Full text of Federal Reserve Bulletin : October 1929
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FEDERAL RESERVE BULLETIN OCTOBER, 1929 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Crop Movement and the Credit Situation Condition of All Banks in the United States UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1929 FEDERAL RESERVE BOARD ROY A. YOUNGj$jGovernor. Ex officio members: EDMUND PLATT, Vice Governor. A. W. MELLON, Secretary of the Treasury, Chairman. J. W. POLE, Comptroller of the Currency. ADOLPH C. MILLER. CHARLES S. HAMLIN. GEORGE R. JAMES. EDWARD H. CUNNINGHAM. WALTER L. EDDT, Secretary. WALTER WYATT, General Counsel. J. C. NOELL, Assistant Secretary. E. M. MCCLELLAND, Assistant Secretary. W. M. IMLAY, Fiscal Agent. E. A. GOLDENWEISER, Director, Division of Research and Statistics. J. F. HERSON, Chief, Division of Examination, and Chief Federal Reserve Examiner. CARL E. PARRY, Assistant Director, Division of Re» search and Statistics. E. L. SMEAD, Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL District District District District District District District District District District District District No. No. No. No. No. No. No. No. No. No. No. No. 1 (BOSTON)., 2 ( N E W YORK) 3 (PHILADELPHIA) 4 (CLEVELAND) 5 (RICHMOND) 6 (ATLANTA) 7 (CHICAGO) 8 (ST. LOUIS) 9 (MINNEAPOLIS) 10 (KANSAS CITY) 11 (DALLAS) _.- ARTHUR M. HEARD. WM, C. POTTER. L. L. R U E . HARRIS CREECH. JOHN POOLE. _ J. P. BUTLER, Jr FRANK O. WETMORE, President. _ . W. W. SMITH. THEODORE WOLD. P. W. GOEBEL. B. A. MCKINNEY, Vice President. 12 (SAN FRANCISCO) F. L. LIPMAN. WALTER LICHTENSTEIN, Secretary II OFFICERS OF FEDERAL RESERVE BANKS Governor Chairman Federal Reserve Bank o— f Cashier Deputy governor W. Willett. J. W. Jones.1 1 Ray M. Gidney. J. E. Crane.1 W. B. Matteson.1 C. H. Coe.1 C. A. Mcllhenny. W. G. McCreedy.1 H. F. Strater. Geo. H. Keesee. John S. Walden, jr.* M. W. Bell. W. C.Bachman.» K. C. Childs.* J. H. Dillard.» D. A. Jones.* 0. J. Netterstrom.' A. H. Haill.2 F N Hall 2 2 S. F. Gilmore. G. 0. Hollocher.2 C. A.Schacht.* Gray Warren. Frank C. Dunlop.* J. W. Helm. Fred Harris. 1 W D. Gentry. Wm. M. Hale. W. W. Paddock J. H. Case L. F. Sailer E. R. Kenzel A. W. Gilbart L. R. Rounds Wm. H. Hutt M. J. Fleming Frank J Zurlinden C. A. Peple R. H. Broaddus Hugh Foster Creed Taylor C. R. McKay John H Blair Boston New York Frederic H. Curtiss G. W. McQarrah W. P. G. Harding Qeo. L. Harrison Philadelphia R. L. Austin George DeCamp Wm. W. Hoxton Geo. W. Norris E. R. Fancher Oscar Newton Wm. A. Heath Eugene R. Black J. B. McDougal St. Louis Rolla Wells Wm. McC. Martin 0. M. Attebery Minneapolis Kansas City Dallas San Francisco John R. Mitchell W. B. Geery M. L. McClure C.C.Walsh Isaac B. Newton W. J. Bailey Lynn P. Talley Jno. U. Calkins Harry Yaeger H. I. Ziemer C. A. Worthington R. R. Gilbert Wm. A. Day Ira Clerk Cleveland Richmond Atlanta Chicago George J. Seay i Assistant deputy governor. • Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank o— f New York: Buffalo branch Cleveland: Cincinnati branch Pittsburgh branch Richmond: Baltimore branch Charlotte branch Atlanta: New Orleans branch Jacksonville branch Birmingham branch Nashville branch Chicago: Detroit branch St. Louis: Louisville branch Memphis branch Little Rock branch Managing director 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 o— f 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. W. 0. Ford. D. P. Reordan. 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 cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. in TABLE OF CONTENTS Fag« Review of the month—Crop movement and the credit situation Changes in reserve bank portfolio—Acceptances outstanding—Growth of member bank credit— Growth of commercial loans—Farm income. Condition of all banks in the United States on June 29, 1929 National summary of business conditions 657 660, 698-701 661 Financial, industrial, and commercial statistics: Reserve bank credit and factors in changes 662-664 Analysis of changes in monetary gold stock 663 Discount rates and money rates . 665, 666 Member bank credit 667 Bankers' balances . _ 668 Bankers' acceptances and commercial paper outstanding _ 668 Brokers' loans. __ 668 Commodity prices, security prices, and security issues 669 Production, employment, and trade 670 Industrial production 671 Factory employment and pay rolls 672 Building _._ 673 Trade and distribution 674 September crop report, by Federal reserve districts 675 Bank suspensions 697 Financial statistics for foreign countries: Gold holdings of central banks and Governments __ 676 Gold exports and imports ; 676 Condition of central banks _ 677, 678 Condition of commercial banks 679 Discount rates of central banks 679 Money rates -680 Foreign exchange rates 681 Price movements 682-684 Law department: Opinion of Attorney General relative to the establishment of branches in foreign countries by State member banks 685 Changes in National and State bank membership 687 Fiduciary powers granted to national banks 688 Detailed banking statistics for the United States IV 689-697 FEDERAL RESERVE BULLETIN VOL. 15 OCTOBER, 1929 REVIEW OF THE MONTH Growth in the volume of reserve bank credit since the early part of August has been in approximately the same volume as has been usual Changes in re- ^ or ^ s s e a s o n i*1 recent years. serve bank port- Between the end of July and 0 10 the end of September the total increase in reserve bank credit outstanding was about $100,000,000, an amount approximately equal to the increase during the period in the demand for currency. The additional demand for reserve bank credit was met through the purchase by the reserve banks of acceptances in the open market. Following upon the reductions in July and August in the buying rates on bills, there was a rapid growth in offerings of acceptances to the reserve banks, and bill holdings of these banks increased by more than $200,000,000 from the first of August to the last of September. There was also a further inflow of about $30,000,000 of gold from abroad, bringing the total additions to the country's stock of monetary gold since the beginning of the year to about $230,000,000. As a result of bill purchases by the reserve banks and the inflow of gold, member banks were in a position to meet the seasonal demands upon them without increasing their borrowings at the reserve banks; in fact, the total of discounts for member banks decreased by about $120,000,000 during August and September. As a consequence, the financial requirements of the cropmoving season have been met with little increase in rates charged to commercial borrowers. Increased purchases of acceptances by the reserve banks in recent weeks coincided with a growth in the total volume of 1 CeS outstanding American bankers' acceptances outstanding, which reached $1,200,000,000 on August 31. This volume, as is shown by the chart, is about $250,000,000 No. 10 larger than on August 31, 1928, and more than $400,000,000 above the level for the corresponding date in 1927. The greater part of this increase has occurred in dollar acceptances created to finance goods stored in or shipped between foreign countries, which accounted for a total of $315,000,000 at the end of August this year as compared with $152,000,000 and $72,000,000 on the same date in 1928 and 1927, respectively. There has also been an increase as compared with recent years in the volume of MILLIONS OF DOLLARS MILLIONS OF DOLLARS AMERICAN BANKERS ACCEPTANCES OUTSTANDING 1200 1000 1200 N 1928 1000 800 800 (600 J600 Jan. Feb. Mar. Apr. May June July Au§. Sept. Oct. Nov. Dec. End-of-month figures reported by American Acceptance Council bills created to finance export and import transactions and to furnish dollar exchange. Acceptances falling under the latter classification showed the largest relative increase for the year. During previous years the volume of such bills averaged about $25,000,000, but on August 31 of the present year were outstanding in the amount of $63,000,000. The increase in this type of acceptances appears to indicate a growing demand for dollar exchange by such countries, mostly in South America, as 657 658 FEDERAL RESERVE BULLETIN are permitted under the provisions of the Federal reserve act and the rulings of the Federal Reserve Board to draw acceptances on American banks for the purpose of obtaining exchange. The chart indicates that the increase in acceptances outstanding started earlier this year than in the two preceding years and up to the end of August was considerably larger than in those years. It appears, therefore, that dollar exchange has financed a larger proportion of world trade this year than in other recent years, with the consequence that foreign money markets have been relieved of a corresponding demand for credit from this source. During recent weeks there has also been a growth in loans and investments of member Growth of banks, as indicated by reports member bank from banks in leading cities. c r e !t The increase was largely in the form of commercial loans, which increased by $240,000,000 between August 7 and September BILLIONS OF DOLLARS 10 BILLIONS OF DOLLARS MEMBER BANKS IN LEADING CITIES 10 OCTOBER, 1929 however, represented entirely additions to funds loaned in the market by lenders other than domestic banks. A growth of bank loans for commercial and agricultural purposes is usual at this season Growth of of the year, but this year it commercial has been in somewhat larger loans volume than in the two preceding years, as is shown by the chart. The more rapid growth in commercial loans this year than in other recent years may be due in part to an earlier movement of wheat to market and an accumulation at the distributing centers. Marketing of a large carry-over of wheat on farms and of the new crops of winter and spring wheat, at prices generally higher than prevailed a year ago, has been an important factor in the increased demand for commercial loans. The following table, based on price data compiled by the Department of Agriculture combined with estimates of the visible supply, shows for the end of June, July, and August for the three most recent years the value of visible supplies of wheat: VALUE OF STOCKS OF WHEAT IN CENTRAL ALL OTHER LOANS ( Largely Commercial ) 1927 End o— f June July August Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 18, while the banks continued to reduce their holdings of investments, and there was also a slight decrease in loans on securities. The demand for credit from the securities market continued to increase rapidly, and brokers' loans on September 25 were $800,000,000 above their level at the end of July. This growth, 1928 $37,900,000 52,100,000 98,100, 000 $57,500,000 69, 800, 000 100,400,000 MARKETS 1929 $98, 800,000 185, 700, 000 240, 500, 000 Throughout the summer the value of wheat carried at central markets this year has been much large than in the two preceding years, and at the end of August the increase over last year amounted to $140,000,000. Earlier marketing of wheat is indicated also by weekly figures of car loadings of grain and grain products. The cotton crop, which comes to market later than wheat and bulks larger in the total demand for credit in the autumn, is being marketed earlier than last year's late crop, with prices at approximately the same level as a year ago. Ginnings of the new growth prior to September 16 were 3,353,038 bales—852,257 bales more than last year and about the same OCTOBEB, 1929 FEDERAL RESERVE BULLETIN 659 as in 1927. Stocks of butter and poultry were now substantially above last year. Farm larger than usual at the end of August. Total prices of fruits and vegetables, notably potavalue of stocks of 14 agricultural commodities toes, are also higher than last September. in central markets was $700,000,000 at the end Prices of meat animals averaged during the of August, approximately $170,000,000 more first eight months of 1929 considerably above than in 1928 and somewhat higher than in any the corresponding 1928 period, but in September they were below the unusually high point other August in the past six years. Earlier marketing of principal crops and a of September, 1928. Quotations at the farm consequent larger return to farmers early in for cotton and dairy products are not greatly the autumn does not necessarily changed from last year. Farm income forecast a larger farm income On the basis of production figures and for the entire crop year, which is determined prevailing prices for the principal crops it by total production of crops and animal prod- would appear that the cash income of farmers ucts and the course of prices during the mar- from crops for the present season would be keting season. During the past five years the slightly higher than last year. Income from gross returns to farmers from agricultural pro- livestock raising and animal products during duction, eliminating duplication, have remained the first eight months of this year has been relatively constant at between $11,400,000,000 somewhat larger than a year ago. There are considerable differences between and $12,100,000,000, according to estimates of different sections of the country in respect to the Department of Agriculture. Output of farm products this year appears this year's returns to farmers. In the corn and to be somewhat smaller than last year, while winter wheat belt a good wheat crop at slightly prices are slightly higher. In the table below higher prices and better returns from hog prothis year's production of eight major crops is duction have resulted in improvement in the compared with last year's and with the average situation. In this section, however, there has been a considerable decline in the output of for 1924-1928: corn. In the spring-wheat region a short crop, PRODUCTION OF EIGHT LEADING CROPS even though sold at substantially higher prices, is likely to result in some curtailment of farm 1929, Sept. 1 5-year average, 1928 income. In the Cotton Belt the prospect is 1924-1928 estimate of little change in the general situation, 2,456,000,000 2, 836,000,000 2,747,000,000 Corn (bushels). though the drought in Texas has resulted in a 568,000,000 578,000,000 549,000,00C Winter wheat (bushels) _ _ 217,000,000 324,000,000 260,000,00C Spring wheat (bushels)... reduction of the cotton crop in that region. 1, 205,000, 000 1,449,000,000 1,345,000,000 Oats (bushels) 14, 825,000 14,478,000 15, 028,00C Cotton (bales) 93, 600,000 93,000,000 92,800, 00C On the Pacific coast the fruit crops have been Tame hay (tons) _ 349,000,000 464,000,000 383,000,00C White potatoes (bushels). small, but prices have advanced. 1,462,000,000 1,378,000,000 1,331,000,000 Tobacco (pounds) For the country as a whole, present indicaThe output of corn, spring wheat, oats, and tions are that there has been no substantial potatoes is smaller this year than in 1928, change from last year in the income of farmers, according to estimate on September 1 by the and that the reduction in output of crops has Department of Agriculture. Prices of grains not been reflected in curtailment of purchasing at the farm have advanced since June and are power of agricultural communities. 660 FEDERAL RESERVE BULLETIN CONDITION OF ALL BANKS IN THE UNITED STATES ON JUNE 29 Loans and investments of all banks in the United States—including national banks, State commercial banks, trust companies, mutual and stock savings banks, and private banks under State supervision—increased during the year ending June 29, 1929, by $1,209,000,000, The entire increase in bank loans and investments, both inside and outside the Federal reserve system, was in loans, as is shown by the accompanying table, which gives separate figures for member and nonmember banks. The investment holdings of both classes of banks decreased, those of member banks by 6.6 per cent and those of nonmember banks by 1.9 per cent. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 60 OCTOBER, 1929 60 LOANS AND INVESTMENTS OF ALL BANKS IN THE UNITED STATES ALL BANKS IN THE UNITED STATES [Figures for end of June. Amounts in millions of dollars] 50 Increase or decrease 1929 1928 Amount 30 20 Total loans and investments: All banks Member banks Nonmember banks Total loans: All banks Member banks Nonmember banks Total investments: All banks Member banks _ Nonmember banks 41, 512 25,658 15,853 39,464 +2,048 24,303 + 1 , 355 15,161 +692 +2.1 +1.9 +2.5 +5.2 +5.6 +4.6 16,962 10,052 6,910 17,801 10, 758 7,043 -4.7 -6.6 -1.9 58,474 57,265 +1,209 35, 711 35,061 +650 22, 763 22,204 +559 _. _ Per cent -839 -706 -133 10 Changes in Foreign Central Bank Discount Rates 1919 1920 1921 1922 1923 1924- 1925 1926 1927 1928 1929 Figures for end of June or 2 per cent, to the level of $58,474,000,000. The increase for member banks was $650,000,000 and for nonmember banks $559,000,000. The chart shows the course of loans and investments of all banks, member banks, and nonmember banks since 1919. Current figures are given in detail, by Federal reserve districts and by States, on pages 698-701. The following changes have been made since the 1st of September in the discount rates of central banks in foreign countries: September 2, 1929, Reserve Bank of Peru from 7 to 6 per cent; September 26, Bank of England from 5% to 6K per cent; September 27, Danish National Bank, from 5 to 5K per cent; September 27, Bank of Norway from 5K to 6 per cent; September 27, Bank of Sweden from 4% to 5% per cent; and September 28, Austrian National Bank from 7% to 8K per cent. FEDERAL RESERVE BULLETIN OCTOBER, 1929 661 NATIONAL SUMMARY OF BUSINESS CONDITIONS Production in basic industries increased somewhat in August as compared with July, but the increase was less than is usual at this season, with the consequence that the board's index of industrial production, which makes allowance for usual seasonal changes, showed a decline. Wholesale prices declined slightly. Credit extended by member banks increased between the middle of August and the middle of September, reflecting chiefly a growth in commercial loans. Production.—During the month of August there was a reduction in the output of iron and steel and copper and a slight decline in the production of automobiles. Meat-packing establishments were also somewhat less active during the month, while seasonal increases were reported in the production of textiles and shoes, coal and cement, flour and sugar, and petroleum output continued to expand. A slight increase in the number of workers employed in factories was accompanied by a substantial increase in pay rolls. This increase was especially notable in industries manufacturing products for the autumn retail trade, such as clothing and furniture. For the first two weeks of September reports indicate further decline in steel operations, reduction in lumber output resulting in part from the Labor Day holiday, and a continued seasonal rise in coal production. In the construction industry contracts awarded in August were 25 per cent less than in July, reflecting a sharp decline in the residental group as well as in contracts for public works and utilities, which were unusually large in July. As compared with last year, contracts were 5 per cent lower in August, but in the first two weeks of September they were in approximately the same volume as in 1928* The September report of the Department of Agriculture indicates a corn crop of 2,456,000,000 bushels, 13 per cent less than in 1928, and 11 per cent under the 5-year average. The estimated wheat crop of 786,000,000 bushels is substantially below last year, but only slightly less than the 5-year average. Cotton production, estimated on August 1 at 15,543,000 bales, is now expected to total 14,825,000 bales, slightly above last year. 71585—29 2 Distribution.—Freight-car loadings increased seasonally in August, as a consequence of larger shipments of all classes of freight except grains, which moved in smaller volume than in July, when shipments of wheat were unusually large. In comparison with 1928, total car loadings showed an increase of 5 per cent. Sales of department stores in leading cities were larger than in July and about 5 per cent above the total of August, 1928. Prices.—Wholesale prices showed a slight downward movement in August, according to the index of the United States Bureau of Labor Statistics. This reflected chiefly declines in the prices of farm products, especially grains and flour, and livestock and meats. Woolens and worsteds also decreased in price, while raw silk prices were higher. There was a decline in prices of iron and steel and automobiles and a further decrease in prices of petroleum and its products, especially gasoline. Coal prices advanced during the month. In the middle of September the prices of grains, beef, raw sugar, silk, and coal were higher than at the end of August, while prices of hogs, pork, and cotton were somewhat lower. Bank credit.—Between the middle of August and the middle of September there was a further rapid increase in loans for commercial and agricultural purposes at member banks in leading cities. Security loans also increased, while investments continued to decline. During the first half of September the volume of reserve bank credit outstanding was about $120,000,000 larger than in the middle of the year. The increase was for the most part in the reserve banks 7 acceptance holdings and reflected chiefly growth in the demand for currency, partly seasonal in character. Discounts for member banks, following the increase over the holiday period early in September, declined at the time of the Treasury financial operations around the middle of the month, and on September 18 were at a lower level than at any time since last June. Open-market rates on prime commercial paper increased from a range of 6-6% to a prevailing level of 6% during the second week in September, while acceptance rates remained unchanged. 662 FEDERAL RESERVE BULLETIN OCTOBER, 1929 RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS MILLIONS OF DOLLARS 5JWJ0 5400 5200 Member Bank Reserve Balances 600 400 200 1925 1926 1927 1928 1929 Based on weekly averages of daily figures; latest figures are for week ending September 28 663 FEDERAL RESERVE BULLETIN OCTOBER, 1929 RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES fAverages of daily figures. In millions of dollars] Factors of decrease l Reserve bank credit outstanding Month or week Bills bought Bills discounted United States securities Total * Factors of increase l Monetary gold stock Treasury currency outstanding Money in circulation Member bank reserve balances Other factors » 185 178 226 368 471 483 473 385 265 156 145 99 75 124 229 1928—July August September... October November... December 1929—January February March April May June July August September... Week ending— Aug. 31 _. Sept. 7 . . . Sept. 14.. Sept. 2 1 . . Sept. 28.. 923 935 1,531 1,485 1,581 1,621 1,653 1,824 1,570 1,468 1,442 1,377 1,303 1,317 1,380 1,376 1,427 4,113 4,118 4,125 4,133 4,151 4,142 4,115 4,143 4,166 4,226 4,292 4,311 4,335 4,351 4,368 1,782 1,774 1,787 1,786 1,787 1,790 1,789 1,784 1,791 1,785 1,787 1,779 1,790 1,781 1,766 4,746 4,743 4,804 4,836 4,860 5,008 4,748 4,686 4,709 4,679 4,684 4,687 4,764 4,777 4,811 2,324 2,274 2,314 2,332 2,352 2,367 2,387 2,357 2,337 2,308 2,296 2,314 2,334 2,322 2,335 356 360 375 372 379 381 382 384 392 401 402 406 407 409 415 162 183 218 240 262 ,006 042 213 210 240 237 238 263 229 184 197 165 153 179 147 155 165 150 149 161 193 157 1,366 1,435 1,428 1,424 1,412 4,358 4,361 4,364 4,369 4,375 1,786 1,779 1,782 1,773 1,737 4,790 4,841 4,822 4,798 4,782 2,311 2,323 2,339 2,350 2,327 409 411 413 418 415 i For explanation see July BULLETIN, p p . 432-438. * Includes, in addition to bills and securities, amounts due from foreign banks and reserve bank float. • Nonmember clearing balances held in Federal reserve banks and unexpended capital funds of Federal reserve banks. ANALYSIS OF CHANGES IN MONETARY GOLD STOCK [End of month basis. In millions of dollars] Month Gold stock at end of month 1927—September. October November. DecemberTotal (12 mos.). 4,571 4,541 4,451 4,379 1928—January February March April May June July August September.. October November.. December... Total (12 mos.). 4,373 4,362 4,305 4,266 4,160 4,109 4,113 4,123 4,125 4,142 4,128 4,141 1929—January February March April May June July August September * 4,127 4,153 4,188 4,260 4,301 4,324 4,341 4,360 4,370 [In thousands of dollars] Increase (+) or decrease (-) during month Total Through Through Through net gold ear- domestic import j marking producor I operation, export j tions etc.* -17.5 -30.1 -89.7 -71.7 -112.7 -11.5 -8.6 -53.2 -67.4 -6.0 -11.2 -57.6 -38.7 -105.7 -51.0 -13.8 -11.1 -94.9 -91.2 -81.7 -79.9 -63.9 +3.4 +10.3 +2.1 +17.3 -14.0 +13. 2 +6.2 +.7 +.5 +13.3 +6.7 +23.3 -237,9 -392.0 -14.4 +26.4 +34.4 +72.4 +40.6 +23.4 +16.3 +18.9 +10.9 +47.1 +25.5 +24.8 +23.1 +23.6 +30.2 +34.7 +18.4 + 14.2 -9.0 -25.0 -40.0 -8.5 -160.1 +5.5 +2.9 +35.8 +45.7 -26.5 +30.1 +60.9 +5.9 -1.2 +1.2 -25.0 -15.7 +119. 6 -65.0 +7.5 +48.6 +16.1 -7.5 -22.0 -1.0 1929 From or to— +3.0 +3.4 +3.5 +4.2 England +41.2 France Germany +2.3 Italy -3.0 +1.5 +6.8 +2.5 -1.2 +6.4 +3.7 +2.8 +2.8 +4.3 +5.6 +34.5 +3.5 +0.9 +2.1 +0.7 +0.9 +0.7 +3.6 +1.5 +3.3 1 For detailed explanation of this figure, which is derived from preceding columns, see BULLETIN for December, 1928, p. 831. » Preliminary. GOLD MOVEMENTS TO AND FROM UNITED STATES September» Imports 15,038 Imports Exports 5,011 5 7,951 _ --. Netherlands Canada Central America Mexico West I n d i e s - . . Argentina 2,500 Chile ._. Colombia E cuador __ Peru Uruguay.. _ Venezuela.._ British India _.. China and Hong Kong._. Dutch East Indies. _ Japan Philippine Islands. . New Zealand All other countries.. 2 4,587 Total. Exports JanuaryAugust August 123 2,833 79 1,314 5 8,450 44 144 239 165 54 629 Imports 53,326 74 46,761 5 5 62,486 568 6,205 324 59, 307 373 Exports 22$ 70O 1,42$ 3$ 1,027 1,235 180 161 »667 272 524 17 790 19,271 73 125 1,600 74 235 711 2,431 1,010 124 1,809 647 146 881 236,304 428 8,738 i September figures are preliminary; 3 customs districts—New York, St. Lawrence, and San Francisco, i Includes all movements of unreported origin or destination. 664 FEDERAL RESERVE BULLETIN MILLIONS OF DOLLARS OCTOBER, 1929 MILLIONS OF DOLLARS 2000 2000 RESERVE BANK CREDIT 1500 1500 1000 1000 500 500 1925 1926 1927 1928 1929 This chart is based on weekly averages of daily figures; latest figures are for week ending September 28 DISCOUNTS WITH FEDERAL RESERVE BANKS [Monthly averages of weekly figures. In millions of dollars] MILLIONS OF DOLLARS 7oor Reporting member banks in leading cities Month Total discounts Total New York City Other leading cities Total 1927—December 1928—January February March April May June July August September.._ October November December 1929—January .. February March April May June July August September... 532 439 463 489 637 826 1,012 1,079 1,045 1,063 960 901 1,039 891 893 978 991 951 972 1,100 1,013 974 388 314 338 362 488 644 796 854 806 822 736 681 799 663 659 740 725 661 670 801 717 706 127 94 78 75 145 222 271 274 223 266 202 157 221 190 131 166 162 145 165 319 196 166 261 220 260 287 343 422 525 580 583 556 534 524 578 473 528 574 563 516 505 482 521 540 MILLIONS OF DOLLARS 1700 DISCOUNTS FOR MEMBER BANKS 600 All other discounts 600 500 500 100 100 Chicago 21 23 13 25 35 49 61 80 80 41 58 67 91 71 96 121 46 36 64 47 32 18 143 125 125 127 149 182 216 225 239 241 224 220 240 228 234 238 260 290 302 299 296 268 1925 1926 1927 1928 1929 Based on monthly averages of weekly figures 665 FEDEKAL RESERVE BULLETIN OCTOBER 1929 PER CENT MONEY RATES IN NEW YORK CITY 5 - 3 - - 3 •4 1923 1924 1925 1927 1926 1928 1929 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES DISCOUNT RATES RATES IN NEW YORK CITY [Rates on all classes and maturities of eligible paper] Federal reserve bank Boston New York Philadelphia Cleveland Richmond Atlanta Chicago » St. Louis Minneapolis.. Kansas City Dallas San Francisco _ Rate in effect on Oct. 1 5 6 5 5 5 5 5 5 5 5 5 5 Date established July 19, 1928 Aug. 9, 1929 July 26, 1928 Aug. 1, 1928 July 13, 1928 July 14, 1928 July 11, 1928 July 19, 1928 May 14, 1929 May 6, 1929 Mar. 2, 1929.. May 20, 1929 Prevailing rate on— Previous rate _ [Buying rates at the Federal Reserve Bank of New York] Maturity 1-15 d a y s . . . 16-30 d a y s . . 31-45 d a y s . . 46-60 d a y s . . 61-90 d a y s . . 91-120 days., 121-180 days Date established Previous rate Aug. 9, 1929. ....do ....do ....do do do July 12, 1929 NOTE.—Rates on prime bankers' acceptances. Higher rates may be charged for other classes of bills. mercial paper, 4 to 6 months 5 BUYING RATES ON ACCEPTANCES Rate in effect on Oct. 1 Month or week | U.S. Call loans» TreasPrime ury bank- Time notes Treas* ers' and accept- loans, ury 1 90 ances, days l Re- certifiNew newal cates, bonds 90 3 to 6 days months 1928 | September ! October November December j 1929 | January _. 4*4-5 February I 5> 5 -5 H March 5%-Q April i 6 May ! 6 June ! 6 6 July6& g August. September _ 6H Week e n d i n g Sept. 7 Sept. 14 Sept. 21 A Sept. 28 6H 1 J 8 Average rate Average yield / 4.57 \« 4. 57 4.70 / 4.26 4.24 1 4. 4.35 7.40 7.12 6.86 8.86 7.26 6.98 6.67 8.60 6.94 7.47 9.80 8.79 7.83 9.41 8.15 8.62 7.05 «4.66 4.63 7. 06 i 4. 64 9.10 ! 4.79 o on !/«4.80 11 4.84 8.91 ' 5.04 7.70 4. 4.55 9.23 I 4.43 8.23 4.59 8.50 I 4.53 3.68 3.72 3,70 8.65 8.09 8H-9 9 8.48 9 -9M 9.03 9.00 I 4.50 8. 20 4. 51 8. 40 4.48 8.40 4.59 3.69 3.70 3.69 3.72 7 -7H 7 1% 9.46 8H-9 8 -8 8?4-9 3.54 3.553.48 3.5a 3.66 3.76 3.67 3.67 3.71 Stock exchange call loans; new and renewal rates. Stock exchange 90-day time loans. 3 issues—dU, 4, and 4J4 per cent; yields calculated on basis of last redemption dates—1956,1954, and 1952. * Change of issues on which yield is computed* 666 FEDERAL RESERVE BULLETIN OCTOBER, 1929 PREVAILING RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES The rates shown are those at which the bulk of the loans of each class were made by representative banks during the week ending with the 15th of the month. Rates reported by about 200 banks with loans exceeding $7,500,000,000. FEDERAL RESERVE BANE CITIES Month Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Prime commercial loans 1928—SeptemberOctober NovemberDecember.. .1929—January FebruaryMarch April , May June , July August September. 5*6-6 5*6-6 5*6-6 5*6-6 5*6-6 5*6 5*6-594 5*6-594 594-6 59^-6 m 5^4-6 6 5*4-5*6 5*6 5*6 5*6 5*6-594 594 594-6 5H-6 6 6 5*6-59* 5*6-594 5*6-6 5*6-594 5*6-6 5*6-6 5*6-6 5*6-6 5^-6 5*£-6 594-6 594-6 5*6-6 5*6-6 5*6-6 5*4-6 5*6-6 5*6-6 5*6-6 5*6-6 5*6-6 5^-6 5*6-6 5%-6 594-6 5*6 5*6-6 5*6-6 5*6-6 5^-6 5*6-594 5*6 5*6-594 594-6 5*6-6 i 5*6-6 ! 5*6-6 ; 5*6-6 | 5*6-6 I 5*6-6 *6| 5*6-6*6 [ 5*6-6 j 5*6-6*6 594-6 594-6 594-6 5*6-6 *6j 5*6 7 6 -6*6 ^^1 5*4-594 5*4-594 5*4-594 5*4-6 5*6-6 5*6-6 5*6-6 5*6-6 5*6-6 5^-6 5*6-6 5M-6 594-6*4 5*6-594 5*6-594 5*6-5% 5*6-6 5*6-6 5*6-6 5*6-6 594-6 594-6 5^-6 594-6 594-6 5*4-5*6 5*6-594 5*6-6 594-6 5*6-594 594-6 594-6 594-6)4 594-6)4 5H-6H 594-6*4 6 6 6 5*6 5*6-6 5*6 5*6-6 5*6 5*6 5*6 5*6-6 5 -6 5*6-6 5*6-6 5H-6 5^-6H 5^-6 5^-7 5*6-6 5*6-6 594-6 6 6 6 6 -6^ -6H -6# -6^ 5*6-6 5*6-6 594-6 5*^-7 594-6 594-6 6 -6*6 6 6 6 6 6 6 6 -8 -7 -7 -7 -8 -8 -8 6 6 -6* 6 -7 6 -7 6 -7 6 -7 6 -7 6 6 5^-6 594-6 594-6 Loans secured by prime stock-exchange collateral 1929—March April May June July August September,. 6 -6H 6 -694 6 -7 6 -7 6 -7 6 -7 6H-7 6 6 6 6 6 6 6 5H-6 594-6 594-6 5H-6 6 6 6 594-6 594-6 594-6 6 5^-7 6 -6H 6 5^-6 6 6 6 6 6 6 5H-7 6 -7 594-7 6 -7 6 -7 6 -7 6 -7 6 -7 594-7 6-7 6 -7 ; 6 -7 6 -7 i 594-6 6 -6* 6 -6* 6 6 6 6 -7 594-6 6 6 6 6 6 6 -6*4 -6*4 -7 -6*6 6 6 6 6 6 -7 -7 -7 -7 Loans secured by warehouse receipts 1929—March April May June July August September. 6 6 -7 6 594-6 6 6 6 6 6 6 6 5*6-6 6 6 -7 6 -7 6 -7 6 6 6 6 -7 6 6 6 594-6*6 594-6*6 6 6 6 594-6 594-6 6 6 6 6 6 -7 594-6 594-6 6 6 594-6 6 6 5^-6 5*6-6 5*6-6 594-6 5^-6 594-6 594-6 594-6 5*6-6 5*6-6 5*4-6 5*6-7 5*6-6 594-6 *6 6 -6*6 6 -6*6 Interbank loans 1929—March April May June July August September. 5*6-6 5*6-6 5*6-6 5*^-6 5*6-6 6 5*6-6 5*6-6 594-6 5^-6 594-6 6 6 5*6-594 5*6-594 594 5^ 594 5?4-6 5*6-6 5*6-6 5*6-6 5*6-6 5H-6 5*6-6 5*6-6 6 594-6 5% 594 5^-6 6 594-6 594-6 5*6-6 5*6-6 5*6-6*6 5*f-6*4 5*6-6*6 6 6 5*6-6 594-6 594-6 6 5*6-6 594-6 6 6 6 6 6 6 6 6 6 6 6 6 6 5*6-6 5*6-6 5*6-6 5H-6 5*6-6 5 -6 5 -6 5 -6 5*6 5*6 5*6 6 6 FEDERAL RESERVE BRANCH CITIES Loans secured by prime stock-exchange collateral Prime commercial loans City Cincinnati Pittsburgh Baltimore Charlotte Birmingham Jacksonville Nashville New Orleans Detroit Little Rock Louisville Helena Denver Oklahoma City Omaha El Paso Houston San Antonio Los Angeles Portland - Salt Lake City Seattle Spokane August, 1929 July, 1929 594-6*6 6 594-6 5*6-6 6 5*6-8 6 6 5*6-6*6 6 6 6 8 6 6 6 6 -8 6 6 6 6 6 6 -6*6 6 -7 6 -6*6 6 594-6 594-6 6 6 6 6 6 -6*6 6 6 6 8 6 -6*6 6 -6*6 6 6 -8 September, 1929 6 -7 6 5^-6 5*3-6 6 6 -7 6 -6*3 6 6 -7 6 -6*3 6 -6*3 6 8 6 6 6 -8 6 6 6 -7 6 -7 6 6 6*6 6 -6*6 6*4-7 July, 1929 6 6 6 6 6 -7 2 5*6-7 6 -8 6 5*6-8 6 -7 6 6*6-7 6- 7 6 -7 6 8 6 -7 7 6 -7 6 -8 6 -6*6 6 -8 6*6-7 6 -6*6 6 6 -7 7 August, 1929 6 6*6-8 594-6 6 6 6 -7 6 -7 6 6*6-7 6 -6*6 6 -8 6 8 6 -7 7 -8 6 -7 6 -8 6 -7 6 -8 6*6-7 6 -7 7 6 -7 6*6-7 September, 1929 Loans secured b y warehouse receipts August, 1929 July, 1929 6 6 6 6 -8 6 -7 6 -7 6 j > 6 -7 6 -8 6 6*3-7 6*3-7 6 -8 6 8 6*3-7 7 -8 6M-7 6 -8 6*3-7 6 -8 6*3~7 6 —6*6 7 6 -6*3 6H-7 6 6 6 6 -7 6 -8 5*6-6 6 -7 6 5*6-8 6 6 -8 6 -8 6 -7 6 -7 7 -8 6 -7 6 -8 6 -7 6 -7 7 6*6-7 7 6 6 -7 6 -8 5*6-6 6 -7 6 -6*6 6 -8 6 7 6 6 6 -8 -8 -8 -7 6 6 6 6 -7 -8 -7 -7 7 7 7 8 September, 1929 6 6 -7 6 6 6 -7 6 -7 6 -8 6 -7 6 -7 6 -8 6 7 -8 6 -8 6 -8 7 -8 6*3 7 -8 6 -7 6 -7 6*3-7 7 Interbank loans July, 1929 5*6-6 5*6-6 6 5*6-6 6 5*6-6 6 5*6-6 5*6-6*6 5*6-6 6 6 6 -8 6 -6*6 6 6 -7 6 5*6-6 5*6-6 6 6 6 6 6 August, 1929 6 594-7 594-6 5*6-6 6 6 6 5*6-6 5*6-6*6 6 6 6 6 -8 6 6 6 6 5*6-6 6 6 6 -7 6 6 6 September, 1929 6 5^-7 6 5H-6 6 6 6 5*3-6 6 -6*3 g -6*3 6 —6*3 6 6 -8 6 -6*3 6 6 -6*3 6 5*3-6 6 6 -7 6 6 6 6 667 FEDERAL RESERVE BULLETIN 0C10BER , 1929 MEMBER BANK CREDIT REPORTING MEMBER BANKS (REVISED SERIES) [In millions of dollars. Monthly data are averages of weekly figures] Loans and investments Loans and investments Date Total Total: July 3 . . . July 1O._ July 17.. July 24.. July 31.. Aug. 7._ Aug. 14 _. Aug. 21 _. Aug. 28 _. Sept. 4 . . . Sept. 11.. Sept. 18.. Sept. 25.. Borrowings at Loans Total Fedin- eral reOn vest- serve All ments banks Total securi- other ties 22,485 22,434 22,409 22,459 22,606 22, 581 22,450 22, 423 22, 405 22,591 22, 570 22, 742 22,682 16,925 16,906 16,892 16,970 17,058 17,044 16,943 16, 938 16,950 17,150 17,142 17, 254 17, 244 7,525 7,461 7,417 7,502 7,575 7, 512 7,381 7,354 7,383 7,546 7,467 7,542 7,474 Other leading cities: July 3 . . . July 10 July 17 July 24 July 31 Aug. 7-._ Aug. 14.. Aug. 21__ Aug. 28. Sept. 4 Sept. 11 Sept. 18 Sept. 25 City of Chicago: July 3 July 10 July 17 July 24 July 31 Aug. 7 Aug. 14 Aug. 21 Aug. 28 Sept. 4 Sept. 11 Sept. 18 Sept. 25 9,164 9,203 9,248 9,287 7,787 9,270 7, 715 9,329 7, 573 9, 370 7,510 9,428 7, 515 9,434 7,632 9,518 7,578 9,564 7,686 9,567 7,720 9,524 5,560 5,528 5,518 5,490 5,549 5, 537 5,507 5,485 5,456 5,441 5,429 5,489 5,438 5,843 5,781 5,729 5,815 5,850 5,775 5,653 5,637 5,686 5, 853 5,770 5, 814 5,777 3,117 3,040 2,970 3,017 3,082 2,961 2,822 2,775 2.819 2,944 2,846 2,894 2,883 2,726 2,742 2,758 2,797 2,768 2,813 2,830 2,862 2,867 2,908 2,924 2,920 2,894 1,682 1,679 1,687 1,687 1,726 1,737 1,728 1,717 1,697 1,693 1,697 1,729 1,697 341 341 325 305 282 295 191 144 153 217 159 142 147 14,960 14,974 14,993 14,957 15,031 15, 070 15,070 15,069 15, 022 15,045 15,103 15,200 15, 208 11, 082 11,125 11,163 11,155 11,208 11, 269 11, 290 11,301 11, 263 11,297 11, 372 11, 440 11,467 4,644 4,663 4,673 4,665 4,705 4,754 4,750 4,735 4,696 4,688 4,732 4,792 4,838 6,438 6,461 6,490 6,490 6,502 6,515 6, 540 6, 566 6, 567 6,609 6,641 6,648 \ 629 3,878 3,849 3,831 3,802 3,823 3,800 3, 779 3,768 3,758 3,748 3,731 3,760 3,741 487 505 469 465 4S6 475 535 543 532 544 542 531 540 2,002 1,998 2,001 2,012 2,061 2,078 2,068 2,063 2,046 2,037 2,050 2,048 2,079 1,586 1,585 1,591 1,606 1,636 1,664 1,662 1,661 1, 650 1,643 1,661 1,662 1,686 902 898 893 909 930 963 948 936 925 910 929 929 964 684 687 698 696 707 701 714 725 725 733 732 733 723 416 412 410 406 424 414 406 403 396 394 389 386 393 New York City: July 3 July 10.. July 17 July 24 July 31 Aug. 7__ Aug. 14 Aug. 21 Aug. 28. Sept. 4 Sept. 11. Sept. 18 Sept. 25 7,761 7,703 7,644 7,683 826 850 790 771 767 770 726 761 702 673 Borrowings at Total Fedin- eral re* On vest- serve All ments banks securi- other ties Loans Month Total Total Total: 1928—August September.. October November.., December... 1929—January February March April May June July August September.., New York City: 1928— August September... October November... December 1929—January February March April May June July August September... Other leading cities: 1928—August September... October November. _. December 1929—January February March April May June July August. September City of Chicago: 1928—August SeptemberOctober November. December.. 1929—January February March April May June July August September . 6,816 6,840 6,874 7,082 7,198 7,504 7,522 7,580 7,392 7,218 7,332 7,7!6 7,578 7,654 9,009 9,059 9,130 9,014 9,055 8,796 8,737 8,911 9,073 9,059 9,149 9,234 9,390 9,543 5,984 5,973 5,934 5,888 5,936 6,021 6,004 5,981 5,924 5,837 5,751 5,529 5, 496 5,449 806 822 736 681 799 668 659 740 725 661 670 801 717 706 6,962 7,022 7,013 7,056 7,152 7,262 7,190 7,296 7,297 7,182 7,281 7,496 7,407 7,507 5,186 i 2,518 5,221 2,544 5,209 2,559 5,255 2,694 5,339 2,747 5,378 2,904 5,306 2,820 5,424 2,823 5,437 2,729 5,344 2,653 5,468 2,749 5,804 3,045 5,688 | 2,845 5, 803 | 2,892 2,668 2,678 2,650 2,562 2,592 2,473 2,486 2,601 2,708 2,691 2,719 2,758 2,843 2,911 1,777 1,801 1,803 1,800 1,812 1,884 1,885 1,872 1,859 1,838 1,812 1,692 1,720 1,704 223 266 202 157 221 190 131 166 162 145 165 319 196 166 14,846 14,849 14,925 14,928 15,037 15,058 15,073 15,176 15,092 14,931 14,950 14,984 15, 058 15,139 10, 639 | 4,298 10,677 ! 4,296 10,794 4,314 10,840 4,388 10,913 4,450 10,922 4,600 10,954 4,702 11,067 4,756 11,027 4.667 10,933 4,565 11,012 4,582 11,146 4,670 11,281 4,735 11, 394 4,762 6,341 6,381 6,480 6,452 6,463 6,323 6,251 6,310 6,360 6,368 6,430 6,476 6,546 6,632 4,207 4,172 4,131 4,087 4,124 4,136 4,119 4,109 4,065 3,998 3, 837 3,776 3,745 583 556 534 524 578 473 528 574 563 516 505 482 521 540 848 850 854 729 722 751 735 743 726 731 726 701 698 706 695 716 730 473 4fi2 456 459 452 452 455 454 440 419 417 414 405 391 80 41 58 67 91 71 96 121 46 36 64 47 32 18 21,809 21,871 21,938 21,983 22,189 22,320 22, 263 22,472 22,388 22,113 22, 231 22. 479 22,465 22, 646 2,050 2,034 2,061 2,063 2,083 2,065 2,096 2,130 2,045 2,015 2,033 2,015 2,064 2,054 15,825 15,898 16,003 16,096 16, 253 16,300 16, 260 16,491 16,464 16, 277 16,480 16, 950 16,969 17,197 1,577 1,572 1,604 1,604 1,632 1,613 1,641 1,676 1,606 1,596 1,616 | 1,601 1,659 1,663 887 911 950 905 897 910 906 943 933 668 FEDERAL RESERVE BULLETIN BANKERS' BALANCES ACCEPTANCES AND COMMERCIAL PAPER [Monthly averages of weekly figures for reporting member banks in leading cities. In millions of dollars Due to banks Month 1928 1929 1928 1929 1928 3,484 3,374 3,292 3,207 3,064 2,897 2,936 2,801 2,948 3,073 3,040 3,011 January February - March April May -_ June July .-. . . . August September October November December [Amounts outstanding in millions of dollars. Figures for acceptances as compiled by American AcceDtance Council: for commercial Daner as reported by 24 dealers] Other leading cities New York City Total OCTOBER, 1929 3,074 2,918 2,861 2,709 2,545 2, 532 2,738 2,604 2,718 1,137 1,098 1,089 1,053 1,020 933 957 901 934 992 981 956 1,012 949 916 874 817 796 935 827 887 2,347 2,276 2,203 2,154 2,044 1,964 1,979 1,900 2,014 2,081 2,059 2,055 Bankers' acceptances outstanding End of month 1929 1927 2.062 January 1,969 February 1,945 March ,835 April L, 728 May L, 736 1 June L, 803 July L, 777 August September L.830 _. . . , . October November December 1928 1929 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 Commercial paper outstanding 1,279 1,228 1,205 1,111 1,107 1,113 1,127 1,201 1927 551 577 606 599 582 579 569 591 600 611 603 555 1928 1929 577 567 570 571 541 503 483 458 430 427 421 383 407 411 387 351 304 274 265 267 BROKERS' LOANS BROKERS' BORROWINGS ON COLLATERAL IN NEW YORK CITY REPORTED BY THE NEW YORK STOCK EXCHANGE [Net borrowings on demand and on time. In millions of dollars] 1 Total From New York banks and trust companies End of month From private banks, brokers, foreign banking agencies, etc. 1926 January February March April May _ June July August September October November December - .. . . . «... . _« 1927 1928 1929 1926 1927 1928 1929 3,513 3,536 3,000 2,836 2,767 2,926 2,998 3,142 3,219 3,111 3,129 3,293 3,139 3,256 3,290 3,341 3,458 3,569 3,642 3,674 3,915 3,946 4,092 4,433 4,420 4,323 4,640 4,908 5,274 4,898 4,837 5,051 5,514 5,880 6,392 6,440 6,735 6,679 6,804 6.775 ! 6,665 7,071 7,474 7,882 18,549 3,043 3,080 2, 553 2,468 2,392 2, 509 2, 583 2, 698 2,745 2 668 2,fi36 2,804 2,670 2,757 2,790 2,865 2,968 3,065 3,145 3,170 3,340 3,363 3,519 3,812 3,805 3,737 3,947 4,246 4,568 4,169 4,150 4,260 4,647 4,994 5,412 5,401 5,664 5,619 5,713 5,580 6,482 5,797 6,154 6,492 7,077 : 1926 470 455 447 367 375 417 415 444 474 444 493 489 1927 469 499 500 476 490 504 497 504 575 583 573 621 1928 615 585 693 662 707 730 687 791 866 886 979 1,039 1929 1,071 1,0601,091 1,194 1,183 1,275 1,320 1,390 1,472 i Call loans, $7,832,000,000; time loans, $717,000,000. LOANS TO BROKERS AND DEALERS IN SECURITIES MADE BY REPORTING MEMBER BANKS IN NEW YORK CITY* [In millions of dollars Monthly data are averages of weekly7 figures] li Total Date or month In New York City « Total 1928 F o r oth ers For b a n k s 1929 Outside New York City « 1928 1929 1928 Date: * July 3 -July 10 July 17 July 24 July 31 Aug. 7 Aug. 14 Aug 21 Aug 28 Sept. 4 Sept 11 Sept. 18 Sept 25 Month: January ._ February March . April May - -June „> July August _ _ «_ -_ September November December 1928 1929 1928 1929 2.626 2,496 2,407 2,361 2, 405 2,388 2,342 2,322 2,328 2,429 2,464 2, 559 2,524 2,835 2,825 2,812 2,873 2,901 2,878 2,775 2,713 2,749 2,888 2,858 2,944 2,900 1,132 942 820 824 928 860 783 809 793 907 865 925 850 1,255 1,201 1,136 1,193 1,205 1,089 965 926 992 1,103 1,017 1,046 1,024 1,494 1, 554 1,587 1,537 1,477 1,528 1,559 1,513 1,535 1,522 1,599 1,634 1,674 1,580 1,624 1,676 1,680 1,696 1,789 1,810 1,787 1,756 1,784 1,841 1,897 1,876 1,681 1,747 1,787 1,724 1, 854 1,885 1,881 1,880 1,907 1,861 1,921 1,911 2,001 2,934 2, 930' 3, 002 3,034 3,058 3,143 3,1783,372 3,468 3,467 3,616 3,626 3,860 2,812 2,667 2, 514 2,809 2,900 2,616 2,472 2, 357 2,494 2.653 2,854 2,874 2,974 2,899 2, 800 2,583 2,526 2,443 2,849 2,778 2,898 1, 342 1,167 1,064 1,193 1,272 1,048 929 835 887 933 1,105 1,114 1,173 1,082 1,071 934 861 895 1,198 993 1,048 1,470 1,500 1,450 1,616 1,628 1,568 1,543 1,522 1,607 1,720 1,749 1,760 1,801 1,817 1,729 1,649 1,665 1,548 1,651 1,786 1,850 990 1,117 1,247 1,252 1,514 1,744 1,760 1,881 1,924 2,048 2,248 2,319 2,434 2,656 2,879 2,893 2,965 2.940 2,992 3,290 3,642 I 4,307 4,243 4,194 4,184 4, 259 4,274 4,223 4,201 4,235 4,289 4, 385 4,470 4,525 5,769 5, 755 5,813 5, 908 5,960 6,020 5,952 6,085 6,217 6,354 6,474 6,569 6,761 3,802 3,784 3,761 4,062 4.414 4,360 4,232 4,239 4,417 4,701 5,102 5,193 5,408 5, 555 5,679 5,477 5,491 5,383 5,841 6,069 * 6, 540 i Dates for 1929; corresponding dates for 1928 are slightly later. Weekly reporting member banks in New York City. 1 1929 ! 1 Member and nonmember banks outside New York City (domesticbank? only); includes unknown amount for customers of these banks.. * Call loans, $6,182,000,000; time loans, $358,000,000. 669 FEDERAL RESERVE BULLETIN OCTOBER, 1929 COMMODITY PRICES, SECURITY PRICES, AND SECURITY ISSUES WHOLESALE PRICES, BY COMMODITY GROUPS 1 [1926 = 100] All commodities Month Farm products 98.3 98.9 100.1 97.8 96.7 96.7 97.2 96.7 97.5 96.8 95.8 96.4 98.0 97.7 107.1 107.0 108.8 103.5 101.6 103.6 105. 9 105.4 107.1 104.9 102.2 103.3 107.6 107.1 1928—July August September... October November... December... 1929—January February March April... May June July August 1 Hides Metals Bouseand Textile Fuel and and Building Chemi- furnishleather products lighting metal materials cals and ing goods drugs products products Foods 124.2 121.0 120.7 117.5 115. 5 115.7 113.6 109.0 108.3 107.9 106.8 108.0 109.2 109.7 102.3 104.1 106.9 102.3 100.1 98.0 98.8 98.1 98.1 97.7 97.7 98.9 102.8 103.1 96.8 96.3 95.6 96.1 96.1 96.1 96.4 96.1 96.1 95.5 94.2 93.3 92.8 93.1 82.8 84.6 85.1 84.9 84.4 83.5 82.5 81.3 80.6 80.6 81.1 83.3 82.0 80.9 94.4 94.6 94.7 95.0 96.0 96.8 96.6 97.5 98.8 97.9 96.8 96.4 96.7 96.7 98.6 100.4 100.5 101.0 101.7 102.9 103.6 104.4 106.4 106.4 105.2 105.1 105.0 104.3 Nonagricultural commodities 80.8 79.3 79.7 80.3 80.0 80.1 80.5 80.4 80.0 79.2 79.6 80.4 81.3 81.3 95.9 96.7 97.8 96.4 95.4 94.8 94.9 94. a 94.9 94.7 94.1 94.9 95.5 94.3 96.9 97.2 97.2 96.5 96.4 96.4 96.6 96.6 96.5 96.7 96.7 96.6 97.2 97.1 Index of Bureau of Labor Statistics. PRICES OF FARM PRODUCTS AT THE FARM » [August, 1909-July, 1914=100] M onth 1928 July August September. October November. December.. SECURITY PRICES Common stocks » (1926=100) Dairy Cotton Fruit 30 comand Unand Meat and mod- Grains vege- animals poultry cotton- classiprodfied ities tables seed ucts 145 139 141 137 134 134 142 120 117 116 110 112 156 137 127 114 109 108 157 162 174 160 150 143 134 136 145 150 155 159 170 153 142 147 146 148 88 87 85 83 86 90 133 136 140 138 136 135 140 143 141 115 123 124 120 113 111 122 129 131 109 111 112 110 119 120 136 160 160 146 150 160 164 164 163 167 165 156 149 148 144 138 137 137 137 141 146 148 149 155 152 148 146 145 146 146 92 91 90 88 86 85 85 86 85 1929 January February._ March April May June . . . _ July August September. 1 94.5 94.7 95.1 95.6 96.0 96.1 95.9 96.1 95.6 94.9 94.2 93.4 93.4 93.7 Miscellaneous Month or week 405 stocks combined 338 industrials 33 rails Bonds: A verage price of 40 issues 34 public utilities 152.1 145.3 144.2 148.3 156.1 159. 1 169.2 172.9 183.6 186.8 189.4 186.6 189.7 188.6 207.2 218.0 225.2 154.9 148.2 147.8 152.6 161.6 166.2 177.1 180.0 191.4 192.4 196.1 193.4 195.2 189.3 202.7 210.3 216.1 133.2 126.7 124.6 126.5 129.7 128.2 133.7 135.9 141.0 142.3 140.8 138.3 138.7 143.8 160.0 165.4 168.1 155.3 148.1 145.3 147.9 155.2 154.5 165.5 174.7 188.3 203.1 204.4 201.4 213.2 228.1 272.8 303.4 321.0 98.79 97. 38 96.56 95.82 96.47 96.58 96.90 96.24 96.12 95.60 94.82 94.58 94.46 93.49 93.30 92.51 92.29 224.2 224.4 228.1 224.2 1928—May........ June.. July August September.. October November.. December... 1929—January February... March April May June July August September.. Week e n d i n g Sept. 7 Sept. 14 Sept. 21 Sept. 28 215.8 216.9 218.5 213.3 170.8 167.9 169.4 164.4 313.4 312.4 327.9 330.4 92. 34 92.30 92.32 92.18 Index numbers of Department of Agriculture. 1 Index of common-stock market values (revised series) computed by/ Standard Statistics Co. from closing prices on Thursday. FOREIGN CAPITAL ISSUES [In millions of dollars] D O M E S T I C CAPITAL ISSUES [In millions of dollars] January- -Augus August, 1929 1929 Class of issue Gov- Cor- Govern- po- ernment rate ment Corporate 223.8 January-August 1928 Government August, 1929 1929 Corporate 14.0 Total New issue Europe Canada and Newfoundland Latin America United States insular possessions Miscellaneous. _. Refunding issues _ Total Government and corporate. . -. 71585—29 25.2 401.0 660.1 25. 2 208.3 385.5 18.9 84. 1 75.9 559.3 269.0 338.9 172.3 New Refunding New Refunding New Refund, ing 447.7 14.0 1928 Class of issue 6.3 63 3 58.9 92.4 49.7 33 3 194.3 2.0 14.0 7.7 159.8 15.5 6.1 56.5 100.9 15.6 39 2 624.9 76 2 20.0 70.4 108.9 ^ 1,10 7.8 Total. Corporate issues Bonds and notes— Long term Short term Stocks Farm-loan issues Municipal issues Total new and refunding 821.9 25.-2 6,470. 8 944. 744.9 25. 0 5, 664. 8 936. 3 2, 870. 2 1, 350. 4 88.7 6.6 15. 6 1,388. 5 127.7 8. 5 4,148. 6 405. 5 1, 357. 6 936.6 43.9 38.3 486. 9 1, 362. 1 375. 5 38.1 8.4 897.9 17.3 649.6 806.0 7.415. 5 3,806. 2 1, 367. 7 5,173. 9 670 FEDERAL RESERVE BULLETIN OCTOBER, 1929 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers of the Federal Reserve Board] Year and month building contracts Wholesale dis- DepartmentProducawarded * tribution * store sales i Freight Indus- tion of Produc- Factory Factory car trial manu- tion of employpay minerloadproduc- fac- l rolls ment als i UnadAdings 1 Unadtion i tures AdUnadAdjusted justed justed justed justed justed Mo. av . 1923-1925 = 100 919=100 Mo. av. 1 Departmentstore stocks > Unadjusted Adjusted Monthly averages 1923-1925 = 100 ANNUAL INDEX 84 91 79 86 100 98 103 107 103 104 111 115 87 89 100 98 102 101 97 96 113 128 128 135 135 125 127 104 101 101 105 102 100 105 93 95 97 112 117 123 102 129 145 106 92 107 112 113 111 106 146 143 145 129 102 104 104 96 96 95 93 94 96 96 95 94 110 109 109 104 108 108 112 109 108 139 134 133 126 148 137 126 119 131 120 123 121 124 133 134 122 130 142 116 118 118 106 108 105 99 106 103 105 101 102 92 94 94 93 93 92 91 91 92 92 90 89 102 109 110 108 108 106 101 104 104 105 101 102 94 96 151 147 135 154 130 135 127 137 114 116 106 110 110 110 110 111 111 113 115 114 112 114 103 102 103 105 105 101 100 105 107 114 113 112 88 89 90 89 89 90 88 90 91 92 92 91 98 104 105 103 104 104 100 104 105 109 106 107 117 117 121 123 124 128 125 117 120 107 115 116 112 114 103 110 113 114 113 111 *124 p 115 91 93 94 94 95 94 94 95 83 87 67 85 101 95 104 108 106 110 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 84 87 67 87 101 94 105 108 106 111 77 89 70 74 105 96 99 108 107 106 100 103 82 90 104 95 95 96 92 90 100 124 84 89 113 104 107 109 105 104 64 63 57 81 84 95 122 130 128 135 103 102 104 103 102 105 107 109 103 102 104 102 104 108 109 104 101 104 107 89 90 94 95 94 93 94 95 97 97 107 105 102 105 104 111 112 124 137 133 149 138 129 116 111 93 97 112 107 107 108 108 107 108 108 111 112 111 108 106 109 109 108 92 95 104 96 97 97 108 107 109 108 111 112 111 107 104 107 104 106 107 109 110 114 118 119 107 109 112 109 111 109 106 107 105 103 99 100 105 107 110 109 112 109 108 107 106 103 99 99 105 109 109 109 109 109 79 105 89 89 98 101 102 103 103 101 78 94 87 88 98 99 103 106 107 108 MONTHLY INDEX 1925 May June July August. . September October November December 1926 January > February March A pril 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. no 112 114 114 112 113 117 117 119 122 123 126 124 *>123 '106 110 99 100 102 102 102 106 102 100 99 75 78 94 130 114 101 101 100 101 102 111 104 103 98 94 98 107 112 115 101 101 101 102 103 101 102 98 178 106 97 103 95 96 106 104 103 101 88 81 101 105 104 101 93 98 107 105 104 104 107 107 109 108 108 109 109 109 107 96 95 95 95 111 118 111 101 87 99 101 100 100 101 103 96 101 98 103 107 101 79 83 101 123 121 184 103 108 103 105 107 109 109 106 110 107 104 98 93 97 107 114 117 96 103 102 101 100 101 102 104 103 102 120 131 134 127 122 141 128 121 125 133 125 126 105 109 108 108 106 104 101 104 104 101 97 95 88 91 102 92 91 91 91 112 113 108 97 85 95 97 98 95 97 96 96 102 98 94 97 95 89 83 100 111 102 102 75 89 100 119 122 186 106 107 105 105 103 103 104 111 108 106 107 111 93 98 107 107 104 98 95 98 108 114 117 96 104 103 103 103 102 101 102 102 104 104 104 103 104 113 144 157 163 158 142 126 143 145 115 105 133 153 128 135 148 145 139 113 140 141 126 116 100 102 102 104 105 102 102 104 106 106 104 103 88 93 100 88 93 89 90 110 111 112 99 84 96 99 96 92 99 92 94 101 96 97 99 95 88 103 102 108 104 78 85 107 124 122 189 104 105 104 103 103 105 107 105 119 105 106 116 92 98 105 106 102 96 93 97 103 112 115 94 100 88 118 156 143 133 159 119 128 119 104 135 130 122 156 107 104 107 103 111 111 108 108 109 93 90 101 96 96 91 96 101 96 97 100 102 96 92 86 110 104 110 106 80 89 105 110 113 105 10? 112 106 112 89 95 102 103 101 95 92 96 P 113 '101 103 P 103 103 • 101 101 100 99 100 101 99 102 102 100 100 100 99 99 99 98 99 100 iThe indexes of production and car loadings are adjusted to allow for seasonal variation; the indexes of building contracts, wholesale distribution, and department-store sales and stocks are shown both with and without seasonal adjustments. c v Preliminary. Corrected. 'Revised. 671 FEDERAL RESERVE BULLETIN OCTOBER, 1929 INDUSTRIAL PRODUCTION PER CENT INDEX OF INDUSTRIAL PRODUCTION [Index numbers, adjusted lor seasonal variations. 1923-1925 average = 100 1923 January February March__ April May. _ June July August. September October.._ November December -. . - - Annual index.._ 1924 1925 1926 1927 1928 100 100 103 107 107 106 104 102 100 99 98 97 100 102 101 95 89 85 84 89 94 95 97 101 106 105 105 103 103 102 104 103 102 105 107 109 107 107 108 108 107 108 108 111 112 111 108 106 107 109 112 109 111 109 106 107 105 103 99 100 105 109 109 109 109 109 110 112 114 114 112 113 101 Month 95 104 108 106 1929 110 117 117 119 122 123 126 124 »123 1925 1926 1926 1927 1929 INDEX OP PRODUCTION OF MANUFACTURES, BY GROUPS I All I raanui factures 1928 April.. May June July August September October November... December 1929 January February March April May June July August Leather Cement, Nonbrick, ferrous and shoes and glass metals Lumber 110 110 111 111 113 115 114 112 114 117 117 121 123 124 128 125 117 126 132 135 145 155 151 143 101 107 108 100 107 107 112 113 111 122 116 115 124 121 128 126 120 123 | i ; i j Automobiles 95 93 91 94 87 82 81 85 87 108 107 117 119 133 139 122 94 103 97 96 108 112 112 110 103 97 92 11 1 116 123 119 126 130 122 122 130 109 11 1 15 1 113 117 117 121 126 128 116 113 116 120 121 121 '118 120 89 78 83 86 83 85 87 88 154 152 163 157 151 166 146 147 95 98 99 97 101 113 113 114 134 123 135 127 124 134 138 142 124 123 129 137 137 126 '127 123 INDEX OF PRODUCTION OF MINERALS, BY PRODUCTS All minerals April May. June July August September October. ._ November December Iron ore Bitumi- Anthracite Crude petroleum shipments nous coal coal Copper Zinc Lead Silver 1928 105 105 101 100 105 107 114 113 112 - 91 93 91 93 91 94 99 99 96 107 112 76 67 94 95 119 113 98 120 120 118 119 123 124 127 127 132 117 120 107 115 116 112 114 103 109 89 100 102 100 101 97 110 110 77 95 86 76 72 81 138 138 134 133 135 - 136 144 146 80 107 104 104 110 114 106 103 110 110 113 116 123 128 131 133 113 113 117 117 120 114 110 111 106 129 136 135 141 139 124 122 119 100 106 112 116 120 122 125 127 100 101 100 97 107 115 108 111 109 89 85 93 76 87 79 79 93 100 1929 January February March April. May June July August P115 143 126 119 121 122 112 114 108 91 93 103 93 '94 » Preliminary. ' Eevised. NOTE.—Those tables contain, for certain months, iniex numbers of industrial production, together with group indexes for important components. The combined index of iu iusirial production is computed from figures for 60 statistical series, 52 of manufactures, and 8 of minerals. Adjustments have been made in the diUBrent industries for the varying number of working days in each month and for customary seasonal variations, and the individual products and industries have baan weighted in accordance wit h their relative importance. The sources of data and methods of construction were described in the BULLETIN for February and March, 1927. Revisions of figures from 1923 to 1928 were published in the BULLETIN for March, 1929, pp. 192-194. 672 FEDERAL RESERVE BULLETIN OCTOBER, 1929 PRODUCTION OF MANUFACTURES, BY INDIVIDUAL LINES 1 August, 1929 Iron and steel: Pig iron Steel ingots __ Textiles: Cotton consumption __ WoolConsumption Machinery activity l Carpet and rug loom activity l SilkDeliveries Loom activity J Food products: Slaughtering and meat packing- July, 1929 August, 1928 128 144 131 153 107 122 119 119 110 114 86 90 109 85 83 79 161 130 155 127 134 114 90 124 100 94 78 87 92 115 99 104 91 129 123 101 131 104 117 '154 131 91 126 119 111 111 104 102 134 127 94 Cattle Calves Sheep Flour Sugar meltings Paper and printing: Wood pulp and p a p e r Newsprint Book paper Fine paper.. Wrapping paper Paper board Wood pulp, mechanical.. Wood pulp, chemical Paper boxes Newsprint consumption Lumber: Lumber, cut Flooring Transportation equipment: Automobiles. __ Locomotives Shipbuilding 1 August, 1929 85 126 95 130 160 135 Leather and products: Leather, t a n n i n g Sole leather» Upper leatherCattle Calf and kip._ Goat and kid.. Boots and shoes Stone, clay, and glass: Cement Face brick Plate glass... Nonferrous metals: Copp August, 1928 101 75 '111 158 119 77 96 138 117 123 117 168 164 123 111 138 126 108 127 121 133 ••114 125 123 122 107 120 109 209 1C8 142 131 205 95 138 185 114 136 121 152 63 151 72 137 33 145 106 155 121 97 160 93 155 108 136 121 Zinc Tin* Chemicals and allied products: Petroleum refining— Gasoline i •.. Kerosene Fuel oil * Lubricating oil l Coke productionBy-product _ Beehive Rubber tires and tubes: Tires, pneumatic Inner tubes... Tobacco products: Cigars Cigarette? Manufactured tobacco and snuff. 163 94 124 147 55 July, 1929 133 20 116 146 Without seasonal adjustment. r 2 Not available. Revised. FACTORY EMPLOYMENT AND PAY ROLLS (Index numbers without seasonal adjustment. Metals and products lotai Group Iron and steel Textiles and products Group Fabrics Products Lumber ana products Monthly av erage, 1919=1001 Hailroad vehicles Paper and A utomobiles printing Foods Leather Stone, and and clay, prodprodand ucts ucts glass Tobacco products Cheni_ n j ana products Employment: 1928—August September. October . . November. December1929—January ... February. _ March April May . June July August.-.. 90.0 91.2 92.0 91.6 91.3 90.9 92.9 93.8 94.2 94.fi 94.3 94.3 94.6 86.0 87.2 88.2 89.1 89.4 90.1 92.4 94.4 95.8 97.1 97.6 99.7 99.1 86.0 87.2 88.2 89.1 89.4 90.3 92.6 94.6 96.3 97.8 98 5 100.9 100.3 85.3 86.8 89.4 90.2 90.6 90.0 91.8 92.7 91.7 91.0 90 5 88.0 88.7 86.3 87.0 90.8 92.9 93.8 93.2 94.0 93.8 93.0 92.9 92 2 89.9 89.6 84.1 86.6 87.6 86.8 86.4 85.9 88.9 91.3 89.9 88.4 88.3 85.5 87.6 89.0 89.6 89.5 89.7 87.4 84.5 84.6 85.4 86.9 88.2 88.7 89.6 90.6 71.6 71.2 70.6 70.5 70.4 69.6 70.7 71.4 72.8 73.2 73 3 73.2 73.7 149.9 154.2 152.1 138.4 136.6 150.4 164.5 166.6 167.0 165.1 153.2 149.6 146.0 106.3 106.7 1081 109.5 109.5 108.3 109.2 108.9 108.3 108.7 109.0 109.5 109.9 83.9 86.8 88 7 88.3 88.5 85.8 85.9 84.9 83.6 84.4 86 0 86.2 86.2 82.9 83.1 81.8 77.1 76.6 79.4 81.3 80.2 78.4 77.9 77.3 81.8 84.8 .115.7 114.6 112.1 109.3 106.2 99.3 98.6 101.7 107.2 111.0 112.2 110.0 111.7 79.0 80.6 82.6 82.4 79.8 70.2 76.7 76.8 76.1 75.4 76.3 75.5 77.5 73.9 77.0 78.4 79.1 79.0 79.0 81.6 80.8 80.5 78.4 77.9 77.2 78.6 1928—August SeptemberOctober November. December.. 1929—January February. March April May June July August 103.9 105.0 109.3 105.9 106.7 102.9 110.4 112.9 113 5 113.3 111. 1 «106.0 110.4 94.1 94.3 99.6 99.2 99.9 98.2 104.8 108.4 110.3 109. 5 107.fi 103.0 105.3 93.3 93.5 98.7 98.4 99.0 97.9 104.4 107.9 110.3 109.fi 107.7 102.9 105.3 91.7 94.4 100.5 97.9 101.0 97.2 103.3 105.9 102.5 100.7 99.fi 93.6 97.4 91.4 93.3 100.5 100.7 104.3 99.5 104.1 105.3 104.8 104.1 101.2 96.8 97.6 92.0 95.7 100.6 94.3 96.9 94.2 102.3 106.8 99.7 96.fi 97.6 89.8 97.0 100.3 102.6 105.5 104.1 100.8 91.6 94.4 96.6 99.0 101.1 100. fi 100.2 102.9 77.0 75.7 80.2 79.7 79.6 73.5 80.9 84.3 86.6 88.2 85.9 82.8 87.0 184.9 185.8 193.3 165.0 161.9 165.0 212.3 213.6 218.9 211.9 18H.fi 158.8 184.5 144.5 146.8 149.6 149.6 153.0 150.1 152.2 155.5 153.0 154. 6 100.1 103.4 105.6 104.3 105.5 101.3 101.8 100.9 100.0 102.6 104.7 104.2 104.1 88.0 87.2 84.0 70.2 75.2 78.9 82.7 80.0 77.1 77.2 78.7 85.6 92.0 1433 139.6 140.8 135.4 131.7 116.6 118.4 124.6 132.6 137. 5 139.2 129.4 137.3 81.6 85.4 87.6 86.5 86.7 70.6 76.1 78.0 79.6 79.7 82.0 81.4 83.8 104.0 105.7 112.3 111.5 111.2 109.0 115.2 114.1 114.9 112.5 110.5 108.1 110.0 15(1 5 152.3 • Corrected. NOTE.—This table contains for certain months general index numbers of employment and pay rolls, together with group indexes for important industrial components. The general index is a weighted average of relatives for 34 individual industries. The method of construction was described in detail and indexes for the above groups since January, 1919, were published in the BULLETIN for May, 1925. See also p. 668 of BULLETIN for September, 1925, for certain revisions. OCTOBER, 673 FEDERAL RESERVE BULLETIN 1929 BUILDING BUILDING CONTRACTS AWARDED [Index numbers based on value of contracts. Monthly average, 1923-1925 = 100] Without seasonal adjustment With seasonal adjustment Month 1926 1927 1928 1929 1926 1927 1928 January February March April May June July August September October November December 111 106 146 139 134 133 126 148 137 126 119 131 94 96 151 147 135 154 130 135 127 137 114 116 104 113 144 157 163 158 142 126 143 145 115 105 100 88 118 156 143 133 159 119 107 143 145 129 120 123 121 124 133 134 122 130 142 120 131 134 127 122 141 128 121 125 133 125 126 133 153 128 135 148 145 139 113 140 141 126 116 Annual index 130 128 135 1929 128 119 104 135 130 122 156 107 105 100 50 BUILDING CONTRACTS AWARDED • • — I With Seasonal Adjustment Without Adjustment I 1925 1926 I 1927 1929 1928 BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Value of contracts in thousands of dollars] Federal Reserve District Month Total Boston New York 1928 August. September.. October November.. December... 516,970 587,674 597,104 471,482 432,756 36,370 69,918 39, 521 29,154 26,405 129, 524 156, 588 1929 January February... March April May June July August 409,968 361, 274 484,848 642,061 587,766 545,891 652, 436 26, 556 25,352 30,044 38,459 41,095 33,050 39,515 30,836 Philadelphia Cleveland Residential Industrial Commercial Atlanta Chicago St. Louis Minneapolis Kansas Ciiy Dallas 136, 525 140,159 33,967 45,634 46,098 28,017 32,082 50,408 67, 748 57,118 56, 684 31,755 30,172 39,843 40,329 33,621 29,973 28,548 25,989 36,097 18,550 23,362 108,306 99,176 110,795 99,429 76,924 40,706 33,241 32,409 27,302 31,378 12,944 9,213 12,645 7,896 5,886 26,177 22,611 15,699 13,908 16, 511 19,847 17,715 16,697 20,397 18.323 104, 447 76, 064 113,466 171,551 125,125 110,180 222, 993 97,130 26,306 32, 369 35, 399 67,064 37,809 38, 327 33, 928 24,902 54,680 38, 360 47,078 51,469 64, 736 53,011 59, 937 62, 111 28, 748 34,252 32.979 52,139 37,072 34, 431 51, 364 29,414 25,745 22, 363 25, 398 37,387 33, 578 46,110 31,802 46, 637 77,439 69,845 107,289 108,181 141,450 134, 832 106,374 100, 433 25, 479 23, 372 38, 795 54,363 41,020 41,848 38, 682 39, 224 7,466 4,757 8,343 14,735 17,309 11,835 11,667 11,465 15, 668 12,874 22,854 22, 365 23,955 19,654 24, 659 24,802 17, 435 23, 665 23, 204 24,346 24, 616 22.614 31,515 21, 929 BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING [Value of contracts in thousands of dollars] Month Richmond Public works and public utilities Educational BUILDING P E R M I T S I S S U E D , BY F E D E R A L DISTRICTS RESERVE [Value of permits in thousands of dollars] All other Federal reserve district 1928 July... August... September October November December—...... 228, 703 31,400 213,705 42,607 202,807 114,780 239,692 62,259 200,226 38,665 178,323 38,248 95,697 58,911 60,068 07,330 68,309 66,773 137,075 118,890 119.014 148,697 93,228 80,194 36,926 35,713 38,801 31,293 30,023 25,370 53,632 47,144 52,205 47,833 41, 032 43,849 1929 January February. _. March April.. May June July August 138,069 63,109 100, 378 129,486 .56,092 08,265 197,172 55,837 75, 584 256, 780 68,230 77,988 192.015 80. 769 86,471 189,809 70, 036 80,884 199,926 66, 604 91,348 146, 088 75, 265 71,955 66,522 57, 593 71, 508 152,127 139,388 120,841 194, 547 119, 288 17, 746 22, 577 37, 525 29,857 38,195 43, 417 47,979 32, 349 24,145 27, 261 47, 221 57,079 50. 928 40,904 52,032 43,937 Number of cities United States. August, 1929 199,120 July, 1929 August, 1928 224, 451 259, 530 Boston New Y o r k . . . Philadelphia. Cleveland 11, 668 61, 626 9,261 16, 742 11,898 70,856 26,046 16,214 8,500 106, 932 16, 690 21,519 Richmond. Atlanta Chicago St. Louis... 8,849 6,286 39,960 5,009 11,210 5,703 38,612 5,645 8,399 7,627 41,187 7,790 Minneapolis.-. Kansas City__. Dallas San Francisco.. 4,156 8, 798 ! 7.353 I 19,412 | 3,329 7,017 5,497 22,424 ,591 3, 7, ,478 7,261 22, ,557 20 NOTE.—Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F . W. Dodge CorporationAdjusted indexes by months back to 1910 were published in the BULLETIN for August, 1927, p. 563. 674 FEDERAL RESERVE BULLETIN OCTOBER, 1929 TRADE AND DISTRIBUTION INDEX OF WHOLESALE DISTRIBUTION—EIGHT LINES [Monthly average, 1923-1925=100] 104 106 106 104 103 104 107 103 111 111 108 108 109 Coal 91 90 91 92 91 90 80 87 94 98 92 92 94 96 100 102 105 102 108 118 89 102 103 98 94 100 81 93 91 82 85 82 82 81 90 86 79 80 78 102 109 107 108 105 99 106 103 98 99 113 132 109 109 111 111 107 108 109 109 111 114 114 112 112 113 1927 January... February March April May June July August September October November December Annual average Number of stores Without seasonal adjustment 1928 1929 93 90 101 96 96 91 96 P113 1929 1928 95 97 98 95 97 96 96 102 98 94 97 95 96 99 96 92 99 92 94 101 96 97 99 95 101 96 97 100 102 96 '101 P103 | Men's Boots cloth and ing " shoes Furniture ware ware Without seasonal adjustment 1928 July Aug. July Aug. Aug. 523 38 64 60 59 29 44 105 19 20 27 22 36 89 83 82 69 92 81 85 100 87 86 85 85 120 80 76 80 62 80 76 75 87 76 72 72 74 100 85 78 • 78 65 85 78 86 96 83 80 85 80 116 112 111 117 94 109 113 110 122 113 96 106 104 112 89 106 105 100 114 108 89 105 104 111 90 101 109 110 116 108 89 116 122 103 120 110 119 433 38 45 47 53 29 31 81 19 16 21 21 32 96 87 102 79 90 89 93 113 90 71 119 81 102 92 ••89 99 79 88 88 90 103 84 68 ••109 70 96 97 91 100 86 95 92 95 105 93 81 118 83 104 100 94 107 84 95 97 95 115 90 72 99 '98 108 87 95 97 98 112 90 72 101 98 106 92 98 100 97 107 93 82 79 103 76 100 81 105 SALES STOCKS United States... Boston New York Philadelphia Cleveland Richmond Atlanta . . __ Chicago St. Louis. . Minneapolis 1 Kansas City Dallas . San Francisco zoods gooab With seasonal adjustment 1929 88 93 100 88 93 89 90 110 111 112 99 p Month Aug. United States.. Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St Louis Minneapolis Kansas Citv 1 Dallas San Francisco 88 91 102 92 91 91 91 112 113 108 97 1927 SALES IN INDIVIDUAL LINES OF WHOLESALE TRADE [Index numbers. Monthly average, 1923-1925=1001 DEPARTMENT STORE SALES AND STOCKS [Index numbers. Monthly average 1923-1925=100] Federal reserve district 1929 1928 Sales with seasonal adjustment OO 1928—August September October November December 1929—January. February March.._ April May June July August Livestock Sales without seasonal adjustment Month CO Total Merchandise Forest I.e. 1. prodand ucts miscellaneous 00 Month Grain and grain products CO FREIGHT-CAR LOADINGS, BY LINES [Index numbers adjusted for seasonal variations. 1923-1925 = 100] 1928 August September. October... November. December. 1929 January... February.. March April May June. July August 101 100 108 100 88 118 130 125 117 108 110 105 99 90 69 148 137 123 66 51 119 110 108 105 59 95 100 108 98 86 115 119 134 114 120 108 126 133 106 91 83 90 92 96 95 99 117 113 117 115 121 122 123 *120 84 84 92 80 78 70 74 111 74 114 136 85 60 49 69 156 98 84 110 100 113 90 110 130 82 76 95 99 98 97 95 99 131 105 119 118 111 105 111 P 122 80 91 105 101 99 93 87 117 P101 With seasonal adjustment 1928 August September. October... November. December. 1929 January... February.. March -i April May June July August 100 92 95 94 89 116 122 111 122 115 90 89 99 95 101 109 90 87 100 72 94 92 97 100 93 117 112 116 113 128 106 112 112 101 94 99 95 91 96 99 93 98 100 117 119 122 123 121 120 121 96 88 98 88 101 96 80 95 119 107 95 95 112 96 138 118 92 86 92 97 96 93 97 98 133 114 108 116 118 112 117 v 124 91 91 93 100 104 105 107 115 P118 91 p Preliminary. 'Revised. Index described in BULLETIN for December, 1927. Revised. i Monthly average 1925=100. Index describe'3 in BULLETIN for February, 1928. SALES OF CHAIN STORES [Ind x numbers of sales. Monthly average 1923-1925 = 100] Chains Grocery 5-and-10 cent Drug Shoe.... Number of reporting firms Number of stores August, 1929 30,129 3,503 1,278 737 July, 1929 30, 034 3,479 1,263 727 Sales without seasonal adjustment i August, 1928 August, 1929 29, 230 3,083 1,019 670 233 161 211 134 July, 1929 227 146 204 120 Sales with seasonal adjustment i August, 1928 August, 1929 204 136 169 110 245 174 200 161 July, 1929 231 162 201 132 August, 1928 215 147 169 132 1 Figures relate to reporting firms—with no adjustment to eliminate the inausnee of increasa in the number of stores operated; thus indexes given reflect the full growth of the business of the reporting companies. 675 FEDERAL RESERVE BULLETIN OCTOBEE, 1929 SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates, by States, for Sept. 1 as made by the Department of Agriculture] [In thousands of units] Corn Federal reserve distric Bushels 96 5,508 16,140 13,167 25,880 4 392 42,993 30, 699 279, 572 334, 956 23, 064 125, 726 • Bushels 104 5,622 18,756 38, 640 26,352 4 4C0 62,919 45, 780 176, 421 262,130 36, 014 108, 528 2, 455, 997 902,191 785, 726 Bushels Tame hay Oats Federal reserve district 9,014 26, 280 40, 322 163, 372 135,144 166, 831 866,177 291, 983 275, 352 376,157 95, 627 9,738 2,835, 678 __. Total. Tobacco Bushels 96 173 85 164 Bushels 104 120 66 111 Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco . Winter wheat 6, 582 724 263, 069 14, 716 188 38, 261 324, 058 Bushels Bushels 4,577 422 1C3,747 13,167 314 34,865 5 333 16,055 13, 003 25, 880 4 392 36, 411 29, 975 16, 503 320, 240 22, 876 87, 465 5, 502 18, 690 38, 529 26,352 4 4^0 58,342 45, 358 12, 674 248,963 35,700 73, 663 217, 493 578,133 568, 233 Cotton White potatoes Production, Estimate, Production, Estimate, Production, Estimate, Production, Estimate, Production, Estimate. 1928 Sept. 1,1929 1928 Sept. 1,1929 1928 Sept. 1,1929 1928 1928 Sept. 1, 1929 Sept. 1,1929 Bushels 7,921 35, 050 21, 770 108, 377 22,865 10, 746 624, 072 66, 278 321,611 158,774 37, 983 35, 230 Boston. ___ New York Philadelphia Cleveland Richmond.. _ 1 Bushels 8,890 25,884 45, 500 174, 381 139,133 137, 350 1, 017, 822 358,882 282,101 520, 235 114, 742 10, 758 Atlanta Chicago St Louis Minneapolis _. Kansas City Dallas San Francisco Spring wheat Production, Estimate, Production, Estimate, Production, Estimate, Production, Estimate, 1928 Sept. 1,1929 Sept. 1,1929 1928 1928 1928 Sept. 1,1929 Sept. 1,1929 Boston. New York- _ Philadelphia Cleveland __ ._ Richmond Total Total wheat Bushels 8, 692 25, 926 19, C05 63, 480 27, 299 14, 591 494, 642 46,877 270, 571 150, 405 46, 057 36,842 4,996 6,811 3,353 5,940 4,426 2,986 16, 781 7,573 12, 026 12, 381 1,281 14, 429 4,483 6,538 2,979 6,627 4,079 2,887 20, 698 8,137 10, 301 11,881 1,246 13, 744 38,915 1,317 49, 580 117,608 713, 590 157, 057 49 005 243,978 4,141 2,948 35, 536 1,097 46, 264 137, 976 725, 419 176,908 43 645 289, 028 3,634 2,814 47, 672 36,991 30, 208 23, 511 48, 361 14,843 76 982 19, 510 75, 449 40,120 3,747 47, 089 51,842 28, 309 21, 631 19, 388 34,060 11,176 51 499 13,020 45, 488 30, 511 3,194 38,994 1, 448, 677 1, 204, 987 92, 983 93, 600 1, 378,139 1, 462, 321 464, 483 349,112 Tons Tons Includes 7,000 bales grown in miscellaneous territory. Pounds 2 Pounds Bushels Bushels Bales Bales i,eo6 2,758 2,004 3,114 i 2, 715 2 3, 035 1,147 5,946 306 1,265 5,034 373 14, 478 14,825 Includes 10,000 bales grown in miscellaneous territory. 676 FEDERAL RESERVE BULLETIN OCTOBER, 1929 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 dat<y, see BULLETIN for June, p .396] Month Total (40 countries) i 24 ArUnitedl gen- Aus- Bel- Bra- Can- Eng- France Ger- In- Italy Ja-8 Neth- Rus- Spain Swit- other erzer- counpan lands sia many dia ^ States tina 3 tra- gium zil* ada8 l a n d " land tries lia 178 288 109 219 576 627 94 490 90 711 703 54 157 1925—December... 8,912 3,985 451 128 53 166 436 109 221 562 634 493 711 56 158 735 1926—December... 9,185 4,083 107 86 85 91 451 444 239 161 119 672 742 502 954 101 152 1927—December... 9,536 3,977 105 100 542 97 100 529 175 496 119 259 541 80 86 694 503 622 104 838 1,136 3,732 9,748 109 111 140 1928—June 524 119 263 541 175 85 503 86 694 857 112 98 140 622 110 9,840 3,737 1,173 July . 536 263 175 119 541 75 698 503 87 856 1,190 621 112 143 101 9,879 August 3,749 110 175 571 119 266 541 504 699 90 1,200 112 76 3,752 143 106 843 September.. 9,938 633 107 175 603 266 541 119 701 504 91 October 9,944 108 803 1,207 113 146 3,769 611 107 82 625 120 266 175 541 92 702 494 91 1,239 115 148 133 778 3,754 November.. 9,990 107 610 650 175 124 266 541 92 702 494 103 1,254 3,746 149 114 750 December 9,999 607 108 126 650 175 128 266 541 92 702 494 93 1,333 126 79 744 3,746 605 149 1929—January 10,032 109 650 175 128 266 541 92 703 494 93 1,334 603 78 736 3,776 150 February ___ 10,054 109 126 639 170 128 270 542 92 706 494 93 585 126 78 748 1,340 3,814 150 March.. . 10,085 110 451 128 174 270 92 701 542 494 95 762 134 78 1,403 150 10,042 3,889 569 April 110 420 128 270 542 176 93 96 494 701 795 78 134 151 3,931 564 1,435 May .10,123 116 176 455 128 271 542 93 96 699 494 780 76 1,436 117 139 151 June 10 136 3 956 527 512 541 181 128 271 692 103 495 98 694 1,462 141 76 3,974 July 513 10,149 118 151 520 128 P271 »541 98 495 670 1,526 178 119 P694 141 P151 P76 August 3,995 »507 P10,234 123 132 P648 P 1,545 P527 September-. P 4,007 * Bank of Brazil and stabilization fund. p Preliminary, based on latest available figures. 8 Includes gold held by Government against Dominion notes and * All countries for which satisfactory figures are available; see explanation in Bulletin for April, 1929 (p. 263), where separate figures for each savings bank deposits, and such gold as is held by chartered banks in country are given by years back to 1913. The 16 countries for which the central reserve. • Gold held by Bank of England and, prior to 1925, gold held by exfigures are here shown separately by months include all those which chequer in currency note reserve. have held gold in recent years to the amount of $90,000,000 or more. 2 7 Currency and gold standard reserves. Treasury and Federal reserve banks. 3 s Domestic holdings of Bank of Japan and the Japanese Government. Government conversion fund and Bank of the Nation. GOLD MOVEMENTS [In thousands of dollars] Month Imports Exports Net Imports Exports Net 9, 541 212,444 168,897 560, 759 -391,872 221,986 Total, 1928 1929 672 1,250 577 January ___ 48,577 1,378 47,199 574 764 26,913 25, 488 1,338 1,425 February 897 804 26,470 24,835 1,701 1,635 March 24.687 23, 093 1,768 223, 247 -221,480 1,594 April 1,165 781 24,097 23, 630 1,946 467 May 6,812 681 30,762 30,212 7,493 650 June.. 716j 47, 016 r 35, 525 '34,718 47, 732 July... '807 879 19, 271 18, 390 27,752 26, 873 August 881 Imports Exports Net South Africa Netherlands Great Britain Germany United States Imports Exports India Net Net Net 232,658! 294,539 -61,881 15,417 1,778 13,639 -208,479 ===== 14 490 -16,607 504 11,844 27,891 -16,047 6 175 -17,848 181 12, 347 21,383 -9.036 133 14, 320 -14,187 —21. 542 25, 734 7,746 17, 987 163 — 15,871 165 2 16,144 3,714 12,430 23 4,315i -17,975 28, 284 4,652 23,632 4,338 173 -22,625 190 17 21,085| 40,001 -18,917 129 8 121 -14,816 22, 578 100,479 -77,901 103 2,522 -2,419 17, 226 59, 278-42,052 75,908 4,730 7,700 13, 063 6. 580 6,076 3,596 4,164 I r Revised. MOVEMENTS TO AND FROM GREAT B R I T A I N [In thousands of dollars] 1928 1929 From or to— August Imports Exports January-August Calendar year Iraports Exports Imports France 89 41, 532 1,377 88,354 912 Germany . 258 8,534 3,194 80,581 Netherlands __ 145 52 14,382 1,311 Russia __ _ 18,582 Spain and Canaries. 12 4 308 9,733 Switzerland 531 7 236 United States 5,000 64 52 240 32,532 South America. 38 1,166 7,976 British India ""355" ~~7~243" British Malaya. _ 329 71 1,779 Egvpt 100 1,309 2,916 Rhodesia 410 3 OfiO 5,280 Transvaal 16,314 116, 692 144,482 West Africa 314 2,720 8 3,384 All other countries.. 5,773 23,168 14,803 60 2,833 Total _ 17,226 59,278 155,242 265,144 232,658 M O V E M E N T S T O A N D F R O M IBRITISH I N D I A [In thousands of dollars 1929 From or to— Exports 97,178 102,423 7,081 199 13,493 32 132 1,074 10, 770 1,810 1,384 16 26,978 294,539 June Iraports England United States Aden and dependencies _ Arabia . British Oceania Bahrein Islands Ceylon China .__ Mesopotamia Straits Settlements . Egypt Natal All other countries Total 1928 January-June Exports Imports Exports 22 74 76 161 14 522 594 910 870 1,593 1,057 923 1 1 6 285 1,762 108 1,280 17 3,789 24 895 118 Exports 5,067 91 651 3 3, 597 Imports 11,071 4 086 7,098 521 Calendar year 1 18 5 15 41, 779 33 720 153 1, 543 200 6,714 44 387 76,007 48 44 99 677 FEDERAL RESERVE BULLETIN OCTOBER, 1920 CONDITION OF CENTRAL BANKS [Figures are for the last report date of month] 1929 August Bank of England (millions of pounds sterling): Issue department136. 4 Gold coin and bullion.. 396.4 Notes issued Banking department1.3 Gold and silver coin 32.3 Bank notes 73.3 Government securities 22.3 Other securities 3.8 Discounts and advances 20.5 Public deposits 58.0 Bankers deposits Other deposits I 36.1 Reserve ratio i (per cent) \ 29.3 364.0 Bank notes in circulation J Currency notes and certificates.. 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 Reserves in foreign exchange Loans and discounts Deposits Reichsmarks in circulation.. Rentenmarks in circulation. ank of Italy (millions of lire): Gold at home Credits and balances abroad. Loans and discounts Total note circulation Public deposits Other deposits Bank of Japan (millions of yen): Gold Advances and discounts Government bonds Notes issued— Total deposits Commonwealth Bank of Australia (thousands of pounds sterling): Issue department— Gold coin and bullion.. Securities Banking department— 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. — 71585—29 4 38,930 7,248 18, 587 11, 888 5, 612 66, 468 13,444 6,175 2,034 150 308 2,834 434 4,897 440 July 1928 June 159.1 419.1 173.2 192.9 1.2 29.6 62.3 24.2 10.0 11.1 60.3 37.7 28.2 371.8 1.1 56.3 38.6 23.2 27.0 24.7 67.4 36.2 44.8 362.7 2.7 57.5 29.1 43.4 19.2 95.3 52.5 79.2 296.9 37, 300 7,325 18, 524 10, 782 5,769 64,135 12,179 7,420 36,625 7,300 18,450 10,497 5,769 64,921 11,041 7,075 30, 351 14, 242 17, 721 4,083 5,930 62,184 10, 231 5,751 23, 206 18. 331 1,831 80 361 3,196 631 4,839 465 5,159 4,936 5,220 16,887 300 1.772 1,062 768 211 1,334 808 August 141.4 401.4 1,999 150 334 2,798 516 4,726 443 5,159 4,920 6,004 16,753 300 1,529 1,062 755 210 1,266 1,064 728 244 1,462 691 22,721 22,151 18,832 19,982 2,163 86 195 2,737 565 4,673 579 August! July National Bank of Belgium (millions of belgas): Gold Foreign bills and balances in gold. Domestic and foreign bills Loans to State Note circulation Deposits 2,164 1,459| 10,053 11,042 14,375i 35,224 37,528! 15,813 10,834 13,009 41,113 37,701 20, 835 12,123 12,105 46, 979 39, 579 169 169 231 217 383 365 247 ! 226 110 ! 110 1,047 1,046 61 74 I 169 199 346 255 110 1,044 37 134 308 332 131 166 1,003 1,669 70 June August 2,624 159 1,003 460 727 343 2,482 108 805 496 563 381 2,224 97 National Bank of Bulgaria (millions of leva): Gold Net foreign exchange Total foreign exchange Loans and discounts Government obligations Note circulation Other sight liabilities 1,387 1,111 1,638 1,532 3,546 4,121 2,164 1,379 1,226 1,630 1,537 3,546 3,974 2,309 1,368 1,436 1,894 1,634 3,578 3,972 2,729 1,308 1,038 4,471 4,285 2,102 Central Bank of Chile (millions of ) Gold at home Deposits abroad Loans and discounts. Note circulation Deposits 63 384 81 341 120 62 430 71 352 146 62 440 93 366 164 61 476 17 314 131 Bank of the Republic of Colombia (thousands of pesos): Gold at home _ Gold abroad Loans and discounts Note circulation Deposits... 26, 233 24, 347 13, 867 43, 309 10, 496 26,036 29,371 11,316 45, 485 9.996 25,869 29.438 14,753 48,656 9,817 24, 542 42,094 4,501 49,443 11,544 1, 205 1,757 953 1,207 1,696 918 1,206 1,781 861 1,158 1,990 396 7,500 345 397 7,321 425 405 7,612 415 456 7,549 547 173 105 70 361 173 92 351 38 173 88 74 366 34 182 92 63 341 24 16,429 13, 263 22,108 38, 263 1,882 16, 732 12,612 22,436 38,259 1,561 1,014 566 797 348 _JLL (thousands of Dan- 22, 546 21, 345 1928 1,012 451 781 347 2,554 100 Czechoslovak National Bank (millions of Czechoslovak crowns): Gold and silver Foreign balances and currency... 5, 002 Loans and advances 6,744 Assets of banking office in liqui4,641 dation 17,140 Note circulation 300 Deposits 3,019 Danish National Bank (millions of kroner): 1,063 Gold. 851 Foreign bills, etc _ 188 Loans and discounts.. 1,270 Note circulation 956 Deposits _ 8, 538 12, 719 15,125 37, 258 38, 005 1,897 I 1929 Bank of Danzig zig gulden): Balances with Bank of England.. 16, 200 Foreign bills, etc 13, 418 Loans and discounts. 23,427 39, 688 Note circulation 1,717 Deposits 16,100 24,978 22, 473 38,150 3,839 Bank of Estonia (thousands of krones): 10, 048 Gold. 6,338 6,328 6,315 Net foreign exchange. 20, 808 19, 725 18,887 26, 888 Loans and discounts 26, 075 26,165 27, 552 25, 017 31, 594 38, 288 Note circulation 34,343 | 33, C DepositsGovernment 10,117 I 9, 820 10,909 16,833 Bankers 3,959 I 4,187 3,763 1,329 1,657 1 2,054 2,863 4,681 Other.. 1 Ratio of gold and notes in banking department to deposit liabilities 1 Notes issued, less amounts held in banking department and in cur rency note account. 678 FEDERAL RESERVE BULLETIN OCTOBER, 1929 CONDITION OF CENTRAL BANKS—Continued [Figures are for the last report date of month] 1929 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 drachmae): Gold Net foreign exchange in reserve— Total foreign exchange.-Loans and discounts Government obligations Note circulation Other sight liabilities National Bank of Hungary (millions of pengos): Gold Foreign bills, etc Loans and discounts Advances to treasury. Other assets Note circulation Deposits Miscellaneous liabilities Bank of Java (millions of florins): Gold.... Foreign bills Loans and discounts Note circulation Deposits.. Bank of Latvia (millions of lats): Gold Foreign exchange reserve Bills. Loans Note circulation... Government deposits. Other deposits July June August 301 301 301 309 520 20 1,352 1,448 178 505 10 1,369 1,439 194 545 7 1,375 1,473 199 616 74 1,122 1,565 154 619 2, 721 605 2,897 5,092 142 3, 597 5,304 1,596 594 3,242 5,439 141 3,656 5,494 1,780 533 3,037 3,945 3,790 5, 258 1,847 163 37 326 89 74 491 94 78 177 17 381 92 34 463 165 47 197 67 369 104 155 497 239 130 148 36 124 302 50 161 28 114 305 46 173 31 105 316 53 24 47 90 59 44 104 24 81 83 42 44 113 65 4,871 158 3,597 5,214 1,551 163 40 293 89 108 480 117 Bank of Lithuania (millions of litas): Gold Foreign currency Loans and discounts Note circulation Deposits Netherlands Bank (millions of florins): Gold Foreign bills _ Loans and discounts. __ _ Note circulation... Deposits Bank of Norway (millions of kroner): Gold Foreign balances and bills Domestic credits Note circulation Foreign deposits. Total deposits Reserve Bank of Peru (thousands of libra): Gold Gold against demand deposits Foreign exchange reserve Bills Note circulation Deposits 1 443 154 162 801 13 449 178 160 812 15 437 176 151 779 21 458 202 149 792 34 147 41 259 315 2 82 147 39 263 315 1 147 46 275 318 2 97 147 39 282 318 3 102 3,535 880 1,893 2,178 6,447 1,761 4,237 178 729 2,337 6,606 357 4,162 254 783 2,127 6,327 509 4,145 271 1. 265 1)366 6,091 542 Converted into the terms of the leu adopted Feb. 7, 1929. 1929 1928 July June 432 219 441 84 796 1,359 269 145 432 195 444 82 782 1,293 286 154 431 195 438 82 833 1,298 308 160 351 308 1,912 54 308 300 1,921 53 9 292 271 1,845 50 August ank 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 Bank of Portugal (millions of escudos): Gold Balances abroad Bills Note circulation... Deposits _ National Bank of Rumania (millions of lei): 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 chervontsi): Loans and discounts Deposits... Issue d e p a r t m e n t Gold. Other precious metals Foreign exchange._ Note circulationNational Bank of the Kingdom of Serbs, Croats, and Slovenes (millions of dinars): Gold Foreign notes and credits Loans and discounts _ Advances to State Note circulation... Deposits j South African Reserve Bank (thousands of pounds sterling): Gold Foreign bills Domestic b i l l s . . . Note circulation Deposits— Government 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..4 1928 5,126 5,100 3,592 3,592 1,465 1,907 155 147 10,009 9,598 7,631 7,631 19,188 19,113 7,356 . 7, 341 August 408 195 480 200 708 1,207 335 219 268 238 67 3 4, 997 3 3, 644 (4) () 13, 393 10, 679 21, 052 1,203 386, 876 372,550 203, 706 196,057 341, 329 189, 077 20,098 18,103 4,151 4,212 9,021 9,361 126, 983 121,676 14, 653 3,885 7,691 99, 633 255 1,612 3,000 5,659 94 261 1,549 2,966 5,299 1,020 178 1,501 2,966 5,196 714 7,901 7,655 1,600 9,533 7,669 8,114 748 8,460 7,747 7,524 1,211 9,636 8,064 7,351 697 9,124 1,687 4,816 292 2,272 4,822 634 1,635 4,787 287 1,688 5,006 248 2,565 719 90 2,086 4,327 938 2,563 720 96 1,952 4,289 931 2,561 723 93 2,017 4,258 932 2,609 706 39 1,893 4,251 977 242 ! 205 ! 346 549 149 234 208 332 522 157 234 196 439 560 215 230 123 377 514 145 507 210 209 911 51 507 217 218 900 67 496 265 215 898 101 449 227 224 864 81 Foreign exchange not reported separately. 90 268 1,664 2,966 5,562 679 FEDERAL RESERVE BULLETIN OCTOBER, 1929 CONDITION OF COMMERCIAL BANKS [Figures are for the last report date of month except for London clearing banks, which are daily averages] 1929 1928 1929 I August July June August 144 1,205 242 1,759 143 1,219 242 1,778 150 1,194 244 1,770 137 1,186 237 1,732 Joint-stock banks of Denmark (millions of kroner): Loans and discounts Due from foreign banks Due to foreign banks _ Deposits and current accounts.._ Six Berlin banks (millions of reichs- I marks): I Bills and treasury notes | 2,498 Due from other banks I 1,219 Miscellaneous loans _..| 7,035 Deposits I 10,164 446 2,365 1,189 7,098 9,989 463 2,365 1,228 6,956 9,908 475 2,085 949 6,269 8, 599 Tokyo banks (millions of yen): Cash on hand Total loans Total deposits _. Total clearings 259 2,087 2,090 2,192 289 2,126 2, 097 2, 184 294 2,083 2,085 2,720 Nine London clearing banks (millions of pounds sterling): Money at call and short notice... Advances and discounts Investments.... Deposits..... 301 2,086 2,106 1,948 1929 July Banks of Buenos Aires, Argentina (millions of gold pesos): GoldBank of the Nation Other banks , Other cash— Bank of the Nation Other banks Loans and discountsBank of the Nation.. __. Other banks __ DepositsBank of the Nation Other banks Chartered banks of Canada (millions of dollars): Gold coin and bullion i Current loans and discounts Money at call and short notice... Public and railway securities Note circulation Individual deposits Gold reserve against Dominion notes Dominion note circulation 410 1928 June May Ju y 102 11 140 12 130 180 67 12 156 207 129 I 125 184 162 | 561 ! 569 873 883 | 761 i 777 1,007 i 1,015 549 877 486 753 769 1,012 776 945 62 61 1,572 1,566 577 594 470 525 170 ' 187 2,578 | 2, 559 64 1,559 594 523 168 2,560 68 1,421 . 538 508 172 2,521 59 ! 196 ; 59 210 59 197 1928 July June May 1,774 138 66 1,952 1,767 143 64 1,955 1,744 143 71 1,963 1,872 118 84 1, 975 Joint-stock banks of Finland (millions of Finnish marks): j Loans and discounts 9,931 Due from abroad _ 236 Due to abroad _ 544 Deposits 7,660 10,047 189 633 7,730 9,941 142 608 7,568 9,458 212 458 7,744 Four commercial banks of France» (millions of francs): Bills and national-defense bonds.. Loans and advances Demand deposits Time deposits 20, 664 19, 883 9,974 10, 317 33, 226 33, 279 798 767 20,806 8,434 33, 577 614 Four private banks of Italy (millions of lire): Cash Bills discounted._ Due from correspondents Due to correspondents Deposits 1,138 8,390 5,437 13, 505 3,061 3 3 3 July 1,175 8,871 5, 082 3 13, 775 3 2,868 Joint-stock banks of Norway (millions of kroner): Loans and discounts Due from foreign banks Due to foreign banks _ Rediscounts _ Deposits 1,266 124 83 97 1,557 1,253 102 78 100 1,557 1,250 103 83 100 1,558 1,424 99 101 145 1,610 Joint-stock banks of Poland (millions of zlotys): Loans and discounts Due from foreign banks Due to foreign banks __ Rediscounts Deposits » 181 P138 *534 826 31 171 146 522 824 31 168 156 518 715 33 124 142 473 Joint-stock banks of Sweden (millions of kronor): Loans and discounts Foreign bills and credits abroad.. Due to foreign banks __ Rediscounts Deposits _ 4,179 277 117 191 3,530 4,130 259 112 262 3,462 4,117 253 119 231 3,469 4,142 269 119 187 3, 567 75 200 1 Not including gold held abroad. 2 Beginning with this issue figures of the Socie"te" Generate de Credit Industriel et Commercial have been added to those of the three banks previously reported. s Figures are for June, 1928. g P l i i Preliminary. DISCOUNT RATES OF 34 CENTRAL BANKS [Rate prevailing October 1, 1929, with date of latest changel Country In effect since— I Rate Austria ( 8lA Belgium.. ! 5 Bulgaria ; 10 Chile. ! 6 Colombia i 7 Czechoslovakia.! 5 Danzig __.! 7 Denmark ' 5 Ecuador \ 10 Sept. July July Oct. Aug. Mar. Apr. Sept. May 28,1929 I 31,1929 2,1929 22,1928 1,1929 8,1927 30,1929 27,1929 15,1929 Country England.. Estonia.. Finland.. France... Germany Greece... _ Hungary. India Italy Rate! In effect since— Sept. 26,1929 Jan. 2,1928 Nov. 16,1928 ZYL\ Jan. 19,1928 " Apr. 25,1929 Nov. 30,1928 Apr. 24,1929 June 6,1929 7 M a r . 14,1929 Country Japan Java Latvia Lithuania... Netherlands Norway Peru Poland In effect since— 5.48 Oct. July Apr. 6-7 Feb. 7 Mar. Sept. Sept. Apr. 10,1927 22,1929 1,1928 1,1925 25,1929 27,1929 2,1929 19,1929 In effect since— Portugal Rumania Russia South Africa Spain Sweden Switzerland. Yugoslavia.. 27,1926 14,1929 , 22,1927 17,1929 19,1928 . 27,1929 22,1925 23,1922 Changes.—Reserve Bank of Peru from 7 to 6 per cent on Sept. 2,1929; Bank of England from 5 ^ to 6 ^ per cent on Sept. 26,1929; Danish National Bank from 5 to hVi per cent on Sept. 27, 1929; Bank of Norway from hVz to 6 per cent on Sept. 27,1929; Bank of Sweden from 4^j to 5H per cent on Sept..27,J.929; Austrian National Bank from 7H to 8 ^ per cent on Sept. 28, 1929. 680 FEDERAL RESERVE BULLETIN OCTOBEE 1929 MONEY RATES IN FOREIGN COUNTRIES England (London) Month Bankers' acceptances, 3 months Treasury bills, 3 months Netherlands (Amsterdam) Germany (Berlin) Bankers' Day-to-day allowance money on deposits Private discount rate M o n e y for Day-to-day 1 month money Private discount rate Money for 1 month Switzerland Private discount rate 1927 4.33 4.32 4.32 4.33 4.31 4.35 4.33 4.33 4.34 4.31 4.19 4.18 4.12 4.02 3.97 3.82 3.99 4.27 4.23 4.35 4.38 4.37 4.13 4.18 4.07 4.01 3.95 3.80 3.97 4.26 4.19 4.37 4.30 4.37 4.32 5.05 5.33 5.21 5.21 5.32 5.38 5.47 4.29 4.96 5.30 5.18 5.21 5.35 5.39 5.48 3.41 4.33 4.51 4.43 4.67 4.23 4.54 4.35 8.38 8.30 8.72 8.72 9.10 5.81 6.00 7.19 6.03 7.24 3.45 3.56 4.11 4.50 4.49 3.40 3.82 4.29 4.73 4.85 3.44 3.39 3.38 3.39 3.40 6.27 6.20 6.72 6.71 6.66 6.59 6.74 6.68 6.65 6.57 6.28 6.28 7.66 7.30 7.51 7.57 7.80 8.08 8.18 8.19 8.58 8.26 8.15 8.77 5.16 6.66 6.81 6.64 7.00 6.37 7.74 6.12 6.65 6.70 6.70 7.30 4.29 3.97 3.97 4.18 4.27 4.18 4.10 4.13 4.39 4.40 4.44 4.46 4.10 3.80 3.89 3.93 4.17 4.11 3.84 3.90 4.35 4.42 4.74 4.68 3.29 3.12 3.20 3.29 3.32 3.40 3.44 3.41 3.38 3.38 3.35 3.32 2V£-3V£ 3*4 3*4 3*3 3*3 3 > V 3*3 3.49 3.63 3.63 3.57 3.58 3.26 3.27 3.50 3.55 3.80 3.64 3.22 5.82 5.90 6.69 6.76 6.87 2*3 2*3 3.61 3.55 3.57 3.62 3.44 5.80 5.80 6.31 6.63 7.49 7.50 7.39 7.18 7.51 7.07 7.30 7.57 9.65 9.89 9.35 9.43 5.13 6.33 6.97 6.85 9.32 7.90 8.21 7.42 4.20 4.39 4.64 5.36 5.37 5.30 5.14 5.01 4.46 4.78 5.05 5.81 5.88 5.30 4.89 4.70 3.28 3.31 3.39 3.45 3.34 3.26 3. 19 3.33 2*3 2*3 2*3 1928 April July August Sftntsmber N o VATO b©r 1929 April July August Belgium (Brussels) France (Paris) Italy (Milan) Private discount rate Private discount rate Private discount rate 2*3 2*3 2*3 2H 2*3 2*3 2H Austria (Vienna) Sweden (Stockholm) Hungary Japan (Tokyo) Month 1927 October November Deoflmber 3.84 3.75 3.87 4.09 4.15 2.04 2.01 1.82 2.75 2.95 7.00 6.81 6.50 6.27 6.00 1928 January . February March April ]Vlay June July August ._ September October November. December 4.08 3.90 4.10 4.25 4.25 4.27 4.02 4.00 3.96 3.94 3.94 3.94 2.81 2.75 2.72 2.62 2.62 2.90 3.12 3.23 3.26 3.37 3.37 3.41 6.00 5.89 5.75 5.49 5.25 5.25 5.25 5.25 5.25 5.25 5.45 5.50 3.94 3.94 3.94 3.94 3.94 3.94 4.00 4.93 3.50 3.39 3.37 3.44 3.49 3.50 3.50 3.50 5.83 6.00 6.31 6.75 6.83 6.75 6.75 6.85 August . . 1929 January February March _ April May June - July A ufifUSt Private discount rate 6*4 -696 gi^ -6Me 6*6 -6*4 Money forl month 7*6-894 7 —8*3 7*3-894 Prime commercial paper 7V<j-8*3 7*3-8*3 7 -8*3 Day-to-day money 6 -794 6 -7*3 6 -796 594-796 694-894 594 -6*6 596 -5M« 5 ^ 6 -5^6 5*3 -594 6*3-7*3 6*3-7*3 6*3-7*3 6*3-7*3 594 -6*4 694o -6*4 6%-8*4 7*4-8*3 6*4 7*3-8*3 7*3-8*£ 7*3-8$6 6*4 -696 6946-6^46 6*4 -696 6M6-7H 7!,6 -7*4 7i/4 -7H 7*4 -77AG 7*4 896 7H-8H 796-894 8 -9 8*4-9 8*4-9 8*4-9 796-8*3 7*4-8*3 7*6-8*3 7*6-8*3 7*4-8*3 794-9 794-9 mm 7%-8\4> 796-8*3 8*|-9 896-9*3 894-10 514-7^ 5 -796 5*4-7H 5*3-796 5*3-796 5*3-796 5*3-796 6*3-896 6K-8K 6*^-8*^ 7 7 7 7 -9 -9 -9 -9 Loans up to 3 months 4 4 4 4 4 Discounted bills 1 -6 -6 -6 -6 -6 4 -6 4 -6 4 -6 4 -e 4 -6*3 4 -6*3 4 -6*3 4*3-6*3 Call money overnight 3.65-4. 75 2.19-4. 38 2.19-4. 38 2. 74-4. 02 2 19-5 84 4*3-6*3 4*3-6*3 4*3-6*3 6.57-6.94 6. 57-€. 75 6. 39-6. 75 6. 39-6. 57 6. 21-6. 57 6.21-6. 39 6. 02-6. 39 6 21-6. 39 6 02-6 21 5. 84-6.21 1.64-5.11 1. 46-4. 02 2. 92-4. 02 2. 56-4. 02 1.46-4. 02 1. 46-4. 02 1. 46-4. 02 2.92-4. 02 2. 37-4. 02 2. 92-4. 02 2. 01-4. 02 1.83-6.57 4*3-4*3 4L£_0L£ 4*3-6*3 4*4-6 *£ 4*3-6*3 4L£_gl£ 4l£_gL£ 5. 84-6. 21 5. 66-5.84 5. 66-5. 84 5. 48-5. 66 5.48-5. 66 5. 48-5. 66 5. 48-5. 66 1.46-5. 84 2. 01-4. 02 2.19-4. 02 3.47-4. 02 2. 56-4. 02 2. 56-4. 02 2. 74-4. 02 i Figures for the rate on discounted bills, as compiled by the Bank of Japan, have been completely revised by the bank from March, 1928, to date. T h e new series, which is based on more uniform quotations than the old, represents the range for the month of the rates prevailing daily. NOTE.—For sources used, methods of quotation, and back figures, see the FEDERAL RESERVE BULLETIN for November, 1926, and April, 1927. 681 FEDERAL RESERVE BULLETIN OCTOBER, 1929 FOREIGN EXCHANGE RATES [Monthly averages of daily quotations.1 In cents per unit of foreign currency] EUROPE Austria (schilling) Belgium (belga) Par value 14.07 13.90 1928—September.. _ lw29—February March April May _._ June July... August September. _. 14. 0788 14.0543 14.0522 14.0467 14.0468 14.0465 14. 0519 14. 0745 14. 0731 13.8988 13. 8944 13.8836 13.8847 13.8826 13. 8832 13. 8917 13.8995 13. 8967 Bulgaria Czechoslo- Denmark vakia (krone) (lev) (crown) 0.72 .7213 .7202 .7206 .7212 .7210 .7218 .7213 .7217 .7220 England (pound) Finland (markka) France (franc) (») 26.80 486.65 2.52 3.92 23.82 1.30 17.49 2.9624 2.9604 2.9610 2.9600 2.9599 2.9602 2. 9595 2.9593 2. 9601 26. 6662 26 6664 26.6493 26.6527 26.6473 26. 6332 26. 6387 26. 6243 26. 6237 485. 0516 485. 2140 485.2626 485.3225 485.0785 484.8230 485.1018 484. 8515 484. 8206 2. 5166 2. 5169 2. 5165 2. 5160 2. 5155 2.5144 2. 5147 2. 5148 2. 5155 3. 9055 3. 9057 3.9058 3. 9070 3.9071 3.9098 3. 9158 3.9134 3. 9135 23. 8287 23. 7306 23.7218 23. 7039 23. 7570 23.8403 23.8255 23. 8140 23. 8085 1. 2937 1.2915 1.2920 1. 2924 1. 2924 1. 2921 1. 2922 1. 2918 1. 2917 17.4251 17. 4278 17.4255 17.4239 17.4269 17.4280 17. 4300 17.4369 17. 4403 Russia * (chervonetz) Italy (lira) Netherlands (florin) Norway (krone) Poland (zloty) Portugal (es^udo) Rumania (leu) Par value 5.26 40.20 26.80 11.22 108.05 0.60 1928—September... 1929—February March April May June July August September. _. ' 5. 2303 5. 2343 5. 2351 5.2355 5. 2357 5. 2313 5 2302 5. 2286 5.2300 40. 0946 40.0490 40.0535 40.1409 40.1984 40.1512 40.1362 40.0597 40. 0897 26. 6656 26. 6633 26.6609 26. 6644 26. 6550 26.6393 26. 6471 26. 6325 26. 0299 11. 2032 11.1942 11.1923 11.1910 11.1859 11.1858 11.1866 11. 2039 11.2011 .6098 .6001 .5964 .5955 .5946 .5935 . 5937 .5940 .5937 Argentina Bolivia > (peso-gold) (boliviano) Brazil (milreis) Chile (peso) 12.17 NORTH AMERICA < 515. 0000 * 515. 0000 * 515.0000 * 515.0000 « 515. 0000 « 515.0000 « 515. 0000 * 515. 0000 4 515. 00C0 SOUTH Cuba (peso) Mexico (peso) 100.00 100.00 49.85 96.48 36.50 11.96 100. 0382 99. 6411 99.4030 99. 2394 99. 3012 99.1632 99.4760 99.4390 99. 2420 99. 9441 100. 0307 100.0261 99.9721 100.0101 99.9522 99.9083 99. 9655 99. 9301 47. 8517 48. 4581 48.0515 48. 2419 47.9715 47.8536 48.0883 48. 5676 48. 4325 95. 6642 95. 7650 95. 5624 95. 5563 95. 5184 95. 2760 95. 3678 95. 3901 95. 3409 36.4900 36.5000 36.5000 36.5000 36.5000 36. 5000 36. 5000 36. 0000 36. 0000 11.9293 11.9171 11.8235 11.8348 11. 8634 11.8553 11.8579 11. 8598 11. 8577 SOUTH AMERICA— Spain (peseta) Sweden (krona) Switzerland (franc) 19.30 514.60 4. 4966 4. 4069 4.4495 4.4645 4. 4738 4. 4854 4.4822 4. 4668 4. 4809 Canada (dollar) Par value 1928—September... 1929—February March April. May June July.... August September Germany Greece (reichs- (drachma) Hungary (pengo) mark) 26.80 19.30 16. 5325 15. 5587 15. 0656 14.7495 14. 2245 14.1315 14.5070 14. 6664 14. 7559 26. 7556 26. 7275 26. 7101 26. 7054 26. 7181 26. 7623 26. 8020 26. 7865 26. 7831 19. 2491 19. 2318 19. 2333 19. 2468 19. 2572 19. 2409 19. 2347 19. 2379 19. 2641 Yugoslavia (dinar) 19.30 1.7596 1. 7573 1. 7563 1. 7563 1. 7570 1. 7568 1. 7559 1. 7558 1.7563 AMERICA 12. 0860 12. 0479 12.0645 • 12.0644 12.0423 12.0362 12. 0448 12. 0589 12. 0642 Colombia * Ecuador» (peso) (sucre) Peru» (libra) Uruguay (peso) 97.33 20.00 486.65 103.42 97. 2596 97.0900 96. 7669 96.3900 96. 3900 96.4320 96. 5712 96. 3900 96. 3900 20. 0000 20.0000 20.0000 20.0000 20.0000 20. 0000 20. 0000 20. 0000 20. 0000 398.1250 399.7727 400.0000 400.0000 400.0000 400.0000 400. 0000 400. 0000 400. 0000 102.1055 102. 6037 101.6177 99.1120 97. 7018 96.6934 97. 5731 98. 5723 97. 8166 ASIA AFRICA continued Venezuela * (bolivar) Par value 1928—September... 1929—February March April May._ June July August September China China (Mexican (Shanghai dollar)« tael)« China (Yuan dollar)' Hong Kong (dollar)« 19.30 40.35 56.06 39.91 40.06 19. 2500 19. 2636 19. 2500 19.2550 19. 3300 19 3800 19. 3800 19.3100 19. 2600 46.1813 44. 7932 44. 8856 44.2260 43. 2824 42.1116 41. 6354 41.4362 40. 2639 63. 6945 62.1973 62.2304 61. 2516 59. 6191 67.7650 57. 8368 57. 6873 56. 0436 45.9461 44. 5558 44. 6205 43.9839 42.8005 41.4866 41. 5521 41. 3649 40. 0963 49. 7146 48. 8849 48. 8437 48. 6963 48. 3424 47.8613 48.1230 47. 9432 47. 7035 India (rupee) 36.50 36. 3312 36.3629 36.3623 36.3107 36.1817 36.0292 35.9742 35. 9714 36. 0324 Straits SettleTurkey ments (Turkish (Singapore pound) dollar) Japan (yen) Java» (florin) 49.85 40.20 56.78 45. 7832 45. 2103 44. 5203 44. 6176 44.6460 43.8830 45. 5571 46. 6928 47. 2731 40. 0300 39. 9218 39.9396 39.9896 40.1000 40.0500 40. 0346 39. 9600 40. 0000 56. 0731 55.9681 56.0752 55.9615 55.9824 55.9284 55.8775 55.8666 55. 9884 439.65 51. 6896 49.2150 48. 9973 49.0731 48.5304 47. 8000 47.9673 Egypt (Egyptian pound) 494.31 497. 4590 497. 5544 497. 6292 497.6630 497.4362 497.1490 497.4293 1 Based on noon buying rates for cable transfers in New York as certified to the Treasury by the Federal Reserve Bank of Naw York, in pursuance of the provisions of sec. 522 of the tariff act of 1922. For back figures see BULLETIN for January, 1928, and January, 1929. 2 The National Bank of Czechoslovakia opened Apr. 1, 1926, under the obligation "to maintain the relation of the Czechoslovak crown to the undepreciated foreign gold currencies at the level of the last two years." During the period April, 1924, to March, 1926, inclusive, the range of the Czechoslovak crown was between 2.9193 cents and 3.0312 cents; the quotation on Mar. 31,1926, was 2.9616 cents. 8 Averages based on daily quotations of closing rates as published by New York Journal of Commerce. «Nominal. » Silver currency. Thefiguregiven for parity represents gold value of unit in September, 1929, computed by multiplying silver content of unit by New York average price of silver for September, 1929, which was $0.51364 per fine ounce. On the same basis, parity in September, 1928, for the Chinese-Mexican dollar was 45.45 cents; for the Shanghai tael, 63.14 cents; for the Yuan dollar, 44.95 cents; and for the Hong Kong dollar, 45.12 cents. 682 FEDERAL RESERVE BULLETIN O C T O B E R , 1929 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES EUROPE United States (Bureau of Labor Statistics) i 1927 December 1923 January February March April May June July August September October November December 1929 January February March . . . April May. June July August _._ September __ Austria (gold basis) 97 Month 127 96 96 96 Bel giurn Bulgaria Czecho- Denslomark vakia France Qer Engmany FinHunland (Fedland gary (Board (gold Statis- Federal eral (gold of tical Reserve Statisti- basis) basis) i Bureau Board cal BuTrade) reau) 841 2,739 975 154 140 103 129 128 851 848 153 152 141 140 848 978 153 141 97 99 98 98 99 100 98 97 97 131 131 133 133 133 131 129 128 127 847 844 844 841 831 830 835 847 855 2,782 2,826 2,839 2,891 2,906 2,866 2,911 2,790 2,805 2,844 2,875 2,865 982 985 129 984 987 986 979 996 986 971 957 955 154 155 155 155 154 151 150 151 151 97 97 98 128 130 133 867 865 869 953 950 964 97 98 96 98 98 134 135 134 132 132 862 851 84S 858 850 963 940 917 922 916 2,869 2,945 2,974 2,991 3,034 4,101 3,061 604 567 140 135 463 102 102 607 609 569 569 139 138 135 134 103 623 587 135 143 144 143 141 139 138 138 138 138 103 103 103 103 103 101 101 101 101 619 632 626 624 616 620 617 626 624 139 601 617 621 613 607 598 585 580 588 140 141 141 142 142 140 140 140 140 151 159 154 138 138 140 100 100 100 630 638 640 591 599 616 150 148 146 149 150 139 136 136 137 136 99 98 98 97 97 627 623 611 613 621 606 598 593 581 139 139 140 EUROPE—continued 1927 D e c e m b e r . . ._ June July August September October November December 1929 January February March . . April May June-. . July August September 463 461 154 151 157 157 464 153 157 464 465 462 453 456 458 463 466 464 153 152 152 148 145 146 146 148 148 156 156 158 160 153 153 151 150 150 132 136 136 135 123 122 119 461 463 461 •455 146 146 14: 149 150 150 144 142 141 141 148 146 147 149 148 454 447 440 138 Sweden Switzerland' Canada * Peru AFRICA Australia China (Shang hai) Dutch East Indies India (Calcutta) Japan (Tokyo) 168 148 114 New Zealand Egypt (Cairo) South Africa 148 146 97 199 162 164 150 148 166 148 145 97 199 163 163 150 145 169 150 114 120 166 165 166 147 149 151 144 145 146 97 98 98 195 193 197 160 160 162 164 163 163 149 149 150 144 144 146 147 147 147 121 164 164 152 151 145 145 98 97 195 195 159 158 165 160 147 145 172 173 173 176 176 164 166 168 174 176 150 149 146 145 145 144 144 145 145 145 193 190 188 187 186 157 154 153 152 152 159 157 156 159 159 150 148 149 149 149 148 143 142 143 146 169 170 174 174 173 148 148 148 147 148 149 150 117 119 120 126 129 100 177 175 145 144 96 95 96 95 95 171 169 114 116 126 171 172 151 150 169 169 170 95 185 154 160 149 145 174 149 126 98 177 171 144 143 95 186 157 160 150 145 172 147 125 99 99 98 99 99 96 177 178 179 ISO 181 175 174 174 171 170 169 145 144 141 140 139 140 141 143 142 140 139 139 143 96 96 94 92 93 96 98 186 189 185 186 186 187 187 156 157 158 156 158 159 162 164 161 162 163 163 165 150 151 149 150 149 144 143 140 139 138 142 171 171 170 169 168 166 165 146 146 146 147 147 122 123 120 114 108 109 112 101 170 169 100 171 99 102 105 171 171 171 103 103 102 100 100 100 100 1928 January February._ .. March . . April May 137 136 135 138 159 136 135 135 133 134 137 138 137 135 3 3 3 3 3 3 3 152 ASIA A N D OCEANIA Month 1 Poland »• Russia Spain Italy Nether- Norway (Bachi) lands (Oslo 117 117 119 120 120 117 i ? 2 First of m o n t h figures. New official index. J New i n d e x - 1 9 2 6 - 1 0 0 « 1927-100. NOTE.—These indexes are in most cases published here on their original bases, usually 1913 or 1914, as determined by the various foreign statistical offices which compile the index numbers and furnish them to the Federal Reserve Board. In several cases, however, viz, France, Netherlands, Japan, New Zealand, and South Africa, they have been recomputed from original bases (1901-1910; 1901-1910; October, 1900; 1909-1913, 1910) to a 1913 base. Index numbers of commodity groups for most of the countries are also available in the office of the Division of Research and Statistics and may be had upon request. Further information as to base periods, sources, numbers of commodities, and the period of the month to which the figures refer may be found on pages 769-770 of the BULLETIN for November, 1927. 683 FEDERAL RESERVE BULLETIN OCTOBER , 1929 WHOLESALE PRICES—Continued GROUPS OF COMMODITIES ENGLAND—BOARD OF T R A D E SWEDEN—BOARD OF T R A D E 1928 1929 Aug. July 136 144 146 145 144 131 115 119 154 149 134 137 149 143 144 158 131 115 OCO CO All commodities Total food Cereals Meat and fish Other foods Industrial products Iron and steel Other minerals and metals.. Cotton Other textiles . . Miscellaneous 136 June M a y A p r . A u g . 136 143 132 144 155 131 115 119 154 151 134 136 144 133 146 152 132 115 119 155 154 134 139 148 137 146 160 134 114 125 159 156 135 139 151 145 143 163 133 112 110 162 166 143 FRANCE—STATISTICAL BUREAU All commodities. All foods Animal foods. Vegetable foods Sugar, coffee, cocoa. All industrial material Minerals Textiles Sundries 138 133 130 134 140 123 130 138 132 131 134 136 127 128 135 125 120 127 130 122 124 136 126 125 120 130 133 125 137 128 130 122 127 140 127 142 138 145 120 142 149 136 132 137 131 118 137 122 127 82 129 29 152 161 131 137 131 118 139 124 126 81 127 31 152 159 132 136 130 118 141 123 127 87 125 30 151 158. 131 136 128 118 144 120 126 87 126 30 151 157 133 136 128 127 148 129 126 88 126 29 150 157 134 133 128 105 160 151 127 95 124 28 151 160 158 140 171 157 139 171 158 138 172 158 138 172 158 138 173 Sundries 477 538 535 541 454 411 438 445 543 467 506 NOTE.—See footnotes on preceding page. All commodities Vegetable products . . . . Animal products Fuels and oils Raw materials for manufacture in iron and metal industry Paper pulp and paper Raw materials for manufacture in leather industry Raw and manufactured chemicals Raw materials.. Semifinished materials Finished materials Producers'goods Consumers' goods All commodities Vegetable products Animal products Textiles Wood a n d paper p r o d u c t s . Iron a n d its products Nonferrous metals Nonmetallic minerals Chemicals 160 138 176 I T A L Y — C H A M B E R OF C O M M E R C E OF M I L A N All commodities Total f o o d . . . Vegetable foods Animal foods All industrial products Textiles Chemicals Minerals and metals Building materials Other vegetable products. Aug. July June May Apr. Aug. 141 130 137 121 140 129 138 120 139 125 137 120 140 126 137 118 141 128 136 117 149 140 143 111 118 163 118 163 118 163 118 163 120 162 114 161 125 124 128 126 130 146 156 136 144 141 134 146 154 136 143 141 134 145 152 134 139 142 133 144 153 134 140 143 133 145 153 136 142 143 135 146 164 147 149 149 141 155 CANADA—DOMINION B U R E A U OF STATISTICS GERMANY—FEDERAL STATISTICAL BUREAU All commodities Total agricultural products Vegetable foods Cattle _ Animal products Fodder Provisions Total industrial raw materials and semifinished products Coal Iron Nonferrous metals Textiles Hides and leather Chemicals Artificial fertilizers Technical oils and fats Rubber... Paper materials and paper.. Building material Total industrial finished products Producers' goods. Consumers' goods 1928 1929 480 550 544 558 454 412 437 446 543 469 502 485 555 554 555 458 420 441 447 541 488 501 493 562 569 552 466 433 446 452 541 501 516 486 543 576 502 464 447 435 428 517 513 556 AUSTRALIA—BUREAU All commodities Metals a n d coal Textiles __ A gricul tural prod ucts D a i r y products Groceries and tobacco Meat Building materials. Chemicals.. INDIA i I i ...I I 88 99 110 91 94 94 99 94 96 96 '96 108 92 94 94 '99 93 96 93 82 108 92 94 94 r99 93 | 96 ! OF CENSUS 160 174 139 158 153 163 139 160 189 159 174 138 176 156 163 135 160 189 92 82 109 92 94 94 94 84 108 92 95 94 95 88 112 94 99 92 95 92 95 92 95 AND 158 174 143 158 160 164 150 161 189 (CALCUTTA)—DEPARTMENT STATISTICS 156 174 145 154 159 164 145 161 189 OF 158 174 154 154 154 164 148 160 189 STATISTICS ! 1928 1929 July | June I May Apr. All commodities Cereals Pulses _ Tea Other foods _ Oilseeds Raw jute _ Jute manufactures Raw cotton Cotton manufactures Other textiles Hides and skins.__ Metals Other articles r Revised. _. 142 126 150 159 170 152 95 122 141 160 133 102 130 140 138 122 143 122 158 140 94 120 144 160 134 111 130 141 139 120 141 157 161 142 95 124 148 160 134 109 129 141 154 174 155 157 145 165 117 162 140 119 147 157 154 148 97 125 152 161 136 120 130 143 Mar. 143 129 146 157 159 148 106 139 lfil 161 140 130 127 139 July 148 133 155 154 160 139 112 166 180 162 144 115 121 142 684 FEDERAL RESERVE BULLETIN OCTOBER, 1920 RETAIL FOOD PRICES AND COST OF LIVING RETAIL FOOD PRICES [Pre-war=100] EUROPEAN COUNTRIES Month OTHER COUNTRIES United States (51 cit- Aus- Bel- Bul- Czecho- Eng- Esto- France Ger- Greece Italy Neth- Nor- Rus- Swit- Can- Aus- India New South tria ies) erzer(Vi- gium^ garia slovakia land 2 nia* 3 (Paris) many (Ath- (Mi- lands* way sia » land ada 2 tra- (Bom- Zea- Africa lia bay) land ens) lan) enna) 1927 September. October November. December. 151 153 153 153 119 120 119 118 206 210 211 212 2,615 2,626 2,587 2,618 910 907 905 913 157 161 163 163 111 112 113 113 532 520 500 523 151 152 152 153 1928 January... February., March April May June July August SeDtember. October.-. NovemberDecember. 152 149 148 149 151 150 150 151 155 153 154 153 118 117 116 117 117 122 119 120 120 120 120 119 211 207 201 202 197 200 202 205 210 215 223 222 2,660 2,701 2,713 2,766 2,778 2,740 2,783 2,667 2,682 2,719 2,749 2,739 913 910 902 905 908 928 943 943 928 907 900 905 162 159 155 155 156 157 156 156 156 157 159 160 118 118 122 126 126 126 130 129 124 125 126 125 530 522 524 532 546 3 113 » 111 3111 3 110 • 115 3 119 » 121 152 151 151 152 151 152 154 156 153 152 152 153 3 146 8 144 3 143 3 144 3 145 3 144 3 138 3 134 3 132 3 137 3 137 3 133 3 3 3 3 3 3 151 151 150 149 150 152 156 157 120 123 121 119 120 124 123 221 221 215 212 211 210 215 2,742 2,816 2,843 2,860 2,900 3,759 2,926 900 911 913 901 906 907 925 159 156 157 150 149 147 149 153 154 133 138 142 137 136 139 3 122 3 122 »123 3 125 a 127 3 127 3 123 153 156 159 154 154 154 156 155 3 3 3 8 3 147 3 148 3 155 3 151 3 147 3 148 1929 January... February.. March April May June July August September 509 509 510 513 2,070 2,071 2,086 2,101 133 135 135 136 140 141 141 141 140 142 3 140 3 138 3 140 3 141 3 144 3 145 163 167 166 169 166 164 163 174 173 171 171 198 198 199 200 158 158 159 159 147 148 149 151 157 159 157 155 151 148 147 149 143 143 144 146 117 119 119 119 170 170 171 171 172 170 173 170 164 163 161 161 201 202 203 -203 205 206 211 211 210 211 213 215 158 157 156 156 156 157 157 156 157 158 158 158 151 149 147 146 146 145 146 149 150 152 152 152 154 152 153 154 154 154 152 150 150 149 150 152 151 146 142 140 140 142 143 142 141 142 144 145 147 145 145 144 146 147 147 146 147 149 150 152 119 118 118 119 120 114 116 115 115 115 118 115 158 157 158 156 156 156 157 161 216 218 223 230 157 157 156 155 154 156 152 150 151 148 147 147 148 157 161 161 160 162 160 161 160 161 146 146 146 145 143 133 145 146 146 149 148 146 147 147 147 115 115 117 115 115 115 116 COST OF LIVING EUROPEAN COUNTRIES Month Massachu- Bel- Czecho- Eng- Finsetts gium' slovakia land * land 1927 September October __ November December. 155 155 157 157 202 207 208 208 736 734 735 740 165 167 169 169 1,230 1,237 1, 251 1,243 1928 January... February March April May June July August SeptemberOctober NovemberDecember. 157 156 155 155 156 155 157 157 158 157 157 157 210 207 204 205 202 204 205 207 211 215 220 219 741 739 737 741 743 741 753 761 756 735 730 734 168 166 164 164 164 165 165 165 165 166 167 168 1,216 1,206 1,214 1,212 1,207 1,219 1,236 1,258 1,249 1,254 1,262 1,260 157 156 157 157 157 156 157 159 219 220 217 215 215 215 218 737 745 754 746 744 744 761 167 165 166 162 161 160 161 163 164 1,242 1,232 1,229 1,219 1,210 1,215 1,223 1,232 1929 January February.. March April May June July. August September. 2 OTHER COUNTRIES NethIndia France Ger- Greece Hun- Italy er- Nor- Po- Spain Swe- Swit- Can- Aus- (Bom- South (Mizer(Athden land ada* tra- bay) Africa (Paris) many ens) gary lan) lands 4 way land a lia 147 150 151 151 507 »105 3 105 3 108 * 111 3 119 120 120 120 537 536 536 531 » 155 i 154 > 153 • 153 » 153 i 152 3 148 3 146 3 145 3 148 3 148 3 146 121 120 119 121 121 121 121 126 127 126 125 126 3 145 145 145 145 144 145 143 14? 143 144 146 147 153 154 157 154 154 153 154 154 498 1,955 1.956 ,964 ,978 151 151 151 151 151 151 153 154 152 152 152 153 507 3 3 3 3 126 127 127 125 126 126 124 148 148 153 150 « 148 3 149 148 150 149 148 167 197 170 195 169 193 170 193 169 185 168 183 169 180 179 159 154 151 150 151 131 132 132 132 161 161 160 160 160 161 161 161 161 162 162 162 151 150 157 149 149 149 160 148 148 150 151 157 152 152 152 "157" 154 148 145 144 147 146 146 146 145 146 147 148 132 131 132 133 133 132 131 131 131 131 132 131 161 161 161 159 160 161 161 152 151 152 "~164~ 150 151 149 150 155 149 149 149 148 147 147 148 149 149 131 131 132 131 136 135 131 161 161 162 162 149 150 150 151 171 178 175 176 175 "In" 171 172 173 ~~173~ 174 178 179 "~172~ 181 187 170 184 183 184 184 ~"l7l" 182 179 177 99 101 103 103 187 189 188 186 102 100 101 102 103 103 104 104 104 104 106 106 106 108 106 106 106 104 105 105 105 172 157 First of month figures. Revised on a gold basis. < Amsterdam only. 1911-1913=100. 11921=100. »1927=100. NOTE.—Information as to the number of foods and items included, the original base periods, and sources may be found on page 276 of the April, 1925, issue of the BULLETIN. OCTOBER, 1929 FEDERAL RESERVE BULLETIN 685 LAW DEPARTMENT Foreign branches of State member banks of the Federal Reserve System. There is published below an opinion rendered recently by the Attorney General of the United States with reference to the establishment of branches in foreign countries by State member banks of the Federal reserve system. DEPARTMENT OF JUSTICE, WASHINGTON, August 28, 1929. SIR: I have the honor to comply with your request of June 13, 1929, for an expression of my opinion in regard to the following questions submitted by you: (1) Whether a State member bank of the Federal reserve system may, since February 25, 1927, establish a branch in a foreign country and continue to hold stock in a Federal reserve bank; and (2) Whether a State member bank of the Federal reserve system may acquire a branch in a foreign country by consolidating with a State bank which has absorbed or taken over a liquidating national bank having such a foreign branch established since February 25, 1927, in the manner described, and continue to retain stock in the Federal reserve bank. You state that the Federal Reserve Board is confronted with the question whether a State member bank of the Federal reserve system, since February 25, 1927, may establish a branch in a foreign country, or may acquire a branch which has been established since that date, and at the same time continue to hold stock in a Federal reserve bank. It is further stated that a certain State member bank of the Federal reserve system desires to establish or acquire a branch in a foreign country, and that the bank is authorized under the laws of the State of its organization to establish a foreign branch. The applicable provision of the Federal reserve act is contained in section 9 thereof, as amended by the act of February 25, 1927, c. 191, 44 Stat. 1224, 1229, which provides: Any bank incorporated by special law of any State, or organized under the general laws of any State or of the United States, desiring to become a member of the Federal reserve system, may make application to the Federal Reserve Board, under such rules and regulations as it may prescribe, for the right to subscribe to the stock of the Federal reserve bank organized within the district in which the applying bank is located. Such application shall be for the same amount of stock that the applying bank would be required to subscribe to as a national bank. The Federal Reserve Board, subject to the provisions of this act and to such conditions as it may prescribe pursuant thereto may permit the applying bank to become a stockholder of such Federal reserve bank. Any such State bank which, at the date of the approval of this act, has established and is operating a branch or branches in conformity with the State law, may retain and operate the same while remaining or upon becoming a stockholder of such Federal reserve bank; but no such State bank may retain or acquire stock in a Federal reserve bank except upon relinquishment of any branch or branches established after the date of the approval of this act beyond the limits of the city, town, or village in which the parent bank is situated. The answers to your questions are found in the construction to be given to the second paragraph of the above-quoted section. If that section has no relation to the establishment of branches in foreign countries by member banks, as contended by attorneys for the applying bank, then the request of the applicant may be granted. However, if the statute means what its language would ordinarily imply, then such State member bank may not now establish a branch, or acquire a branch or branches, established subsequent to February 25, 1927, beyond the limits of the city or town in which the parent bank is situated, and at the same time retain its stock in the Federal reserve bank. Where the language of a statute is clear and unambiguous, it is the duty of a court to expound the statute as it stands, even if the consequence works a hardship or injustice. United States v. Algar, 152 U. S. 384, 397; Hamilton v. Rathbone, 175 U. S. 414, 421. In Lake County v. Rollins, 130 U. S. 662, 670, the court said: * * * where a law is expressed in plain and unambiguous terms, whether those terms are general or limited, the legislature should be intended to mean what they have plainly expressed, and consequently no room is left for construction. As stated by Mr. Justice Day, speaking for the court, in Adams Express Co. v. Kentucky, 238 U. S. 190, 199: It is elementary that the first resort, withj.a view to ascertaining the meaning of a statute, is to the language used. If that is plain there is an end to construction and the statute is to be taken to mean what it says. The language of the second paragraph of section 9 of the Federal reserve act, as amended, supra, is plain and unambiguous, and under accepted rules of statutory construction it must be taken to mean what it says, that is, to restrict State member banks in the establishment of branches to the limits of the city, town, or village in which the parent bank is situated. 686 FEDERAL RESERVE BULLETIN Section 7 of the McFadden Banking Act amending section 5155 of the Revised Statutes, relating to branches of national banks, contained the following: (f) The term "branch" as used in this section shall be held to include any branch bank, branch office, branch agency, additional office, or any branch place of business located in any State or Territory of the United States or in the District of Columbia at which deposits are received, or checks paid, or money lent. It has been contended that this section shows that in dealing with branch banks Congress had in mind only branches or places within the United States, but the underlying words show that the subdivision only dealt with the word "branch" as used in that section and not as used elsewhere. It is apparent also from the terms of the act of February 25, 1927, supra, that Congress did consider the question of the establishment of foreign branches because section 7(g) of that act provides: This section shall not be construed to amend or repeal section 25 of the Federal reserve act, as amended, authorizing the establishment by national banking associations of branches in foreign countries, or dependencies, or insular possessions of the United States. Congress made no such specific exception in respect to State member banks. Section 9 of bill H. R. 2, 69th Congress, 1st session, known as the McFadden bill, which subsequently became the act of February 25, 1927, as it passed the House of Representatives, contained an additional paragraph defining the term "branch or branches" as not including "any branch established in a foreign country or dependency or insular possession of the United States." This paragraph was stricken from the bill by the Senate Committee on Banking and Currency and the statute as finally enacted contained only the above-quoted exception respecting national banks. The rejection by Congress of a specific provision contained in the act as originally reported suggests that OCTOBER, 1929 the act should not be so construed as in effect to include that provision. Pennsylvania R. R. Co. v. International Coal Mining Co., 230 U. S. 184, 198. In your second question you request to be advised whether a State member bank may acquire a branch established in a foreign country since February 25, 1927, by consolidating with a State bank which has absorbed or taken over a liquidating national bank having such foreign branch. To answer that question in the affirmative would be to hold that a State member bank may do indirectly that which it may not do directly. Section 9 of the Federal reserve act prohibits such bank from acquiring or retaining stock in a Federal reserve bank if it should establish or acquire a foreign branch which has been established subsequent to the date of said act. It is immaterial how the foreign branch is acquired. To acquire one by acquiring the assets of a national bank with a foreign branch is as much within the ban of the statute as if any other method of acquisition were used. It has also been urged that Congress could not have intended to discriminate against State member banks by denying them what is allowed to national banks, and that no reason for such discrimination is apparent. Section 25 of the Federal reserve act places limitations and conditions on the right of national banks to establish foreign branches, and to have allowed State member banks to establish foreign branches, subject only to the provisions of State laws under which they are organized, might have seemed to Congress objectionable. But, however that may be, the words of the statute are explicit, and if any oversight or mistake occurred in framing it, Congress must be looked to for amendment. We can not disregard its plain provisions. » I have the honor to advise you, therefore, that both of your questions must be answered in the negative. Respectfully, (s) WILLIAM D. MITCHELL, Attorney General. The honorable the SECRETARY OF THE TREASURY. NATIONAL BANK MEMBERSHIP CHANGES IN MEMBERSHIP STATE BANK MEMBERSHIP The following list shows the changes affecting State bank membership during the month ended September 21, 1929, on which date 1,157 State institutions were members of the system: Date Federal reserve district Capital The following list shows reported changes affecting national bank membership, concerning which information became available between August 27 and September 23, 1929: Date 1929 Aug. 31 ADMISSIONS No. 1—BOSTON 1929 Aug. 31 Bristol American Bank & Trust Co., Bristol, Conn __ Consolidation of the Bristol American Bank & Trust Co., Bristol, Conn., a member.. And the American Trust Co., Bristol, Conn., a nonmember 100,000 Seaboard Bank of the City of New York, N. Y__ 11,000,000 Merged with and under the title of the 30,000,000 Equitable Trust Co., a member 200,000 Erasmus State Bank, Brooklyn, N. Y Merged with Globe Exchange Bank, Brooklyn, N. Y., a member 1, 300, 000 Sept. 14 First Trust & Savings Bank, Akron, Ohio Merged with National City Bank, Akron, Ohio Under title of First City Trust & Savings Bank Peoples Savings and Trust Co., Pittsburgh, P a . Pittsburgh Trust Co., Pittsburgh, Pa Above members consolidated under the title of Peoples-Pittsburgh Trust Co., a member Lefcourt Normandie National Bank, New York, NY And Claremont National Bank, New York, NY Consolidated under charter of Lefcourt Normandie National Bank of New York and under title of Lefcourt National Bank & Trust Co First National Bank, Baldwinsvilfe, N. Y., title Aug. 31 changed to First National Bank & Trust Co. Sept. 3 First National Bank, Sayreville, N. J., primary organization _ _ Sept. 3 National Exchange Bank, Carthage, N. Y., title changed to National Exchange Bank & Trust Co. Aug. 31 National Bank of Niagara & Trust Co., Niagara Falls, N. Y_ Absorbed by Niagara Falls Trust Co., Niagara Falls, N. Y., a nonmember bank Sept. 14 Second National Bank, Elmira, N. Y_ And Merchants National Bank & Trust Co., Elmira, N. Y Consolidated under charter of Second National Bank of Elmira and title of First National Bank & Trust Co. of Elmira 1, 500, 000 1, 000, 000 3, 000, 000 4, 000, 000 2, 000,000 6, 000, 000 No. 7—CHICAGO Home Bank & Trust Co., Chicago, 111 Merged with Hatterman & Glanz State Bank, a nonmember Aug. 31 Merchants Trust & Savings Bank, Battle Creek, Mich Consolidated with Old National Bank & Trust Co Under charter of Old National Bank & Trust Co. and title Old-Merchants National Bank & Trust Co Sept. 6 Martinsville State Bank, Martinsville, 111., voluntary withdrawal Sept. 11 Sioux Center State Bank, Sioux Center, Iowa, voluntary withdrawal Sept. 16 Hopkins State Savings Bank, Hopkins, Mich., voluntary withdrawal Sept. 21 Bank of Wisconsin, Madison, Wis., title changed to State Bank of Wisconsin. Aug. 19 Citizens State & Trust Bank, Edwardsville, 111_ Consolidated with Edwardsville National Bank __ Under title of Edwardsville National Bank & Trust Co. 1, 000, 000 Sept. 3 200, 000 250, 000 Guaranty State Bank, San Antonio, Tex., a member _ _ And City National Bank, San Antonio, Tex Merged with Central Trust Co., a member., which changed its title to City Central Bank & Trust Co., a member Bank of Stan wood, Stanwood, Wash __. Converted into the Stanwood National Bank. 2,857, 200 100,000 1, 200, 000 800, 000 400,000 250, 000 1, 237, 000 Sept. 16 Oakmont National Bank, Oakmont, Upper Darby, Pa _ ._. _ Absorbed by 69th St. Terminal Title & Trust Co., Upper Darby, Pa., a nonmember bank.. Third National Bank, Scranton, Pa., title changed to Third National Bank & Trust Co. 25,000 375, 000 No. 4—CLEVELAND 1, 000, 000 50, 000 25, 000 25, 000 Lawrence Park National Bank, Lawrence Park (P. O., Erie), Pa., primary organization. Aug. 31 National City Bank, Akron, Ohio Merged with First Trust & Savings Bank, Akron, Ohio, a member bank Under title of First-City Trust & Savings Bank Sept. 10 Painesville National Bank, Painesville, Ohio Succeeded by Painesville National Bank & Trust Co... Sept. 5 50, 000 1,000, 000 1, 500, 000 3, 000, 000 150, 000 250, 000 No. 5—RICHMOND 100,000 Sept. 2 100,000 200,000 First National Bank of Highland, at^Monterey, Va Absorbed by Citizens Bank of Highland, Monterey, Va., a nonmember bank.__ 25, 000 20, 000 No. 6—ATLANTA 300, 000 1,000,000 Sept. 3 250,000 1, 300, 000 No. 12—SAN FRANCISCO Sept. 19 750,000 500,000 No. 11—DALLAS Aug. 31 2, 000,000 No. 3—PHILADELPHIA No. 8—ST. LOUIS Aug. 15 No. 1—BOSTON Pittsfield National Bank & Trust Co., Pittsfield, Mass ,_ $300,000 And Third National Bank, Pittsfield, Mass... 125,000 Consolidated under charter of Pittsfield National Bank & Trust Co. and under title of Pittsfield-Third National Bank & Trust Co 450, 000 Aug. 31 No. 4—CLEVELAND Aug. 31 Capital No. 2—NEW YOKK 200,000 No. 2—NEW YORK Sept. 21 Federal reserve district $300,000 CHANGES Sept. 16 687 FEDERAL RESERVE BULLETIN OCTOBER, 1929 50,000 Florida National Bank, Lakeland, Fla., primary organization. 100, 000 No. 7—CHICAGO Aug. 31 Old National Bank & Trust Co., Battle Creek, Mich And Merchants Trust & Savings Bank, Battle Creek, Mich., a member Consolidated under charter of Old National, Bank & Trust Co. and title Old-Merchants National Bank & Trust Co 500, 000 250, 000 1, 000, G03 688 FEDERAL RESERVE BULLETIN NATIONAL BANK MEMBERSHIP—Continued Federal reserve district Date 1929 Sept. 17 Sept. 9 Sept. 13 Sept. 3 Aug. 27 Sept. 20 No. Capital N o . 8—ST. LOUIS Edwardsville National Bank, Edwardsville, 111... And Citizens State & Trust Bank, Edwardsville, 111., a member Consolidated under title of Edwardsville National Bank & Trust Co_- Aug. 15 Northfield National Bank, Northfield, Minn Succeeded by Northfield National Bank & Trust Co _ Aberdeen National Bank, Aberdeen, S. Dak , title changed to Aberdeen National Bank & Trust Co. First National Bank, Willmar, Minn Absorbed by Bank of Willmar, Minn., a nonmember bank First National Bank, Underwood, N. D a k . . Absorbed by Security State Bank, Underwood, N. Dak., a nonmember bank___ July 22 Aug. 5 Aug. 29 Aug. 26 Sept. 16 First National Bank, Ryan, Okla.._ __ Succeeded by First State Bank, Ryan, Okla., a nonmember bank „. Oklahoma National Bank, Skiatook, Okla Succeeded by Oklahoma First National Bank, Skiatook, Okla _ First National Bank, Stillwater, Okla And American National Bank, Stillwater, Okla Consolidated under charter of First National Bank of Stillwater and title of American First National Bank of Stillwater First National Bank, Spiro, Okla Absorbed by Farmers State Bank, Spiro, Okla., anonmember bank__ _ West Side National Bank, Denver, Colo., title changed to National City Bank of Denver. 100, 000 100,000 100,000 25, 000 20,000 $50,000 City National Bank, San Antonio, Tex Merger with City Central Bank & Trust Co., San Antonio, Tex., a member bank 25,000 75,000 50,000 125,000 25,000 10,000 Aug. 28 Aug. 31 Sept. 19 Sept. 20 $1,000,000 0 12, 564. 000 13, 564, 000 4, 000, 000 400,000 4, 400, 000 112, 269, 700 1,000,000 113, 269, 700 9,164, 700 1 During the month ended September 21,1929, the Federal Reserve Board approved applications of the national banks listed below for permission to exercise one or more of thefiduciarypowers named in section 11 (k) of the Federal reserve act as amended, as follows: (1) Trustee; (2) executor; (3) administrator; (4) registrar of stocks and bonds; (5) guardian of estates; (6) assignee; (7) rceeiver; (8) committee of estates of lunatics; (9) in any other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition with national banks are permitted to act under the laws of the State in which the national bank is located. Location East Rockaway, N. Y . Arlington, S. Dak Omaha, Nebr 1,000,000 1 1,300,000 100,000 50,000 100,000 District No. Hattiesburg, Miss Decherd, Tenn Coon Rapids, Iowa._. Valley City, N. Dak. Brownsville, Tex Raymond, Wash No. 12—SAN FRANCISCO Mechanics & Merchants National Bank, Vallejo, Calif., primary organization First National Bank, La Crescenta Valley at Verdugo City, Los Angeles County, Calif., title changed to Crescenta-Canada National Bank at Montrose, Los Angeles County, Calif The Stanwood National Bank, Stanwood, Wash.. Conversion of Bank of Stanwood. 'The First National Bank of Pacific Grove, Calif., primary organization New charters issued , Restored to solvency Increase of capital approved * , Aggregate of new charters, banks restored to solvency, and banks increasing capital... Liquidations Reducing capital a Total liquidations and reductions of capital.. Consolidation 3 of national banks under act of Nov. 7, 1918 Consolidation of national banks and State banks under act of Feb. 25, 1927 Total consolidations Aggregate increased capital for period Reduction of capital owing to liquidations, etc Net increase 50,000 25,000 N o . 11—DALLAS Aug. 29 Amount of capital Fiduciary Powers Granted to National Banks 100, 000 No. 10—KANSAS CITY July 19 Number of banks Includes four increases in capital aggregating $10,719,700 incident to consolidations under act of Nov. 7, 1918, and one of $500,000 under act of Feb. 25, 1927. 2 Includes one reduction in capital of $200,000 incident to a consolida100,000 tion under act of Nov. 7, 1918, and one of $200,000 under act of Nov. 7, 1918, as amended Feb. 25, 1927. 100, 000 3 One of which also includes a State bank under section 3 of the act of Feb. 25, 1927. 200, 000 No. 9—MINNEAPOLIS Sept. 7 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 August 24 to September 20, 1929, inclusive: 7—CHICAGO—Continued Hackley National Bank of Muskegon, Mich j $400, 000 And Union National Bank of Muskegon, 400,000 Mich _ Consolidated under charter of Hackley National Bank and title of Hackley Union 600,000 National Bank _ Standard National Bank, Chicago, 111., primary 300,000 organization. _ _ Citizens National Bank, Chicago Heights, 111., 200, 000 primary organization 200, 000 Addison National Bank, Chicago, 111 Absorbed by Citizens State Bank, Chicago, 500,000 111., anonmember bank 50,000 First National Bank, Grundy Center, Iowa Succeeded by First Trust & Savings Bank, 50,000 Grundy Center, Iowa, a nonmember bank. 1, 200, 000 Iowa National Bank of Des Moines, Iowa And Des Moines National Bank, Des Moines, 1, 000, 000 Iowa And Des Moines Saving Bank & Trust Co., a 400, 000 nonmember. Consolidated under charter of Iowa National Bank and title of Iowa-Des Moines 2, 000, 000 National Bank & Trust Co Aug. 15 Sept. 3 OCTOBER. 1929 10 Powers granted Name of bank East Rockaway National Bank. First National Bank. First National Bank of Franklin County. First National Bank _. National Bank of Valley City. First National Bank United States National Bank. State National Bank. _. First National Bank of Raymond. Ito9 1 to 9 1, 3 to 9 14 to 9 Ito9 1 Ito4 1 to 3,5 to 6 Ito9 Ito9 Supplemental. Authorized to Accept Drafts and Bills of Exchange up to 100 Per Cent of Capital and Surplus The following member institutions have been authorized by the Federal Reserve Board to accept drafts and bills of exchange up to 100 per cent of their capital and surplus: Harriman National Bank & Trust Co., New York,. N. Y. First National Bank, Mobile, Ala. OCTOBER 689 FEDERAL RESERVE BULLETIN 1929 DETAILED BANKING STATISTICS FOR THE UNITED STATES FEDERAL RESERVE BANKS BILLS DISCOUNTED, AND DEPOSITS BY CLASS OF DEPOSIT [Monthly averages of daily figures. In millions of dollars] Federal Reserve Bank Total Boston Bills discounted: ' 1928—September October November December 1929—January _ February March. April May June July August._. September... Total deposits: 1928—September October November December 1929—January February March April _ May__ June July August September Member bank reserve balances: 1928—September October November December 1929—January. February March. April May_ June July August __ September Government deposits: 1928—September October November December 1929—January February— March April May June _._ July August September All other deposits: , 1928—September October November December 1929—January February March _ April May__ _ June 30 July August September New York Phila- Clevedelphia land Richmond AtSt. Minne- Kansas lanta Chicago Louis apolis City Dallas 1,064. 3 975.2 897.3 1, 013.0 859.2 889.2 968.6 1,004. 4 956.3 978.0 1, 095. 6 1, 043. 5 969.0 50.9 45.9 50.6 65.0 60.4 61.9 58.6 75.8 96.5 99.4 78.4 79.5 71.3 352.3 300.7 238.1 298.7 245.9 216.3 231.5 264.6 234.5 251.2 408.6 303.3 230.9 106.5 93.7 79.3 91.3 73.1 85.5 101.6 110.0 86.7 84.7 77.3 92.8 90.6 77.8 75.5 85.6 108.0 79.7 84.7 76.0 96.6 93.8 90.9 84.0 79.7 78.8 57.2 47.8 42.5 40.8 40.7 41.0 43.4 62.6 58.1 56.6 57.5 59.6 60.1 82.9 79.4 68.7 57.8 58.5 55.8 51.7 63.6 73.4 65.9 69.0 75.1 69.6 113.8 134.1 138.8 178.9 142.7 165.9 210.6 133.4 109.8 135.9 122.1 120.0 103.9 65.0 49.8 43.9 39.6 37 4 37.8 48.1 51.8 48.7 49.9 55.8 67.2 72.7 17.8 18.1 16.0 10.4 12.0 12.8 15.6 19.3 18.1 15.2 17.4 24.3 34.4 2, 370.1 2, 380. 6 2, 401. 6 2, 415.1 2, 436. 3 2, 406. 7 2,384. 7 2,367. 5 2, 350. 9 2,374. 4 2, 385. 0 2, 368. 4 2, 395. 4 152.6 155.0 154.7 150.7 152.4 149.2 145.5 146.4 143.5 146.0 149. 5 147.8 149.6 897.8 902.9 920.9 939.1 953.2 943.2 944.5 937.1 932. 6 949.6 948.0 932.5 953.5 137.9 137.0 136.4 136.8 139.4 135.4 134.9 135.9 136.7 136.9 137.4 136.2 137.0 195.8 190.9 188.9 186.2 190.1 188.7 188.2 186.4 187.0 188.3 190.2 191.7 190. 5 70.8 71.3 71.5 71.7 71.9 71.1 69.5 70.2 68.3 69.5 68.3 68.4 69.0 65.2 65.8 67.1 69.6 69.1 69.1 68.9 67.9 66.1 65.6 64.0 62.0 64.6 357.0 357.7 357.7 357.2 358.2 357.0 349 8 346.8 346.9 347.6 352.0 357.4 356.3 83.6 83.5 83.8 85.3 85.9 85.0 81.8 81.5 80.3 79.6 79.1 78.4 78.3 57.0 57.5 56.4 55.3 54.0 54.1 52.9 51.5 52.7 54.0 53.9 55. 0 2, 314. 3 2, 332. 2 2, 352. 3 2, 366. 8 2, 386. 7 2,357. 3 2, 336. 5 2, 307.9 2, 296.4 2,314.3 2. 333. 5 2, 322. 4 2, 334. 5 149.6 152. 5 152.0 148.6 150.5 146.7 144.3 144.1 141.9 142.4 147.6 146.2 147.5 883.2 889.7 903.4 923.4 928.5 924.6 915.2 914.7 931.9 930.9 919.9 930. 5 134.9 134.8 134.4 134.5 137.2 133.5 133. 4 133.2 133.8 134.7 135.3 134.2 134.6 x90.3 187.8 185.4 183.4 187.0 185.7 185.6 183.4 184.1 184.2 187.2 188.5 187.1 67.6 68.3 69.1 69.6 69.7 68.6 67.6 67.2 65.6 65.5 65.7 65.4 64.5 62.7 63.4 64.8 67.5 67.2 67.6 67.7 66.2 64.5 63.4 61.9 60.2 61.1 352.3 353.3 354.0 353.0 354. 3 352.8 346.5 341.6 340.8 341.0 347.2 352. 7 351. 2 80.1 80.5 81.5 83.4 84.2 82.9 78.7 77.8 76.6 75.9 77.0 76.7 76.7 53.0 55.1 56.1 55.1 53.9 52.5 53.1 51.6 50.2 51.3 52.4 52.5 53.3 17.6 18.7 17.5 18.8 18.2 20.9 16.8 24.8 22.5 30.4 20.4 19.0 1.6 1.7 1.4 1.4 1.2 1.3 .6 1.6 .9 2.9 1.3 1.1 1.7 4.2 3.3 2.9 4.6 3.7 4.7 6.3 6.5 4.6 7.6 3.4 3.0 12.1 1.3 1.2 1.3 1.6 1.3 1.1 .8 1.9 2.1 1.4 1.4 1.4 1.6 1.3 .9 1.2 1.2 .9 1.3 1.1 1.2 1.4 2.2 1.2 1.4 1.6 1.7 2.2 1.9 1.7 1.7 2.1 1.5 2.6 2.3 3.6 2.3 2.6 4.2 1.6 1.6 1.8 1.7 1.5 1.1 .8 1.3 1.1 1.7 1.7 1.4 3.0 1.2 1.4 1.4 1.5 1.6 2.3 1.3 3.2 3.9 4.2 1.2 1.2 .9 1.1 1.3 .7 1.1 1.2 1.1 2^0 2.3 1.1 1.2 1.2 1.0 1.3 1.4 I 10.4 9.9 14.6 11.1 13.2 10.0 13.7 15.4 13.3 10,1 13.7 9.6 10.9 1.7 1 0 4.2 2.1 2.4 1.6 2.2 1.8 1.5 1.8 1.5 1.8 1.8 1.7 1.8 1.5 .8 .5 .5 .5 .4 .4 .5 .4 .5 .4 .4 .4 1.0 .8 .5 .4 .4 .4 .4 .4 .5 .4 .4 .4 .4 3.5 3.0 2.3 2.7 2.3 1.9 1.9 2.1 2.1 2.4 3.2 2.6 2.8 2.8 1.7 1.1 1.0 .7 .8 2.4 2.5 2.5 2.5 1.0 .5 .5 1.2 1.0 .5 .5 .5 .4 .4 .5 .4 .4 .4 .4 .4 33.3 j 38.2 29.7 31.8 29.4 31.3 28.5 | 31.3 34.8 32.0 .7 | 1.3 I 29.7 31.0 27.1 27.5 i San Francisco 24.0 31.3 43.1 44.2 33.3 32.5 31.8 38.8 49.1 48.3 35.3 33.7 38.8 29.6 25.3 21.3 17.9 20.6 19.2 14.8 18.6 23.1 22.3 30.2 43.4 41.3 86.6 73.5 69.6 60.3 55.0 75.8 85.0 79.3 64.4 57.7 60.1 64.9 76.4 07 K 95.7 94.8 94.4 95.6 93.8 93.0 91.0 89.0 90.3 93.7 95.2 92.9 67.3 70.8 73.1 73 7 73.3 72.8 70.9 68.6 66.5 65.4 64.2 62.3 64.9 1S9.5 193.1 195.1 194.0 191,8 187.3 183 6 182.7 182.6 183.0 184 6 182.6 183. 8 92.8 92.5 93.0 93.0 93.9 91.9 91.8 89.2 87.5 88.6 92.0 92.8 91.2 65.5 68.9 71.4 72.2 71.8 70.7 70.0 66.8 65.1 63.3 62.5 61.2 62.8 182.4 185.2 187.3 183.2 180.7 176.0 173 1 171.7 171.6 172.0 173.9 172.1 174.1 1.2 I 1.4 j 1.3 ! ! 1.2 1.6 1.4 1.2 1.3 1.1 .7 1.6 1.1 1.8 1.5 .9 1.9 1.1 1.6 1.3 1.4 1.8 2.0 1.9 1.9 1.7 1.6 2.4 1.6 1.4 4.0 ! 2.1 ! .5 .3 6.1 6.3 6.6 9.4 9.3 9.3 8.6 9.1 9.2 9.4 8.3 8.9 8.3 .7 I 1.1 I 1.0 1.1 12 ! 1.3 j .6 I .6 .5 .6 .5 .7 .4 .4 .4 1.1 .3 .3 1.0 .2 .3 .3 .3 .2 .2 .2 690 FEDERAL RESERVE BULLETIN OCTOBER, 1929 FEDERAL RESERVE BANKS-RESOURCES AND LIABILITIES AT END OF MONTH [In thousands of dollars] 1928 1929 Sept. 30 Sept. 30 A u g . 31 RESOURCES Total gold reserves . . . Reserves other than gold . . 2,790,911 154, 789 127, 428 38,810 Total bills and securities Due from foreign banks . . . Reserve bank float 1 Total resources _ 1,438, 942 1,640, 641 36, 218 563,475 58,860 10, 213 18,720 614,677 60,318 8,655 5, 278, 572 5.129, 699 36,218 ; 1,843,671 | 18,720 1.699,891 1,879,889 1, 718, 611 2, 336,809 20,276 I 5,154 | 18,976 2,334,197 17, 676 6,586 30,137 2, 381, 215 563,475 166, 747 254, 398 32,848 2,388, 596 614,677 145,618 233,319 28,878 5, 278, 572 5,129, 699 449, 217 .. 1, 601, 633 571 38,437 2, 414, 833 600, 287 167,017 254, 398 36, 909 Total reserve bank credit outstanding Federal reserve notes of other reserve banks. Other uncollected items not included in float Bank premises All other resources 1, 388, 505 724 49, 713 2, 326,125 61, 050 5,670 21,988 . . . 242, 644 4,580 22, 739 1, 840, 383 _ 149,871 16,100 5, 336, 666 . . . . . . . . . . 213, 807 28, 837 22, 739 600,387 58,903 9,826 Total United States securities Other securities 126, 581 23, 290 1, 428, 692 787 28,462 . 283, 650 1, 863,122 . 176, 228 1, 457,941 . 223,479 60,171 162, 238 15, 425 . 114,616 61,612 5, 336, 666 . 2. 739,423 47, 265 1,070, 759 292, 739 Total bills bought United States securities: Bought outright . . Under resale agreement 3,120, 356 50, 508 1, 046, 306 214, 017 78, 722 Bills bought: Outright Under resale agreement 2, 608,652 130,771 3,125, 700 61,170 958, 290 Total reserves Nonreserve cash Bills discounted 2,944,980 175,376 453, 015 265,411 LIABILITIES Federal reserve notes: Held by other Federal reserve banks Outside Federal reserve banks . . _ _ Total notes in circulation Deposits: Member bank—reserve account Government Foreign bank Other deposits Total deposits . Deferred availability items Capital paid in Surplus All other liabilities . ._ . . . . . . . .. . . . . ^ . . . . . . . . _ ... _ __ ___ Total liabilities Contingent liability on bills purchased for foreign correspondents i Uncollected items (exclusive of Federal reserve notes of other Federal reserve banks) in excess of deferred availability items. KINDS OF MONEY IN CIRCULATION, BY MONTHS [End of month figures. In thousands of dollars] Date 1928—Sept. 29.. Oct. 31..., Nov. 30... Dec. 31.... 1929—Jan. 31.... Feb. 28... Mar. 31—. Apr. 30... May 3 1 . . . June 30.... July 31..... Aug.31.... Sept.30».. p Preliminary. Total 4,846,198 4,806,230 4,990,114 4,973,168 4,656,617 4,747,683 4,675,647 4, 737,636 4, 746,297 4,716,863 4,839,859 4,819,317 Gold coin Gold certificates Standard silver dollars 372,909 373,202 374,306 395,310 380,952 377,512 374,255 371,623 369,997 368,488 366,199 364,603 363,829 977,673 959, 652 1,030, 546 990,996 923,193 935,448 937,247 905,513 944,058 934,994 887, 897 887,102 849,659 46,411 46,298 46,342 46,475 44,456 44,075 43,921 43,727 43,651 43,684 43, 401 43,055 42,959 Silver certificates 397, 589 394,328 404,860 410,334 381,672 385,389 390, 583 386, 241 392,411 387,073 403,964 411,293 417,556 Treas- Subsidury iary notes of silver 1890 1,298 1,296 1,295 1,294 1,292 1,291 1,290 1,288 1,286 1,283 1,282 1,280 1,277 283,296 285,350 288,002 291,314 280,751 280,736 280,655 281,229 282,936 284,226 284,363 286, 270 Minor coin United States notes 112,431 113,427 114,641 115,613 114,007 113,692 113,536 114,085 114,454 115,210 115,534 115,985 116, 896 303,110 300,659 306,015 294,199 282,172 283,603 283,100 276,227 288,216 262,188 242,338 248, 670 264,930 Federal NaFederal I! reserve tional bank bank notes notes notes 1,698,908 1,689,171 1,770,184 1,808,053 1,631,432 1,646,523 1,673,480 1,648,392 1,654,757 1,692,721 1,748,442 1,842, 547 1, 839,125 3,916 3,880 3,848 3,820 3,775 3,747 3,709 648,656 650,077 615, 761 612,915 626,344 645,908 643,639 3,650 642,221 3,616 652,812 3,587 619,855 3,539 635,515 3,500 630,490 691 FEDERAL RESERVE BULLETIN OCTOBER, 1929 FEDERAL RESERVE BANKS-AVERAGE DAILY RESERVES AND DEMAND LIABILITIES IN SEPTEMBER AND AUGUST 1929 [In thousands of dollars] Total cash reserves Total deposits Federal reserve bank September August September August Federal reserve notes in circulation August September Reserve percentages September August Boston New York.... Philadelphia.. Cleveland Richmond Atlanta Chicago St. Louis MinneapolisKansas City.. Pallas San Francisco. 262,192 973,749 201,112 286,112 90, 903 138,606 558,848 82, 913 76,607 126,676 66,685 271,491 238, 901 914,830 210,157 305,910 r 93,359 135,154 569, 471 79, 684 85, 546 138,128 57,839 288, 576 149,637 953,484 136, 950 190,498 69,030 64,551 356,303 78,329 55,000 92,919 64,879 183,803 147,761 932,491 136,247 191, 678 r 68, 393 62, 044 357, 420 78,365 53, 930 95,192 62, 323 182, 586 193,114 327,126 152,339 188,406 81,631 157,480 321, 571 68,414 67,482 79,836 50,530 181,847 172,896 315,604 156,353 195,495 79,066 153,412 332,072 62, 296 64, 768 77, 652 45,583 175,847 76.5 76.0 69.5 75.5 60.3 62.4 82.4 56.5 62.5 73.3 57.8 74.2 74.5 73.3 71.8 79.0 63.3 62.7 82.6 56.6 72.1 79.9 53.6 80.5 Total... 3,135,894 ' 3,117, 555 2,395,383 ' 2, 368,430 1,869,776 1,831,044 73.5 74.2 r Revised. FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS RESOURCES [In thousands of dollars] Federal Reserve Bank Total Boston Gold with agents: New York I Philadelphia Cleveland Richmond Atlanta Chicago St. Minne- Kansas Dallas Louis apolis City San Francisco Federal reserve Sept. 4 Sept. 11 Sept. 18. Sept. 2 5 Gold redemption fund U. S. Treasury: Sept. 4 Sept. 11 Sept. 18 Sept. 25 124, 600 124, 600 117,000 117, 000 149,400 146,200 145,100 143,900 46,656 46,656 46,656 46,656 104,500 100,000 108,500 108,500 329,564 329, 564 329, 564 329,564 20,800 20,800 21,800 21, 800 54,167 49,167 45,167 45,157 71,248 70,000 70, 000 70,000 21, 758 21, 758 21, 758 25, 758 206,763 206,763 196,763 176,763 4,412 8,256 7,440 6,411 3,753 3,971 3,395 3,793 3,125 3,561 4,673 3,540 4,278 4,958 3,949 4,072 7,269 5,662 4,091 7,411j 6, 673 6,111 6, 424 2,623 2, 207 3/ 3,489 2,176 3,508 3,014 2,517 3,034 3,704 3,638 2,645 2,170 3,011 2,327 153,153 150,171 148,495 147, 693 49, 781 50, 217 51, 329 50,196 108, 778 104,958 112,449 112,572 336, 833 335, 226 333, 655 332,262 28,211 27,473 27, 91l! 28,224| 56,790 51,374 48, 965 48, 646 73, 424 73, 508 73, 014 72, 517 24, 792 25, 462 25, 396 28,403 208,933 209,774 199,090 181,760 50,874 46,681 56,444 164,433 35,482 106,982 215,824 30, 668 97,849 240,850 37,041 83,427 234,192 43,142 91,436 29, 299 23,086 23,181 28,494 18, 719 14,038 16,149 17,153 140,101 133,739 104, 221 118, 641 30, 940 40,069 40, 924 46,185 18,156 20,174 20,682 18,247 47,299 44,949 46,861 44, 804 24, 720 25,442 38, 572 32,187 44, 632 28,683 21, 661 31,506 623,953 618,402 645, 637 649,226' 27,074 29, 598 31, 029 32, 010 388,314 374, 573 398,978 402, 632 29, 784 30, 677 30,161 30,058 34,441 35,292 36,216 36,313 7,156 7,483 7,749 8,090 3,065 77,879 3,370 79, 981 3,908 81,197 3,672 81,144 7,674 7,609 6,907 5,674 5,614 4,333 4,538 4,728 5,731 5,803 5,562 9,066 9,085 9,102 8,901 29, 098 29,389 30,254 29, 610 2,943,368 2,971, 735 2,989,400 2, 997,567 236,561 244, 623 265, 597 258, 746 832, 205 893,165 930, 710 926,758 194,278 194, 201 191, 642 196, 611 294,576 283,312 268,138 275,442 86,236 80, 786 82,259 86,780 554,813 548,946 519,073 532,047 66,825 75,151 75, 742 81,105 80,620 77,162 73,980 71, 431 125,451 58, 578 124,188 125,678 73,070 122,883 69,491 282, 663 267,846 251,005 242,876 172,829' 174,491! 166, 731 164,608 15, 596 13, 095 66, 285 69, 340 63, 621 64,423 8,569 8,928 9,306 9,742 9,180 8,489 8,742 7,95" 6,509 7,152 7,123 8,054 8,858 23, 796 9,218 21,731 8,868 19, 754 9,717 19,025 9,010 9,304 8,824 8,590 1,932 1,946 1,660 1,616 3,116,197 3,146,2261 3,156,131 3,162,175 252,157 260,733 281,415 271,841 898,490 962,505 994,331 991,181 202,84! 203,129 200,948 206, 353 57,793 8,925 9,756 9,324 10,199 16,015 18,703 22,072 24,347 1, 540, 669 1, 560,899 1, 546, 555 1,529, 345 149,917 159, 917 169,917 169, 917 67,109 71, 232 67,195 64,114 8,427 8,207 7,924 18,162 17, 294 16, 552 15,604 1,607,778 1,632,131 1,613, 750, 1,593, 459 158,613 168,344 178,124 177,841 279,458 302, 768 290,882 289,934 711, 637 721,202; 730, 013! 754, 882| 261, 296 285, 474 274,330 274, 330 with Gold held exclusively against ^ Federal reserve notes: Sept. 4_.__ Sept. 1 1 . . Sept. 18 Sept. 25 Gold settlement fund with Federal Reserve Board: Sept. 4 Sept. 1 1 . . Sept. 18 Sept. 25 Gold and gold certificates held b y banks: Sept. 4. Sept. 11 Sept. 18 Sept. 25 Total gold reserves: Sept. 4 Sept. 11 Sept. 18 Sept. 25 Reserves other t h a n gold: Sept. 4 Sept. 11 Sept. 18 Sept. 25 Total reserves: Sept. 4 . . . Sept. 11 Sept. 18 Sept. 25 Nonreserve cash: Sept. 4 Sept. 11 Sept. 18 Sept. 2 5 - 69,423 73, 617 16,110 15,818 129, 012 132,856 124,440 123,411 1,314 1,082 1,176 1,288 303, 756 291,801 276,880 283,399 2,928 3,010 4,227 3,177 130, 562 122, 366 132,506 133, 397 92, 745 87,938 89,382 94,834 139,420 131, 584 141,374 143,114 4,041 4,603 4,746 5,504 6,578 8,323 7,699 7,851 4,997 4,294 4,382 4,142 4,153 4,918 4,848 4,996 5,193 13,882 13,043 13,877 13,043 578, 609 75,835 82, 552 129, 745 570,677 84,455 79,108 128,570 538,827 84, 566 75,640 129,820 73,047 127,036 551,072 63,496 64,837 78,066 74,684 296, 545 280,889 264,882 255,919 6,309 6,592 6,483 7,525 3,497 4,475 3,718 3,453 1,025 1,673 1,085 1,262 1,598 2,401 2,154 2,128 2,288 2,647 2,565 3,001 3,275 3,724 4,174 3,882 692 FEDERAL RESERVE BULLETIN OCTOBER, 1929 F E D E R A L R E S E R V E B A N K S — R E S O U R C E S A N D LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands of dollars] Federal Reserve Bank Total Boston Bills discounted: Secured by U. S. Government obligationsSept. 4. Sept. 11 Sept. 18 Sept. 25 Other bills discounted— Sept. 4 Sept. 11 Sept. 18 Sept. 25 _ Total bills discounted: Sept. 4 ~. Sept. 11 Sept. 18 Sept. 25 Bills bought in open market: Sept. 4 Sept. 11 Sept. 18 Sept. 25 .-_. U. S. Government securities: BondsSept. 4 Sept. 11 Sept. 18.__ -._ Sept. 25.__ Treasury notesSept. 4 Sept. ll.i Sept. 18___ Sept. 25_-_ Certificates of indebtednessSept. 4._ Sept. 11 Sept. 18 Sept. 25_._ Total U. S. Government securities: Sept. 4 Sept. 11 Sept. 18 Sept. 25 Other securities: Sept. 4 . - . Sept. 1 1 . . . Sept. 18.__ Sept. 25 Total bills and securities: Sept. 4 Sept. 11 Sept. 18 Sept. 25 D u e from foreign b a n k s : Sept. 4 __., Sept. 11 Sept. 18 Sept. 25 Uncollected items: Sept. 4___ Sept. 1 1 . . Sept. 18 Sept. 25 B a n k premises: Sept. 4._ _ Sept. 11 Sept. 18 Sept. 25 All other resources: Sept. 4 Sept. 11 Sept. 18.__ Sept. 25 NewYork Phila- Clevedelphia land Richmond San St. Minne- Kansas Atlanta Chicago Louis apolis City Dallas Francisco 541,074 491,986 438, 358 443,214 37,946 35, 557 28,113 31,512 213, 665 161, 530 137, 098 138,751 58, 332 51, 784 44, 471 44, 062 42,312 48, 923 41, 645 47, 861 19,808 21,830 19, 436 20, 624 14,932 13, 444 8,523 5,24" 48,778 52, 691 59, 070 51, 833 23, 383 20,926 22, 203 23, 806 14, 699 13, 969 13, 591 11, 571 18,953 14,065 12, 957 15,281 16,082 13,420 11, 743 9,844 32,184 43,847 39, 508 42,822 504, 942 480,941 495, 558 501,185 40,877 36, 240 31, 059 33, 839 89, 601 78,415 83,045 94,192 38,140 37,904 42, 674 35, 325 33,103 29,334 34,137 34,274 41, 374 38,958 40, 063 35, 385 61, 445 60, 541 53, 620 56,916 42,409 41,160 54, 349 50, 388 51,831 49, 388 46, 749 15, 441 18,130 20, 919 25, 745 24,909 25,395 21, 390 21,172 32,813 33, 027 23, 718 24,089 32,999 32,449 41,936 43, 111 1,046,016: 972, 927 933, 916 944, 399 78, 823 71, 797 59,172 65, 351 303, 266 239, 945 220,143 232, 943 96, 472 89, 688 87,145 79, 387 75,415 78, 25" 75,782 82,135 61,182 60, 788 59,499 56, 009 76, 37' 73, 985 62,143 62,163 91,187 93, 851 113,419 102,221 75, 214 70, 314 70,851 70,555 30,140 32, 099 34,510 37, 316 43, 862! 39,460 34, 347, 36,453 48, 895 46,447 35,461 33,933 65,183 76, 296 81,444 85,933 182, 916 222, 229 241,103 263, 934 20, 973 21, 251 21, 310 20,1 92, 922 96, 802 102,147 113,527 9,546 6,709 11, 327 12, 012 12, 735 14, 343 13, 870 16,150 2,956 5, 619 6,800 7,990 8,179 12,884 15, 044 14,952 104 63 63 42 1,736 3,768 4,496 5,137 2, 966 6, 425 7, 973 8,275 5, 341 7, 392 8, 321 9, 697 17,819 22, 320 24, 532 27, 023 42, 722: 42, 665 42, 658 37, 660 1,719 1,719 1,719 875 4,009 4,009 4,009 818 1,152 1,152 1,152 1,152 34: 329 323 31 21, 645 . 21,6451. 21,644'. 20, 231|. 5,111 5,067 5,067 4,647 839 i 839 152 2,813 2,813 2,813 7,813 1,364 1,364 1,364 302 91,412 100, 697 94, 983 87, 050 2,092 2,092 1,945 1,445 24,091 33, 242 29,129 25,195 9,448 9,308 8,832 27,640 27, 640 27,479 26, 929 657 657 593 375 3,036 3,034 2,991 2,842 4, 555 . 4, 740 . 4,031 4,150 4,101 4,028 3,781 465 465 468 468 3,223 3,223 3,121 2,774 12,055 12, 055 11,890 11, 329 14, 846 15, 655 39, 968 27, 349 1,055 1,055 2021 1,082 6,290 7,035 31,192 11, 270 7,038 7,038 7,162 8,061 1 1 162 1,260 64 282 1 15 77 546 340. 490L 675 L 2,028L 152 630 310 24 9 117 675 165 1,205 148, 980 159, 017 177, 609 152, 059 4,! 4,1 3,866 3,402 34, 390 44, 286 64, 330 37, 318 18,178 18,178 18,162 17, 679 29, 677 29,677 29, 677 29, 007 9,358 9,180 9,247 9,058 1,304 1,304 1,307 930 6,060 6,045 6,051 11,262 13, 419 13, 419 13,419 12,836 12, 050 12,050 11, 000 11, 000 300 300 300 325 1, 394,0121 104, 662 1, 370, 273 97,914 1,367,678 84,348 1, 375,467 442, 628 393,083 397,620 394, 7; 124,496 119,493 118, 342 111,261 111,801 119,946 119, 802 127,292 65, 947 68, 216 68,108 65, 808 87,935 90, 247 80, 578 80,534 44,984 48, 797 51, 503 54,761 48,132 47,189 43,627 45, 658 60,296 59, 884 49, 833 54,892 96, 421 112, 035 119,395 125, 792 725 726 727 769 54! 54j 54; 54| 220 221 222 264 70 70 70; 70 74 74 74 74 33 33 33 33 28 28 28 28 99 99 29 29 29 29 18 18 18 18 24 24 24 24 24 24 24 24 52 52 52 52 716,880 741, 285 910,962 750, 429 68, 785 73, 984i 92, 974 76, 784 205,901 55,2211 65,498 203,486 60,755i 68,514 242,984 71,689 93,477 208,402 62,321! 71, f 52,911 52,191 65, 771 54, 370 22,059 25, 288 27,937 24,992 89,445 94,759 130, 264 96, 267 34, 461 35,081 38, 353 32, 831 14, 631 15, 557 18,591 16,431 44, 817 42, 675 48, 734 40, 732 27,342 27, 653 34,377 27,582 35,809 41,342 45,811 37,723 58, 861 16,087 16,087 16,087 16, 087 1, 762j 1, 762j 1, 762 1,762 6, 535 6, 535 6, 535 6,535 3, 395 3,395 3,395 3,395 2,744 58,903 3, 7021 3,702j 3, 702 3,702 2,744 2,744 2,744 8, 529 8,529 8,529 8, 529 3,989 3,987 3,996 3,997 2,110 2,110 2,110 2,110 4,140 4,140 4,140 4,140 1,922 1,922 1,922 1,922 3,946 3,955 3,968 3,980 10, 643 10, 665 10, 079 10, 061 175 118 71 74 1,170 1,040 989 362 361 145 127 1,286 1,300 1,198 1,217 571 503 519 529 4,470 4,398 4,328 4,153 788 810 843 882 293 290 288 320 663 659 607 177 167 155 222 441 435 425 47S 448 454 460 470 16,100 16,100 15,050, 15, 075 853 1,692 1,692 1,692 786 2,036 2,036 2,036 3,379 3,378 3,391 3,419 13, 22, 23, 26, 3, 26, 26, 26, 25, 665 366 339 376 "• 540 8751 350 339 3,750 3,750 3,250 3,250 5oo;_ 500. 131, 392 75, 318 143,092 70,377 163, 608! 70,914 154,436 70,597 OCTOBER, 693 FEDERAL RESERVE BULLETIN 1929 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands of dollars] Federal Reserve Bank Total Boston Total resources: Sept. 4 Sept. 11 Sept. 18 Sept. 25 5,355, 111 5,395,032 5, 573,890 5,431,421 New York 438,460 446, 261 471,888 452, 302 1, 580,310 1, 595, 255 1, 674, 356 1, 636,058 St. Minne- Kansas Phila- Cleve- Richdelphia land mond Atlanta Chicago Louis apolis City Dallas 386,072 386, 652 394,132 383,182 491,878 491,180 502,193 493, 688 219, 643 216,879 231,954 224,473 San Francisco 263,234 262, 612 264, 688 263,416 815,171 193,422 145,983 228,633 147, 922 225,166 824, 558 848, 653 201,864 149, 554 228,654 818, 810 200,922 148,229 219,940 155,809 157,402 167,212 162,583 436,496 442,451 438,742 427,818 331, 529 64,761 68,260 79, 572 67,455! 80,229 322,486 317, 588 68,134 67,841; 79,831 312, 324 70,571 66,923; 79,745 49,498 50,143 50,486 50,364 183,840 184,403 180, 563 176, 673 LIABILITIES Federal reserve notes in circulation: Sept. 4 , Sept. 11._ , Sept. 18.__ Sept. 25.._ , Deposits: Member bank—reserve accountSept. 4 , Sept. 11 Sept. 18._ Sept. 25 GovernmentSept. 4 Sept. 11 Sept. 18 Sept. 25 _ \ Foreign bank— Sept. 4 Sept. 11 Sept. 18 Sept. 25 Other deposits— Sept. 4 _.._ Sept. 11 _ Sept. 18 Sept. 25 1,883, 267 1,864,148 1,847,427 1, 837, 899 194,082 191,095 191,222 193, 019 325,463 319,342 321,6691 320,586 153,936 151,086 148,688 147,282 192,402 191,829 184, 078 185,932 80,602 81,908 81,225 80,025 159,322 157,983 156,102 154,455 2, 320,176 2,360, 265 2, 381, 364 2,364,434 142, 638 148, 663 155,049 148, 833 930,056 946, 324 965,416 957,988 133, 376 136, 301 137, 257 133,236 186,450 188,922 64, 543 190,087 68,415 190, 511 64, 396 60, 537 61, 308 61, 219 62, 027 337,159 351, 219 341,377 351, 825 76, 314 78,903 76,781 75, 362 52,097 53,4011 53,038j 54,222 94, 512 90, 515 90,965 87, 703 63, 514 64,063 66,196 65,355 176,855 176,103 175,564 172,976 1,280 28,703 17,454 13,449 55, 285 'lO6 3,053 5,910 1,518 11,102 16,946 1,477 225 3,061 2,854 1,538 7 2,604 864 579 218 8,507 3,875 1,508 276 5,652 2,272 2,716 409 3,911 1,265 972 242 2,147 1,186 1,311 159 1,664 604 1,844 178 1,307 1,647 955 10 4,259 2,453 1,054 517 2,174 4,952 6,622 7,658 7, 234 381 382 381 1,360 3,030 4,065 3,642 495 495 495 495 526 526 526 526 237 237 237 237 201 201 201 201 706 706 706 706 206 206 206 206 129 129 129 129 170 170 170 170 170 170 170 170 371 371 371 371 20,175 19,638 25,979 19, 207 74 112 86 65 8,283 6,789 6,584 7,206| 47 23 73 211 l,31l 1,274! 1,194 1,143 76 98 193 124 102 296 167 1,183 707 7,786 1,013 215 227 454 271 279 282 700 201 552 553 736 434 26 35 78 46 8,005 9,436 7,799 8,352 945,609 957,661 987,167 985, 782 138,411 138,296 138,050 137, 003 191,141 67,845 192,260 65,457 191,814 69,063 194, 784| 73,238 64,737 341,320 78,000 63,119| 355,348 80,308 61,992, 350,278 77,683 68,047 357,455 77,986 53,691 55,123 54,026 56, 216 95,838 93,082 92,049 89, 614 65,357 65,223 66,454 69, 830 163,342 50,931 172,374 54,390 219,389 64,397 183,054 55, 802 63,4571 50,916 62,157 49,215 81,215 61,307 67, 758| 50, 847 80,623 84,799 118,872 87, o r 32,893 34,400 38,222 34, 498 12,699 13,917 16,283 13, 608 38,824 37,410 42,355 36,118 26,787 34,141 27,792 40,158 36,056 42,923 28,150 36,149 5,454 19,897 5,453 19,997 5,434 19,859 5,371 19, 832 5,223 5,223 5,223 5,221 3,065 3,064 3,056 3,054 4,264 4,261 4,260 4,259 4,496 4,497 4,497 4,498 11,368 11,363 11,363 11, 366 8,690 8,690 8,690 17,978 17,978 17,978 17,978 Total deposits: Sept. 4 2,374,006 144,373 Sept. 11 , 2,403,979 151,138 Sept. 18 2,428,450 155,623 Sept. 25 2,446,160 152, 332 Deferred availability items: Sept. 4 642,529 67,283 Sept. 11 670,624 71,199 841,196 92,228 Sept. 18_ 689, 263 73, 968 Sept. 25. Capital paid in: Sept. 4 166,754 10,716 Sept. 11 166,733 10,716 166,716 10,716 Sept. 18... 167,028 10, 800 Sept. 25 Surplus: Sept. 4 254, 398 19,619 Sept. 11 254,398 19,619 254,398 19,619 Sept. 18 254, 398 19, 619 Sept. 25 All other liabilities: Sept. 4 34,157 2,387 2,494 Sept. 11 35,150 2,480 Sept. 18 35,703 36, 673 2,564 Sept. 25 T o t a l liabilities: Sept. 4 Sept. 11 Sept. 18 Sept. 25 , 5,355,111 5,395,032 5, 573,890 5,431,421 438,460 446,261 471,888 452, 302 64,154 64,106 64,075 64,409 16,452 16,452 16,522 16, 522 71,282 71,282 71,282 71, 282 24,101 26,345 24,101 26,345 24,101 26,345 24,101 26, 345 10,460 10,490 10, 774 10,945 2,241 2,327 2,374 2,472 1, 580,310 386,072 1, 595,255 386,652 1, 674,356 394,132 1, 636, 058 383,182 15,4891 15,425| 15,537i 15, 5371 6,176 6,176 6,174 6,159 20,633 22,813 27,949 22, 294 187,684 186,964 184,251 183, 873 12,399 12,399 12,399 12, 399 10,554 10,554 10,554 10, 554 36,442 36,442 36,442 36,442 10,820 10,820 10,820 10, 820 7,082 7,082 7,082 7,082 9,086 9,086 1,705 1,724 1,786 1,805 2,534 2,690 2,657 2,695 5,360 5,486 5,614 5,740 1,725 1,754 1,782 1,826 1,186 1,281 1,266 1,346 1,049 1,098 1,073 1,118 1,057 1,029 1,051 1,485 1,585 1,664 1,779 491,878 219,643 491,180 216,879 502,1931 231,954 493,688| 224,473 263,234 262,612 264,688 263,416 815,171 824, 558 848, 653 818, 810 193,422 198,694 201,864 200, 922 228,633 225,166 228,654 219,940 155,809 157,402 167,212 162, 583 436,496 442,451 438,742. 427,818 3,044 3,164 3,204 3,332 145,983 147,922 149, 554 148, 229 694 FEDERAL RESERVE BULLETIN OCTOBER, 1929 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued LIABILITIES—Continued [In thousands of dollars] Federal Reserve Bank Total Boston New York Phila- Clevedelphia land RichSt. mond Atlanta Chicago Louis Minne- Kansas apolis City Dallas San Francisco MEMORANDA Ratio of total reserves to Federal reserve note and deposit liabilities combined (per cent): Sept. 4 Sept. 11 Sept. 18 Sept. 25 Contingent liability on bills purchased for foreign correspondents: Sept. 4 Sept. 11 Sept. 18_ Sept. 25 _ Own Federal reserve notes held b y Federal reserve banks: Sept. 4 _ _. Sept. 11 _ Sept. 18 Sept. 2 5 . . . 73.2 73.7 73.8 73.8 74.5 76.2 81.1 78. 453,020 446,973 448, 503 455, 776 33, 523 33, 523 33, 523 33, 523 473,322 492,822 480,290 464,447 52, 671 51, 95" 49,102 50,455 62.2 59.5 64.8 64.3 86.0 84.2 80.7 82.3 20,839 20,837 20,839 20, 839 17,668 17,668 17,668 17, 668 62,063 62,063 62,063 62, 063 15,683 13,703 14,957 18,231 26, 552 27,913 28,533 27,981 34,642 37,301 37,851 38, 228 69.4 70.2 70.1 72. 79.2 76.0 73.7 74.4 62.5 59.7 59.5 61.9 137,268j 131,222| 132,752 140, 025 43,490 43,490 43,489 43, 489 46,208 46,208 46,208 46, 208 180,066 191,139 178,721 167,991 38,032 39,036 37,574 36, 385 19,355 19,838 21,288 18, 019 70.7 75.4 76.0 75.9 53.1 57.6 58.0 60.4 67.7 64.5 62.1 59.3 74.0 74.2 75.5 75.0 18,121 18,121 18,121 18,121 11,325 11,326 11,325 11, 325 14,949 14,949 14,949 14,949 13, 710 13,770 12,831 12,982 6,143 6,742 7,069 6,010 55.3 56.2 66.8 62.1 79. & 75. & 72. & 71.0 14,949 32,617 14,949 32,617 14,949 32,617" 14,949 32, 617 10, 567 9,792 11,185 9,668 10,298 9,274 9,743 10,484 66,109* 70,57a 72,792 67,938- FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Federal Reserve Bank Total Boston New Phila- CleveYork delphia land 3, 783,478 3,805,088 3, 781,086 3, 754, 811 336,718 353,892 351,364 343, 714 945,929 954, 281 964,800 961,112 273,317 266,871 260,011 256, 016 291,727 288,167 281,791 293,476 1, 1,448,118 1,453,369 1,452,465 89,965 110,840 111,040 100, 240 440,400 443,800 464,410 472, 535 81, 349 76, 749 73, 749 72, 349 79, 970 76, 500 76,425 89, 525 2,356, 589 2, 356,970 __.. 2,327, 717 2, 302, 346 246, 753 243,052 240, 324 243, 474 505, 529 510, 481 500, 390 488, 577 191,968 190,122 186, 262 183, 667 406, 885 427,863 415, 619 414, 409 35, 300 35,300 35,300 35, 300 207,670 231,848 220, 704 220, 704 Gold fundSept. 4 Sept. 11 Sept. 18 Sept. 25 Eligible paper— 1,133, 784 1,133,036 1,130,936 1,114,936 114,617 124,617 134, 617 134, 617 Sept. 4 Sept. 11 Sept. 18 Sept. 25 1,144,105 1,113, 638 1,091, 297 1,123, 854 2,684, 774 2, 674,537 2, 637,852 2, 653,199 Richmond St. Kansas Atlanta Chicago Louis Minne- City Dallas apolis San Francisco Federal reserve notes received from comptroller: Sept. 4 Sept. 11 Sept. 18 Sept. 25 Federal reserve notes held by Federal reserve agent: Sept. 4 Sept. 11 __ Sept. 18 Sept. 25 Federal reserve notes issued to Federal reserve bank: Sept. 4 Sept. 11 Sept. 18 Sept. 25 _ Collateral held as security for Federal reserve notes issued to Federal reserve bank: Gold and gold certificatesSept. 4 Sept. 11 Sept. 18 Sept. 25 Total collateral: Sept. 4 Sept. 11 Sept. 18 Sept. 25 _ _ _ 302,944 303, 746 301, 325 299, 516 593,651 596,067 585,119 576, 633 119,341 119,269 119, 755 121, 403 146,932 146,176 145,804 143, 827 136, 549 134,924 133,939 131, 748 74,312 79,588 78, 617 77, 245 384,849* 385,875 384, 255 375, 511 80,924 80, 623 78,124 76, 354 117,070 117,8501 116,690 117,080 227,480 236,280 229,680 226,081 40,870 39, 310 38, 790 37, 850 72,529 71,979 70,894 70, 894 46,410 43,510 43,810 42, 260 15,022 19, 777 18,857 16, 397 134,900' 130,900 130,900' 130,900 211, 757 211, 667 205,366 203, 951 96,285 95, 611 96,182 98, 256 185, 874 185,896 184,635 182,436 366,171 359, 787 355,439 350, 552 78,471 79,959 80,965 83, 553 74,403 74,197 74,910 72, 933 90,139 91,414 90,129 89,488 59, 290 59,811 59, 760 60,848 249,949254,973253, 355 244, 611 29,600 29,600 29,600 29,600 34,400 31,200 30,100 28, 900 16,190 16,190 16,190 16,190 9,500 9,500 9,500 9,500 7,800 7,800 7,800 7,800 14,167 14,167 14,167 14,157 17,258 17, 258 17, 258 17, 258 35,000 35,000 35,000 35,000 53, 626 53, 626 53, 620 53, 626 95,000 95,000 87,400 87, 400 115,000 115,000 115,000 115, 000 30, 466 30,466 30,466 30,466 95,000 90, 500 99,000 99, 000 329, 564 329,564 329, 564 329, 564 13,000 13,000 14,000 14,000 40, 000 35,000 31,000 31,000 71, 248 70,000 70,000 70,000 4,500 4,500 4,500 8,500 171, 763 171, 763 161,763 141, 763 98,883 91, 754 79,188 84,990 353,801 300,592 281, 329 299,501 76, 230 73,906 75, 562 71, 733 80, 759 87,447 96, 426 58,421 59, 290 58, 675 58,183 84, 034 86,149 76,467 76,407 103,074 113, 738 134, 278 126,173 75,175 70, 238 70, 776 70,480 31, 518 35,387 38, 535 41,995 46,359 53,803 82,04845,246 53,181 97,329 41,654 43,080 104,306. 44,071 43, 045 110, 850 248,800 251,671 249,105 254, 907 615,097 586,066 555,659 573, 831 200,830 198, 506 192, 562 188, 733 230,159 233,028 232, 547 240, 326 105,077 105, 946 105, 331 104, 839 188, 534 186,149 184,967 184,907 432, 638 443,302 463,842 455, 737 95,975 91,038 92,576 92, 280 85,685 84, 554 83, 702 87,152 177,209 176,234 174,306 174, 610 117,607 115, 246 111, 654 114,071 75, 561 74,939 64,838 68, 803 288,811 304,092' 301,069' 287,613- 695 FEDERAL RESERVE BULLETIN OCTOBER, 1929 MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS [In thousands of dollars] Total Bills discounted: Sept. 4 Sept. 11 Sept. 18 Sept. 25 Bills bought in open market: Sept. 4 Sept. 11 Sept. 18 Sept. 2 5 . . Certificates of indebtedness: Sept. 4 Sept. 11 Sept. 18 Sept. 25 Municipal warrants: Sept. 4 Sept. 11 Sept. 18 Sept. 25 Within 15 days 16 to 30 days 31 to 60 days I 61 to 90 days 91 days to j 6 months 1,046,016 972,927 933,916 944, 399 799,892 723, 599 693,117 714, 584 68, 520 65, 234 66, 035 110,573 110,853 112, 035 103, 521 66,910 64, 555 57, 991 54, 519 5,556 i 5,320 | 5,104 | 5,267 I 182,916 222, 229 241,103 263,934 110, 010 115,879 116,023 123, 010 22,490 25, 521 29, 202 32,213 28,484 41,635 45,435 49, 948 19,448 36, 738 48,410 57, 092 2,484 | 2,456 I 2,033 I 1,671 j 14,846 15, 655 39,968 27, 349 14,444 14,151 25, 245 24 10 540 5,092 229 1,291 5,125 848 Over 6 months 300 300 300 325 | | I | 86 435 473 149 203 9,058 14, 543 300 300 300 300 GOLD SETTLEMENT FUND—INTERBANK TRANSACTIONS FROM AUGUST 22^TO SEPTEMBER 18, 1929, INCLUSIVE [In thousands of dollars] Transfers for Government account Transit clearing Federal reserve note clearing Federal reserve bank Debits Boston New York Philadelphia.. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis... Kansas C i t y . . . Dallas San Francisco.. Total 4 weeks ending— Sept. 18, 1929 Aug. 21, 1929 Sept. 19, 1928 _. Aug. 22, 1928. 2,500 32,000 19,200 18,000 11,500 5,500 26,500 2,000 1,500 1,000 8,500 128,200 7,000 193,000 19,700 Credits 4,100 82,200 1,000 4,200 2,500 7,500 1,000 13,000 8,200 4,500 Debits Credits 842,078 3,330,886 831,857 824,003 767,660 297,354 1,504,372 518,078 192,123 460,463 338,150 432,546 877,102 3,294,191 853,315 827,366 776,956 308,158 1,513, 930 515,592 184,539 434,450 352,338 401,633 128, 200 10,339, 570 10,339,570 7,000 10,320,630 10,320,630 193,000 9,164,441 9,164,441 19, 700 8,753,839 8,753,839 Debits Credits 6,925 9,917 9,922 10, 724 3,642 3,218 13, 704 2,728 1,857 2,907 1,567 3,636 5,522 24,247 6,186 4,916 3,283 3,847 7,623 4,423 3,566 2,805 1,764 2,565 70, 747 61,190 57,021 56, 111 70,747 61,190 57,021 56,111 Changes in ownership of gold through transfers and clear- Balance in fund at ings close of period Decrease Increase 1,478 19,445 2,563 20,523 6,875 14,615 35,221 27,835 10,133 ~~6,~709" 21,585 35,984 101,483 I 101,483 56,445 240,850 37,041 83,427 23,180 16,149 104,221 40,924 20,683 46,860 38,572 21,661 730,013 716,863 720,345 715,242 696 FEDERAL RESERVE BULLETIN OCTOBER, 1929 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In millions of dollars] Federal Reserve District Total Boston Loans and investments: Sept. 4 Sept. 11 Sept. 18 Sept 25 Loans: Sept 4 Sept. 11 Sept 18 Sept 25 On securitiesSept. 4 Sept.11 Sept 18 Sept 25 All o t h e r Sept. 4 -Sept 11 .Sept. 18 .Sept 25 Investments: Sept 4 Sept. 11 Sept 18 Sept 25 U. S. Government securitiesSept 4 Sept. 11 Sept 18 Sept 25 All o t h e r Sept. 4 Sept 11 . . Sept. 18 Sept 25 Reserve with Federal reserve bank: Sept 4 ' - -Sept. 11 Sept. 18 Sept 25 . Cash in vault: Sept 4 Sept. 11 Sept. 18 Sept 25 Net demand deposits: Sept. 4 Sept 11 Sept. 18 Sept 25 Time deposits: Sept. 4 Sept. 11 Sept 18 Sept 25 Government deposits: Sept. 4 Sept. 11 Sept. 18 Sept. 25 Due from banks: Sept. 4 Sept. 11 Sept. 18 Sept. 25 Due to banks: Sept. 4 Sept. 11 Sept. 18 Sept. 25_ Borrowings from Federal reserve banks: Sept. 4 Sept. 11 Sept. 18 Sept. 25 New York Philadelphia Cleve- Rich- Atlanta Chicago St. Louis land mond Minne- Kansas Dallas apolis City Sanl Francisco | 22,591 22,570 22, 742 22, 682 1,512 1,511 1,530 1,540 8,788 8,712 8,799 8,726 1,237 1,231 1,250 1,242 2,185 2,183 2,197 2,197 672 678 679 682 643 648 650 653 3,341 3,369 3,372 3,380 694 700 697 695 400 408 413 411 704 703 703 699 478 482 4S0 491 17,150 17,142 17,253 17, 244 1,174 1,173 1,185 1,202 6,799 6,720 6,767 6,727 931 925 940 935 1,556 1,557 1,567 1,568 514 521 519 523 517 523 523 527 2,669 2,703 2,710 2,715 531 540 539 538 278 286 290 289 468 469 475 471 357 362 365 369 ,364 1,373 7,632 7,578 7,684 7,720 489 490 506 522 3,374 3,269 3,325 3,312 481 478 486 487 727 729 743 742 198 201 200 204 150 152 156 161 1,239 1,272 1,274 1,291 238 240 238 235 89 90 86 87 133 133 142 135 95 102 103 102 418 421 427 441 9,518 9,564 9,569 9,524 685 683 679 679 3,426 3,451 3,442 3,415 450 447 454 448 829 828 824 826 316 320 319 319 367 371 368 367 1,430 1,431 1,436 1,424 293 299 301 303 189 196 204 202 335 335 333 337 262 260 261 266 936 943 946 938 5,441 5,429 5,489 5,438 338 338 345 338 1,989 1,992 2,032 1,999 306 306 310 307 629 626 630 628 157 158 160 160 126 125 126 125 671 666 662 664 163 161 157 157 122 121 124 123 236 234 228 228 121 119 125 122 582 581 589 586 2,699 2,694 2,719 2,680 171 172 176 173 1,045 1,047 1,052 1,029 94 94 98 96 302 301 306 305 73 73 75 75 59 59 59 59 307 306 306 305 53 51 48 48 68 68 69 69 111 108 103 103 79 78 83 79. 337 337 343 341 2,741 2,735 2,770 2,757 167 166 169 166 944 945 979 970 212 212 212 211 327 325 324 324 84 84 85 85 67 66 67 66 365 360 356 359 110 109 109 109 54 53 55 54 124 126 125 125 42 42 42 43 245 245 246 245 1,675 1,707 1,721 1,708 95 99 105 100 781 797 816 805 75 77 78 74 128 129 129 130 40 39 41 40 38 39 39 39 245 257 248 258 43 44 42 41 27 27 25 27 61 56 56 53 34 33 34 34 108 109 108 106 240 246 236 236 18 19 17 16 67 69 65 66 14 15 15 14 30 29 29 28 12 13 12 13 10 10 10 10 39 39 39 37 7 7 6 6 6 6 6 6 11 12 11 12 8 8 8 8 20 20 19 19 13,184 13,283 13,179 13, 072 902 913 916 912 5,822 5,812 5,793 5,721 704 705 704 693 1,056 1,055 1,035 1,031 345 350 344 347 317 324 318 317 1,886 1,937 1,899 1,902 363 373 361 356 232 236 237 234 504 507 509 500 279 289 289 283 772 783 774 776 6,808 6,799 6,805 6,829 464 468 470 469 1,741 1,745 1,765 1,783 265 261 266 268 945 951 948 947 244 244 244 244 234 233 234 234 1,270 1,252 1,242 1,250 225 224 224 224 132 132 132 132 184 183 184 184 143 142 142 142 963 964 955 954 1.937 ,94*1 L, 965 ^7Q 11 1 3 1 1 1 1 1 2 227 227 13 13 70 70 23 23 26 27 8 8 16 16 23 22 4 4 I 1 3 3 18 18 23 23 1,115 1,116 1,156 1,112 52 59 55 50 127 137 162 163 60 56 63 55 90 96 97 90 49 49 47 48 74 71 78 75 231 205 210 201 50 50 53 56 55 53 54 54 117 119 118 112 58 60 60 57 152 160 160 152 2,722 2,712 2,747 2,690 115 116 118 111 942 950 944 942 158 157 161 156 207 201 205 195 93 91 94 93 96 99 102 99 443 437 452 428 102 104 109 111 83 83 84 82 211 199 201 196 83 86 89 91 188 191 188 187 761 702 673 688 52 46 37 41 255 192 172 188 54 49 51 43 54 58 52 61 30 29 30 29 52 53 45 44 61 66 85 72 53 50 49 49 25 27 30 33 34 29 24 26 34 32 22 22 58 70 74 79 697 FEDERAL RESERVE BULLETIN OCTOBER, 1&29 LAND BANKS AND INTERMEDIATE BANKS CREDIT BANK SUSPENSIONS 1 IN AUGUST, 1929 [Amounts in thousands of dollars] LOANS OF FEDERAL AND JOINT-STOCK LAND BANKS All banks [In thousands of dollars] Member banks 3 Nonmember banks Federal reserve district Num- Total de- Num- Total de- Num- Totalldeber posits 2 ber posits 2 ber posits 2 Net amount of loans outstanding Date Federal Joint-stock land banks land banks l (12 banks) Total Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 Jan. 31 Feb. 29 Mar. 31 Apr. 30 M a y 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 Jan. 31 Feb. 28 Mar. 30 Apr. 30 May 31 June 30 July 31 Aug. 31. Boston.. New York Philadelphia . . Cleveland Richmond Atlanta. 609, 891 Chicago 609, 535 St. Louis 610,050 Minneapolis 607,891 Kansas City 609,477 Dallas San Francisco 1927 1,749,393 1,752,665 1, 757,185 1, 758,834 1, 765,121 1,139, 502 1,143,130 1,147,135 1,150,943 1,155, 644 1,767, 515 1, 778,338 1, 786,862 1, 791,341 1, 793,035 1,794,236 1, 793, 610 1.796, 591 1.797, 796 1,797, 910 1, 797, 319 1,799,045 1,158,717 1,168, 354 1,175, 858 1,180,420 1.183, 672 1.184, 656 1.185, 714 1,187, 365 1.189, 345 1.190, 278 1,191,724 1,193,846 1,799,464 1,803, 593 1,803,691 1,803,115 1,802,160 1,802, 872 1, 800, 766 3 1 4 921 4,407 968 4 5 550 1,066 1,195,089 1,199,766 1,202, 570 1, 203,724 1, 204,128 1,204,916 1,204,363 1, 203,806 1928 ___ 1929 Total Rediscounts outstanding for— Agricultural credit corporations National banks. State banks Livestock loan companies Other banks and trust companies Total 163 222 4,407 825 3 5 143 1 2 1 3 699 387 1, 066 608, 798 3 1,005 7,912 14 Total 17 k. 6, 907 609, 984 611,004 610, 921 1 Banks closed to the public on account of financial difficulties by 609, 363 order of supervisory authorities or directors of the bank. 609, 580 2 Subject to revision; figures given are for latest available date prior to 607, 896 suspension. 609, 226 3 Includes 2 national banks with deposits of $306,000 and 1 State jmem608, 451 ber bank with deposits of $699,000. 607,632 605, 595 BANK DEBITS 605,199 [Debits to individual accounts. In thousands of dollars] 604,375 603,827 601,121 599, 391 598,032 597,956 596,403 594,876 New York City ._ Outside New York City iNumber of banks, 1927: August, 53; September-November, 52; Federal reserve district: December, 51. 1928: January-April, 51; May-November, 50; December, Boston 49. 1929: January to date, 49. New York Philadelphia Cleveland Richmond LOANS OF INTERMEDIATE CREDIT BANKS Atlanta Chicago [In thousands of dollars] St. Louis Minneapolis Kansas City 1929 1928 Dallas. San Francisco CVass of loan Total . Aug. 31 July 31 June 30 M a y 31 Aug. 31 Direct loans outstanding onCotton Tobacco Wheat . . Canned fruits and vegetables Raisins Wool Rice Allother 1 1 Number of centers August, 1929 July, 1929 August, 1928 I 140 49, 033, 562 28,338, 732 49,215,180 28,443, 671 35,102, 280 23,401,299 3, 301, 522 3, 220,777 50,175,946 50,365,930 2, 505, 489 2,850, 520 2, 989,197 3, 246, 593 782, 835 817, 549 1,126, 481 1,175, 446 7, 968, 062 7, 568,846 1, 320, 939 1, 221, 287 914, 431 990, 318 1, 728, 522 1, 576, 588 728, 598 722, 685 3, 977,170 3,755,414 2, 536, 386 35,978, 762 2,157,841 2, 553, 261 693,466 1, 047,013 6,221, 393 1,156, 661 720, 975 1,389, 075 640, 636 3, 408,110 77,372,294 58, 503, 579 11 7 10 13 7 15 21 5 9 15 10 18 141 77, 658, 851 MEMBERSHIP IN PAR-COLLECTION SYSTEM 213 87 694 497 215 97 2,041 288 184 6,068 421 516 968 584 570 3,860 3,932 30 3,945 3,409 96 4,092 1,364 273 655 4,115 229 457 2,157 5 555 951 569 155 178 219 289 89 9,939 9,021 9,031 12, 750 13,477 [Number of banks at end of August] 192 2,230 1,734 32,074 100 1,821 32, 513 31,563 102 102 1,627 1,460 30,155 87 947 32, 201 2 331 24,868 25,638 25,865 25,305 20,846 80 80 80 83 121 58,943 59,960 59,070 56,577 Nonmember banks Member banks Federal reserve district On par list Not on par li st i Boston New York PhiladelDhia Cleveland Richmond Atlanta Chicago St Louis Minneapolis Kansas City Dal1 as San Francisco 1928 1929 1928 1929 8,656 8,912 12,242 12, 838 3,779 3 936 408 409 270 251 936 772 805 933 785 820 405 479 999 411 497 1,021 530 432 United States.._ 1929 554 456 596 256 637 310 10 552 934 10 579 1 000 204 469 1 133 283 203 55 53, 501 . - 1,218 573 693 908 765 1,262 593 725 944 787 3,523 1,694 604 2,169 612 3,610 1,795 702 2,261 641 227 476 1,112 199 208 616 644 635 702 61 i Incorporated banks other than mutual savings banks. 1928 698 FEDERAL RESERVE BULLETIN O C T O B E R , 1929 CONDITION OF ALL BANKS IN THE UNITED STATES TABLE 1—ALL BANES IN T H E UNITED STATES i—PRINCIPAL RESOURCES AND LIABILITIES, ON CALL DATES, BY FEDERAL RESERVE DISTRICTS [In millions'of dollars. Figures for nonmember banks are for the dates indicated or nearest dates thereto for which figures are available] Federal reserve district and call date Total loans and investments Loans a Deposits, exclusive of interbank deposits 3 Investments Rediscounts and bills payable banks All districts: 1927—Dec. 3 1 1928—June 3 0 Dec. 3 1 1929—Mar. 2 7 June 29.. Boston* 1927—Dec. 3 1 1928—June 30— Dec. 31— 1929—Mar. 27_. June 29 _. j^rtTTT "York* 1927—Dec. 3 1 1928—June 3 0 Dec. 3 1 1929—Mar. 27.. June 2 9 . . Philadelphia: 1927—Dec. 3 1 1928—June 3 0 . . Dec. 3 1 1929—Mar. 27.. June 2 9 . . Cleveland: 1927—Dec. 31— 1928—June 3 0 Dec. 3 1 1929—Mar. 27.. June 29.. "D \n\\rn r\T» H XViviliXLULKJ. • • 1927—Dec. 3 1 1928—June 3 0 . . Dec. 3 1 1929—Mar. 27.. June 2 9 . . A finrtfn Atlanta. • 1927—Dec. 3 1 1928—June 30.. Dec. 31— 1929—Mar. 2 7 June 29.. Chicago: 1927—Dec. 3 1 . . 1928—June 3 0 Dec. 3 1 1929—Mar. 27.. June 29.. Q+ T Member Nonmember banks Member Nonmember banks Member Nonmember banks Member NonAll Mem- Nonmem- banks mem ber ber ber 55,450 57,265 58,266 58,019 58,474 34,247 35,061 35,684 35,393 35,711 21,204 22,204 22,582 22,626 22, 763 38,407 39,464 40,763 40,557 41,512 23,886 24,303 25,155 24,945 25,658 14,521 15,161 15,607 15,612 15,853 17,043 17,801 17,504 17,462 16,962 10,361 10,758 10,529 10,448 10,052 6,683 7,043 6,975 7,013 6,910 52,909 53,398 56,766 54,545 53,852 32,063 32,133 34,826 33,215 32,284 20,846 21,265 21,940 21,330 21,567 894 663 1,570 1,512 1,507 1,598 1,209 1,162 1,153 1,198 230 361 350 354 399 6,367 6,644 6,649 6,692 6,818 2,583 2,642 2,571 2,600 2,613 3,784 4,002 4,078 4,092 4,205 4,021 4,226 4,271 4,279 4,434 1,765 1,849 1,824 1,823 1,871 2,256 2,377 2,446 2,456 2,563 2,345 2,418 2,378 2,413 2,384 817 793 747 777 742 1,528 1,626 1,632 1,636 1,642 6,009 6,106 6,225 6,134 6,209 2,444 2,351 2,397 2,323 2,297 3,565 3,755 3,828 3,811 3,912 40 108 93 103 111 32 92 76 80 86 8 16 17 24 25 17, 502 18,202 18, 776 18,349 18,898 10,947 11,098 11, 593 11,317 11, 775 6,555 7,104 7,183 7,031 7,122 12,166 12,605 13,435 13, 028 13,801 7,789 7,759 8,404 8,139 8,769 4,377 4,846 5,031 4,888 5,031 5,336 5,598 5,341 5,321 5,097 3,158 3,340 3,189 3,178 3,006 2,178 2,258 2,152 2,143 2,091 10,021 9,982 12,140 11,329 10, 351 6,291 6,632 6,776 6,344 6,677 328 523 542 386 488 314 481 499 343 453 14 42 43 43 35 4,241 4,365 4,395 4,422 4,460 2,588 2,656 2,666 2,714 2,710 1,653 1,709 1,730 1,708 1,750 2,592 2,636 2,747 2,818 2,859 1,616 1,690 1,745 1,813 1,832 976 946 1,650 1,729 1,649 1,604 1,601 972 966 921 900 878 678 763 728 703 723 16, 312 16,614 18,915 17, 673 17,028 3,787 3,764 3,874 3,770 3,760 2,243 2,232 2,287 2,250 2,251 1,543 1,532 1,587 1,520 1,509 101 160 153 181 164 73 113 99 126 105 29 47 54 55 58 4,689 4,898 4,854 4,948 4,927 3,296 3,448 3,414 3,478 3,488 1,393 1,450 1,440 1,471 1,439 3,100 3,237 3,279 3,359 3,380 2,162 2,266 2,291 2,352 2,376 1,007 1,004 1,588 1,660 1,575 1,589 1,547 1,135 1,182 1,123 1,125 1,112 454 479 452 464 435 4,355 4,498 4,526 4,525 4,523 3,029 3,139 3,165 3,167 3,190 1,326 1,359 1,361 1,358 1,333 93 141 139 139 138 68 111 105 102 98 24 29 34 37 40 2,517 2,531 2,522 2,537 2,501 1,362 1,344 1,338 1,351 1,329 1,155 1,187 1,183 1,186 1,172 1,871 1,881 1,879 1,883 1,865 1,028 1,021 1,022 1,024 1,010 843 861 857 860 855 646 650 643 653 636 334 324 317 327 319 312 326 326 326 317 2,378 2,284 2,351 2,302 2,255 1,242 1,188 1,214 1,196 1,166 1,136 1,096 1,137 1,106 1,089 47 107 74 86 113 31 69 49 55 70 16 38 25 31 43 1,754 1,753 1,749 1,763 1,734 1,165 1,173 1,188 1,191 1,177 589 579 560 572 558 1,369 1,378 1,346 1,370 1,345 888 910 895 907 898 481 468 451 463 447 384 375 402 393 389 276 263 293 284 279 108 112 109 109 110 1,736 1,640 1,673 1,629 1,581 1,104 1,072 1,093 1,065 1,041 632 568 580 564 540 56 94 74 87 104 34 54 52 61 72 22 39 21 26 32 7,495 7,826 7,904 7,963 7,958 4,859 5,118 5,163 5,072 5,052 2,636 2,709 2,741 2,891 2,906 5,583 5,810 5,933 5,999 6,046 3,519 3,698 3,812 3,777 3,792 2,064 2,113 2,121 2,222 2,254 1,911 2,016 1,971 1,964 1,912 1,339 1,420 1,350 1,295 1,260 572 596 620 668 652 7,327 7,517 7,667 7,435 7,543 2,679 2,712 2,752 2,823 2,822 123 225 234 272 221 68 165 164 201 143 55 60 71 71 79 2,128 2,141 2,163 2,162 2,099 1,377 1,384 1,406 1,377 1,341 752 756 757 784 757 1,546 1,535 1,546 1,561 1,531 953 942 954 945 937 592 593 592 616 594 583 605 617 601 568 423 442 452 433 405 159 163 166 168 163 2,053 2,002 2,045 L, 972 L, 911 4,649 4,806 4,914 4,612 4,721 1,250 1,215 1,256 1,184 1,177 803 787 788 788 733 47 110 82 92 98 21 65 39 58 59 26 45 43 34 39 1,527 1,549 1,555 1,563 1,539 897 909 933 938 923 630 640 622 625 616 955 947 951 953 945 547 544 560 564 559 408 403 391 389 387 571 601 605 610 594 350 365 373 374 364 222 237 232 236 230 L, 560 L, 567 L, 596 ,554 L,547 886 895 929 894 904 674 673 666 660 642 12 19 13 22 22 3 8 5 15 12 9 11 8 6 9 1,868 1,893 1,929 1,898 1,881 1,191 1,224 1,250 1,242 1,241 677 669 679 656 640 1,353 1,336 1,332 1,310 1,310 783 789 803 800 810 570 547 530 511 499 515 557 596 588 571 408 436 447 443 430 107 122 149 145 141 1,957 L, 962 2,028 L,960 L, 929 1,185 1,208 1,241 1,211 1,207 773 755 787 749 722 22 29 34 30 52 10 19 22 23 39 12 9 12 7 13 1,136 1,163 1,247 1,265 1,217 898 916 903 957 238 248 254 266 260 891 895 938 940 914 694 692 736 730 705 197 203 201 210 209 245 268 310 325 302 204 224 257 270 251 41 44 53 56 51 1,182 L, 146 L.290 1,249 1,177 897 885 989 964 911 285 261 301 286 266 4 18 14 17 27 2 11 12 13 20 2 6 2 4 8 3,084 3,149 3,169 3,113 3,105 1,143 1,151 1,354 1,344 1,338 2,959 2,977 3,107 3,056 3,082 2,141 2,144 2,109 2,071 2,099 818 833 998 986 983 1,267 1,323 1,416 1,401 1,361 943 325 318 356 358 355 4,253 4,297 4,576 4,342 4,391 3,114 3,160 3,200 3,022 3,068 1,139 1,137 1,376 1,320 1,323 20 37 59 92 60 19 39 76 42 7 13 17 20 15 18 All All 1,002 1,005 1,027 939 972 988 All All niijc- o l . .L/OulS. 1927—Dec. 3 1 1928—June 3 0 . . Dec. 31_. 1929— Mar. 27._ June 29. _ Minneapolis: 1927—Dec. 31— 1928—June 3O._ Dec. 3 1 1929—Mar. 27.. June 29— .Kansas City: 1927—Dec. 3 1 1928—June 3 0 Dec. 3 1 . . 1929—Mar. 27.. June 29— ID alias: 1927—Dec. 3 1 1928—June 3 0 Dec. 3 1 1929—Mar. 27.. June 29.. -San Francisco: 1927—Dec. 31— 1928—June 3 0 . . Dec. 3 1 1929—Mar. 27.. June 29.. 4,227 4,300 4,523 4,457 4,443 1,000 1,005 1,060 1,042 1,007. 1 Includes all national and State banks (including stock and mutual savings banks) and all private banks under State supervision. 2 Includes rediscounts and overdrafts; excludes acceptances of other banks and bills of exchange sold with indorsement. «Includes letters of credit and travelers' checks sold for cash and outstanding. Back figures.See Tables 44, 45 and 85-88, Annual Report of Federal Reserve Board for 1928. 699 FEDERAL RESERVE BULLETIN OCTOBER, 1929 TABLE 2.—ALL BANKS IN THE UNITED STATES i— PRINCIPAL RESOURCES AND LIABILITIES ON JUNE 29,1929, AND DECEMBER 31, 1928, BY STATES [Amounts in thousands of dollars] Loans and investments Total Investments State June New England: Maine New Hampshire Vermont _ Massachusetts Rhode Island Connecticut Middle Atlantic: New York New Jersey Pennsylvania East North Central: Ohio... Indiana _ Illinois.. _ Michigan Wisconsin West North Central: Minnesota _ Iowa _ Missouri North Dakota South Dakota Nebraska Kansas South Atlantic: Delaware Maryland District of Columbia Virginia West Virginia North Carolina South Carolina Georgia _ Florida East South Central: Kentucky _ Tennessee Alabama Mississippi West South Central: Arkansas. Louisiana Oklahoma Texas Mountain: Montana Idaho Wyoming... Colorado New Mexico Arizona Utah Nevada Pacific: Washington Oregon. California.. Deposits, exclusive Rediscounts and of interbank bills payable deposits 3 December June 437,013 427,304 312,481 302,801 256,611 254,033 4,256,805 4,125,070 533,554 537,167 1,334,356 1,302,540 December June December June Number of reporting banks DecemJune ber December 8,561 2,929 3,647 60,923 6,820 14,496 134 123 104 452 33 237 124 105 448 34 235 16,563,160 16,437,953 12,281,719 11,931,575| 4,281,441 4,506,378 14,844,22116,703,877 431,554 478,906 813,144 2,284,676 2,325,949 72,029 ___ 2,449,523 2,463,229 1,654,231! 1,650,085' 795,292 5, 794,577 5, 741,972 3,568,154! 3,433,081| 2,226,423 2,308,891 4,£935,055 5,048,562| 187,125 178,694 ' 1,141 567 1,589 1,145 570 1,617 2,715,099 2,662,828 897,280 896,262 3,918,544 3,918,256 2,070,043 2,019,490 943,110 952,998 915,698 915,329 797,323 791,388 _._ 1,175,786 1,276,008 114,686 124,746 136,114 136,657 385,441 408,050 412,875 417,368 13,115 4,897 5,885 67,981 * 6,225 18, 574 136 677,228 2,569,047 2,565,377 232,760 835,050 855,582 1,015,457 3,645, 638 3,751,340 554,944 563,808 1,975,821 1,948,809 276,682 285,860 918,472 930,314 81,536 58,579 85,335 57,233 26,632 84,940 54,245 92,931 62,879 28,329 1,029 1,035 ~ 1,005 1,801 1,816 742 751 964 966 684,920 225,769 I 541,526 668,380' 835,145 83,192 95,356 291,801 295, 617 538,283 670,754 881,372 88,613 95, 780 312,918 298,304 374,172 128,943 340,641 31,494 40,758 93, 640 117,258 377,046 894,369 903,483 120, 634 821,913 832,631 394,636 1,106,878 1,224,365 36,133 121,283 139,238 40,877 148,777 152,624 95,132 389,814 411,543 119,064 421,159 431,453 12,017 11,906 42,830 2,814 2,424 11,815 7,470 9,063 12,399 40,809 933 1,174 15,648 5,808 1,072 1,286 1,325 433 396 846 1,077 1,100 1,298 1,356 470 409 882 1,102 138,312 782,723 249,710 457,016 332,053 339,874 169,768 313,742 311,854 136,809 788,713 248,878 471,340 333,284 390,155 195,250 335,343 337,054 4,036 15,340 6,021 32,084 15,065 40,141 7,296 18,353 7,230 * 4,005 14,168 6,336 25,040 12,149 17,047 1,597 13,182 9,151 48 235 41 481 310 428 223 420 257 47 237 41 488 325 441 244 434 283 443,369 413,002 257,033 213,399 149,451 834, 530 253.145 563,568 360,694 408,226 184,527 355,731 334,890 119,325 515,876 194,331 456,136 288,601 335,542 138,851 295,757 190,069 98,216 502,627 190,827 466,806 294,391 349,398 138,815 287,927 212,991 48,527 329,193 61,637 98,157 54,834 42,141 56,672 121,395 51,235 331,903 62,318 96,762 66,303 58,828 45, 712 67,804 121,899 560,293 431,956 306,865 222,291 546,551 412,997 312,081 220,170 434,595 356,809 249,3571 170,095 416,47 348,311 251,194 166,784 125,698 75,147 57,508 52,196 130,075 64,686 60,887 53,386 456,273 408,192 290,721 237,501 32,107 20,229 33,118 15,858 30,592 16,201 17,847 5,013 572 490 350 312 579 498 357 321 18,174 202,406 426,907 429,412 409,896 404,821 ' 1,071,632 1,105,822 164,407 345, 688 262,220 803,443 160,207 340,144 255,418 831,390 43, 767 81,219 147,676 42,199 201,989 215, 610 89,268 388,925 415,855 149,403 431,4621 444,373 274,432 1,033,323 1,132,308 10,052 27,584 13,665 22,473 1,177 18,680 1,016 12,695 420 226 649 1,333 437 228 661 1,345 94,242 48,494 40,345 171,380 25,932 54,331 121,972 30,819 100,102 49, 503 40,265 173,575 26,162 51,754 123,542 29,807 56,356 28, 743 18,154 94,044 14,756 30,598 36,008 175,673 93,544 66,421 298,510 46,999 94,900 142,638, 42,7441 2,498 9491 2,006 3,200 1,024 425 3,242 245 207 120 3,741 15 602 883 137 87 278 58 46 105 35 201 139 86 284 58 46 105 35 286,305 278,462 145,445 145,742 2,413,599) 2,444,115 161,030 114,578 994,143 170,136 450,683 463,284J 117,404 263,340 279,176 1,034,109 3,356,346 3,494,641 5,756 6,993 42,858 2,755 1,794 53,133 344 235 455 351 242 459 | ! TotaL 2,030,179 1,985, 600 670,493 664,520 2,951, 576 2,902,799 1, 515,099 1,455,682 676,316 657,250 396,210 396,290 279,683 274,952 241,644 241,988 861,900 3,871,595 498,399 505,276 215,908 1,214,136 167,852 845,069 255,968 554,293 357,639 390,376 180,992 352,429 311,464 _.. ...I 214,003 206,684 213,301 153,536 149,265; 154,755 95,198 158,835 94,556 2,844,6671 1,309,316 1,280,403 226,912 247,181 539,544 538,173 150,598 77,237 58,499 265,424 40,688 84,929 157,980 40, 505 I 158,911 82,173 59,703 272,607 41,016 81,288 I 160,159 I 38,935 447,335! 448, 598 i w±i, oooi 260,0231 263.146 3,407,742 3,478,224 58,809 32,670 19,438 99,032 14,854 29,534 36, 617 9,128 157,573 85,448 60,103 281,856 42,610 93,216 132,769 44,430 58,474,005 58,266,361 [41,511, 803 40,762,690J16,962,202 17, 503,67l'53,851,845J56, 765,573 1,597,579 1,512,224 25,110 25,576 1 Includes all national and State banks and all private banks under State supervision. Figures fcr State institutions are taken from Table 4 and represent in some cases the condition of banks as of dates other than June 29, 1929, and Dec. 31, 1928. 2 Includes rediscounts and overdrafts; excludes acceptances of other banks and bills of exchange sold with indorsement. 3 Incluo.es letters of credit and travelers' checks sold for cash and outstanding. * Excess over figures shown in Tables 3 and 4 is chiefly aue to technical differences between reports to the board and reports to State banking authorities. Back fi§ures.—See Tables 89-91, Annual Report of Federal Reserve Board for 1928. 700 FEDERAL RESERVE BULLETIN OCTOBER, 1929 TABLE 3—NATIONAL BANKS i—PRINCIPAL RESOURCES AND LIABILITIES ON JUNE 29, 1929, AND DECEMBER 31, 1928, BY STATES [Amounts in thousands of dollars] Loans and investments Total State June December Loans 2 June December Investments June December Deposits, exclusive of interbank deposits 3 June December Rediscounts and bills payable June December New England: 64, 037 67,846 123, 230 132, 286 4,889 3, 111 140,300 145, 482j 76, 263 77, 636 Maine 28, 902 27, 370 58,177 72, 478 72,135 45,108 43, 233 61, 823 4,345 2,929 New Hampshire 29, 013 28, 645 60, 962 71,417 70, 667 42, 772 41, 654 61, 558 2,441 1,733 Vermont 853, T' 842, 879 342, 382 315, 274 1, 012, 870 1, 062, 268 45,917 44, 707. Massachusetts _ 1,196,162 1,158,153 21, 683 19, 720 53, 4~~ 55, 473 33, 790 33, 756 39, 791 1,640 44, 001 2,806 Rhode Island _.. 76,902 247, 760 256,183 73,443 8,343 6,648 276, 260 276, 434 202.817 199, 532 Connecticut Middle Atlantic: 4, 488, 239 5,161, 679 3, 201,437 3,573,264 1,286,802 1, 588,415 3, 861, 320 5, 257, 641 188, 626 309, 845 New York 309, 780 315, 883 845, 263 849, 862 27, 553 34, 399 905, 421 595, 641 584, 906 900, 789 New Jersey 2, 643, 764 2, 642, 505 1, 654, 336 1, 610,167j 989, 428 1, 032, 338 2, 258, 331 2, 312, 369 91, 575 81, 200 Pennsylvania East North Central: 239, 478 059, 512 670, 35S 24, 606 29,486 727, 501 723, 891 496, 392 484,413 231,109 Ohio 119, 493 342, 492 349, 718 10,131 8,133 372, 333 372,134 256, 889 252, 641 115,444 Indiana Illinois ___ 1, 245, 633 1, 643, 621 918, 054 1, 221, 827 327, 579 421, 794 1,149, 232 1, 492, 015 31,095 61,118 527, 438 506, 774 373, 524 345, 916 153, 914 160,858 528, 081 498,893 11,305 15,679 Michigan 434,462 431, 022 311,129 299, 622 123, 333 131, 400 393,199 401,845 17,152 19, 423 Wisconsin _ West North Central: 531, 784 530, 231 331, 639 327, 424 200,145 202, 807 504, 710 506, 038 6,956 3,126 Minnesota 94, 770 269, 358 268, 765 5,627 5,432 99, 587 284, 405 279, 050 184, 280 Iowa 184.818 471, 791 524, 206 Missouri 338,190 373, 476 133, 601 150, 730 400, 382 449,169 21, 023 12, 559 25, 978 69, 651 71, 349 46, 249 75, 058 79, 730 1,548 449 North D a k o t a . . 43, 673 26^ 825 26, 208 63, 226 66, 548 36, 064 637 67, 333 428 South Dakota _ 37,018 57, 237 170, 444 166, 769 8,117 12,020 56, 771 192, 073 189, 321 Nebraska 135, 302 132, 084 72, 707 206, 251 69, 805 205,182 205, 016 132, 309 3,674 3,16" Kansas 135, 377 South Atlantic: 10,492 9,425 18, 420 22, 506 12, 431 22, 923 13, 081 664 19, 655 1,117 Delaware. _ 80, 615 203, 326 217,867 77, 48" 230, 506 240, 660 153, 019 160, 045 Maryland _._ 10, 281 33, 734 126, 472 123,163 4,715 5,321 35, 696 130,887 129,168 95.191 95, 434 District of Columbia 63, 544 269,475 64, 281 320,130 326, 312 255, 849 262, 768 278, 262 16, 245 12, 303 Virginia 36, 953 151, 676 149, 090 8,188 5, 435 39, 340 169,194 165,432 129, 854 128, 479 West Virginia.. 28, 527 126,852 142, 969 15, 619 7,023 28,147 150, 681 156, 959 122, 534 128, 432 North Carolina. 26, 787 24, 963 91,315 101, ' 103, 519 76, 417 76, 732 102, 619 4,001 1,200 South Carolina 44, 556 194,096 39, 836 209, 482 208, 919 169, 646 164, 363 202, 308 5,231 2, 444 Georgia. _ _ 77, 824 171, 214 180, 447 1,502 3,880 75, 623 173,129 185, 379 97,506 Florida 107, 555 East South Central: 74, 649 199,481 66, 504 247, 737 266,184 181, 233 191, 535 223,432 20,808 15, 074 Kentucky 40, 431 207,121 48, 259 237, 716 217,122 189,457 176, • 195, 794 12, 062 8, 036 Tennessee 48, 942 161,940 46, 620 197, 595 203, 866 150, 975 154, 924 Alabama _ 181, 671 19, 985 11, 264 20, 202 19, 652 70, 243 56, 378 55, 038 76, 030 75, 240 Mississippi 75,114 6,122 2,196 West South Central: 24, 708 24, 340 74, 322 78, 794 54, 454 80, 573| 55, 865 78, 005 1,719 269 Arkansas 88, 527 16, 400 16,161 103, 402 103, 433 87, 002 87, 27,r 96, 799 5, 705 3,472 Louisiana 125, 348 127, 303 347, 333 359,423 11, 547 334, 673 336, 531 209, 325 209,228 Oklahoma 645 830, 849 880,825j 607, 331 649,10^ 223, 518 231, 723 789, 650 865, 329 16, 747 11,156 Texas Mountain: 31, 531 32, 963 84, 606 81, 085 49, 554 52,947 Montana 85, 910 93, 571 1,146 14, 441 11, 398 38, 843 35, 729 24, 331 27, 203 492 Idaho.. _ 41, 644 46, 512 30 13, 12, 761 33, 505 33,613 20, 852 21, 800 809 Wyoming 35, 698 36,890 64 78,464 82, 592 219, 351 232, 341 2,249 2, 337 206,194 211, 894 127, 730 129, 302 Colorado 11,190 11, 078 31, 040 29, 352 18,162 18, 877 29, 955 553 33, 896 New Mexico _. 15 11,988 11,946 30, 785 29,180 16, 210 28,156 17.192 32,411 Arizona.. 380 14, 315 46, 476 33, 017 48, 300 32,161 15, 283 44, 938 40, 891 Utah 184 17,340 11, 684 16, 986 11,852 5,488 5,302 16,989 17, 523 Nevada _ Pacific: 267, 005 269,137 100, 956 107, 705 266, 394 277, 526 2,945 166, 049 161,432 Washington 1,511 189, 600 179, 878 90, 866 89, 360 188, 885 186, 417 5,206 Oregon _ 98, 734 90, 518 1,009 1, 933, 302 1, 729, 607 1, 321, 61"" 1,162,894 611, 685 566, 713 1, California 1, 716,417 23, 373 21, 634 Total. 1 June December 53 56 46 155 10 64 54 56 46 154 11 65 562 299 861 565 299 323 224 487 133 157 224 488134 156 272 265 134 125 93 158 247 278 269 134 133 96 156 248- 1 82 12 164 116 73 53 80 55 17 83 12165 119 7555 81 62 138 99 106 35 140 102 107 73 33 307 623 78 33 325 632 69 43 25 121 28 14 20 10 70 44 26 123 28 15 20 10 106 93 211 110 93 210 21, 456, 563 22, 406, 740 14, 805,401115, 285,144 651,162 7,121, 596J19, 411, 384 21,407,109 714,107 785, 059 7,530 6, 7,629 Member banks only; i. e., exclusive of national banks in Alaska and Hawaii. • Includes rediscounts and overdrafts; excludes acceptances of other banks and bills of exchange sold with indorsement. 3 Includes letters of credit and travelers' checks sold for cash and outstanding. Number of reporting banks 701 FEDERAL RESERVE BULLETIN OCTOBER, 1929 TABLE 4—STATE BANKS i—PRINCIPAL RESOURCES AND LIABILITIES ON JUNE29, 1929, AND DECEMBER31, 1?28, BY STATES [Amounts in thousands of dollars] Loans and investments State June New England: Maine New Hampshire Vermont M assachusetts Rhode Island Connecticut Middle Atlantic: New York New Jersey Pennsylvania East North Central: Ohio Indiana Illinois Michigan Wisconsin West North Central: Minnesota Iowa Missouri North Dakota South Dakota Nebraska Kansas South Atlantic: Delaware Maryland District of Columbia Virginia West Virginia North Carolina South Carolina Georgia Florida H ast South Central: Kentucky Tennessee Alabama Mississippi West South Central: Arkansas Louisiana Oklahoma Texas Mountain: Montana Idaho Wyoming Colorado. New Mexico Arizona Utah Nevada Pacific: Washington Oregon California Total Loans 2 Total December June Investments December 296,713 281,822154,066 136,367 240,003 112,618 106,032 185,194 183, 366 119, 283 117,181 3,060,643 2,966,917 2,093, 709 2,001, 788 272,886| 256,196 480,078 481,694 591,995 564, 835 1,058,096 1,026,1061 June 142,647 127, 385 65,911 966,934 207,192 466,101 December Deposits, exclusive of interbank deposits June December Rediscounts and bills payable June Number of reporting banks Decem- June ber December 145,455 272,980 264,004 5,450 124, 634 221, 506 213,129 552 66,185 180,682 180,432 3,444 1,914 965.129 2,849,030 2,809, 327 22,064 16, 216 225,498 458,608 461, 275 5,180 461, 271 968,148 957,953 10, 231 7,848 81 67 58 297 23 173 82 68 59 294 23 170 .2,074,921 .1. 276, 274! 9, 080, 282 8, 358,311 2,994, 639 2,917,963 .0,982,90111,, 446, 236242,928 169,061 . 1, 544,102 1,562,440 1, 058, 590 1,065,179 485, 512 497, 261 1,439,413 " 1,476, 087 44,476 44, 300 3,150,813 3,099,4671 1,913, 818 1,822,914 1, 236,995 1,276, 553 2,676,724 2,736,193 95, 550 97,494 579 268 728 580 271 753 453, 811 110, 325 639, 389 401,030 153, 349 437,750 1, 909, 535 1,895,019 3 56,930 » 55,454 706 113,267 492,558 505,864 48,448 46,112 762 593,663 2,496,406 2, 259, 325 54, 240 31, 813 1,314 402, 950 1,447, 740 1,449,916 45, 928 47,200 609 154,460 525, 273 528,469 9,480 8,906 807 707 781 1,328 617 810 1,029 1,222 337 313 «726 854 1,987,598 1, 1, 533,787 1, 501,187 523,929 525,146 413, 604 411, 879 2.672,911 2, 274, 635 2, 033, 522 1,680, 972 1, 542, 605 1, 512, 716 1,141, 575 1,109, 766 518, 536 512,088 365,187 357,628 383, 914 512, 918 703, 995 45, 035 72,888 193,368 207, 693 385,098 512, 338 751, 802 49, 688 73, 768 218, 729 212, 352 209, 887 483, 562 496,955 39. 519 58, 338 156,499 160, 240 210, 859 486,474 507, 896 42, 364 59, 716 180, 834 165,995 174,027 29, 356 207,040 5,516 14,550 36, 869 47,453 174, 239 389, 659 397,445 5,061 800 5,937 25,864 * 552, 555 * 563, 866 6,279 6,967 1,021 243, 906 < 706, 496 * 775,1961 21, 807 28, 250 1,191 7,324 49, 934 59, 508 1,266 308 484 14, 052 82, 229 85,2911 1,787 303 746 37, 895 219, 370 244, 774 3,628 «688 46, 35- * 214,908 * 222, 821 3,796 2,641 830 145, 346 614, 563 125, 081 234,163 188,445 239,695 79, 612 142,947 138,335 126, 528 593, 870 123, 977 237, 256 195, 262 251, 267 81,008 146, 812 149, 511 106, 244 362, 857 99,140 200, 287 158, 747 213,008 62,434 126, 111 92, 563 85, 785 342, 582 95, 393 204,038 165,912 220,966 62, 083 123, 564 105,436 39,102 251, 706 25,941 33, 876 29,698 26, 687 17,178 16, 836 45, 772 40, 743 251, 288 28, 584 33, 218 29,350 30, 301 18,925 23, 248 44, 075 202 30 154 29 323 206 366 189 353 221 312, 556 194, 240 109, 270 146, 26: 280.367 195,875 108, 215 144,930 253, 362 167, 352 98, 382 113, 71~ 224, 941 171, 620 96,270 111, 746 59,194 26, 888 10,888 32, 544 55,426 243, 888 232, 841 11, 299 24, 255 * 205, 881 * 212, 398 8,167 11,945 « 95, 093 < 109, 050 13,133 162, 3871 9,736 33,184 143,156 15, 518 8,165 6,583 2,817 434 391 244 277 439 396 250 285 129, 380 323, 505 75, 223 240, 783 121, 833 325, 979 68, 290 224, 997 109,953 258, 686 52, 895 196,112 104, 342 252, 872 46,190 182, 288 19,427 64, 819 22,328 44,671 17, 491 73,107 22,100 42, 709 127,667 300, 398 84,129 243, 673 137, 605 8,333 319,056 21,879 84, 950 2,118 266,979, 5,726 908 15, 208 371 1,539 347 193 342 710 359 195 336 713 69, 513 41, 508 24,886 59, 230 11, 336 55, 749 111, 504 23,165 73, 001 40, 529 24,005 60,713 11,061 53,132 111, 859 21, 949 44, 688 24,163 19,493 43,650 7.770 37,139 89, 811 47,155 22,300 18,465 44,273 7,28£ 35, 5490, 525 18,123 24, 825 17,345 5,393 15, 580 3,566 18, 610 21,693 4,198 25,846 18, 229 5,540 16,440 3,776 17, 588 21,334 3,826 72,967 46, 605 26,598 62,505 11, 570 • 62,431 91, 878 26,907 82.102 1,352 47, 032, 457 29, 5311 1,197 66,169, 951 13.103 471 * 62,489 «425 97, 700 2,256 25,755. 245 177 56 1,404 129 94 6 157 30 32 85 25 131 95 60 161 30 31 85 25 180, 330 179,461 120, 256 117,030 55, 224 70,423 46, 711 83, 268 1,474, 440 1, 748, 61r 1,091, 982 1, 281, 22: 60,07' 23, 712 382,458 238 14: 244 241 149 249 18,96" 119, 892 579, 397 123, 238 187, 541 180, 377 213, 022 78,453 119, 646 140, 640 117,154' 2,919 1,659 570, 846 8,671 3,887 125,715 1,306 1,015 193, 078 15,839 12, 737 184,194 6,877 6,714 247,186 24, 522 10,024 92,631 3,295 397 133, 035 13,122 10, 738 156, 607 5,728 5,271 «222 699 62,431 184,289 185,758' 2,811 1,244 28,044 74,455 92,759 1,787 785 467,396 1,457,510 1,778,224' 19,485 31,499 31 153 29 317 194 355 170 37, 017,442 35, 859, 621 26, 706,402 25,477, 54i 10,311,04C 10, 382, 075 34,440,46135,358,464, 880,053 725,483 17, 580 17,947 1 Includes all State banks (including stock and mutual savings banks) and all private banks under State supervision. Figures relate to dates given or dates nearest thereto for which figures are available. a Includes rediscounts and overdrafts; excludes acceptances of other banks and bills of exchange sold with indorsement. 3 Includes bonds borrowed. * Includes due to banks. 8 Exclusive of banks operated by the Guaranty Fund Commission. 6 Includes all other liabilities. NOTE.—All figures in the June columns are as of June 29, except as follows: Minnesota, July 15; Missouri, Apr. 10; Kansas, June 27; Tennessee, Apr. 15. All figures in the December columns are as of Dec. 31, except as follows: New Hampshire, June 30; Massachusetts, savings banks, Oct. 31; Missouri, Nov. 15; Kansas, Dec. 26; Kentucky, June 30; Tennessee, Nov. 24; Alabama, Nov. 16; Oklahoma, Dec. 28; Colorado, Nov. 9. FEDERAL RESERVE DISTRICTS »• 'BOUNDARIES OF FEDERAL RESERVE DISTRICTS — — B O U N D A R I E S OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE DANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY
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