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