0
94.8
94.1
95.2
95.3
95.1
95.7
95.4
96.4
95.6
97.0
92.8
93.2
92.9
93.0
94.2
95.0
93.5
92.7
90.7
91.4
89.7
90.5
84.8
83.5
86.1
86.0

93.4 100.8
99.7 97.0
99.7
97.1
98.2 96.7
97.0 96.9
95.4 95.9
95.3 i: 98.7
97.0 99.4
97.1 i 97.3
97.4 | 95.4
97.8 ! 94.6
109.2 94.4
101. 2 95.0
98.4 i 91.6
102.8 j 93.4
100.3 93 8
99.5 ! 93.7
99.8 : 93.9
99.0 I 93.4
99.9 :| 90.7
98.6 91.3
96.4 i 90.6
101.4 : 90.4
101.1 91.0
97.4 i 91.3
98.4 ! 93.7
95.3 92.1
98.3 : 91.2
97.0 : 92.2
97.3 ' 90.2
97.4 i 89.7
97.4 88.8
97.4 ! 89.4
95.4 89.5
95.4 ! 91.4
94.0
91.4
93.0 i 90.7
92.8 ! 88.9
92.1 89.5
93.5 89. 0
95.5 i 88.5
94.7 | 88.6
94.7 !! 89.8
93.9 89.6
95.1 , 90.4
95.4 i 90.8
94.2
91. 0
92. 6 88.2
95.9 j 88.0
96.7 I 89.0
94.6 ' 88.6
94.3 i 89.0
94.9 i 89.8
94.4 ; 91.8
95.5 91.1
93.9
93.3
91.8
92.7
96.2 91.8
90.4
91.9
90.4
95.0
92.6
94.0
94.3 92.2
96.4 91.8
94.9 91.3
93.6 90.2
92.7
90.6
91.8 90.2
91.6 90.5
92.5 90.0
92.0 90.0
95.6 88.7
88.7 88.3
87.4 87.4
88.4 85.6
86.4 84.4

Lumber and products group

Printing
Sugar
refinTotal

1 Paper!
News- i a n d '
Book
and
job period- i justed)
icals

103.7 100. 5 100.1 101.0
102.4 100. 2
99.5
101.0
105.7 101. 7 101.4
102.0
99.2 100.9 101.8
99.9
91.4 100. 3 100.9
99.7
92.2 100. 7 101.8
99.6
92.2 101. 0 102.4 | 99.6
j 101.8 i 98.8
96.8
98.6 100.5 | 101.4 j 99.4
97.8 i 100.0 101.2
98.7
98.0 ; 99.4 100.0 i 98.8
100.4
j
100.3
100.2
97.3 I
! 99. 9
99.0 j 100.2 100.4
100.3 I 100.0
99.2 I 100.2
100.0
98. 0 ; 100.2 100.4
|
99.2 I 100. 6 101.3
101.4
98.8 I 100.7
100.5 100.7
100.3
105.8 !
102.6 I 101. 6 102.7 100.3
100.4
101.4 | 101.2 101.9
100.8
97.8 | 102.0 103.0
100.3
96.9 I 102.1 103.6
100.7
93.8 102.4 103.8
100.4
93. 6 102.8 104.9
90.8 I 102.8 104.9 100.4
91.9 ' 103.3 105.2 101.1
101.3
91.4 j 104.2 106.7
102.3
91.3 I 105.0 107.3
102.4
93.7 105.4 108.0
101.9
92.1 104.7 107.2
104.9
103.
6
102.1
92.6
89.6 104.9 106. 8 102.7
105.0
102.4
107.4
90.8
92.6 104.9 107.1 102.3
104.8
102.0
]07.3
96.4
101.8
97.9 104.7 107.2
103.9
105. 8 101.8
98.7
97.5 104.7 107.6 . 101.4
96. 6 104.4 107. 7 100.8
101.3
97.6 1014 107.1
100.3
95.2 104.4 108.2
95.1 104.7 108.0 I 100.9
88.3 104.4 107.4
101.1
88.6 105.2 108.9 101.0
86.2 103.4 105.3
101.2
87.0 103.3 104. 6 101. 9
83.4 104.5 106. 9 101, 8
81.2 104.2 106.1
102.1
88.7 105.2 107.7
102.4
88.6 105.7 108.5
102.5
89.4 104.2 105. 6 102.5
91.1 104.8 106. 7 102.7
94.4 104.8 106.3 103. 0
96.0 104.7 105.8
103.4
95.5 104.8 105. 9 103.5
93.9 106.7 109.5
103.6
94.4 106.2 108. 9 103. 2
92.8 106.0 108.1 103.6
91.4 107. 0 109.7
104.0
93.2 107.5 109.9
104.8
90.2 108.7 112.0
105.1
91.4 109.6 112.7
106.0
86.1 110.7 114.1 106.9
107.4
90. 9 109.0 110.4
106.5
89.2 109.0 111.1
106.8
87.8 109. 2 111.3
94.6 108.3 110.2
106.1
105.7
91.3 107.7 109.4
105.7
90.4 107. 4 108.9
105.4
90.4 107.2 108.7
105.4
94.2 107.6 109.6
105.3
89.4 106.7 108.0
106.0
93.3 107.7 109.2
105.4
85.4 106.4 107.4
105.4
87.7 104.2 103.1

Furniture

**>i£S
94.7 96.0
95.1 97.9
96.3 99.2
97.8 99.4
98.2 98.3
98.1 98.6
98.4
99.4
100.6 101.4
103.4 100.0
103.5 101.2
102.7 100.6
101.3 99.4
102.6 98.7
102. 4 98.2
101.9 100.1
104.5 100.4
104.6 100.9
105 3 101.5
105.5 102.3
105. 7 101.8
105.9 101.6
106 4 101.8
106. 6 102.1
106.0 102.1
104.8 102.6
105.1 102.6
105. 7 101.6
106.0 101.1
105.4 101.4
103.8 100.9
103.7 100.7
103.7 99.6
103.4 98.5
103. 2 99.5
100.9 99.6
100. 6 99.7
100.7 99. 4
101.7 99.5
101. 7 | 99.8
99.4
101.6
101.3 99.0
100.3 98.4
98.2
99.2
98.2 97.5
97.3
98.2
96.6
97.6
97.1 i 96.8
97.7 ! 97. 2
97.1 i 95.6
98.0 I 95.0
98.3 95.8
98.3 97.2
99.2 97.8
97.8 96.7
98.1 95.6
98.7
96.8
98.7
96.7
99. 0 98.5
98.7
99.1
99.4 99.7
99.1 99.8
99.8
99.6
100.0 100.4
100.6 101.4
99.7 100.4
99. 2 98.8
96.2
99.7
99.8 95.1
99.3 94.7
98.6 94.7
98.3 94.1
97.4 94.2
93.4 92.7
93.5 93.2
91.4 92.0

96.0
95.
95.
97.
97.

3
4
2
0

98.2
100. 0
101. 4
99. 7

100. 0
99.4
99.1
98.3
99.2
100.1
99.6
100.3
99.8
99.3
98.6
99.3
98.8
98.5
98.2
97.9
95.8
95.8
95.1
94.7
92.2
90.6
89.2
87.5
87.9
87.4
87.2
87.0
86.8
86.3
85.2
83.6
82.7
82.2
83.0
83.1
82.5
83.0
82.1
83.2
83.0
83.2
83.8
82.9
82.4
82.0
82.4
83.2
83.4
83.4
83.7
84.1
82.1
80.4
78.4
76.2
73.6
71.8
71.6
69.8
68.6
66.2
63.2
60.4
57.6

96.0 95. 7
95.3 95. 4
95. 2 96. 6
97.0 98. 4
96.6 98. 8
97.6 100. 7
99.6 101. 7
101.1 102. 9
99.1 102. 4
99.1 103. 6
98.1 102.4
98.8 102.2
98.0 104.0
97.0 104.4
97.7 106.3
98.3 108.4 ]
97.4 109.3 I
98.2 j 109.6
98.0 I 107.8
97.6 106.9
96. 8 106. 6
98.3 I 103.5
98.1 : 102.2
97.9 I 101.7
97.5 ! 101.2
97.3 i 100.7 !
94.9 ' 100.1
94.6 I 101.3
93.8 ; 101.3
94.0 i 97.9
91.3 ' 96.2
89.9 93.8
88.6
92.1
86. 5 92.2
87.0 I 92.0
86. 2 92. 6
86.2 j 91.8
86.1 I 91.3
86.0 90.1
85.6 89.8
89.0
84.4
82.7 87.7
81.8 87.1
81.3 86.5 !
82.4 85.7 I
82.2 87.2 j
81.2 88.6 !
81.7 89.1 f
80.6 89.0
81.9 89.4
81.8 88.2
82.4 86.9
82.6 89.1
82.2 86.2
81.2 87.7
80.9 87.0
81.2 88.4
82.1 88.6
82.2 89.0
82.4 88.7
88. 2
82.7
83.4 87.4
81.4 85.2
80.0 i 82.1
78.6 I 77.7
76.8 | 73.4
73.9 ! 72.5
71.4 I 73.0
71.9 ! 70.1
70.0 I 69.3
68.4 j 69.6
66.0 i 67.4
62.9 | 64.4
60.0 62.0
57.3 I 58.9

94.1
93.8
95.8
97.8
98.6
100.6
103.5
104.4
104.8
104.1
104. 6
104.7
104. 6
106. 0
106. 2
107.9
109.2
108.7
109.5
110.1
111.1
110.7
110.4
109.7
109.4
109.9
111.0
111.9
110.9
110.4
109.1
108.8
109.2
109.1
109,1
109. 7
109.4
109.0
108.8
108.1
108.8
106.8
106.3
107. 3
107. 7
106. 3
105.7
105.1
104.2
104.2
105. 0
104.6
106.8
108.4
109. 0
110.6
109. 3
110.0
111.2
111.4
111. 9
112.5
113.1
110.6
107.6
102.3
100.0
96.9
94.8
93.6
92.1
90.1
83.5
81.4
79.2

674

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

TABLE 4.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued
[Adjusted for seasonal variation. Monthly average 1923-1925=100]
T i •ansportation

mobiles

June
July
\ upust
September
October
November
December
1920—January
February
March
April
May

June
July
August
September
October
November
December
1921—January
February
March
April
May

June
July
August
September
October
November
December
1922'—January
February
March
April
IVIay
June
July
August
September
October
November
December
1923—January
February
March
April
May

June
July
August
September
October
November __ _
December
1924—January
February
March__
April
May




Cement, clay, and glass group

Car building and repairing

Year and month

1919
1920
1921
1922
1923 .
1924
1925
1926
1927
1928
1929
1919—January
February
March
A pril
May

Leather and
products group

equipment group

85.3
88.3
52.7
72.0
100.6
93.4
106.0
104.7
91.5
109.1
113.8
79.7
77.2
76.4
76.3
76.4
80.1
82,9
86.1
90.4
95.9
100 1
102.1
109.7
106.2
103.1
97.0
91.7
90.1
89 4
85.1
80.3
73.2
67 3
66.1
34.4
40 0
46.7
55 9
56 4
55 7
55.3
56.6
57.4
58.3
58 2
57.0
57 4
58 6
60.0
63 0
67 7
73.9
75 6
78 1
79.0
79 7
83 2
87.7
93.0
96.1
98.0
98.4
99.0
101.2
99.9
100.4
101.4
103.8
107.6
108.7
110.2 '
109.2
107.4
101.1
91.0

Total
104 5
116.0
85 6
82.9
110.7
96.0
93.3
93.4
84.8
78.5
79.7
110.5
107 3
104.2
102.3
102.1
100.5
104 1
103. 2
105.2
102.8
104 0
107.3
114.4
111.9
113.2
113.1
116.1
117.7
118 2
121.9
121.0
117.7
115 4
111.4
104.9
94.2
84.4
76.6
78 2
76 0
79.7
83.4
85.9
86.6
88 7
88.0
85 5
84 9
85.8
84 5
86 2
88.4
43 6
57 4
75.4
94 6
101 4
106.7
112.8
110.0
110.9
108.0
108.9
111.8
111.5
113.8
112.2
112.6
111.4
105.0
100.7
97.9
96.4
96.3
96.0

Steam

111.1
95.9
93.0
93.4
84.2
77.9
79.4

113.7
110.8
111.6
108.6
109.5
112.4
111.8
114.1
112.2
112.7
111.3
104.8
100.7
97.9
96.4
96.2
95.9

Electric
(unad
justed)

105.0
97.2
97.8
97.0
94.8
87.8
85.0

98.4
98.9
100.1
99.1
100.4
102.0
107.4
109.7
112.1
111.2
111.7
108.9
100.6
98.1
97.3
96.9
97.3

Clay products
Shipbuilding

113.8
93 1
93.1
98.9
100.1
77.6
98.9

111.1
108.2
115.2
115.2
115. 5
117.6
117.7
115.7
113.8
115.0
114.2
106.9
101.2
102.2
99.6
97.2
90.2

Leather

Shoes
Total

132 4
118.5
91 9
106.1
108.4
95.3
96.3
97.0
95.6
92.6
89.5
119. 1
117.8
120.7
125.7
131 5
136.2
133 4
138.7
140.8
141.1
141 6
143.0
143.0
136.4
135.8
134. 6
132 6
126.0
122 0
114.0
104.6
99.3
90 0
83.9
80.2
81.3
85.5
81.0
87 9
95.4
97.8
97.0
96.4
97. 1
99 3
103.7
103.9
105 0
102.3
102.1
102 1
103.7
105.6
108 0
109.7
109 2
110 4
111.4
111.8
112.0
111.7
113.5
111.0
110.9
109.0
106.1
104.4
104.3
104.3
101.9
100.7
99.9
99.6
98.6
95.3

74. 2
75.6
69.9
82.4
100.1
100.3
99.6
101.3
98.9
93.3
89.4
60.7
58.4
59.2
69.7
76.7
79.4
82.0
83.3
78.9
80.2
79.5
81.6
85.0
86.1
81.0
75.1
75.9
74.8
74.3
72.6
71.9
68.9
71.8
70.3
64.8
65.4
64.3
68.2
68.7
71.4
73.8
73.2
75.7
74.3
70.4
- 68.4
92.1
65.7
91.9
64.9
88.9
73.9
88.3
77.1
89.0
82.9
92.6
85.1
95.8
84.2
96.4
87.0
89.6
100.0
90 8
101.7
92.4
104.0
106.4
94.6
107.4
95.7
10 7.7
95.9
106.8
97.5
109.0
99.8
108.2
99.9
108.5
100.6
103.8
101.0
102.1
103.5
103.8
102.6
102.8
102.7
103.6
100.9
102.3
101.8
100.2
103.2
99.9
101.9
100.4
103.7
98.9
103.4
95.9
101.6
101.5
93.5
86.8
95.6
105.6
96.6
97.8
96.7
97.6
93.7
94.7
100.2
99.0
95.4
95.5
97.8
97.9
101.6
101.8
103.4
105.8
109.1
110.6
109.7
106. 4
105.5
106. 4
104.9
100.3
92.1
88.6
79.9
78. 3
75.7
74.1
71.7
77.7
79.2
82.2
86.3
90.3
91.6
92.4
93.9
93.0
91.6

Brick,
tile, etc. Pottery

100.7
98.9
100.4
102.6
99.1
90.7
85.9

98.5
104.1
97.4
97.9
98.3
100.4
98.9

Glass

112.8
119.8
82.4
97.4
105.2
95.4
99.4
103.3
94.3
91.4
93.0
110.2
115.5
115.0
116.3
116.3
117.3
87.1
118.0
115. 5
121.8
111.6
108.6
109. 4
114.7
116.1
115.9
116.2
123. 6
123. 9
124.4
125.0
125.7
125.8
116.5
103.8
88.4
87.7
77.8
81.0
77. %
70.3
78.1
74.7
75.1
84.1
90.1
99.1
98.5
95.2
93.4
94.2
90.4
96.3
98.6
99.1
100 3
101.8
101.4

96.9
97.3
99.1
101.8
101.0
101.2
101.8
101.7
102.4
102.7
100.7
101.2
102.3
101.4
102.8
102.2
100.8

92.6
92.3
93.2
94.4
97.1
99.1
99.0
103.2
102.9
102.7
101.7
103.6
105.7
103.0
106.0
106.8
104.0

105.2
104.8
102. 4
104.4
108.3
112.8
107.7
107.5
105.4
103.3
100.9
99.2
98.2
99.3
100.8
100.7
98.4

Cement

68.5
83.2
69.4
89.6
95.0
100.9
104.1
101.6
98.3
90.6
83.8
51.2
53.6
59.8
60.1
62.0
73.4
75.3
76.2
77.0
78.0
78.7
76.0
84.4
80.0
78.1
83.2
84.9
85.2
81.8
81.2
82.5
82.4
84.0
91.0
78.0
56.8
•65.2
74.0
73.4
70.1
72.1
59.6
70.5
71.3
70.0
72.0
71.2
82.0
84.2
86.7
89.5
93.1
92.2
94.5
95.0
94.5
96.3
95.8
93.4
96.3
95.7
92.8
92.6
93.4
94.4
94.2
94.9
94.1
97.0
101.0
105.3
105.4
103.9
101.8
100.8

FEDERAL RESERVE

NOVEMBER, 1930

675

BULLETIN

TABLE 4.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued
[Adusted for seasonal variation. Monthly average 1923-1925=100]
Leather and
products group

Transportation equipment group

Auto| mobiles ,
Total I Steam
94.4
94.2
93.9
94.3
95.5
95.6
96.2
97.4
98.0
97.1
95.0
91.1
90.9
91.0
91.5
90.5
90.0
90.4
92.6
93.8
95.1
95.7
95.6
95.2
93.9
93.0
93.4
92.4
91.2
90.9
90.1
88.5
87.9
85.8
85.1
. 85.2
85.5
84.9
83.5
82.7
82.0
80.4
78.8

1924—June
July
August
September
October--.
November
December
1925—January
February
March
April
May__
JuneJuly—
August
September.
October
November.
December
1926—January
February.
M arch
April
May
June
July...
August
September.
October
November.
December
1927—January
February
March
April
May.
June.
July_._
August
September
October
November.
December




Clay products

Car building and repairing

Year and month

1928—January
February
March
April
May.
June
July
August
September
October
November.
December
1929—January
February
March
April
May
June
July
August
September.
October....
November.
December
1930—January
February
March.
April
May
Juno
July
August
September.

Cement, clay, and glass group

94.4
96.9
98.1
.0
103.0
108.9
111.7
115.4
119. 2
119.8
121.2
121.7

78.4
78.1
78 3
78'. 1
78.8
78.9
77.9
78.0
77.4
76.7
77.3
77.2
77.7
78.7
78.8
79.3
79.9
79.7
79.8
80.5
80.5
80.8
80.4
80.1

77.3
78.4
78.3
79.0
79.4
79.4
79.4
80.2
80.3
80.4
80.1
79.8
79.2
77.3
74.4
72.7
71.9
69.6
65.9
64.4
63.3

Electric
(unadjusted)

Shipbuilding

90.6
91.6
87.3
87.7
89.7
88.7
88.6
91.9
94. 6
92.4
95. 9
93.5
98. 4
95.2
98. 6
94.9
98. 4
92.0
99. 1
96.1
97. 1
95.9
95. 2
93.7
97. 7 1
90.3
98.9 |
90.1
99. 7 1
91.3
100.1 j
93.8
99. 1
94.4
98.4
98.63 1 95.2
91.8
99. 1
94.6
98. 8
95.0
96.3
98.1
96. 3
99.7
95. 3
102.7
95. 2
103.0
95. 6
107.2
95. 0
110.7
95 7
108.2
94.7
109. 6
95. 5
109.2
95.6
106.4
95. 4
94.1
105.4
95.2
102.7
95. 5
99.0
95. 9
97.4
95.6
• 95.1
94.4
92.7
93.0
88.9
92.2
86.5
96.9
96.2
96.0
95.7
97.6
97.4
96.3

90.6
90.8
90.9
90.0 |
89.0
88.3
87.0
86. 4
85. S ,
85. 7 j
85. 2 '
83.8
83.8
83.8
86.7
84.4
86.4
83.9
85.8
85.9
84.6
85.4
85.7
83.8
83.7
83.4
82.5
82.7
81.9
81.0
80.0
79.6
79.1

81.2
75.0
72.2
73.4
75.5
75.7
76.9
77.4
78.8
79.6
80.5
84.4
85.4
83.5
89.1
95.0
99.2
99.3
103.0
104. 0
106.2
105.8
108.0
108.1
110.1
107.2
105.4
107.4
107.7
108.5
108.0
112.4
113.8

Leather

Glass

Shoes

Cement

Total
92.8
89.0
88.8
92.9
94.2
94.7
96.7
96.4
96.5
97.0
97.4 I
96.4 j
96.4 !
94.1 !
94.4 i
96.1 I
96.9 i
96.8 ;
96.7
96.9
96.4 !
97.2
97.8
97.4 i
95.1 i
95.8 i
97.1 |
98.2 |
98.2
97.5
97.0
97.3
97.8
£6. 7
95.3
95.4
96.0
95.7
94.8
94.9
94.6
94.0
94.2
94.6
94.1
94.0
93.8
95.3
94.4
93.9
93.2
92.4
91.4
87.6
86.4
86.6
86.0
85. 3
87.5
88. 7
90.0
92.1
92.0
92.4
93.5
90.9
89.4
86.4
84.7
84.4
86.4
86.4
85.1
83.4
82.6
81.7

99.0
98.3

93.4
91.8
92.6
94.5
96.2
97.7
97.0
98.0
98.3
98.8
99.0
98.8
95.8
97.0
97.7
98.8
98.5
97.3
95.3
94.6
95.0
94.7
93.7
94.3
95.9
97.7
98.0
98.1
98.7
100.0
100.1
98.7
97.4
98.3
97.7
98.2
98.7
99.5
99.2
98.1
97.0
94.3
94.6

99.9
97.3
98.8
97.7
98.0
98.2
100.4
99.5
100.7
102. 4
102. 0
101.0
99.7
98.9
96.8
97.7
98.1
98.4
100.3
101.6
101.9
99.2
98.7
100.8
101.7
102.1
102.8
102.9
102.0
101.7
100.9
101.2
101.1
102.2
101.6
101.0
100.1
99.4
96.2
96.2
95. 4
96.3
96.3

98.5
95.3
95.7
94.9
96.7
97.2
100.0
99.7
100.5
103.3
102.1
101.5
100.2
99.4
97.5
98.7
99.1
100.2
103.2
104. 6
104. 6
100.8
99.2
102.1
102.8
103.2
103.8
103.8
103.2
102.1
101.3
101.9
101.0
102.7
102.7
102.0
100.8
99.6
97.3
96.8
95.3
95.3
94.3

103. 6
103.0
107.1
105.6
101.5
100.9
101.4
98.9
101.4
99.9
101.8
99.6
98.3
97.4
95.0
95.2
95.6
93.8
92.4
93.4
94.7
94.8
97.4
97.2
98.6
99.0
99.9
100.2
98.8
100.7
99.6
99.3
101. 3
100.7
98.9
98.1
98.2
98.8
93.394.6
95.9
98.9
101.7

96.0
91.7
92.1
91.3
92.3
91.2
92.7
96.3
95.7
95.4
96.4
96.1
98.0
101.4
101.4
101.7
103.2
103.6
104.1
104.8
102.2
102.8
102.4
102.5
104.2
102.7
103.4
104.5
103.3
104.2
102.1
96.9
98.1
97.0
96.7
95.0
94.4
94.8
91.0
91.2
91.0
93.8
91.2

97.3
100.9
102.7
102.8
102.5
102.4
104.3
103.4
103.1
103.9
104.7
105.4
105.1
104.8
106.3
103. 6
103. 6
99.6
99.2
100.6
101.1
102.1
102.4
102.3
101.8
101.8
100.6
99.4
98.4
101.3
100.2
99.0
98.6
99.3
98.3
98.6
97.1
96.1
93.7

95.7
95.7
95.6
94.3
93.1
93.9
94.9
93.4
92.8
91.9
90.7
92.3
92.6
93.0
93.0
93.6
95.3
95.]
95.6
96.3
96. 4
96.6
96.1
93.4
92.0
91.6
91.8
92.7
91.4
89.9
87.7
85.7
83.0

94.9
95.8
94.4
91.6
92.4
92.6
92.6
92.6
92.7
93. I
93.2
93.7
91.7
89.6
88.4
89.1
90.2
90.0
90.3
90.1
90.6
90.1
88.3
84.5
78.7
77.5
77.2
77.1
75.4
73.8
71.9
70.4
70.5

93.0
93.6
92.4
98.0
89.9
89.6
89.7
89.8
90.0
90.0
90.3
91.2
88.4
86.3
84.4
85.3
86.6
87.1
87.4
87.4
88.1
87.2
84.1
79.0
71.6
70.9
71.3
71.0
70.1
69.0
66.4
65.1
65.4

100.2
101.8
99.7
98.8
99.5
100.6
100.5
100.4
100.1
101. 5
101.1
100.5
100.7
98.8
99.7
99.6
100.0
98.1
98.0
97.4
97.3
97.9
99.6
99.6
98.1
95.6
93. 4
93.5
89.7
86.9
86.8
84.7
84.4

90.9
88.7
89.7
90.8
93.0
92.0
93.2
93.2
93.0
90.9
89.0
92.1
94.0
95.0
94.0
93.8
93.1
92.5
91.0
92.7
92.5
93.9
93.4
89.9
89.3
90.0
90.0
87.7
85.4
81.1
76.7
70.6
71.6

93.4
92.3
92.2
90.4
90.8
90.9
90.8
91.0
89.4
88.9
88.2
88.4
88.5
88.2
87.8
85.3
84.8
84.3
84.4
82.8
82.5
80.4
79.4
77.6
74.9
75.2
78.9
81.2
82.4
82.3
78.8
77.3
76.1

676

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

TABLE 4.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued
[Adjusted for seasonal variation. Monthly average 1923-1925=100]
Nonferrous metals group

Stamped Brass, Chemi- Petroand en- bronze, cals and leum
ameled
and
drugs refining
ware
copper

Year and month
Total

1919
1920
1921.
1922
1923
1924
1925
1926
1927
1928
1929

.

._

1919—January
February
March
April
May
June
July
August
September
October
November
December
1920—January
February
March
April
May
June
July
August
September
October
November
December
1921—January
'
February
March...
April .
May
June
July
August
September
October
November.. -.
December
1922 January
February
March
April
May

June
July
August
_.
September
October
November._.
December
1923—January
February
March...
April
May
June
July
August
September
October
November
December
1924—January
February
March
April
May
June

114.7
121 3
74.5
90 1
107.1
95.0
97.9
99.5
97.4
96.7
101.1

'
i
i
|
.

114.0
89.5
96.5
97.4
92.4
82.4
79.0

104.7
96.9
98.4
100.2
99.1
101.5
108.6

110.3
107.2
104 4
105.4 ;
109.2
111 8 !
118.8
121 6
120.7
121.1 !
122.1
123.8
127 4
122.1 !
127 2
126 8
123. 5
128.5
128 4
126.7
126 6
123.5
108 0
86 6
78.3
69 4
68.5
70.6
72 9
72 4
69 5
75.3
76 2
80 4
80.9
79 8
78 2
78.0
78.8
80 1
85 4
88.4
93 1

!

96.2
96.8
99.3
102.8
104.4
106.3
105.9 i
107.3
109.6
110.3
110.8
110.4
109.0
105.0
104.0
102.8
103.1
103.4
104.2
102.6
101.1
96.7
91.8 ,




Chemicals group

118.4
111.6
113.9
114.7
116.9
117.1
121.6
116.9
111.8
111.4
106. 4
106.4
108.6
108.6
105.8
98.8
85.7
77.1

102.2
104.0
105.1
107.8
108.0
108.7
106.7
106.3
102.7
101.4
101.5
102.0
101.7
102.7
101.4
101.8
100.4
96.8

108.3
97.1
70.8
81.0
100.9
95.9
103.2
107.6
107.7
106.9
111.2
128.9
124.9
117.2
110.6
107.4
106.2
103.7
101.7
100.4
99.0
99.1
100.4
101 1
G8.1
98 5
97.9
97.8
98 0
101.2
100.8
95.9
97.3
92 7
86.4
80.9
74 4
74.5
70.3
70.4
70.2
68.6
66.3
65.1
69 5
71.2
67 9
69 0
69 2
72.5
73.8
77 8
78.2
83.4
85.7
86.8
89.3
92.3
94.2
100.0
100.7
102.5
98.6
104.4
104.0
102.8
101.5
99.1
98.4
99.3
99.8
100.4
99.4
99.6
99.0
97.8
91.3

Fertilizers

Rubber products ;
group
Automobile
tires

Boots
and
shoes
..

100.8
93.6
105. 6
112.4
101.0
104.8
104.3

97.6
94.6
107.8
105.4
103.4
110.4
111.9

117.2
83.4
99.4
102.4
105.8
103.6
100.0

99.4
99.3
100.1
110.1
101.8 • 102.9
105.4
94.4
109.4
101.4
107.4
103.8
105.5
105.5
104.6
106.8
102.2
98.4
101.2
96.9
99.6
96.7
97.7
93.3
97.8
97.4
98.0
92.3
97.8
87.8
97.7
90.1
98.2
96.9
97.2
88.0

111.8
114.3
114.3
112.8
110.7
104.2
93.4
80.1
76.4
78.6
85.3
89.4
90.0
90.9
91.7
91.2
90.3
87.9

108.6
111.9
116.0
119.9
125.6
127.1
128.7
126.4
114.6
114.0
108.4
104.8
100.0
96.6
91.5
87.8
87.3
85.1

102.9
96.5
100.6
110.2
110.2
102.4
116.4

i

i

!
|

Tobacco manufactures
group

Total

Musical instruments group

ChewCigars ing and
and cig- smoking Total
arettes tobacco;
snuff

Pianos
and
organs

; 113.0
130.4 _ - __
138 4
111 8 i
86.8 ! „
110.4
98.8
107 2
110.4
106.2
102.8
104.8
105.8
104.3
98.3
102.6
98.6
98.8
85.3
95.5
94.6
96.6
95.4
94.6
93.0
93.4
90.8 1 90.6
78.9
82.3
76.6
93 6 i
95 0
70.2
76.7
62.2
95.8
93.6
68.4
72.0
53.7
94.1
91.6
112.5
129.2
117.6
126.8
122.0
125.2
129.7 i
126.0
131.9 L _ _
123.1
i 137.4
112.3
i
132.6
100.7
132.8
90.4
141.3
95.1
134.1
99.6 1
134.1
114 2 1
139.1
:::::::::
113.4
139.6
118.6
142.2
112 0
146.3
112 7
146.4
116 4
144.9
111.4
145.9
110 9
151.6
110.4
148.1 '
110.0
109.8
i42.o;
107.7
128.1 l'_
110.4 i
117.3
107.8
110 7
81.0
111.6
79.7 i
106.9
86.2 !
102.0
82.7 !
111.2
87.3
112.8
86.9 '
113 8
79.0 •'
112.7
82.6 |
113.1
112 0
87.3
.
92.4
112 0
97.2
109.3
108 2 i
99.4 '
99.7 .
101 9
98.3 :
106.0
106.3
96.2
97.7 !
103.0
96.7
105.4
96.0 i
105.1
97.2
113.2
100.2 :*
112.1
99.7 ;
109.3
99.7
109.0
100.5
107.4
103.7
107.3
96.5
105.2
104.7
109.5
109.0
98.4
100.9
106.3
108.5
107.7
103.0
95.6
109.9
109.3
107.8
103.4
98.0
110.6
109.4 I 110.9
106.7
104.4
113.9
107.1 ! 107.4
108.1
107.5
115.4
106.8
106.9
115.1
106.4
119.1
104.7 ! 104.4
109.0
102.8
112.1
103.1
103.1
107.2
102.4
110.0
103.8 1 104.0
103.6
104.0
107.7
104.1 ' 104.1
102.7
104.5
107.7
103.4 i 103.2
103.9
102.2
106.9
102.9 j 103.0
105.5
114.9
106.0
102.8 : 102.4
104.6
115.0
105.2
102.3
101.9
105.4
113.7
100.9
105.3
100.3
102.0
109.1
101.4
107.0
100.7
96.4
98.6 1
105.4
103.7
98.0
92.8
98.0
103.0
99.6
97.8

677

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

TABLE 4.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued
[Adjusted for seasonal variation. Monthly average 1923-1925=100]
Nonferrous metals group
Year and month

1924—July
August
September...
October
November...
December...
1925—January
February
March
April
May
June
July
August
September..,
October
November...
December. _.
1926—January
February
March
April
May
June
July
August
September...
October
November...
December. _.
1927—January
February
March
April
May
June
July-..
August
September...
October
November...
December...
1928—January
February
March
April
May
June
July
August
September...
October
November...
December...
1929—January
February
March
April..
May
_.
June
July
August
September. _.
October
November. _.
December...
1930—January
February
March
April
May
June
July
August.
September...

Chemicals group

I Stamped
Chemi
etr0
rp
' and en- bmnze
' 'i Pleum
Dr
1 e>
l ontc>]
tal :
cals and
a °i i
ameled
:
refining
ware
copper
88.1 !•
86.6 i,
88.6 ,;
90.0
92.1 :;
94.8
96.6 !
96.1 .
95.1
94.8 i'
97.3 |i
98.4
97.9 !
98.0 ,
98.5 :
98.9 i
100.8 ,:
102.2 :
101.2 I
100.6
100.7 |
100.6 !
99.4 L
98.3 :
98.3 '
98.9 |.
100.0
99.0
99. 2
98.0
97.7
95.4
97.0
97.9
100.3
98.9
99.4
99.2
97.4
96.5
95.0
94.2
90.9
91.7
91.4
93. 6
94.7 :
96.0
96. 6
97.4
99. 1
101.4 I
103. 4
103. 9
103. 6
104.0
104.2
105.1
104.0
102.9
101.9
101.2
100.1
99.9 1
94.8 |
91.1 '
86.8 !
82.9
81.6
81.0
80.2
80.3
78.7
76. 1
73.6




80.2
81.2
82.2
79.6
82.4
83.2
90.3
92.9
89.6
91. 6
95.4
97.1
93.8
96. 4
99.1
•99. 3
104.7
107.7
103.1
102.2
101.4
102.9
98.0
94.3
98.0
98.8
95.9
92.6
92.4
88.6
88.6
88.5
91.8
12. 5
96.4
95.7
99.0
94.7
91.3
91.4
90.8
87.7

90.9
88.4
90.7 !
93.6 I
95.4 i
98.7 |
98.7 |
97.2 j
97.0 j
95.9
97.9 !
98.8 |
99.3
98.4
98.4
98.8
99.5
100.4 I
100.6 !
100.1 j
100.4 ;
99.8 i
99.9
99.7 I
98.4 j
98.9 i
101.4
101.1 !
101.5 I
101.2 i
100.8 !
97.8 j
S8.8 j
99.7
101.6
100.0 I
99.5 j
100.7 i
99.5 !
98.2 [
96.4 |
96.4
95.1 !
95.1
81.9
95.1
80.4
97.7
81.4
98.9
82.4
100. 7
82.4
101.6
81.6
102.8
81.4
104. 6
82.8
107.0
84.8
109. 6
85.4
110.2
85.2
85. 3
1019
83.6
110.9
84.2
111.0
82.2
112.9
81.2
111.8
79.4
110.9
79.6
109.4
79.4
108.6
77.1
107.9
76.6
107.8
70.9
102.9
99.0
67.7
94.6
64.0 !
90.9
59.3 !j
59.4 .
89.1
58.7 |
88.6
57.2 '
88.1
57.4 li
88.1
58.2
85.7
55. 1 ; I 83.3
51.4
81.1

92.6 |
92.4 i
92.2 i
94.1 i
94.7 i
97.2 |
98.6 i
98.7 i
100.9 j
101.8 i
102.0 !
102.7 i
104.8 |
103.9 i
105.4
106.1 !
106.3 !
106.8 |
106.9
105.6
106.4
107.2
108.0
109.0
108.7
108.4
108.4
108.4
107.3
107.1
107.8
106.6
108.1
108.3
107.0
108.4
108.6
108.2
107.8
107.7
107.7
106.1
104.4
106.1
106.3
106.4
105.8
107.3
107.2
106.1
107.9
108.7
108. 5
108.7
109.8
112.0
111.7
111.7
111.4
111.4
112.0
112.9
111.7
112.7
108.8
108.1
105.6
102.4
101.6
100.8
102. 8
102.3
102.2
102.0
101.2

96.0 |
95.4 I
93.9
94.6
95.5
95.6
96.0
96.4
96.1
96.6
97.4
99.2
100.8
102.2
103.8
105. 4
106.4
107.2
106.8
107.1
106.5
107.5
108.2
109.7
109.6
110.3
111.9 I
114.6 |
115.1 j
115.1 I
117.3 ;
117.6 !
118.3 I
114.7 !
112.4 j
110.3 |
108.9 !
107.3 !
105.4
104.5 !
103.0
102.4
103.1
102.2
102.1
99.4
99.4
100. 5
100.4
102.0
103. 9
104. 5
105. 1
106.0
106.0
108.1
110.3
111.9
114.6
115.3
117.4
119.7
121.8
124.9
124.9
122.4
123.1
122.4
119. 7
116.1
114.3
113. 0
111.1
110.1
106.6

Ferti«»"»
85.4
86.1
93.1
99.2
102.1
105.2
96.3
106.7
115.4
117.9
98.5
107.7
109.3
107.9
104.4
100.4
100.4
102.2
115. 8
115.4
107.3
98.6
108.9
116.2
113.6
114.7
117.3
116.9
117.1
106.7
104.7
101.9
95.9
98.8
106.3
100.8
98.8
98.5
101.0
99.4
101.3
104.6
100.4
107.0
108.5
103.0
101.7
105.5
105. 8
101. 8
104.4
105. 3
104.0
109.7
103.2
98.9
103.0
114.6
108.9
102.3
108.3
105. 3
101.0
103.9
103. 2
99.6
104. 1
103.7
102.6
99.3
102.6
101.2
105. 6
100.1
94.3

Rubber products i
group
;
Automobile
tires
85.6 I
92.5 I
101.1 !
104.4 !
105.0 !
104.4 !
101.4 !
101.9
102.5
104.4
109.4
111.1
112.3
113.4
110.2
106. 3
109.3
111.3
109.4
108.3
105.6
105. 2
101.4
100.6
102.3
103.8
107.4
110.2
106. 6
103.4
100.9 I
100.2 j
100.8
106.3
109.9
108.0
105.9
103.9
100.7
100.8
101.2
101.9
104.4
106.0
106.0
104.2
104.4
107.2
112.0
113.4
114. 1
117.8
118.4
116. 6
118.0
116.4
117.3
118.6
120.0
119.3
117.1
111.2
106.2
103.2
93.7
89.1
89.0
85.3
84.5
87.2
89.3
90.1
83.9
80.2
76.2

Boots
and
shoes
79.9
58.2 I
66.6 I

66.8 i
90.6 !
90.7 i
94.8 j
99.9
99.3
98.4 !
97.5 |
98.7 I
103.7 ,
99.0 j
101.2 !
99.2 |
98.5 j
102.4 !
104. 6
102.9
107.3
106.8
106.3
105. 7
84.1
104.8
103.9
101.7
100.3
100.0
101.4
102.8
103.1
102.8
105.0
107.2
105.2
104.8
109.1
108.3
108.5
111.2
108.3
107.9
102.1
106.5
105.4
98.4
106.7
102.7
101.9
101.9
102.0
99.4
98.8
96.6
98.4
97.7
98.2
101.0
104.1
107.5
103.8
102.0
96.2
96.0
94.4
93.4
93.4
90.4
84.3
81.6
77.7
79.2
72.6

Tobacco manufactures
group

Total

Musical instruments group

ChewCigars j ing and
; Pianos
and cig-! smoking Total
and
arettes ; tobacco;
organs
i snuff

99.3
99.9
98.3
90.0
97.3 i
97.0 i
97.4 !!
96.9
96.9
93.9
96.9
95.3
95. 5
95.7
94.3
94.7 1
93.6 I
94.3 !
91.8 i
92.7
92.1 !
91.9 !
89.9
92.3
90.6
89. 2
89.3
89.6
89.8
90.5
90.3
91.6
91.7
92.7
93.0
94.6
96.3
91.1
95.6
96.0
95.4
94.4
94.6
93.3
93.7
93.7
93.7 1
93.6 I
89.9 i
95.7 I
93.8 '
93.9
93.8
93.8
90.8 !
92.9 i
92.6 !
93.3 |
91.9 i.
92.0
92.6 |
93. 6 i
90.9 '
89.9 11
90.9 i
87.4
90.8
90.1
90.2
90.1
90.9
89.7
90.4
84.1
85.1

99.1
99.9
97.8
88.7
96.9
96.5
97.5
97.0
97.6
94.2
97.2
95.4
95.4
95.6
94. 2
94.6
93.6
94.4
91.8
92.7
91.3
91.2
89.3
92.0
90.0
88.4
89.2
89.6
90.0
91.0
91.1
92.3
92.4
94.0
94.4
96.4
98.4
92.4
97.7
97.7
97.2
96.2
96.4
95.1
95.8
95.7
95.8
95. 8
92. 0
98.3
96. 2
96.4
96.2
96.2
92.9
95. 4
95.2
96.2
94.5
94.7
95. 3
96.7
93.3
92.6
93.4
89.0
92. 9
92.5
92.5
92.4
93. 2
92.0
92.2
85. 5
86.8

100.9
99.4
102.1
100.2
100.4
101.0
96.0
96. 4
92.1
91.7
94.2
94.6
95.9
96.7
95.0
95.7
93.1
93.7
91.8
92.9
97.7
96.8
95.1
95.0
95.4
94.8
90.7
89.8
88.3
87.2
84.7
86.0
85.9
82.4
82.1
81.3
79.8
80.6
80.0
82.6
81.8
80.4
80.4
79.4
77.4
78.6
77.6
76.7
74.0
75. 3
75.4
74.5

101.3
100.4
98.6
96.7
96.0
98.0
86.3
84.4
83.8
81.8
81.4
81.9
80.2
77.6
89.6
90.7
90.8
94.9
98.0
99.0
98.9
98.4
99.3
98.7
94.6
91.7
89.4
89.9
88.2
88.7
90.2
84.7
83.4
81.3
80.1
78.4
76.3
76.8
75.6
75.0
73.5
71.5
70.3
71.4
69.1
70.6
71.7
71.3
70.2
72.9
69.6
68.3
69.0
: I 67.4
74.0
58.0
73.0
56.6
72.4
55.9
71.5
59.6
71.6
68.8
71.8
68.3
72.0
82.0
69.4
81.1
72.7
82.7
69.4
81.3
71.0
67.4
74.7
58.5
74.2
40.8
71.3
42.3
71.9
42.2
72.3
42.4
73.2
44.4
45.4
72.4
75.9
59.9
72.6
71.1 |
72.1
97.4

92.6
96.6
95.4
95.7
96.6
99.6
99 2
98! 9
99.9
98.9
98.9
99.0
96.1
81.7
95.9
97.4
95.8
97.4
97.1
95.8
96.1
95.4
96.6
96.7
94.4
92.5
90.6
89.9
87.9
87.4
84.9
82.1
79.9
77.0
77.4
77.3
76.4
75.8
74.1
73.4
71.8
68.4
60.8
63.4
62.6
64.1
64.4
63.8
60.4
63.0
61.4
60.6
61.2
60.2
59.6
58.7
57.8
57.1
55.8
54.5
54.7
48.2
52,3
51.6
50.6
43.7
37.1
40.0
40.1
39.9
39.9
38.4
38.0
35.6
37.7

678

FEDERAL RESERVE BULLETIN

NOVEMBER, 193ft

FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES
MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

5«r00

5W0

1600
teOO
1200

1000

600
600
400
200

1926




1927

1928

1929

Based on weekly averages of daily figures; latest figures are for week ending October 25

1930

679

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

RESERVE BANE CREDIT OUTSTANDING AND FACTORS IN CHANGES
[Average of daily figures. In millions of dollars]
R

Month or week

Bills discounted

1929—May
June
_-.
July..
_.
August
September
October
November
December
1930—January
February.
March..
April
—
May
June
.July
August
September
October
Week ending (Saturday)— !I
Oct. 4
Oct. 11
Oct. 18
Oct. 25-._
Nov. 1

956
978
1,096
1,043
969
885
953
803
501
378
274
231
247
251
226
214
189
196
205
189
197
195
204

Bills
bought

Other
United
reserve
States
bank J
securities credit

145
99
75
124
229
337
296
320
314
285
246
266
182
141
154
153
197
185

153
179
147
155
165
154
315
446
485
480
540
530
529
571
583
599
597
602

195 '.
200 |
193 i
178 ,
164;

599
601
602
602
602

Factors of increase 1

Factors of decrease l

e bank credit outstanding

gold
stock

Total

NonMoney Member
bank
member
in circu- reserve
deposits,
lation
balances
etc.

(adjusted)

38 I
37
40
32
33
37

1,303
1,317
1,380
1,376
1,427
1,450
1,631
1,643
1,357
1,181
1,095
1,072
996
1,000
1,003
998
1,016
1,020

4,292
4,311
4,335
4,351
4,368
4,381
4,374
4,324
4,283
4,319
4,395
4,443
4,505
4,528
4,532
4,496
4, 503
4,520

1,787
1,779
1,790
1,781
1,766 I
1,785
1,789 ]
1,797 I
1.784 j
1,781 •
1,797 !
1.781 :
1,779 !:
1,775
1,789 i
1,787 :
1.785 ".
1,787 j

39
35
46
32
22

1,038
1,025
1,038
1,007
992

4,508
4,515
4,519
4,522
4,530

1.782 :j
1,789
1,783
1,783
1,71,3

49
61
62
54
64
74
67
74
57 .
38
35 !
45 j

4,684
4,687
4,764
4,777
4,811
4,810
4,845
4,943
4,652
4,556
4,533
4,518
4,497
4,489
4,483
4,476
4.492
4,501 !
i
4,517 j
4,521 !
4,520 I
4,482 i
4,467 j

Unexpended
capital
funds

2,296
2,314
2,334
2,322
2,335
2,386
2,521
2,395
2,349
2,305
2,330
2,350
2,356
2,392
2,417
2,392
2.397
2,407

32
30
31
27
28
28
33
27
29
27
27
28
29
27
35
28
2fi
27

370
376
376
382
387
392
395
399
394
393
397
400
398
395
389
385
389
392

2,395
2,391
2,395
2,414
2,430

25
25
34
25
27

391
392
391
391
391

1

For explanation see BULLETIN for July, 1929, pp. 432-438.
Includes "other securities," amounts due from foreign banks, and reserve bank float; for explanation see BULLETIN for July, 1929.
Back figures.—See Annual Report for 1929 (Tables 1, 2, and 3).
s

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]
1930

Increase or decrease (—) during
month
Month

Gold
stock
at end
of
month

1928—Total (12mos.)_
1929—January
February,_.
March
April
May
June
July
August
September..
October
November..
December..

4,127
4,153
4,188
4,260
4,301
4,324
4,341
4,360
4,372
4,386
4,367
4,284

Total (12 mos.)_
1930—January
February...
March
April
May..
June...
July
August.
September..
October »__.
1

4,293
4,355
4,423
4,491
4,517
4, 535
4,517
4,501
4,511
4,534

Total

-237.9

-392. 0

119.6

-14.4
26.4
34.4
72.4
40.6
23.4
16.3
18.9
12.1
14.4
-19.2
-82.9

47.2
25.5
24.8
23.1
23.6
30.2
34.7
18.4
17.6
17.5
-23.2
-64.4

-65.0
7.5
48.6
16.1
-7.5
-22.0
-1.0
-6.6
-4.5
1.0
-22.0

2.1
0.7
0.9
0.7
3.6
1.5
1.1
1.4
2.3
3.5

142.4

175.1

-55.4

22.7

8.8
61.9
68.2
68.5
25.9
17.6
-18.4
-15.5
10.2
23.0

4.0
60.0
55.5
65. 7
23.5
13.9
-19.6
-19.6
2.5
23.7

2.5
0.0
13.0
0.5
2.0
2.0
-3.0
0.0
4.0
-6.1

2.3
1.9
-0.3
2.3
0.5
1.7
4.3
4.2
3.7
5.5

34.5

For explanation of this figure, which is derived from preceding columns, see BULLETIN for December, 1928, p . 831.
p Preliminary.




From or to—

Through
g Through Through
domestic
ear
net gold
import marking production,
operaor
etc.*
tions
export

October
(preliminary)
Exports

Imports
England.
France
Germanv
Italy
Netherlands . . _.
Canada . . . .
Central America _.
Mexico.. _ .
Argentina
575
Brazil
15, 000
Chile
-.
Colombia
1,017
Ecuador
Peru.
Venezuela
Uruguav - . .
China and Hong
Kong
864
Dutch East Indies
Japan
13, 750
Philippine Islands _
New Zealand
All other countries i_ ],692
Total
1
2

2 32,898

September
Imports

Exports

JanuarySeptember
Imports

13
112
27
2
17
7 059 19, 082
1,315
18,571
391
67 371

10
3 000
9, 000

98°
103
1 147
1 525
10
140
87
1,073
2,301

i
200

30
2

1,155
146
4, 577
212
22
200

9, 230 13,680

Exports
289
73, 808
171
3,000
22, 706
415

213

965
100

5, 124
1,117
6 318
4,615
8, 301

965

20, 692
1, 235
126,609
2, 634
157
3,566

161
50

11,133 287,482

101, 657

91

Includes all movements of unreported origin or destination.
At New York—imports, $17,023,000; exports $30,000. Elsewhere—
imports, $15,875,000; exports, $9,200,000.

680

FEDERAL RESERVE BULLETIN

MEMBER BANK BORROWINGS AT FEDERAL
RESERVE BANKS

NOVEMBER, 1930

OPEN-MARKET RATES
RATES IN NEW YORK CITY

[Monthly averages of weekly figures. In millions of dollars]
Average rate Average yield
on—
on—
Reporting member
banks in leading cities

Member
banks
outside
leading
cities i

Total i
Month

1929
January _ . _ __
891
February
893
978
March
991
April .
May
951
972
June
July
1,100
August
1,013
974
September
October
885
944
November
December
755

New York
City

Other leading cities

1930

1929

1930

1929

1930

1929

462
371
247
225

190
131
166
162
145
165
319
196
166
74
60
80

39
21
1
17
11
5

473
528
574
563

208
152
80
54

228
234
238
266

516
505
482
521

48
48
53
39

540
561

35
50

226
222
218
196

186
193

4
9
6

595
410

290
302
299
296

268
250
289
265 __

1

Includes (in small amounts) discounts by Federal reserve banks for
nonmembers: (1) Bills discounted for intermediate credit banks and
(2) notes secured by adjusted-service certificates discounted for nonmember banks.

FEDERAL RESERVE BANK RATES
DISCOUNT RATES
[Rates on all classes and maturities of eligible paperj

Federal reserve bank

Rate in
effect on
Nov. 1

Date
established

on

1930
215
198
166
154
167
169
165
153
142
137

Previous
rate

U. S.
Treasury
notes Treasand
ury
certifi- bonds*
ReNew newal cates,
3 to 6
months
Call loans *

Month or week

months

1929
October
November
December

days

6H
5H-6H
5

1930
January
February
March
April
May—.
June..
July
August
September
October
Week ending—
Oct. 4
Oct. 11
Oct. 18
Oct. 25

7 -9
434-6

6.10
5.40
4.88

6.43
5.44
4.83

m
m

2^-234

4.31
4.28
3.56
3.79
3.05
2.60
2.18
2.22
2.17
2.00

4.64
4.32
3.69
4.00
3.12
2.62
2.20
2.21
2.19
2.00

m

1.90
214-234 2.00
2^-2% 2.00
2V2-2U 2.00

1.90
2.00
2.00
2.00

33/4-4% 21^-334
324-4
^-3

2%-2%
VA-2%
-3H
3
3
3
3
3
3
3

Time
loans,
90
days 2

334-43/4
4 -4M
3H-334

m
2U-2V2

4.37

3.67

3.47

3.45

<3.03

1.90

3.51
3.50
3.40
3.46
3.41
3.37
3.37
3.38
3.37
3.34

1.99
2.00
1.96
1.94

3.34
3.34
3.34
3.34

3.39
3.36

<2.95
3.00
2.41
*1.89
1.83
1.53
*»1.84

1

Stock exchange call loans; new and renewal rates.
Stock exchange 90-day time loans.
8
3 issues—3%, 334, 4 per cent; yields calculated on basis of last redemption dates—1947, 1956, and 1954.
< Change of issues on which yield is computed.
* Maturities of 6-9 months.
8

July
June
July
June
July
July
June
Aug.
Sept.
Aug.
Sept.
Aug.

Boston
New York....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
MinneapolisKansas C i t y Dallas
San Francisco

3H
3
4
4
4
4
4
4
4
4
4
4

RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
[Weighted averages]

New York City
Month

Eight other northern and eastern
cities

Twenty-seven
southern and
western cities

1928

1929

1930

1928

1929

193Q

1928

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
5.73
5.81
5.85
5.88
5.93
5.88
6.05
6.06
6.08
5.86
5.74

5.64
5.35
5.22
4.91
4.74
4.59
4.48
4.41
4.29
4.26

4.73
4.76
4.81
4.91
5.04
5.36
5.57
5.59
5.805.80
5.82
5.91

5.87 5.88
5.86 5.66
5.91 5.47
6.00 5.22
6.09 5.13
6.02 5.06
6.08 4.81
6.11 '4.79
6.24 '4.74
6.25 4.75
6.12
5.94

5.53
5.53
5.54
5.54
5.56
5. 67
5. 77
5.80
5. 82
5.87
5.90
5. 91

1929

1930

5.94
5.96
6.04
!
6.07
'. 6.10
6.16
6.17
6.22
6. 27
:
6.29
6.29
6. 20

6.12
6.04
5.98
5.86
5.75
5.69
5.62
5.57
5.54
5.53

BUYING RATES ON ACCEPTANCES
[Buying rates at the Federal Reserve Bank of New York]

Maturity

1-15 days...
16-30 days..
31-45 days..
46-60 days..
61-75 days..
76-90 days..
91-120 days.
121-180 days

Rate in
effect on
Nov. 1

Date
established

; June 30
l^L.do
1^1 July 21
June 20
21/6L_ .do
2% . . . d o

Previous
rate

2
2
2
2
2
2H
2\i
2%

NOTE.—Rates on prime bankers' acceptances. Higher rates m a y be
charged for other classes of bills.




January
February
March
April..
May
June
July
August
September...
October
November...
December-._

:

NOTE.—Figures relate to rates charged by reporting banks to their
own customers as distinguished from open-market rates (which are given
in preceding table). All averages are based on rates reported for 3 types
of customer loans—commercial loans, and demand and time loans on
securities. The method of computing the averages takes into account
(a) the relative importance of each of these 3 types of loans and (6) the
relative importance of each reporting bank, as measured by total loans.
In the two group averages the average rate for each city included is
weighted according to the importance of that city in the group, as measured by the loans of all banks.
* Revised.

681

FEDERAL RESERVE BULLETIN

NOVEMBEK, 1930

MEMBER BANK CREDIT

BROKERS' LOANS

REPORTING MEMBER BANKS
fin millions of dollars. Monthly data are averages of weekly figures]

REPORTED BY THE NEW YORK STOCK EXCHANGE
[Net borrowings on demand and on time. In millions of dollars]

Loans and investments

;

I Bor-

Due rowings
to
- In- banks at
.
F.
R.
vestOn se- All merits
banks
curi- otheri
ties

Loans
Total
Total

I

BY MONTHS

Total:
1929—July
22,479
August
22,465
September
22,640
October
23,124
November
23, 663
23, 012
December
22, 368
1930—January
22,083
February
22, 352
March
22, 657
April.__
May
22, 662
June.
I 23,024
July
! 23, 101
August
I 23,128
September
j 23, 220
23,409
October
New York City:
1929—July
j 7, 496
August
! 7,407
September
\ 7,507
7,837
October
8,349
November
8,001
December
7,66*
1930—January
7,493
February
7,649
March
7,829
April
7,852
May
8,11
June
8,078
July
8,097
A uimst
8,089
September
8, 313j
October
Other leading cities:
1929—July.
14,983
15,058
August...
15,139
September
15,288 i
October
15,314
November
15,011
December
14,
705
1930—January
14,590
February
14,
703
March
14,828!
April
14,8101'
May
14,907,;
June
July—
- 15,023!i
15, 031j;
Aueust
15, 132,
September
15,090
October

2,738
2,604
2,718
2,914
3,008
2,886
2,828
2,818
2,898
2, 940
2,870
3,063
3,404
3,334
3,5051
3,545

801
717
706
634
655
490
247
174
81
71
59
53
53
43
44
56

2, 758
2,843
2,911
2, 916
3,040
2, 909,
2, 760
2, 675;
2, 605!
2,485
2, 418;
2, 398
2, 426
3, 588 2,416!
3,584 2,415
3,629 2, 512,
2!

1,6921 935
1, 720 8271
1,704
887
1,729 1,023
1,969: 1,132
1,9811
"'
1, 959
931
1, 909
902
1, 929! 952
1961
982
1, 974
931
2,019 1,009
2,094 1,100
2.093
999
2,090 1,076
2,1721 1154
1,154

319
196
166
74
60
80
39
21
1
17
11
5

11,146
11,281
11,394'
11, 598j
11,661!
11,424;
11,115,!
10,958
ll,026J
11,033:
10, 948
10, 949|
10, 922|
10, 834
10, 860
10, 6921

4,670
4,734
4,762
4,906
4,909
4,856
4,849
4,762
4,850
4, 888
4, 853
4, 866
4, 839
4, 769
4, 806
4, 612|

6,476:
6,547;
6, 6321
6, 692;
6, 752i
6,568!
6, 267|
6,196!
6,1761
6,146;
6, 0951
6, 082
6,082,
6, 065,
6, 054
6,080,

3,837 1,803
3,776 1,777
3,745 1,830
3,690 1,891
3,654 1,875
3,587 1,906
3,589 1,897
3,632 1,916
3, 677 1,946
3, 795) 1,959
3,862 1,939
3,958 2,054
4,10li 2,304
4,198 2, 336
4,272 • 2,429
4,403 2,391

482
521
540
561
594

23,2971!
23,4671 i
23, 297!i
23,404':
23,383'
23,495,;

16 912|
17.013J
16,813i
16,864
16,716'
16, 764

8,461
8,483
8,268
8, 258
8. 142:
8, 0571

8.4511 6,385/3,497
8,530: 6,454' 3,664
8, 545 6,485; 3,604
8.606 6, 5411 3,639
8,573 6,667, 3,389
8,707, 6,731: 3,42'

8,092 |
8,325!8,236:
8.318]
8, 273!
8,414||

6.033
6,244
6,127
6, 1
6.046
6,116

3,619l
3, 7961
3,660j
3, 640J
3.550i!
3, 500

2, 414i:
2,448
2,466;
2,535.!
2,496!
2, 616

2,0591 1.0S6J
2, 0811 1,224
2,110; 1,147
2,143j 1,160
2,227i 1,099
2,299! 1,138

15,205!!
15. 142.
15,061'
15, 087 |
15, 110
15, 081

10,879;
10,769
10.686!
10.689:
10,670!
10, 648

4,842
4,687
4,607:
4.618,
4,592'
4,557

6,037;
6,082,
6,079:
6.07V
6.078'
6,092

4, 326;' 2,411
4,373 2,439
4,375 2,457
4,398! 2,478
4,440! 2,290
4,433, 2,290,

16,950
16,969
17,197
17, 706
18,041
17,444
16,821
16,542
16, 746
16,901
16,825
17,0481
16,9061
16.838;
16, 8591
16, 834
5,804;
5,688!
5,803
6,108j
6,3801
6,021 j
5,705!
5,584j
5,720!
5,868!
5,878 !
6,099j
6,004'
5,998,
6,1411

7,716
7,578
7, 654
8,098
8, 249
7, 968
7, 794
7, 671
7,964
8,270
8,312
8, 508
8, 398
8, 357
8, 390
8,241

9,234
9, 390
9,543
9,608
9, 792i
9,476'
9,027|
8,8711
8,781
8,631
8, 513
8,480:
8,508
8,481
8, 469
8,592

3,045
2,845
2,892
3,191
3,340
3,11
2,945
2,909
3,115
3,383
3,459
3,701
3, 558

1

5,529
5,496
5,449|
5,418
5,623
5,567
5,548
5,541
5,607
5, 756
5,837
5, 977!
6,194
6,291
6,361
6,575

410
208
152
80
54
48
48
53
39
35
50

End of month

January..
February..
March
April
May
June_
July
August
September.
October...
November.
December.

Oct. 8

Oct. 15
Oct. 22__
Oct. 29
New York City:
1930—Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22

Oct. 29
Other leading cities:
1930—Sept. 24
Oct. 1.
_
Oct. 8
Oct. 15
Oct. 22
Oct. 29
r

1929

1930

1929

1930

1929

6,735
6,679
6,804
6,775
6,665
7,071
7,474
7,882
8,549
6,109
4,017
3,990

3,985
4,168
4,656
5,063
4,748
3,728
3,689
3,599
3,481
2,556

5,664
5,619
5,713
5,580
5,482
5,797
6,154
6,492
7,077
5,313
3,432
3,370

3,368
3,529
4,026
4,409
4,139
3,201
3,227
3,109
3,057
2,299

1,071
1,060
1,091
1,194
1,183
1,275
1,320
1,390
1,472
796
585
620

!
I
1
J
!
I

1930
616
639
631
654
609
527
462
489
425
257

1 Call loans, $1,986,000,000; time loans, $569,000,000.
MADE BY REPORTING MEMBER BANKS IN N. Y. CITY
[In millions of dollars. Monthly data are averages of weekly figures]
For banks
Month or date

Total
Total

In
New
York
City 1

Outside
New
York
City2
1,639
779
713
862
971
1,100
1,183
1,062
917
747

1929—October...
November.
December.
1930—January...
February. _
March
April
May
June
July
August
September.
October

6,498
4,023
3,391
3,351
3,459
3,741
4,115
4,030
3,825
3,224
3,150
3,174
3 2, 769

2,896
1,869
1,601
1,706
1,913
2,310
2,740
2,727
2,748
2,378
2,351
2,426
2,212

1,257
1,090
888
844
942
1,210
1,557
1,665
1,831
1,631
1, 659
1,676
1,675

Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29

3,063
2,905
2,752
2,613
2,512

2,436
2,295
2,216
2,101
2,012

1,834
1,740
1,702
1, 590
1,510

For
others

3,602
2,154
1,790
1,644
1,546
1,430
1,376
1,302
1,078

692
750
537

748
557

602
555
514
511
502

627
610
536
512
500

11 Weekly reporting member banks in New York City.
Member and nonmember banks outside New York City (domestic
banks only); includes unknown amount for customers of these banks.
« Call loans, $2,165,000,000; time loans, $604,000,000.

ACCEPTANCES AND COMMERCIAL PAPER

BY WEEKS

Total:
1930—Sept. 24
Oct. I

From New
From private
York banks banks, brokers,
I; and trust com- foreign banking
panies
agencies, etc.

Total

[In millions of dollars]

Revised.




End of month

January
February
March
April
May
June
July
—
August
September
October..
November
December

Bankers' acceptances outstanding

Commercial paper outstanding

1927

1928 I 1929 I 1930

1927

774
785
809
811
775
751
741
782
864
975
1,029
1,081

1,058
1,056
1,085
1,071
1,041
1,026
978
952
1,004
1,123
1,200
1,284

!1,279
:1,228
!1,205
: 1,111
I 1,107
I 1,113
1,127
1,201
1,272
1,541
1,658
1,732

1,6

,624
,539
,414
,382
,305
,350
,339
,367

551
577
606
599
582
579
569
591
600
611
603
555

1928 I 1929 1930
577
567
570
571
541
503
483
458
430
427
421
383

407
411
387
351
304
274
265
267
265
285

404
457
529
553
541
527
528
526
513

316 I
334

Figures for acceptances as compiled by American Acceptance Council
for commercial paper as reported by about 25 dealers.

682

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

SECURITY PRICES, SECURITY ISSUES, AND BUILDING CONTRACTS
SECURITY PRICES
[Index numbers of Standard Statistics Co. Monthly data are averages of weekly figures]
Common stocks (1926 = 100)
Selected groups of industrial issues
PreBonds1 ferred
BuildCop- Elec- Mastocks' Total Indus- Rail- Public
trial road utility Auto- ing Chain Chem- per trical chinOil
and equipmobile equip- store ical
ment
brass ment ery

Month or date

Number of issues
1929—October
November
December
1930—January
February
March
April
May
-

.

July
Aucust
September
October
Oct. 1
Oct 8
Oct. 15
Oct. 22
Oct 29
1

20

60

126.4
123.9
126.4
126.5
126.9
127.8
128.2
127.6
126.8
125.9
126.5
127.9
126.8
128.2
127.6
126.2
125. 9
125.9

95.1
95.7
96.5
96.5
_ - 96.4
97.8
97.9
97.9
98.2
98.7
99.6
100.0
99.9
100.5
100.2
99.7
99.6
99.6

404

337

33

34

13

13

17

9

9

4

10

16

10

30

202
151
154
156
166
172
181
171

194
145
147
149
156
163
171
160

157
135
136
137
143
143
142
136

277
195
201
209
231
242
264
250

196
134
134
135
145
155
162
152

152
114
113
117
125
125
127
116

139
104
106
102
100
100
101
97

305
214
228
240
254
266
282
257

259
204
196
193
193
193
174
151

345
227
241
265
307
323
359
237

172
135
143
146
154
161
173
170

161
131
132
129
128
141
156
148

217
169
170
177
188
192
196
174

153

143

125

224

134

90

223

135

290

152

217
219
230
191
207
191
191
178
187

129
121
114
93
100
95
93
83
91

277
278
283
225
257
234
229
197
208

161

98
97
100
84
87
85
85
82
81

89
90
96
88
91
89
89
84
87

133

215
213
216
187
200
191
188
175
182

132
134
133
108
118
112
107
99
105

100

124
121
123
111
117
112
111
106
109

155
152
154
134
143
137
134
128
132

133
130
125
106
113
110
108
99
102

159
160
162
142
151
143
142
135
137

103
78
77
78
85
85
83
77
69
67
66
67
58
61
59
57
56
59

149
148
149
128
137
130
128
120
124

140
139
139
118
127
120
118
110
114

Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity.

D O M E S T I C CAPITAL ISSUES
[In millions of dollars. Source: Commercial and Financial Chronicle]

1930

September,
1930

1929

Class of issue

Class of issue

Total
Corporate issues
Bonds and n o t e s Long-term
Short-term
Stocks
Farm-loan issues
Municipal issues
Total new and refunding

New

Refunding

375.6

58.6

New

Refunding

Refunding

New

5,102.5 , 438.8 i 7,769.4 1,251.8

283.9

57.3

4, 055. 8

408. 4 6, 865. 6 1,242.9

177.6
44.5
61.8
15.0
76.7

49.9
7.4

2, 264. 5
399. 4
1,391.9
45.5
1,001.2

328. 6 1, 545.1
65. 0
143.3
14.8 5,177. 2

1.3

> 20 high-grade industrials; average price.

FOREIGN CAPITAL I S S U E S
[In millions of dollars]

January-September

September,
1930

30.4

5, 541. 1

434 . 2

Textile

Steel

475.3
43.9
723.7

903.8

8.9

9,021.2

Total
New issues..
Europe
Canada and Newfoundland
Latin America
U . S . insular possessions
Miscellaneous..
Refunding issues
Total Government and
corporate. . .

January-September
1930

1929

Government

Corporate

Government

Corporate

Gov- Corern- poment rate

57.8

0.2

693.7

321.2

237.5 414.1

7. 6 i
1.0

. 2 555.5
135.3

66

_2

50.2
58.0

321.2 220.1
36.6 84.1

109.4
76.0
147.1
17.6
106.5
57.3 190.9
138. 2

398. 6
82.5

63.3
70.7
2.0

96.4
49.7
7.7
162.2
15.5

17.5

1,014.8

65]L

6

BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING
[Value of contracts in millions of dollars]
Total

Residential

Industrial

Commercial

1929

1930

1929

1930

410.0
361.3
484.8
642.1
587.8
545.9
652.4
488.9
445.4

324.0
317.1
456.1 |
482. 9
457.4
600.6
367.5
347.3
331. 9

138.1
129.5
197.2
256.8
192.0
189.8
199.9
146.1
118.4

66.6
74.8
101.5
123.1
116.6
96.8
84.3
82.7
98.5

63.1
56.1
55.8
68.2
80.8
70.0
66.6
75.3
52.6

38.3
33.5
74.3
38.1
54.6
93.6
35.2
20.7
31.7

100.4
68.3
75.6
78.0
86.5
80.9
91.3
72.0
76.9

Year to date _
4,618. 5 3,684. 7 1,567. 7
137.7
October
445.6
November
113.5
391.0
December..
_ _ _ 316.4
114.0

844.9

588.6
60.9
39.7
67.4

420.0

729.8
67 7
101. 8
33.4

January
February
March
April

... ... _
,._ ,

__.

May

June
__.____._July
August
September

1929

1930

1929

Public works and
public utilities

Educational

All other

1929

1930

54. 1
72.9
77.0
73.2
73.3
59.1
46.9
50.9
31.1

66.5
57.6
71.5
152. 1
139.4
120.8
194.5
119.3
117.2

112.1
85.8
105.3
149.7
134.9
251.9
114.9
124.2
101.4

17.7
22.6
37.5
29.9
38.2
43.4
48.0
32.3
29.8

19.0
21.2
35.4
35.2
36.9
48.9
42.7
25.9
28.2

24.1
27.3
47.2
57.1
50.9
40.9
52.0
43.9
50.4

34.0
28.8
62.6
63.5
41.1
50.2
43.5
43.0
40.8

538.6

1,039.0
85 1
72 4
51.8

1,180. 2

299.5
36 9
25 7
19 8

293.4

393. 9
57 3
38 0
29 9

407.6

1930

1929

1930

1929

Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation.




1930

683

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND PRICES
[Index numbers; 1923-1925 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation]
Industrial production *

Year and
month

1C»1Q
1920
1921
1922
1923
1924 ....
1925
1920
1927._
19^9
1920
May
June
July.
August.. .
September
October
November
December
1927
January
February
March
April.
May
June..
July
Ausust -.
September
October
November
December
1928
January..
February
March...
April.
May
June
July....
August
September
October
November
December
1929
January
February
March
April
May. .
June
July
August
September
October ..
November
December
1930
January
Februarv. _
March
April...
May
June . .
July
August
September...

To tal

Manuf ictures

AdUnadjusted justed

AdUnadjusted justed
84
87
67
87
101
94
105
108
106
111
119

83
87
67
85
101
95
104
108
106
111
118

Minerals

Building con- Factory emtracts
ployment
awarded

Commodity
prices t

Freight car loadings *
Factory
pay
rolls

i

Merchandise in
less-than-carload lots

To tal

Unad- Unad- AdUnadUnad- Unad- AdAdUnad- Adjusted justed justed justed justed justed justed justed justed justed

I

77
89
70
74
105
96
99
108
107
106
115

64
63
57
81
84
95
122
130
128
135
117

107
108
82
90
104
96
100
101
99
97 '
' 101 !

98
118
77
81
103
96
101
104
102
102
r
108

84
91
79
S6
100
98
103
107
103
103
106

All
com- Farm
mod- prodities ucts

72
87
93
96
99
104
107
105
104
104

139
154
98
97
101
98
104
100
95
98
97

158
151
88
94
99
100
110
100
99
106
105

107
106
103
109
113
114
110
101

106
108
107
110
112
111
108
105

108
106
102
108
112
112
108
99

106 !
108
107
111
112
111
106
103

103
109
110
115
119
124
123
113

104
106
107
109
110
114
118
119

134
133
126
148
137
126
119
131

101
101
99
101
103
103
101
100

101
101
101
101
102
102
101
101

104
104
99
104
105
108
105
104

106
110
111
113
122
123
113
98

107
109
108
108
109
109
109
107

108
108
106
107
112
112
110
103

105 ! 101
107 101
106 100
99
106
107 100
99
107
98
108
98
108

102
101
99
97
99
98
95
95

105
111
113
110
112
107
102
105
107
105
101
96

106
108
111
109
111
108
106
107
105
103
99
100

104
110
113
112
113
107
102
104
106
104
100
95

105
107
110
109
111
109
107
107
105
102
99
99

112
113
111
96
108
108
103
111
111
112
105
97

116
117
118
107
109
105
100
106
104
105
101
103

94
96
151
147
135
154
130
135
127
137
114
116

98
100
100
100
99
99
98
99
101
99
97
95

100
100
100
99
99
100
99
99
98
98
97
97

99
105
106
105
104
102
99
102
102
103
98
99

97
100
102
100
105
106
104
109
116
114
101
88

105
109
108
108
106
104
101
104
104
101
97
95

,00
104
108
108
106
105
104
105
110
109
106
98

108
109
107
107
104
104
104
104
104
105
104
103

97
96
95
94
94
94
94
95
97
97
97
97

97
95
94
94
96
97
98
102
106
105
104
104

105
111
112
110
110
108
105
110
116
118
115
108

106
109
110
109
109
109
110
112
114
115
113
113

106
114
115
113
111
109
106
110
116
117
115
109

106
110
111
110
109
111
111
113
116
115
113
114

100
99
98
94
104
104
103
111
115
123
117
106

103
103
103
105
105
101
101
105
107
114
113
112

104
113
144
157
163
158
142
126
143
145
115
105

94
96
97
96
96
96
96
98
100
100
99
98

96
96
96
96
96
97
97
97
98
98
99
100

96
101
103
100
101
101
98
103
104
107
104
104

92
94
97
96
104
103
105
109
119
119
108
95

100
102
102
104
105
102
102
104
106
106
104
103

98
101
105
105
106
105
104
104
109
109
106
100

106
105
104
104
104
103
104
103
104
105
104
105

96
96
9b
97
99
98
98
99
100
98
97
97

106
105
104
108
110
107
107
107
109
104
102
104

116
120
121
124
125
125
119
121
123
120
108
95

117
117
118
122
124
127
124
123
122
117
106
99

116
120
125
127
127
126
119
121
122
119
107
92

117
116
120
123
125
129
126
125
122
117
105
96

114
116
101
104
116
116
118
121
127
127
114
110

118
120
107
115
116
113
114
115
118
118
110
116

100
88
118
156
143
133
159
119
108
109
95
77

97
100
101
102
102
'102
'102
'104
'105
'103
'99
95

100
100
101
102
102
103
103
103
102
101
99
97

101
108
111
111
111
'110
'1C6
'111
'112
'111
'103
99

95
99
98
102
110
109
111
114
121
118
102
90

104
107
103
. Ill
111
108
108
109
108
104
99
97

97
101
106
107
108
105
105
106
110
109
106
96

105
105
105
106
108
104
105
105
105
105
104
101

97
97
98
97
96
96
98
98
98
96
94
94

106
105
107
105
102
103
108
107
107
104
101
102

103
109
106
107
105
'99
'90
90
•92

104
107
104
106
104
100
94
92

102
110
109
110
106
99
89
88
*90

102
106
105
107
104
'100
93
91

107
104
91
93
102
102
100
101
MOO

112
109
96
104
102
100
97
96
»94

79
77
111
118
111
146
89
85
81

93
93
93
'93
'91
'89
'86
'85
86

96
94
93
92
91
90
87
84
83

94
'98
98
97
94
'91
'83
'82
83

89
92
90
93
97
95
95
96
99

97
99
95
101
98
94
92
91
89

94
98
101
101
101
98
94
95
99

102
102
100
100
99
97
94
94
95

93
92
91
91
89
87
84
84
84

101
98
95
96
93
89
83
85
85

* Average per working-day, except for annual indexes.
t Wholesale price index of Bureau of Labor Statistics; 1926=* 100. Index numbers for all major groups of commodities are given on p. 745.
» Preliminary.
' Revised.

19367—30




3

684

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

INDUSTRIAL PRODUCTION, BY INDUSTRIES
[Index numbers of the Federal Reserve Board. Adjusted for seasonal variation. 1923-1925 average=100]
1929

1930

Industry

July

Aug.

Sept.

Oct.

Nov. Dec.

Jan.

Feb. Mar.

Apr.

May

June

July

Aug.

152
131
154
118
119
97
109
85
83
146
156
127
96
94
96
88
90
124
101
94
125
121
91
138
122
101
136
103
117
152
131

143
128
144
120
119
101
114
86
90
150
161
130
100
93
94
88
85
126
107
113
125
119
95
134
118
101
131
101
120
169
135

140
122
142
116
115
98
106
89
90
148
158
128
98
101
106
91
99
126
99
84
130
121
94
143
119
101
128
100
120
178

124
118
125
118
117
101
109
91
96
148
158
130
96
97
104
86
88
125
91
99
126
120
94
145
119
96
130
91
118
156
139

100
107
100
108
104
89
94
82
88
145
153
128
96
95
101
82
88
125
92
106
123
118
92
139
120
97
131
85
113
144
133

90
95
90
96
90
77
80
74
75
140
148
124
95
91
96
81
91
113
94
111
118
113
93
139
116
95
107
91
116
125
134

99
94
100
103
102
78
85
72
69
141
145
133
96
89
89
87
97
116
92
127
122
118
95
140
118
93
127
96
115
147
131

114
102
115
96
100
72
80
62
66
125
123
128
97
94
93
89
100
147
105
96
122
116
86
133
116
98
132
89
114
149
132

111
104
112
90
91
70
74
69
60
117
121
111
98
94
94
88
89
142
104
105
119
113
89
120
111
99
132
90
115
151
132

110
101
111
84
85
71
78
73
49
100
99
102
93
90
88
90
86
137
104
84
117
108
88
115
105
95
122
98
110
173
132

93
91
93
84
82
69
80
65
43
113
120
98

97
94
122
116
97
125
118
92
131
111
119
147
137

113
102
114
98
94
71
77
65
66
150
155
140
90
85
80
88
92
141
101
90
121
116
91
128
121
99
125
106
117
149
130

93
139
101
106
111
105
84
111
108
89
123
88
103
146
124

93
86
94
81
78
67
76
62
47
109
117
91
91
89
85
89
95
143
103
84
108
101
83
105
100
89
114
92
107
151
123

86
80
80
88
79
69
78
67
49
139
158
101
93
92
91
88
97
146
98
86
109
100
80
104
99
87
115
87
106
159
126

142
59
156
114
105
86

14.
55
175
117
103
93

49
101
116
105
94

113
57
75
113
108
94

81
45
69
106
103
95

49
32
97
93
99
94

103
39
170
96
93
99

110
40
102
96
93
101

109
48
80
98
98
97

109
51
128
99
99
99

104
43
147
94
99
100

98
42
164
'•100
103
100

75
40
347
100
107
100

67
38
310
102
102
99

68
100
102
102

75
111
158
120

80
108
136
125

87
102
144
123

98
100
147
117

88
88
145
108

83
70
151
90

76
68
129
98

66
76
127
97

80
80
136
97

79
85
131
99

72
95
128
91

77
92
145
98

73
106
154
'96

67
• 101
143
1C2

68
90
151
98

118
164
127
133
123

122
168
122
126
120

118
174
125
127
131

113
172
122
125
125

109
149
119
126
112

110
117
113
122
106

108
124
105
110
99

110
122
101
103
92

111
117
104
103
117

108
131
105
103
132

119
143
» 100
101
107

119
114

117
fi5

94
99

116
105
J>95
95
103

92
101

97
94
111

171
205
95
138
123
151
141
146
105
131
97
160

176
209
108
142
131
152
119
123
87
133
99
163

173
208
95
141
123
147
116
120
90
136
100
168

178
215
103
142
121
146
114
117
87
135
99
168

171
209
93
136
110
139
94
97
74
130
96
160

166
201
90
132
115
131
80
82
70
133
83
172

163
199
89
121
120
132
106
109
85
131
84
167

168
204
96
125
126
136
107
110
85
133
92
166

168
204
99
117
130
135
105
108
84
128
87
161

174
214
93
121
138
138
123
127
97
136
92
172

173
213
90
123
133
137
121
125
96
134
94
167

170
210
90
117
126
132
119
122
93
141
91
183

166
206
85
113
126
123
93
96
71
137
88
177

164
205
84
109
124
119
96
98
79
130
89
164

165
207
78
112
117
114
84
87
64
125
85
158

99
78
145
121
119
127
107
91

103
••102
140
121
125
120
119
89

103
116
140
107
123
119
115
94

98
92
131
98
118
106
114
114

104
121
132

100
106
132

92
101
135

81
69
125

97
73
128

101
104
92
88

95
98
106
98

88
96
107
89

90
94
104
88

89
78
124
108
86
99

86
"82
120
95
83
92

82
88
117

115
98
105
87

92
81
127
104
90
94

94

85
80
114
79
89
94

69

'70

72

Sept.

-

TEXTILES

Cotton consumption
Wool
__ . -_
Consumption
Machinery activity *
Carpet, rugloomactivity'.
Silk
Deliveries
Loom activity *

FOOD PRODUCTS

._

Slaughtering, meat packing.
Hogs
Cattle
Calves
Sheep..
Flour
-_
Sugar meltings

PAPER AND PRINTING

Wood pulp and paper
Newsprint
Book paper
Fine paper
Wrapping paper __
Paper board
Wood pulp, mechanical .
Wood pulp, chemical
Paper boxes
Newsprint consumption

119
101
120
99
94
76
81
73
70
145
149
138
94
92
93
86
MCO
to to

-.__

Pig iron
Steel ingots

00

MANUFACTURES
IRON AND STEEL

89
85

Automobiles
Locomotives
Shipbuilding

__

LEATHER AND PRODUCTS

Tanning
Sole leather *
Upper leather—
Cattle __
Calf and kip
Goat and kid „
Boots and shoes

W

TRANSPORTATION EQUIPMENT:

CEMENT AND GLASS:

Cement .
Glass, plate

NONFERROUS METALS J

Copper (smelter)
Tin (deliveries) 1

111
p

FUELS, MANUFACTURED:

Petroleum refining _ _
Gasoline 1
Kerosene
Fuel oil*
Lubricating oil *
Coke (by-product)

RUBBER TIRES AND TUBES

Tires pneumatic
Inner tubes
TOBACCO PRODUCTS

Cigars
Cigarettes

_.

_

MINERALS
COAL:

- .
. .
. .

102
72
143
119
122
124
114
88

r

80

75 •

OS Ol

Bituminous
Anthracite
Petroleum, crude. _._ _,
Iron ore shipments
Copper (mined)
Zinc
Lead
Silver

1
2
Without seasonal adjustment.
Includes also lead and zinc; see " Minerals."
* Preliminary.
' Revised.
NOTE.—The combined index of industrial production is computed from figures for 58 statistical series, 50 of manufactures, and 8 of minerals
most of which are shown in this table. Adjustments have been made in the different industries for the varying number of working days in each
month and for customary seasonal variations, and the individual products and industries have been weighted in accordance with their relative
importance. The sources of data and methods of construction were described in the BULLETIN for February and March, 1927.




NOVEMBER,

685

FEDERAL RESERVE BULLETIN

1930

FACTORY EMPLOYMENT AND PAY ROLLS
INDEXES OF FACTORY EMPLOYMENT AND PAY ROLLS
f Without seasonal adjustment. Monthly average 1923-1925=100]
Factory employment
Month
January
February. _.
March
April
May
June
July .
August
_
September..
October
November..
December...
Annual index

1927

1928

98.1
99.7
100.4
99.8
99.1
99.0
98.0
99.2
100.6
99.3
96.9
95.5

94.2
95.7
96.6
96.0
95.7
96 2
95.7
98.3
100.3
100.2
98.8
98.1

98.8

1929 | 1930
'97.5
'99.8
'101.4
'102. 1
'101.9
'102 0
'102.1
'104.0
'105. 4
'103. 3
'98. 9
'95. 2

'93.2
'93.3
'93.1
'92.6
'90.9
'88.8
'85. 5
'85. 1
86.5

( 1923-25=100 )

1927

1928

1929

1930

98.6
104.8
106.3
105.0
104.3
102.5
98.6
102.2
101.9
109. R
' 98.5
99.4

95.7
101.1
102.5
100.3
100.8
100.9
98.3
102.5
104.2
107 5
103.6
104.2

'100.8
'108.1
110.8
111.4
111.4
109. 7
105. 7
110. 6
111.9
110 9
'102. 5
'99.1

'94.4
'97.7
'98.2
'97.1
'94.5
'90. 7
'82.6
'81.7
83.0

!

97.2 '101.1 -

' Revised.

Month

FACTORY EMPLOYMENT

Factory pay rolls

102.0

90
Adjusted for Seasonal Variation
Without Seasonal Adjustment

80

80
1923

101.8 ' 107.7

1924

1925

1926

1927

1928

1929

1930

FACTORY EMPLOYMENT: INDEXES BY GROUPS

Iron
and
steel

Food
Machinery Textiles products

Paper
and
printing

I
Transportation 1
Chemicals
Lumequipment j L e a t h e r CeTober
ment, NonferRubber bacco
and
clay, rous
prod- prodi
prodprodand metals
Petro- ucts
Auto- j ucts
ucts
ucts Group mobiles!
glass
Group leum
refining

1920—June
July
August
September.
October
NovemberDecember..

120.8
121.5
119.4
119.5
118.7
115.0
112.1

96.3
91.5
94.2
98.4
99.8
97.1
94.3

99.2
99.8
99.7
102.4
104.2
101.6
100.5

103.2
103.6
104.1
106.0
106.1
106.7
-106.9

90.0
90.5
92.2
91.8
90.1
86.7
81.6

97.6
96.4
95.5
94.8
90.2
82.9
81.3

1930—January
February. _
March
April
May
June
July
August
September.

109.9
109.3
108.5
106.9
103.6
100.1
95.2
'90.7
89. S

92.8
92.9
92.9
90.3
86.8
83.6
76.6
77.9
82.2

97.4
96.7
95.0
94.0
94.5
95.6
95.0
92.9
95.2

105.1
104.0
103.7
102.6
102.4
101.5
100.5
99.7
98.6

76.8
75.0
75.0
74.2
73.4
71.7
68.2
66.5
64.5

83.2
83.9
83.2
84.0
84.0
80.2
74.8
72.1
70.3

120.6
117.8
115.0
113.1
101.3
83.7
79.6

!
!
i
;
i
|

89.4
94.6
98.1
99.5
99.3
94.4
90.0

93.8
91.6
93.8
93.6
91.9
88.9
82.3

102.9
100.5
99.8
98.6
98.5
93.6
89.9

107.9
108.9
111.2
114.5
116.1
113.8
111.8

116.4
120.0
121.9
124.0
124.6
123.7
120.9

115.0
114.2
111.5
108.3
102.7
91.2
89.2

91.4
90.5
93.0
93.7
95.0
96.1
89.2

85.7 •
89.7 ;
91.0 ]
93.9
95.3
88.8
81.0
76.3
73.2

91.4
92.4
91.5
89.8
86.8
84.5
86. 6
87.4
86.1

74.7
75.3
78.4
81.2
81.7
80.4
75.8
74.8
74.5

85.9
84.6
84.3
82.9
81.2
80.2
77.7
75.1
72.5

110.6
110.2
112.5
111.7
104.6
101.8
101.0
101.5
102.7

120.8
120.9
118.5
116.1
114.1
114.0
113.6
112.2
108. 5

89.7
87.9
87.2
88.6
88.3
88.0
82.7
81.0
77.4

84.2
88.9
89.6
88.0
89.4
89.2
88.2
84.0
87.7

FACTORY PAY ROLLS: INDEXES BY GROUPS

Month

Iron
Food
Ma- Textiles prodand
steel chinery
ucts

Paper
and
printing

Transportation
Chemicals
Lumequipment Leather CeTober
ment, NonferRubber bacco
and
and
rous
prodprod- clay,
prodand metals
Petro- ucts products Group K?" ucts glass
ucts
Group leum
refining

1629— June
July..
August
September.
October
November.
December..

109.9
103.5
109.3
108.9
107.9
100.0
93.5

131. 6
128.2
127.5
127.9
129.0
121.6
119.9

97.8
90.4
97.4
103.0
104.8
96.2
93.8

105.6
105.6
105.0
108.1
108.8
105.5
105.5

113.6
111.4
112.8
116.3
117.8
117.2
118.2

92.2
93.5
94.7
96.6
96.8
89.2
82.7

1930—January
February._
March
April
May
June
July..
August
September.

90.5
98.1
97.1
97.7
95.5
90.8
78.6
77.5
75.4

113.8
115.2
115.1
113.4
108.3
102.7
90.9
'85.6
84. 2

92.2
94.1
96.6
89.3
82.7
77.8
69.2
73.2
81.2

102.5
101.6
99.7
99.7
100.7
102.3
100.2
97.6
100.8

114.9
114.9
115.0
113.5
113.3
111.9
107.3
106. 9
106.3

72.8
72.6
74.6
73.8
73.2
70.9
63.0
61.6
60.9

130. 9
110.2
128. 0
120.3
108. 0
84.3
72.9

89.8
97.8
105.0
104.3
100.0
83.9
84.1

92.5
86.1
91.2
91.3
90.6
86.4
80.2

117.0
112.6
113.2
112.1
112.5
99.6
96.1

111.2
111.2
113.0
116.0
118.2
115.6
114.0

120.0
123.3
125.1
129.3
129.4
126.3
124.8

120.6
115.1
110.9
104.9
100.9
85.9
85.0

88.5
87.9
90.6
93.4
94.2
94.3
88.8

80. 9 !
74. 0
89.8
92.7
90. 6
97. 3
92. 0
100. 8
91.1 i 101. 7
83.8
89.2
71. 7
72. 4
66. 3
58. 1
66.0
62.4

85.4
86.2
85.2
81.6
75.6
73.8
78.6
80.0
76.2

67.3
70.2
73.4
77.1
76.9
76.1
66.4
66.4
66.4

91.5
91.7
91.0
88.3
84.4
85.0
76.0
72.0
70.7

109.3
110.0
111.6
110.9
106.6
105.3
100.8
100.7
101.3

121.1
125.0
123.1
122.1
120.5
121.7
118.1
117.2
113.8

88.9
92.1
90.0
94.5
95.4
88.3
80.8
77.6
71.8

77.0
80.0
81.0
77.1
82.1
84.4
81.9
77.2
80.0

107.9
97.1
106.8
103.3
99.8
89.4
85.6

j
!
!
1
!
i

' Revised.
NOTE.—These tables contain index numbers of factory employment and factory pay rolls for certain months, together with group indexes for
important industrial components. The nature and sources of basic data and the method of construction were described and the indexes for the
period January, 1919, to November, 1929, were published in the BULLETIN for November, 1929, pp. 706-716.




686

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

DEPARTMENT STORES—INDEX OF SALES
[Daily average sales,1 1923-1925 = 100]
Month

1919

Without seasonal adjustment:
January
February
..._..
March
April
Mav
-.June
July
__.
August
September
_
...
October
November
December
Year
With seasonal adjustment:
Januarv
____ .
February
March
\pril
May
June
- - - --_Julv
\uejust
September
October
November
December
-- . . _.

1920

1921

1922

1923

1924

1925

1926

1927

1928

1929

1930

60
59
65
73
76
59
60
76
89
101
137

82
74
90
91
101
95
73
73
88
102
112
146
94

S3
70
88
87
91
86
64
63
75
95
97
135
87

73
69
77
90
89
85
64
66
85
102
108
152
88

79
77
93
97
100
99
73
75
94
111
117
164
98

86
84
88
103
98
97
71
72
96
105
117
166
99

84
85
94
105
103
98
75
76
97
122
122
176
103

90
87
97
102
109
100
77
82
104
120
124
184
106

91
89
95
109
105
101
76
85
103
117
126
182
107

91
88
97
105
107
102
80
81
113
118
125
192
108

90
91
107
103
109
108
79
84
117
12°
125
191
111

88
89
93
110
105
98
71
77
103

66

90
89
93
93
96
96
98
97
95
9'?
96
92

92
92
89
89
87
87
87
84
82
86
83
84

83
83
84
87
87
86
86
88
91
93
92
93

91
93
95
100
98
101
98
101
100
101
100
99

99
101
99
98
97
100
96
96
101
96
100
99

99
103
103
102
102
102
101
101
101
111
104
104

106
105
101
105
109
105
106
108
106
109
106
108

107
108
106
106
105
106
105
111
104
107
108
106

108
106
107
106
107
107
110
107
112
108
108
111

110
111
112
110
109
113
109
111
114
112
108
108

107
108
110
105
105
103
100
102
99

72
72
69
76
80
80
83
81
86
86

1
The figures of daily average sales were computed on the basis of the number of week days and the number of Saturdays in each month—Saturday being considered equivalent to one and one-third days—and allowance has been made for the number of Sundays in each month and for six
national holidays: New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas.
SEASONAL ADJUSTMENT FACTORS USED IN INDEX OF DEPARTMENT-STORE SALES
[Average for year = 100]

Month
January
Februarv
March1
April1
May
June
July
August
September
October
November
December

1919

-

- -

-

91
83
89
106
105
99
74
75
92
110
117
159

1920
91
83
97
98
105
99
74
75
92
110
117
159

1921
90
83
98
97
104
99
74
92
110
117
161

1922
88
83
91
104
103
99
74
75
93
110
117
163

1923
87
83
98
97
102
98
74
75
94
110
117
165

1924
87
83
89
105
101
97
74
75
95
110
117
167

1925

1926

85
83
91
103
101
96
74
75
96
110
117
169

85
83
96
97
100
95
73
76
98
110
117
170

1927
85
83
90
103
100
95
73
76
99
109
116
171

1928
84
83
91
99
100
95
73
76
101
109
116
173

1929
82
82
96
94
100
95
72
76
103
109
115
176

1930
82
82
85
105
100
95
71
76
104
109
115
176

i Adjustment has been made for the effects of changes in the date of Easter.

DEPARTMENT STORES—INDEX OF STOCKS
[Stocks at end of month; 1923-1925 average=100]
End of month
Without seasonal adjustment:
January
February
March
April
May.....:
„-.
June
July
August
September
October
November
December
Year
With seasonal adjustment:
January
February
March
April
May
June
July
August
September
October
November
December.-.




1919

1920

1921

1922

1923

1924

1925

1926

1927

1928

1929

1930

65
68
72
73
72
70
73
82
92
98
100
87
79

86
96
107
110
107
104
103
108
117
119
114
90
105

78
82
88
90
89
86
84
89
97
100
101
83
89

80
84
91
91
88
85
82
86
93
96
100
85
89

83
90
98
101
99
93
91
96
105
110
113
94
98

89
96
105
107
103
97
93
96
105
111
112
94
101

90
96
105
106
103
98
94
98
107
112
115
97
102

93
98
107
107
104
98
93
97
107
114
117
96
103

93
98
107
107
104
98
95
98
108
114
117
96
103

92
98
105
106
102
96
93
97
103
112
115
94
101

89
95
102
103
101
95
92
96
104
112
115
94
100

88
93
100
101
98
93
87
87
95

73
71
70
70
71
72
78
85
88
89
88
93

97
101
104
106
105
107
110
113
113
108
101
96

88
86
85
87
87
88
90
93
93
91
89
89

90
89
89
87
86
88
88
90
90
88
89
90

93
94
95
97
97
96
97
100
101
100
100
99

100
101
102
103
101
100
100
100
101
101
99
100

102
101
102
102
101
101
101
102
103
101
102
103

105
104
104
103
102
101
100
101
102
104
103
102

104
103
103
103
102
101
102
102
104
104
104
103

103
103
101
101
100
99
100
101
99
102
102
100

100
100
99
99
99
98
99
100
100
101
102
100

99
98
97
97
96
96
94
91
91

NOVEMBER,

687

FEDERAL RESERVE BTILLJETIX

1930

BANKING AND BUSINESS CONDITIONS IN FEDERAL RESERVE DISTRICTS
FEDERAL RESERVE BANK DISCOUNTS-BY DISTRICTS

MILLIONS Of7 DOLLARS
140r
" r

120

:

( Weekly report cfcte figures .)

;

i- BOSTON J.

MILLIO

•

_;

o
ll|0

L___._J

:

j

L

!

I

fa

|

;___•:_

PHILADELPHIA

M1MNEAP0LIS

1

KANSAS CITY

|

120 |

---

—!

CLEVELAND

:

] !

:

f'^-f—1 i

01

1926




1327

1928

1929

1930

1926

1927

1928

Latest figures are for October 29; see table on following page

1929

1930

688

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

FEDERAL RESERVE BANKS—RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES
[Averages of daily figures, amounts in thousands of dollars]

Federal reserve banks

1929

1930

October
Boston
Xew York
Philadelphia
Cleveland .
Richmond
Atlanta.
_
Chicago
_
St. Louis
Minneapolis. _.
Kansas City...
Dallas
San Francisco.

September

October

X e r m - i °«°b

October

3,135, 397 3,106, 714 3,157,885 12,464,406

I
|

1930

1929

1930

! 231,162 225, 566
284, 096 152,110
149, 618
1,075,039 1, 023,300 1, 088, 030 1,025,170 1, 007, 221
196,120 143,966
143,948
I 224,670 231, 514
314,241
235,101 201,073 205, 210
334,141
97,825
67, 715
89,847
92, 518
67, 049
62, 300
141, 543
143,440
131, 391
62,180
511, 615 346,907 352, 577
418,852
436,337
76,882
99,876
100, 395
77, 512
111, 738
53, 358
72,923
52, 486
71, 750
68, 447
90,095
111,818
90, 321
112,629
112, 727
61,163
57,216
60, 744
71, 806
53, 441
288,335
293, 729
246,815 183,667
182, 996

Total

Federal reserve notes in
circulation i

Total deposits

Total cash reserves

October I Septcm-

153, 337
982,447
137, 010
188,188
69, 367
65, 596
361, 646
80, 539
55, 004
92, 329
67,443
185,081

133, 214
230,458
119,814
184,906
67,318
122,262
152, 245
62,855
50,633
34, 604
155, 574

133, 538
196, 209
124, 912
190, 290
64, 484
114, 523
163,358
64, 937
51,339
08,478
35. 085
158, 921

Keserve nerc
\ reserve perc
1930

1929

1929

OctoSepber
tember

October
204,451
341,006
140, 639
178,388
84,811
154,908
306,142
82, 321
67, 685
82, 700
52, 521
177, 022

2,451,862 12,437, 987 1,380,781 1,366,074 1,872,594 '

October

81.0
85.6
85.2
81.4
72.4
77.7
83.9
71.5
70.1
71.2
59.7
85.0

79.7
85.0
86.1
84.5
70.3
74.4
84.6
70.5
69.1
70.9
55.8
85.9

79.4
82.2
70.6
64.1
58.3
64.2
76.6
68. 6
55.8
64.4
59.9
68.2

81.5

81.4

73.3

i Includes "Federal reserve notes of other Federal reserve banks" as follows: Latest month, $18,092,000; month ago, $20,774,000; year ago,
$20,067,000.
ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, RESERVES HELD, AND INDEBTEDNESS AT FEDERAL RESERVE
BANKS
[Averages of daily figures. In millions of dollars]
Net demand deposits

T i m e deposits

Reserves held

Total

Federal reserve district
September

August

September

August
September

Boston
New York. _ ,
Philadelphia
Cleveland
K ichmond
\ tlanta
Chicago
St Louis
M inneapolis
Kansas City .
Dallas
San Francisco

Indebtedness at Federal reserve banks

Excess

August

September

August

September ;

August

. ._.

1,334
7,241
1,176
1,612
530
511
2,543
649
423
817
593
1,278

1,335
7,262
1,177
1,617
528
504
2,574
653
413
823
579
1,281

1,025
3.446
1,167
1,720
566
441
2,221
537
449
394
238
1,733

1,014
3,434
1,161
1,701
562
439
2,200
538
448
376
241
1,722

146.8
989.6
141.2
200.8
63.4
59.9
348.5
75.7
51.3
88.2
58.5
173.4

146.4
983.3
140.9
200.7
63.4
59.2
350.8
76.2
49.1
88.4
57 6
175.7

2 2
21*. 1
3.2
3.8
1.4
2.3
9.8
2.1
2.8
4.6
2 1
3.9

2.1
12.4
2.9
4.0
1.7
2.2
9.6
2.1
2.0
4.9
0
1
C. 4.

11.6 !
32.1
16.5 ;
14.6 ]
20. 0
28.2
14. 4
17.7
4. 1
8. 7
13 ?
7. 5

12.6
47.0
18.2
15.7
21. 3
30.0
10. 5
14.9
4. 4
9. 2
13 9
9. 4

- -

18, 707

18, 746

13,936

13, 835

2, 397.1

2, 392. 2

59. 2

52. 3

188.5 •

213.8

____

Total

DISCOUNTS OF FEDERAL RESERVE BANKS, BY WEEKS

DISCOUNTS OF FEDERAL RESERVE BANKS BY MONTHS

[In thousands of dollars]

[Averages of daily figures. In millions of dollars]

Federal reserve bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total

Oct. 1

'
|
I
;
;

Oct. 8

Oct. 15

Oct. 22 ! Oct. 29

12,512
26,392
16,914
20,412
18,374
26,497
16,631
19,064
4,012
8,803
10,633
5,672

9,519
25, 649
15, 281
21,086
17,747
24, 203
15,096
15, 834
3,941
9,214
10, 316
5,280

9,067
57, 749
17,414
24,071
18,002
24, 208
13, 580
16, 013
4,299
10,130
10, 579
5,327

6,117
31, 838
18,838
27, 049
18,997
24,433
13,945
18,161
4,813
10, 835
9,984
6,974

9,147
38, 547
19,783
25, 884
18, 836
23, 618
17,293
16,370
4,148
12,054
9,449
8, 474

185,916

173,166

210,439

191,984

201, 603




1930

1929

Federal reserve bank

October
Boston
New York
Philadelphia. .
Cleveland
Richmond
Atlanta
_
Chicago
St. Louis
Minneapolis.. Kansas C i t y . . .
Dallas
San Francisco.
Total

Se

g ^ m " ; October

8.9
36.7
17.5
25.0
18.9
24.7
15.8
17.3
4.3
10.3
10.2

11.6
32.2
16.4
14.6
20.0
28.2
14.4
17.7
4.1
8.8
13.2
7.6

i
:

60.7
160.0
78.7
95.2
53. 1
57.6
120.2
54.7
41.2
44.6
31.6
86.9

11-6. 4

188.7 '

SS4.5

:
i
i
:
!
!

689

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

FEDERAL RESERVE BANK DISCOUNT RATES
[Rates on all classes and maturities of eligible paper.

For back figures see Annual Report for 1929 (Table 32).]
Federal reserve bank

Date effective

Boston

New
York

In effect Jan. 1,1930..
4H
Jan 16
Feb. 7
Feb 8
Feb. 11
Feb. ]3
4
Feb 15
Mar. 14 . . _ _ Mar 15
Mar. 20 .
Mar 21
Apr 8
Apr. 11 . . _ _ . . _
\ p r 12
\ p r 15
May 2
May 8
3M
June 7 . .
June 20
June 21
3
Julv 3
July 12
July 18
Vug 7
Aug. 8
\ u g 15
Sept. 9
Sept. 12
.- 3
In effect Oct. 31,1930.

Philadelphia
5

Cleveland
5

Richmond
5

Atlanta

Chicago

4.4

13 2

Kansas
St. Louis MinneapCity
olis
5

5

Dallas

4]'2

San
Francisco

5

41/2

4 1 -, ; . .

.

1

4

4 /

4

4!< 2

43/2

41 9
' " !

4
3V-2

1

4
4

4
!

i

4
4

4

4

!

3

2V2
V4
3>2
1

3 9

3H
31/2

319'

sy2

2H

sy2

m

VA

3,4

3H

VA

RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES
Prime commercial paper

Federal reserve
bank or branch

!
i August

Boston
New York.__.
Buffalo
Philadelphia
Cleveland

Cincinnati
Pittsburgh

September

Loans secured by prime
stock-exchange collateral

Loans secured by warehouse
receipts

October

-4M

-6

-5H

_.

-6

4
5

-6
-6

Richmond
Baltimore
Charlotte
4 -53,
Atlanta
53^-7
B irmingham
^ 2 - 5 1 4^-5
Jacksonville
6
6 !
Nashville
5 -55) -53/2
New Orleans
4-5
4-5 !
Chicago
r 414-6
Detroit
4-4 %\
4-4H
St. Louis
6
6 i
Little Rock
6
6
i
Louisville
4
Minneapolis
Helena
5-6
Kansas City
Denver
Oklahoma City
Omaha
Dallas
6-8
6-8
El Paso_6
51//-6
Houston
6
6
San Antonio
5-6
5-5H
San Francisco
6
6
Los Angeles
4-6
6
Portland
" 6
6
Salt Lake City
6
fi
Seattle
6
6
Spokane
r
Revised.
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.




1 i

690

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES
Principal Resources and Liabilities, by week3
lln millions of dollars]
City

Federal Reserve District
! Total

I

Boston

New Phila- Cleve- Rich- AtYork delland mond lanta
phia

Loans and investments:
!
j
Oct. 1
. .
! 23, 467 ; 1,546 9, 557 1,301 2,304
659
:
Oct. 8
23,297 ! 1, 521 9,473 1,298 2,280
654
Oct. 1.5
.
23,404 1, 513 9, 552 1,289 2, 282
660
Oct. 22
.. .
._.' 23,383 1, 516 9, 518 1,293 2,284
660
Oct. 29
• 23,495 1,516 9, 656 1,297 2,263
657
Loans:
j:
Oct. 1___.
17,013 1,171 7,090
908 1,498
408
Oct. 8__
i 16,813 1,145 6, 970
895 • 1,487
468
Oct. 15. _ .
16 8(51 1,133 7,018
882 : 1,492
468
Oct. 22.... . . . .
.; 16,715 1.133 6, 893
882 1,496
467
Oct. 29
' 16,764 1,133 6, 959
888 1,486
467
On securiticsOct. 1
. „ .' 8,483
509 4,197
460
736
1*5
Oct. 8__.. _
8,268
494 4,060
456
725
175
Oct. 15. _. .. . .
. . 8,258
486 4, 037
451 :
174
723
Oct. 22
_!: 8,142
474 3.954
447
727 1
174
Oct. 29
8057
476 3,901
447
173
718 :
All other—
Oct. 1__. ...
8 530
662 2, 893
762 I
293 I
Oct. 8_.
8,545 |
651 2,911
762
439
293 i
Oct. 15._..
.. 8.606 !
647 2, 981
430
770 ;
294 i
Oct. 22_. ..
.
sjo73 !
659 2.939 j
434
769
293
Oct. 29
8, 707 i
441
657 3,058 :
768 j
293 ,
Investments:
!
I
Oct. l_._
; 6,454 '
375 2,458 !
393 ;
806 !
191 !
Oct.S
| 6,485
403
794 i
375 2,502 I
187 i
Oct. 15
! 6.541
790 !
380 2,534 !
408 :
191 |
Oct. 22.
6,667 I
788 i
383 2, 625
411 |
193 i
Oct. 29
6,731 ;
384 2, 697
408
190 i
II. S. Government securities—
Oct. 1
2,946 • 1 5 0 1, 165
117 , 400 |
85
Oct. 8
2,970 •: 1 4 8 1, 183
127 i 394 i
84 ;
Oct. 15
.. .
2,996 I 152 1, 206
128
391 i
83 ;
Oct. 22__...
.
3,060 | 153 1 257
130
386 i
84
Oct. 29
.
3,050
127
379 j
153 1, 253
80 !
All other—
Oct. 1
,
3,508
225 1, 303 ]
277
406 ' 106
Oct.S
3.515
227 1,319 ,
277
399 . 103 !
Oct. 15
.
3,544
228 1,328 i
279 : 398 . 108 '
Oct. 22
.
3,607
230 1,368
282 : 402 ! 110
110 :
Oct. 29
231 1,444
281
: 3,681
Reserve with Federal reserve i
bank:
'
42 j
99
863 ,
138
Oct. 1
. _ , 1,787
100 i
84
40
859 I
141
Oct. 8
1,802
102
83
41
860:
147
Oct. 15
_
1,827
85
101 i
886 i
144 ;
Oct. 22
i 1 827
84
942
146 ,
Oct. 29
; 1,879
98 ;
|
Cash in vaults:
|
11
14 :
26 :
Oct. 1.
;
201
!
12
27
15 '
Oct. 8
...
!
212
12 !
13
27 i
16 ;
Oct. 15
. I
209
13
I
28 i
15
Oct. 22
!
212
14
60 i
13
28 i
Oct. 29
J 216
Net demand deposits:
I
I
759 ; 1,133 . 352
917 6,366 :
Oct. 1
. • 13,812
757 '< 1, 111 348
882 6,197 !
Oct.S
. J 13,557
909 6,251 | 744 i 1,125 i 352
Oct. 15
___
I 13,767
894 6,315 !
745 ! 1,113 I 349
Oct. 22
! 13,710
64
738 | 1,089 : 342
Oct. 29
I 13,830
Time deposits:
I
353 ! 1,034 : 257
526 2, 016 I
Oct. 1
. j 7,534
534 . 2,045 I
3.-.0 : 1,023 , 257
Oct. 8
. ; 7,541
256
534 i 2, 052 i
349 i 1, 022
Oct. 15
_ ; 7,535
350 j 1, 021 ' 257
Oct. 22
_
| 7,560
532 : 2,095 j
2,082 i
361 j 1,022 257
Oct.29
... 7,577
538
Government deposits:
h
17
52 |
Oct. 1
!
181 •
13 |
22
16
14
42 •
Oct. 8
!
147 I
10 :
18
13
13
40
Oct. 15
i
142 j
13
10 !
17
35
Oct. 22
...
. i
122 I
11 i
9i
15 ' 11
32 I
Oct. 29
i
113 I.
10 ,
8 i
14 i 10




si

t

u

Chi-

cago

Min- | KanSt.
sas
Louis noap- City
olis

vSan : New I ChiFran- ; York
j cago
cisco .

Dallas

j
1,972 : 8, 325
1, 979 8, 236
1,978 . 8,318
1,984 . 8. 273
1,987
8', 414

603
600
601
599
595

3, 382
3. 353
3, 387
3.380
3,377

657
654
652
657
656

371
371
372
374
374

658
059 J
660
659
658

456
455
458
459
460

!
1
i
;

453
450
451
450
446

2, 588
2, 565
2.591
2, 570
2,564

498
494
492
492
490

242
242
242
244
244

419 '
417 1

340
338
340
341
342

6, 244
' 1,339
1, 5 5 6
1,341
6,127
1, 5 3 2
: 1,342 ; 6,175
1,560
I 1,339
6,046 I 1 , 5 4 1 )
' 1,336
1, 5 3 7
6,116

145
143
146
143
142

1.276
1, 250
1, 281
1,273
1,271

22?
219

79
79
78
78
79

308
307
305
307
305

1, 312
1, 316
1, 310
1, 297
294

275 j
273 :
273
281 I

163 i
163 !
164 :
166 ;
165 i

295
295
297
299
304

245
244
245
247
249

150
150
150
149
149

794
787
797
810
812

160
1(50 I
16! !
165
165

130 '
130 !
130 ;
129 !
130 !

239
242
246
249
250

117 !
118
118 ,
118 !

i
i
,
;

72
72 j
72 !
71
71 :

101
104
105
106
106

126 I
126
126
128
127

57 !
58 ;
58 i
58
59

138
139
141
144
144

48 !
48 :
48 >

25 I
28

56
56
59
57
56

33
33 !
37
33 I
34 !

21.8

219
209

339 I

33
34
35
37
38

340
341
356
360 (

455 I
447 I

456 I
78

454 I
453 ;

38
40
38
39
30 !

255
269
279
267
266

I

1

!
i
i
I
'

360
355
361
355
359

241
241
240
239
239

1, 346 j
1,343 ,
1,341 !
1,325 I
1,333 1

236
235
236
236
236

13 I

10
8
8

124
122
117
111
104

I
;
j
:

95
95
95 ,
93 '
93 Ij
ii
:
;
!

70 ;

72 '
71

10
10
10
10
10

32 '
32 ;
33 :
32 !

1,873
1, 852 i
1,920 •
1, 889
1,880 j

12 i

410
408 ,

45
42
43

313
313
317
310
306

20
16 !
16

4L4 I

!

i
!
I
•

227
231
232
232
234

489
493
510
490
484

280
279
289
280
277

141
140
141
141
141

207
197
195
195
196

148
149
153
153
152

1
1

3
2
2
2

18
14
14
12
11 i

2,
1.
2,
2,
2,

025
995
032
026
028

463 I 3, 796
451 3, 660
452 3, 640
418 3, 550
444 3,500

930
90!
932
923
922

876
S90
890
891
893

2,448 !
2, 466 j
2,535 !
2,496 !
2,616 ':

626
631
628
616
615

633
MS
636
644
651

2, 081
2,110
2, 143
2, 227
2, 299

469
461
472
4s.6
491

341
341
339
338
341

1,038 I
1,049 !
1,080 .
1,130
1,126

174
ITS
179
V.i[
2C0

292 ! 1,043 ;
2G6 I 1,061 j
297 i 1,063 \
300 1,097 1
310 1,172 i

295
286

108 ]
111 I
110 I
106 I
105 j

176
1 8 7
1 9 1
187
187

802
7<6i
794
826
874

&3
291
292

I
:
i
I
'

17
18
18
17
18

44 i
46
45 ]
46 :
48

13
13
14
13
13

743
738
757
739
737

5, 778 ,
! 5,662 !
I 5,665 !
I 5,750 ;
j 5,937 j

1, 260
1,244
1,302
1, 291
1, 285

.1

1, 029 1, 454 :
1, 026 I 1, 479 !
1,016 ! 1,489 i
1, 016 1 1, 530 i
1,020 j 1,521 ;
10
8
8
7
6

!
'
i
i
!

46
37
36
31
29

'
:
!
!

670
661
652
634
642

691

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES—Continued
Principal Resources and Liabilities, by weeks—Continued
[In millions of dollars]
City

Federal Reserve District
Total

D u e from b a n k s :
Oct. 1
Oct. 8
Oct. 15
Oca. 22
Oct. 29
O n e to b a n k s :
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct 29
Borrowings from
serve b a n k s :
Oct. 1
Oct. 8
<>ct. 15
• ; c t . 2:;..___.
O c t . 29

I Bos- i N e w I
'•; t o n
York j

:

Federal

1,657
1,645 '
1.696
. 1.509 :
1,508
'
•
3,664
3,604i
3,639'
3.389
; 3J427 re- j
;.
I
,
'
4-1 '.
39 '
76 il
58
62 I'

19367—30-




:
:
74 i 207
79'
171;
95 i
181 \
87 j
156:
93 ! 153 1
\
-,
147 1 1 , 3 1 3 !
143,1.228!
1511,246!
140 i 1, 175 !
126 ; 1,211 j
j
i
i
2!
3 |
2 1
4!
1:
36 j
l!
11,
2:
16 i

Phila^ | Oleve- Rich- Atphia • l a n d mond lanta
i
103 i
103 I
98!
82 i
90 1
i
250,
249 '
245 i
215 j
210 i
:

!
1
1!
1.
21
3

Chicago

Min- KanSt.
sas > ,
Louis neapolis I City i l a s

San New
Fran- York
cisco

Chi-

137
137 I
126
118
154

94
100
93
84
83

87
87
87
79
80

284
268
289
244
270

70 !
87

76 .

89 •

78 '
79 ;

83 j
71 !
78

194
204
213
188 '
174

112
111
llo
104
100

220
219
228
218
213

122
108
106
00
90

194
175
188
158
175

370
368
365
338
342

119
125
123
113
114

108
112
109
106
104

508
515
529
473
485

124
131 i
129 !
120 ;
123 !

87 :
87
86 :
81 ;
84

224
229
231
219
211

120
121
125
117
114

294
298
300
291
303

1, 224
1, 147
1, 160
1. 099
1, 138

346
356
369
333
343

7
8
11
13
11

4
4

10
8
9
9
8

4
3

•)

6
6

-

78 i

1

9

o

4

1

2
29
1
1

692

FEDERAL RESERVE BULLETIN
BUILDING CONTRACTS AWARDED

BUILDING PERMITS ISSUED

[Value of contracts in thousands of dollars]

[Value of permits in thousands of dollars]
1929

1930

Federal reserve district

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas

September

'• 20,027
\ 34,268
| 16,163
13,491
60,119
18,167
12,496
;
10,412
i 13,799

26,886
94,418
19,859
33,784
23,677
15,062
58, 599
23,320
8,822
31,455
11, 438

-

j 331,8

347, 318

1930

September

August

34,053

__

Total (11 districts)

1929

Number of
cities

Federal reserve district

32,411
83,109
35,047 Boston
64,140 New York
22,712 Philadelphia . . .
17, 768 Cleveland
102, 562 Richmond
39,465 Atlanta
10,346 Chicago
20,883 St. Louis
16,960 Minneapolis. _.
Kansas C i t y . . .
445, 402 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.

3,731
46, 330
8,221
10, 412
5,293
2,687
24, 206
3,342
3,128
4,785
5, 945
18, 265

Total. _

9,511 i
35,876 ;
5,297
14,473 1!
6, 740
2,994
17,705 ;!
2, 720
2,391 I
4,486 :
6,446 J
15,575 '

4, 203
53, 694
6,261
14, 209
8,804
5, 456
32, 687
5, 329
3, 686
9,701
5, 693
19, 752

136,344 ! 124,213 ,

169,474

COMMERCIAL FAILURES *

BANK DEBITS

[Amounts in thousands of dollars]

[Debits to individual accounts. In millions of dollars]

Number
Federal reserve district

Liabilities

1930

1930

1929

Sept.

Aug.

Sept.

Boston
New Y o r k . . .
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City..
Dallas
San Francisco

188
329
96
148
114
107
335
153
59
139
60
235

198
405
103
145
119
84
297
112
47
99
48
256

137
270
60
150
70
66
272
98
41
113
38
253

Total__.

1, 963

1

N O V E M B E R , 1930

Sept.

Number Septem- August,
of centers ber, 1930
1930

1929

Aug.

Sept.

4, 956 3,472
8, 615 18,191
1,939 2,343
2,738 3,176
1,832
1,187
2,164
2, 224
7,606
8, 050
4,428
1, 909
921
883
2,004
2,944
1,321
890
8,424 3,910

2,628
7,612
1,234
3, 473
1, H i
1,520
6,159
1,762

1, 913 1, 568 46, 947 49,181

34, 125

271

4,657
316

3,383

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.

September, 1929

1
140

27,383
21, 277

25, 052
20, 966

50,342
27,314

11
7
10
13
7
15
21
5
9
15
10
18
141 i

2,066
28,161
1,941
2,424
708
928
5,621
1, 039
772
1,281
643
3,076
48,660

2,079
25,864
1,908
2,278
665
848
5, 597
997
730
1,290
582
3,179
46,018

3,086
51, 503
2,503
2,860
729
1,090
7,632
1,293
974
1,437
783
3,766
77,656

Figures reported by II. G. Dun Co.

BANK SUSPENSIONS
[1930; figures for the latest month are preliminary]
[Banks closed to the public either permanently or temporarily on account of financial difficulties by order of supervisory authorities or directors of
the banks. Deposit figures are given in thousands of dollars, for the latest available date prior to suspension, and are subject to revision]
All banks

Sept.

Oct.
Boston
New York
Philadelphia
Cleveland
- .
Richmond
Atlanta .
Chicago
.-_
St. Louis
Minneapolis.
........
Kansas Citv
Dallas
San Francisco.-Total
1

1

Deposits
Jan.Oct.

. l
1
2
1
15
8
17
14
4
2

23
8
6
15
5
2

6
5
4
33
58
85
196
106
96
108
29
14

66

66

740

1

1
3
2

!

Nonmember banks 2

1

Number

Federal reserve district

Member banks

Oct.

Sept.

5 051
184
771

553
450
551

8,329
3,525
2,698
2, 877
533
1,267

I, 735
2,571
401

12,601
1,740
533
3,203
854
271

Number
Jan.- '
Oct.
22 086 :
2,157
2,881
39,493
23,767
51,766
78,824 i
26,959
14, 806
26,633 '
13, 276
9,771

26, 605 24,0S3 312,419

Oct.

Number

Deposits

Sept.

Oct.

Sept.

Oct.

Deposits

Sept.

1

|
1 j
1 |
2 |
1
3
1 :
1
10

3

1
1
1

-1

450
551
815
409

Sept.

5 051
1

j

-

Oct.

1
3

184
771
553

f'.Oa

13
17
11
3
1

20
8
5
13
3
1

7,514
3 116
2,698
2,321
335
320

1, 735
2, 571
401
11,996
1 740
419
2,683
235
189

56

57 22, 679

22,153

2

1
9
2
1

556
198
947

114
520
619
82

9

3, 926

1,940

October figures represent national banks only; September figures include 7 national banks with deposits of $1,769,000 and 2 State bank members with deposits of $171,000; January to October figures include 86 national banks with deposits of $66,365,000 and 12 State bank members with
deposits
of $7,415,000.
2
Includes private banks for which deposit figures are not available, as follows: October, 2 banks, January to October, 5 banks.




693

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates, by States, for Oct. 1 as made by the Department of Agriculture]
[In thousands of units]
Corn
Federal reserve district

Boston
New York
Philadelphia..
Cleveland
Eichmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City... . .
Dallas
San Francisco

I ProducEstimate,
; tion, 1929 Oct. 1,1930
:
;

......

-

.

-

.

Total

Total wheat

.

Bushels
8,818
24,625
42,371
170,082
I
148,109
174,605
880,741
312,957
294,781
. ....
445,415
101,149
10,654
2,614,307

Bushels
9,706
24,657
28, 462
105,341
103, 292
126, 296
709, 548
185, 278
247, 242
397, 447
98, 526
10, 921
2,046, 716

Tame hay
Federal reserve district

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
1

Estimate,

Produc-

Bushels

Bushels

Oct. 1,1930 j tion. 1929

Bushels

Production, 1929

Estimate,
Oct. 1,1930

Tons

Tons

Estimate,

Oct. 1,1930

tion, 1929

Estimate,
Oct. 1,1930

Bushels

Bushels

Bushels

110
136
99
97

Produc-

98
176
119 i
104 !

8,722
25, 937
18, 771
64,498
26,875
15,814
501,169
51,166
283,837
152,447
49,434
34.904

110
5,373
18,620
38,539
26,147
4,144
62, 550
44,676 I
184,665 !
267,493 I
39,923 !
113,550 |

98
6, 545
22,954
35,866
29,278
3,717
69,054 I
48,943
189,929 ;
290,807 !
28,622 |
113,799 i

4,410
417
172, 350
12,187
343
37, 857

6,040
610
178,876
11,530
257
44,410

805, 790

839,612 !

228,006

242,220 ! 1,233,574 I

ProducE s t i m a t e , i Production, 1929 j Oct. 1, 1930 ; tion, 1929

Pounds

Pounds

4, 981
6,958
3,061
7,168
4,190
2, 890
23,333
9,105
12,190
12, 348
1,284
14, 278

4,912
6,370
2, 632
4,137
2, 552
2,425
16, 722
5, 7(53
10,360
11, 770
1, 257
15,171

38,406
1,078
47, 601
149, 879
726, 638
185, 390
46, 360
316, 507
4. 508
2, 714 j

101, 786

84,071

1,519,081 |

;
;
;
'
;
i

White potatoes

Tobacco

Includes 9.00<> h:Ues grown in miscellaneous territory.




Production, 1929

Oats

Spring wheat

40,853 !
1,104 i
40,898 I
137,107 i
750,463 ,
205,259 I
46,376
267,261 i
4,410 j
3,049 :

!
1,496,780

Bushels
58,593
28,010
23,623
19, 695
37,845
11,964
44, 914
13,313
47, 707
31, 933
3,122
39,077
359, 796

Estimate,
Oct. 1,1930

Bushels
54,364
33,798
21,134
14,539 j
33,689 j
11,898
38,661 I
14,940
40,817
36,304 j
4,391 i
47,671 '
352,1

9, 788
47, 542
25,046
83,464
26,060
15,313
568,452
63,130
310,654
168,185
55,352
37, 775
1,410,761

Cotton
Production, 1929

Bales

Estimate.
Oct. 1,1930
Bale*

1,914
3, 667

1,625 I
3,468 I
i 3,306

2

2, 5.54

1,169
4, 862
398

918
5,060
373

14,828

14,486

"2 Includes 4,000 bales grown in miscellaneous territory.

694

FEDEKAL RESERVE BULLETIN

NOVEMBER, 1930

FOREIGN BANKING AND BUSINESS CONDITIONS
REPORT OF THE AGENT GENERAL FOR REPARATION PAYMENTS

The final report of the Agent General for
Reparation Payments, submitted to the Reparations Commission under date of May 21,
1930, and covering the execution of the Dawes
plan through the fifth annuity year and the
transition period under The Hague agreements
up to May 17, 1930, when the new plan entered
into force, includes figures for reparation payments and transfers for these periods, and reviews the development of the experts' plan as
a whole. It also contains discussion of the
budget, the public debt, German credit and
business conditions, foreign trade, and the
German balance of payments—which are given
(with some omissions) herewith, together with
the introduction and conclusion of the report:
INTRODUCTION

The report of the Young committee was made
on June 7, 1929, and the plan which the experts
recommended was intended to take effect, according to its terms, as of September 1, 1929.
But owing to the time expended by the conferences between the interested governments,
by the work of the organization committees,
and by the process of ratification in the principal countries concerned, it was not until May
17, 1930, that the Reparation Commission and
the Kriegslastenkommission were able to make
the joint report for which provision was made in
the final clause of The Hague agreement of
January 20, 1930. With this declaration the
new plan came into force, and with the final
transfers to the Bank for International Settlements the functions of the Agent General for
Reparation Payments and of the several organizations established under the Dawes plan came
to an end.
Owing to the length of time required for putting the new plan into effect, the entire first
annuity under the Young plan, covering the
seven months' period from September 1, 1929,
to March 31, 1930, was paid and transferred
under the system of administration provided by
the Dawes plan. The same is true of that part
1
Previous reports of the Agent General for Reparation Payments,
covering periods as indicated, have been published in part in Federal
Reserve Bulletins as follows:
Period
Bulletin
September, 1924, through August, 1925
February, 1926.
September, 1925, through August, 1926
January, 1927.
September, 1926, through May, 1927
August, 1927.
September, 1926, through August, 1927
January, 1928.
September, 1927, thorugh May, 1928
July, 1928.
September, 1927, through August, 1928
February, 1929.
September, 1928, through May, 1929
September, 1929.




of the second annuity under the Young plan
falling within the period from April 1 to May
17, 1930. In addition to the accounts of the
fifth annuity year under the Dawes plan and
the closing accounts of the Dawes plan itself,
the present report, therefore, presents the record of receipts and payments for the first year
of the Young plan and likewise for the first part
of the second annuity year under the Young
plan up to the date of the final transfer of the
Agent General's balances to the Bank for International Settlements. This transfer was completed on May 17, 1930, and the accounts of
the Agent General for Reparation Payments
for both the Dawes plan and the Young plan,
up to the close of business on that date, have
been examined and approved by the auditors. The functions of the Agent General in
respect of the Dawes plan and the transition
period are thus completely discharged, and the
present report presents the final statements of
account.
During the whole period of the Dawes plan
reparations have been fully paid and transferred, as provided in the plan, up to a total of
nearly 8,000,000,000 of gold marks for the five
annuity years and to as much as 2,500,000,000
for the fifth annuity year alone. The specific
securities provided by the plan also developed
satisfactorily, fully meeting or exceeding the
original expectations of the experts of the
Dawes committee and providing a substantial
margin of safety for the payments required of
Germany under the plan. The assigned revenues and the German Railway Co. continue to
provide collateral guaranties for the payment
of the annuities which Germany has agreed to
pay under the new plan.
The Dawes plan has also realized its broader
objects. The experts of the Dawes committee,
it will be recalled, were originally appointed to
" consider the means of balancing the budget
and the measures to be taken to stabilize the
currency" of Germany. The German currency,
at all times since the beginning of the plan, has
satisfied both internally and externally the
practical requirements of the gold standard, and
with the coming into force of the new plan it
has been placed on a full gold basis. The German budget was brought into balance at the
outset of the plan, and the means for keeping
it in balance have been constantly at hand,
with public revenues which have developed

NOVEMBER, 1930

FEDERAL RESERVE BULLETIN

during the period of the plan to an extent far
exceeding the expectations of the experts and
which are undoutedly ample to meet all legitimate demands for public expenditure, including, of course, the discharge of Germany's
obligations under the new plan. But though
the means exist, and the public revenues provide the essential material for a well-balanced
budget, the determination to control expenditures and to keep them safely within the limits
of available income has been lacking, and the
result has been a long series of budgetary
deficits which within the past year have produced a state of great tension in the public
finances and which are now adding very seriously to the burdens of the German economy at
the very time when it most needs to be free to
adjust itself to the new conditions created by
the fall in world prices and the general recession
in trade and business. As the new plan comes
into operation, the reform of the public finances
is the first problem of the German Government
and the German people, and on its solution will
depend in large measure the future progress
of the German economy under the new conditions created by the Young plan.
This report brings to an end the record of
the administration of the Dawes plan and
presents the final figures for reparation payments and transfers under the plan up to the
close of business on May 17, 1930. It also
reviews the development of the German public
finances and of German credit and business
conditions during the whole period since the
interim report of July 1, 1929, and in these
fields it takes account of all official information
becoming available up to and including the
first 10 days of May, 1930.
*
*
*
*
*
V. THE GERMAN BUDGET

During the financial year ended March 31,
1930, the German budget saw the culmination
of the tendencies toward overspending and
overborrowing which have been described in
previous reports and in the memorandum of
October 20, 1927, to the German Government.
The year as a whole was under the shadow of the
financial difficulties of the public authorities,
and at times, particularly toward the end of
December, 1929, there were periods of acute
tension in the finances of the Reich and of.
some of the communes. Under pressure of
these difficulties the first steps have been taken
to put the financial position in order, but the
whole problem of financial reform still calls
most urgently for effective consideration and
action.




695

Fundamentally, the situation has not
changed, but the stage has been reached when
energetic measures of reform can no longer be
delayed without endangering the public credit
and the development of the national economy
as a whole. The public revenues throughout
the whole period of the Dawes plan have shown
beyond a doubt that the necessary material for
budgetary equilibrium exists, and that under
prudent administration the resources available
to the budget would be ample to meet all
legitimate requirements. What has been lacking, however, is any determined effort to control
public expenditures, and the result has been a
constantly mounting level of expenditure,
exceeding even the greatly increased revenues
and culminating in the serious financial troubles
of the past year. The immediate necessity,
without doubt, is to put the public finances in
order, and for this purpose increased taxes will
undoubtedly have to be levied, at least for the
time being. But attention needs to be directed
primarily to the problem of controlling public
expenditure, and until this problem is squarely
faced and solved there can be no question of
reductions in taxation. The problem, moreover, of controlling public expenditures is not
confined to the immediate situation, or to the
coming year alone. It is the fundamental
budgetary problem, and it can only be solved
by firm adherence to sound principles of public
finance. What is needed, most of all, is the
determination to keep the budget effectively in
balance at all times and at all events, plus a
recognition of the fact that public expenditures
can not be permitted to rise year after year at
their recent pace without running the danger
of drying up the sources of taxation and prejudicing the future development of the German
economy.
Now, as Germany enters upon the execution
of the Young plan, which itself brings substantial relief through reductions in reparation payments, the problem presents itself with renewed
force and in a form which calls more than ever
for firm leadership on the part of the Reich
and for sincere and comprehending support
from the States and communes. The means
are at hand, and the opportunity exists, to
meet the problem on a basis that would enable
the public finances to be brought into order,
and that would also open the way to a resumption of the program of tax reductions, in
accordance with the views expressed by the
experts of the Young committee in their report
of June 7, 1929. Tax reductions, however,
can only be made on the basis of assured reductions in expenditure, and up to the present

696

FEDERAL RESERVE BULLETIN

time the level of expenditures appears to be
rising rather than falling, and at a rate that
gives no assurance even of effective budgetary
balance, notwithstanding substantial increases
in taxation. Under the new plan the answer
to the problem rests entirely with the German
Government and the German people, and their
decision will go far to determine the future
course of German economic life and the position
of German credit, at home and abroad.
The present report deals first with the
finances of the Reich and then with the finances
of the States and communes, and traces their
development through the past year against the
background of the experience which has
become available since the German budget was
brought into balance in the first year of the
Dawes plan.
The budget of the Reich.—The events of
the past year have fully confirmed the conclusions about the budget of the Reich which
have appeared in previous reports, not merely
as to the existence of the essential basis for the
sound development of the budget and the
adequacy of the revenue resources of the
Reich, but even more as to the urgent necessity
of effective measures of reform in order to bring
the budget into balance and restore order to
the public finances as a whole. The budget of
the Reich, it is clear, has not suffered from lack
of revenues, though it has been shown in the
past year that the great increases of previous
years can not be counted on to recur indefinitely and. that there are practical limits
beyond which taxation can not well be pushed.
But the actual returns for 1929-30 still show
the same high revenues from taxation as in
1928-29, and with the sources of revenue which
are released under the Young plan and the
increased taxes recently imposed the Reich is
budgeting in the current year for total revenues
from all sources of about 11 milliards of reichsmarks. It remains to be seen to what extent
these estimates may be affected by the worldwide fall in commodity prices and the recession
in business and trade, but even with full
allowance for these factors of uncertainty it is
abundantly clear, from the experience of the
past six years, that the essential material exists
on the revenue side for the sound development
of the budget of the Reich, and that under
prudent administration the revenues would be
ample to meet all legitimate requirements.
The Young plan, which brings substantial
reductions in Germany's payments to the
creditor powers, has greatly improved the
position in this regard, not merely by giving
direct relief to the budget but also by emphasiz-




NOVEMBER,

1930

ing Germany's sole responsibility to make the
needed financial reforms.
The difficulties from which the budget of the
Reich has been suffering are on the side of
expenditure, and the trouble, in the main, has
come from making public expenditures year
after year beyond the limits of the available
resources. During the past year, in particular,
expenditures at times have exceeded not merely
the regular resources from taxation and other
current revenues, but also what could be
secured from loans and even from short-term
borrowings. The result has been, twice during
the year, in April and May, 1929, and again
toward the end of December, to produce a
state of acute tension in the cash position of
the Reich and a situation of greater strain in
the public finances than has existed at any
other time since stabilization.
The causes which led to this situation have
been described at length in previous reports,
and particularly in the Agent General's memorandum of October 20, 1927, to the German
Government. The difficulties have not been of
sudden development, or of the past year alone.
They have been gathering for three years or
more, and their roots are to be found very
largely in the series of new expenditure measures
which were adopted in 1926 and 1927, and in
the general lack of control over publics pending
and public borrowing to which the memorandum drew attention. These dangerous
tendencies have been developing from year to
year, with cumulative effect, and in the
financial year just closed they came to a head,
under pressure of the weight of accumulating
deficits and of the high interest rates and
difficult credit conditions which prevailed
during most of the year.
The general course of the budget of the Reich
during the five years from 1924-25, when
stabilization first became effective, up to the
end of 1928-29, is illustrated by the following
diagram [omitted], which shows the actual
revenues and expenditures of these years and
the results of each year as expressed in current
surplus or deficit.
In the first two years, it will be observed,
total expenditures remained below 7,500,000,000 reichsmarks a year, and the small current
deficit in 1925-26 was more than covered by
the surplus of the previous year. But in the
three succeeding years expenditures increased
by leaps and bounds, and in 1926-27, 1927-28,
and 1928-29, taken together, the aggregate
current expenditures exceeded even the greatly
increased current revenues by a total of 2,445,000,000 reichsmarks. Of this deficit 1,237,000,-

NOVEMBER, 1930

FEDERAL RESERVE BULLETIN

000 reichsmarks fell in the year 1928-29, notwithstanding the fact that current revenues
in that year reached a total of 9,651,000,000
reichsmarks, or 1,961,000,000 reichsmarks more
than the total current revenues in 1926-27,
two years before. This series of deficits completely exhausted the surplus remaining over
from the years 1924-25 and 1925-26, as well as
the special working fund of 252,000,000 reichsmarks which had been established by the
treasury outside the budget in 1924-25 out of
seigniorage on the coinage. The remaining
deficit was covered to some extent by recourse
to long-term loans, from which a total of
553,000,000 reichsmarks was realized during
the three years, but the rfinal accounts for the
year 1928-29 still show ed an uncovered net
deficit outstanding at the end of the year to the
amount of 859,000,000 reichsmarks. The difficulty of carrying this accumulated deficit put a
heavy burden from the outset on the financial
year 1929-30, and the position became further
aggravated during the year as expenditures
again outran the revenues from all sources and
led to a new current deficit. The final accounts
for 1929-30 are not yet available, and the figures
for this year are therefore not included in the
diagram. But it appears from the results thus
far announced that the current deficit is again
a substantial one, and that it will amount to
between 600,000,000 and 650,000,000 reichsmarks even after taking into account about
600,000,000 reichsmarks of savings realized by
this budget from the adoption of the Young
plan. Of this indicated deficit about 340,000,000 reichsmarks have been covered by loans
issued during the course of the year, so that the
net deficit carried forward w^ill amount to
between 260,000,000 and 310,000,000 reichsmarks, in addition to the accumulated deficit
of 859,000,000 reichsmarks from previous years,
or between 1,120,000,000 and 1,170,000,000
reichsmarks in all.
The development of the budget of the Reich
during the financial year 1929-30 is presented
in further detail in the following pages, with
comparative figures for the previous five years
and the latest official indications as to the
prospects for the new financial year which
opened April 1, 1930. [This section, including
a detailed analysis of revenues and expenses,
omitted.] It is unnecessary to anticipate the
figures, which largely speak for themselves,
but it is worth pointing out, for its bearing on
the future, that the budgetary troubles of the
Reich may be traced very clearly to the following causes:




697

First, and foremost, there has been no effective recognition of the principle that the Government must live within its income. Revenues have been ample, and, notwithstanding
the important reductions in taxation that were
made in the earlier years, have risen to an estimated total of 10,061,000,000 reichsmarks in
1929-30, as compared with 7,757,000,000
reichsmarks in 1924-25 and 8,961,000,000
reichsmarks in 1927-28. These revenues
would have been adequate to meet all legitimate
requirements of the Reich, and even to provide
a reasonable margin of safety, if only a firm
financial policy had been pursued. For the
past four years, however, the Government has
always spent more than it received and at
times, especially during 1929-30, it has made
commitments to spend even more than it could
borrow. The Reich itself has been one of the
worst offenders against the principle which was
announced, in the strongest possible terms, in
the survey prepared by the Finance Minis-,
try which accompanied the draft budget for
1929-30, as follows:
Once the principle of covering all expenditures by
revenues is abandoned, the dam against the rising tide
of expenditure collapses. Neither the Government nor
Parliament will then be able to stem the flood. The
disorder once admitted will not be restricted to the
year of the deficit but will extend to an increasing degree to future years. Nor will the deficit be confined
to the public finances; it is like a running sore which
infects all the members of the national economy.

The first condition of return to a sound position is an absolute determination to hold
public expenditures within the limits of the
available revenues, and, in addition, to leave
a sufficient margin of safety to give the Government protection against emergency demands that may arise and the possibility of
applying some surplus, year by year, to debt
reduction. What is most needed is a firm
resolve on the part of the Government to live
within its income. This is a.simple program
which can be readily and effectively applied,
but it requires a real exercise of will on the part
of the Government itself and an abandonment
of the easy theory of the "inevitability" of
public expenditures.
Second, the Government has failed year
after year to make the reforms which have
been so frequently promised and which the
Government itself recognizes as fundamental
to the sound construction of the budget. The
financial settlement between the Reich and
the States and communes, the reform of which
was expected in connection with the adoption
of the Dawes plan, is still governed by pro-

698

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

visional financial arrangements which put an out in the memorandum of October 20, 1927,
arbitrary drain on the finances of the Reich. were "made on the most sweeping basis, and
Up to this time, notwithstanding repeated in the way most likely to bring serious constatements that the problem was to be taken sequences for the general economy of the
in hand, nothing whatever has been accom- country.;? It would seem, the memorandum
plished in the direction of giving the necessary further remarked, that "the German Governprotection to the budget of the Reich. The ment could have served its own interests
general reform of administration, which was better by using such substantial increases as
definitely promised as long ago as 1927, has an instrument for securing the reform in
not yet been undertaken, and the whole administration of which so many announceproblem of reducing the costs of government ments have been made in the past two or three
by rationalizing the public administrations years. It may not even be too late now to
remains to be examined. The reform of the make the salary increases serve this purpose.
system of unemployment insurance, which But as matters stand at present, they seem
had become a pressing problem as early as likely to hinder rather than to help the cause
the winter of 1928-29, was completely neglected of administrative reform, and to saddle new
until the end of December, 1929, when measures and lasting burdens on the already heavily
were finally taken, under pressure of the pre- burdened budgets 7of the Reich and the other
vailing cash necessities, to raise the contribu- public authorities.' These views have been
tions from employers and employed. But it more than confirmed by events. The reform
w^as too late to put the system on a self-sup- of administration has not yet been accomporting basis over the winter of 1929-30, and plished, and the costs of the general increases
the advances which have had to be made in salaries and pensions, which in practice far
from the budget have put a heavy drain on exceeded the original estimates, have proved
the finances of the Reich, which threatens to to be one of the most stubborn factors behind
be continued well into the future unless the constantly rising level of public expenditure.
effective measures can be taken without Numerous other examples of the adoption of
further delay. The difficulties which con- new measures of expenditure without regard
front the German Government in dealing to the financial consequences are to be found
with these various problems may well be throughout the record of the past few years.
recognized, and the problem of unemployment These measures have contributed very greatly
insurance, in particular, has been aggravated to the budgetary difficulties of the Reich, but,
by the persistent high level of unemployment even when their financial effects have become
during the past year. But until now there apparent, the theory of the inevitability of
has been no apparent disposition to face the expenditure is so strongly held that no steps
issue squarely, and matters have already have been taken to correct them.
drifted to such a point that the Government
Fourth, the budget as a whole is still wrapped
seems to be finding itself in more difficulties in such obscurity, particularly at the time when
from continued failure to meet these problems it comes before the Reichstag, that it lacks the
than it would be likely to find in resolutely salutary checks which it would otherwise get
endeavoring to solve them.
from public opinion and from the Parliament
Third, there is the practice, much followed itself. There is, for example, a growing tendin the past five years, of adopting new measures ency to provide for expenditures outside the
by legislation or decree without adequate budget by assigning special receipts to special
consideration or even knowledge of their purposes, and in the draft budget for 1930-31
financial consequences. Once adopted, more- this practice has been carried so far as to sepaover, these measures soon give rise to interests rate almost the whole body of transfers to the
which the Government becomes reluctant or States and communes from the general budget
unwilling to attack, no matter how burdensome of the Reich. The budget is further confused
the consequences for the budget. One of the by the division between the ordinary and exworst cases of this kind was the general increase traordinary budgets and the transfers between
in the salaries and pensions of officials, an- them, and perhaps more than anything else by
nounced by the Finance Minister of the Reich the system of carrying forward revenue and exon September 14, 1927, and applied as from penditure estimates from previous years withOctober 1, 1927, not merely to the administra- out making allowance for the expected results
tion of the Reich but also to the States and in the budget estimates for the current year.
communes, the post office and the German Under the prevailing system, which is disRailway Co. These increases, as pointed j cussed in greater detail in later sections, the




NOVEMBEE, 1930

FEDERAL RESERVE BULLETIN

budget is never presented to the Reichstag on a
real cash basis, and frequently it is not until
the expenditures have already been made and
the deficit already incurred that the Parliament gets a clear picture of the situation. The
inevitable result has been to encourage the
growth of unsound financial practices and to
deprive thei budget of the natural checks that
would be pi ovided by clear and straightforward
budgetary practice and accounts.
These various sources of difficulty are, of
course, more or less related to each other, and
they have conspired together in the past few
years to produce the constantly rising volume
of public expenditure which is at the root of the
budgetary troubles of the Reich. The problem of checking public expenditure has become
more than ever the vital budgetary problem of
the Geimen Government, and the time has
come when a solution has to be found for it,
not merely from the standpoint of budgetary
stability but in the general interests of the
country's economic life and of its credit at
home and abroad. The problem is one which
can be solved if the will to solve it exists, and
it remains true, as stated in previous reports,
that there is nothing in the situation which will
not yield to the application of sound principles
of public finance. Most important of all, the
essential material exists, in sources of revenue
which have proved their vitality even in times
of great stress, but which themselves must be
treated with respect if their productivity is
to be maintained and a flight from taxation
avoided.
With the coming into force of the Young
plan the German Government has not only the
full responsibility but also the normal incentive
to do the things and carry out the reforms
which are clearly needed in the country's
own interest. Germany now knows, for the
first time, the full extent of her international
obligations, and the German public authorities
are now able to make their calculations with
reference to known liabilities. In this regard
the coming into force of the Young plan marks
a fundamental change in the situation. It is
itself an act of confidence in Germany's good
faith and financial integrity, and it calls for a
corresponding effort on the German side, now
that her international obligations are finally
fixed and all foreign controls removed, to put
the public finances in order and to do the things
which are necessary to maintain the capacity of
Germany to discharge the obligations which
she has assumed.




699

The budgets of the States and communes.—
The finances of the States and communes, like
those of the Reich, have been in difficulties
during most of the past year, and for much the
same reasons. Their revenues have greatly
increased during the period of the Dawes plan,
both in the form of transfers from the Reich
and in their own tax collections; but, generally
speaking, the States and communes have been
following the practice of making expenditures,
year after year, in excess of their available
resources, and in some cases the pressure of
accumulated deficits has recently become
severe enough to bring measures of financial
reform into active consideration.
The budgetary difficulties of the States and
communes have been gathering for the past
three years and more, and it has long been
recognized that they have their origin in the
failure to keep State and municipal expenditures within proper limits. The Government
of the Reich, as long ago as October 7, 1927,
pointed out, in its announcement with regard
to the foreign borrowings of the States and
communes, that "in view of the entire present
situation in Germany any expenditure that is
not urgent or economic, whether made out of
foreign loans or from other sources, must be
avoided." The Agent General's memorandum
of October 20, 1927, to the German Government called special attention to the same problem, and urged that the Reich should exert its
full leadership in the direction of keeping expenditures of the States and communes within
the limits of their available resources. The
memorandum emphasized, in the following
terms, tnat this was the only solution which
would go to the root of the problem:
The question underlying State and communal borrowing is not whether individual loans should be placed
in the domestic market or in the foreign market, or at
short or long term, but whether they should be placed
at all. To divert the borrowing of the States and communes from one market to the other, or to refuse it in
one form and permit it in another, does not go to the
root of the difficulty.
Overborrowing at home ^ or
abroad proceeds from the same source, namely, rising
public expenditures, and it is by reducing expenditures
to the minimum that relief is* to be found. On the
other hand, balanced budgets and economical administration will give the best assurance that when credit
is needed for essential public purposes it will be forthcoming.
It is recognized, of course, that the Reich does not
control the States and communes in these matters.
But, when the States and communes go into foreign
markets to finance their budgetary expenditures and
internal improvements, they raise fundamental questions of foreign policy which have the most direct
interest for the Reich. And under the constitution
itself the Reich has a unique opportunity and even

700

FEDERAL RESERVE BULLETIN

responsibility for leadership, not merely because of its
large transfers of revenue to the States and communes,
but also because of its powers to prescribe the fundamental principles and main outlines of their laws in
many matters of taxation and public finance. The
force of these considerations has been recognized to
some extent in the efforts that have been made for
the past two years and more to supervise the foreign
borrowings of the States and communes through an
advisory organization established for this special purpose. These efforts, for whatever reason, have not been
successful, and the results appear in the swollen figures
for State and communal borrowings that have already
been given. A new and truly effective supervision,
based primarily on the principle of controlling public
expenditures, is urgently needed at this time, both in
the interests of German credit and to safeguard Germany's economic recovery against the dangers of overstimulation and subsequent reaction as a result of overspending and overborrowing by the public authorities.

The Government of the Reich stated, in its
answering memorandum, that it was "devoting
its greatest attention to the development of the
financial affairs of the States and communes."
In practice, however, little has been done during
the intervening period but to restrict, through
the Beratungsstelle, the issue of long-term
public loans abroad, and, instead of showing
leadership, the Reich itself has set an unfortunate example to the States and communes by
constantly permitting its own expenditures to
run beyond the limits of the available resources.
The States and communes themselves, instead
of putting some check on their expenditures,
have allowed them to rise far beyond the high
levels already prevailing in 1927,, and in many
cases far beyond the resources available to them
from taxation and long-term borrowing. Altogether, the result has been the growth of a
great volume of short-term indebtedness which
put an increasing strain on the capacity of the
domestic credit market, culminating in the
acute difficulties which developed in December, 1929, in connection with meeting the yearend requirements of the Reich and some of the
communes.
The importance of the budgets of the States
and communes in the public finances of Germany as a w^hole is indicated by the fact that
these two groups of public authorities together
dispose of considerably more than one-half of
the total tax revenues of Germany. Moreover,
as their finances are closely interwoven with
those of the Reich, an analysis of the budgetary
position of the Reich necessarily involves an
examination of the budgets of the States and
communes. The development of their budgets
during the successive years of the Dawes plan
has accordingly been traced in previous reports
to the extent that the official information
permitted, and it has been observed, as a




NOVEMBER, 1930

general proposition that, notwithstanding the
large year-to-year increase in transfers from the
Reich and in other available resources, the
States in recent years have been steadily budgeting for deficits and that for some years past
both the States and the communes have been
spending more than their current resources
permitted. In the financial year 1929-30 the
budgets of most of the States again showed
appreciable deficits, while the finances of some
of the communes, including Berlin, reached such
a state of tension that it became necessary to
resort to emergency measures. The finances
of the State of Prussia, on the other hand, present a relatively better picture, since on the
whole Prussia appears to have succeeded in
keeping its budgetary deficits within manageable limits and in avoiding too great a
burden of short-term indebtedness.
The submission of the 1930-31 budgets of
many of the States has been delayed, awaiting
the terms of the financial settlement for 1930-31
between the Reich and the States and communes. The draft budgets of Prussia, Saxony,
Wurtemberg, and some of the smaller States
were first presented, moreover, on the basis of a
continuance of the arrangements hitherto in
force, and these drafts now have to be modified
to take account of the changes in the financial
settlement which have been introduced since
their submission. In the case of Bavaria the
Finance Minister stated in the Diet on February
19, 1930, that the budget estimates for 1930-31
could not be submitted without further information regarding the financial relations of the
States with the Reich, and it was not until
May 6, 1930, that the draft budget for the year
was actually presented. Only in the case of
Baden and three of the smaller States does
the 1930-31 budget appear as yet to have been
definitely voted.

VI. THE GERMAN PUBLIC DEBT

The steady increase of the total public debt
of Germany, which has been noted in previous
reports, continued during the financial year
1929-30. The extent of the increase is shown
not only in the public-debt statements of the
Reich, but also in the latest statistics for the
public debts of the States and communes,
which now give the figures for the States and
Hanseatic cities and for the larger communes
down to the end of the third quarter of 1929-30.
The principal factor, of course, in this continued
growth of public indebtedness has been the

NOVEMBER, 1930

FEDERAL RESERVE BULLETIN

constant borrowing resulting from the budgetary deficits which have been reviewed in
the preceding chapter on the German budget.
The reported public debt of the Reich rose
during the year to a total of 10,353,000,000
reichsmarks, a net increase of about 1,403,000,000 reichsmarks. Of this increase, about
440,000,000 reichsmarks resulted from the
further inscription of war damage liquidation
debt certificates, but much the largest part was
in treasury certificates, which alone showed an
increase of 1,016,000,000 reichsmarks. Some
of these appear to have been issued to fund
various short credits which had not previously
been reported in the public-debt statements,
while 361,000,000 reichsmarks were held by the
Agent General, representing the anticipation of
budgetary savings under the Young plan
rather than a further addition to the debt.
For the most part, however, the tremendous
increase in the volume of treasury certificates
reflected the growing budgetary deficits of the
Reich.
The public debts of the States and communes at the end of 1929-30 have not yet been
reported, but the figures as of December 31,
1929, which are now available for the States
and Hanseatic cities and the communes with
100,000 or more inhabitants, indicate that in
the first nine months of the financial year the
States increased their indebtedness by 116,000,000 reichsmarks, the Hanseatic cities by
98,000,000 reichsmarks, and the communes
with 100,000 or more inhabitants by about
729,000,000 reichsmarks, part of which is
reported to have been due to the absorption
of smaller communes. The most recently
published figures also show that the public
debts of the communes with over 10,000
inhabitants (including those with 100,000 or
more inhabitants) increased during the period
of 18 months between March 31, 1928, and
September 30, 1929, by as much as 2,371,000,000 reichsmarks, or about 50 per cent.
The published statistics show further that a
large part of the total increase in indebtedness
has taken the form of floating debt. In the
case of the Reich the floating debt accounted
for 64 per cent of the total increase for the year
1929-30, and in the case of the States for more
than the entire net increase in their indebtedness during the first nine months of the year,
since there was a decrease of 7,000,000 reichsmarks in the funded debt. In the case of the
Hanseatic cities and the communes with 100,000
or more inhabitants, the floating debt accounted
for 97 and 60 per cent, respectively, of their
total debt increases in the first nine months of




701

the year. In the case of the communes with
over 10,000 inhabitants, about 45 per cent of
their increased indebtedness in the 18 months'
period between March 31, 1928, and September
30, 1929, took the form of floating debt. Not
only did the floating indebtedness of the public
authorities rise materially during 1929-30,
but the difficulty of carrying it increased and
at times, particularly in April and May, and
again in December, 1929, the tension became
acute. Conditions in the domestic credit
market during most of the last year were not
favorable to the issuance of long-term loans,
and the problem has now become so pressing
that for some months past urgent attention has
had to be given to the necessity of consolidating the floating indebtedness and the possibilities of making reductions in indebtedness
out of taxes or budgetary savings. The
measures which have thus far been taken to
deal with the floating debts of the public
authorities have been described in the preceding chapter.
The official figures of the indebtedness of the
States and Hanseatic cities and of the communes which have been published since the
last report make it possible for the first time
since stabilization to give a comprehensive
view of the German public debt as a whole.
The assembled figures for March 31, 1928, the
latest which are complete for all the public
authorities, show that on that date the reported
indebtedness was divided as follows: The Reich
about 7,891,000,000 reichsmarks, the States
about 1,298,000,000 reichsmarks, the Hanseatic
cities about 398,000,000 reichsmarks, and the
communes about 5,792,000,000 reichsmarks.
The growth of the public debts of the various
public authorities since March 31, 1928, to the
extent to which official figures are now available,
is also summarized in the following sections,
and it is possible in this way to get a fairly comprehensive picture of the German public debt
up to September 30, 1929. But no complete
view can be obtained for any date later than
March 31, 1928, owing to the fact that later
information has not been published regarding
the debts of the communes with 10,000 or less
inhabitants. The official figures, in all cases,
include short-term indebtedness but exclude
post-stabilization guaranties, debts between
the public authorities, and debts of undertakings belonging wholly to the public authorities but existing in the form of private companies. The public debt statements of the
Reich, moreover, do not yet include the reparation indebtedness of Germany as finally
determined under the Young plan.

702

FEDERAL RESERVE

a. Public debt of the Reich.—The reported
public debt of the Reich increased by 1,403,000,000 reichsmarks in 1929-30 and aggregated
10,353,000,000 reichsmarks on March 31, 1930,
according to the official statements furnished
by the Finance Ministry of the Reich. These
figures, however, include 361,000,000 reichsmarks of treasury certificates held by the
Agent General which represent the anticipation
of savings under the Young plan rather than a
further addition to debt. The details of the
public debt on March 31, 1930, are shown in
the following table, with comparative figures
for the end of the six preceding financial years.

BULLETIN

NOVEMBER, 1930

PUBLIC DEBT OF THE REICH—Continued
[In millions of reichsmarks]
Mar. M a r .

Other Reich debts:
Guaranties (prestabilization)
Credit for reclaiming farm
land
Loan from the
Rcichspost
Short-term loans
Other obligations
to pay 6
Totals

31,
1924

31,
1925

448

105
9

27

19

47,

133

Grand total 5_ 2,406 2, 79(5

Mar.
31,
1926

12

19
83

4,142

Mar.
31,
1927

Mar.
31,
1928

51

42

Mar.
31,
1929

12

12

12

110

60
75

133
220

Mar.
31,
1930

23
210

10

9

9

9

183

198

375

242

8,073

7, 891

8, 950 10, 353

PUBLIC D E B T OF THE REICH
[In millions of reichsmarks]
;Mar. • Mar. I Mar. Mar.
31,
i 31, ' 31, | 31,
! 1924 i 1925 | 1926
1927
Bonds:
i
Loan liquidation
'
:
debt
\
with drawing !j
rights
_
without draw- :
ing rights___|_
Reich loan of 1927.;.
Reich loan of 1929.1 _
War damage liq- |
uidation debt
certificates 4
:_
Totals

12 Provisional estimates.
Nominal value.
3
Capital value including premium on redemption.
* The inscription of this debt is not yet complete; it is expected eventually to amount to about 1,100,000,000 reischsmarks.
Mar. [ Mar. i Mar.
5 Differences due to rounding off.
3J, ! 31, 31,
e Excluding administrative credit at the reichsbank limited by the
1928 ; 1929 | 1930
bank law to 100,000,000 reichsmarks and amounting on March 31, 1930,
to 50,000,000 reichsmarks, and the advance of 135,000,000 reichsmarks
made toward the end of March, 1930, by the "Rank for Industrial Debentures.

/34,743 I 3 4,548 '3 4,340 3 4,194
{ 700 ! 700 I 700 ! 713
364

500

500

500
183

|
562 I 1,001

i

I 1,754 ! 5,807 | 5,748 | 6,102 | 6,620

|

Treasury certificates: !
Dollar certificates-1 195
6 per cent, repayable 1935
! 210
6 per cent, repay- j
able 1932
j
K bonds
.
E bonds
I
Treasury bills
7 per cent bonds
192^, issued to !
social insurance j
institutes
i
7 per cent bonds ;
1929, issued to j
old age and dis- j
ability insur- |
ance institute.__'
Treasury certifi- !
cates issued in
connection with
the
financial
agreement with
Other treasury
certificates
Total «
Bank debts:
lientenbank
Reichsbank
Total

30
1, 216

305

108

21

61

750

1, 945

1,097 1,185
235
227

1, 054
218

922
208

783
199

656
190

522
181

1,332

1,272

1,130

982

846

703

599

_

45
200

External loan 1924:
Dollars
Pounds sterling
Swedish crowns
Lire
Swiss francs
Total s




1,412
454
433
29
17
12

434
435
28
16
12

3 445
429
27
19
12

3 423
420
27
21
11

3 407
412
26
20
11

3 384
401
26
20
11

925

932

902

877

842

The public-debt statements up to this time
have not taken account of the indebtedness of
Germany under the Young plan, as finally determined by The Hague agreement of January
20,1930. This indebtedness is now represented
by the debt certificate of the German Government which has been given to the Bank for International Settlements in accordance with
Annex III to The Hague agreement, and it is
stated in terms of annuities rather than in
terms of capital debt. But on a b% per cent
basis, the rate at which the calculations of the
Young plan were made and at which the debt
certificate gives Germany the "right to redeem
all or7 any part of the not yet mobilized annuities/ the total capital value of the annuities
payable under the Young plan from April 1,
1930, to March 31, 1988, amounted as of April
1, 1930, to about 36,000,000,000 reichsmarks.
This figure includes the annuities payable to
the United States of America under the separate agreement concluded simultaneously with
the adoption of the new plan. It does not include the amounts representing the first annuity under the Young plan, since these had
already been paid during the transition period
between September 1, 1929, and March 31,
1930; and it also excludes the amounts required
for the service of the German external loan,
1924, since the outstanding principal amount
of this loan already appears in the regular statements of the public debt. On the other hand,
no allowance has been made in these calculations for the fact that the Reich receives

NOVEMBER, 1930

FEDERAL RESERVE BULLETIN

660,000,000 reichsmarks a year from the German Railway Co., from October 1, 1929, to
April 1, 1966, as a contribution toward the annuities payable under the new plan. The total
capital value of this railway contribution, also
calculated on a 5% per cent basis, amounted, as
of April 1, 1930, to about 10,900,000,000 reichsmarks, which counts, of course, as an asset for
the Reich against its total capital debt of about
36,000,000,000 reichsmarks under the new plan.
The reported increases and decreases in the
various categories of the public debt of the
Reich during 1929-30 were as follows, expressed
in millions of reichsmarks:
New items:
Reich loan, 1929
183
Bonds issued to old age and disability insurance institute
176
Increases in existing items:
Loan liquidation debt without drawing
rights
43
War damage liquidation debt certificates-_
438
Treasury bills
.
18
Other treasury certificates
1,016
Gross increase
Decreases in existing items:
Loan liquidation debt with drawing rights _
Treasury certificates issued in connection
with financial agreement with Rumania- _
Bank debts to Rentenbank and Reichsbank
German external loan, 1924
Credit for reclaiming farm land
_
Loan from Reichspost
Short-term loans
_.
Total decrease
Net increase

1,874
146
15
143
35
12
110
10
471
1,403

The new items appearing in the debt statement consist, first, of the 7 per cent tax-exempt
internal loan issued in May and June, 1929, in
the nominal amount of 183,000,000 reichsmarks, from which a total of 179,000,000
reichsmarks was realized; and, second, of the 7
per cent 5/L> year bonds, issued at 93 per cent
to the old age and disability insurance institute
in the last half of the financial year, in the
nominal amount of 176,000,000 reichsmarks,
from which 163,000,000 reichsmarks were
realized. Both of these issues were described
in the last report.
The increases in existing items of the public
debt during the year were as follows:
(a) The loan liquidation debt without drawing rights, the figures of which are not yet final,
increased by 43,000,000 reichsmarks in consequence of the settlement of certain outstanding
claims.
(b) The war damage liquidation debt increased by 438,000,000 reichsmarks, following




703

the further inscription of debt certificates. It
is estimated that about 100,000,000 reichsmarks
of certificates will still have to be issued before
the inscription of this debt is complete.
(c) The treasury bills discountable at the
Reichsbank again reached the maximum legal
limit of 400,000,000 reichsmarks on March 31,
1930. About 82 per cent were reported as
issued on the open market as against 91 per
cent on March 31, 1929.
(d) Other treasury certificates increased by
1,016,000,000 reichsmarks and aggregated
1,216,000,000 reichsmarks on March"31, 1930.
Full details of this amount have not been published but it appears to be made up of the
following items:
Two hundred million reichsmarks taken by
the German banks at a discount of 7}i per cent.
About three-quarters of this issue were originally repayable on September 30, 1929, but
were prolonged on the same terms until the
maturity of the remainder, on January 31,
1930. Subsequently, on January 17, 1930, the
whole of this issue was again prolonged at the
same discount rate, under an arrangement
according to which 100,000,000 reichsmarks
will be repayable on July 31, 1930, a further
sum of 50,000,000 reichsmarks on November
30, 1930, and 50,000,000 reichsmarks on December 31, 1930.
Three hundred and fifty million reichsmarks
taken by the Reich loan syndicate under the
direction of the Reichsbank in December, 1929.
This loan bears interest at one-half of 1 per
cent above the Reichsbank discount rate,
which stood at 7 per cent at the date when the
loan was first issued, and is repayable in seven
monthly instalments of 50,000,000 reichsmarks
from April 15 to October 15, 1930, inclusive,
out of the amortization fund created in virtue
of the law of December 24, 1929, as explained
in the previous chapter in the section discussing
the cash position.
One hundred and twenty-five million reichsmarks of 1-year treasury bonds issued in three
tranches in January, February, and March,
1930, and maturing on January 15, February
15, and March 15, 1931, respectively.
One hundred and eighty million reichsmarks
taken by the German Railway Co. originally in
the form of short-term certificates, but recently
renewed and extended to a longer term by
arrangement between the German Government
and the Railway Co.
Three hundred and sixty-one million reichsmarks taken b}" the Agent General for Reparation Payments, pursuant to the provisions of
The Hague protocol of August 31, 1929, as

704

FEDERAL RESERVE BULLETIN

supplemented and extended by The Hague
agreement of January 20, 1930. These treasury certificates represent, in effect, an anticipation of the savings which accrue to the German
Government under the Young plan rather than
a further addition to the public debt.
The decreases in existing items of the public
debt during the year were as follows:
(a) The loan liquidation debt with drawing
rights decreased by 146,000,000 reichsmarks,
due to the annual drawing of bonds made in
October, 1929, and paid in December, 1929.
(6) The treasury certificates issued in connection with the financial agreement with
Rumania decreased by the retirement of
15,000,000 reichsmarks in April, 1929: another 15,000,000 reichsmarks have since matured on April 1, 1930, and the balance comes
due April 1, 1931.
(c) The debt of the Rentenbank decreased
by 134,000,000 reichsmarks, of which 60,000,000
reichsmarks came from the four quarterly
payments by the Reich, due under paragraph
7b of the law on the liquidation of Rentenbank
notes, and the balance from interest payments by the owners of the mortgaged land
under paragraph 7a of the law. The debt to
the Reichsbank decreased by 9,000,000 reichsmarks, the amount of the annual payment by
the Reich provided for in the budget.
(d) The German external loan, 1924, decreased by 35,000,000 reichsmarks, primarily
through the operation of the sinking fund.
(e) The credit for reclaiming farm land,
which amounted to 12,000,000 reichsmarks on
March 31, 1929, appears to have been liquidated. At any rate, it has not been reported
in the published statements since June, 1929.
(/) The special loan from the Reichspost
which amounted to 133,000,000 reichsmarks on
March 31, 1929, decreased to 23,000,000 reichsmarks on March 31, 1930, thus reflecting the
lessened volume of Reichspost funds available
for this purpose, as indicated in the preceding
chapter.
(g) Short-term loans decreased by 10,000,000
reichsmarks, leaving a balance of 210,000,000
reichsmarks outstanding on March 31, 1930.
The floating debt of the Reich, as shown in
the public debt statement, amounted to 1,888,000,000 reichsmarks on March 31, 1930.
This total, however, does not include the
administrative credit granted to the Reich at
the Reichsbank, amounting on that date to
50,000,000 reichsmarks, or the advance of
135,000,000 reichsmarks made toward the end
of March by the Bank for Industrial Debentures,




NOVEMBER, 1930

in anticipation of the 150,000,000 reichsmarks
payable to the Reich upon the coming into
force of the new plan, representing the April
1 installment of the service of the industrial
debentures.
The following table, expressed in millions of
reichsmarks, shows the various categories of
the floating debt as reported for March 31,
1930, with comparative figures for the end of
the three previous financial years:
Mar. 31,
Treasury bills
Treasury certificates under agreement with Rumania
Other treasury certificates
Guaranties (prestabilization)
Loan from Reichspost
Short-term loans
Other obligations to pay
Total

The growth of the floating debt during 192930 has been discussed at length in the previous
chapter in connection with the cash position
of the Reich. With the coming into force of
the Young plan, important reductions may be
expected to take place, partly through the
redemption of the 361,000,000 reichsmarks of
treasury certificates held by the Agent General,
which were in fact retired on May 17, 1930, and
also through the various special funds which
revert to the Reich as the Dawes plan comes to
an end, as outlined in the previous chapter.
In addition, it has been officially announced,
in the Finance Minister's declaration of January 27, 1930, to the Reichstag, that the floating debt will be reduced by the proceeds of the
loan which the Reich is to receive from Kreuger
& Toll and the Swedish Match Co., to which
reference has also been made in the preceding
chapter. According to the terms of the Swedish match contract the proceeds of the first
tranche of the loan, in the nominal amount of
$50,000,000, w^ould not have become payable to
the Reich until August 29, 1930, while the
proceeds of the second tranche, in the nominal
amount of $75,000,000, were not payable until
May 29, 1931. Under the leadership of the
Reichsbank, however, a syndicate of German
and foreign banks and bankers was formed in
March, 1930, for the purpose of discounting
both tranches of the loan so as to make the
proceeds of the first tranche available to the
Reich in April, 1930, and the second tranche in
June, 1930. In the communique announcing
the conclusion of these arrangements, the Fi-

NOVEMBER, 1930

FEDERAL RESERVE

BULLETIN

705

nance Ministry emphasized that the proceeds of POST-STABILIZATION GUARANTIES ASSUMED
REICH—Continued
the Swedish match loan were intended to serve
[In
millions of reichsmarks]
the reduction of the floating debt and added
that "through the discounting of the proceeds
Oct. 1, Jan. 1,
1928
1930
of this loan the Finance Minister will bring
about the reduction of this floating debt at once. Shipping:
The debt amortization which is contemplated
Loan to—
35
Rhine-Main-Danube Canal A. G .
7
in the law of December 24, 1929, and which,
Neckar Canal A. G
16
Tank steamers
in the course of the budget year 1930-31, is to
57
be effected in the amount of 450,000,000 reichsTotal i
61
marks, from new taxes and economies, is to Housing and settlements:
146
200
Small dwelling houses
be carried out in addition/' The Finance
17
70
Refugee settlements
Minister has thus undertaken that the funds
Small dwellings for Reich employees and war
2
victims
25
derived by the Reich from the discounting of
165
295
the proceeds of the match loan will be applied
Total
at once to the reduction of the floating debt, Occupied territories:
3
3
Communes with curative spas.
instead of finding their way into additional
5
6
Agriculture and commerce
expenditure. The public debt statement for
8
8
Total i
April 30, 1930, however, has not yet been
published, and it is not known, therefore, to Miscellaneous:
4
4
Deutsches Museum in Munichwhat extent the floating debt may have been
522
783
Grand total
reduced up this time through the funds that
were received in April, 1930, from the discount- 1 Differences due to rounding oil.
ing of the first tranche.
The official statements of the public debt do
The foregoing table, it appears from the text
not include the contingent liabilities outstand- of the survey, has been drawn on a different
ing under the various guaranties undertaken basis from the table of guaranties assumed by
by the Reich since stabilization, principally in the Reich as of October 1, 1928, which was
aid of industry, housing, foreign trade and published with the survey accompanying the
agriculture. According to a statement of draft budget of 1929-30 and summarized in the
the Finance Ministry which appeared in the last report. This table showed guaranties to a
survey accompanying the draft budget of total of 1,189,000,000 reichsmarks as of October
1930-31, these guaranties aggregated 522,000,- 1, 1928, including the guaranty of the dividend
000 reichsmarks on January 1, 1930, as com- on 400,000,000 gold marks, nominal amount, of
pared with 783,000,000 reichsmarks on October preference shares issued by the German Railway
1, 1928. The details are indicated in the fol- Co. The table now published, however, does
lowing table:
not take this guaranty of railway preference
shares into account, either on October 1, 1928,
POST-STABILIZATION GUARANTIES ASSUMED BY THE or on January 1, 1930. The survey indicates,
REICH
furthermore, that even the figures now pub[In millions of reichsmarks]
lished for these two dates have not been prepared on the same basis, and that the figures .
! Oct. 1, Jan. 1, for October 1, 1928, include certain guaranties
! 1928
1930
authorized but not taken up, whereas the figures
!
for January 1, 1930, comprise only guaranties
Agriculture:
21
Agricultural machines
...
i
actually assumed and do not include guaranties
34
Fertilizers
. . . . . . . .;
authorized but not yet taken up, amounting at
30
Vine-growers
.. ...J
22
Live-stock marketing companios
...
.;!
that
date to 550,000,000 reichsmarks, or
Debt consolidation credits
..._ _
Loans to peasants in East, Prussia, etc...
•_
guaranties
which have expired in the meantime
Miscellaneous
\
with or without being taken up. No conclu104 sions therefore, can be drawn from the apparent
Total i
__j
Trade and commerce:
I
decrease of 261,000,000 reichsmarks in out8
6
Flax growing and spinning
I
139
36 standing guaranties between October 1, 1928,
Kussian credits
132
134 and January 1, 1930.
Other support of German exports
Industrial undertakings (Mechernicher Werke, ;
• Xiederschlesische Bergbau A.-G., Komnick A.- j
The total losses incurred under these guar30
(}., Ost preussenwerk)
;
anties up to January 1, 1930, are reported as
308
Total i
amounting to 48,000,000 reichsmarks, of which




!

706

FEDERAL RESERVE BULLETIN

40,000,000 reichsmarks were met out of the
reserve fund created in the years 1927-28 to
1929-30, while the balance of 8,000,000 reichsmarks remains to be covered in 1930-31 out of
an appropriation of 13,000,000 reichsmarks
included in the draft budget to replenish the
reserve fund. On the general question of the
risk of loss under outstanding guaranties, and
the dangers of these guaranties from the standpoint of the budget of the Reich, the survey
accompanying the 1929-30 budget contained, a
significant statement from the Finance Ministry of the Reich, in the following terms:
Since, as stated above, most of the guaranteed claims
have not yet matured, these particulars do not give an
exact picture of the degree of risk entailed by the
individual guaranty categories. But it is already
possible to say that the greatest risk is entailed by
guaranties for credits accorded to individual industrial
undertakings (the credits known as subsidy credits),
and that in addition considerable losses are to be feared
in all cases where assistance to branches of enterprise,
instead of taking the form of nonrepayable grants or of
Reich credits shown as expenditure in the budget,
takes the form of a guaranty of the Reich. There is
grave danger that the decision to take up a guaranty,
which is no charge on the budget under discussion, will
be all too lightly adopted, and that a subsequent budget
year will be burdened with charges which the current
year is possibly unable to bear.

A further statement in much the same sense
appears in the survey accompanying the 193031 budget, as follows:
The inherent risk can be kept within tolerable limits
if the guranties are not misused in the sense of providing necessitous undertakings with a backing which
enables them to take up short-term credits which then
have to be made good by the Reich as they fall due, and
if relief is not given to particular branches of industry
or particular districts in this form in the place of grants
in aid or direct credits by the Reich. Such attempts
tend to conceal the real budgetary position inasmuch
as expenditure which is bound to be incurred is not
shown clearly at the moment of its being voted in the
budget. It also tends readily to lead to a certain cheerful readiness to make grants, wiiich revenges itself on
later budgets not responsible for the grants.

Notwithstanding the view^s thus expressed by
the Finance Ministry of the Reich, it appears
from recent announcements that a further
series of guaranties is now under consideration,
primarily for agricultural credits and for relief
in the agricultural districts toward the east.
A guaranty of the Reich operates, of course,
as a pledge of the public credit, and apart from
the risk of loss to the budget it puts an indirect burden on the credit of the Reich, which
reacts adversely on all direct issues of Reich
obligations. There are strong presumptions,
therefore, against the assumption of additional
guaranties, and it would greatly strengthen the
Government's credit and facilitate the manage-




NOVEMBER, 1930

ment of the public debt as a whole if it were
clearly understood
for the future that no new
drafts wTere to be made on the public credit in
this form.
b. Public debts of the States and communes.—Considerable progress has been made
by the Reich Statistical Office since the last
report in bringing up to date the assembled
statistics of the public debts of the States and
communes, as reported to the Reich pursuant
to the decree of June 23, 1928. Under this
decree monthly statements must be furnished
by the States and by communes with over
100,000 population, while communes with a
population between 10,000 and 100,000 are
required to furnish their debt statements
quarterly. The figures for the public debts of
the States and all the communes are now
complete as of March 31, 1928, and are summarized in the table on page 707, to which, in
order to give a comprehensive view, the figures
for the public debt of the Reich on that date
have been added. A similar table was published in the last report, without including the
figures for the Reich, but the official information regarding the indebtedness of the communes as of March 31, 1928, had not then been
fully published, particularly in respect of poststabilization indebtedness contracted within
Germany. In view of the importance of the
missing information, an estimate was made
of this indebtedness by the Economic Service
of the Transfer Committee and was included in
the table published in the last report. The
official figures, which are now available, indicate
that this estimate was too low by as much as
2,145,000,000 reichsmarks. The estimate, it
will be recalled, was based on the reports of
loans issued by the public authorities on the
capital market, as published monthly in
Wirtschaft und Statistik, but it now appears,
from the survey accompanying the official
figures as of March 31, 1928, that nearly 40
per cent of the total poststabilization domestic
debts of the communes had taken the form of
floating debt, consisting mainly of current
advances from the savings banks and of other
short credits taken up on the money market,
which are not included in the figures published
in Wirtschaft und Statistik and concerning
which no official figures were available at the
time the estimate which appeared in the last
report was made. The underestimate on
this account amounted to 1,525,000,000 reichsmarks, and in addition there was a further underestimate of about 620,000,000 reichsmarks in
the funded domestic debt, due to the fact that

707

FEDERAL RESERVE BULLETIN

NOYEMUK:

the loan figures published in Wirtschaft und 31, 1929, as published by the statistical office
Statistik failed to show the whole of the long- of the Reich:
term debt contracted.
P U B L I C D E B T S OF T H E S T A T E S AND H A V S E A T I C C I T I E S
PuBi.i' 1 D E B T S O F R E I C H , S T A T E S AND H A N S E A T I C
C I T I K S , AND C O M M U N E S , M A R C H 3 1 , 1928

[In millions of reichsmark^]
States

[In millions of reichsmarks]
I
; .«;
!
Prestabilization:
Kevalorized paper mark debt—
j
Bonds with redemption rights. 4, 548 :
Bonds without redemption
I
rights
700 '
Fixed-value debt
;' 1,054 |

TotalPost-stabilization:
Contracted a b r o a d Funded debt
Floating debt
Total
Contracted within G e r m a n y Funded debt
. .*
Floating debt

I HanseStates |
&

1 i
32

! 6,302 |

M a r . I M a r . Dec. M a r . I M a r . Dec.
31, ! 31, i 31,
31, ! 31, 31,
1928 I 1929 . 1929
1928 ' 19291929

r

^

1,049

28 |
ll :
40 i

17
90

146 ,

1,156

902 j

379
133

143
70

902 !

512

219

542

512 •

175 i

287
-138

1
33

2.570
1,525

687

725

30

Hanseatic cities

Prestabilization:
Revalorized
paper
mark debt
Fixed-value debt

28 :
32 i

Total 2
Poststabilization:
!
Contracted abroad— j
Funded debt
'
Floating debt
j

28
32

64

80

135 | 126

378
115
493

373
174
547

143 1 151
76 : 23
219 ; 173

250

435
735

438
799

1!
26
33 : 155

30
173

Grand total l_

1,589 ; 1,237
;
-! 7, S891
!J

1,298

I 512
Contracted
within
GermanyFunded debt
287
Floating debt
! 438!

34 ' 180

4, 095

124

Total 2.

1,237 ! 1,664 ! 1,783 i

Grand total 2

1,298 | 1,727 j 1,843 j

253 I

353 I

150
100

203
453

4, 637

5, 792

i Differences due to rounding oil.

The official figures indicate that the total
indebtedness of the communes as of March 31,
1928, amounted to 5,792,000,000 reichsmarks,
or nearly two-fifths of the total indebtedness
of all the German public authorities. Of the
indebtedness of the communes on this date,
4,637,000,000 reichsmarks, or about four-fifths
of the total, consisted of poststabilization debt, of
which 4,095,000,000 reichsmarks were reported
as having been contracted within Germany
and 542,000,000 reichsmarks abroad. About
one-third of this poststabilization debt w^as
reported to be in the form of floating debt, consisting principally of interim credits obtained in
Germany pending the issue of long-term loans.
In addition to the assembled statistics as of
March 31, 1928, the published figures of the
public debts of the States and Hanseatic cities
and of the larger communes are now" complete
to December 31, 1929, wThile figures for the
communes of more than 10,000 inhabitants are
available as of September 30, 1929. These
later statistics are summarized in the next
two sections.
1. Public debts of the States and Hanseatic

cities.—The public debts of the States and
Hanseatic cities as of December 31, 1929, are
summarized in the following table, with comparative figures for March 31, 1928, and March




95 :
40 ;

i
379
133

1, 171 1 1,236
Total

89 ;
37 ;

32
32

1 Excluding bonds without drawing rights and unsettled claims.
2
Difference due to rounding oil'.

The indebtedness of the States on December
31,1929, stood at a total of 1,843,000,000 reichsmarks, an increase of 116,000,000 reichsmarks
in the first 9 months of the financial year
1929-30 as compared with an increase of
429,000,000 reichsmarks in the preceding 12
months. The increase in the floating debt
alone was 123,000,000 reichsmarks, contracted
about one-half abroad and one-half within
Germany, while funded debt decreased by
about 7,"000,000 reichsmarks.
The debts of the Hanseatic cities have continued to grow at a somewhat faster rate,
and are reported as amounting on December 31,
1929, to a total of 577,000,000 reichsmarks, an
increase of about 98,000,000 reichsmarks in the
first 9 months of 1929-30 as compared with an
increase of 91,000,000 reichsmarks in the preceding 12 months. As in the case of the States,
the increase was almost entirely confined to the
floating debt, other debt having remained
practically stationary. About 81 per cent of
the increase in the floating debt is reported to
have been contracted abroad through the sale
of treasury certificates.
The States and Hanseatic cities, in addition
to their direct indebtedness summarized in the
foregoing table, have also incurred debts to the
Reich, mainly in the form of reimbursable

708

FEDERAL RESERVE BULLETIN

credits for housing, and have assumed guaranties for various purposes, principally in respect
of bonds issued by their public credit institutions. The credits from the Reich to the States
amounted to 139,000,000 reichsmarks on December 31, 1929,^ showing a decrease of 62,000,000
reichsmarks in the first nine months of 1929-30
in consequence of the reimbursement of credits
for mortgages on small dwellings granted in
1926-27. Reich credits to the Hanseatic cities,
on the other hand, remained practically unchanged at 19,000,000 reichsmarks on December 31,1929. Information concerning the guaranties assumed by the States and Hanseatic
cities is not available for any date later than
March 31,1928, when they are reported to have
amounted to a total of 618,000,000 reichsmarks.
2. Public debts oj the communes.—The official
statistics of the indebtedness of the communes,
though not so current or complete as those for
the other public authorities, are still adequate
for an appreciation of their present position.
The latest figures covering all communes are
for March 31, 1928, already summarized in the
table on page 707; but for the communes with
over 10,000 inhabitants and for the associations of communes, statistics of public debts
are available as of September 30, 1929, while
for the communes with 100,000 or more inhabitants the debt figures are available as of December 31, 1929.
The table opposite shows, as of March 31,
1928, and September 30, 1929, the public
debts of the communes with more than 10,000
inhabitants and of the associations of communes. No figures are available for the public
debts of the communes with 10,000 inhabitants
or less on any date later than March 31, 1928;
but even without these figures the table gives
a comprehensive picture of communal indebtedness and of its growth during recent years.
In the figures of March 31, 1928, the debts of
the smaller communes amounted to only 18.5
per cent of the total, while the official commentary accompanying the figures of September 30,
1929, states that "the share of these smaller
communes in the total communal debt has
probably decreased since March 31, 1928/'
The table shows that in the 18 months ended
September 30, 1929, the public debts of the
communes with more than 10,000 inhabitants
and of the associations of communes increased
by a total of 2,371,000,000 reichsmarks, or
about 50 per cent. Of this increase about
10,000,000 reichsmarks are reported as having
resulted from the absorption of smaller communes by the larger ones. During the same




NOVEMBER, 1930

period the debts of the States increased by
464,000,000 reichsmarks, or 36 per cent, and
those of the Hanseatic cities 149,000,000
reichsmarks, or 39 per cent. The communes
whose debts are included in the table have thus
increased their indebtedness at an appreciably
greater rate than the States and Hanseatic
cities.
PUBLIC DEBTS OF THE COMMUNES WITH MOKE THAN
10,000 INHABITANTS AND OF THE ASSOCIATIONS OF
COMMUNES
[In millions of niichsmarks]

Prestabilization:
Ke valorized paper mark debt1
Fixed-value debt
Total
Poststabilization:
Contracted abroadFunded debt
Floating debt
Contracted within GermanyFunded debt
___
_..
Floating debt

Mar. 31,
1928

Sept. 30,
1929

Increase 2

924
89

945
114

21
26

1,013

1. 059

47

497
27

7Q<>
12

209
3 15

524

718

195

1,921
1,267

2,979
2,338

1,058
1,071

3, 188

5, 317

2,129

Total 2

3,712

6. 03f>

2,324

Grand total2

4,724

7. 095

2,371

]
1
2
3

Excluding bonds without drawing rights and unsettled claims.
Differences due to rounding off.
Decrease.

The growth of the communal indebtedness
during the 18 months' period occurred principally in the domestic poststabilization debt,
which increased by 2,129,000,000 reichsmarks,
of which 1,058,000,000 reichsmarks represented
funded debt and 1,071,000,000 reichsmarks
floating debt. The prestabilization debt
showed an increase of 47,000,000 reichsmarks,
due to the further settlement of disputed claims
in the case of the revalorized debt and to a
more complete assembling of the figures of the
fixed-value debt.
The debt figures in the foregoing table do
not include the credits granted to these communes by the Reich or the States for housing,
productive unemployment relief, etc., or those
obtained from rent tax funds. On September
30, 1929, the credits from the Reich and the
States aggregated 435,000,000 reichsmarks, as
compared with 404,000,000 reichsmarks on
March 31, 1928, while credits from rent tax
funds aggregated 353,000,000 reichsmarks on
September 30, 1929, as compared with 204,000,000 reichsmarks on March 31, 1928.

NOVEMBER, 1930

FEDERAL RESERVE

BULLETIN

709

The total floating debt of the communes in- P U B L I C D E B T S O F T H E C O M M U N E S W I T H 100,000 O E
M O R E INHABITANTS
cluded in the table amounted to about 2,350,[In millions of reichsmarks]
000,000 reichsmarks on September 30, 1929,
practically all of which is reported to have been
Mar. 31, Mar. 31,! Sept. 30,i Dec. 31,
1928
1929 I 1929 , 1929
contracted within Germany, though substantial amounts indicated as contracted within
Germany are probably held abroad. This tre- Prestabilization:
541 i
559
Revalorized paper mark debt l\
567
mendous volume of floating debt, in conjuncFixed-value debt
j
73
74 ;
74 ;
59
tion with the greatly increased floating indebt629 :
640
Total 2_
edness of the Reich, has kept the domestic Poststabilization:
credit market under heavy pressure throughout
Contracted abroad593 !
602
Funded debt
592 :
the past year. The tendency of the floating
413
5!
Floating debt
1
1'
debt to increase more largely than the funded
413
598 !
593 I
603
debt is characteristic of the recent development
Contracted w i t h i n Gerof the indebtedness of all the German public
many—
authorities, including the Reich. In this conFunded debt
1, 148 , 1.307 : 1,415
1,330 \f 1.010
1,286 : 1,443
Floating debt
nection the official survey accompanying the
:
1,
330
2,158
2,653
2,858
debt figures of the communes for March 31,
2
1928, states that before the war intermediate
3, 24!) ;
2,757
3,461
Total ....
1, 743
and short-term debt was created by the comGrand toUll 2
3,372
3,875 • 4,100
2, 301
munes almost entirely for the purpose of meeting temporary cash requirements, while the 1 Excluding bonds without drawing rights and unsettled claims.
postwar growth of communal floating debt has 2 Differences due to rounding off.
been due largely to the unwillingness of the The indebtedness of the large communes, it
communes to borrow^ at long term at the high will be observed, increased by 729,000,000
rates prevailing in the domestic capital mar- reichsmarks in the first nine months of 1929-30,
ket. The true explanation, however, is to be as compared with an increase of 1,011,000,000
found in the fact that for some years past the reichsmarks during the whole year 1928-29.
communes have lived largely beyond their in- An appreciable part of this increase appears to
comes and have fallen back more on short- have resulted from the absorption of small
term and intermediate credits to finance capital communes, and during the first half of the year
expenditures and public works which should alone about 176,000,000 reichsmarks out of a
never have been undertaken unless first assured total increase of 503,000,000 reichsmarks are
of proper financing at long term. The result reported to have been due to this cause. The
has been to put a severe strain on the domestic floating debt of the large communes increased
market and on the cash position of the public from 1,015,000,000 reichsmarks on March 31,
authorities, and under pressure of this neces- 1929, to a total of 1,444,000,000 reichsmarks on
sity emergency measures have had to be taken, December 31,1929, practically all of which is reas outlined in the previous chapter, to deal ported to have been contracted within Germany.
with the problem of debt consolidation.
In addition to the public debts included in
The table below shows the public debts of the table, the communes with 100,000 or more
the communes with 100,000 or more inhabit- inhabitants are reported to have taken up
ants on four different dates beginning March credits out of public funds to a total of 346,31, 1928, and ending December 31, 1929.000,000 reichsmarks on December 31, 1929, as
These are the latest figures of communal in- compared with 310,000,000 reichsmarks on
debtedness, and they make it possible to fol- March 31,1929. About one-half of these credlow the development of the public debts of the its was granted by the Reich and the States,
larger communes up to the end of 1929. The and about one-half was obtained from rent tax
indebtedness of these communes on March 31, funds.
1928, amounted to about two-fifths of the aggregate public debts of the communes on that VII. GERMAN CREDIT CONDITIONS AND THE
CURRENCY
date, and the subsequent figures up to September 30, 1929, are already reflected, of course,
The German economy during the past year
in the statistics given in the previous table for has had to contend with many disturbing
communes with more than 10,000 inhabitants. forces, some of them purely internal, as, for




710

FEDERAL RESERVE BULLETIN

example, the state of the public finances;
others mainly due to the suspense and uncertainty attending the long discussions over the
complete and final settlement of the reparation
problem; and still others, world-wide in their
effects, including first the strong movement of
funds away from Europe during most of 1929,
and then the sharp decline of commodity
prices and the general recessions in production
and trade during recent months. In the face
of these difficulties, the German economy as a
whole has succeeded in maintaining its essential
stability, and in some very important directions
it has shown new strength and self-reliance.
Some of the disturbing elements have now run
their course, and with the coming into force of
the Young plan there enters a new factor of
stability and confidence. But other adverse
factors, such as the state of the public finances
and the general depression of trade, still remain,
and their effects are to be seen in a somewhat
diminished volume of business in Germany
and in the high level of unemployment which
prevails.
Before dealing in detail with the results of
the period, it is interesting to review in broad
outline the changes in business and credit
conditions which have taken place since the
end of 1928. At that time, it will be recalled,
the available figures showed that normal
forces had again asserted themselves in many
departments of the German economy, giving
evidence of underlying stability and of a
broader and sounder basis of credit. There
had already occurred, however, an event of
considerable importance, namely, the November, 1928, lockout in the Rhenish-Westphalian
steel and iron industry, which accelerated
the seasonal rise in unemployment and affected
indirectly the activity of other industries. In
the early months of 1929 the effects of the lockout were aggravated by weather of unprecedented severity, which brought seasonal unemployment to the highest level reached up to
that time and restricted both the output and
distribution of goods. But with the coming
of spring there was a prompt rebound, and
by midsummer the shortages of the winter
months had been largely made up. In some
particulars, notably in heavy industry, the
volume of production reached a higher level
than at any previous time, and from April to
November, 1929, the general index of production stood well above the average of the two
previous years. During the late autumn a
recession developed in many branches of industry and trade, which was carried somewhat
further in the eaiiv months of 1930. But




NOVEMBER, 1930

taking the year 1929 as a whole, the figures
show that the physical volume of production
and trade was slightly larger than in 1927 and
1928, both years of large business activity.
The outstanding commercial development of
the year 1929 was the further growth of the
export trade, with the result that the value of
goods exported finally overtook and slightly
exceeded the value of imports, and this without
any reduction from the previous year in the
volume of raw materials imported for the use
of German industry. The value of exports
has been increasing since 1925 at an average
rate of about 1,000,000,000 reichsmarks a year,
but heretofore, except in 1926 when imports
were seriously curtailed, exports had still
remained below imports. This deficiency in
the merchandise trade balance has been one of
the major causes for Germany's dependence in
previous years on foreign credit, and its disappearance in 1929 was of primary importance
because it diminished the degree of that dependence. In the first quarter of 1930 the vitality
of the export trade has been well maintained.
The continued growth of exports, which
itself had much to do with maintaining the
volume of production during 1929 at a high
level, reflects among other things the results of
the laborious process of rationalization and
consolidation which has been under way ever
since 1925. The efficiency now attained has
reduced costs of operation, and reorganization generally has greatly increased the capacity
of German industry to compete in foreign
markets. In recent months consolidations or
intimate working agreements have been effected
in banking and shipping, which correspond in
their practical consequences to the earlier
combinations in the steel, potash, and chemical
industries.
A factor only less important than the growth
of exports in bringing German foreign trade
into balance in 1929 was the greater productivity of agriculture, the effect of which,
coupled with the lower prices paid for foreign
grains, was to reduce the value of imported
foodstuffs. But the same conditions added
seriously to the difficulties of agriculture,
which were already pressing, particularly in
some sections, because of the heavy burden of
interest on debts incurred in previous years.
The situation in the district east of the Elbe
has been acute for some time, but the further
decline in the prices of agricultural products
that occurred over the turn of the year 1929-30
intensified the difficulties of agriculture as a
whole. The special measures for the relief of
agriculture, including the increased duties

NOVEMBER, 1930

FEDERAL RESERVE BULLETIN

recently imposed on agricultural products and
the other measures which the Government has
under consideration, have been followed b}^ an
improvement in domestic grain prices, but they
have raised at the same time questions of farreaching importance for the business and commercial policy of Germany. On the other
hand, it seems clear that the possibilities of
rationalization are by no means exhausted,
and that much can still be accomplished not"
merely in the development of intensified forms
of agriculture but also through technical improvements in the methods of distribution and
the organization of agricultural credits.
In the field of credit, the German money
market in 1929 was confronted with unusual
difficulties on both sides, the side of supply
and the side of demand. In each previous
year since stabilization, foreign credits at long
or short term had flowed into Germany in
great volume. But in 1929, owing to conditions at home and in the international money
markets, the amount of fresh credit from abroad
was much reduced. The total of long-term
loans for the year fell to about one-fifth of the
former amount, and the net growth of shortterm credit of all sorts appears also to have
been much reduced.
The special factors operating to restrain the
flow of credit into Germany during 1929 centered on three principal developments—the
great speculative activity prevailing on the
New York Stock Exchange, which until the
autumn drew funds from all over the world
and restricted the market for fixed-term investments of all sorts; the restraints exercised by
the Reichsbank on the use of foreign credit at
both long and short term; and the negotiations
for the complete and final settlement of the
reparation problem, which extended over the
entire year. The most acute phase of the
reparation negotiations passed in May, 1929,
when it became clear that the committee of
experts was about to reach an agreement, but
in the earlier period of suspense, as appeared
from the last report, an immense amount of
liquid funds had been withdrawn from the
German market. Later in the year the return
flow of funds somewhat more than made up for
this loss, but the recurrent waves of uncertainty with respect to the final settlement and
the controversies incidental to it discouraged
both the long-term borrower and the long-term
lender.
The demands made on the money market
during 1929 were also exceptional. Until September, for example, the reparation charge was
running at the rate of 2,500,000,000 gold marks




711

a year, the full amount fixed under the Dawes
plan for the standard annuity, and reparation
payments were thus being made at a leA^el
750,000,000 reichsmarks higher than in any
previous year of the Dawes plan, and higher,
indeed, than will be required in any year under
the Young plan. Beginning with the month
of September, under The Hague protocol of
August 31, 1929, reparation transfers were in
effect placed on the reduced basis provided in
the Young plan. Another demand, effective
during the whole year 1929, was for interest
and sinking fund payments on debts incurred
abroad, which stood at the largest figure up to
that time, reflecting, of course, the rise in German foreign indebtedness during previous years.
At the same time the money market had to
support a volume of housing construction somewhat larger than in previous years and to provide funds to carry a high average volume of
production and trade. Finally, the public
authorities, by reason of their urgent demands
for credit, exerted greater pressure than ever
before on the money markets. This pressure
was most acute in the final months of the year,
when for a time the uncertainty as to the position of the public finances overshadowed the
entire business situation, and the Government
of the Reich was obliged to take emergency
measures for the purpose of meeting its yearend requirements.
The pressure thus exerted on the money
markets from all sides had its natural consequence in high money rates, and except for the
first quarter of the year interest rates ranged
higher in 1929 than in any of the preceding
three years. In April and May, during the
period of suspense over the outcome of the
Paris conference, money rates reflected a temporary crisis of confidence, and this was followed by a brief period in which the Reichsbank
was obliged to return to the policy of credit
rationing. But even after these special influences had passed, representative rates ranged
from midsummer onwards to the end of the year
from half a point to as much as two points
above the rates prevailing in corresponding
seasons of 1927 and 1928.
During the first few months of 1930, consistently with the ease of money which has
developed in other important markets, rates
for short-term loans have rapidly declined. At
the end of April the Reichsbank rate stood at
5 per cent, a level touched only once before
since stabilization and 2% points below the
rate of last summer. Long-term rates, as expressed in the yield of standard bonds at current market prices, have also declined though

712

FEDERAL RESERVE BULLETIN

much more moderately. These lower rates for
money are of unquestioned benefit to the German economy at large, but it should not be
overlooked that the decline thus far has been
mainly a reflection of lower rates in other
markets. The margin by which representative rates in Germany exceed rates in other
important centers is still about the same as
during the whole second half of 1929, and it
was only during April that any narrowing of
the spread began to appear.
Largely by reason of the improvement in the
balance of trade and the higher money rates
prevailing in Germany as compared with those
in other principal markets, the reichsmark has
stood ever since June, 1929, as one of the
strongest currencies in the world. Indeed, its
strength in the foreign exchanges has been
such that before the end of March, 1930, the
gold and reported devisen reserves of the Reichsbank had somewhat more than recovered the
losses incurred in the period which culminated
in the crisis of May, 1929, while at the end of
April the total reserves, reported and unreported, are understood to have been somewhat
higher than at any previous time.
From the broad outlines drawn in the foregoing paragraphs it appears that the German
economy during the larger part of the year 1929
had to deal with exceptionally difficult credit
conditions. Nevertheless, the physical volume
of production and trade, taking the year 1929
as a whole, was slightly larger than in the best
preceding year, and the volume of goods exported considerably exceeded the exports of
former years. The tendency of domestic
business toward the end of 1929, however,
was downward, and this period of slackness has
in the main continued through the months
covered by the latest available figures, coinciding with the depression in business elsewhere
in the world. In short, German industry and
trade have shown remarkable resistance during
all this period to adverse and sometimes critical
influences, and only late in the period have
definite signs of recession appeared, in harmony
with similar conditions in other countries.
Many of the difficulties which proved most
disturbing in 1929 are already passed or have
been much mitigated. The high cost of credit
the world over, for example, has given way, at
least for the time being, to an unusually low
international interest rate. This development
is of special importance to Germany, w^hich
must still have recourse, though doubtless to
a diminishing degree, to foreign markets for
marginal amounts of capital. The advantage
thus derived from low interest rates goes hand




NOVEMBER, 1930

in hand with the benefit Germany obtains
from the decline that has taken place in the
prices of the raw materials which she has to
import for the use of her industries. As an
importer of credit and of raw materials, a
decline in prices works directly to reduce the
cost of manufacture and of doing business
generally.
The final agreement reached at The Hague
on January 20, 1930, which took the form of
German law on March 13, 1930, removed the
uncertainty as to the amount of the reparation
obligations and brought to an end the suspense
that had attended the course of the reparation
negotiations. This feeling of suspense, and
particularly the agitation that continued up to
the very end over various phases of the settlement, dampened business enterprise and introduced an element of hesitation and doubt into
German credit and business conditions. The
removal of the reparation question from the
field of political controversy was one of the
principal contibutions of the Dawes plan to
the reconstruction of Germany, and the final
settlement of the whole problem under the
Young plan, with the lifting of foreign controls
and the substitution of a certain for an uncertain obligation, coupled with the large reduction
in the annual financial burden, should prove a
most constructive factor in the development of
German economic life.
Other factors remain, which have a restraining influence. The recent decline in business
activity in other important countries of the
world and the general fall in commodity prices
provide elements of uncertainty which serve to
restrain business recovery in Germany, as well
as abroad. In addition, within Germany itself,
basic unemployment remains a stubborn problem, and agriculture in large sections of the
country finds itself in a difficult position. At
the same time, the disorder in the public
finances continues to be one of the most serious
factors of disturbance in the entire situation,
and it remains the chief problem still to be
settled. Its effects have been manifested in
many directions, not the least of which is the
influence it exerts on the cost of credit. A
considerable part of the margin by which
interest rates in the German market exceed
those in the international markets is attributable to the public authorities, whose requirements in the shape of taxes and loans limit the
accumulation of investment funds and raise
the cost of money to private borrowers, and
at the same time seriously interfere with the
efforts of German business and industry to
readjust themselves to the changed conditions

NOVEMBER, 1930

713

FEDERAL RESERVE BULLETIN

of world prices and world trade. This handicap can only be removed by internal measures
of financial reform, and until these have been
taken the position of the public finances will
remain one of the principal obstacles to the
economic progress of Germany.
a. Demand for credit and the supply.—

the direction of independence of foreign funds
as a source of credit.
1. Funds from abroad.—The limitations on
the inflow of foreign funds during the year 1929
were due in part to German banking policy and
still more to conditions in the international
money markets. The Reichsbank for some
years past has exerted its influence against
foreign borrowing, and whenever internal conditions permitted has reinforced its influence
with its discount rate. For about four months
in the spring of 1929, as appears in the next
section of this chapter, the Reichsbank's rate
stood lower than at any time in the preceding
year or more, and other money rates in the
German market were at levels consistent with
it. Abroad, on the other hand, largely by
reason of the great speculative activity on the
New York Stock Exchange, which drew funds
from all over the world, money conditions were
more or less strained and the demand for
foreign bonds in the principal markets was
very narrow. The market for issues of bonds
remained limited well up to the end of the year.

Before proceeding with the detailed study of
the numerous factors of supply and demand
which have entered into the German credit
situation during 1929 and the first few
months
of 1930, it is useful to point to twTo developments which distinguish the period from any
preceding it. One is the growth of exports to
the point of equilibrium in the trade balance,
with imports at a high level, and the other is
the decrease in the volume of foreign borrowing.
It is possible, of course, to establish a relationship between these two developments only
indirectly, through the German money market
as a whole. Converging on the German money
market, regarded as a unit, are all the demands
from whatever source, such as the innumerable
and varied demands for funds at both long and
short term for purely domestic purposes, as
FOREIGN LOANS
well as the demands for funds ultimately finding their way abroad. The latter include
[In millions of reichsmarks]
funds utilized to make reparation transfers, to
pay for imported goods, to pay interest on
1930,
1928 1929 Janu1925
1926
foreign debt and so on. All of these several
a r y - Total
April
demands taken together exert pressure on the
market for the funds available in it. On the
of the States... 138. 6 270. 6| 267. 3 .
676.5
other side, that is, the side of supply, funds Loans
Provincial or comaccumulate from the export of goods abroad munal loans
256. 0 249. 5i 112.5 237. 4 34.5
5.0 894.9
of public and
and from domestic sources, through savings or Loans
semipublic under:
otherwise, and if these are not sufficient to takings:
! 675'
25.2 336.0; 152.3
(a) Of the Reich. 161.
balance the sum total of the demands, the
(6) Of the States,
Provinces,
and
latter are restricted, or funds are attracted
202.
351.
205.7 588.3J124.4 179. Oil, 651.7
communes
Loans of private enfrom abroad, or both.
472. 0 742.0 597. 3: 529.1 156. 1 155. 5 2, 652.0
terprises
of various
During 1929, as has already been indicated, Loans
church organizathe German money market was subjected to tions
4. li 32.1 22.4
57.
8.8 150.1
25. 1
demands which in several directions were ex1, 256. 2 1, 696. 4 1, 522.9 1, 539. 2 337. 4 348. 3,6, 700.4
Total
ceptionally large. Yet for reasons which will
presently appear in detail, the supply of foreign
The figures shown in the foregoing table for
funds available to the market in the shape of
loans and credits was much reduced as com- the year 1929 differ but slightly from those for
pared with previous years. The market was the first six months of the year, as given in the
thus faced with a shortage of funds, and in interim report. Indeed, in the six months from
consequence encountered certain difficulties, June 30 to December 31, 1929, the new longwhich would have been much accentuated had term issues placed abroad amounted to less
not access to foreign sources of funds been than 50,000,000 reichsmarks, of which 15,000,found through larger shipments of goods. 000 reichsmarks were for a municipality, 21,The increase in exports offset somewhat more 000,000 reichmarks to a steamship concern, and
than 1,000,000,000 reichsmarks of the decline about 12,000,000 reichsmarks to church organoans and credits, and relieved the market to izations. All told, the long-term loans issued
that noteworthy extent. In its broader aspects abroad for German account in 1929 were
this result represented a long step forward in hardly more than one-fifth the amount offered




]

1

714

FEDERAL RESERVE BULLETIN

in any one of the previous three years. The
net increase in the gross foreign indebtedness
on that account was probably negligible, after
taking into account sinking-fund installments
paid on the debt already outstanding. During the first four months of 1930 long-term
issues abroad aggregated 348,000,000 reichsniarks, or more than during the whole of 1929.
The main issues consisted of one for a private
enterprise in February and two for semipublic
electrical concerns in March and April. These
transactions, however, can not be regarded as
having constituted in any important sense a
revival of the foreign market for long-term
German loans.
The changes during 1929 in the short-dated
debt owing abroad were far more pronounced
than in the case of the long-term debt. In the
first five months there was a rapid outflow of
funds, due in the first instance to the differential in money rates prevailing during the early
part of the year, and later to the uncertainty
over the outcome of the Paris conference.
During the summer and autumn the current
turned the other way, and funds again flowed
toward Germany. It is impossible, in the
absence of published figures, to state in accurate terms the extent of the decline in shortdated debt during the spring or the extent of
the rise during the remainder of 1929. From
the evidences available it may be estimated
that there was a net increase which may be
very roughly placed at somewhere between
800,000,000 and 1,200,000,000 reichsmarks.
In the early months of 1930 international
money rates still favored a flow of funds into
Germany, but the extent of the movement is a
matter of conjecture. On the other hand,
during the past year and more, there appears to
have been a considerable flow of funds abroad
for the purpose of evading taxation, and, what
is tantamount to the same thing, a retention
abroad of interest and profits accruing in
foreign markets for German account. The
amounts involved are, of course, impossible to
appraise.
In order to remove some of the existing restrictions placed on capital invested in Germany, whether foreign or domestic, a bill was
approved by the Reichsrat on May 2, 1930,
and has since been presented to the Reichstag,
the intent of which is to permit the Government of the Reich, with the assent of the
Reichsrat and a committee of the Reichstag, to
reduce or suppress taxes on income derived
from capital and on capital transactions of
various sorts. The purpose of any changes in
taxes made under this law, according to the




NOVEMBER, 1930

official memorandum presented with it, will be
to facilitate the investment of foreign funds in
German enterprises and to encourage the retention of German capital in the country, as
well as the return of domestic capital now invested abroad, and thereby to enlarge and
cheapen the supply of credit available for the
German economy.
The most recent estimate of the total shortdated debt which has been published with
official authority remains that of the Institut
fur Konjunkturforschimg, which was given in
the last report. According to this estimate, the
volume of foreign funds in Germany, other
than long-term credits, amounted at the end of
1928 to about 8,500,000,000 reichsmarks. This
figure was not presumed to be more than an
estimate; it represented the accumulated balance of funds, other than the proceeds of longterm loans, moving into and out of Germany,
as shown in the balance of payments estimates
of the Reich Statistical Office. Out of the total
it was estimated that 7,000,000,000 reichsmarks were in the form of short-term credits.
The Institut, it should be added, estimated a
decline of 500,000,000 reichsmarks from the
total figure of 8,500,000,000 reichsmarks during the first four months of 1929, but did not
indicate the nature of the reduction.
There has been another source of funds from
abroad of considerable importance during the
past year, though the amount necessarily remains a matter of conjecture. From time to
time substantial purchases of shares for foreign
account have been made in the German market,
offset in part at least by purchases for German
account in foreign markets. During 1929 there
appear to have been relatively unimportant
purchases of shares by foreigners in the open
market, but there has been a considerable
number of cases where foreign corporations
have acquired direct participations in kindred
German industries. In some cases these participations have been acquired by an exchange
of shares; in others purchases have been made
for cash. Sometimes these participations
amounted merely to the reestablishment of relations broken by the war; sometimes also they
were prompted by the desire of the foreigner to
get a foothold in the German market or to
utilize a German plant for producing goods for
export to neighboring markets; and sometimes
the initiative came from the German side as a
means of enlarging working capital. A list of
the principal new participations in German
enterprises during .1929 has recently been
published by the Institut fur Konjunkturforschung. On the basis of partial data, the

.NOVEMBER, 1930

FEDERAL RESERVE BULLETIN

Institut came to the conclusion that the total
amount involved in such participations during 1929 must have equaled or exceeded the
amount of German loans publicly issued
abroad, that is, about 350,000,000 reichsmarks.
In this estimate, it should be observed, no
allowance has been made for German participations in foreign enterprises.
The consideration of the economic effects of
foreign borrowing belongs to preceding years
rather than to the present, and the discussions
given in previous reports are not repeated
here, except by way of referring to the general
function which foreign funds have performed.
Without reference to the specific purpose which
any particular loan was intended to serve, it is
clear that foreign credits as a whole have
greatly accelerated the process of German
reconstruction, by providing essential funds at
a time when the German economy was not yet
strong enough to provide them for itself. The
proceeds of foreign loans, upon entering into
the German economy, supplied the material
out of which German labor and enterprise
could create new and larger domestic values,
and in the four years of active borrowing, considering conditions at the start and the funds
then available, there took place a growth of
trade and an extension and renovation of plant
such as had not been equaled in any previous
period of equal length. The sound character
of that growth depended, of course, primarily
on the magnitude of the supplemental values
created, and, secondly, upon the capacity of
those values to earn a return in,excess of the
cost of the borrowed funds. Taken as a whole,
and without reference to any individual loan,
there is no reason to doubt that the new values
created in Germany during the period of the
Dawes plan have aggregated several times the
amount of the foreign debt incurred. This
was manifest a year ago, and the experience
of the past year, when the inflow of funds has
been reduced to small proportions, amply confirms this conclusion.
2. Foreign exchanges and interest rates.—The

first five months of 1929 formed a period when
the reichsmark showed pronounced weakness
in the foreign exchanges, but the remainder of
the year, together with the early part of 1930,
has been a period of pronounced strength. The
two periods compare, of course, with those
mentioned in the previous section, the first
•covering the months when short-time funds
were flowing away from Germany and the
second when the reverse current had set in.
Up to the close of the first quarter of 1929,
under the influence of the relatively low Reichs19367—30
5




715

bank rate and market rates corresponding with
it, the foreign exchanges responded to ordinary
economic forces and there was a substantial
outflow of funds, reflecting the more profitable
use to which money could be put in other markets. In April, 1929, however, fbrces of
another nature intervened to depress the
reichsmark still further and to cause very large
withdrawals of gold and devisen from the
Reichsbank. These forces had their origin in
the suspense
incident to the work of the experts7 committee in Paris, and in the doubts
which arose in the second half of April as to
whether the conference would succeed in
reaching a positive result. Foreign bankers
showed more and more disinclination to buy
German bills, and late in April there developed
some disposition to withdraw deposits then
subject to call and to give notice with respect
to time deposits. Within Germany a tendency
was manifested to convert domestic balances
into foreign funds and to postpone the bringing
home of balances accruing abroad. There was
anxiety to cover open commitments in foreign
currencies; and for the first time since stabilization became effective in 1924, some nervousness showed itself with respect to the stability
of the currency, and a demand developed
among people of small means for notes in
foreign currencies. These were quoted for a
time at a premium over the rates for telegraphic transfer.
The Reichsbank freely met the demands for
foreign exchange as they were made, but it
was not until April 25, 1929, that it raised its
rate from 6% per cent (where it had stood since
January 12) to 7% per cent. Subsequently, the
Reichsbank took other measures to protect
the exchange, which are described in the next
section. By the middle of May the turning
point had come at the Paris conference, and
this gave strong support to the Reichsbank's
protective measures. The exchange strengthened rapidly and on May 25, 1929, for the first
time since the end of December, 1928, the
dollar was quoted below par with the reichsmark, and sterling declined to the computed
gold import point.
From the last week in May, 1929, up to the
present, with very rare exceptions, the reichsmark, as measured by its position in the foreign exchanges, has been one of the two or
three strongest currencies in the world. The
preponderant reason, of course, has been the
high level of interest rates in Germany as compared with those prevailing in other markets,
but the improved balance of trade has also been
a factor of great importance. The foregoing

716

FEDERAL RESERVE BULLETIN

diagram [omitted], showing interest and foreign
exchange rates Berlin-New York, illustrates only
one interest rate in each of the two countries, a
rate which is nearly though not absolutely comparable between the two markets, and is perhaps th£ least subject to fluctuation of all openmarket rates currently quoted. It will be seen
that as a rule, whenever the margin has widened between the Berlin rate and the rate in
New York, the value of the dollar in terms of
reichsmarks has tended to fall; and, on the
other hand, whenever the margin has narrowed, the value of the dollar has tended to
rise. It should be understood, however, that
during most of 1929, up to the time in October
when the intense speculative activity on the
New York Stock Exchange came to an end, the
rate in New York which exerted the most
potent influence was that for stock-exchange
call loans. The fluctuations in this rate
ranged in the spring between 6 and 20 per cent,
and in the summer between 6 and 15 per cent;
it was not until October that it fell below 6 per
cent.
The high level of money rates abroad, for
which the rates current in New York were the
principal moving cause, made it necessary for
the Reichsbank, if it was to recover the gold
and devisen reserves lost in the spring, to maintain its discount rate at !}{ per cent until
November 2, 1929, and other money rates in
Germany also remained high.
The action which the Reichsbank took to reduce its rate on November 2, 1929, was a recognition of the change in the international
level of interest rates, and also of the fact that
the position of the Reichsbank in respect of
both the amount of its reserves and the demand for its credits had become much easier.
The reduction, which was by half a point, left
the discount rate at 7 per cent. The Federal
Reserve Bank of New York had reduced its
rate at the end of October from 6 to 5 per cent,
and in November made a further reduction to
4K per cent. The Bank of England lowered its
rate in successive half-point stages from 6% to
5 per cent, and a number of other European
central banks made one or two reductions from
the high rates previously in effect. In consequence, the spread between rates for money in
Germany and those prevailing in important
foreign markets was broader in the final weeks
of 1929 than at any time in nearly two years,
contrasting with the narrowness of the spread
at the close of 1928 and during the early
months of 1929.
The very moderate reduction at the beginning of November brought the Reichsbank




NOVEMBER, 1930

rate to the same level as a year before, but
rates in the open market averaged from half a
point to one point higher than in the previous
year. The special factor exerting pressure on
the market was the immense volume of demands from the Reich, the States, and the
communes, which reached something of a climax as the turn of the year approached.
In the first few weeks of 1930, consistently
with the usual easing of money at that season,
there came a decline in money rates which has
been carried well beyond the period when a
countermovement usually takes place. The
Reichsbank, in recognition of this tendency and
of the strong foreign exchange position of the
reichsmark, has made four further reductions of
one-half point each in its discount rate—on
January 14, 1930, to 6% per cent, on February
5 to 6 per cent, on March 7 to 5% per cent, and
on March 25 to 5 per cent, thereby establishing the rate at the lowest level since 1927.
Other money rates have declined correspondingly and in February and March averaged less
than in the corresponding months of both 1928
and 1929; in April they declined practically
to the low level prevailing in 1926 and the early
months of 1927. Central bank discount rates
and money rates in other countries have also
declined since the turn of the year, with the
result that the spread between rates in Germany and those abroad is still almost as wide
as during the summer and autumn of 1929.
In general, and in summary of the foregoing,
it appears that interest rates in Germany from
the first quarter of 1929 until the end of the
year were higher on the whole than in corresponding seasons since the end of 1925, and
that the decline since the beginning of 1930 has
been largely a reflection of money-rate movements in other countries. The high level of
interest rates in Germany has been due to a
complex set of conditions, partly international
and partly internal. The forces originating
abroad appear now to have spent themselves,
but the most disturbing of the internal forces,
that arising from the demands of the public
authorities, largely remains. It is manifest
that high interest rates increase the cost of
every business transaction involving the use of
credit and thus operate as a direct burden on
the development of the economy. There can
be no doubt that in this way the disorder in the
public finances has had a restraining effect on
business, and that it would give great relief to
the whole structure of credit and business if
effective measures of reform were to be taken.
3. Reichsbank reserves and credit.—The forces

already described have produced important

NOVEMBER, 1930

FEDERAL RESERVE BULLETIN

changes in the volume of the Reichsbank's
reserves and in the amount of Reichsbank
credit employed. The period when these forces
had their most acute effect centered on the
month of May, 1929, when the reserves fell to
the lowest point since the middle of 1926, and
the volume of Reichsbank credit in use rose to
the highest point since stabilization.
In the first weeks of 1929 the Reichsbank's
stock of gold and devisen eligible for reserve
against notes showed a slight rise, thereby continuing the movement which had proceeded
with great vigor during most of 1928. On
January 23, 1929, the reserves stood at 2,893,000,000 reichsmarks, the largest total up to
that time on any reporting date since stabilization and a figure not to be attained again for
more than a year. From the end of January,
1929, onward to May 7, 1929, there was a
progressive decline, which was greatly accelerated toward the end of the movement.
Without counting supplementary amounts of
devisen taken from its unreported stock (which
includes among other items foreign bills of
maturities longer than are legal for currency
reserves), the decline in the Reichsbank's gold
and devisen holdings amounted to 1,074,000,000
reichsmarks. Thereafter, in response to the
measures which the Reichsbank took to protect
its position, and reflecting also the prospect of
agreement in the experts' committee at Paris,
a contrary movement began which has continued fairly consistently up to the present,
favored by the differential in interest rates
which has prevailed between German and
foreign markets. By the end of December,
1929, the reserves stood at 2,687,000,000 reichsmarks, a rise for the period of 868,000,000
reichsmarks, and by the middle of March,
1930, the loss incurred during the preceding
year had been fully recovered. Since that
time, gold reserves have continued to increase
while reserves of reported devisen have been
reduced, and as a consequence total reported
reserves have shown little change. This leaves
out of account any changes which may have
occurred in the devisen not reported in the
periodical condition statements of the Reichsbank. But according to its annual report, the
Reichbank's stock of such devisen on December
31, 1929, stood at 409,000,000 reichsmarks,
somewhat higher than the year before, and
there are indications that the unreported holdings have since been increased, in order to
obtain the benefit of the higher yield that can
be secured from bills of longer maturities.




717

During the period of decline in the spring of
1929 the Reichsbank sold devisen to the market
freely upon demand. Its sales of gold, made
for the purpose of replenishing its holdings of
devisen, the Reichsbank carried out on its own
account in the main European and overseas
financial markets. These sales had the practical
result of preventing the purchase and shipment
of gold from Germany on private account.
During the subsequent period of rise, the
Reichsbank both bought devisen when offered
at favorable rates and purchased gold when the
latter was delivered to it at its main office in
Berlin or at any of its branches. As a matter
of financial practice, the Reichsbank reserved
to itself full discretion as to the amount of
devisen it was prepared to buy and the price
it was prepared to pay. The gold received
during the summer and early autumn was
derived chiefly from the British market, representing in part gold newly shipped from South
Africa. Later in the year, gold was received
from Argentina, mostly in the shape of pre-war
German gold coins, and at the very end of the
year from the United States. During the first
five months of 1930, further gold was purchased
in London for German account, partly new
gold from South Africa and partly gold offered
in that market by Spain. Substantial shipments of gold have also been received from
France, the first since the war.
The volume of Reichsbank short credit outstanding at the end of May, 1929, was larger
than at any time since stabilization, as appears
in the foregoing diagram and table [omitted].
The figures given are the sum of three items
currently shown in the Reichsbank statement,
namely, bills and checks, Reich treasury bills,
and collateral loans. For the period up to the
middle of 1926 the figures have been adjusted
as explained in previous reports, on such a
basis as to afford a fair comparison with the
figures of later dates.
In addition to the pressure which its 7% per
cent discount rate exerted on the volume of
credit, the Reichsbank for a brief period in May
and early June, 1929, resorted to the emergency
measure of rationing credit, a means which it
had employed in the period of recovery from
the inflation and had found to be effective. By
the middle of June, when conditions had reassumed a more normal aspect, the Reichsbank
was able to abandon this measure. From then
on, with the inflow of gold and devisen from
abroad, the volume of short credit declined
month by month, until by the end of November

718

FEDERAL RESERVE BULLETIN

the total was some 700,000,000 reichsmarks
less than in May, though still somewhat higher
than at the end of November, 1928.
During the last weeks of 1929 there appeared
to be some probability that the year-end settlements, complicated by the additional requirements of the Reich for funds in the amount of
about 400,000,000 reichsmarks, would lead to
a new expansion of credit. But the actual
increase in the use of Reichsbank credit at the
end of the year was about the same as in previous years, indicating that the rise was largely
of a seasonal nature. The total in fact was less
than at the end of 1927, and was smaller also
than during the period of strain in the spring of
1929. In the first weeks of the new year there
was a prompt liquidation of Reichsbank credit,
at first corresponding in volume to that of a
year before and later exceeding it, and this
has been recognized in the successive reductions
of the Reichsbank's discount rate. At the
end of April, 1930, the volume of Reichsbank
outstanding short credit was about 70,000,000
reichsmarks lower than at the end of January,
which is usually the seasonal low point for the
year.
The Reichsbank, as the Young plan comes
into force, is in a remarkably strong position,
and its discount rate, at 5 per cent, has been
reduced to a point touched only once before
since stabilization. Its reserves of gold and
devisen stand at the highest levels ever reached,
and the amount of its credit in use ranges well
below the levels of recent years.
4. Public credit.—The change in the position
of the public authorities from large lenders to
large borrowers has been a fundamental element
in German credit conditions. As will be
recalled from the reports during the first three
years of the Dawes plan, there existed up to the
middle of 1927 a more or less acute problem centering on the administration of the large funds
at the disposal of the public and quasi-public
authorities. These funds were frequently so
invested and managed as to counteract Reichsbank policy, and they were a fertile source of
encouragement for programs of public spending. This phase passed as spending exhausted
the free balances and the Reichsbank was able
to extend its authority. In place of it came a
new phase, that of severe pressure on the credit
market by reason of the immense demands of
the public authorities for loans.
As has been seen from the extended discussion in the chapters on the German budget and
thejpublic debt, the Reich, the States, and the
communes with over 10,000 inhabitants have
incurred since stabilization (up to September




NOVEMBER, 1930

30, 1929) nearly 7,100,000,000 reichsmarks of
funded debt and about 4,800,000,000 reichsmarks of floating debt. Of these amounts, the
figures show that about 2,400,000,000 reichsmarks of funded debt and about 2,700,000,000
reichsmarks of floating debt were incurred in
the 18 months from March, 1928, to September,
1929. Figures for December 31, 1929, which
are available only for the Reich, the States,
and the communes of 100,000 or more inhabitants, show a further increase in the debts of
these groups of authorities, in the three months
since the end of September, of about 150,000,000
reichsmarks in the funded debt and about
850,000,000 reichsmarks in the floating debt.
Taken by themselves and without further comment, the mere size of these figures goes far to
explain the strain on the credit markets and
the spread of interest rates in Germany above
those prevailing in foreign financial centers.
It is, of course, the floating debt which has
produced the greatest difficulties. Efforts to
convert it into long-term debt have crowded
the investment markets, and again and again
have stifled them before they were able to
acquire any reserve strength. Moreover, the
rapidity of its growth, particularly during 1929,
has put severe pressure on the entire credit
system. Nominally this unfunded debt is
short-dated, but much of it is short only in the
sense that it is awaiting some future opportunity for conversion. In default of conversion,
which its very size and growth have tended to
prevent, it backs up as a burden on the banks
and the other sources of short credit.
High interest rates operate to restrict commercial borrowing by making it more expensive and thus less profitable. But the same rule
does not work with anything like the same
efficiency in the case of public borrowing.
Only in the long run, when high fixed charges
become a burden on the tax budget, does the
rate exert a direct pressure on the use of credit
by the public authorities. Some communes
during the autumn of 1929 appear to have
paid from 11 to 14 per cent interest on loans of
nominally short duration. Long-term bonds
offered by representative German cities in the
course of 1929 frequently carried an effective
yield of 9% to 9% per cent. The effect of such
rates, of course, was to establish a competition
for funds which private borrowers, dependent
upon profits for the means of paying the service
of loans, could not meet.
There is no occasion, in view of what has
been said in preceding chapters, to outline the
measures which have been taken or which may
be in prospect for dealing with the short-dated

debt of the public authorities. This overhanging volume of debt remains one of the
most pressing problems not merely of public
finance but of the credit markets; and just as
the rapid growth in the floating debt has been
the factor which strained credit most in the
past year, so would an effective programme for
its reduction relieve the German credit situation as a whole.
5. Banking

719

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

and

other short-term

credit.—

The pressure which the weight and immobility
of the short-dated debts of the Reich, the
States and the communes have exerted on the
short-term credit market has been assuming
cumulative importance since 1927. In addition, there have been periods of acute tension
from other causes, as for instance in April and
May, 1929, when funds were flowing away from
Germany during the uncertainty as to the
outcome of the meeting of the experts for the
final settlement of the reparation problem.
In preceding years, the increase in the volume
of credit reported by the leading German banks
has been more or less directly associated with
an inflow of funds from abroad. In 1929, as
has already been observed, foreign funds were
scarce; during the first five months of the year
the flow of short-term funds was away from
Germany, and taking the year as a whole, the
net inflow of such funds was apparently much
smaller than in previous years. Accordingly,
more than at any time in the past three years,
the German banks during 1929 had to rely
upon domestic resources for their capacity to
increase the volume of credit.
The following table gives the latest available
data, with comparable figures for previous
dates, as reported by certain large private
banks which as a group represent about threequarters of the total private banking strength
of Germany. The number of banks whose
figures are included in the table was reduced
from six to five early in 1929 by the amalgamation of the Commerz-und Privatbank and the
Mitteldeutsche Creditbank, and again to four
in the autumn of 1929 by the amalgamation of
the Deutsche Bank with the Disconto-Gesellschaft, with which were incorporated at the
same time four smaller institutions formerly
related to one or the other of them. The
figures of the four smaller banks for earlier
dates have been introduced into the above
table and thus it is not precisely comparable
with similar tables printed in previous reports.
Figures are now currently reported by certain
other large banks, but are not available for
earlier years and therefore are not included in
this compilation.




LARGE PRIVATE BANKS

[In millions of reichsmarks]
I
Jan. Dec. I Dec. Dec. Mar. i Mar.
1, 1924 31,1927 31,1928 31,1929 31,1929 31,1930
ASSETS
Cash, amounts due from
clearing banks and banks
of issue
_
Amounts due from banks
and bankers
Bills and treasury notes
Advances on merchandise. _
Advances on stocks and
bonds
Sundry loans, total
(a) On stock exchange
securities..
(b) Other
Bank buildings

118

358 !

410

382

231 I

219

527 1,108
•51 | 2,001
76 : 853

1,278 1,171 1,240
732 | 2,
2,661
1,527 1 1,728 1,567

1,024
3,018
1,664

21
580

577
4,059

4,629

495
5,207

655
5,067

505
5,724

181

181

1,234
3, 395
183

1,291
3,916
183

1,209
3, 858
176

1,367
4,357
183

Capital stock.
_
_._ 452
Reserves
: 189
Deposits
il, 187
Customers' credits with
other banks
Acceptance liabilities
Long-term liabilities

527
267
7,462

527
278
9,091

505
520
288
295
9,349 9,175

520
295
9,630

692
433

1,328
458

1,625
473

1,596
470

LIABILITIES

1,317
475

In the year 1929 deposits of the reporting
banks covered by the table showed an increase
of about 260,000,000 reichsmarks, as compared with increases in the years 1928 and 1927
of about 1,630,000,000 and 1,320,000,000
reichsmarks, respectively. The increase during
1929 was not spread evenly through the year.
During April and May there was a rapid
decline in deposits, reflecting the suspense over
the outcome of the Paris conference. The
subsequent upward movement did not fully
compensate for this decline until nearly the
end of the year.
Another item on the liability side of the
account gives some measure of the reliance
on foreign credit for the purpose of carrying
goods in process of distribution. This item,
listed as customers' credits with other banks,
represents acceptance credits granted by foreign
banks to German firms through the medium of
German banks. It increased during 1929 by
about 300,000,000 reichsmarks, as compared
with an increase of about 630,000,000 reichsmarks in 1928.
Up to the end of 1928 the volume of treasury
notes of the Reich and the States held by the
banks had not been in large amounts. On
December 31, 1928, the combined item representing bills and treasury notes amounted to
about 2,730,000,000 reichsmarks, of which less
than 150,000,000 reichsmarks consisted of
treasury notes. On December 31, 1929, the
combined item stood at about 2,810,000,000
reichsmarks, of which 380,000,000 reichsmarks
consisted of treasury notes. It follows from

720

FEDERAL RESERVE BULLETIN

these figures that the banks' holdings of commerical bills declined slightly during the year,
whereas their holdings of treasury notes, in
consequence of the pressure for credit from the
public authorities, increased by about 150 per
cent.
The other changes among the assets of the
banks are self-evident except in one or two
particulars. The decline in the item representing amounts due from banks and bankers
is largely due to the consolidation of the
Deutsche Bank and the Disconto-Gesellschaft,
which had the effect of eliminating interbank
deposits between the several banks. The
only other item which showed any marked
decline during the year was the item representing advances on stocks and bonds, chiefly
loans to brokers. This decline reflected the
prevailing inactivity of the share markets.
In the first three months of 1930, the statements of the banks included in the table have
reflected the easier conditions prevailing on the
money market. Deposits showed an increase
of 280,000,000 reichsmarks, or more than in
the entire year 1929, and on March 31, 1930,
reached a record figure of 9,630,000,000 reichsmarks. Customers' credits with other banks,
together with its corresponding asset item,
advances on merchandise, declined slightly,
reflecting in part seasonal influences and in part
the general recession in trade. Corresponding
to the growth in deposits, the banks' loans
and advances, including those on stock exchange securities, also increased. Their holdings of treasury notes continued to increase
and at the end of March, 1930, amounted to
over 610,000,000 reichsmarks, while holdings
of commercial bills showed a further slight
decline.
The following tables show combined statements for 21 State and provincial banks, the
chief one of which is the Prussian State Bank
or Seehandlung, and 17 Girozentralen, the
central institutions through which the various
savings offices and communal banks are interrelated. End-of-year statements for these
banks are not published. The compilation for
March 31, 1930, differs slightly from those for
earlier dates, as one relatively small provincial
bank has recently been amalgamated with one
of the Girozentralen.




NOVEMBER,

1930

TWENTY-ONE STATE AND PROVINCIAL BANKS INCLUDING SEEHANDLUNG
[In millions of reichsmarks]
Mar.
31,
1928
Cash and amounts due
from banks and bankers. 374
Bills and treasury notes
407
Loans and advances, total. 1,631
(a) on stock exchange
securities._.
256
(b) other
1,375
Long-term loans
903
Deposits
2,538
Long-term liabilities.
941

SEVENTEEN

Mar.
31,
1929

June

29,
1929

Oct.
31,
1929

Nov. Mar.
31,
30,
1929 1930

428
383
421
647
408
450
399
389
1,844 1,922 1, 884 1,876

447
568
1,741

274
1.570
1,447
3,067
1,378

245
1,496
1,683
2,982
1,542-

246
1,676
1,514
3,004
1,406

243
1,641
1,596
2,885
1,456

240
1,636
1,608
2,907
1,468

GIROZENTRALEN

[In millions of reichsmarks]
Mar.
31,
1928

Mar.
31,
1929

June

29,
1929

Oct.
31,
1929

Nov. Mar.
30,
31,
1929
1930

Cash and amounts due

from banks and bankers.
469
Bills and treasury notes
168
Loans and advances, total.
832
(a) on stock exchange
securities
70
(b) other
702
Long-term loans
1,169
Deposits
1,630
Long-term liabilities
1,047

313
339
630
383
244
154
129
129
1,104 1,157 1,142 1,101
70
1,034
1,902
2,157
1,788

102
1,055
1,932
1,832
1,788

92
1,050
1,951
1,805
1,806

87
1,014
1,953
1,820
1,802

449
221
1,170
68
1,102
2,072
2,038
1,915

The principal change in the statements of
the public banking institutions during the year
ending March 31, 1930, relates to their longterm loans, which rose somewhat more than
their long-term liabilities. Deposits of both
groups of banks declined during the year, as
did also their cash and amounts due from banks
and bankers, while their short-term loans and
investments taken as a whole showed little
change.
It should be noted in connection with the
foregoing table, as well as with that for the State
and provincial banks, that the reporting
system was changed in March, 1928, and that
comparative figures before that date are not
available.
The volume of bills drawn and circulating in
Germany has latterly declined. In part this
reduction represents a decline in the prices of
commodities, but it may also reflect some
falling off in the number of bills drawn. The

NOVEMBER, 1930

following table [omitted] reproduces figures
published by the Institut fur Konjunkturforschung.
During the spring months of 1929, in connection with the withdrawal of deposits from
the banks, there was a large movement of bills
away from the commercial banks and into the
hands of the Reichsbank and the minor banks
of issue. Subsequently, as conditions righted
themselves, this movement was corrected and
the portfolios of the banks increased; but the
volume of bills circulating in the open market
continued to decline. In the foregoing table
[omitted], the figures showing bills held by the
banks include bills held by numerous institutions
in addition to those whose condensed statements
have already been given. Figures are not yet
available for the period after September, 1929.
The volume of rediscountable treasury bills
of the Reich outstanding during 1929 and the
first quarter of 1930 has remained at or near
the legal maximum of 400,000,000 reichsmarks.
Up to the spring of 1929, these bills were fairly
consistently in the hands of the banks, other
institutions and the public except over short
periods at the month-end settlements, but during April and May, 1929, a substantial volume
came into the hands of the Reichsbank under
rediscount. From midsummer until December
the volume of treasury bills under rediscount
rarely exceeded 100,000,000 reichsmarks, but
at the end of December the volume so held by
the Reichsbank rose temporarily to 241,000,000
reichsmarks, the largest amount reported up
to that date. After the turn of the year the
Reichsbank's holdings of such bills promptly
declined and during the first quarter of 1930
were practically negligible.
The large volume of Reich treasury bills in
the market has had an important influence on
the private discount market. The volume of
prime bankers' acceptances dealt in at the
private discount rate has been estimated at
between 800,000,000 and 900,000,000 reichsmarks, about twice the amount of rediscountable Reich treasury bills outstanding. During
1929 the private discount rate, which applies to
Reich treasury bills as well as to prime bankers7
acceptances, remained generally close to the
Reichsbank discount rate, and during the spring
was identical with it. Later in the summer
the private discount rate was reduced and at
one time was as much as three-eighths of a
point below the Reichsbank rate; but in the
autumn, after the Reichsbank rate was lowered
to 7 per cent, the margin between these rates
was never over one-eighth and often the two
rates were identical. In the first months of




721

FEDERAL RESERVE BULLETIN

1930, with the easing of money which then
took place, the private discount rate declined
until at times it was more than half a point
below the Reichsbank rate, and early in May
there was a spread of a full point.
6. National income and the formation of
capital.—The German national income, according to figures recently published by the Institut
fur Konjunkturforschung, stood in 1929 at a
level of about 70,000,000,000 reichsmarks, that
is to say, about 16,000,000,000 reichsmarks, or
30 per cent, higher than in 1925. If allowances
are made for the growth of the population in
intervening years, and for changes in the general
price level, the national income on a per capita
basis has risen by about 15 per cent. This
increase illustrates the progress made up to the
present, notwithstanding the almost continual
shortage of loanable funds and other difficulties,
in rebuilding the German economy after the
inflation. Considerable as this progress has
been, the level of the per capita income of 1913
has not yet been reached. The Institut has
calculated the index figure for that year, which
takes account of changes in prices and population, at 120 as compared with 100 in 1925 and
115 in 1929.
GERMAN NATIONAL INCOME
[In billions of reichsmarks]
1925

192o

3.2
Agriculture
Trade and industry. 11.7
.5
Rents
Income from capital 1.4
1.6
Pensions
Wages andsalaries.. _ 34.9

3.3
11.7
.6
1.5
1.9
3.i. 5

Total of private income
Income earned by
public u n d e r takings
Total
Per capital income
(in reichsmarks)-.

53.3

1927

1928

1929

2^2
2.2
38. 8-39. 4

3. 4- 3. 6
13. 0-13. 2
.8
2.8
2.6
43. 6-44. 1

3. 4 - 3. 6
13.1-13. 3
.8
3. 3- 3. 4
2. 6- 2. 7
44. 5-45. 5

54.5

60. 3-60. 9

66. 2-67. 1

67. 7-69. 3

1.7- 1.9

1. 8- 2. 5

1. 8- 2. 5

3.5
12.9

1.0

1.7

54.3

50.2

62.0-C3.0

68.0-70.0

69. 0-72. 0

870

895

980-1, 000

1, 070-1.100

1, 080-1,125

The foregoing table, which reproduces the
estimates prepared by the Institut fur Konjunkturforschung, is the first detailed estimate
of the national income which has issued from
any official source since the Dawes plan went
into effect.
The increase from the level of 54,300,000,000
reichsmarks in 1925 to a level around 70,000000,000 reichsmarks in 1929 has been spread
through each one of the seven categories given
in the table. The preponderant item, both in
total now reached and in the increase since
1925, is that covering wages and salaries, which

722

FEDERAL RESERVE BULLETIN

show a rise of about 11,000,000,000 reichsmarks in
the five years. Income from these sources in 1929
comprised 64 per cent of the national income as
compared with less than 50 per cent in 1913.
The second most important category, that
of trade and industry, represents the income
derived by proprietors, both individual and
corporate, from their respective undertakings,
but does not include dividends on shares of
stock. Except for a moderate increase in 1927,
a year of rising prices and large business
activity, there have been comparatively slight
changes in the annual figures, which in 1929
stood about 13 per cent higher than in 1925.
A partial explanation is to be found in the
expansion of an associated category, that
covering income derived from the ownership
of capital. This category includes income
derived as dividends and interest on securities
(except for amounts going abroad or payable to
companies) and interest on mortgages, bank
deposits and savings. This item has increased
about 2,000,000,000 reichsmarks, and stood in
1929 at an amount somewhat pore than double
that of 1925. This growth is due in part to
revalorization of prestabilization securities,
but mainly it reflects the progress made in
restoring the internal credit system destroyed
by the inflation, and it provides some measure
of the increase in the internal fund of investment money. In 1925 income derived from
such sources amounted to only 2.6 per cent of
the total national income, whereas now the
proportion is about 5 per cent. In 1913, however, income from investments represented a
little more than 11 per cent of the national
income, a difference from the present which
illustrates the effects of the inflation, and of
the change in the direction taken since the war
in the distribution of income.
The income of agriculturalists, like that of
proprietors of industrial and trading enterprises, has increased only in small proportions
since 1925. The Institutes estimates for 1928
and 1929 are still provisional, but it concludes
that the changes since 1927 have not been
considerable. The increase in income from
rents derived by private persons, a relatively
unimportant item in the total national income,
has been retarded by the rent restrictions still
in force, and since 1927 has been almost
stationary. The gradual increase in income
derived from pensions is due to the growth
of social insurance payments. This item includes old age, accident, invalidity and employees' pensions, and a part of the unemployment insurance benefits. It does not include




NOVEMBER,

1930

the part of the unemployment insurance
benefits representing the contributions of the
employees themselves, which are included in
the income of labor, nor does it include the
Reich contributions to unemployment insurance, or annuities to indigent persons or war
pensions, because the great bulk of these come
out of public funds and are consequently shown
in the income of taxpayers elsewhere.
The final item in the table, that for income
earned by public undertakings, covers the
income derived by the Reich, the States and
communes from profit-earning enterprises
owned by them, and from real estate or other
capital assets. The total has about doubled
since 1925, and indicates among other things
the growth in the size and output of publicly
owned electric light and power plants.
The foregoing estimates of the national income have a bearing, of course, on the annual
formation of capital, but without supplementary information it is impossible to interpret one in terms of the other. It is true, as
has already been indicated, that the growth in
the income derived from capital implies an
increase in the national fund available for
investment. But this concerns only one side
of the question, and leaves out of account other
items of great importance. An estimate of
current capital formation, if it had been made,
would have been useful and timely in the
present state of the German economy, and fully
equal in importance to the estimates of income
now published. It will be recalled in this
connection that the estimates of capital formation prepared by the Reichs-Kredit-Gesellschaft, which were based upon a calculation of
the excess of production over consumption,
have been discontinued. They ceased with the
estimates for the years through 1927, which
were described in the interim and annual
reports of the Agent General for 1928.
In default of any comprehensive official estimate of capital formation in Germany, it is
possible to deal only with such individual evidences of it as are currently published in terms
of figures. Heretofore only two such series
have been regularly reported, the savings deposited with the savings offices or Sparkassen,
and the amounts paid to life insurance companies in the shape of premiums on policies.
Since the last report a third series of figures
has become available, namely, the savings deposits of agricultural cooperatives, and in this
report figures are also given for the first time
showing deposits with tradesmen's cooperatives, which are published occasionally.

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

723

It appears from the figures reported by the cepting savings deposits, on which the rate of
Sparkassen that savings deposits with them in- interest was 6 per cent from April, 1929, to
creased during 1929 by an average of about February, 19307 when it was reduced to 5 per
169,000,000 reichsmarks a month, a rate some- cent. This rate is the same as the usual rate
what smaller than during 1928, when the on savings deposited with the Berlin SparSparkassen reported the largest growth since kassen. Savings deposits are not separately
stabilization. In May, 1929, the month-to- shown in the published statements of the commonth increase fell to 40,000,000 reichsmarks, mercial banks, and their total accordingly can
reflecting a temporary but widespread hesita- not be estimated.
tion on the part of the public to put savings
A third class of savings deposits, those of the
funds in bank during the uncertainty as to the leading German agricultural cooperative assooutcome of the reparation negotiations in Paris ciations, has recently been reported for the
and the pressure on the reichsmark in the for- period up to June 30, 1929.
eign exchanges. But taking the year 1929 as
DEPOSITS WITH AGRICULTURAL COOPERATIVES
a whole, the increase in savings deposits
[In millions of marks or reichsmarks]
amounted to 2,026,000,000 reichsmarks, as
against 2,292,000,000 reichsmarks in 1928, and
Savings Currentaccount
Total
1,607,000,000 reichsmarks in 1927. It is notedeposits deposits
worthy that whereas 561,000,000 reichsmarks
2,019.7
231.9
31
2,251.6
of the increase reported for 1929 was derived 1913—Dec
81.5
75.0
156.5
1924—Dec. 31
from interest and the revalorization of pre- 1925—Dec. 31
227.3
407.3
180.0
450.4
726.8
276.4
1926—Dec.
31
stabilization savings deposits, the total so de- 1927—Dec. 31.
690.8
966.8
276.0
1,055. 8
1,371.8
316.0
31
rived in 1928 was about 300,000,000 reichs- 1928—Dec.
1,170.0
1,488.1
1929—June 30
318.1
marks. Thus the actual amount of new funds
placed with the Sparkassen in 1929 was smaller
The figures shown in the foregoing table,
than in the year before, a decline attributable published by the Ins ti tut fur Kon junk turf orin part to competition from other savings de- schung, represent returns from some 18,000
positaries, which has been made all the stronger individual cooperative groups belonging to the
by the financial difficulties of some of the com- two most important associations, the National
munal governments and of some of the enter- Association of German Agricultural Cooperaprises owned and operated by them. The tives and the General Association of Raiffeisen
Sparkassen have reported for the first quarter Cooperatives. About 60 per cent of the memof 1930 further increases in savings deposits, bers are engaged in strictly agricultural occupaamounting to a total of 621,000,000 reichs- tions and the remainder are made up chiefly of
marks, including interest credited and reval- other residents of rural districts. The latest
orized deposits.
published figures of deposits cover the first half
At the end of 1929 the total savings de- of 1929 only, and so do not take account of
posits in the Sparkassen amounted to about deposits made during the marketing of the 1929
9,000,000,000 reichsmarks, as compared with crop. The increase in savings deposits for the
19,700,000,000 reichsmarks of such deposits at six months' period was 114,000,000 reichsmarks,
the end of 1913. In this connection it is in- as against 365,000,000 reichsmarks for the
teresting to observe that the rate of increase whole of 1928 and 240,000,000 reichsmarks for
in 1913 was about 84,000,000 reichsmarks a 1927. The total volume of savings deposits
month, and that 61 per cent of that increase in the agricultural cooperatives on June 30,
was derived from interest credited, leaving 1929, was about 58 per cent of the total at the
about 33,000,000 reichsmarks a month to end of 1913.
represent fresh savings, as compared with
DEPOSITS WITH TRADESMEN'S COOPERATIVES
122,000,000 reichsmarks a month in 1929.
[In millions of reichsmarks]
After making all due allowance for the higher
price level now prevailing, it appears that the
! Checking
and
saving capacity of the Sparkassen depositors
Savings i| current
Total
deposits i account
has much increased as compared with the period
I deposits
before the war.
305.6
734.9
429.3
In addition to the Sparkassen, the large com- 1926—Dec. 31.
339.2
961.7
622.5
31.
mercial banks now receive savings deposits 1927—Dec.
330. 6
1,111.0
780.4
1928—June 30.
372.7
1, 281.9
909.2
Dec. 31.
from small depositors. Since November, 1927, 1929—Feb.
361.1
1, 348. 6
987.5
28.
358.1
1, 375. 3
1, 017. 2
Apr. 30.
the members of7 the Stempelvereinigung (the
365.8
1, 404.3
1,038. 5
June 30.
Berlin Bankers Association) have been ac19367—30




6

724

FEDERAL RESERVE BULLETIN

The figures given above, showing the deposits
in the tradesmen's cooperative banks, were compiled by the Reich Statistical Office from statements of about 1,300 individual institutions.
In the first half of 1929, savings deposits with
these banks increased by a somewhat smaller
amount than in the same period of 1928—
129,000,000 reichsmarks, as compared with
158,000,000 reichsmarks in the previous year.
The total increase in 1928 amounted to 287,000,000 reichsmarks, as compared with less than
200,000,000 reichsmarks in 1927 and 1926 for
closely similar groups of reporting cooperatives.
Some further indication of the volume of
saving is to be found in the amounts paid to lifeinsurance companies in the shape of premiums on policies. While the premiums paid
reflect the course of saving through life insurance, they are not in themselves a measure of
capital formed; this can be ascertained only
by the growth of insurance reserves, figures for
which are not available.
L I F E I N S U R A N C E I N P U B L I C AND P R I V A T E I N S T I T U T I O N S
[In millions of reichsmarks]
Premiums
Amount of paid
during
insurance
2-month
in force
periods
1925 average..
1926 average..
1928 average..
1929 average..

12,076
14, 683

101
120

1927—Dec. 31..
1928—Dec. 31..
1929—Feb. 28..
Apr. 30..
June 30..
Aug.31_
Oct. 31..
Dec. 31 .
1930—Feb. 28..

10, 318
13,147
13, 598
14, 060
14, 556
14,928
15, 323
15, 635
15, 946

83
103
115
122
114
124
127
118
131

54

The amount of premiums paid, as reported
by the larger public and private institutions,
averaged 60,000,000 reichsmarks a month in
1929 as compared with a monthly average of
50,000,000 reichsmarks in the year 1928 and
of about 35,000,000 reichsmarks in 1926. The
amount of insurance in force increased by
2,488,000,000 reichsmarks in 1929 as compared
with 2,829,000,000 reichsmarks in the preceding year. The increase in insurance is due
principally to a growth in the number of smaller
policies, as the average amount of each policy
decreased from about 1,760 reichsmarks at
the end of 1927 to about 1,370 reichsmarks on
December 31, 1929. In the first two months of
1930 there was a further increase of insurance
in force and of premium payments.




NOVEMBER, 1930

The various public social insurance institutions report periodically their receipts, disbursements, and net capital assets, and the increase in their assets may be taken to represent
an increment in the supply of new capital.
Details of these figures for the years 1924 to
1929 are given on pages [omitted]. Excluding the unemployment insurance institute,
which is in debt to the Reich, the increase in
net capital assets in 1929 amounted to about
690,000,000 reichsmarks as compared with an
increase of about 780,000,000 reichsmarks in
1928 and about 650,000,000 reichsmarks in
1927.
7. New capital issues and the security markets.—Like the market for short credit, the
German market for capital issues has been overloaded with a mass of loan applications far too
large to be satisfied out of existing resources.
This overloading of the market is not a new
development. On the contrary, the volume of
actual and potential offerings has exceeded the
absorptive capacity of the market ever since
stabilization. This was inherent in the situation which Germany faced after the wastage
of the war and the inflation, for it was necessary
when those periods closed to begin over again
with the accumulation of investment funds.
At the outset the accumulation was slow and
additions to the supply were limited; but the
demand, which was already active when accumulation began, 'has consistently kept ahead
of the supply. And, whenever for seasonal
reasons or otherwise the capital issues market
has shown signs of vitality, it has been stifled
under a mass of loan applications. One major
factor in the demand, which of itself goes far
to explain the pressure on the market, has been
the extremely heavy and persistent solicitation
of credit on the part of the public authorities.
During 1929 this was particularly intense and
inopportune.
The following table is made up from the most
recent figures published by the Reich Statistical
Office, and carries corrections in earlier statistics; accordingly it differs in minor particulars
from tables printed in previous reports. It appears that during the three years after 1925, the
domestic market was able to absorb about
4,300,000,000 reichsmarks of capital issues a
year. While the annual totals were approximately identical, the market in each year was
subject to periodic interruptions, frequently
lasting for several months. In 1929, the interruption began with the month of February, and
during the remainder of the year the market
was narrow, with the result that in the year as

NOVEMBER, 1930

FEDERAL RESERVE BULLETIN

725

a whole the volume of domestic capital issues of tti3 funds available for investment. By
amounted to about 2,500,000,000 reichsmarks, March 31, 1930, a total of about 1,000,000,000
or about 41 per cent below the total for 1928.
reichsmarks of these certificates had been issued
by the Reich, and they have been selling on the
DOMESTIC CAPITAL ISSUES
market at an appreciable discount below their
nominal value. Up to late in 1929 they were
[In millions of marks or reichsmarks]
bringing a return to the purchaser of about 10
1907per
cent or even higher, depending upon the
1913
1930,
date of maturity; but more recently, with the
yearly 1925 1926 1927 1928 1929 Jan.averFeb.
general easing of money, the rate of return at
age
prevailing prices has diminished to between 8
and 9 per cent.
German bonds:
Reich, States, comThe pressure exerted on the market by the
munes, etc
1,172
45
15
654
698
456
398
demands of the public authorities had the
Associations under
public law
22
2
4
364
207
16
effect during 1929 of excluding practically all
Real estate credit institutions, Giroverofferings of bonds by private concerns, and
bande and related
during the whole year private issues amounted
institutions,
(a) Communal
Under the
Donds
52 to only 7,000,000 reichsmarks.
489
38
465
349
116
248
(b) Mortgage
conditions prevailing in the bond market, pribonds
840 1,628 1,597 1,459
281
788
890
294
19 vate enterprises adopted the alternative of
79
322
181
7
400
Private concerns
issuing shares, a certain portion of which passed
399
Total bonds.
994 3,433 2,841 2,905 1,543
2,480
197 into foreign hands, some in connection with
740
656
964
German shares
988 1,438 1,339
financial and trade agreements made with
Total German securities
3,220 1,650 4,421 4,279 4,244 2,507
596 foreign corporations, and others through the
14
19
Foreign securities.—
58
472
medium of German banks. Altogether, the
Grand total _ _
3,692 1,650 4,421 4,337 4,258 2,526
596
new offerings of shares were relatively large, but
still considerably below the offerings during
Several items in the table call for specific 1928.
There was a marked falling off during 1929
comment. The only category of capital issues
which in 1929 approximated the volume of the in the volume of mortgage bonds issued by the
previous year was that representing bonds real estate credit institutions. These obligaissued by the Reich, the States, and the com- tions, known as Pfandbriefe, are secured by
munes, to the total amount of about 400,000,- mortgages on real estate, including agricultural
000 reichsmarks. The principal issue included land, and are issued from time to time and at
in the list was that of the Reich, offered in varying rates according to the market. PfandMay, 1929, in the amount of 300,000,000 briefe, ordinarily popular with the German
reichsmarks, of which, however, only about investor, provide a fair index of the condition
180,000,000 reichsmarks were subscribed. The of the market as a whole. During 1929 issues
terms of this issue, which was described in the of Pfandbriefe were about 40 per cent smaller
interim report, included numerous tax exemp- than in the preceding year.
tions, a coupon rate of 7 per cent and an offering
The narrowing of the market for mortgage
price of 99. The offering was made at a time of bonds obliged the real estate credit instutions
uncertainty as to the outcome of the Paris to curtail materially their long-term loans to
conference, and its failure is to be explained borrowers. According to figures assembled by
partly on that account. But its unusually the Institut fur Konjunkturforschung, the net
attractive terms, and the high yields on other increase during 1929 in outstanding long-term
issues of the public authorities, particularly loans made by these institutions amounted to
on communal bonds, set a standard which about 810,000,000 reichsmarks on city and
made private borrowing still more difficult and agricultural mortgages and 357,000,000 reichsexpensive.
marks to the communes, as compared with
In addition to long-term obligations publicly 1,624,000,000 reichsmarks and 613,000,000
offered for sale on the market, the Reich issued reichsmarks, respectively, in 1928. It is interduring the past year to claimants under the war esting to note that most of these long-term
damage liquidation law of March 30, 1928, a loans granted to the communes were made by
large volume of war damage liquidation debt credit institutions "of public-law standing";
certificates. Most of these certificates have in that is to say, by institutions operated by or in
turn been offered for sale on the open market close relation with the public authorities. The
by the recipients, and thus have absorbed some savings banks or Sparkassen made loans on




726

FEDERAL RESERVE BULLETIN

mortgages during the year in the amount of
952,000,000 reichsmarks as against 1,055,000,000 reichsmarks in 1928, and also lent 480,000,000 reichsmarks to the communes as compared
with 346,000,000 reichsmarks a year ago.
Since the beginning of 1930 the general easing
of money rates has brought some degree of relief
to the long-term market as a whole, though
not in the same proportion as for short-term
funds. Issuing banks which at the end of 1929
had considerable amounts of unsold securities
on their shelves have been able to effect a better
distribution, and the output of new issues has
also increased. In the first two months of 1930
new offerings of mortgage bonds were larger
than for any two months since the beginning
of 1928; and there were several offerings of
communal obligations, mostly of three to five
years' maturity. There were also a few small
to moderate-sized industrial issues of both bonds
and shares.
Consistently with the conditions prevailing
during 1929 on the market for new capital
issues, the prices of outstanding issues declined.
Of the three principal classes of bonds, Pfandbriefe were the least affected, and at prices
prevailing in December, 1929, standard issues
yielded 8.17 per cent as against 7.88 per cent
a year before. After the turn of the year there
was a moderate rise in the market prices of
fixed-term obligations, and at the beginning
of May, 1930, standard issues of Pfandbriefe
were selling on about a 7.8 per cent basis. The
prices of other classes of bonds were also somewhat higher, including various State, city, and
industrial issues. The Reich 6 per cent loan of
1927, the price of which had been officially
supported at 87.50 for many months, declined
slightly in February when the support was
relaxed, but rose later and at the beginning of
May was quoted at 87.80, while the Reich 7
per cent loan of 1929 was selling at the beginning
of May about 2 points over par.
Though the stock markets were weak and
inactive during 1929, there was no sharp drop
of the nature observed in other markets. The
decline, on the contrary, was gradual and speculation on the whole was absent. The average
return on shares quoted on the Berlin Bourse at
prices prevailing on December 31, 1929, was
6.58 per cent as compared with 4.99 per cent at
the end of December, 1928. The difference
was due practically in full to the fall in prices,
inasmuch as dividends remained substantially
unchanged. In the first half of January there
was a marked rise in share prices on the Berlin
Bourse, but since then there has been little
change. At the end of March, the latest date




NOVEMBER, 1930

for which official figures are available, the
average return of shares quoted on the Berlin
Bourse was 6.29 per cent, reflecting principally
a rise in share prices, as dividends remained
practically unchanged.
8. Agricultural credit.—The size and urgency
of the demand for agricultural credit in previous
years has furnished one of the major causes, along
with the credit demands of the public authorities, for the general credit pressure in Germany.
During the second half of 1929, for the first
time since stabilization, a decline took place
in the volume of credit employed by agriculture.
From the standpoint of the credit situation as a
whole this was a favorable development, representing some progress in the consolidation
and liquidation of debt. But for agriculture
itself, the year 1929 and the first months of
1930 formed a period of singular difficulty.
This arose in part from conditions confronting
agriculture the world over, including the weak
and falling prices at which the 1929 crop was
sold. It was due in part also to conditions
special to Germany.
It will be recalled that German agriculture
was placed in a peculiarly difficult position
with stabilization. While the inflation had
relieved agricultural proprietors of a large part
of their debts, it had also cost them many
of their assets, other than the land itself and
the existing buildings. In numerous cases,
especially among the large landowners, the conditions introduced with stabilization—such
as relatively low prices for agricultural products,
extremely high costs for credit, high wages and
taxes and high prices for materials and machinery—resulted in actual losses in operation
from one year to the next. These losses were
all the greater because of several poor to indifferent crops, followed by two good years the
benefits of which were in a measure lost to
them through low prices. As has been explained
.at length in previous reports, these and other
causes, among them faulty marketing procedure and the inability of many proprietors to
adjust themselves promptly to the changed
conditions of agricultural production in the
world at large, resulted in the rapid accumulation of debt. By the end of 1927 the volume
of debt, though substantially smaller than the
pre-war figures, was costing rather more in the
aggregate amount of interest paid than it had
before the war.
The accumulation of debt appears to have
been most pronounced in those parts of Germany where large undertakings predominate.
According to a recent calculation made by the
Reich Finance Ministry, which relates to the

NOVEMBER, 1930

FEDERAL RESERVE BULLETIN

727

Other evidence on the amount of short-term
credit utilized by agriculture is to be found in
figures published by the Preussische Zentralgenossenschaftskasse (known as the Preussenkasse), which is the central bank for cooperative credit. Whereas at the end of 1927
rural credit cooperatives had exceeded by
132,000,000 reichsmarks their assigned credit
contingents with the Preussenkasse, the credits
used at the end of 1928 were about 80,000,000
reichsmarks less than the credit contingents.
At that time, however, credits used by the
cooperatives situated east of the Elbe (where
AGRICULTURAL C R E D I T S O U T S T A N D I N G
agricultural credit distress has been particularly acute) continued somewhat in excess
[In millions of reichsmarks]
of the assigned contingents. By the end of
InterShortMortNovember, 1929, this excess not only4had
term
mediate
Total
disappeared but the cooperatives both east and
credits
credits
credits
west of the Elbe were well within their con1925—Dec. 31.
1,011
26
2,186
3,223 tingents, and were in a position to call for
1926—Dec. 31.
102
4,277 some 114,000,000 reichsmarks more credit from
2,048
2,127
1927—Dec. 31.
304
5,684
2,814
2,566
1928—June 30.
313
3, 258
2,857
the Preussenkasse than they were using. The
Sept. 30
322
6,707
3,441
2,944
to
Dec. 31.
6,831 amount of short-time credit furnished
318
3,623
2,890
1929—Mar. 31.
301
7,072 agriculture by the Preussenkasse continued to
3,811
2,960
June 30.
7,354
320
3,891
3,143
Sept. 30.
7,267 decline up to the end of January, 1930; but
323
3,997
2,957
Dec. 31.
7,262
315
4,103
2,844
since then there has been some seasonal increase.
These changes in tendency were beneficial
It should be noted that the foregoing table, to the credit market as a whole, but the figures
giving figures compiled by the Institut fur necessarily leave out of account the conditions
Konjunkturforschung, represents not the which were at least partly responsible for the
amount of new credit granted each year but the results indicated. It seems safe to assume, for
ascertainable amounts outstanding on the example, that certain agricultural borrowers
respective dates. In each of the three years had reached the limit of their power to incur
prior to 1929 the amount outstanding rose by debt and that other landowners had refrained
1,000,000,000 reichsmarks or more. In the 12 from doing so because of the cost. Moreover,
months of 1929 the increase was less than half the decline in the market values of agricultural
as much, and during the second half of the year products reduced the amounts which farmers
there was a small decline.
were able to borrow on the security of their
Quite as important as the changes which took crops, and intensified the difficulties, particplace in the total figures for the year were the ularly of those burdened with debts carrying
changes in the individual classifications of high rates of interest.
indebtedness. The entire increase for the year
Various measures of relief have been underwas accounted for in the item representing taken and others have recently been proposed.
mortgage debt. The amount of intermediate Of those already put into effect one of the most
debt outstanding, on the other hand, was constructive is the reorganization of the whole
almost precisely the same at the end of 1929 agricultural cooperative credit system. Withas a year earlier, and the amount of short-term out attempting to analyze an extremely comdebt actually declined. Heretofore, except for plicated sequence of financial transactions, it
seasonal fluctuations, the volume of short-term may be said briefly that the Raiffeisenbank, the
debt has shown a disturbing tendency to institution serving one of the principal groups of
increase notwithstanding a general effort to cooperatives, became seriously involved in the
convert as much as possible of it into mortgage first years after stabilization through financing
form. Indeed, the two forms of debt tended operations which had little or nothing to do
up to the middle of 1929 to rise almost simulta- with agriculture. Its difficulties were in a
neously. The change which has since taken measure passed on to the Preussenkasse, and
place, however temporary it may prove to be, presently the capacity of both institutions to
is in the direction of bringing the volume of provide agricultural credit was much impaired.
agricultural credit into more manageable form. The Preussenkasse was reorganized in 1928, and
condition at the close of 1928, the amount of
debt in proportion to the capital value of the
undertakings, which in turn is based upon their
taxable value, varied from about 9 per cent to
about 57 per cent. The proportions ranging
over 50 per cent related to districts in East
Prussia,
Pomerania, and MecklenburgSchwerin, where the large undertaking is
typical, while the smaller percentages were
mostly in other parts of Germany, where small
farms predominate. The average for the
Reich was given as 30 per cent.




728

FEDERAL RESERVE BULLETIN

was provided with fresh resources by the State
of Prussia; more recently arrangements have
also been made to bring the Reich into participation as a stockholder to the extent of 50,000,000 reichsmarks. As for the Raiffeisenbank,
the Raiffeisen group of cooperatives agreed to
its liquidation, and the group itself has consented
to a merger with five other important agricultural cooperative associations. This merger
was effected on February 13, 1930, and consolidated 37,300 individual cooperatives out of a
total in Germany of about 40,800. In addition, a broad program for rationalization and
centralization of the various regional and functional agricultural cooperatives is in process.
This program provides in general that in each
State or province all cooperatives of the same
functional category—for example, for buying or
selling or for providing credit—shall be consolidated into a single regional association, and
these regional associations in turn shall form an
association for the Reich as a whole. It is
contemplated that these associations shall assist
in the rationalization of German agriculture in
all of its varied aspects. The growth of savings
deposits in the agricultural cooperatives, already mentioned in a previous section of this
chapter, is an indication of the vitality of these
organizations, and has an important bearing on
agricultural credit as a whole, since these
funds provide a natural and ready source of
credit to the farming population.
Another measure designed for the relief of
agriculture was forecast by the Chancellor of
the Reich on December 12, 1929, in outlining
to the Reichstag the financial proposals of the
Government. According to this proposal,
which has since been embodied in a draft law
presented to the Reichsrat on April 7, 1930,
agricultural landowners are exempted from the
payment due April 1,1930, and from subsequent
interest payments on the Rentenbank general
mortgage, subject to the proviso that the
Government of the Reich may call for subsequent payments if ever required in order to
enable the Rentenbank to fulfill its liabilities
in respect of the liquidation of Rentenbank
notes in circulation. Up to this time, as noted
in previous reports, the bulk of the interest
received on the Rentenbank mortgage has
been used for the redemption of Rentenbank
notes. The total of interest payments each
year has usually exceeded 80,000,000 reichsmarks, of which 60,000,000 reichsmarks or
more have been used for the redemption of
notes and the remainder, up to 25,000,000
reichsmarks, has been placed at the disposal
of the Rentenbank Credit Institution. The




NOVEMBER, 1930

suppression of the charge will postpone the
date when the Rentenbank note retirement,
now far advanced, is completed, but at the
same time it carries manifest benefits for agriculture. The draft law also provides for
changes in the relations between the Rentenbank and the Rentenbank Credit Institution,
which already appear to be embodied to some
extent in a new contract between them and the
Reich and the Reichsbank.
A third group of measures, aimed at raising
the prices in the domestic market for agricultural products, centers on a long series of
changes in the customs tariff. Since the summer of 1929 the Government has been engaged
in amending commercial treaties with other
countries and in altering customs duties, all
with a view to reducing or eliminating competition in the home market from foreigngrown agricultural products. These changes
are discussed at length in the chapter on foreign
trade, in the section dealing with tariffs and
commercial treaties. Notwithstanding the
changes first effected there was a continued fall
in prices, and further increases in customs
duties have since been made, with the result
that internal prices for grains have risen some-*
what since the end of March. The Government is also considering special measures for
stimulating the consumption of rye, the present
stock of which in the country is redundant.
The principal measures which thus far have
been published with official authority are
briefly described in the section on tariffs and
commercial treaties, and in the chapter on
German business conditions in the section on
agriculture. The general course of agricultural prices is also discussed in the section on
prices.
In connection with his signature of the
liquidation agreement between Germany and
Poland, the President of the Reich, in a letter
addressed to the Chancellor on March 18,
1930, called special attention to the distress of
agriculture in East Prussia, and asked that a
new program of financial assistance for the
eastern districts should be considered at the
earliest possible moment. After extended
negotiations between the various ministries
concerned, it was announced on May 7 that an
agreement in principle had been reached
regarding such a program, but the details are
not yet available. Generally speaking, however, it appears from the Finance Minister's
budget speech to the Reichstag, on May 2,
1930, that the program contemplates measures
for facilitating the transformation of shortterm indebtedness into mortgage debts, for the

NOVEMBER, 1930

FEDERAL RESERVE BULLETIN

strengthening of existing agricultural enterprises, for encouraging settlement on the land,
and for improving the means of transportation
in the eastern districts. Apparently, it provides also for the reduction of certain tax
charges.
i\ It remains to state in summary form the cost
of agricultural credit. In common with other
money rates, interest on agricultural loans
ranged during 1929 somewhat higher than in the
previous year. The net cost to the borrower
on long-term first-mortgage credits, including
taxes and discount from the nominal value of
the loan, rose from about 10.2 per cent in the
autumn of 1928 to 10.5 per cent in the autumn
of 1929. The rate charged on personal credits
advanced by the Rentenbank Credit Institution from April 25 to November 2, 1929, stood
at 9% per cent; but thereafter, in connection
with the successive reductions in the Reichsbank rate, it declined five times by half a
point, and stood at the end of April at 7)i per
cent. Personal credits from other sources,
however, have frequently cost the agricultural
borrower as high as 12 per cent.
A reduction in the cost of credit would
bring considerable relief to agriculture, but it
is still true, as stated in the report of December,
1928, that "the difficulties which German
agrarians face are by no means limited to questions of credit. To some extent they are the
reflections of a change in agricultural conditions
throughout the world, to which German agriculture has only begun to adapt itself. It is
noteworthy that more and more attention is
being paid to the means of effecting these
readjustments. In particular, preliminary investigations have been made looking toward
the improvement of marketing systems, livestock raising, dairying, and so on. If these
result in greater farm efficiency and in cheaper
and better production and distribution, they
will bring measurable relief on the score of
agricultural credit and will be advantageous
also in diminishing imports of necessary foodstuffs/'
9. Business difficulties.—The number of business failures in Germany during 1929 ran
somewhat higher than in 1928, and in the
early weeks of 1930 there was a considerable
further increase. In some cases, distress has
overtaken old-established concerns which have
been unable to adjust their affairs to the new
conditions prevailing since the war; in other
cases, and this applies particularly to a number of small banking failures that occurred
during the autumn, the trouble appears to
have been largely due to situations which were




729

left over from the inflation and which came to a
head during the year under the pressure of
high interest rates. A few large business concerns also have been in difficulties, but these
appear to have been individual cases of bad
management, and not indicative of general
weakness in the business situation. It should
be understood that the figures given in the
following table [omitted] are not fully comparable from one period to another, because
of changes which have taken place in the
official procedure for dealing with concerns in
difficulties. These changes were described in
the report of December 22, 1928.
The movement toward concentration in business which has been in progress in Germany
since stabilization continued during 1929, but
on average at a somewhat diminished rate.
Since the beginning of 1925 the number of
enterprises of all sorts dissolved, including
partnerships and individual firms as well as
joint-stock corporations, has exceeded the
number of new enterprises formed by more
than 70,000.
The nominal amount of protested bills was
somewhat higher during 1929 than in 1928,
when in turn the amount was somewhat higher
than in 1927. The figures which are given in
the following diagram and table [omitted] have
been compiled and published by the Institut ftir
Konjunkturforschung on the basis of private
reports received from various parts of Germany.
The amounts given have no absolute significance because they take into account only a
minor part of the total protested bills in Germany; but the tendency illustrated may be
assumed to represent a fair sampling.
The German currency.—From the time of
stabilization up to the end of 1929 the volume
of currency in circulation continuously increased, season for season, from one year to
the next. But in recent years the year-to-year
growth has slowed down, and in the first
months of 1930 the volume of the circulation
has been on the whole slightly smaller than in
the corresponding months of 1929.
In the period immediately after stabilization, as a characteristic result of the inflation,
the currency was barely sufficient to meet the
minimum requirements of the country's business, and the year-to-year rise in volume was a
reflection of the pressure which this shortage
exerted, and only secondarily of the complex
factors which ordinarily determine the growth
or contraction of a gold standard currency.
During 1929, when this phase was approaching
its end, the year-to-year increase tended to restrict itself more and more closely to such addi-

730

FEDERAL RESERVE BULLETIN

tional amounts as were required to satisfy current changes in the demand—the latter the
result of the complicated working of such factors as the volume of production and trade,
the'price level of commodities in world markets,
Reichsbank credit policy and the availability
of credit abroad.
The German currency has continued to
satisfy all the practical requirements of the
gold standard, as it has during the entire period
since the Dawes plan went into effect. The
position of the reichsmark in the foreign
exchanges, as has been seen in a previous
section of this chapter, has kept within the
limits determined by the gold points both
upward and downward, and on many occasions
in recent months it has stood with respect
to other leading currencies at or near the gold
import point. Its internal value has risen to
some extent, in accordance with the decline in
the general index of commodity prices.
The reichsmark remained up to the end of
the Dawes plan a gold currency in a de facto
sense only, but with the coming into force of
the new plan it has been placed on a full gold
basis. Even before this final step was taken,
the Reichsbank, as a matter of announced
policy, held itself ready to redeem its notes in
gold but it was not legally bound to do so. The
Reichsbank's obligation to pay its notes in
gold or devisen was provided for in section 31
of the bank law of August 30, 1924, but the
coming into force of this section of the law
depended, according to the provisions of section
52, upon " concurrent resolutions of the Reichsbank managing board and of the general council." As stated in the previous report, the
president of the Reichsbank in a letter dated
June 6, 1929, addressed to the chairman of the
committee of experts then meeting in Paris,
had said that he "was prepared to introduce
the necessary resolution * * * at the latest in connection with the putting into force of
the present plan by the Governments." On
April 19, 1930, the Minister for Economic
Affairs and the Finance Minister of the Reich
issued a proclamation, dated April 17, 1930,
conveying a communication from the Reichsbank managing board under date of April 15,
1930, to the effect that "in accordance with
section 52 of the bank law of August 30, 1924,
the Reichsbank managing board and the
general council of the Reichsbank have unanimously resolved to put section 31 of the bank
law in force. This resolution will come into
force at the same time as the new plan."
The diagram and table [omitted] show on
the basis of month-end figures the growth of




NOVEMBER, 1930

the total amount of currency in circulation
since the Reichsbank law went into effect on
October 11, 1924. During 1929, while the
circulation continued to rise, the rate of increase
was slower than in any previous year. In
1926, for example, the average increase of the
circulation over 1925 was about 450,000,000
reichsmarks; in 1927 the increase over the
preceding year was about 550,000,000 reichsmarks, and in 1928 about 400,000,000 reichsmarks. In the first half of 1929 the year-toyear margin narrowed to 170,000,000 reichsmarks, and in the second half of the year to
below 60,000,000 reichsmarks; while in the
early part of 1930 the year-to-year increase
practically disappeared and at the end of April
there was even a small decline.
The notes of the Reichsbank have continued
to furnish the principal element of increase in
the currency. The increase in the Reichsbank
circulation, indeed, has been somewhat larger
than the increase in the circulation as a whole.
Whereas in 1925 Reichsbank notes comprised
on the average 52 per cent of the circulation,
in 1929 they comprised about 75 per cent of
it. The progressive retirement of Rentenbank
notes has left a vacuum in the circulation which
had to be filled. New coinage of the Reich
has partly served this purpose, but the Reichsbank has been called upon to supply the difference as well as the year-to-year increase in the
circulation as a whole.
Up to April 30, 1930, in carrying out the
provisions of the Rentenbank liquidation law
of August 30, 1924, Rentenbank notes have
been retired in the following amounts (rentenmarks being equivalent to reichsmarks) and
from the following sources:

In millions
of rentenmarks

Interest on the general mortgage on agricultural
land
Payments by the Reich
Share of the Reich in Reichsbank earnings
Repayments of agricultural bills
Total

347
315
88
880
1, 630

In addition, as noted in previous reports,
about 70,000,000 rentenmarks have been withdrawn from circulation and are held under earmark at the Reichsbank. At the end of April,
1930, the amount of Rentenbank notes in the
hands of the public was 363,000,000, or only
about 6 per cent of the total German circulation.
As foreseen in the law, the retirements of
Rentenbank notes were particularly heavy in
the first years of the operation of the Dawes
plan. In the period of about three years

NOVEMBER, 1930

FEDERAL RESERVE BULLETIN

ended December 31, 1927, about 1,340,000,000
of Rentenbank notes were retired. The principal source of funds during that period was
the complete repayment of the so-called economic credits which had been granted in the
early days of stabilization through the medium
of the Reichsbank and the minor banks of
issue, in rentenmarks and mainly for the benefit of agriculture. Since the beginning of 1928
the income of the redemption fund has been
derived from the three remaining sources,
namely, the interest on the rentenmark general
mortgage to which agricultural land is subject
(about 139,000,000 reichsmarks for the period),
payments out of the budget of the Reich
(135,000,000 reichsmarks), and the share of the
Reich in the profits of the Reichsbank (16,000,000
reichsmarks). The suppression of the first of
these items, in the interest of agricultural relief,
forms part of the Government's plan for
financial relief to agriculture, as already noted
in a previous section. Under the draft law of
April 7, 1930, which has been presented to the
Reichsrat but not yet enacted into law, the
annual contribution by the Reich to the redemption fund also disappears, so that in
future the fund will normally receive only the
annual share of the Reich in the profits of the
Reichsbank. The time limit for the complete
retirement of Rentenbank notes is accordingly
to be extended from 1934 to December 31,
1942.
For reasons described, at length in the last
report and given in outline in preceding pages,
the Reichsbank reserves of gold and devisen
were heavily drawn upon in the spring of 1929,
with corresponding effects on the ratio of gold
and eligible devisen held against outstanding
notes. On May 7, 1929, the reserve ratio
stood at 41.0 per cent, the lowest since stabilization and only one point above the legal
minimum. Since then, with the replenishment
of reserves, the ratio has gradually risen and at
the end of April, 1930, stood at 62 per cent,
an end-of-month ratio rarely exceeded in
recent years.

731

into balance. This result was not due to any
sudden or sporadic reversal of former tendencies
but to the gradual and cumulative effect of
forces which have been in process since stabilization, reflected primarily in the growing
vitality of the German export trade. In this
sense, the maintenance of the foreign trade
balance during 1929 may be regarded as* the
most promising commercial development of the
year.
The main element in this result, as illustrated
in the foregoing diagram [omitted], has been
the growth of the German export trade. On
the whole the value of exports has risen
steadily ever since the reestablishment of
orderly conditions after the inflation: In 1925
exports amounted, according to the published
figures of the Reich Statistical Office, to an
average of 774,000,000 reichsmarks a month,
including deliveries in kind; in 1926 to an
average of 868,000,000 reichsmarks; in 1927
to 900,000,000 reichsmarks; in 1928 to 1,023,000,000 reichsmarks; and in 1929 to 1,124,000,000 reichsmarks. Total exports for the
year 1929 reached a level of 13,482,000,000
reichsmarks, or more than 4,000,000,000 reichsmarks higher than in 1925, making an average
year-to-year increase of about 1,000,000,000
reichsmarks.
The development of the export trade has
been one of the primary objects of German
industry ever since stabilization, not only in
the adaptation of plant and production at
home but in the reestablishment of old trade
relations abroad and the discovery of new trade
outlets. In some parts also, the growth of
exports has been due to the gradual removal
of postwar discriminations against German
goods in foreign markets. Much progress has
been made in effecting commercial treaties
and trade arrangements with foreign countries,
which have had the result in most cases of reestablishing Germany on the same footing as
other exporting nations. Deliveries in kind
on reparation account, in addition to providing
a useful method for transferring an important
part of the sums paid as reparations, have also
GERMANY'S FOREIGN TRADE
served the practical purpose of getting over
The equilibrium between exports and im- customs barriers and prejudices against imports of goods, which had been tentatively ports from Germany, and so of enlarging the
reached in September and October, 1928, was German export market in general. Furthermaintained during the calendar year 1929, at more, the domestic demand for capital has
an average level of about 1,120,000,000 reichs- exerted pressure more or less strongly throughmarks a month. In the final months of the out these years in the direction of larger sales
year the reported surpluses of exports, includ- of goods in foreign markets. During the year
ing deliveries in kind, more than overcame the 1929 this pressure was all the more pronounced
deficits of the early part of the year, and thus because of high interest rates and the difficulbrought German foreign trade for the full year ties, described at length in the chapter on




732

FEDERAL RESERVE BULLETIN

credit, of obtaining foreign loans; and business
conditions abroad were at the same time favorable to the development of German exports.
On the import side of the trade balance the
results of the year 1929 are also of great significance, but for different reasons. Since raw
and other materials for industrial use make up
the principal fluctuating element in German
imports, the changes from time to time in the
volume of imports furnish a fair indicator of
changes in the activity of German industry as
a whole. Regarded from this aspect, the import returns since the reform of the currency
are of singular interest. In 1925, a year of
stocking up after the inflation, the value of
imports, according to the figures published by
the Reich Statistical Office, amounted to an
average of 1,030,000,000 reichsmarks a month;
in 1926, the year of the rationalization crisis
in industry, imports averaged 833,000,000
reichsmarks a month; in 1927, a year
of broad business activity, the average was
1,186,000,000 reichsmarks; in 1928 it was
1,167,000,000 reichsmarks; and in 1929 it
was 1,120,000,000 reichsmarks. Thus in the
last three years the monthly average value
of imports has been running fairly consistently at or about the level established in
1927, with only a slight tendency to decline in
1929, reflecting in part the fall in commodity
prices. Practically all of the decline, moreover, was due not to smaller imports of industrial raw materials but to smaller imports of
foodstuffs, made possible by the better harvests of the last two years.
GERMAN FOREIGN TRADE, BY MONTHS
[In millions of reichsmarks]
Exports

—Excess of imports
+Excess of exports

With
Without
deliveries deliveries
in k i n d
in k i n d

Without
With
deliveries deliveries
in kind in kind

Imports

1,030
833
1,186
1,167
1,120

733
815
852
968
L, 055

774
868
900
1,023
1,124

-297
-18
-334
-199
-65

-256

...

1929—January
February
March
April
_.
May
-.
June..
_
July...
August
September
October
November
December
1930—January
February
March

1,317
1,015
1,023
1,254
1,131
1,077
1,226
1,073
1,038
1,107
1,161
1,020
1,305
982
884

1,029
916
928
1,159
L,094
L, 011
:L,028
L, 119
1,130
1,154
1,091
1,003
L,034
962
L,043

1,101
971
982
1,227
1,172
1,077
1,099
1,189
1,200
1,247
1,154
1,063
L,092
1,026
L, 104

-288
-99
-95
-95
-37
-66
-198

-216
-44
-41
-27

1925 average
1926 average
1927 average
1928 average
1929 average




+46
+92
+47

-70
-17
-271
-20
+159

+35

-286
-144

+4

+41

0
-127

+116
+162
+140
-7
+43
-213
+44
+220

NOVEMBER, 1930

The satisfactory nature of the trade returns
for 1929 is thus apparent. It is especially noteworthy that the equilibrium between exports
and imports was reached, not by depressing
the imports of materials essential to industrial
activity, but by raising the value and volume of
exports, with some collateral help from larger
agricultural production. In this sense the reestablishment of balance in German foreign
trade is less important in itself than the level at
which equilibrium is restored. This level for
the year 1929 stood on the average at about
1,120,000,000 reichsmarks a month, or some
300,000,000 reichsmarks a month higher than
in 1926, the most recent previous date when
exports balanced imports for any comparable
period.
It will have been observed from the table
[omitted] that the figures for the first quarter
of 1930 show a continuation of exports at
about the average level of 1929. Imports for
the quarter as a whole were somewhat smaller
than in the same period of the two previous
years, owing in part to the decline in prices of
many important raw materials and semifinished
products. According to the figures as reported
there was an export balance in the quarter of
over 50,000,000 reichsmarks, as compared with
an import balance of 300,000,000 reichsmarks
in the first quarter of 1929. The reported
import figures for the first quarter of the
year, however, are always somewhat larger
than actual imports in that period, as they
include the values for certain goods physically imported in the previous months but
not brought into the trade figures until the
semiannual settlement in January for customs
duties on those goods. It has been estimated
by the Reich Statistical Office that this overstatement of imports in the first quarter of 1930,
after making due allowance for the goods actually imported during the period but which
will not be included in the statistics until the
next semiannual settlement, amounted to about
180,000,000 reichsmarks. Thus the export balance for the first quarter of 1930 would amount
to about 230,000,000 reichsmarks instead of
only 50,000,000, reichsmarks, as shown by the
reported figures. These adjustments, however, do not affect the conclusions reached with
respect to the trade balance for the year 1929,
because the statistical office has included in the
imports for that year a similar excess applicable
on the same grounds to the year 1928.
The most important developments of the first
quarter of 1930, from the standpoint of German
foreign trade, have been, first, the world-wide
fall in prices, particularly for raw materials and

NOVEMBER, 1930

FEDERAL RESERVE BULLETIN

foodstuffs, and, second, the greatly increased
customs duties which the German Government
has recently imposed on many foreign products,
particularly the agricultural products of neighboring countries. These countries are numbered among Germany's principal customers for
finished products, and the question arises as to
how far the new protective tariffs will, in turn,
react upon German exports. Germany gains,
of course, by the decline which has taken place in
the prices of the raw materials needed for the
use of its industries, and as indicated below, the
fall in commodity prices during the past year
has tended to reduce the value of imports without a corresponding reduction in the actual volume of goods received. The effects of the sharp
price decline since the turn of the year are likely
to be reflected even more in the import figures
for coming months than in those so far reported,
and the higher customs duties will also tend to
curtail the import of agricultural commodities
during the next few months. On the export
side, it still remains to be seen how sales of
German goods abroad may be affected by the
decline in world prices and the general recession in production and trade.
The balance of payments.—It follows from
the better position of Germany's foreign trade
that the balance of payments should have improved also. The balance of payments, of
which the balance of trade forms a part, takes
account not only of the import and export of
goods, but of all the other services and things
of value exchanged between Germany and the
rest of the world. In many respects these
other services and things of value can be expressed only conjecturally in terms of figures.
Nevertheless it is interesting to bring together
such elements as can be stated in fairly exact
terms, so as to give some picture of the balance
of payments as a whole. During the fifth
annuity year the rising volume of the export
trade, bringing with it a much smaller deficiency
in the merchandise trade balance, was associated on the other side of the account with a
much reduced volume of borrowing, and this
notwithstanding the increase in reparation payments to the level of the standard year.
Analyses by annuity years.—In preceding
annual reports analyses of the balance of payments for the respective annuity years, beginning September 1 and ending August 31, have
been made within such limits as the available
figures permitted, and a similar statement for
the fifth annuity year is given below, together
with a brief statement of the main characteristics of the earlier years. Inasmuch as many of
the so-called invisible items entering into a




733

balance of payments are necessarily matters of
estimate and deduction, no effort has been
made to make the statements fully comprehensive. The items selected for presentation
are based upon the broader but still partly conjectural statements published by the Reich
Statistical Office. Wherever the merchandise
balance enters into the statement, imports and
exports have been adjusted according to the
coefficients of the Reich Statistical Office, in
order to correct the overstatement of imports
and the understatement of exports which were
inherent in the official figures up to the time
when the new foreign trade reporting procedure
became effective. It should also be explained
that wherever reparation payments enter into
the calculations the figures used are those for
transfers made in foreign currencies only.
Deliveries in kind have been omitted for the
sake of simplicity from both sides of the balance; their value has been given neither
among the exports from Germany nor among
the payments made by Germany.
In the first annuity year, a year of restocking and reconstruction, the large imports of
goods, which far exceeded the relatively small
amount of exports, placed a heavy burden
upon foreign credit at both long and short term.
In the second annuity year, a year which included practically the whole of the rationalization crisis in business, the much reduced imports of goods, which the moderately increased
exports somewhat exceeded, placed no burden
at all upon foreign credit, and the long-term
loans then issued served in effect to refund a
large part of the short debt incurred in the
previous year. In the third annuity year, a
year of large and rising business activity,
stimulated in part by the borrowing and spending programs of the public authorities, very
large imports, which far exceeded the rising
values of exports, again placed a heavy burden
upon foreign credit. In the fourth annuity
year, a year when the business activity of the
preceding period reached a maximum and then
somewhat receded, imports of goods were again
very large and together with imports of gold
still far exceeded the increased values of merchandise exports, with the result that there
was again a heavy dependence on foreign credit.
In the fifth annuity year, a year of large industrial production but of difficult credit conditions, imports of goods remained very large
but a further rise in the value of exports much
reduced the requirements for credit from
abroad. The deficiency in the merchandise
trade balance, after making allowances for
errors in the figures up to the time when the

734

FEDERAL RESERVE BULLETIN

new reporting system became effective, amounted to about 1,080,000,000 reichsmarks. To this
deficiency must be added the transfers in
foreign currencies on reparation account, which
amounted to 1,419,000,000 gold marks, and a
further slight addition made to cover the year's
increase in the Reichsbank's reserves of gold
and devisen, amounting to 48,000,000 reichsmarks. In total, and disregarding items
such
as interest on foreign debt, travelers7 expenditures, wages of foreign workmen, and so on,
the deficiency may be estimated at about
2,550,000,000^ reichsmarks.
Against this deficiency are to be placed only
three items which can be stated even approximately. The first is the effective amount of
capital issues placed abroad during the period,
estimated at about 600,000,000 reichsmarks.
The second item covers the net amount estimated to have been paid to Germans on shipping and transportation account, about 400,000,000 reichsmarks. The third is an item of
about 300,000,000 reichsmarks, roughly stated,
representing the return to German possession
of property sequestrated in the United States
during the war. These items reduce the
deficiency to about 1,250,000,000 reichsmarks,
or considerably less than in either of the two
preceding years. Conjecturally, this deficiency
together with such supplements to it as may be
represented in various undetermined items,
was covered by short loans, acceptance credits
granted by foreign banks to German firms
through the medium of German banks, participation by foreigners in German business enterprises, and so on.
Estimate by calendar years.—The latest date
covered by the preceding analyses is August 31,
1929, with the result that the important final
months of 1929 are left out of account. There
has recently become available, however, a condensed estimate of the balance of payments for
the calendar year 1929, which is given below as
a matter of information.
This estimate was published under date of
December 31, 1929, by the Reichs-KreditGesellschaft, a banking institution indirectly
owned by the Reich, in its report on the German
economic situation at the turn of the year
1929-30. The estimate for the calendar year
1929 is necessarily provisional because detailed
figures for the final months of the year were not
yet in hand; but it offers a useful basis for comparison with preceding years pending the
publication of the estimate of the Reich
Statistical Office which ordinarily appears
sometime in May. The following table reproduces the items for the years 1927, 1928, and




NOVEMBER, 1930»

1929 as they appear in the Reichs-KreditGesellschaft's report. It should be added that
the estimates for the years 1927 and 192&
resemble closely the statistical office's published estimates for those years, but are stated
in simplified form.
REICHS-KREDIT-GESELLSCHAFT'S ESTIMATE OF
GERMAN BALANCE OF PAYMENTS

[In billions of reichsmarks, round amounts!
! 1927

I. Recurrent items:
Exports (not including gold and silver)...
Reparation payments—
(a) Deliveries in kind--.
_
(b) In Germany...
Surplus from services rendered
II Nonrecurrent items:
Gold surrendered by the Reichsbank
i
Falling off in the foreign exchange holdings
of the Reichsbank
Influx of funds released by America
Imports of capital—
(a) Loans
(b) Short-term credits to the Reich...
(c) Other short-term credits
(d) O ther imports of capital (balance).
Total

—
LIABILITIES

-

10.51

11.80

.57
.08
.30

.70
.07
.29

.49

.07
.04

1929

12. 80
.90
.07
.36
.47

.27

1.61

1.35

1.90
.73

1.58
1.33

.35
.21
1.72

! 16.19

17.23

17.15

13.60

13. 60'

2.00
.70

2.37
.86.

I

I. Recurrent items:
i
Imports (not including gold and silver)...
Reparation payments (as from September,
1929, on the basis of the Young plan)
Balance of interest
Adverse balance of emigrants' and immigrants' capital transactions
II. Nonrecurrent items:
Increase in the visible foreign exchange
holdings of the Reichsbank..
—
Influx of gold into the Reichsbank..Total..

1928

14.00
1.58
. 45
. 07

.07 i

.25-

09
16.19

.07

17. 23

17.1

GERMAN BUSINESS CONDITIONS

During the final months of 1929 and the first
few months of 1930 the general volume of
German production and trade, after a period
in which previous figures had been surpassed
in many lines of activity, has been distinctly
below the average levels of the past two or
three years. In some part, of course, this recession has been characteristic of the season, but
it appears in the main to have been the result
of a combination of forces, both internal and
international, the nature of which has already
been discussed in the chapter on credit. Recession in business activity in other countries and
the world-wide decline in prices have been
elements of uncertainty which have tended to
restrain business progress in Germany, as well a&
abroad. Of the internal forces, the one which
retains the greatest importance is the depressing
influence exercised by the tension in the public
finances. In the face of the disordered condi-

NOVEMBER, 1930

FEDERAL RESERVE BULLETIN

tions prevailing during most of the past year,
producers and consumers have found it difficult to go ahead with their plans, and this
hesitation has contributed materially to the
decline of production and to the falling off in
trade; while the capital which would otherwise
have been available for productive business and
industry has been largely absorbed by the
ever-pressing demands of the public authorities.
Indeed, the duration of the present recession is
likely to depend in considerable measure upon
the steps which are taken to reestablish order
in the public finances, and the speed with which
they are put into effect.
The slowing down in business over the turn
of the year came at the close of a period which
furnished a striking example of the vigor of the
German economy under adverse conditions.
During the calendar year 1929 the physical
volume of production and distribution taken as
a whole was even slightly larger than in 1928
and 1927, years which comprised a period commonly recognized as one of large business activity. In particular fields, notably in the heavy
industry, the volume of production exceeded
that of any previous year since stabilization.
In other fields, particularly in the textile industry and in the industries making luxury
articles and goods for home consumption,
conditions were less favorable, and the year as
a whole was characterized by moderate to
small production. In general, it appears that
the industries with the largest volume of production were those participating in the expansion
of the export trade, or those benefiting indirectly
from it. In response to the growing vitality of
the export trade, and under pressure of difficult
credit conditions, there were highly significant
changes during the year in the direction of
business. More goods than ever before passed
into foreign trade, and exports and imports
were brought into balance at an average level
of about 1,120,000,000 reichsmarks per month.
In domestic business there was a tendency for
trade in articles of subsistence and in the less
expensive articles of enjoyment to increase, and
for trade in luxuries and fine goods to diminish.
This latter development is consistent with a
moderate further increase in the purchasing
power of wage earners and a decline in the
purchasing power of various other sections of
the population, particularly those who before
the inflation derived a substantial part of their
income from fixed investments.
On the side of industrial organization, there
have been further important developments.
The movement toward concentration has resulted in a further reduction in the number of




735

enterprises and in the extension of the influence
of cartels and trade associations. A noteworthy step in this direction was taken toward
the close of 1929 when the Rohstahlgemeinschaft (the Raw Steel Association) was enlarged
to include practically all German producers,
with provision for the prolongation of its
activities up to 10 years. Another development
of primary importance is the community of
interest established early in 1930 between the
two leading German merchant-shipping concerns. In April, 1930, an agreement, which is
still awaiting ratification, was also concluded
for the prolongation of the German Coal Syndicate for a period of 10 years, to March 31, 1940.
Other phases of rationalization have shown
themselves in the shape of further improvements
in business methods and factory organization.
The present position of German business as
a whole is best to be understood in the light of
what has occurred heretofore, in the period
since the stabilization of the currency. In the
autumn of 1925, German industry and trade
started on a course of drastic readjustment and
rationalization which involved radical reductions in staff, acute unemployment, a limited
volume of production, and general depression
in business. By the autumn of 1926 recovery
was well under way, and the next 15 months
covered a period of high and rising business
activity. This expansion had a special stimulation from the very free use of credit, both
domestic and foreign, particularly on the part
of the public authorities, and toward the close
of 1927 business was running on an exceptionally high level of activity. During the early
part of 1928 there came the natural reaction
from these conditions, and with it a considerable
decline from the peak of production and a small
decline in the volume of consumption; but for
the year as a whole, in spite of the dislocation
resulting from the November lockout in the
Rhenish-Westphalian iron and steel industries,
the average level of production stood on a high
plane and showed only a slight reduction as
compared with the previous year. During
1929, in spite of considerable fluctuations in
business, and notwithstanding weather of unprecedented severity in the first quarter, the
uncertainties of the reparation conferences, the
constant financial difficulties of the public
authorities, and the general reduction in the
flow of fresh funds from abroad, the physical
volume of production and trade reached equal
or even slightly larger totals on the whole than
in any previous year since stabilization.
From the standpoint of the German economy
it is not sufficient, of course, that the general

736

FEDERAL RESERVE BULLETIN

volume of business should merely hold its own
with previous years. It is necessary for it to
increase, if for no other reason because of the
year-to-year growth of the population. Recently the German population, according to
the official figures, has been rising at the rate of
about seven-tenths of 1 per cent a year, but by
reason of the larger birth rate immediately
before the war the population eligible for gainful employment has been rising at a rate about
twice as fast, equivalent to about 1% per cent a
year. Simultaneously with this increase in the
number of potential workers, German industry
has been perfecting its processes and adding to
its efficiency, with the result that it has enabled
itself to produce more goods with less labor.
Accordingly, the volume of business has to increase at a rate considerably faster than the
growth of the working population if the problem of unemployment is to be kept on an even
keel.
Since the early part of 1926, the physical
volume of production and distribution has followed in the long term a generally upward
curve, which is not to be obscured by the
special expansion which came at the close of
1927, with its inevitable reaction, or by the
temporary recession which occurred in the
winter of 1928-29, or by the recession which is
now in process. But the increase in business
does not appear to have been sufficient as yet
to take care of more than about half of the
annual increase in the number of eligible workers. There is no doubt that on the whole actual
employment has materially increased during
the past few years, and stood in 1929 at a level
much higher than in the years before the war.
At the same time, owing to the increase in the
eligible working population, basic unemployment has also risen to a considerable extent,
and it still presents a serious problem not
merely for the public finances but for the German economy as a whole.
Relief from this problem of a rising volume of
basic unemployment, which is described more
fully in a later section of this chapter [omitted],
is to be looked for from three principal sources.
The first centers on the fact that after 1932 the
low birth rate during the war is due to be reflected in an actual decline in the number of
eligible workers, and, other things being equal,
should produce a reduction in the volume of
basic unemployment. The second is a question of markets, both abroad and at home.
Ever since stabilization the foreign market for
German goods has responded to the energetic
efforts of German exporters, and the volume
exports has consistently and rapidly rise




NOVEMBER, 1930

The domestic market has shown greater variation, and has reflected more or less faithfully
the prevailing credit conditions. Credit, the
third source from which relief may be expected,
passed in 1929 through an extremely difficult
stage, as has been seen in the chapter on credit;
and the relative ease of money in the early
months of 1930 does not yet appear to have
stimulated trade in the face of the uncertainties
engendered by falling prices and the state of
the public finances.
On the whole the 1929 harvest, according to
the official estimates, produced a yield larger
than in any recent year other than 1928, and
the good harvests of 1928 and 1929 taken together have been of great assistance to the
German economy as a whole by making it
possible to do with smaller imports of foodstuffs. The prices, however, at which the new
crop could be sold w^ere even lower in most
cases than a year ago, and this decline, though
of benefit to consumers, seriously complicated
the already difficult position of agriculture.
The question of the profits derived by industrial and trading concerns remains obscure.
The Reich Statistical Office has attempted to
arrive at general conclusions by analyzing the
annual reports of numerous enterprises, but
the results are suggestive rather than definite.
For example, the net profits reported by about
1,200 concerns with business years ending in
the last quarter of the calendar year amounted
in 1927 to 637,000,000 reichsmarks and in 1928
to 621,000,000 reichsmarks, and the ratio of
dividends to capital changed from 7.17 per cent
to 7.12 per cent. For about 400 concerns with
business years ending in the first half of 1929,
the results were also practically identical from
one period to the next. Reports from a few
important concerns which have already issued
statements for business years ending at later
dates in 1929 also show almost no change from
the preceding year. In a broad sense, the
figures for profits support the conclusion drawn
from the figures for production and distribution, namely, that taking each year as a whole
there has not been any marked change from
the level established on average in the year
1927; but, in a stricter sense, the figures often
appear to reflect dividend and accounting
policy rather than the absolute results of the
years in question.
*
*
*
*
*
CONCLUSIONS

The present report brings to an end the administration of the Dawes plan, which ha&
extended from September 1, 1924, to May 17,.

NOVEMBER, 1930

FEDERAL RESERVE BULLETIN

1930, through the five full annuity years of the
Dawes plan and through the transition period
under The Hague agreements. During all this
time reparations have been fully paid and
transferred in accordance with the provisions
of the plan.
To understand the place of the Dawes plan
in the history of the reparation problem, it is
necessary to look back to the preceding period
and also to the future. When the experts of the
Dawes committee were called together at the
beginning of 1924, Germany was on the point
of collapse, after an unprecedented period of
inflation. Reparations were not being paid,
and the prospects for future payments were
uncertain. With the stabilization of the
currency and the adoption of the Dawes plan
there came the turning point in German reconstruction, and in the succeeding years the
German economy has made remarkable progress. Germany's credit has been reestablished
both at home and abroad, her industries have
been reorganized and her productive capacity
restored, and the general standard of living
has greatly improved. This result has been
achieved primarily through the industry and




737

energy of the German people, but the people of
other countries have also assisted in large
measure by making their savings available for
the rebuilding of the German economy.
The Dawes plan, as was its object, also
cleared the way for the complete and final
settlement of the reparation problem which is
embodied in the Young plan and The Hague
agreements of January 20, 1930. The new
plan is an act of confidence in the good faith
and financial integrity of Germany, and Germany now has a definite task to perform on
her own responsibility, without foreign supervision and without the transfer protection
provided by the Dawes plan. Under the new
conditions Germany has both the whole
responsibility and the normal incentive to
put her public finances in order and there is no
doubt that this problem, which is now the
most urgent one confronting the German
people, can also be solved and solved on a
sound basis if anything like the same efforts
are now applied to the reform of the public
finances as have been devoted during the
period of the Dawes plan to the general reconstruction of the German economy.

738

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

FINANCIAL STATISTICS FOR FOREIGN COUNTRIES
GOLD HOLDINGS OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars.

Figures for end of month or latest available preceding date; see BULLETIN for June, 1929, p. 396, and for June, 1930, p. 372]

Total

United
States

(45

Month

countries) «•

1929—September..
October
November..
December...
1930—January
February
March
April
May
June
July
August
September..
October

10,265
10, 296
10,301
10, 294
10,360
10,432
10,503
10, 566
10, 612
10, 671
10, 708
HO, 790
*10,826

Ar
Aus- Bel- Bra- Can- EngGergen* tra- gium
zil ada land France many
tina lia
I

4,008
496
4,023
476
4,003
451
3,900
434
3,921
445
3,988
448
4,061
445
4,131
442
4,159
441
4,178
440
4,160
436
4,148
434
4,159 P434
> 4,183

142
143
151
163
164
164
164
164
167
167
167
168
173

114
109
97
89
88
124
126
109
91
97
97
97
98

77
77
78
78
78
78
79
79
80
81
94
100
110

151
151
151
150
139
127
127
90
90
89
80
69
65

527
531
534
544
547
582
595
611
617
624
624
624
590

648
643
659
711
732 .
740 i
759
795
765
768
746 ,

1,545
1,570
1,600
1,633
1,683
1,680
1,668
1,659
1,717
1,727
1,775
759 I 1,852
1,899
766
782 91,192

Neth- Ruserlands sia

JaItaly pan

India

272
272
273
273
273
273
274
274
274
274
274
275
278

128
128
128
128
128
128
128
128
128
128
128
128
128

178
178
180
180
177
176
174
174
174
174
157
157
157
171

541
541
542
542
520
477
453
443
434
434
440
433
431

Spain

132
142
142
147
147
150
156
167
177
203
233
249
249
249

29
Swit- other
zercoun-r
land tries

495
495
495
495
495
476
476
477
477
477
477
477
478

103
103
105
115
108
108
108
112
112
112
118
123
123

707
712
711
711
714
714
711
711
709
699
700
*697
P686

p Preliminary, based on latest available figures. r Revised to include figures for Bolivia.
NOTE.—Table covers all countries for which satisfactory figures are available; see BULLETIN for April (p. 170), where separate figures for the
44 countries are given by years back to 1913. For the 16 countries here shown separately—all of which have held gold in recent years to the amount
of $90,000,000 or more—the figures are for central banks only except as follows: United States—Treasury and Federal reserve banks; Argentina—
Government conversion fund and Bank of the Nation; Brazil—Bank of Brazil and Government stabilization fund; Canada—Government reserve
against Dominion notes and savings-bank deposits, and gold deposits of chartered banks in the central reserve; India—currency and gold standard
reserves of Government; Japan—domestic holdings of Bank of Japan and Government.

GOLD MOVEMENTS
[In thousands of dollars]
Germany

United States
Month

Imports

Exports

18,781
21,321
7,123
8,121
12,908
60,198
55, 768
65,835
23. 552
13,938
21,889
19,714J
13, 680|

1,205!
3,805
30, 289
72, 547
8,948;
207
290
11082
26
41, 529
39, 3311
11,133,

1929—September.
October....
November.
December .
J 930—January...
February..
March
April
May
June
July
August
September

Imports

Net
17, 576
17,516
-23,166
-64,426
3,960
59,991
55, 478
65,725
23, 470
13,912
-19,640
-19,617
2,547

Great Britain

Exports

9,939
4,624
5,093
11,096
5,052
38,252
15,119
18, 670
7,318
7,561
1,481
1,614
2,030

851
1,002
919
808
629
687
769
703
722
1,815
628
656
25,859

Imports

Net
9,088
3,622
4,174
10,290
4,423
37, 565
14, 350
17, 967
6,596
5,746
853
958
23,829

18,301
28, 591
36, 249
65,343
41, 702
38,961
38, 258
42, 741
45,388
13, 747
24,646
24, 201
22, 339

Exports

Netherlands
Imports

Net

41,283 -22,982
1,796
26, 794
27, 844
8,405
16,439
48,903
16,102
25, 600
34,074
4,r
12,826
25,432
14,828
27, 913
61,134 -15,746
20, 659j - 6 , 9 1 2
40, 335 -15,709
2,811
21, 390
2,094
20, 245

Exports

116
177
107
297
248
80
89
81
75!
34j
481
281
81

Net

South
Africa

India

Net

Net

17
3,390
-15,375
12
3,146
166 -15,812
15
4,408
92 -20,922
17
280 -18, 220 4,603
5,370
3,224 -2,975 -17,808
1,026
-946 -20, 786! 3,844
10
79 -13,777| 3,447
5,953
21
60 -18,134
19
56 -22, 798! 6, 452
11
23| -18,190! 9,204
16, 587 -16,5391 -22,415! 3,404
8
273: -18,708j 13,461
" -17,149.
13

M O V E M E N T S TO AND FROM GREAT BRITAIN

MOVEMENTS TO AND FROM BRITISH INDIA

[In thousands of dollars]

[In thousands o( dollarsl

1930

From or to—

September
Imports

12
France...
Germany
Netherlands
Spain and Canaries.
Switzerland
United States
_.
5,182
South America
1
British India
Australia
1,815
New Zealand
_.
12
Egypt
Rhodesia
405
Transvaal
14,439
West Africa
356
All other countries-.
113

Total .

22,339




Ex- j Imports I ports

Exports

Calendar year
Imports

July

From or to—
Imports

Exports

15,921
1,470 138,042
2,066 162, 527
1,470 !
7 65, 257
3,203
92, 991
133 ,
19
738 14, 382
2,006
150
4
2 ! 19,496
359
1,985 i
17, 640
10, 781
"237696" 61, 293
|
283
; 26,191
49 39,129
1
317
7,437
10, 320
90, 615
2 24,603
127
2,433

"37786
j 3,960
145,093
3,667
1,056
417

1929

1930

1929

January-September

4,641
184,954
11
4,216
12,195
1,003

33, 434

20,245 291,985 241,615 J303,725

377, 505

England
_._J
United States
1
Aden and dependen- I
cies.
!
Arabia
British Oceania
|
Bahrein Islands
!
Ceylon
j
China
!
Mesopotamia
!
Straits Settlements..!
Egypt
._
-!
Natal
All other countries.. 1
Total

407

Exports

January-July
Imports

Exports

6,356 I —

Calendar year
Imports

Exports

I 10,461
22

34
563
20
419
652
150
146
88
829
35

__J 3,404
i

i 2,038 i
1, 432
1,478
1, 160
1,176
17, 470
4

1,045
1,287
7,701
119
4,151
188
2,613
19
6,867
29, 595
206

"19

! 37,688

64, 275

48

406 I.
479 I.
5,551
100 j

28

739

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

FOREIGN EXCHANGE RATES
[Monthly averages of daily quotations.* In cents per unit of foreign currency]
1930

Country

Monetary unit

Par i
of ex- i
j
ihange1 August September

1930

Country

October

Monetary unit

Par
of exchange August SeptemOctober
ber

-ISOUTH AMERICA

Austria
..
Belgium
Bulgaria
CzechoslovakiaDenmark
England
Finland
France
_.
Germany
Greece
Hungary
Italy
Netherlands.
Norway
Poland
Portugal
Rumania
Russia 2
Spain
Sweden
Switzerland
Yugoslavia

Schilling.
Lev
Crown
Krone
Pound
Markka
Franc
_-.
Reichsmark..
Drachma
Pengo
Lira
Florin_.
Krone
Zloty
Escudo
Leu
Chervonetz..
Peseta
Krona
Franc
Dinar

14.1046 Argentina
14.1131
13. 9476 13.9441 Bolivia 2
.7209 Brazil
.7224
2.9664 Chile
2. 9672
26. 7670 26.7557 Colombia2
_
486. 65 487. 0709 486.1101 485.8969 Ecuador
Peru 2
2.52
2. 5175
2. 5170
2. 5173
Uruguay
_.
3.92
2
3.9337
3.9235
3. 9273
23.82 23.8893
23. 8229 23.8050 Venezuela
1.30
1. 2969
1.2949
1. 2958
ASIA
17.49 17. 5294J 17. 5160
17.5050
5.26
5. 23841 5. 2371
5. 2360 China *
40.20 40. 2908j 40. 2880 40.2982 China*
26.80 26.8101.1 26. 7604
26. 7544 China *
11. 22' 11.20651
11. 2063 11. 2119 Hong Kong*...
108.05
4. 5046| 4. 4925
4. 4872 India
Japan2
.60
.5958
.5959
. 5949
514. 60 '515.0000 ^ 515. 0000 3 515.0000 Java
Settle19.30 10. 8762! 10. 7255 10. 3448 Straits
ments.
26.80 26. 8914J 26. 8680 26. 8523 Turkey
19.30 19. 4449! 19. 4060 19.4193
19.30
1.7717
1.7727
1. 7716

Peso
Boliviano.
Milreis..
Peso
do_
Sucre
Sol
Peso
Bolivar,.

Dollar
Peso
do

100. 00! 100.0943 100.1206 100.1033 Egypt..
100. 00 99. 9449 99. 9704 99.9359
49.85 47.3364 47.3740
47.1678

Egyptian pound 494. 31« 498.2290,8 498.9320 7~499. 4600"

14.07;
13.90
.72!
2.961

14.11821
13.9838
.7219
2.9661
26.8150

NORTH AMERICA

Canada
Cuba
Mexico

_

96.48
36.50
11.96
12.17
97.33
20.00
40.00
103.42|
19. 301

82. 4855
36. 3750
9. 9571
12.1133
96. 5246
20.0000
35.9808
82. 9367
18. 8304

Mexican dollar- 28.41, 27. 8666
Shanghai tael... 39.171 38. 5445
27.79i 27. 7580
Yuan dollar
28.20 32. 2054
Dollar
36.50 36.0417
Rupee
49.85 49.3853
Yei
40.20 40.3023
Florin....
56. 78 55. 9482
Singapore dollar.
Turkish pound 439.65 « 46.9356

81. 7843
36. 7500
10.0850
12.1365
96. 53001
20. OOOOi
34. 4100;
82. 37471
18.5000

28.
39.
28.
32.
35.
49.
40.

7591
6795
55001
2015
9899
4077
3068

56. 0320J

78. 0538
36. 750O

12. 0834
96. 5300
20. 000031. 2596
79. 2496
18.5000

28.2598
39. 096228.0003
31.916S 1
36. 0222
49. 5896
40. 3188
56.1687

8

nl '47.1035
47.0019!

1
2
3

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 October, 1930, computed by'multiplying silver content of unit
by New York average price of silver for October, 1930, which was $0.36158 per fine ounce. On the same basis, parity in October, 1929, for the
Chinese-Mexican dollar was 39.46 cents; for the Shanghai tael, 54.41 cents; for the Yuan dollar, 38.60 cents; and for the Hong Kong dollar, 39.18 cents.
« June, 1930.
8 July, 1930.
7 August, 1930.
Back figures.—See BULLETIN for January, 1930,1929, and 1928.

CONDITION OF BANK FOR INTERNATIONAL SETTLEMENTS
[In thousands of dollars *]
1930

1930
July

! temper I August I July
RESOURCES

LIABILITIES

Cash on hand and on current account with
banks
Demand funds at interest

Short-term deposits:
Central banks for own account—
Demand
Time: Not exceeding 3 months
Time: Between 3 and 6 m o n t h s . . .

Rediscountable bills and acceptances (at !
cost):
Commercial bills and bankers' accept- '••
ances
_
__ 39,316 ! 29,429 | 35,539
Treasury bills
__ 19,463 I 16,308 | 34,827
Total

Time funds at interest:
Not exceeding 3 months...
Between 3 and 6 months...
Between 6 and 9 months._.
TotalSundry investments (at cost):
Maturing within 2 years . .
Over 2 years
Total
Other resources..
Total resources.
1

-

58,779 j 45,737

70, 366

182,733
29,714
4,866

104, 541
85,110
14, 595

57, 506
68, 278
14,594

217, 312

204,246

140,378

35,853
202

29, 032
282

20, 830
2,635

36, 056
1,672

29,314
1,080

23,465
549

328,181

301, 782

251, 605

18,349
30,955
10, 96a

89,957

60, 267

28, 257
27,436
76, 018

42,055
15,045
52, 572

144, 700
i
_.|
23
L.
j
I 29, 786
j 15,424
13,262

131, 711

109, 672

1,218

1,219

29,824
14, 748
13,190

29,839
16,920
13,187

I 58,472
19, 783
2,024

57, 762
19, 783
1,351

59,946

'328,181

301, 782

251, 605

Total....
__
Central banks for account of o t h e r s Demand
Time: Not exceeding 3 months
Time: Between 3 and 6 months
Total
_
Other depositors:
Demand
Time: Not exceeding 3 months
Long-term deposits:
Annuity trust account
German Government deposit
French Government guarantee fund
Total
Capital paid in.
Other liabilities

Converted into dollars from Swiss francs at par: 1 Swiss franc=$0.1930.




14,381
50,646
24,930

14, 002
51, 889
37, 289

Total liabilities

19, 78a
719

740

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

CONDITION OF CENTRAL BANKS
[Figures are for the last report date of month]
1930
September August
Bank of England (millions of pounds
sterling):
Issue d e p a r t m e n t Gold coin and bullion.
Notes issued
Banking d e p a r t m e n t Gold and ilver c oin
Bank notes
_
Government securities
Other securities
Discounts and advances
Public deposits
Bankers' deposits
Other depositsJ
_
Reserve ratio (per cent)
Bank notes in circulation *
Bank of France (millions of francs):
Gold
Sight balances abroad
Foreign bills
Loans and discounts
Negotiable bonds
Note circulation
Public deposits
Other deposits
German Reichsbank (millions of
reichsmarks):
Gold reserve
_
Gold abroad
±leserves in foreign exchange
Loans and discounts
Deposits
__
_
Reichsmarks in circulation
Rentenmarks in circulation
Bank of Italy (millions of lire):
Gold at home
Credits and balances abroad
Loans and discounts
_
Total note circulation
Public deposits
Other deposits.....-Bank of Japan (millions cf yen):
Gold
Advances and discounts.......
Government bonds
Notes issued
Total deposits
Commonwealth Bank of Australia

(thousands of pounds sterling):
Issue d e p a r t m e n t Gold coin and bullion....
Securities
Banking d e p a r t m e n t Coin, bullion, and cash
Money at short call in London
Loans and discounts
Securities
."
Deposits
Bank notes in circulation

Austrian National Bank (millions of
schillings):
Gold
Foreign exchange of the reserve..
Other foreign exchange
Domestic bills
Government debt
Note circulation.
Deposits
National Bank of Belgium (millions
of belgas):
Gold
Foreign bills and balances in gold.
Domestic and foreign bills
Loans to State
Note circulation
Deposits
1
Ratio of gold and notes in banking
2 Notes issued, less amounts held
' Revised.




1929

July

157.4
416.3

154.8
414.8

152.3
412.3

131.9
391.9

1.1
60.5
41.1
21.6
5.7
13.3
64.2
34.2
55.2
355.8

1.0
54.0
49.1
22.2
6.5
18.2
62.6
33.8
48.0
360.9

1.0
43.9
51.7
22.3
6.7
9.1
61.0
37.4
41.8
368.4

1.3
30.9
68.9
22.2
3.2
14.7
57.0
36.4
29.7
361.1

48, 431
6,567
19,027
8,984
5,304
73, 053
10,509
8,780

47,242

45,283
7,104
18,979
8,911
5,395
72,110
9,132 I
8,363 |

39,411
7,210
18, 623
11,576
5,612
66, 639
13,629
5,958

18, 764
9,200
5,304
73, 677
10,109
7,734

1930

September

September August
Central Bank of Bolivia (thousands
of bolivianos):
Gold..Foreign exchange.
Loans and discounts.
_
Notes in circulation
Deposits
Bank of Brazil (millions of milreis):
Gold
Currency
_
Correspondents abroad
Loans and discounts
Securities
_
Note circulation
Deposits

1929

July

September

2,734
43,119
20,822
36,088
13 365

4,731
42, 930
21,761
36 885
15,123

9,260
46,830
22,918
44, 750
15,394

407
418
299
1,682
126
592
1,549

407
1,547
125
592
1.486

407
709
264
1,282
133
592
1,514

1,434
234
1,164
782
3,279
3,660
1,375

1,428
223
1,155
788
3,279
3,683
1,372

1,422
187
910
845
3,279
3,435
1,446

1,385
1,200
1,640
1,614
3,546
4,222
2,204

62
362
32
316

63
••317
77
321

63
••299
97
322

63
471
77
339

70

65

57

126

2,742
41, 056
21,997
35, 080
14, 424

National Bank of Bulgaria (millions

of leva):
Gold
Net foreign exchange
Total foreign exchange
Loans and discounts
Government obligations
Note circulation
.
Other sight liabilities
Central Bank of Chile (millions of
JSOS):

Gold at home
_.
Deposits abroad
Loans and discounts
_
Note circulation
_.
Deposits against which reserve
isheld..
Bank of the Republic of Colombia
(thousands of pesos):
Gold at home
5,232
5,291
5,210
5,176
Gold abroad
5,103
4,969
5,080
5,064
Loans and discounts
3,929
4,137
3,854
5,433
Note circulation
16,172 16,074 16,182
16,916
Deposits
___
300
300
300
300
Czechoslovak National Bank (mil1,716
1,674
1,849
1, 544
lions of Czechoslovak crowns):
Gold
Foreign balances and currency.-.
880
1,062
Loans
and advances
735
770
710
776
Assets of banking office in liqui80
118
194
79
dation
1,104
1,072
1,165
1,286
Note circulation
677
741
635
837
Deposits
_
Danish National Bank (millions of
kroner):
Gold
23,441
20,177 19,976 20,006
Foreign bills, etc.
4,941
4,941 18, 272
4,691
Loans and discounts
Note circulation
1,555
2,504
1,549
1,528
Deposits
_
_
Bank
of Danzig (thousands of Dan6,653
2,727
5,106
5,802
zig gulden):
12,138 11,015 10,947
13, 691
Balances with Bank of England.
22, 708 22,458 21,458
14,922
Foreign bills, etc
41,133 40,887 40,972
36,558
Loans and discounts
37, 322 37,857 38,005
37,908
Note circulation
Deposits.._
Central Bank of Ecuador (thousands
215
169
169
169
of sucres):
218
273
216
274
Gold....
479
470
357
478
Foreign exchange
96
115
289
110
Loans and discounts
101
101
110
101
Notes in circulation
1,008
1,021
1,079
1,018
Deposits
103
115
65
117
Bank of Estonia (thousands of
krones):
Gold..Net foreign exchange.
1,248 1,210 1,204
1,023
Loans and discounts
852
872
844
551
Note circulation
744
776
776
748
DepositsGovernment
311
311
311
343
3,051 3,056 3,083
2,628
Bankers.
149
165
112
90
Other
._.
department to deposit liabilities.
in banking department and in currency note account.
2,329
150
171
2,387
472
4,744
448

2,469
150
369
1,942
416
4,707
448

2,469
150
261
1,930
398
4,638
448

2,062
150
335
2,828
501
4,914
439

20, 549
8,751
11,090
26, 363
5,136

20,130 20,827
11,460 8,233
11,820 12,188
2r, 075 28, 398
6,647 6,568

24,957
22,722
15, 360
41, 862
9,941

1,413
2,423
284

1,414
2,309
337

1,414
2,063
393

1,157
1,838
1,147

331
7,198
575

334
7,077
555

342
6,897
482

392
7,697
475

172
81
78
345
29

172
71
350
27

172
347
28

173
94
70
353
30

14,295 14,771
10, 633 11,320
21. 780 19, 508
37,583
1,904 1,893

17, 070
12,360
22, 926
39,494
2,007

5,606 5,603 5,607
23,992 25, 220 25, 856
14,142 14, 359 14, 349
24,107 24,414 26, 538
14,091 14, 860 15,116

5,579
27, 609
15, 488
31,262
14,725

6,546 6,533 6,526
16,958 16,424 16,803
24, 943 24, 687 24,860
33, 638 33,241 31,897

6, 350
21, 025
26,356
35, 791

13, 027
9,041
24,117
37, 616
1,720

7,033
4,789
1,793

7,586
4,442
1,393

9,401
4,959
1,808

9,121
4,420
1,958

741

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

CONDITION OF CENTRAL BANKS—Continued
[Figures are for the last report date of month]
1930
September August
Bank 'of Finland (millions of Finnish marks):
Gold
Balances abroad and foreign
credits
_.
Foreign bills
Domestic bills
Note circulation
_
_.
Demand liabilities
_
Bank of Greece (millions of drachmas):
Gold
Net foreign exchange in reserve...
Total foreign exchange
Loans and discounts
Government obligations
Note circulation
Other sight liabilities

301 !

1929
July

September

302

301

302

197
578
1,350
94

907
191
583
1,352
149

949
185
630
1,355
206

547
19
1,290
1,440
146

522
2,957
3,747
324
3,389
5,077
1,680

516
2,853
3,770
306
3,489
4,761
1,876

566
2,712
3,853
282
3,489
4,816
1,576

623
2,822
4,996
174
3,597
5,414
1,496

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
25
189
69
89
430
28
51

163
42
198
70
101
440
58
51

163
43
203
72
91
466
33
47

Bank of Java (millions of florins):
Gold.
Foreign bills
Loans and discounts
Note circulation
Deposits
_.

139
29
53
257
43

139
29
50
261
38

139
34
53
267
53

Bank of Latvia (millions of lats):
Gold
Foreign exchange reserve
Bills
Loans
Note circulation
_
Government deposits
Other deposits

'I

147
37
140
306

S
S

Netherlands Bank (millions
florins):
Gold
Foreign bills
_
_
Loans and discounts
Note circulation
_
Deposits

75 I

109
106

35
76
93
103
95

35
78
90
100
96

391
243 !
140 i
831
21

391
234
132
800
25

391
241
136
S09
16

443
1S6
187
852
20

147
23
217 !
309 I

147
24
220
315
1
62

147
22
222
315
1

147
55
251
316
1
91

of
_i!

Bank of Norway (millions of kroner) :
Gold
Foreign balances and bills
Domestic credits..
Note circulation
Foreign deposits
_
Total deposits
_

1 I

71

Reserve Bank of Peru (thousands of I
soles):i
I
Gold
. . . . ! 39,910
Gold against demand deposits
3,601
Foreign exchange reserve
' 10,168
Bills
i 17,041
Note circulation
56,443
Deposits.
7, 202
1

43
315
89
62
478
112
54

24 I
47 |

Bank"of Lithuania (millions of litas):
Gold..
Foreign currency
Loans and discounts
Note circulation
Deposits

I

40,811
2,251
12,746
14,863
57,081
7,145 4,501

39,584
3,572
10,473
16,966
56, 524

1930

45,976
7,750
21,157
18, 343
64, 342
12,734

1929

tember:August
Bank of Poland (millions of zlotys):
Gold at home
Gold abroad..
Foreign exchange of the reserve...
Other foreign exchange
Loans and discounts
Note circulation
Current account of the treasury._
Other current accounts

484
77
322
115
784
1,373
67
125

484
219
226
119
696
1,355
98
144

Bank of Portugal (millions of escudos):
Gold..
Balances abroad
Bills
Note circulation
Deposits
National Bank of Roumania (millions I
of lei):
j
Gold at home
Gold abroad
_
Foreign exchange of the reserve._
Other foreign exchange
Loans and discounts
State debt
Note circulation
_
Deposits
State Bank of Russia (thousands of j
chervontsi):
i
Loans and discounts
.!
Deposits
|
Issue d e p a r t m e n t Gold
|
Other precious metals
Foreign exchange
j
Note circulation
i
South African Reserve Bank (thousands of pounds sterling):
Gold—
Foreign bills
Domestic bills
Note circulation
DepositsGovernment
Bankers
Others
_
Bank of Spain (millions of pesetas):
Gold
Silver
Balances abroad
Loans and discounts
Note circulation
Deposits
Bank of Sweden (millions of kronor):
Gold
Foreign bills, etc
Loans and discounts
Note circulation
Deposits
Swiss National Bank (millions of
francs):
Gold
Foreign balances and bills
Loans and discounts
Note circulation
_..
Demand deposits
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
Gold
Foreign notes and credits
Loans and discounts
_
Advances to State
_
Note circulation
_
Deposits

July

September

484
219
222
111
685
1,321
89
lf>3

432
232
422
96
805
1,354
282
157

9
169
3i7
1,951
81

380
321
1,936

5,356 ; 5,356 j 5,356
~
3,919
3,919 3,919
1,613 1,595 1,527
40
159
62
8,378 8,696 8, 748
5,349 5,599 5, 699
19, 355 19,134 18,534
6,806 7,006 6,979

5,178
3,592
6,032
79

10,000
7,472
21,393
10,757

.,501,458
_| 244,403

419,897
214,757
25, 595

J 45,424
-! 2,549
J 5,959
.210,860

3,848
7,762
146,628

6,694 6,843
7, 250 7,511
360
40
7,743 . 8,676

6,488
7, 736
206
7, 459

7,941
7,185
1,995
9,131

2,065 ' 1,881
4,444 •
131

4,764
426

2,312
4,730
122

2,160
4,625
291

2,475 !
712
38
2,103 :
4,508
807

2,474
720
26
2,000
4,456
826

2,472
721
32
1,923
4, 396
818

2,565
712
89
2,241
4,359
924

242
398 I
158
613 I
109 !

242
349
160
570
106

213
360
131 i
551
110

242
222
376
580
163

640
335
70
987
157

639
342
65
943
176

610
333
79
928
171

533
216
226
944
71

98
189
1,503
2,997
5,536
998

98
202
1,441
2,997
5,521
1,072

98
226
1,394
2,997
5,317
1,153

94
282
1 591
3 000
5,695
1 025

Figures for September, 1929, have been converted from libras (par $4.86R5) into soles (par $0.4000). See Federal Reserve Bulletin for May, 1930.




742

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

CONDITION OF COMMERCIAL BANKS
Millions of national
currency
Country

England:
Cash in vault and at banks
Money at call and short notice...
Advances and discounts
__
Investments
Deposits.*
France:
Bills and national-defense bonds.
Loans and advances
Demand deposits
Time deposits
Germany:
Bills and treasury notes
Due from other banks
Miscellaneous loans
Deposits
Acceptances..?
Denmark:
Loans and discounts
Due from foreign banks
_.
Due to foreign banks
Deposits and current accounts...
Norway:
Loans and discounts
Due from foreign banks
Due to foreign banks
Rediscounts
_
_.
Deposits
Sweden:
Loans and discounts
Foreign bills and credits abroad..
Due to foreign banks
Rediscounts
_.
Deposits
Japan:
Cash on hand
Total loans
Total deposits

August September

Millions of dollars
62
62
63
413
445
422
1,481
1,483
1,502
480
458
447
164
166
152
2,387 2,460
2,391
83
83
77
170
163
166
Millions
7
126
593
731

of pesos
7
121
603
730

10
10
199
214
867
865
1 007 1.026
Millions of pounds
sterling
188
191
186
135
143
134
1,215
1,211
1,236
250
255
241
1,794
.- -

1,767

1,764
,

Millions of francs
20,198
11,415
30,232
1,437

Millions of reichsmarks
2,964
2,918
2,654
1,218
1,054
1,096
8,579
8,592
8,627
12,0f>7 11, 804 11, 672
507
522
546
Millions of kr
1,818
1,823
123
128
66
2,010

68
2,015

Millions of k oner

\
1,210
105 I
67 !
76
1,477 I
Millions of kr onor
i

1,224
120
65
76
1,489

1930

1929

1930
July

Canada:
Gold and subsidiary coin 1
_
Money at call and short notice
Current loans and discounts
Public and railway securities
Note circulation
Individual deposits
_
Gold reserve against Dominion notes—.
Dominion note circulation
Argentina:
Bank of the N a t i o n Gold
Other cash
_
Loans and discounts
Deposits
Other banks in Buenos A i r e s Gold
Other cash
Loans and discounts
Deposits

Millions of dollars

1,211
124
65
76
1,485

4,437
4,487
304
283
237
22C
14
36
3, 722 3. /0C
Millions o)fyen
281
197
181
2,176 2,148 2,446 !
2,068
I
2, 052 2,05]

July

August

September j April

August September

May

June

July

435
1,550
444
166
2,449
66
174

63
62
422 I
445
1,502 j 1,483
447
458
152
166
2,387
2,391
83
77
163
166

62
577
1,572
470
170
2,578
59
196

61
584
1,585
462
190
2,551
60
199

61
594
1,639
487
197
2,654
60
201

60
415
1,601
428
155
2,472
64
174

60
417
1,573
431
165
2,401
65
170

65
125
542
734

62
122
552
734

57
122
554
723

6
108
533
646

110
492

12
156
852
972

12
161
853
975

12
160
861
979 |

10
166
780

924
696
5,932
1,178
8,654

915
701
5,864
1,176
8,558

929
725
5,803
1,175
8, 534

,
j
j
|
j

782
415
1,272

757
418
1,237
42

770
422
1,248
40

644
328
1,902
2,687
121

755
755
776
336 i
271
275 i
265
1,935 ! 2,076
2,059
2,046
2,760 ! 2,921 | 2,916
2,929
121,
117
116
115

62
413
1,481
480
164
2,460

sa
170

6
104
495
613

599 !

100 i
497 '
602 I

10
165
759
875

10
166
735
857

10
163
712
826

10
177
713
847

911
650
5,729
1,095
8,331

897
666
5,857
1,127
8,478

921
699
5,993
1,132
8,701

931
697
6,015
1,171
8,730

915
657
5,912
1,217
8,600

907
654
5,891
1,240
8,484

i
773
j
440
! 1,325
i
57

762
420
1,338
61

793
425
1,378
57

792 i
448 !
1,185 I
56
695
251
2,047
2,812
124

632
261
2,054
2, 780
130

6
104

i
!

706
290
2,044
2,874
121

i
I
I
j

487 I

489 i
34 I
18
540 '•

476
37
18
523

476
39
17
528

!
j
!
j

476
43
17
533

491
30
22
532

486
29
22
532

489 I

18
537

18
539

339
33
22
26
417

340 |
35 :
23
27 !
418

337
36
22
27
417

333
30
21 |
24
402 |

331
30
20
22
399

328
28
18
21
397

328
32
18
21
399

1,167 '
70
42
24

1,173
68
42
15
981

1,181
72
69
19
978

1,189
81
64
4
997

1,193 i
76 !
59;
10 !
994 |

140
1,061
1,017

128
1,077
1,021

115
1,093
1,033

98
1,085
1,023

1,071
1,022

1,120
74
31
51
946

1,125
82
31
54
946

1,128
93
34
57
955

118
951
952

141
974
983

140
971
982

33

325
33
17
20

90

!
:
i
!

324
28
18
20
396

140
1,2191,031

I
r
i Not including amounts held abroad.
Revised.
NOTE.—Banks included are as follows: Canada—Chartered banks; England—nine London clearing banks; France—four commercial banks
Germany—six Berlin banks; Denmark, Norway, and Sweden—joint-stock banks; Japan—Tokyo banks.




743

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

DISCOUNT RATES OF CENTRAL BANKS
[Rate prevailing November 1, 1930, with date of latest change]
Rate

Country
Austria.
Belgium
Bolivia
Bulgaria
Chile

_

Colombia
Czechoslovakia.
Danzig___
Denmark

In effect
since—

Country

Rate

7
10
7

Sept.
Aug.
Aug.
July
Aug.

10,1930
1,1930
26,1930
2,1929
4,1930

Ecuador. _
England..
Estonia. _.
Finland. ..
France

7
4
5
4

Sept.
June
Oct.
May

18,1930
25, 1930
10,1930
3,1930

Germany.
Greece
HungaryIndia

5

In effect
since—

Jan.
May
Oct.
Aug.
6
2H May
5
Oct.
9 Nov.
May
5 July

i

10,1930
1,1930
7,1930
27,1930
2,1930
9,1930
30,1928
30,1930
10,1930

Country

Rate

Italy
Japan
Java
Latvia
LithuaniaNetherlands.
Norway
Peru
Poland

m
5.11
6
6
3

In effect
since—

Country

Rate

May
Oct.
Mar.
Oct.
Apr.

19,1930 1 Portugal
7,1930 Rumania
1,1930 '• Russia
1,1930 South Africa.
1,1930

Mar.
Mar.
Sept.
Oct.

25,1930
21» 1930
1,1930
3,1930

Spain
Sweden
Switzerland.
Yugoslavia..

In effect
since—

2,1930
m June
Nov. 26,1929
9
Mar. 22,1927
8 Sept. 29,1930
5H
6 July 17,1930
Apr. 3,1930
10,1930
m July
May 28,1930

CHANGES: Bolivia—August 26, from 9 to 7 per cent; Danzig—October 10, from 4 to 5 per cent; Estonia—October 7, from 8 to 7 per cent; Germany—
October 9, from 4 to 5 per "cent; Japan—October 7, from 5.48 to 5.11 per cent; Latvia—October 1, from 6-7 to 6 per cent; Poland—October 3, from 6}4
to 7^Jper cent; South Africa—September 29, from 6 to by2 per cent.

MONEY RATES IN FOREIGN COUNTRIES
England (London)

Month

Bankers'
acceptances, 3
months

Treasury
bills, 3
months

i Netherlands (Amster|
dam)

Germany (Berlin)

Private
Day-to-day discount
money
rate

on deposits:

Money for
1 month

Switzerland
Private
discount
rate

5.21
5.21
5.32

5.18
5.21
5.35

4.43
4.67
4.23

3*4
3*4

6.63 .
7.49 '
7.50

7.57
9.65

6.85 i
9.32
7.90 I

5.36 |
5.37
5.30 I

5.81
5.88
5.30

3.45
3.34
3.26

July
August
September
October
November
December

5.38
5.47
5.59
6.13
5.35
4.76

5.39
5.48
5.63
6.19
5.30
4.75

4.54
4.35
4.39
5.45
5.15
4.23

ZH

7.39

7.18
7.18
7.28 •'

9.35
9.43
9.48
9.06
8.29
8.78

8.21 !
7.42 i
7.86 ;
8.06
7.79
8.14

5.20
5.06
5.36
5.15
4.26
3.52

4.90
4.68
5.32
4.52
4.17
3.87

3.19
3.33
3.38
3.38
3.32
3.15

1930—January
February
March
April
May
June
July
August.
September

4.07
3.82
2.78
2.48
2.16
2.31
2.37
2.21
2.07

4.04
3.72
2.55
2,49
2.11
2.30
2.38
2.17
2.05

3.62
3.76
3.20
2.28
1.93
1.93
1.78
1.85
1.68

6.33
5.53
5.12
4.46
3.89
3.58
3.40
3.24
3.30

7.71
6.72
6.35
5.57
5.00
4.80
4.57
4.43
4.54

6.03
6.01
5.57
4.40
3.62
3.74
4.30
3.73
3.78

2.99
2.80
2.50
2.52
2.29
1.89
1.85
1.83
1.90

2.85
2.94
2.61
3.08
2.53
1.93
1.85
1.63
1.84

2.97
2.71
2.60
2.61
2.44
2.06
1.92
1.75
1.50

1929—April.
May..
June..

_.

Belgium
(Brussels)

France
(Paris)

Italy
(Milan)

Private
discount
rate

Private
discount
rate

Private
discount
rate

3*4-4*$
4

-3*£

3

3
-2*

,

!

.
'
j
'
i

Austria (Vienna)

Sweden
(Stockholm)

Hungary

Japan (Tokyo)

Month

1929—April.
May__
June..

3.97
3.96
3.97

3.44 .
3.49 I
3.50 ,

6.75
6.83
6.75

July
August
September..
October
November..
December..

4.04
4.93
4.94
4.94
4.57
4.40

3.50
3.50
3.50
3.50
3.50
3.50

6.75
6.85
7.01
7.18
7.00
7.00

1930—January
February...
March
April
May
June
July
August
September..

3.40
3.41
3.31
3.33
2.87
2.78
2.78
2.44
2.39

3.38
2.91
2.70
2.57
2.36
2.11
2.08
2.10
1.99

7.00
6.95
6.57
6.43
5.81
v
5.50
5.50
5.50
5.50

Private
discount
rate

Money
for 1
month

Prime
commer- Day-to-day
cial paper

6H6-7H

7%-m

73/i 6-7K

8 -9
8*4-9
8*4-9
8*4-9
8*4-9*4
9 -10
83/4-10
8*3-9*4

834-10J4
834-10J4
9 -10H
8H- 934
8H- 934

7 -8
634-7%

7
6*4-

7H -7H

7%
8
-S\i
73/4 -8J4
7H -7%

5H-6
5 -5H

m -5
-4*4

- 9%

7 -9
7 -9
7 -9

:

7 -8*4
7 -8 :
7K-8 I
6J4-734!

5*4-7

7 -7H\

5

6
H
6 -6*4
6
H

months

-6

4 -6
3*S-5*

Call
Discounted money
bills
overnight
5.48-5.66
5.48-5.66
5.48-5.66

3.65
3.29
3.29

5.48-5.66
5.48
5.48
5.48
5.48
5.48

3.10
3.10
2.92
3.47
3.47
3.10

5.48
5.48
5.48
5.48
5.48
5.48
5.48
5,48

2.74
3.83
3.83
3.65
3.10
3.83
3.65
3.83

NOTE.—For sources used, methods of quotation, and back figures, see BULLETIN for November, 1926, April, 1927, July, 1929, November, 1929, and
May, 1930.




744

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930*

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
United States

England

Canada

France

Germany

Italy

Japan

Month
1929

Januarv
Februarv
March
April
May
June
July
August
SeDtember
October
November
December...

1930

94
95
96
95

96
94
92
92

138
138
140
139

96
96
98
98

89
87
84
84
84

93
94
97
98

90
88
86
84
83

136
136
137
136

94
94

1929

April

-

July
Spntpmber
October

1930

July
SfintftmbAr
Octobor
December

Fflhniarv

Belgium

1929

1930

1929

1929

1930

1929

1930

576
567
558
548

139
139
140
137

132
129
126
127

461
463
461
455

417
408
400
396

228
226
226
225

201
'200
196
193

122
121

643
629
624
598

546
540
558

136
135
138
138

126
125
125
125
123

452
447
440
437

390
382
375
379
375

223
222
220
218

189
181
177

218
216

172

'560

555

608
607

136
134

603
596
China

1930

1929

138
137

431
425

Czechoslovakia

1930

1929

437
436

1930

211
205

Denmark

1929

17ft

1930

Dutch East
Indies
1929

1930

128
130

125
123

867
865

808
791

160
162

170
175

139
139

126
124

151
159

143
140

149
149

143
141

144
146
148
145
144

133
134
135
134
132
132
128
127
125
123

121
119
118
121
119
118
115

869
862
851
848
858
850
846
838
834
823

774
111
114
750
739
729
712

164
161
162
163
163
165
167
168
165
165

174
174
173
186
190
189
188

141
141
137
134
135
134
132
131
130
128

122
121
120
119
120
118
115
113

154
150
148
146
149
150
150
149
147
146

136
135
132
130
129
128
126

150
148
150
149
149
148
148
147
146
144

139
138
136
134
132

186
185
189
185
186
186
187
187
186
186
184
182

Hungary

Finland

1930

125
122
123
120
114
108
109
112
113
115
112
110

1929

M^arch
April
May
June
July
\ ugust
September
October
November
December

Austria

1930

151
147

109
106
101
101
101
100
102
104
104

1929

1930

94
93
92
92
90
90
90
89
88

100
100
100
99
98
98
97
97
96
96
95
95
Poland

Peru

Januarv

134
133

1929

657
660
654
648

118
116

96
96

1930

131
128
125
124
' 119

136
136

1929

157
158
156
158
159
160
163
161
158
154

1929

April
May

'98
97

1930

157
156

Egypt

February

1929

93
92
91
91

98
96

--

1930

97
97
98
97

Australia

Tannarv
Februarv

1929

1930

181
181
180
179
179
178
177
175
178
177

1929

98
99
99
98
95
95
96
95
94
93
95
92

1929

1930

132
136
136
135
123
122
119
114
109
111
107
107

106
104
100
96
06
94
99
93

Russia

1930

88
85
85
85
83
83
84
82
80

1929

177
177
178
179
180
181
180
180
181
182
181
182

India

1929

145
144
143
140
139
138
142
143
143
140
137
134

1930

131
126
125
123
121
116
115
114

South Africa

1930

182
185
187
187
188
187
189
188

1929

135

1930

121

131

117

129

112

128

Netherlands

N e w Zealand

1929

1929

1930

146
146
147
144
142
141
141
142
141
140
137
135

131
126
122
122
118
118
115
114

Spain

1929

171
173
174
174
171
170
169
170
171
172
171
172

1930

155
155
154
154
154
153
152

155
155
155
155
155
155
156
156
157
156
155
154
Sweden

1930

172
i-173
••173

172
168
166
170

1929

144
145
144
141
140
139
140
141
140
138
135
134

Norway
1929

149
150
150
148
146
147
149
148
148
147
146
146

1930

144
143
142
141
140
139*

138
137
135*

Switzerland

1930

131
128
125
124
123
123
121
121
119

1929

143
143
142
140
139
139
143
143
142
142
140
139

1930

136
133
131
129
128
126
126
126
123-

••Revised.
NOTE.—All of the indexes shown, with two or three exceptions, are compiled by official agencies in the countries to which they relate, as indi
cated specifically in the BULLETIN for March (p. 124), where references are also given to sources in which current figures of the index numbers may
be found.
The base periods are as follows: United States—1926; Australia—July, 1914; Austria—January-July, 1914; Belgium—April, 1914; Canada—1926;.
China—February, 1913; Czechoslovakia—July, 1914; Denmark—1913; Dutch East Indies—1913; Egypt—January 1, 1913-July 31, 1914; England—1913.
Finland—1926; France—1913; Germany—1913; Hungary—1913; India—July, 1914; Italy—1913; Japan— October, 1900; Netherlands—1913; New Zealand—
1909-1913; Norway— December 31, 1913-June 30, 1914; Peru—1913; Poland—1927; Russia—1913; South Africa—1910; Spain—1913; Sweden—1913;
Switzerland—July, 1914.
Annual indexes for the years 1925-1929 and in certain cases for 1913 and 1914 were given in the BULLETIN for April (p. 256).




745

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

WHOLESALE PRICES—GROUPS OF COMMODITIES
Other commodities
Farm
UNITED STATES (1926 = All commodities products
100)

1929—September.
1930—March
April
May
.June
July_.
August
September.

Hides
House- j
and M oaen*da l s Building Chemiand
Textile Fuel
Miscellighting
»"" materials cals and furnishTotal i leather
products materials
ing laneous
drugs goods
;products
products

Foods

107

103

95
96
93
89
83
85
85

94
95
92
91
86
87
89

93

111

104

97 !

82

103
103
103
102
101
99
99

101
99
97
95
94
93
92

97
96
96
96
96
96
95

78
79
78
75
72
71
70

ENGLAND (1913 = 100)

1929—September..
1930—March
April
May
June
July
August
September..

Total

Cereals

Other
foods

' Meat
I and fish

Total

136

143

141 I

143

145

132

125
124
122
121
119
118
116

129
129
127
127
127
126
124

114
117
114
111
108
109
105

145
141
136
135
136
138
138

131
130
132
137
138
134
130

122
121
119
117
115
113
111

•
j
j
I

Iron
and
steel
115
115
114
114
114
113
112
112

Farm and food products i
VegeA T*l 1 T"fl o l
Ammai table
products products

FRANCE (1913=100)

1929—September.
1930-March
April
May
-.
June
July
August
September.

i
:

Coal

Other
minerals
Cotton! Wool
and
metals
116

154

158

132

138

127
122
119
117
116
116
120

107
104
95
93
92
91
90

131
131
130*
126
123
119
113

129
127
129
127
124
122
119

116
115
110
104
98
97
89

127
127
128
126
124
122
121

Industrial products
Cement
Minerals
nides Chemiand
and
Textiles
and cal prod- Rubber Paper Lumber brick,
metals
leather
ucts
etc.

Total

499

656

561

725

452

603

117

^r
677

969

636

622
599
570
587
595
'587
612

419
411
431
428
507
'528
527

612
606
601
587
573
568
551

562
551
547
542
539
537
532

621
620
615
583
562
554
517

425
405
405
403
399
409
420

607
598
592
593
582
••571
570

90
86
81
74
65
59
48

667
667
667
667
664
654
654

987
987
978
978
956
937
937

708
708
708
708
725
725
725

All commodities

Vegetable
foods

Industrial raw and semifinished products

Cattle

; Animal
products

Fodder

Provisions

Total

Coal

Iron

Non ferrous
metals

138

133

125

134

149

120

131

132

137

131

118

126
127
126
125
125
125
123

110
112
111
110
115
117
114

109
118
119
118
120
124
117

116
113
110
109
112
112
108

118
110
109
110
121
121
125

86

118
118
117
115
114
111
108

126
125
124
122
119
118
116

138
136
136
135
136
136
137

129
128
128
126
125
125
124

109
103
90
87
84
82
80

90
97
100
97

Industrial raw and semifinished products—Continued
Textiles
1929—September..
1930—March
April
_.
May..
June...
July
August
September..

Other Misceltextiles laneous

639

al
1929—September.
1930—March
April
May
June
July
August
September

84
84
84

126

Agricultural products
GERMANY (1913=100)

!

i

95
90
89

Industrial products

Foods
All commodities

!
;
j
!
|

Nonagricultural
commodities

Hides
and
leather

Industrial finished products

! Paper
Chemi- Artificial Technical
and Rubber j materials
cals
fertilizers oils
fats
I and paper

136

122

127

82

134

114
116
116
111
105
101
96

111
110
111
112
108
108
111

127
127
126
126
125
125
125

86
86
83
84
78
79
80

126
127
135
134
131
133
129

28 j
22 I
21 !
20
18
17
15
13

151
150
149
147
145
143
139
139

1
The index for other commodities, recently published by the Bureau of Labor Statistics, includes the prices of articles in the all-commodities
index
with the exception of those for farm products and foods; the nonagricultural index omits merely larm products.
r
Revised.
NOTE.—Annual indexes for the groups shown in the table are given for the years 1913 and 1925-1929 in the BULLETIN for April (p. 257). Original sources for these indexes are: United States— Wholesale Prices of Commodities, Bureau of Labor Statistics, Department of Labor; England—
Board of Trade Journal and Commercial Gazette, Board of Trade; France— Bulletin de la Statistique Generate de la France, Supplement Mensuel,
Statistique G6nerale de la France; and Germany—Wirtschaft und Statistik, Statistisches Reichsamt.




746

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

LAW DEPARTMENT
Surrender of trust powers by national banks.

Section 11 (k) of the Federal reserve act with
reference to trust powers of national banks was
amended by act of Congress approved June 26,
1930, so as to provide that such banks might
voluntarily surrender the right to act in trust
capacities. The Federal Reserve Board on
October 17, 1930, amended its Regulation F so
as to provide a procedure for the surrender of
trust powers by a national bank pursuant to
the recent amendment to the statute. The only
important change made in the regulation was
the adoption of a new Section XIV, which is
set forth below. The adoption of this section
made it necessary to renumber subsequent sections of the regulation accordingly; and Section
I of the regulation, which sets forth the provisions of section 11 (k) of the Federal reserve
act, was amended so as to set forth these provisions of the statute in the form as amended
by the act of June 26, 1930. The regulation in
its amended form is designated Regulation F,
series of 1930. The new section numbered XIV
is as follows:
SECTION XIV. SURRENDER OF TRUST POWERS

(a) Procedure.—Any national bank which has been
granted the right by the Federal Reserve Board, pursuant to section 11 (k) of the Federal reserve act, to
act in any fiduciary capacity or capacities and which
desires to surrender such right, shall signify such desire
through a resolution adopted by its board of directors.
A properly certified copy of such resolution of its board
of directors should be filed with the Federal reserve
agent of the district in which such national bank is
located and should be accompanied by (1) a letter
stating the reason why, or the purpose for which, such
national bank wishes to surrender its right to exercise
trust powers, unless such reason or purpose shall have
been amply stated in the resolution itself; and (2) the
permit or permits previously granted by the Federal
Reserve Board to such national bank granting it the
right to act in any fiduciary capacity, except that in
case any such permit shall have been lost or destroyed
an affidavit by any officer of such national bank as to
such loss or destruction may be filed in lieu of such lost
or destroyed permit. All such documents filed with the
Federal reserve agent shall be promptly forwarded by
him to the Federal Reserve Board with a recommendation as to the action to be taken by the Federal Reserve
Board.
(b) Examination.—Upon receipt of such documents,
the Federal Reserve Board will request the Comptroller of the Currency, upon the occasion of the next
regular examination of such national bank, to have the
-examiner make a special investigation of the trust
department of the bank in order to determine whether
the bank has actually accepted or undertaken the
exercise of any trust, whether under court, private, or
other appointment, pursuant to authority granted
under section 11 (k) of the Federal reserve act; and if




so, whether it appears from the records of the trust
department in the case of each trust so accepted or
undertaken:
(1) That the duties of the bank as fiduciary have
been completely performed or that a substitute
fiduciary has been appointed in accordance with
the State law;
(2) That a final account has been filed by the
bank, and that such account has been approved by
the court or other proper authority where this is
required by State law;
(3) That all assets and papers belonging to the
trust estate have been delivered by the bank to the
person or persons entitled to receive them; and
(4) That the bank has been discharged or otherwise properly relieved of its duties as fiduciary.
In exceptional cases, the Federal Reserve Board may
make a special examination or may request the Comptroller of the Currency to make a special examination
of such national bank in order to obtain the information
above set forth.
(c) Certificate of Federal Reserve Board.—If upon
receiving a copy of the report of such examination of
such national bank the Federal Reserve Board shall be
satisfied that such bank has been relieved in accordance
with State law of all its duties as trustee, executor, administrator, registrar of stocks and bonds, guardian of
estates, assignee, receiver, committee of estates of lunatics, or other fiduciary, under court, private, or other
appointments previously accepted by such bank under
a permit granted by the Federal Reserve Board pursuant to the provisions of section 11 (k) of the Federal
reserve act, the board may in its discretion issue to such
national bank a certificate certifying that such bank is
no longer authorized to exercise the powers conferred
upon it by such permit of the Federal Reserve Board.
Such bank thereupon (1) shall no longer be subject to
the provisions of section 11 (k) of the Federal reserve
act or the regulations of the Federal Reserve Board
made pursuant thereto, (2) shall be entitled to have
returned to it any securities which it may have deposited
with the State authorities or with the Federal reserve
agent for the protection of private or court trusts,
and (3) shall not exercise thereafter any of the powers
granted by section 11 (k) of the Federal reserve act
without first applying for and obtaining a new permit
from the Federal Reserve Board to exercise such powers.
Eligibility of a note of an insurance agency for rediscount by Federal Reserve Bank.

The Federal Reserve Board was recently
requested to rule upon the eligibility for rediscount at a Federal reserve bank of a note of an
insurance agency, the principal business of
which is the writing of fire, surety,- and casualty
insurance, the purpose of the borrowing being
the carrying of accounts covering premiums
due on insurance sold.
After a careful consideration of this question, the board ruled that a note of the kind
described is not eligible for rediscount at a
Federal reserve bank. Such a note fails to
comply with one of the requirements of tji|

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

747

board's regulations as to eligibility for rediscount in that it is not issued or drawn nor are
its proceeds used in producing, purchasing,
carrying, or marketing goods. Furthermore,
in practical effect at least, it is a note the
proceeds of which have been or are to be advanced or loaned to some other borrower.

board was asked for a ruling as to the proper
construction of section 19 of the Federal reserve
act on this point.
The pertinent portion of section 19 of the
Federal reserve act is as follows:

Limitation on deposits of member banks with nonmember banks.

In the opinion of the Federal Reserve Board
the amount of a deposit of a member bank
with a nonmember bank under this provision
of law is to be determined without regard to a
deposit of the nonmember institution with the
member bank. The board accordingly ruled
that, under the circumstances described above,
the deposit of the member bank with the nonmember bank was in excess of the limitation of
10 per cent of capital and surplus prescribed
by section 19 of the Federal reserve act.

The attention of the Federal Reserve Board
was recently called to the fact that a report of
examination of a member bank disclosed that
this member bank had on deposit with a nonmember bank an amount in excess of 10 per
cent of its own capital and surplus, unless it
was considered that the net amount of such
deposit was reduced by a deposit of the nonmember bank with the member bank. The
19367—30




7

No member bank shall keep on deposit with any
State bank or trust company which is not a member
bank a sum in excess of ten per centum of its own paidup capital and surplus.

748

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

DETAILED FEDERAL RESERVE STATISTICS, ETC.
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES IN DETAIL AND FEDERAL RESERVE NOTE STATEMENT
[In thousands of dollars]
1930

Oct. 31
RESOURCES

Gold with Federal reserve agents_r_.
Gold redemption fund with United States Treasury

_

Gold held exclusively against Federal reserve notes.
Gold
fund with Federal
Onlri settlement
and gold cnrtAfinnt.es
held by Reserve
hank_. Board
,. .
Total gold reserves..
Reserves other than gold.
Total reserves
Nonreserve cash
Bills discounted i

___

_

_.

_
_

_

_

_ __

_ __

_

Bills bought: 1Outright
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

_

_

_
_

Uncollected items not included in
Federal reserve notes of other reserve banks
Bank premises
All other resources

float.

__
__

Total resources

1929

Sept. 30

Oct. 31

1,580.615
34, 755

1, 559, 256
35,168

1,482, 371
65, 779

1,615,370
514 463
874.093

1, 594,424
549,362
823, 568

1,548,150
814 343
641, 461

3, 003,926
144,734

2,967,354
150,182

3, 003, 954
152,402

3,148,660
60, 633

3,117, 536
63,480

3,156, 356
77, 454

207,101

272,361

999, 704

159,631
3.228

193,112
15, 630

320,485
34, 502

162, 859

208,742

354,987

601,559

596, 538
320

. 271,032
50, 050

601,559

596,858

321,082

6,322
702
19,238

6,772
701
17,398

25,131
721
40, 588

997, 781

1,102,832

1, 742,213

496,899
16,418
59,632
14,048

557,657
18, 266
59, 644
12,196

713, 359
28,7J1
59, 037
10, 539

4, 794,071

4,931, 611

5, 787, 669

16, 418
1, 351,337

18, 266
1,360,608

28, 711
1,870, 673

1,367, 755

1, 378, 874

1,899, 384

2, 418, 005
18,181
5,334
23,331

2,467,396
38,795
5,242
20,938

2, 665, 578
15,227
5,835
24,957

2, 464,851

2, 532. 371

2,711,597

496, 899
170,426
276,936
17,204

557, 657
170, 648
276,936
15,125

713, 359
167,026
254,398
41,905

4, 794,071

4,931, 611

5, 787, 669

433,137

431, 634

502, 538

1, 783,356
415,601

1,779,582
400,708

2,363,159
463,775

1,367,755

1,378,874

1,899,384

1,580,615 I
326,557 I

1, 559, 256
452, 200

1,482,371
1,291,109

1, 907,172

2,011,456

2, 773,480

LIABILITIES

Jederal 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.
_
__
Contingent liability on bills purchased for foreign correspondents

—

_
__

_
_

~__
!

FEDERAL RESERVE NOTE STATEMENT

Federal reserve notes:
Issued to Federal reserve banks by Federal reserve agents
Held by Federal reserve banks *
In actual circulation
_
___
Collateral held by agents as security for notes issued to banks:
Gold
_
Eligible paper
_
'
Total collateral

_

!

-.-

-- !
-j

* Includes bills discounted for intermediate credit banks as follows: Latest month, $116,000; month ago, $365,000; year ago, $3,160,000; and note
secured by adjusted service certificates discounted for nonmember banks as follows: Latest month, $44,000; month ago. $45,000; year ago, $75,000.
2 Includes bills payable in foreign currencies as follows: Latest month, $21,583,000; month ago, $1,075,000; year ago, $17,064,000.
» Uncollected items in excess of deferred availability items.
* Excludes "F. R. notes of other F. R. Banks," which are consequently included in "actual circulation'*.




749

FEDERAL RESERVE BULLETIN

N O V E M B E R , 1930

RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON OCTOBER, 31, 1930
[In thousands of dollars]
Total

Boston

New
York

Phila- I Cleve- Richdelphia land m o n d

Atlanta

Chica

e ° ! Louis

San
Francisco

Minne- Kansas Dallas
apolis
City

RESOURCES

Gold with Federal rseerve I
agents
j 1,580,615;; 159,917J
Gold redemption fund with :
U. S. Treasury.
34, 755
676
Gold held exclusively against
Federal reserve notes
1,615,370 160,593
Gold settlement fund with |
'
Federal Reserve Board
' 514,463, 24,990j
Gold and gold certificates held !!
i:
b y banks
874,093! 36,002
Total gold reserves
Reserves
ves other t h a n gold

355,636 140,000 180,550
14,338

1,911

2,163

369,974

141,911 182,713

161,084

40,531: 56,007

531,859

28,754

60,169

__| 3,003,926J: 221,585 1,062, 917 211,196
7,920
36, 570
8,536
__! 144, 734 | 14,181
I 3,148, 660 i 235, 766 1, 099,487 219,116 307,425
13,384
2,953
4,232
|
60,633|j 8,944

65,000 110,300 169, OOO: 55,745

27,160 199,762

47,545

70,000

1,189;

1, 643

826

1,480

66, 248 112,360 170,189

57,388

48, 371

71,480

15, 659

85,421

27,919

12,844

19,973

9,666

50, 282

7,922 133,178

7,360

5, 543;

7,164

9,094

37, 606

91, 349 130,369! 388,788 92, 667
7,517 10, 086; 21,100 8,819
140,455 409,888 101,486
3,402
3,647
4, 0931 9, 627

66, 758
4, 665;

98, 617
6, 942

47,043 293,748
8,455
9, 943

71,423 j 105,559
1, 537!
1, 578

55,498 303, 691
4,338
2,898

1,248

9,442

2,060

10,087

6,098

1,123

28, 283 205, 860

Total reserves
Nonreserve cash
:
Bills discounted:
Secured b y U . S. Govern- \
m e n t obligations
i
Other bills discounted
|

jj
|.
74,513j
132,588!

5,541
4,483

17,380
19,345

10,629
10,386

11,696
13, 023

3,683
14,451

1,019
23,126

9,711
9,037

2,617
12,999

3, 530! 10,088;

1,335
8, 566

7,436
3,554

Total bills d i s c o u n t e d - - :
Bills bought.
_
!

207,101 j 10,024
162,859 J 13,746

36, 725
40,830

21,015
2,094

24, 719
20,952

18,134
8,911

24,145
9,220

18, 748
20, 589

15, 616
6,407|

4, 323:1 12, 761
4, 6S0
7, 072

9,901
6,042

10,990
22, 316

U. S. Government securities:
Bonds
_!
Treasury n otes
j
Certificates a n d bills
|

757
38,484!|
280,702 ; 22,219
282,373; j 23,197

2,187
77, 331
107, 796

640

236

1,176
7,732
8,075

33
7,480
5,181

20,017
29, 890
31, 221

523
15, 584
7, 792!

42
14, 036
14, 658

7,844

43

25,5901 33,292
26,022 24,327

11,572
9, 815

23,985
14,981

Total U. 8. Government i
;
securities
Other securities..

I,
601,559' 46,173
6,322: 1,000

187,314

52, 252; 57,855

16,983

26,285, 28, 736

29, 231

Total bills a n d securities..
D u e from foreign banks
Uncollected items
|
Federal reserve notes of other !
Federal reserve banks
B a n k premises
_•
i
All other resources...

977,841 70,943
702
52
516,137 ! 62,128
.!
16,418
223
59,632
3,580
14,048, i
465

Total resources

4,591
15,664
5,087

76,361 j 103,526 44,028
68'
30
70
44,112 48,744 37, 509
426!
2,614;
234;

1,627
7,062
1,173

1,746
3,271
777

46,059: 120,465; 45,922! 35,360
25!

94j

25|

15,060! 61,742j 23,842
970:
2, 658
2,782

2,054
8,295
550>

659
3,811
267

48,569; 45,174
21
16
21
10, 701 j 28,790 17, 322
1,124;
2, 018'
428

39,009

I

72'.

1,000.

1,294
3,972
632

72,315
49
27,169

332! 1,372
1,8771 4,810
443j 1,210

I:

Federal reserve notes in actual :
j\
circulation
; 1,367,755;! 131,894
Deposits:
j
jj
Member bank—reserve ac- :
;!
count
i 2,418,005;: 153,051
Government
:
18,181i:
1,263
Foreign bank
|
5,334'
388
Other deposits
_
!
23,331
75
Total deposits
Deferred availability items
Capital paid in._

Total liabilities
Reserve ratio (per cent).

269,119
231
139,018

12,694! 81,128 23,

4,986|
11, 991
9,308

2,673

I 4,794,0711! 382,101 1, 546, 581 345,884! 473,859 189,629 212,102; 612,715! 179,659J 122,607 190,415J 123,565J 414,954

LIABILITIES

Surplus
All other liabilities

4,250

793

240, 559 120,324j 181,7691 68,152 118,329; 146,333

276, 936
17,204'

32,926^ 152,108

74,258 50,356, 84,349
1, 519
1,047 i 1,176
189j
157
121;
244
205!
46

57,176 192, 700
949
993
362
157
9,938
62

j

1,011,639 137,9801 194,735
1,284
1,417
1,617
1,816
509
524
8,942
223
1,581

61, 577
4,336
220
65

1,023,681 140,129: 198,457 66,198
130, 562 41,250; 47,313 36,028
66,228 16, 765 15,913 5,772
21,' 751
80, 001 26, 965 29,141 12,496
307
5,550
983
1,266
451

2,464,851 154,777
496,899
61,491
170,4261ij O1
11,881
7K1

!

49, 042: 64,625

61,694

59,651 340,533
785
1,795
189j
702
1121
1,838

60,737j 344,868 76,210
14,695; 58,933 24,268
5,356 20,158
5,257
10,857 40, 094 10,877
1,353
2,128 j 2, 329

51, 729' 85, 728 58,388' 203,949
10, 775 26, 098 18, 280: 27,206
4,328
4,357 11,350
3,061!
8,935 19, 514
7,143! 9,162
474
827
679
857J

4,794,071 382,101 1,546, 581 345,884! 473,859 189,629 212,102 612, 715 179, 659 122, 607i 190,415 123, 565| 414,954
84.1
85.3
82.2
87.0
83.4
70.2
73.6
73.6
70.9;
60.8
0.9
78.4

FEDERAL RESERVE NOTE
STATEMENT

Federal reserve notes:
'
;
Issued to Federal reserve
;
banks b y Federal reserve
i
agent...
_
... 1,783,356; 171,990
Held b y Federal reserve :;
banks i
415,601 40,096
I n actual circulation
j 1,367, 755 131,894
Collateral held b y agents as j
.:
security for notes issued to j
I
banks:
j
j
Gold
I 1,580,615;, 159,91
Eligible paper
_
j 326,557M 22,173

389,146 136,516 217,900

85, 206 142,065: 173,997

75,826

53,295j 76,456

17.054

27,664

14,132

4,253' 11,831

240, 559 120,324J 181,76

i8,152 118,329! 146,333

61, 694

49,0421 64, 625

32,926

355, 636 140,000! 180,550
55, 488 15,877 43, 352

65, 000 110,300! 169,000
26,030 32,416j 36,415

55,745

47,545J 70,000
7,919; 19,056

27,160; 199,762
15,047) 31,607

148,587

16,192! 36,131

23, 736

21,177]

1 Excludes "Federal reserve notes of other Federal reserve banks," which are consequently included in "actual circulation."




39,089J 221,870
6,163; 69,762

152,108

750

FEDERAL RESERVE BULLETIN

NOVEMBER, 1930

ALL BANKS IN THE UNITED STATES *—TOTAL MEMBERSHIP IN PAR-COLLECTION SYSTEM 1
LOANS AND INVESTMENTS
[Number of banks at end of September]
[In millions of dollars]

Member banks
All member banks

All banks
Date

2

1924—June 30.
Dec. 31
1925—June 30
Dec. 31
1926—June 30
Dec. 31
1927—June 30
Dec. 31
1928—June 30
Oct. 3
Dec. 31
1929—Mar. 27
June 29
Oct. 4
Dec. 31
1930—Mar. 27
June 30
Sept. 24

Loans
and
investments
45,180
47,182
48, 830
50, 603
51, 562
52,018
53,750
55, 450
57,265
57,187
58, 266
58,019
58,474
58, 835
58, 417
57, 386
58,108

Federal reserve
district

13, 657
14, 742
14, 965
14, 963
15,404
15,260
16, 391
17,043
17, 801
17, 537
17, 504
17,462
16,962
16, 634
16, 519
16, 700
17,490

27,167
28, 746
29, 518
30, 884
31,184
31, 642
32, 756
34, 247
35,061
34,929
35, 684
35,393
35,711
35,914
35, 934
35,056
35, 656
35,472

7,963
8,813
8,863
8,888
9,123
8,990
9,818
10,361
10, 758
10,604
10, 529
10,448
10,052
9,749
9,784
9,937
10,442
10, 734

19,204
19,933
20, 655
21, 996
22,060
22, 652
22,938
23, 886
24,303
24,325
25,155
24, 945
25, 658
26,165
26,150
25,119
25,214
24,738

United States.
Boston
New York
Philadelphia
Cleveland
Richmond,
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
1

[End of month figures. In thousands of dollars]
J u l y 31
356,079
Gold coin
1,001,923
Gold certificates
38,108
Standard silver dollars
381, 285
Silver certificates...
1, 259
Treasury notes of 1890
279, 736
Subsidiary silver.
117,236
Minor coin_«
287,878
United States notes
1,320, 263
Federal reserve notes
3,155
Federal reserve bank notes.
639, 593
National-bank notes

Total
Preliminary.




4, 426, 494

Aug. 31

Sept. 30

Oct. 31 *

353,358
1,050,595
38,234
390, 203
1, 254
280,162
117,187
297, 603
1,353, 200
3,126
648, 274

351,765
1,026,036
37, 512
391,311
1,252
280,868
117, 728
297,307
1,359,358
3,104
635, 237

350,919
1,019,630
37,315
391, 366
1,250
280,983
117,983
300 032
1,349', 931
3,082
640, 818

4,633,197

4,501,478

4, 493,309

._

1929

8,252

8,629

398
920
755
779
485
408
1,116
548
656
880
716
591

408
934
771
805
524
432
1,209
573
691
904
762
616

1929

1930

1929

1930

11,338

12, 221

3,625

3, 777'

271
407
479
999
589
257
3,515
1,692
600
2,161
608
643

9
497
893
237
481
1,051
184
214
59

9
553
933
228
475
1,112
196
210
61

266
400
461
945
551 208
3,269
1,537
522
1,975
583
621

Incorporated banks other than mutual savings banks.

FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OF BILLS AND SHORT-TERM
SECURITIES

1
Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under
State
supervision.
2
Dates of reports of member banks; figures included for nonmember
banks are as of nearest available date.

KINDS OF MONEY IN CIRCULATION

Not on par list

On par list
1930

Loans
Investand
Loans Investments invest- Loans ments
ments
31, 523
32, 440
33,865
35, 640
36,157
36,759
37,360
38,407
39,464
39, 650
40, 763
40, 557
41, 512
42,201
41,898
40, 686
40, 618

Nonmember banks

[In thousands of dollars]

Total
Bills discounted:
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Bills bought in
open market:
Oct. 1
Oct. 8
Oct. 15_
Oct. 22
Oct. 29
Certificates and
bills:
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Municipal warrants:
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29

With91 days
in 15 16 to 30 31 to 60 61 to 90 to 6
days
d a y s months
days
days

185,916 113,830
173,166 101, 788
210,439 137,051
191,984 122,054
201,603 128,309

18,172
22,880
22, 563
19, 523
19, 559

32,611
27, 566
28,482
28, 522
30, 871

17,484
16, 730
17, 637
16, 589
16,234

3,602
3,943
4,376
4,876
6,020

193,108 106,442
211,023 125,273
185,492 96,922
176, 590 61, 537
165, 658 48, 200

39,384
29,878
31, 889
43,822
43, 774

42,989 4,172
46, 679 9,084
41,671 14, 753
44,435 26, 566
42,236 31,333

121
109
257
230
115

271,442
272,430
273,442
279,472
275,416

25,214
25, 214
33, 214
28, 214 85,370
25, 714 82,322

22
22
22
47
72

83,320
83,320
75,361

Over 6
months.

217
259
330
420
610

162,908
163,896
164,867165,888
101,304

66, 076

f::::::

22
22
47

"•

r~:~_:_

1•

CHANGES IN MEMBERSHIP—Continued

CHANGES IN MEMBERSHIP
On October 25, 1930, there were 8,231 active member banks in the Federal reserve system, including
7,179 national banks and 1,052 State bank members.
Below are given all changes, except suspensions and
insolvencies, between September 26 and October 25,
affecting the list of active member banks.
CHANGES
("Consolidations" shown below include absorptions, mergers, etc.)

Date

Capital

DISTRICT N O . 1—BOSTON

1930
Sept. 30

Blue Hill National Bank, Milton, Mass
Succeeded by Blue Hill Bank & Trust Co.,
nonmember.

$100,000

DISTRICT N O . 2—NEW YORK

Sept. 29

Sept. 30

Sept. 30

Broadway National Bank & Trust Co., New York,
N. Y
Park Row Trust Co., member
Plaza Trust Co., member
Consolidated under charter of Plaza Trust Co.
and title of Broadway & Plaza Trust Co.,
member
Genesee National Bank, Buffalo, N. Y
Commercial Trust Co., nonmember
Consolidated under charter and title of Commercial Trust Co., nonmember
Peoples Banking & Trust Co., Elizabeth, N. J.,
member
Downtown Tiust Co., nonmember
Consolidated under charter and title of Peoples Banking & Trust Co., member

2,000,000
500,000
2,000,000

2, 500,000
250, 000
1,000,000
1, 250, 000
300,000
100,000
350,000

DISTRICT N O . 3—PHILADELPHIA

Oct.

4

Chester National Bank, Chester, Pa
300,000
Cambridge Trust Co., member
| 750,000
Consolidated under charter of Cambridge
Trust Co., and title of Chester-Cambridge
Bank & Trust Co., member..
! 1,050,000
DISTRICT N O . 4—CLEVELAND

First National Bank, Kimball, W. Va
Restored to solvency and absorbed by Kimball National Bank, primary organization...
Virginia National Bank, Norfolk, Va
Virginia Bank & Trust Co., nonmember
Consolidated under charter and title of Virginia National Bank

DISTRICT N O . 7—CHICAGO

Sept. 161 Farmers National Bank, Edinburg, Ind
$25,000
Thompson State Bank, nonmamber
100,000
Consolidated u n d e r charter a n d title of
Thompson
State
Bank,
nonmember
100,
000
Sept. 26 ] First National Bank, Seymour, Iowa
50, 000
Succeeded by National Bank of Seymour,
Iowa
25, 000
Sept. 27 Guardian National Bank, Chicago, 111
1,000,000
Union Bank of Chicago, nonmember
1,000,000
Consolidated under charter and title of Union
Bank of Chicago, nonmember
1, 300,000
Oct. 7 First National Bank of Lyons, Clinton, Iowa
100,000
City National Bank
300,000
Consolidated under charter and title of City
National Bank
300,000
Oct. 15 First National Bank, Deerfield, Wis
30,000
Bank of Deerfield, nonmember
50,000
Consolidated under charter and title of Bank
50,000
of Deerfield, nonmember
Oct. 20 Farmers State Bank, Elberon, Iowa.
50,000
Voluntary withdrawal.
Oct. 20. Exchange National Bank, Polo, 111..
50,000
Succeeded by First National Bank.
Oct. 24 First National Bank, Doublin, Ind
25,000
First National Bank & Trust Co., Cambridge City,
50,000
Ind.
Consolidated under charter and title of First
National Bank & Trust Co., Cambridge
50,000
City, Ind
DISTRICT N O . 8—ST. LOUIS

July I 1

First National Bank, Bentonville, Ark
Benton County National Bank
Consolidated under charter and title of Benton
County National Bank
Aug. 23 i American National Bank, Gillespie, 111
Gillespie National Bank
Consolidated under charter and title of Gillespie National Bank
_
Oct. 18 Farmers National Bank, Clarksville, Ark
Reopened.

Sept. 26
Oct. 14

City National Bank, Decatur, Ala
Title changed to First National Bank.
Florida Bank & Trust Co., West Palm Beach,
Fla
-...
1
Admitted to membership.




50, 000
60,000
60,000
50,000
50,000
50,000
60,000

DISTRICT N O . 9—MINNEAPOLIS
30, 000
150, 000
150, 000
40,000
12,000
40,000

DISTRICT N O . 10—KANSAS CITY

25,000
25, 000 July 3 i
25,000

25,000
25,000
600,000
100,000

First National Bank, Mead, Colo
First National Bank, Longmont, Colo
Consolidated under charter and title of First
National Bank, Longmont, Colo
Sept. 11i First National Bank, Talihina, Okla
Succeeded by First State Bank in Talihina,
nonmember.
Sept. 20 First National Bank, Westville, Okla
People's Bank, nonmember
Consolidated under charter and title of People's
Bank, nonmember

25,000
100,000
100,000
25,000
25,000
15,000
40,000

DISTRICT N O . 11—DALLAS

600,000
Odessa National Bank, Odessa, Tex
Citizens National Bank
_
Consolidated under charter and title of Citizens National Bank
200, 000 Aug. 221 First National Bank of Plainview, Tex
Succeeded by First National Bank in Plainview, Tex
100,000
1
Not reportsd in the period in which the change took place.
Aug .4 i

DISTRICT N O . 6—ATLANTA

Captfal

Sept. 24 i First National Bank, Hobson, Mont
National Bank of Lewiston, Lewiston, Mont
250,000
Consolidated under charter and title of Na200,000
tional Bank of Lewiston
200,000 Sept. 29 Farmers & Merchants National Bank, Minneota,
Minn
500, 000
Farmers State Bank, Green Valley, Minn., non150,000
member
125,000
Consolidated under charter and title of Farm100,000
ers & Merchants National Bank, Minneota,
Minn
100,000
125,000

DISTRICT N O . 5—RICHMOND

Oct. 16

CHANGES
("Consolidations" shown below include absorptions, mergers, etc.)

,

Sept. 20 • Uniontown National Bank & Trust Co., Union- '•
town, Pa
Second National Bank
!
Consolidated under charter and title of Second j
National Bank
I
j
Sept. 23 Guaranty Trust Co., Butler, Pa., member
Succeeded by Union Trust Co., nonmember..:
j
Sept. 30 Second National Bank, Brownsville, Pa
Monongahela National Bank
J
Consolidated under charter and title of Mon- j
ongahela National Bank
:
Oct. 1 National Bank & Trust Co., Connellsville, Pa
Primary organization.
Oct. 4 First National Bank, Addison, Pa
First National Bank, Confluence, Pa
Consolidated under charter and title of First
National Bank, Confluence, Pa

Aug. 14

751

FEDERAL KESEKVE BULLETIN

NOVEMBER, 1930

30,000
50, 000
50,000
100,000
100,000

752

FEDERAL RESERVE BULLETIN
CHANGES IN MEMBERSHIP—Continued
Location
CHANGES
("Consolidations" shown below include absorptions, mergers, etc.)

Dste

Oct.

9

Oct. 11
Oct. 24

District
No.

Merchants & Planters National Bank, Sherman,
Tex.
$800,000
Dorchester State Bank, Dorchester, Tex., nonmember
18,000
Consolidated under charter and title of Merchants & Planters National Bank, Sherman,
Tex.___
_
_—i 800,000
50,000
First National Bank, Arlington, Tex
50,000
First State Bank, nonmember
j
Consolidated under charter and title of First |
50, 000
State Bank, nonmember
I
50,000
City National Bank, Bowie, Tex
Restored to solvency and assets sold to First
National Bank
50, 000
First National Bank, Ireland, Tex
25,000
Gatesville National Bank, Gatesville, Tex
100, 000
Consolidated under charter and title of Gates^
ville National Bank, Gatesville, Tex
_' 100, 000

Baldwin, N. Y
Lexington, Ky_
Portsmouth, Ohio

2

Kingsley, Iowa
Clear Lake, S. Dak...

7
9

[ndependence, Kans..
Salinas, Calif
Woodland, Calif

10
12
12

4

1

Oct. 20

Anaheim National Bank, Anaheim, Calif
_
Title changed to Anaheim First National
Bank.
Thatcher Brothers Banking Co., Logan, Utah
Voluntary withdrawal.

Fiduciary Powers Granted to National Banks

1 to 9.
4.
1 to 3, 5 to 7.

Number of Amount of
capital
banks
New charters issued
Restored to solvency
Increase of capital approved
Aggregate of new charters, banks restored to
solvency, and banks increasing capital

During the month ended October 24, 1930, the Fed- Liquidations
eral Reserve Board approved applications of the Reducing capital
national banks listed below for permission to exercise
Total liquidations and reductions of capitalone or more of the fiduciary powers named in section 11
of national banks under act of Nov.
(k) of the Federal reserve act as amended, as follows: Consolidation
7,1918 —
(1) Trustee; (2) executor; (3) administrator; (4) reg- Consolidation
of national banks and State banks
_.
istrar of stocks and bonds; (5) guardian of estates; (6) under act of Feb. 25, 1927
assignee; (7) receiver; (8) committee of estates of
Total consolidations
lunatics; (9) in any other fiduciary capacity in which
State banks, trust companies, or other corporations Aggregate increased capital for period
which come into competition with national banks are Reduction of capital owing to liquidations, etc
permitted to act under the laws of the State in which
Net decrease
the national bank is located.




Ito9.
1 to 9.

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 September 27 to October 24, 1930, inclusive:

75,000
150,000

1 to 9.
Ito8.
1 to 7 and 9.

Sunrise National Bank
Fayette National Bank
Security Central National
Bank.
Farmers National Bank
Deuel County National
Bank.
Security National Bank
Salinas National Bank
Bank of Woodland National Association.

DISTRICT NO. 12—SAN FRANCISCO

Oct.

Powers
granted

Name of bank

Capital

DISTEICT No. 11—DALLAS—Continued

Sept. 30

NOVEMBER, 1930

3
0
10

$350,000
0
960,000

13

1,130, 000

25
1

3.960, 000
25,000

26

3,985, 000

1

400 000

1

600,000

2

1, 000, 000
1.310,000
3,985, 000
2, 675, 000

ALL MEMBER BANKS- CLASSIFICATION OF LOANS AND INVESTMENTS ON CALL DATES, OCTOBER 3, 1928SEPTEMBER 24, 1930

55

f Amounts in millions of dollars]
Loans to banks

Total—AH member banks:
1928—Oct. 3 .
Dec. 31-_1929—M ix. 27
June 29_._
Oct. 4
Dec. 3 1 - 1930_Mar. 27
June 30
Sept. 24
New York City: *
1928—Oct 3
Deo 31
1929—Mar 27
J u n e 29
Oct. 4 —
Dec 31
iQQf)

iVTar 2 7

J u n e 30
Sent 24
Chicago :*
1928—Oct. 3
Dec. 31 1929—Mar. 27
J u n e 29
Oct. 4
Dec. 31
1930—Mar. 27
J u n e 30
Sept. 24
Reserve city banks:
1928— Oct. 3
Dec. 31
1929—Mar. 27 _
J u n e 29
Oct. 4
Dec. 31
1930—Mar. 27
J u n e 30-_Sept. 24
Country banks:
1928— Oct. 3
Dec 31
1929—Mar. 27 J u n e 29

__.

Oct. 4

Dec. 31
1930—Mar. 27.
J u n e 30
Sept. 24

_

investments

Total

34 929
35,684
35 393
35, 711
35 9i4
35, 934
35,056
35,656
35,472

548
538
548
670
640
714
527
535
466

7 197
7, 951
7 726
8', 160
8,150
8,774
8,238
8 798
8,557

287
288
251
314
302
322
199
196
169

1,910
1,910
1,793
1,767
1,823
1,757
1,717
1,849
1.934

35
40
62
67
68
88
58
50
41

12,211
12,156
12,132
12, 065
12,161
12,029
11,858
11,852
12,037

179
173
196
241
225
258
205
227
193

13, 612
13 667
13, 741
13 719
13, 780
13 375
13.^3
13 157
12, 944

46
37
39
49
45
45
65
63
62

On
securities

260
230
175
(2)
(2)
(2)

92
78
53
(2)
(2)
(2)
(2)
(2)
50
43
35

(2) •

104
99
77

4,386
4,312
4,454
4,155
4,022
3,863
4,085
4,061
4,095

6,218
6,217
5.994
5,898
5,727
5,921
5,852
6,380
6,639

2
1

130
132
148
173
175
169
150
157
157

2,253
2,100
2,361
2,480
2,726
2,595
2,252
2,129
2,087

1,048
1,790
1,250
1,496
1,196
1,397
1,655
2,091
1,912

50
61
59
58
59
128
89
144
148

55
61
52
58
33
46
40
29
28

63
29
37
21
8
21
49
35
22

880
L639
1,102
1,359
,096
,202
1,477
L,883
L714

1,942
1,933
1,972
1,819
1,807
2,091
2,046
2,203
2,198

1,130
1,094
1,135
1,006
989
1,112
1 150
1,147
1,091

813
839
838
813
817
979
897
1 056
1,107

543
598
477
484
504
533
474
487
448

3
3
2
2
2
2
2
2
2

41
39
19
22
19
19
18
18
16

487
440
544
559
592
535
472
521
482

144
91
41
58
68
30
187
176
296

1
1
8
1
1
9
3
2
7

3
1
5
3
4
5
11
19
13

21
14
10
6
4
5
33
56
42

119
75
18
48
59
11
140
99
233

405
391
337
334
312
309
310
366
407

191
174
164
159
153
116
146
160
157

214
217
172
176
160
193
164
205
250

435
509
538
511
510
425
360
431
360

2,152
2,318
2, 415
2,480
2,598
2,775
2,576
2,663
2,586

124
118
112
119
110
110
113
110
111

1,368
1,387
1, 376
1,360
1,360
1,428
1,411
1, 394
1,398

3.691
3,546
3,492
3,654
3,823
3, 679
3, 330
3.172
3,080

732
650
603
423
458
408
757
534
768

5
16
35
16
6
43
55
17
47

27
33
27
22
27
24
24
3 19
17

178
136
136
83
71
102
209
3 245
295

522
465
405
302
354
239
469
253
409

3,530
3.454
3,400
3,276
3,075
3.944
3,105
3,319
3,537

1,703
1.662
1.732
1,607
1,519
1,368
1,516
1,525
1,628

1,827
1.791
1,668
1,670
1.557
1,576
1,590
1,794
1,909

117
107
114
105
125
83
93
90
88

1,610
1,799
1,942
2,034
2,170
2,231
2,097
2,137
2,112

294
290
289
291
279
276
279
274
275

1,129
1,154
1,176
1,195
1,206
1,186
1.196
1,201
1,205

5,075
4,904
4,843
4,926
4,847
4,705
4,541
4,527
4,318

614
625
598
496
553
409
496
312
286

24
30
44
33
27
33
27
8
4

17
8
8
7
6
5
4
4
4

195
211
192
140
144
163
207
171
164

378
376
354
316
376
208
258
129
115

4,727
4,751
4,740
4,623
4,554
4,439
4,475
4,554
4,589

1,362
1,382
1,424
1,384
1,361
1,267
1,273
1,229
1,219

3 365
3 370
3,316
3 240
3,193
3 172
3,202
3 326
3,370

1,491
1,658
1,692
1,814
1,898
2,145
1, 876
1, 954
1,945

8
7
6

1,326
1,389
1,353
1,309
1,374
1,329
1,160
1,257
1,187

252
309
311
242
257
240
194
229
239

()
(2)
(2)
(2)
101
128
117

7,770
7,878
7,933
8,124
8.401
8,417
7,790
7,770
7,534
8.225
8,254
8,364
8,551
8,627
8,481
8,206
8.229
7,999

(2)
(2)

107
118
116
(2)
(2)
(2)
(2)
(2)

2

(2)

51
52
51

i Loans to brokers and dealers in securities at New York City.




10,604
10,529
10,448
10,052
9,749
9,784
9,937
10,442
10,734

45
50
52
63
46
55
60
68
86

(2)

14
11
11

1,899
2,556
1,879
2,025
1,885
1,660
2,344
2,365
2,472

3,919
3,940
4,253
4,532
4,846
4,964
4,338
4,308
4,276

(2)
(2)

(2)

457
390
376
249
228
291
499
507
523

421
412
403
414
392
388
394
386
387

(2)

8
(2)

101
103
93
90
70
80
79
3 71
62

5,796
6,373
6,526
6,813
7,170
7,685
7,024
7,242
7,090

(2)

(2)

80
109
146
108
93
212
175
170
205

850
975
1,014
921
939
803
706
819
774

(2)
(2)

(2)

2,537
3,158
2,494
2,472
2,276
2,243
3,097
3,113
3,262

21,242
21,462
21, 903
22,516
23,249
23,194
21, 495
21, 565
21,010

(2)

(2)
(22)
()
(2)
(2)
267
305
291

C)

11, 507
10,991
11,240
11,618
11, 988
11,515
10, 595
10,349
9,982

Other
real
estate

(2)

i)
(2)

2,668
2,711
2, 720
2,750
2, 760
2,803
2. 776
2,769
2,776

Farm
land

(2)

(2)
2

U. S.

Total

To
other
customers

Total

Purchased paper
Otherwise
secured
and unsecured

To brokers
outside
New
York
City

All
other

Investments

Open-market loans

i Secured b y stocks Secured b y real
and bonds
estate

Total
loans
and

Date

Loans to customers (exclusive of banks)

2 Figures not available.

Bills,
acceptAcceptStreet
ances,
Com- loans 1
ances
payable etc., pay- mercial
paper
in United able in
foreign
States
countries

a Revised.

Total

Gov- Other
ern- securiment
ties
securities

* Central reserve city banks only.

CO

CONDITION OF ALL MEMBER BANKS
ALL

MEMBER BANKS—CONDITION ON CALL DATES OCTOBER 10, 1927, TO SEPTEMBER 24, 1930
[Amounts in thousands of dollars]
1927
Oct. 10

1930

1928
Dec. 31

Feb. 2

June 30

Oct. 3

Dec. 31 Mar. 27

June 29

Oct. 4

Dec. 31 Mar. 27

June 30

Sept. 24

RESOURCES

23, 226, 51;2 3 886,
Loans (including overdrafts).
, , 393 23,098, 936 24, 302, 78F24, 325, 010 25,155, 255 24,944,641 25, 658, 491 26,164, 829 26,150,061 25,118, 783 25, 213, 770 24, 738, Oil
4, 215,822
4, 385,830 4, 311, 790 4,453,953
4,021,636 3,862, 968 4, 085,006 4, 061, 395 4,095, 270
3,856,149
United States Government securities
373,630 6',,533^
6,103,119
6,,_._,
216, 890 5,994,
5,,.727,
Other securities
_
432 ,_..,
851,908
._,
,___, 6,,_.„
— ,656 6,, 218,145
—,
,
_.,306 5,920,921
,.__,___ 5,
., .
.,.. 6,380,494
185,781 34,246,912 33,688,388 35,061,173 34,938,985 35,683,935
1,683," 35,393,026
35,710,961
35,913,771
35,933,950 35,055,697 35,655,659
Total loans and investments...,
928,807 35,472,250
912, 852
576, 223 699, 701 695, 319 710,207 727,258 929, 540 »...».._
Customers' liability on account of acceptances
1,059,930 1,067, 200 1,077, 529 1, 099, 210 1,105, 558 1,107, 287 1,118,418 1,169,752 1,175,393 1,190,306 1,202,486 1,217,963 1, 230, 754
Banking house, furniture, and fixtures
197,869
179,878
182,796
183,989
188,815
190,995
178,443 177, 716 184,873
180, 546 177, 229 180, 511 184,109
Other real estate owned
497,212
558,450 496,633
484,262 470, 367
539,137 523, 370 525, 992 449,198 519,126 564, 384 516,742 433,491
Cash in vault
2, 319, 736 2, 514,465 2, 366,605 2, 342,045 2, 348, 018 2,409, 367 2,338,569 2,359,077 2,321,806 2,373,760 2,352,738 2,407,960 2, 414,991
Reserve with Federal reserve banks.
Items with Federal reserve banks in process of collec680,492 856, 655 967,836
739, 871 784, 391 686,881
tion
841, 606 775, 822 923, 363 994, 373 719, 201 836, 471 698, 871
897231 2,026,259
2,077,441 2, 209,831 1, 940,619 1,897,231
026259 2,124, 252 1,741,478 1, 885,167 2,004, 938 2,167, 756 1, 901, 517 2, 360, 377 2, 462, 827
Due from banks in United States
Due from banks in foreign countries (including own
branches) __
255,821 258, 337 269, 373 291, 490 286,686
305, 299 287, 248 272, 682 246, 996 263, 834 247, 612 220, 793 202,447
Exchanges for clearing house and other checks on local
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 2, 762, 463 1, 616, 954 2, C45, 057 1,146, 915
banks
65, 331 118, 552
51, 706
134, 916 217, 291 163, 527 203, 884 142, 395 117, 298 102, 363 139, 056
157,841
Outside checks and other cash items
200,159
Redemption fund and due from United States Treas32, 604
32, 823
32, 658
32, 823
33, 025
33, 001
32, 715
32, 828
32, 889
33, 0541
33, 281
urer
32, 995
32, 761
Acceptances of other banks and bills of exchange or
612,193
557, 748 592, 732
454, 958 436, 486 433, 668 677, 994 475,155
265, 007 431,968
453, 82G 551, 587 735,193
drafts sold with indorsement
25, 744
23,866
26, 324
29, 248
37, 733
36, 551
36, 337
32, 592
35, 533
29,464
35, 212
35, 947
Securities borrowed
48, 844
186, 677 204. 940 205, 273 222,149
Other assets
171, 070 197,666
229, 751 232, 621 198, 700 219, 379 231, 482 223, 114 242.062
43,155, 718 44, 888,140 43, 581, 656 45, 091, 849 45,483, 697 48, 935, 646 46, 673, 097 45, 908, 001 47, 305, 588 48, 843, 078 45, 860, 379 47, 906, 740 46,153, 113
Total
LIABILITIES

Capital stock paid in
_
_._
Surplus
Undivided profits—net
Reserves for dividends, contingencies, etc
Reserves for interest, taxes, and other expenses accrued
and unpaid
-<&•--Due to Federal reserve banks
Due to other banks in United States
Due to banks in foreign countries (including own
branches)
Certified and officers' checks outstanding
Cash letters of credit and travelers' checks outstanding.
Demand deposits
Time deposits
United States deposits
Agreements to repurchase U. S. Government or other
securities sold
_
Bills payable and rediscounts:
With Federal reserve banks
Allother
Acceptances of other banks and bills of exchange or
drafts sold with indorsement
Acceptances executed for customers..
Acceptances executed by other banks for account of reporting banks
_.
National-bank notes outstanding
Securities borrowed
Other liabilities
Total
_
Number of banks




"I"
2, 304, 708 2, 337,780 2, 345, 519 2,415, 376 2,453, 859 2,474,223 2, 563,278 2,646,928 2,739,645 2, 757,113 2, 744,975 2, 721,997 2, 728, 664
2,049, 325 2,124,020 2,144,182 2,285, 536 2,382,393 2,440,709 2, 548,155 2,650,336i 2,811,269 2, 864,612 2,881,944 2,870,800 2,903,258
886,025 832, 564 918,145
882, 806
980,928 909, 548 956, 053 950, 072 1, 009,435
} 940,505 879,480 914,114 924, 012 ' 120,020
176, 610 182, 940 185, 602
164,430
143, 603 177,252
151, 744 144,242
175,896
182, 397
148,960
152, 531 128,757
137, 345 145,458
172,193
150,438
148, 825
137,
660
120, 676 157,144
51,915
47,147
46, 206
54,458
54,402
45, 360
49, 823
52,073
65, 379
51, ,r~~
55, 720
56, 510
51,433
3, 567,193 3,808,222 3,495, 722 3,263,494 3,462, 377 3, 649, 037 3, 070, 084 3,091, 639 3,153, 077 3, 517, 325 3, 204, 316 3, 831, 656 3, 817,132
660, 612
571,7
586,869
745, 691 643, 372 613, 732 508, 571 543,273
462, 649
464,871 481, 696 576, 664 498,075
771,941
977,944 839, 556 848, 064 787, 770 1, 041,114 2,184,138 1,739,947
753,620 1,405,446 1, 603, 562 1,134,283 1,493,437
25, 038
26, 638
41, 389
26, 391
21, 641
29,015
23,128
27, 385
43,182
27, 338
27, 613
23,460
__, 061,977
. ,.
16, 838, 351
17, 374,426 18,170,140 17, 304,646
64617, 606, 564 17,
r, 501,'""
501,430 18,903, 658
r 708,269 17, 814, 603 17,
', 937,478
478 18,1,861,582 17,078,905 18,
17,
1,233,481113, 518,. 731 13, 811,978 13,944, 868
12,459,248 12, 764, 79812,922, 638 13; 438, 585 13; 409, 608 13,453; 311
13,328,712 13,325,0661;.3, 317, 649 13;
143 203
324,893 280, 769
435,4751 266,981
86,032
41 n. 8671 347,967
347.967 315,479
256, 681 158, 761 261, 505 410,867'
17,845'

32, 785

103,758

149,090

136,957

66,214

37,164

38,144

457, 758
70,457 i

583,266
80,209

485, 874 1, 095,997 1,019,789 1,040,608
95,018
113,440
134,127 i 121, 570

981,434 1,029, 391
171, 601 168,975

899, 311
250, 587

646, 334
232,188

206,124
140,467

273, 880
161,090

172, 578
143,402

265,007
575, 636

431,968
721,473

454,958
705, 001

475,155
846, 370

612,193
551, 586 735,193
984, 670 1,276,159 1,125,907

557, 748
925, 576

592, 732
929, 337

1.

21,375

18,103

436,486
716, 270

95,161

433, 6651
717,931

134, 084

677,994
928, 329

102,423

453, 826
800,423

24,654
18,127
34, 998
26,075!
22,318
26,008
28,235
41,417j
41,4171
43, €36
45,025
42,075
40,400
29, 647
648,999
649, 098
648,
046; 649,893
649,390
649,877|
646,162
648,602
648,046;
647,354
648,944
640,610
645, 562 647,481
25, 744
23,866
26, 324
36, 556
29,471
35,936
29,352
37,782
36,556
35,947
48,844
36,337J
32,592
35,
533
212,_698
226, 915
135,062:
191,169?
201, 899
166, 726
189, 692!
209,109
224, 581
.^MlGj
214,946
245, 585 239,961
5, 588 487843,1)78 45, 860, 379 47,906, 740 46,153,113
43,J55, 718 44, 888,140 43, 581,~656 45, 091, 849 45,483, 697 48, 935, 646 46, 673,097 4^9087001 '477305,
8,246
8,406
8,896.
8,837
8,522
9,0871
9,034
8,929
8,755
8, 707;
8,616

o

ALL MEMBER BANKS—LOANS, INVESTMENTS, DEPOSITS, AND BORROWINGS ON CALL DATES SINCE OCTOBER, 1928
[Amounts in thousands of dollars]
Oct. 3,
1928

Loans—Total
Acceptances payable in United States
Bills, acceptances, etc., payable in foreign countries
Commercial paper bought in open market
Loans to banks—On securities
Allother
Loans on securities, exclusive of loans to banks—Total. __
To brokers and dealers in New York
To brokers and dealers elsewhere
Toothers
Real estate loans—On farm land
On other real estate
All other loans (including overdrafts)
Loans eligible for rediscount with Federal reserve banks.
United States Government securities—Total.__
Bonds
Treasury notes
Certificates of indebtedness
Allother
Other
securities—Total
Domestic securities—Total
State, county, and municipal bonds
Railroad bonds
Other public service corporation bonds
All other bonds
Stock of Federal reserve banks
Stock of other corporations
Collateral trust and other corporation notes..
Municipal warrants
._
All other
Foreign securities—Total
Government bonds
Other foreign securities
Demand deposits—Total
Individual deposits subject to check
Certificates of deposit
*.-.
State, county, and municipal deposits
Allother
Net demand deposits
Time deposits—Total
States, counties, and municipalities..
Bankss in United States..
States
Banks
in foreign
countries
Other time
deposits—Evidenced
by savings pass books
Postal savings

Certificates of deposit
Open accounts, Christmas savings accounts, etc
_
,

Bills payable and rediscounts—Total
With Federal reserve banks—Bills payable
Rediscounts
All other—Bills payable
Rediscounts
_




1

| Dec. 31,
i
1928

24,325,010 I 25,155,255
79, 718
108, 925
101, 259
103, 245
456, 635
389, 560
\
547,795
537, 501

M a r . 27,
1929

J u n e 29,
1929

24,944,641
"145,754
92, 701
375, 501
548,152

25,658,491
107,993
90, 001
248, 609
670, 277

Oct. 4,
1929

D e c 31,
1929

26^164,829 26,150,061
93,107
211,950
79,577
69,561 |
290,822
227,574 |
714,076
640,301 |

M a r . 27,
1930

25,118, 783 25,213,770
2
"174,509"
169, 668
79, 219
2 71,438
2
499, 286
507, 392
230,166
'
260,124
.
266,957
10,073,809"
"2, 344/242"
77
706, 053
818, 834
7, 023, 514
7, 241, 784
386, 036"
394, 117
2, 769, 262
2, 775, 673
10, 595, 089 10, 349, 314

9, 75~8,~~885"
_8, 544, 656 | 9, 902, 856
JO/1477866"
9, 418, 942
1,899,143" j 2, 555/786 ~ 1 , 879,477" 2, 024, 592
1,884,886 , 1,660, 150"
802,715
849, 509
939,068 J
974, 566
921, 488
1, 013, 679
7, 685, 001
5, 796, 004 1 6, 372, 504
6, 812, 805
6, 525, 786_
387,714"
413,
988
420, 687
3927076~|
411,567
"403,475
2,760,422 | 2, 803, 281
2, 750, 438
2, 667, 502
2, 710, 866
11, 506, 758 10, 990, 735 2,719,657 11, 618, 300 11,988,021 ; 11,514,775
11,240,459
4, 368, 094
4,343,404 | 4,389,853 I 4,598,240 4, 396, 904 4,204,395 I
4,160, 436
4, 085,006
4,311, 790
4,385,830
3,862,968
4,021,636
4,453,953
4,154,929
3, 077, 936
3,121, 552 3, 004, 836 2, 992,184 3, 094, 275 "37287/968"
3, 028, 095
519, 983
524, 452
778, 646
703, 641
729,427
664, 821
804, 739
151, 659
234,543
415, 395
339,456
471, 852
251, 392
455, 821
97, 051
38, 043
113, 853
106, 996
82, 416
113, 239
71. 841
6,218^145
6,216^890
5,920,921
5,851,908
5,727,306
5,897,541
5,994,432
5,522.470 "5,5337129 T,341, 637
5, 262, 502 5, 114, 902 "5/ 292,123 _5, 242, 297^
, 144, 362 1,116, 276 1, 224, 030 T7l68",275~
1, 224, 894
1,168,501
1,221,910
785, 867
781, 471
831, 913
787,134
878, 559
863, 345
895, 759
905, 606
902, 764
1, 002, 432
931,938
980, 210
958,194
985, 360
1,
253,469
1,
227,
883
1,
222, 847
1, 469, 339
.
,
316,
859
1,
339,
802
1,417,256
170,517
166, 686
173,384
145,146
158, 290
153, 834
146,113
558, 794
503,848
527,917
403, 535
438, 756
469, 314
435, 735
166, 049
154, 060
181,969
164, 214
175, 420
199,412
168,720
168, 947
169, 501
149,593
163, 434
146, 929
117,396
150, 681
58, 844
105,_749_
60, 545
90, 425
86, 750
84,_655
87, 643
~612,404
_628/798
695, 675
635, 039
683, 761"
652/795
_609,_611_
304,123"
308,
773
303,
407
349, 896
343, 200
319,239
""280/835
324, 675
345, 779
326, 266
308, 997
333,556
340, 561
328, 776
17,501,430
15, 726, 877
230,445
1, 243,108
301,000
18,995, 084
13,409,608
404,912

18,903,658^ 17, 708,269
16/996,605 15,840,108
234, 763
207,050
1,299, 835
1, 384,876
372, 455
276, 235

19, 943, 583 j 18,833,161

418,257
1 n 4 ,ee
124, 262
|j 9, 702,
' 703 9,809, 851
1,882,008
1, 895, 223
1,169, 220 1,071,463
116,599
134,255
1,153,916
1,162,178
813,036"
823,403
206, 753
217, 205
116,260
102, 243
17,867
19,327

Corresponding classifications not available prior to October, 1928.

13,328,712

429, 265
113,443
9, 728,154
1,831, 666
1,110,132
116,052
1,153,035
761, 755
219, 679
148.504
23,097

17, 814,603 17,937,478
15,742/528" T6,T67/04"7"
200, 986 I 188,152
1,511,706
1,224,375
359,383 I
357,904
18,977,213 j 18,951,600
13,325,066 ! 13,317,649
491,095
476, 554
/
79,894
111, 148
{
77,508
112,405
9, 834, 363 9, 603, 720
1, 745,134 1, 743, 212
996,976
1,136,043
114,637
120, 026
JJL98,366^ 1,149,898
583, 665"
738,768
315, 646
290,623
226, 742
149, 576
23, 845
19,399
2

18,861,582
16, 935, 643
201, 671
1, 335, 485
388, 783
19, 797,028
13,233,481
"594,896
95,170
154, 009
9, 592,096
1, 740,944
933.902
122,464
878,522
453,574
192, 760
214, 209
17,979

Revised.

J u n e 30,
1930

3,904,968

4,061,395
3, 339, 834
462, 924
254, 404
4, 233
6,380,494
5, 691, 850"
1, 232,040
914, 037
1, 047, 687
1, 340, 789
169, 505
565, 417
180, 936
170,575
70, 864
688, 644
346, 219
342, 425
17,078,905 18,061,977
15,194, 883 15/930, 369
182, 828
198,041
1,446, 366 1, 568,470
365,097
254, 828
18, 488, 669 I 19,170, 357
13,518,731 j 13,811,978
570, 679
535, 564
102, 793
111, 829
224,114
175, 529
9, 626,033 9, 677, 521
1, 861, 504
1,811,315
1,139, 518 1, 232, 679
133, 652
127,979
346,591
105, 209
100,915
134,761
5,706

434,970
147,826
126,054
155,189
5,901

Sept. 24,
1930

!4,738,011
205,432
61, 934
523.129
174,857
290, 936
10, 335, 938
2, 471, 781
773, 775
7, 090,J382
387,366
2, 776, 344
9, 982, 075
3, 812, 169
4,095,270
3/342, 974
418, 495
284, 953
48. 848
6,638,969

_i?383qZ
1, 379, 471
938, 869
1,074, 627
1, 330, 420
170, 260
572,941
217,924
181, 958
71,837
700,662
3447439
356, 223
Jjj,838,351
157107,131
196,673
1, 276,471
258, 076
18,657,238
13,944,868
572,004
101,313
233,873
9, 631, 588
1,959, 775
1,302, 785
143, 530
315,980
76,865
95, 713
137,890
5,512

NATIONAL AND STATE MEMBERS—CONDITION ON SEPTEMBER 24, 1930, BY CLASSES OF BANKS
[Amounts in thousands of dollars]
National banks 1

All member banks
Central

Other
reserve

banks

city
banks

Total

Country |
banks ;

Central
reserve
city
banks

Total

Other
reserve
city
banks

State bank members

Country
banks

Total

Central
reserve
city
banks

I
j Other
I reserve Country
| city
banks
I banks

Loans (including overdrafts)
United States Government securities.
Other securities

24,738,011; 7,883,218 8, 500,409 8,354,384 14,641,945 3,325,014 5,134,667 6,182, 264, 10,096,066 4, 558,204 3, 365, 742 2,172,120
671, 390^1,124,964 1,015,208, 1,283,708
4,095,270 1,248,167 1, 627, 722 1,219,38111 2,811,562
576,777 502,758 204,173
6,638,969 i 1,359,469 1,909,433 3,370,067: | 4,299,866 588,887|l,069,604j 2,641,375 2,339,103
770,582 839,829 728,692

Total loans and investments

35,472,250 110,490,85412,037,56412,943,833 21,753,373 4,585,291 7,329,235! 9,838,847 13,718,877 5,905,563 4, 708,329 3,104,985

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
.
LIABILITIES

Capital
stock paid in_.
p
Surpl
Sp
rplus
Undivided
profits—net
diid
Reserves for dividends, contingencies, etc
Reserves for interest, taxes, and other expenses accrued and unpaid..
Due to Federal reserve banks
Due to other banks in United States
Due to banks in foreign countries (including own branches)
Certified and officers' checks outstanding
Cash letters of credit and travelers' checks outstanding
Demand deposits
Time deposits
United States deposits
Agreements to repurchase U. S. Government or other securities sold.
Bills payable and rediscounts:
With Federal reserve banks
Allother
Acceptances of other banks and bills of exchange or drafts sold with
indorsement
Acceptances executed for customers
Acceptances executed by other banks for account of reporting banks.
National-bank notes outstanding
___
_
Securities borrowed.,
_
Other liabilities

Number of banks..

691,438
209,966
254,878
437, 617
11,288
72,388
58, 244
128,373
,032,354
772, 287
268,809
327,816
271,916 1, 219,957
140,170
59, 628
914,902
187,468
7,087
27,929
2,168
7,571

592,732
23,866
242,062

92,9831

80,033
12,972
94, 701

2,^25
10,894
54,378

475, 539
793,312
129, 45"
337, 249
1,432,892
460,315
1,817,314
163, 726
522, 369
36, 584
32, 604
228, 527 !
16, 505
133,168

305, 779
109, 915
5,151
26, 685
467, 590
168, 644
105, 521
109, 663
358, 756
2,405
2,168

162,958
267, 5561
34,844
84,194
497, 601
220,480
909,952
52,4761
133,805
20, 270
7,571

6,802
415,841
89,462
226, 370j
467, 701

180,878

45, 221
8, 693
50, 746j

2,428
7,812
36,166

46, 256

172, 578
143,402

62,853

592, 732
929,337
18,127

510,174
704,372,
12,1671
43,145|

23,866
212,698

65,148

27, 403
22,816

138,375
57, 733

132, 330
87, 520

80, 033
215, 400
4,152
150, 541
12, 972
77,049

2, 525 !
9, 559
1,
455,313
10,894
70, 501

228, 527
487, 092
9,830
648, 999
16, 505
59, 572

46,153,113 14, 747, 265 15, 676, 270 15, 729,
8,246

421

578 28, 332,

7,757

71,191
801,841
1,587
29,808
13, 909
22,865

437,313
437,442
68,412
133,118
982,099
238, 556
645, 513
38, 721
624, 546
15,122

385, 659
144, 963
6,137
31, 559
564, 764
100,165
166,395
30, 507
556,146
4,682

47,008
170,061
37, 544
44,179
274, 686
107,336
310,005
7,152
53,663
7,659

4,646
122,418
24, 731
57,380
142, 649
31,055
169,113
1,062
14,737
2,781

364, 205
7,361
108, 894

329, 296

34,812
4,279
43, 955

97
3,082
18, 212

46, 727

934 6,474, 702 9, 825, 602|l2,032,63017, 820,179 8, 272, 563 5, 850, 668J3, 696, 948

873, 092
2, 728,664
411, 582 555, 433
998, 827 1, 741, 700
856, 745
2, 903,25811 1,162, 802
478,092 459. 604
868, 688
871, 768 1, 590, 756
1, 009,435 I 368, 835
132, 525 152, 590
259, 746
380, 854
585, 527
74, 914
185,602
24, 538 30, 891
59, 687
51,001
83, 478 |
59, 795
182,397
72,892
19,574 42,599
49,710
95,520 '
2
5,484
47,147
36,105
31, 031 |
11, 040
, 467, 487
3,817,132 1, 461, 547 1, 953, 980
401, 605 2, 462, 404 ! 682, 289 .1.
56, 634
660,61211 586, 765
335,321
2,949
394,255
70,!
608, 201
771,94l!
280, 273 62, 842
67, 545
392, 993
98,195
19,167
6, 270 i
26,638|
4,534
867
11,092
6,604
16, 838,351! 5, 953, 535 5, 522, 734 5, 362, 082 10, 320, 029 2,636," i, 604, 664!4,
500 2, 849, 495 5,
13,944,8681 i 2,090,105 5,159, 875 6, 694, 888 8, 781,362
850,
61,484
18, 830 95,434
257,185!!
59, 774
135, 927
160, 458
22,362
7,453
4,895
21
38,144
10,887
11,954

i Member banks only, i. e., exclusive of national banks in Alaska and Hawaii,




510,174

11,448
538, 259
114,193
283, 750
610,350
102, 246
970,954
2,649
44, 545
16, 690
22,865

46,153,113 ,14, 747, 265J15, 676, 270 15, 729, 578 2S, 332,

Total

Total.

912,852
1, 230,754
197,869
470,367
2, 414,991
698,871
2,462,827 I
202,447
1,146,915
51, 706 !
32,604 I

2,385
30,853

774, 685
653, 060
300, 412
28, 049
33,347
25, 547
312, 628
2,300
49, 878
288
078, 389
081, 367
46,194
4, 4801

461, 510 301,312 224,142
1, 312, 502
684, 710 409, 084 218, 708
236, 310 107,15(,
423, 908
80, 442
28, 796
102.124
50, 376
22, 952
30, 293
86,877
40,221
363
5, 55(,
2
16,116
10, 558
779, 258 486, 493
1, 354, 728
88, 977
14, 2641
251, 4441
266, 357
649
33, 353 - 17, 667
327, 928|
378, 948
3341
14, 633|
15, 546
579
6, 518, 322 ! 3, 316, 559 1, 918, 070 1. 283, 693
5,163, 506 ;1, 239, 605 2, 310,380 1 613, 521
42,654
96, 727
40, 493
13, 580
22, 341
26,190
3,434
415

17,891
12,973

112, 054
43, 6941

40, 248
55, 882

4,415
32, 000

9,512
9,843

26, 321
14,039

180, 878 45,221
315, 284 166, 200
3,731
4,700
43,145 150,541 !

2, 428
5, 608|
1,399;
455,313
7,812
13, 698

364,205
442, 245
8,297

329, 296
389, 088
7,467

34,812
49, 206
421

97
3,951
409

7,361
153,126

42, 746

4,279
53, 577

3,082
56,803

22, 402

8, 693
23, 472i

934 0, 474, 702 9,825, 602!12, 032, 630' 17, 820,179 8, 272, 563 5, 850, 668 3, 696,

7,192

32

299

6, 861;

1,054

36

122

948

>

3

NATIONAL AND STATE MEMBERS—LOANS, INVESTMENTS, DEPOSITS, AND BORROWINGS ON SEPTEMBER 24, 1930
(Amounts in thousands o! dollars]
All member banks
Central Other
reserve , reserve Country
Total
city i city
banks
banks i banks
Loans—Total
Acceptances payable in United States
Bills, acceptances, etc., payable in foreign countries
Commercial paper bought in open market
Loans to banks—On securities.._
_
Allother..
Loans on securities, exclusive of loans to banks—Total...
To brokers and dealers in New York..
To brokers and dealers elsewhere
To others
Eeal estate loans—On farm land
On other real estate
All other loans (including overdrafts)
Loans eligible for rediscount with Federal reserve banks.
United States Government securities—Total
Bonds
Treasury notes
Certificates of indebtedness
Allother
Other securities—Total—
Domestic securities—Total
State, county, and municipal bonds
Railroad bonds
Other public service corporation bonds
All other bonds
Stock of Federal reserve banks
Stock of other corporations
Collateral trust and other corporation notes.
Municipal warrants
Allother
Foreign securities—Total
Government bonds
Other foreign securities
Demand deposits—Total
Individual deposits subject to check
Certificates of deposit
State, county, and municipal deposits
All other
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
_
With Federal reserve banks—Bills payable
Rediscounts
All other—Bills payable.
_
Rediscounts
__

members
Other
reserve Country
citibanks
banks

24,738,011 |7,_883,2188, 500,409 8,354,384 14,641,945 3^325,014 5^ 134,667 6^182^264! 10,096,066

558,204 3,365,742 2,
155, 076;
3, 364
"73,199," 38,153
"81,877
90, 716
159
114,716
"" 205,432
46, 833
3,523
40,966;
24,872:
22, 060i
11, 423,
3, 579
39,874
78
17, 311
3, 657
16, 094
61,934
64, 459 294, 794 163,876
33, 402 228, 289 136, 443
124, 995:
398,134
27, 433
31,057
66,505
523, 129
41,182
68, 005
87, 732
76,556
10, 569
2,479
57, 580J
8, 090
106,852
174,857
46, 550
18,976
67, 689
101.J518 J>5,031
51, 425 _J.89^18
7,178
77,482' _ 4 4 , 247:1
290, 936 _122,720 116,791
39, 309'
10, _33o,_938 4, 665,~435 3; 354,8812,315,622 5, 430, 566 1, 871, 863 1, 928^283' U)30,~ 420: 4, 905, 372
793, 572 1, 426, 598j _685, 202
437103
"305,
5971
71,729
j
2,471,781 1,947,672 409, 277 114,832 1, 082, 359
- • - 639
—
103,680
242,
705,033
1, 389,422
23,666
64, 766
773, 775 ! 325,275 360, 068
243, 372 156,445!
423, 483
81,903! 203, 623!
88, 432
350, 292
,
618,433
7, 090, 3822, 392, 488 2, 585, 536 2, 112, 358 3,997,915 1,084,9271, 419,063 1,493,92511 3, 092, 467 1, 307561
307,561
84,219 215,606;
387, 366
258'
1,310 1,166, 473 59, 388
87, 283
1. 568 110, 804! 274, 994
300, 083!
26, 585] 571,525
16, 652 531, 0441 633, 568 1, 595, 080
156,829
2, 776, 344 173, 481 1, 397, 770| 1,205, 093 1,181, 264
866, 726,
9, 982, 0752, 571, 781 3, 084,^6914, 325JS25 6,881, 038 1,195,897 2± 178,194J3,506,947 3, 101, 037! , 375,884 906, 4751 818, 678
I7134,981
327, 871 "245/724
56173
3, 812, 169 T, 000, 044 1, 271, 257JT7 540, 868
2, 677,188 ~438T658'i~ 9437386; 17
1,124,964 1,015,208: 1, 283, 708 J>76,777 502, 758 204,173
4,095,270 1^248,1671,627,7221,219,381
978, 204
409, 344 402," 228 166, 632
547,477 945, 258! 872,035
"3, 342, 97411" 956,~82U, 347, 480 1,038, 6672, 364, 770
31,889
89, 378: 105, 497!
87, 513
28,129
76, 089
147, 531;
i 418,4951 163,602; 121,267, 133,626
270, 964
24, 761
85, 200:
36,925
62, 991
67,090
7,986
138,067'
|
284,953'
87,752 152,290:
44,911
23,063
5,128J
751
16, 929
1,551
1,426
19,906
28,942
48,8481 i 39,9921
6,679
2^177
588,887 it^069,604 2, 641^375 2, 339,103
839,829 _728, 692
_j 6,638,969)1^ 5 9 , 4 6 9 1, 909, 433 3JJ70, 067 4,299^866
516, 320l TeO, 263 2," 9 O 4 8 7 2,171,237, 717, 826
6707261
J 5,938,307 | I,234,146 If, 743, 413; 2, 960, 748 j ^ 767^070
1 L
125", 885 308,995 447,094
497,497 ! 195,623 182, 556 119, 318
881,974
.! 1,379,471 321,508! 491, 551 [ 566,412
121,
736
264,
587
674,282
140,819
197,414J
85,305 103,604
.!
938,869
75,678
411,727!
226,124: 515, 331
49, 766 144,418j 604,270
276,173;
798, 454
109,144! 235, 230 730, 253
59, 378
90,812 125,983
J 1,074,627
439,901' 133, 325 164,139 142,437
80,1071 194, 215 616,197!
890,519
J 1,330,420
213, 432 358,354' 758, 634
100, 738
30, 634'
26, 753)
69, 522
34, 391
13,254
43,351
21, 877
-|
170,260,
61,144
52,5U\ 56,605
111,801
48,050!
38,671
461,140
137,321 182,936 140,883
25,080
.,
572,941
162,401 230,986; 179, 554
141, 774
54,450
57,195
8,428
38, 285
76,150
29,437
.!
217,924
30,129
95,480
62, 878
59,566'
49, 650;
128, 781
27, 282
14,117
8,470
.,
181,958:
53,177!
30, 590
35, 752
63, 767
51, 849
82,439
25,077
8,
655!
8,770
2,237
_
2
2
,
0
8
3
38J47
33,090:
17,
4
2
5
•
_
27,314
_
5,015
27,098 __
_!~~70l)7662 J . 2 5 , 3 2 3 _ 166,b20 ! i _4p_9,319
167, 866 _ 5 2 / 7 5 6
56,679
532, 796 _ 7 2 , 567 109,341'
57,930 172,011
23,009
264,226
3472851
63, 924
"80,213
29, 639
27, 565
344", 4391
80,939 1997576
51,411 178,877:
38, 282
33,670
61, 399:
268, 570
356, 223,
87,653
23,117
85,081 209, 743
,953,535,5,522/734,5,362,08 £ 10,320,029; 2,636^976 3,604,\, 664 4^078,389 6,518,322 3^316^559 1/918,070 t,JJ8jU>93
:, 280,463:3,360,577 j 5, 984,080| i, 163,003ll, 745,019,076,058
1:
, 645,014,5,025,48214,436,"635J i 9,123,051 i 2,48~2,
28, 533
48,44lj
21,465
11,957
15,019
26,996|
92, 703
40,490,
42,015! 114,168!
148,232
46,
723
370,
510,
165, 594
65,853
139,063
265,068!
594,170
112,576 404,131 759,7641
905,961
79, 709
115, 291 !
75, 746
18, 969 . 20,576
32,1371
30,939
155,455!
51,106j
51,515
142,785 :
.18, ('57,238

76,865
95, 7131
137,890'
l

» Member banks only, i. e., exclusive of national banks in Alaska and Hawaii.



National banks 1
State bank
Central
I j Central ' Other j
reserve
I1 reserve reserve Country
Total
Total
city j city
banks
city
banks | banks
banks

I
w

g

, 104, 521 !6,120, 338;5,432, 379 11,430,139 3, 224, C90 4,068,611 \4,137, 438 7,227,099 3,880,431 2,051, 727 1, 294, 941
1, 239, 605 2,310, 380 1^613,521
, 090,105J5,159,875J6,694,888 I 8,781,362 _850,50_0 2,,849,4955,081,367
'33, 914
139, 946
13,467
92,565
137,902!" 287,153J 146,94911
432,058 "124,435 194,588 113,035
27, 061
9,137
40, 469
25, 803
14, 767
3,157
55,236
34,940
11,1371!
74,252
112,421, 112,416
31,681
5
202,174
31,686j
13 !
121,452:
89, 758
13
814, 328 3, 770, 970 ! 5,046,290| 6,038, 544
,
160593
""" , ~~
'1,371,443
""'
572,769'1,226,413;
, "~
;
, , "~
160,593 415,317
" 1 K 017 187,929
187929 II 627,619
627619
699, 539
47,040
76,157:1
115,
994!
20, 333
219, 850
69,653
50,219 196,108:1
54, 516;
5,085 "267542
51,238
1,715
87,137 I
6,861
77, 814
52,394 !
62,800
22, 696
83, 051
5, 339|)
4, 469
53
120

267,826 2,022, 745 3, 747,973
38,991 319,244!l,013,208
279,496 217,6131 130,510
9,5251
37,8211
68,648
33,2381
30,864] 155,748
13,4761
39,640
l,400|
4,415
72,414
12, 9731
39,278
53 1
I
4,416

3, 593,044!
588,332
675,166
27, 536
22,349
17,899
54,839
1,043

546,502 11,748,2251 ,298,317
121,602 253,525 213,205
420,043 197, 704
57,419
9,219
7,509
10,'"
19,355
6,415
40,360
7,066
3,685
11, 598
2,446
730
14, 723
9,723
32,000
13,116
120
923

Ox

ALL MEMBER BANKS—CONDITION ON SEPTEMBER 24, 1930, JUNE 30, 1930, AND OCTOBER 4, 1929, BY CLASSES OF BANKS
[Amounts in thousands of dollars]

Si
00

Central reserve city banks

Other reserve city banks

Country banks

Chicago

New York
Oct. 4,
1929

Sept. 24, June 30,

Sept. 2,
1930

J u n e 30,
1930

6, 359,108
1, 090, 788
1,107, 406
8,557,302
612, 674
213, 330
10, 778
49, 015
857, 813
235, 040
105, 940
133,184
864, 872
4,836:
1,757

6, 595, 530 6, 343, 646 1,524,110 1
989, 220 157, 379
1,146, 913
817,418 252, 063
1,055,857
8,798,300 8,150,2841 ,933,5521
690,522
634, 683
78,764
178, 504
204, 607
41, 548
10,347
510
57, 516
57, 777
9,229
734, 532 174, 541
814, 278
331, 978
336, 270
33, 769
156,186
195, 775 165,976
157,108
166, 560
6,986
2,143, 690 1, 648, 608
50,030
23, 477
17,426|
2,251
1,783
1,750
411

1930

Oct. 4,
1929

Sept. 24, June 30,
1930 I 1930

Oct. 4,
1929

Sept. 24,
1930

June 30,
1930

Oct. 4,
1929

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 _

83, 0691

438, 952

477, 900

52,125

77, 672

67,155:

9,914

483, 214 1,, 510,153 8,500,409 8,532,560 9,085,403 8, 354, 384 8, 602,466
225, 627
160,454 152, 664 1,627,722 1,525,296; 1,518,708 1, 219, 381 1,228, 732
361,044
205,140 159,824 1,909,4331 1,793,939' 1,556,""" 3, 370, 067 3,325, 558
193,368
848,8081, 822,64112,037,56411,851,795 12,160,807 12,943,832 13,156; 756 13^ 780,039
61, 277
209,966.
221,143;
218,595
11,448
11,704
11, 398
39, 316
41, 397
437,617
436,227 \ 426,520
538,259
535,732
531, 053
517
508
72,388
68,053!
61,258
114,193
112,078
112,942
9,912
9,952
128,373
136.288J
146,067
283,750
280,285
283, 677
177,178 174,138
772,287
787,4351
766,053
610,350
629,069
647, 083
33, 437
41,256
327,816
334,835;
420,277
102,246
131,929
129,852
150, 653 133, 506 1,219,957 1,132,888!
828,575
970,954
920,650
847, 082
5,566
28, 709
59,628
54,687
46,993
2,649
3,432
4,734
70,700
70, 787
187,468
341,996
330,467
44,545
88,671
82,469
4, 501
3,520
27,929
60,699;
53,046
16,690
29,875
28, 371
310
310
7,571
7,630
7,722
22,865
22,968
23, 013
I
40,943
8,315
80,033
76, 573|
64,108
2,525
1,280
1,264
1
698
12,972
14,443!
20,048
10, 894
11, 880
11, 837
7,718
94,701
83, 389|
54,378
53,084
43,199

.2,187, 659 13,855, 097 12, 726, 6402, 559, 606 2, 454,169 2,409, 771 15, 676, 270 15, 608,081,15,631,16415, 729, 578 15,989, 393 16, 538, 013
LIABILITIES

Capital stock paid in
Surplus-_
Undivided profits—net
Reserves for dividends, contingencies, etc
Reserves for interest, taxes, and other expenses accrued and unpaid
Due to Federal reserve banks
Due to other banks in United States
...
Due to banks in foreign countries (including own branches)
Certified and officers' checks outstanding
Cash letters of credit and travelers' checks outstanding
Demand deposits
Time deposits
,
United States deposits
Agreements to repurchase U. S. Government or other securities sold.
Bills payable and rediscounts:
With Federal reserve banks
Allother
Acceptances of other banks and bills of exchange or drafts sold with
indorsement
Acceptances executed for customers
Acceptances executed by other banks for account of reporting banks.
National-bank notes outstanding
Securities borrowed
Other liabilities
Total
Number of banks.




722, 092.
1,038, 532
340, 289
52, 925
39, 426
2
1,105, 753
564, 568
579,083
17, 232'
4, 908, 589
1, 513, 238
56,410 i
22,362

714,192
1,007,435
47,020
40,388
104
1,310,904
492,926
1, 217,435
27,139
5, 725, 714!
1, 564,324
79,1651
10,453'

6,700
40,353

43,348|
72,3261

458, 049
624, 582
12,034
34, 920

438,952|
626,989
25, 589
34, 791

50,520

738,281 151,000 149, 750 149,050
856, 745
861,187
854,102
996,868
998,212
989,512 124,270 122,170 121,350
867,061
840,342 871,7
874,134
860, 065
291, 516
24, 983
28, 546
25,046
259, 746
249,801
269, 951 380,854
348,380
394,415
45,290
21,096
21,989
20,908
59,687
42,190
59,528
51,001
55, 296
35, 215
40,187
20, 061
20, 369
18,302
72,892
64, 953
48,994
49, 710
39, 517
48,751
19
11,040
11,175
7, 605
36,105
38,497
44,526
940,134 355, 794 370,343 311, 576 1,953,980 1, 774,397: 1, 510,851 401,605
376,012
390, 516
415, 216
22,197
21, 714
20,473
70,898
43, 634
54,407j
2,949
2,719
2,373
1,145, 365
29,118
26,228
25,316
96,195
147, 316
151,860l
67, 545
97,914
87,449
18,038
1,935
2,810
2,147
6,604
6,957
10,366
867
1,074
471
5,129, 6111, 044,946 1,048, 664 1, 086,382 5, 522, 734 5,696,889 5, 793,988 5, 362, 082 5, 590, 710 5, 927,497
1,373,642! 576,867 498,686 464, 395 5,159,875 5,047,8941 4, 711, 720 6, 694,888 6, 701, 074 6, 767,892
70, 770
5,074
16,327
8,955
135, 927
165,805
142,1021
59, 774
£0, 54"
62, 577
83, 379
500
53, 615
10,887
19,993!
4,895
6,718
11, 596
96, 799
477,900
683,669
26, 795
34,245
g
57, 780

100
22, 500
52,125
79, 790
133
8,225
14,628

40,943i
63,130
263
6,200
1
28,172

45,119
2,700

27,403
22,816

41,887j
18,692

512,422
53, 638

138, 375
57, 733

188, 645
70, 072

273, 287
97, 450

8,315
68,351
979
6,090
698
15, 747

80,033
215,406
4,152
150, 541
12, 972
77,049

76, 573;
225,125!
7, 713!
151, 656,
14,443 l
79,908,

64,108
221, 987
11,171
151, 501
20,048
79, 690

2,525
9,559

1,280
10, 332
1,433
456, 451
11,880
69,840

1,263
10, 663
1,455
448, 774
11,837
61, 729

455^ 313
10, 894
70, 501

12,187,659 13,855,097 12, 726, 640 2, 559, 606 2,454,169 2,409, 771 15, 676, 270 15, 608, 081!15, 631,16415, 729, 578 5, 989, 393 6, 538,013
52)

57

16

16

18

421

430;

469

7, 757

7,817

8,072

g

1
W

d
r1
2

ALL MEMBER BANKS—LOANS, INVESTMENTS, DEPOSITS, AND BORROWINGS BY CLASSES OF BANKS
[Amounts in thousands of dollars]
Central reserve city banks

Loans—Total
Acceptances payable in United States
Bills, acceptances, etc., payable in foreign countries
Commercial paper bought in open market
Loans to banks—On securities...
All other
Loans on securities, exclusive of loans to banks—Total..
To brokers and dealers in New York
To brokers and dealers elsewhere
To others.
Real estate loans—On farm land
On other real estate
All other loans (including overdrafts)
Loans eligible for rediscount with Federal reserve banks
United States Government securities—Total
Bonds
Treasury notes
Certificates of indebtedness
Allother
_._
Other securities—Total
Domestic securities—Total
State, county, and municipal bonds
Railroad bonds
Other public-service corporation bonds
All other bonds
Stock of Federal reserve banks
Stock of other corporations
Collateral trust and other corporation notes
Municipal warrants
Allother
Foreign securities—Total
Government bonds
Other foreign securities
_
Demand deposits—Total
Individual deposits subject to check
Certificates of deposits
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
With Federal reserve banks—Bills payable
Rediscounts
All other—Bills payable
Rediscounts




Sept. 24,
1930

J u n e 30,
1930

6,359,108
148,160
27, 632
22,055
52, 567
116,441
3,745,304
1,714,404
86, 332
1,944, 568
23
157, 381
2,089, 545

^ ^ ^
143,756
29,127
35,455
77,726
117,911
3, 905, 525
1,882, 787
68, 407
1,954,331
35
156, 766
2,129, 229

797, 555

1, 004,217

Oct. 4,
1929

955, 658
183,639
187, 550
87,994
214,105
51, 945
163,834
43, 594
8,379
14,618
100,199
51,688
48,511

51, 226
51,963
4,908,589 5,725,714
4, 650,402 5,330.604
30,813
37, 528
123,257
68,062
241,040
152, 597

Sept. 24,
1930

J u n e 30,
1930

0

t

4

1929'

i Sept. 24,
1930
!
1Q
™

6,343,646 1,524,110 1,483,214 1,510,153 8,500,409
1,579
1, 320
58,782""
6,916
46, 833
19,149
3, 682
32,964
17, 311
13,334
55,866
3,684
42,404
294,794
8,374
42, 746
76,556
35,165
301,744
116,791
_6,_279
7,065
819,879 3^354, 881
3, 040, 326
920,131" 815,920
••
4097277"
58,764
99, 499
1, 095, 662
233, 268
46, 280
238,943
228, 948 257,080 i 360,068
1, 898, 384
447, 920
487, 473 504,035 2,585,536
1, 545
1,840 ' 110,804
920
1,832
174, 861
16,100
19,143 |l,397,770
17, 575
2, 725, 675
482, 236
521,482 592,286 3,084,669

784,564 1,168,31

1,090,788 1,146,913
875,797 958,833
139, 774
77, 448
55,154 110,632
20,063
1,107,406 1,055,857

Other reserve city banks

J89.220
731, 723"
226, 055
21, 764
9, 678
817,418
745, 619
130,311
139, 833
61, 638
137, 335
51, 766
155,320
25,148
18,495
__25, 773
71,7^9

202, 489_
81, 024
23,828
32, 598
19,929
229, 929
52, 367
12,004
20,057
26, 348
8,263
5,963
8,940
80,811
15,176

225, 686
160,454
"128,830
26, 327
4, 797
500
205,140
186,377
30,188
10,533
18, 596
29,129
8,132
5,114
1,653
70, 390
12,642

22,134
18/763
11,849
12, 698
40, 797
9, 436
31,002
6,014
5,129,611 1,044,946 1,048,664
4, 800, 540 994,612
989, 372
2,962
2, 711
23, 675
44, 514
54,487
75,125
2,094
2,858
230, 271

251,120
152,664
115,995
33, 9] 3
2,214
542
159,824
14S, 694

J u n e 30,
1930
8^532,560
"16,683
18, 781
245,079
99, 085
128, 464
3,347,918
253, 098
431, 364
2, 663, 456
110, 277
1, 394, 282
3,171, 991

.1,271,257 1, 274,966
1,627,722 1^525,296
1,347,486 1, 218, 546
i 121,267
201, 707
•• 1 5 2 , 2 9 0
102,719
!
6,679
2,324
1,909,433 1,793,939
1,743,413 1, 629, 496
449, 358
206,438
230,503
342, 309
52, 501
227, 380
74, 742
30, 308
15, 957

164,443
84,997
79, 446

i 15, 587,184 1, 231,346 1, 232, 542 1, 217,021 6,120,338 6,140, 653
5,873,175 |
1,513,238
j464,395 5,159,875 5,047,894
1,373,642 576,867
16,174
"17,198"
287,753" 319, 579
20,250 120, 704
~72,400
50,128
46,980
15, 504
34, 940
22,168
38,400
39, 732
183,979
92,
942
32,729
31, 686
9,928
17, 879
169,445
642,881 641, 737
79,090 106,700
548, 272 548,009
17, 597
16, 620
47,053 JL15,674
4,985
42, IOO
1,715
1,248
40,300 | 72, 300
53
26

Country banks

Chicago

New York

633, 232
79, 503
482, 634
18,101
165, 282
64, 937
3, 546
85, 624
11,175

100
~22,"506~

Oct. 4,
1929

Sept. 24,
1930

J u n e 30,
1930

9,085,403 8,354,384 8,602,466
6,191"
7, 650
27,360
4,381
71, 303
170, 992
10,609
225, 373
51,701
3,462,110
2, 355,990
!
354,085
129, 351
, 510,314
90,115
2,597,711
2,136, 524
i 110,114
273, 892
1,360,299
1, 200, 639
|3, 822, 653
4,526, 612

Oct. 4,
1929
9,225,627
26,814
5,555
144, 213
44,865
2, 671, 452
376, 375
125, 394
2,169, 683
279, 202
1,206,119
4, 847,407

1 ^ 4 5 , 6 5 3 1, 540,868 1, 619, 733 1, 733,150
1,518,708 ,219,381 1,J28,732 17361,044

1,123,150 1,038, 667 1,033," 625 1, 021,"316
203,744 133, 626 157, 442
201,109
123, 545
103,869
44, 911
36,256
68, 269
34, 750
2,177
1,409
1,556,696 373707067 j 3,325,558 3,193,368
h A2(S>1!4 2, 960, 748 2, 920, 319 2, 794, 475
555,057
568,855
"398,681
475,773
515' 331 509, 516
161, 238
653,554
730,253
710,594
177, 459
752, 398
758, 634 755, 246
320, 222
56, 208
50, 700
56,605
56,927
140,100
203,337
179,554
169,089
65, 371
62, 914
62,878
60,947
65,653
63, 767
61, 498
31,958
27, 314
27,647
30, 361
19, 605
130,582 409,319 _405,239
398,893
61, 341 199, 576 197, 685
193,496
69, 241 209,743
207,554
205, 397
5,362^082 15,590,710 5,927,497
5, 286,897 4,436,635 14,495,793 5,040, 789
33,222 114,168 i 120,574
128,479
405, 242 759, 764 | 920, 768 705,284
68, 627
51,515 ! 53, 575
52,945
6,150, 537 \5, 432, 379 J5, 650, 6545,996, 858
4,711,720 !6,694, 888
6,767,892
258,123] 146,949
145,091
140,322
35,176 I 11,137
7,439
6,824
9,521
13
671
14

184,070 3, 770,970 3, 773,169 3, 653,139 5,046, 290 5,095,662
572, 769
56,334
1, 226,413 1,213,951
478,376
415,317
117,893
378,469 325, 970 187, 929 167,173
47,040
41, 423
76,157
1,602
71,087
42, 022
47,819
50,219
196,108
60,579
566,060
30,019
51, 238
20, 542
77,483
28, 243 336, 697
15,100
87,137 111,162
6,861
13, 644 175, 725
2,700
49,117
52,394
17, 905
22, 696
64, 984
4,521
5,339
5,088
787
120

5,133, 279
1, 219,007
209, 546
58, 900
370,737
152,012
121, 275
89,301
8,149

I
W
F
H

3

CO

ALL MEMBER BANKS—CONDITION ON SEPTEMBER 24, 1930, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars)
Federal Reserve District
Total
Boston

New
York

Philadelphia

Clevel d
land

Richmond

Atlanta

Kansas Dallas San FranChicago St. Louis Minnecisco
apolis
City

EESOURCES

Loans (including overdrafts)
24,738,011
4,095,270
United States Government securities
6, 638, 969
Other securities
_..
35,472,250
Total loans and investments
Customers' liability on account of acceptances
_. 912, 852
Banking house, furniture and fixtures
1. 230, 754
Other real estate owned
197, 869
470, 367
Cash in vault
.2, 414, 991
Reserve with Federal reserve banks
Items with Federal reserve banks in process of collection. 698,871
2, 462, 827
Due from banks in United States
Due from banks in foreign countries (including own
202, 44^
branches)
Exchanges for clearing house and other checks on local
banks
._. 1,146,915
51, 706
Outside checks and other cash items
Redemption fund and due from United States Treasurer. _ 32,604
Acceptances of other banks and bills of exchange or drafts
592, 732
sold with indorsement.
23, 866
Securities borrowed
242, 062
Other assets
_
_
Total .

46,153,113

768, 264 3,642,179 899,433
881, 573
1,808,162 8, 595,139 1,814, 241 2, 299, 809
514, 973
133, 54r 486, 689
195, 564
126. 703
237,405 1,367,087
106,049
715, 001
150,731 837, 637 283, 096
726, 765
537,892 2,130,493
197, 441
2,583,45912,092,1,719 2,736,570 3,529,783 1,205,717 1,052,537 4,966,505 1,288,578
18, 672
10,465
25, 4591
98, 954
76,699
" • 289
5, 508
624,
2,941
150, 281
57, 523 178, 676
106, 945
62, 676
71, 606
333, 055
40, 496
30, 243
15, 755
24, 070
24,373I
15,327
8,163
26,411
13, 054
24, 903
69,146
37. 515
24, 161
34, 372
99, 643
20,410
198! 747
60, 519 335, 53!
142, 720
65, 079
146, 499 1, 022, 510
74, 418
70, 770
80, 25;
31, 4981 18, 904
55,797
277, 985
43, 523
30, 760
223, 062
110,915 132, 270 409,499
117,148
254, 417
161,814
124, 674

514, 557 741,322
173, 047
130, 71
227, 075 245, 969
872,3441 ,160,338
20
141
42, 242
26, 815
7, 500
5,589
25, 341
16, 648
87, 649
49, 433
30, 519
6. 734
141, 755 285, 269

649,457 2,123, 875
129, 200
494, 299
89,432
497, 437
868,089 3,115,611
4,342
45, 362
47, 236
113, 203

9,735
22, 091
62, 594
22, 523
190, 488

17, 649
41,438
169, 291
29, 605
311,516
11,871

28,039

135, 376

4,164

2,592

5,443

1,239

10,211

1,421

990

721

380

23,313
2.201
2,210

878, 268
7, 779
4,-'"

33, 232
1,584
2,709

24, 907
3, 495
3,826

10. 382
1, 863
2,458

9,640
2,296
2,37

78, 35'
12,666
4, 59'

11, 083
1, 686
1, 592

7,882
2,738
1, 326

13, 936
3, 479
1,578

7,832
2, 291
2, 248

48, 083
9, 628
3,155

27, 738
248
13, 38'

475,612
480
103, 055

6,334
323
22, 868

8, 650
7, 674
25, 003

903
7,101

1,476
1, 996
3,951

58, 100
2,613
25, 341

786
7,218
5,514

71!
9,16l!

1,034
2,769

121,
443
1, 907!

12, 995
863
21,405

1
3,190,879 16,336,667 3, 350.193 4, 352,404 j 1,549, 893| 1,395,851 6, 354, 520 1, 624, 631 1,141, 658 1, 662, 422J1, 242, 320 3, 951, 675

g
i

LIABILITIES

Capital stock paid in...
2,728,664
Surplus
2,903,258
Undivided profits—net
1,009,435
Reserves for dividends, contingencies, etc
185,602
Reserves for interest, taxes, arid other expenses accrued
182,397,
and unpaid
Due to Federal reserve banks
47,147
3,817,132;
Due to other banks in United States
Due to banks in foreign countries (including own
660,612:
branches)
771,941:
Certified and officers' checks outstanding.
26,fi38
Cash letters of credit and travelers' checks outstanding...
16,838,351'
Demand deposits
13,944,868'
Time deposits
257,185i
United States deposits
Agreements to repurchase U. S. Government or other
38,144,
securities sold
_.
Bills payable and rediscounts:
172,578'
With Federal reserve banks
143,402i
Allother
Acceptances of other banks and bills of exchange or drafts
592,732
sold with indorsement
929,337:
Acceptances executed for customers
Acceptances executed by other banks for account of
18,127'
reporting banks
648,999
National-bank notes outstanding
23,866'
Securities borrowed
212,698'
Other liabilities
.._..
_
Total
Number of banks.




46,153,113
8,246

64,1251
35,8891
17,057!
3,138|

196,277
940,311
181,405 1,267,192
77,445
448,070
14,654
68,646

184,065
374,816
87,096
14, 568

232.891
293,353
83.223
18,730

107,586
82,382
31,654
6, 497

103,891
71,502
22,53'
2, 962

370,132
295,88"
97,705
35,148

110,405
63,279
27,474
5,54'

93,682
44, 704
26,193
3,201|

93,528!
47,9111
29,045!
3, 332!

231,765
144,938
61,936
9,179

15,320
58,382
6,643
13, 457
166,878 1,212,270

11,432
6, 453
248,466

20,282
4, 779
392,61

7,090
4,071
120,734

4,798
1,920
120,085

32,720
3,369
568,887

4,310
5,791j
4,548
69
104
151, 720 ~ 165,4211 254, 410

3, 368!
l,372j
140,0221

14,356
4,910
335,027

5,515
5,049
23,725
566,926;
10, 446
13,78:
17,758
592,822|
83
569
3,949
17,756!
1,264,250 6, 244,020 1,090,545 1,387,584
1,026,784 3,433,075' 1,161,258 1, 724, 543
18,129
22,773
25, 525
70,328i

1,253
8,563
92
505,815
567,161
22,655

26,817
4,36'
49, 085
6,066
2,319
68
2,290,
504
489,204
434,902 2,232,621
18,989
31,660

409
10,165
63
601,309
534, 976
4,610
8,010

2,045

22, 564j

95

1,210

247

222

1,929

10,241
6,501

24,447
44, 998

14,686
12,170

15, 920
6,922

18,785
6,818

24,986
8,850

15,412
34,350

17,018
11,741

27,738
77, 450

475,612
634, 462j
I
13,538!
88, 860!
480
98,451

6, 334
24,108

8,650
18, 704

862
5,494

1,476
12,843

58,100
99,774

78f
2,919

2,122
54,982
323
22,501

164

76,031
7,674
6,845

119
48,838
903
2,274

321
47,182
1,996
3,353

193
91,609
2,613
25,757

35
31,628
7,218
30,667

930
44, 59'
248
10,613

I

23,752
l,41l|
299
1,089:
28,309
9,034! 13, 087 12,219
12|| 1,620
84
23,
408,469: 775,732 581,6821 1,199,237
455,760 398,047 235,765 1,739,916
14,924
4,885 20,468
2, 239
203 j
4,072
713

374

1,076

169

8,769
576

12,053
5,826

6,189
3, 937

121
6,747

12,995
46,715

44,789
443
1,130

656
62,711
863
7,571

49]
26,384| 31,388
711 1,034
2,005; 1,531

3,190,879 .6, 336,667! 3,350,193 4,352,404 1,549,893 1,395,851 6,354,520 1,624,631 1,141,658; 1,662, 422 1,242, 3203,951,675
398

922i

755

767

485

407

1,118

549

657

716

592

I
K
w

ALL MEMBER BANKS—LOANS, INVESTMENTS, DEPOSITS, AND BORROWINGS ON SEPTEMBER 24, 1930, BY DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve District

Total

Loans—Total..
Acceptances payable in United States..'.
Bills, acceptances, etc., payable in foreign countries. __
Commercial paper bought in open market
Loans to banks—On securities
All other
Loans on securities, exclusive of loans to banks—Total
To brokers and dealers in New York
To brokers and dealers elsewhere
Toothers
.
Real estate loans—On farm land.
On other real estate
All other loans (including overdrafts)
Loans eligible for rdiscount with Federal reserve banks
United States Government securities—Total
Bonds
Treasury
notes..
.._
m
Certificates of indebtness.
All other
Other securities—Total
Domestic securities—Total
State, county, and municipal bonds..
Railroad b o n d s .
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
F o r e i g n securities—Total

Government bonds
Other foreign securities
D e m a n d deposits—Total
Individual deposits subject to check.
Certificates of deposit
State, county, and municipal deposits..
Allother
Net demand deposits
„
T i m e deposits—Total
States, counties, and municipalities
Banks in United States
Banks in foreign countries
Other time deposits—•
Evidenced b y savings pass books
Certificates of deposit
Open accounts, Christmas savings accounts, etc
Postal savings
Bills payable a n d rediscounts—Total
With Federal reserve banks—Bills payable
Rediscounts
All other—Bills payable
Rediscounts




• Boston

New
York

J Philaj delphia

I

Cleveland

Chicago

24,738,011| 1,808,162 8,595,1391, 81*,241 , 299,809 881,573 768,264)3,642,179
258
7, 560;
1, 265
"874
25
| 205,4327 "2279817 148,626'
13, 741:
2, 026
61,934'
1,952
28, 424i
1, 050
175,1
3, 427
_j 523,129!! 89, 264' 58, 695
94,254
22,3551
9,962
29,725
63, 271
J 174,857j. 11,172
4, 959!
48, 888
4, 857
54, 234
17, 270
13,933
| _ 290,936i
18 582
19,537
18,
582|
28, 450
_
15,400; 118,4511 __1_2,778
11,208
j 10, 335,938jj~ ^745^879 4 , j 1 ~728J292 977,160
188,115 1,529,616
2,471^781' ~ 111, 952i 1,795, 012 " " 48,648 86,407
11,035!" 18, 703 251,806
65, 252
14,143j
14,951 288, 250
I 773,775!; 87,739 104, 327 78,412
989,560
j 7,090^382 546,188 2,722,953' _601,232 _825, 501 233^303'
8,634
13,799," 13,849
387,366:!
31,102 "~ 18,108|" "247825
2, 776, 344 272, 5171 542, 887 226, 702 467, 062 50, 9031 52, 594
9.982,075:| 640,363 3,007,731! 751, 731 763, 967 507, 985; 456,561 1,376,809
j 3, 812,169,, 233, 478 1, 090, 205 j 258, 888 232, 509 186,485! 183,440 529, 919
"470957270 "23T7405 iTp^TbW7195,564 75U7973 "1267703;" T337542 J^67689
._ |"3,342.974 207,475 1,104,698" 172,481 " 4757769 100,5611'
"100, 629 318, 969
26,194
15. 085, 173, 548i
14, 889
8,875 67, 081
6, 858:
418; 495;
14,845|
67,454!
8,115
12,978
24,012 80,589
19,2831
284,953 i
32
26 20, 050
I
21,387
11
48, 848 i'
"837,637!
| 6,638,969 537,892 2^ 1307*937 726J65 715,001 197,4411
] 5,938,307 ^471,905,1, 900,158!" 645, 796 _634, 210
755, 639,
"66,'
700
37,872
1,379,4711 j
19579891
97,053
39175597
938,869j| 74, 337 402,1261 143,130 113,405
62, 813'
1,074,627 153, 456 313, 279 j 169, 397 100, 903
143,911!
:
1,330,420 100, 520; 372,194! 145,108 198, 556
173,321!
16, 775 15, 813
11,7991 66, 339|
20,116
I 170,260
18,508!
572, 941 61, 808! 265, 490; 58, 631 60, 594
36, 494 37. 512
15.168;
25, 679;
217. 924
64, 370
3,158
12, 9361
91,
032|
181,958
5,408
10, 843'
24, 270'
6, 403 j 4,666
j
71,837 _ 4 > 0 0 9 ! _13, 958j
'

700, 662

657987'"" 23M357 80, 9691

0, 791

j 3447439 I 29, 056 109, 575! 38, 002 37, 516!
• 356, 223; 36, 931 120, 760' 42, 907 43, 275|
16,8387351172647250!67244,010 l70907545 1,3877584
_ llo, 107,131 1,173, 352 5, 754, 350. 992, 770 171,447
.I 196,673
14, 458
13,907
51,372'
7,030
J : 1.276,471
61,700 274,149 i 78,532 184,317
_ 258,070
15,225| 104,149,
11.601 J 7 , 362j
1827753 l" •5J37OOOJ
18,657,238 , 321,040!7, 23
137944,868 , 026, 784 3,433,0751, 161,258 T ^247543)
7.6321
64,0937 "18,581
'"~" 5727004
80", 0"S7
I 101,313
2,120
43,855
2,085
2, 370
I 233,873
18,3311 169,450;..
j
I 9,631,588 764,678 2,315,5071 879,057 1,311.002
j 1,959,775
108,701 215,373
'<
1,302, 785
88,277 107, 998 j
| _143^530
3, 357
J\ 707 ||
j 3157980
22,842)
_69,J45!_
:
76,865
11,094
10,003!
:
95,713
8,444
4, 2261
j 137,890
6, 390
44, 5801
5,512

412i

520

505,815
457,044
5, 255
39,217
4, 299

Dal]as

_282,_378
"16, 728
28,16S
237,482

158, 223 __241, 214|

106,049
86,001
11, 315
5,246
3,487

112,522!
14, 707i
3,432

530,281 _508, 334j2, 520^233' 644,609
567,161 434,962,272327621 j>34,976 j
"15,071
18,951 "~i46~7l79i" 18,348
3,089
3,059
1,945
20,358 :
32,729 .
419,813
96,573
28,088

M27

257603
6,003
12,722
6,052
766

1,404,2161 281,725
407,596' 202,042
204, 364i
22, 811
6,991
17,179!
497762
4,511
9,628!
9,152
20, 475
5, 784'
7,866
7,997 33,524
11,207

853

J>49,457 2,123,875
487|
1,772 ~~ 20,063
364:
790
9,386
23, 263
42,166
9,937
3,244
790
1,488
4,214
__6,459
_ 9'421
591,296
J_2J7349_! 7160,904
87, 529
267224
7",454i
71,427
8,256
6,928
432, 340
112,967 J 26, 424
107,914
21,031
25, 270
524, 290
22, 304
20, 479
821,302
310,096J 481, 232

198,197

283,096
257,150
"69,069
26, 789
40,171
58, 862
5,232
41,012
7,017
5,437
3J561
11,449
81^998:
25, 946
42,
313J
6, 134]
13, 940
39, 685!
12, 006
1:897204 j 2,290,504 601,309
4137319127006, 547 529,254
5,409
29,837
10,687
66,701 182,026
58, 425
3,715
12,094'
2,943

534

San
Francisco

51

133, 630
30,145
6,933
2,339

205,849
129,200|
9"5,"236
13, 569
19, £08
487

293, 702
494,299

_245,969 89,432 497,437
225,787 83^734 4507251
lOO, 959 " 28, 094 267,829
20, 748
31,159
3,537
19, 076
50, 527
5,184
44,126 23, 032
65,135
4,T~
11,335
4,349
13,170
8,476
6,633
2,184
1, 839
2,823
11,897
9,318
16, 921
1,748
1,709
3,666
47,186
31,611
5, 698
20.182
30,448
14,415
11,388
3,267
16, 738
8,794
17,196
2,431
775,732! j>81,682 1,199,237
636,421 503,990 1,078", 128
9,895
11,383
24.327
98, 928
62,075
106,944
12, 286
4,234
8,040 :
425,680 809,735, 599,023

408,469
330,503
12, 447
63,391
2,128

398^0471

6,167 "25,19111
113
7,448
201,535
151,190
9,335
20,079

'-|
185,9591
116,743;
49, 540!
20,501 :

J
18,031
706
13

166,398 1,363,706
34,170 112,334
11,017
68,943
5,430
14,951
17,879

431
3,638
668
45

10,126

g
i
w
f

FEDERAL RESERVE DISTRICTS

OKLA.
Oklahoma City

ATLANTA
\ &
m
Birmingham

DALLAS®
TEXAS

—
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
——BOUNDARIES OF FEDERAL RESERVE. BRANCH TERRITORIES
® FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
O FEDERAL RESERVE BANK AGENCY