Full text of Federal Reserve Bulletin : September 1929
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FEDERAL RESERVE
BULLETIN
SEPTEMBER, 1929
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Autumn Credit Situation
Condition of AH Member Banks
Annual Report of Bank of Netherlands
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1929
For sale by the Superintendent of Documents, Washington, D. € .
See page III for prices
FEDERAL RESERVE BOARD
Ex officio members:
ROY A. YOUNG, Governor.
EDMUND PLATT, Vice Governor.
A. W. MELLON,
Secretary of the Treasury, Chairman.
J. W. POLE,
Comptroller of the Currency.
ADOLPH C. MILLER.
CHARLES S. HAMLIN,
GEORGE R. JAMES.
EDWARD H. CUNNINGHAM.
WALTER WYATT, General Counsel.
WALTER L. EDDY, Secretary.
J. C. NOELL, Assistant Secretary.
E. M. MCCLELLAND, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.
E. A. GOLDENWEISER, Director, Division of Research
and Statistics.
CARL
E. PARRY, Assistant Director, Division of ReJ. F. HERSON,
search and Statistics.
Chief, Division of Examination, and Chief Federal
E. L. SMEAD, Chief, Division of Bank Operations.
Reserve Examiner.
FEDERAL ADVISORY COUNCIL
District No.
District No.
District No.
District No.
District No,
District No.
District No.
District No.
District No.
District No.
District No.
District No.
1 (BOSTON)
2 (NEW YORK)...
3 (PHILADELPHIA)
4 (CLEVELAND)
5 (RICHMOND)
6 (ATLANTA)
7 (CHICAGO)
8 (ST. LOUIS)
9 (MINNEAPOLIS)
10 (KANSAS CITY)
11 (DALLAS)
*_
-
ARTHUR M. HEARD.
W M . 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
Deputy governor
Governor
Chairman
Federal Reserve Bank of—
W. W. Paddock..
J. H. Case
L. F. Sailer
E. R. Kenzel
A. W. Gilbart
L. R. Rounds
Wm. H. Hutt
Boston
New York
Frederic H. Curtiss
G. W. McGarrah
W. P. G. Harding
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
R. L. Austin
George DeCamp
Wm. W. Hoxton
Oscar Newton
Wm. A. Heath
Geo. W. Norris
E. R. Fancher
George J. Seay
Eugene R. Black
J. B. McDougal
St. Louis
Rolla Wells
Wm. McC. Martin
0. M. Attebery
Minneapolis
John R. Mitchell
M. L. McClure
C. C. Walsh
W. B. Geery
W. J. Bailey
Lynn P. Talley
Jno. U. Calkins
Harry Yaeger
H. I. Ziemer
C. A. Worthington
R. R. Gilbert
R. B. Coleman
Wm.A.Day
Ira Clerk
Kansas City
Dallas
San Francisco
Isaac B. Newton
Cashier
W. Willett.
J. W. Jones.*
Ray M. Gidney.i
J. E. Crane.i
W. B. Matteson.i
C. H. Coe.i
C. A. Mcllhenny.
W. G. McCreedy.«
H. F. Strater.
M. J. Fleming
Frank J. Zurlinden
C. A. Peple
R. H. Broaddus
Hugh Foster
Creed Taylor
C. R. McKay
John H. Blair
»Assistant deputy governor.
Qeo. H. Keesee.
John S. Walden,jr.»
M. W. BeU.
W. C. Bachman.1
K. C. Childs.*
J. H. Dillard.*
D.A.Jones.*
0. J. Netterstrom.i
A. H. Haill.»
F. N. Hall.» 1
S. F. Gilmore.
G. 0. Hollocher.*
C. A. Schacht.'
Gray Warren.
Frank C. Dunlop.1
J. W. Helm.
Fred Harris.
W. D. Gentry.»
Wm. M. Hale.
• Controller.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:
Buffalo branch
Cleveland:
C incinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Charlotte branch
Atlanta:
New Orleans branch
Jacksonville branch
Birmingham branch
Nashville branch
Chicago:
Detroit branch
St. Louis:
Louisville branch
Memphis branch
Little Rock branch
Managing director
R. M. O'Hara.
C. F. McCombs.
J. C.Nevin.
A. H. Dudley.
Hugh Leach.
Marcus Walker.
W. S. McLarin, jr.
A. E. Walker.
J. B. Fort, jr.
W. R. Cation.
W. P. Kincheloe.
W. H. Glasgow.
A. F. Bailey.
Federal Reserve Bank of—
Minneapolis:
Helena branch
Kansas City:
Omaha branch
Denver branch
Oklahoma City branch
Dallas:
El Paso branch
Houston branch
San Antonio branch
San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch
Seattle branch
Spokane branch
Managing director
R. E. Towle.
L. H. Earhart.
J. E. Olson.
C. E. Daniel.
._ W. 0. Ford.
D. P. Reordan.
_. M. Crump.
W. N. Ambrose.
R. B. West.
W. L. Partner.
C. R. Shaw.
D. L. Davis.
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in
TABLE OF CONTENTS
Review of the month—Autumn credit situation
Current credit conditions—Currency demand—Indebtedness of member banks—Acceptances—
Discounts by districts.
Condition of all member banks on June 29, 1929
Report of the agent general for reparation payments
Annual report of the Bank of Netherlands
National summary of business conditions
Financial, industrial, and commercial statistics:
Reserve bank credit and factors in changes
Analysis of changes in monetary gold stock
Discount rates and money rates
Member bank credit
Bankers' balances
Bankers' acceptances and commercial paper outstanding
Brokers' loans
Commodity prices, security prices, and security issues
Production, employment, and trade
Industrial production
Factory employment and pay rolls
Building
Trade and distribution
August crop report, by Federal reserve districts
Bank suspensions
Financial statistics for foreign countries:
Gold holdings of central banks and Governments
Gold exports and imports
Condition of central banks
Condition of commercial banks
Discount rates of central banks
Money rates
Foreign exchange rates
Price movements
Industrial statistics for England, France, Germany, and Canada
Rulings of the Federal Reserve Board:
Improper advertising of bond issue under which national bank is trustee
Changes in National and State bank membership
Fiduciary powers granted to national banks
Detailed banking statistics for the United States
IV
593
596, 650-655
613
623
598
599-601
600
602, 603
604
605
605
605
606
607
608
609
610
611
612
649
627
627
628
630
630
631
632
633-635
636
638
639, 640
638
641-649
FEDERAL RESERVE BULLETIN
VOL. 15
SEPTEMBER, 1929
REVIEW OF THE MONTH
No. 9
nonseasonal factor. In July of this year the
issuance of the new small-size currency resulted
in an increase in the demand for currency,
which at its maximum amounted to more than
$100,000,000. The demand for currency arising from this source has been declining since the
end of July, and this has released currency for
use in meeting a part of the seasonal demand.
That the effects of the new currency on the
amount of money in circulation, though dimin-
Developments in the credit situation during
recent weeks have been a seaCurrent credit
sonal increase in the demand
conditions.
for currency, a consequent increase in the demand for reserve bank credit,
and a continued firmness in money rates. The
growth in reserve bank credit arising out of
demand for currency has occurred in the face
of further imports of gold but has not resulted MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
in an increase of the indebtedness of member 5300
MONEY IN CIRCULATION
banks at the reserve banks, which in fact
( Weekly averages of daily figures )
showed a decline during August from $1,045,- 5200
000,000 to $1,005,000,000. The principal factor in this decrease in indebtedness was a
growth between the average for the last week SI 00
in July and the last week in August of $80,000,000 in reserve-bank holdings of acceptances, a
growth that exceeded by $25,000,000 the increase in currency demand.
Member bank
credit during the month showed little change
in the aggregate, as indicated by total loans
and investments of member banks in leading
cities, a continued increase in the commercial
loans of these banks to a new high level having
been accompanied by a corresponding decrease
in their loans on securities.
The recent increase in currency demand re- 46001 JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC.
flected the need for currency
W e e k l y a v e r a g e s of d a i l y figures
Currency deto pay harvesting expenses, to
mand.
finance the autumn quickening ishing, are still considerable is indicated by the
of retail trade, and at the end of August to chart which shows a separate curve for the
meet the holiday demand preceding Labor Day. volume of money in circulation for each of the
This increase, amounting to $55,000,000 from last four years. Money in circulation, which
the last week in July to the last week in August, earlier this year was in smaller volume than a
was nearly $20,000,000 less than occurred in year ago, has been continuously above last
the same period of 1928. This smaller increase year's level since the middle of July. The
in money in circulation, as compared with last chart also brings out the fact that the return
year, was not due to a lessening in the seasonal flow of currency after Labor Day is usually of
demand for currency, but to the fact that this small proportions and that currency demand
year there was in operation a counteracting increases almost continuously from the end of
594
FEDERAL RESERVE BULLETIN
July to Christmas week, the increase for the
entire period having usually amounted in recent years to more than $300,000,000.
The large seasonal increase in currency
demand from midsummer to the end of the
year is a more important factor in the demand
for reserve-bank credit than a much larger
growth in the demand for credit at member
and nonmember banks. The increased demand for bank credit during the last half of
the year, as measured by figures of deposits
for all commercial banks, has seldom been
less than $1,000,000,000, but under the workings of our banking system this growth in deposits exerts an influence on the demand for
reserve-bank credit, or its equivalent in gold,
only to the extent that it involves a growth in
reserve requirements of member banks. Increase from July to December in these requirements, as measured by weekly averages of
member bank reserve balances held with the
Federal reserve banks, has occurred in every
recent year, but except in 1924 and 1927 when
money rates were exceptionally low such increase has never exceeded $75,000,000. As a
source of demand for reserve-bank credit,
therefore, during the last half of the year, the
growth in demand for currency is usually at
least four times as important as the growth
in demand for credit at commercial banks.
While the volume of indebtedness of member
banks at the reserve banks declined slightly
in August, since the increased
Indebtedness of demand for reserve-bank credit
member banks.
was met by increased purchases
of acceptances by the reserve banks, this
indebtedness has remained nevertheless at a
high level as has been the case for more than
a year, and has continued to be a factor in
sustaining the recent high level of money rates.
Both an increased volume of borrowing by
member banks at the reserve banks and a
higher general level of money rates are characteristic of the usual autumn credit situation,
as is brought out by the chart, which compares
for the period since 1922 the movement of
money rates, as represented by the open-market
SEPTEMBER, 1929
rate for commercial paper, with the movement
of reserve-bank discounts for member banks.
The general correspondence of these movements reflects primarily the preference of member banks to finance their operations as far as
possible out of their own resources and their
consequent more stringent attitude in extending loans at times when they are heavily in
debt to the reserve banks. The course of such
indebtedness in the autumn, and consequently
DISCOUNTS
MILLIONS OF DOLLARS
COMMERCIAL PAPER
PER CENT
-•*—6
15001
1000
1922
1923
1924-
1925
1926
1927
1928
1929
Monthly averages of daily figures
the courseJ]of money rates, depends in large
part, however, upon the extent to which member banks obtain credit at the reserve banks
through other channels, particularly upon the
volume of purchases by reserve banks of acceptances and Government securities These
purchases depend in turn upon system policy
at the time as determined with reference to the
general credit situation. Considerable purchases of acceptances by the reserve banks
during the autumn have occurred in every
recent year, but since 1922 there have been
substantial purchases of Government securities
only in 1924 and 1927 when the Federal reserve
system was pursuing a general policy of ease,
both by operations in the open market and by
maintaining discount rates at a relatively low
level.
The recent increase in reserve-bank holdings
of acceptances, amounting to $80,000,000 from
the last week in July to the
Acceptances. . x
, . .
/ ,
last week in August, has in
largest part followed the action taken at New
York on August 9 with reference to rates,
when the discount rate was raised from 5
to 6 per cent and the official buying rates
on acceptances were slightly reduced. These
changes, together with an earlier reduction in
buying rates on July 12, had the effect of substituting at New York a differential in favor
of the official bill rate for an earlier differential
in favor of the official discount rate. The
changes in buying rates, by bringing these
into line with open market rates for bills,
was a factor in larger offerings of bills to the
reserve banks. There was at the same time
some increase in the volume of American
acceptances outstanding, reflecting growth in
acceptances based on goods stored in or in
transit between foreign countries. This class
of acceptance business, furthermore, which
represents extension of American credit in the
financing of international trade, has been the
chief influence in sustaining the volume of
acceptances outstanding, which remained
throughout the summer at a level above
$1,100,000,000, about $100,000,000 higher than
a year ago.
The decline in July in open-market rates on
American acceptances in New York has been
accompanied in July and August by a further
advance in the acceptance rate in London,
with the result that in August a substantial
The chart brings out the fact that since a year
ago the acceptance rate has advanced in
London by more than 1 per cent and in New
York by little more than one-half of 1 per cent.
From the early summer of last year, however,
until midsummer of this year the acceptance
rate at New York was generally higher than at
London, in contrast with earlier years when
there was almost always a substantial differential in favor of New York. The recent relationship, like that in earlier years, has tended
to divert to New York a larger share of the
early Autumn financing of international trade
and thus to exert an influence against the
further movement of gold from abroad to the
United States.
Analysis by districts of the recent decrease
in member bank borrowing at the reserve banks
shows that it took place almost
alt
° g e t h e r i n t h e N e w Y o r k district. The distribution of discounts among the different Federal reserve
banks at the end of August, as shown by
weekly averages of daily figures, together with
changes from the end of July, is given in the
following table:
BILLS DISCOUNTED FOR MEMBER BANKS
[Averages of daily figures. In millions of dollars]
PERCENT
District
1926
595
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1929
1927
1928
Boston
New York....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
90
254
99
72
62
77
113
71
27
35
46
59
Total...
1,006
+18
-122
+20
-3
+4
+6
+4
+12
+6
+4
+11
-40
1929
Open-market rates on a weekly basis
differential in favor of New York has taken the
place of an earlier differential in favor of London.
The course of this rate in these two markets
during recent years is shown by the chart.
Holdings
Change
by reserve from
week
banks,
ending
week ending Aug. 31 July 27
At the Federal Reserve Bank of New York
member banks decreased their borrowings
from the end of July to the end of August by
$122,000,000, as measured by the averages, to
a level approximating $250,000,000. This re-
596
FEDERAL RESERVE BULLETIN
duction reflected in part the influence of increase in the New York discount rate and
represented repayment of indebtedness by
member banks in the New York district
through the use for this purpose of funds arising
from three principal sources: An inflow from
other districts, reserve bank purchase of acceptances in the New York market, and continued receipt of gold from abroad. In all of
the other Federal reserve districts except
Cleveland and San Francisco member bank
borrowing increased from the last week in July
to the last week in August, the total increase
outside New York amounting to $82,000,000.
While this increase reflected in part local increases in currency demand it was due in large
measure also to loss of funds to the New York
district, the net result of all influences, both
commercial and financial, affecting the intersectional balance of payments. The growth of
$82,000,000 in discounts by Federal reserve
banks outside New York represented primarily
district increases of $10,000,000 or more at the
Boston, Philadelphia, St. Louis, and Dallas
reserve banks.
SEPTEMBER, 1929
ALL MEMBER
BANKS
[In millions of dollars]
Loans and investments
Net
demand
and
time
U.S. Other deposits
secu- securities rities
Investments
Total
Loans
Total
June 30, 1928
Oct. 3, 1928
Dec. 31, 1928
Mar. 27, 1929
June 29,1929
Change since—
Mar. 27, 1929...
June 30, 1928....
35,061
34, 929
35,684
35, 393
35, 711
24,303
24,325
25,155
24,945
25, 658
+318 +713
+650 +1, 355
10, 758
10,604
10, 529
10, 448!
10,0531
4,225
4,386
4,312
4,454
4,155
6,534
6,218
6,217
5,994
-395 -299
-705 - 7 0 - 6 3 6
Borrowing
at Federal
reserve
banks
32,629
32,405
33,397
32,162
32,302
1,096
1,020
1,041
981
1,029
+140
-327
+48
-67
Member bank loans showed an increase of
more than $700,000,000 for the second quarter
of the year and an increase of about $1,350,000,000 for the year as a whole—approximately the same increase as for the preceding
12-month period. The continued rapid growth
of loans during the year, in response to an
active demand for credit, did not result in
a corresponding growth in total loans and
investments owing to the fact that member
banks have steadily reduced their investment
holdings since June, 1928. At the end of
June this year member bank investments were
about $400,000,000 smaller in volume than
at the end of March and about $700,000,000
smaller than a year earlier; this was the
Change in Foreign Central Bank Discount Rate.
largest decline in investments since 1920.
The following change has been made since
Member bank deposits declined during the
the 1st of August in the discount rates of year. Notwithstanding some increase during
central banks in foreign countries: August 17, the three months ending June 29, net demand
1929, South African ieserve Bank from 5% to deposits at the end of that period were about
6 per cent.
$200,000,000 below the level of a year earlier.
Time deposits also showed a decline for the
year, the first decline between call dates since
CONDITION OF ALL MEMBER BANKS ON JUNE the lowering of reserve requirements for this
29, 1929
class of deposits in 1914. Member bank
borrowing showed but little change for the
Total loans and investments of all member year. That decline in member bank deposits
banks, after declining in the first quarter of the should attend growth in loans and investments
year, increased during the subsequent three without increase in the volume of borrowing
months and at-$35,711,000,000 on June 29, the is accounted for chiefly by a growth during
date of the latest member bank call report, the year of more than $700,000,000 in the
were in about the same volume as at the end banks' capital funds. This increase repreof 1928 and $650,000,000 larger than a year sents, to a considerable degree, the transfer of
earlier. The following table summarizes the funds from deposit accounts to the banks'
condition of member banks on call dates during own capital accounts, since new issues of
the past year and shows changes in principal member bank capital stock are paid for chiefly
items of resources and liabilities for the year with checks drawn on deposit accounts—
and for the three months ending June 29:
accounts for the most part with the same or
FEDERAL RESERVE BULLETIN
SEPTEMBER, W29
other member banks—and member bank
surplus and undivided profits accrue from payments similarly effected.
The accompanying chart shows the course of
member bank loans, investments, and deposits
since the beginning of 1919.
"BILLIONS OF DdLLARS
BILtlONS OF DOLLARS
10
10
1919 1920 1921 1922 1923 1924- 192S 1926 1927 1S28 1929
Figures are for dates on which member banks made call reports
The accompanying table presents a summary
of a classification of loans now provided for in the
reports of condition required of member banks.
It includes a number of new items, made available for the first time in this issue of the
BULLETIN and in the Member Bank Call
Report for June 29; the publication of these
CLASSIFICATION
OF
MEMBER
BANK
LOANS
[In millions of dollars]
Amounts
on June 29,
1929
Loans, total
_
Open-market paper, total
Acceptances payable in the United States.
Bills, acceptances, etc., payable injoreign
countries
Commercial paper bought in open marketLoans to banks
_
Loans on securities (except to banks).
_
Real estate loans
:_..
On farm land...
On other real estate
All other loans
67468—29
Change
since
Mar. 27,
1929
$25,658
447
108
+714
-167
-38
90
249
670
9,759
3,164
414
2,750
11,618
-3
-127
+122
+340
+41
+11
+31
+378
597
figures at this time is made possible through
the courtesy of the Comptroller of the
Currency.
Of the increase of $714,000,000 in loans for
the quarter, more than half or $378,000,000
was in "all other" loans—which under the
classification given is exclusive not only of loans
on securities and on real estate, but also of
loans to banks and paper purchased in open
market. Loans on securities (exclusive of
loans to banks) increased by $340,000,000, and
loans on real estate by $40,000,000.
Member bank holdings of open-market
paper, including both acceptances purchased
and commercial paper purchased, amounted at
the end of June to $447,000,000, or somewhat
less than 2 per cent of their total loans, as
against $614,000,000 at the end of March.
The decline in member bank holdings of
this class of paper reflects in part decline
in the volume offered in the market at this time
of year, and in part also the response of member
banks to customer demand for accommodation in a firm credit situation.
Special interest attaches to the figures of
loans to banks. These amounted in June to
$670,000,000 and showed an increase of $122,000,000 for the quarter. Interbank loans, reported chiefly by member banks in financial
centers, are extended in fulfillment of correspondent relationships. They represent for the
most part loans by member banks to nonmember banks, and their increase has much the
same relation to the growth of nonmember
bank credit as that existing between increase of
member bank borrowing at the reserve banks
and growth of member bank credit, since nonmember bank borrowing at member banks is a
method of acquiring reserve funds. Complete
data regarding the growth of nonmember bank
loans and investments during the second quarter
are not yet available, but preliminary June
figures for 44 States indicate that this growth
may be estimated at $150,000,000 for the quarter and at not far from $600,000,000 for the
year; reported figures for all banks in all States
are expected to become available in October.
Condition figures for all member banks are
published on pages 650-655 of this issue of the
BULLETIN, and in more detail, by States and
cities, in Member Bank Call Report No. 44.
These statistics include for the first time, as
already indicated, a detailed classification of
loans, investments, and deposits; the information is published for March 27 and June 29,
1929.
598
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1929
NATIONAL SUMMARY OF BUSINESS CONDITIONS
Industrial production decreased slightly during July, but continued at a higher level than
in other recent years. Wholesale commodity
prices increased further, reflecting chiefly higher
prices of agricultural products. Loans for commercial and agricultural purposes by reporting
member banks increased during July and the
first half of August.
Production.—Output of manufactures decreased in July, while mineral production increased. Average daily output of automobiles,
copper, tin, zinc, and cotton and wool textiles
decreased and there was a small decline in the
production of iron and steel. In all of these
industries, however, output was larger than in
the same month in earlier years. Activity increased during July in silk and shoe factories
and in meat-packing plants, and there was also
a larger output of bituminous coal and crude
petroleum than in June. Reports for the first
half of August indicate a further increase in the
output of coal and petroleum and a slight decline in activity in the steel industry.
Employment in manufacturing industries
decreased in July by less than 1 per cent, while
a somewhat greater decrease in pay rolls was
reported. At this level, factory employment
and pay rolls, as in earlier months, were larger
than in any other year since 1926.
Value of construction contracts awarded in
July was higher than in the preceding month or
in July, 1928, reflecting chiefly a sharp increase
in contracts for public works and utilities. For
the first half of August, however, total contracts
declined to a level below the corresponding
period a year ago.
The August estimate of the Department of
Agriculture indicates a wheat crop of 774,000,000 bushels, slightly below the 5-year
average, and 128,000,000 bushels below last
year's production; and a corn crop approximately equal to the 5-year average crop and
about 100,000,000 bushels smaller than in 1928.
The cotton crop is estimated at 15,543,000
bales, 7 per cent larger than last year.
Distribution.—Freight-car loadings increased
seasonally during July and the first two weeks
of August, reflecting chiefly increased loadings
of coal, grain, and ore, while shipments of miscellaneous freight continued in about the same
volume as in June.
Sales of department stores declined seasonally
from June and on a daily basis were about the
same as in July a year ago.
Prices.—Wholesale prices in July continued
the rise which began in June, according to the
index of the Bureau of Labor Statistics, reflecting chiefly higher prices for farm products and
their manufactures, particularly livestock and
meats, grains and flour, and potatoes. Prices
of hides and leather also increased. Wool,
rayon, and textile products declined slightly in
price. There was a marked advance in the
price of sugar, and rubber prices also rose
somewhat. Prices of petroleum and gasoline
declined, and prices of iron and steel were
somewhat lower.
During the first three weeks in August there
were declines in the prices of cotton, petroleum,
beef, sugar, oats, rubber, and tin, and marked
fluctuations in prices of pork and wheat.
Bank credit.—Loans for commercial purposes
by reporting member banks increased to new
high levels during the four weeks ending August
14, while security loans, after increasing further
during the latter part of July, declined during
the first two weeks in August.
Member bank borrowing at the reserve
banks averaged $45,000,000 less during the
week ending August 17 than in the week ending
July 20, reflecting increased sales of acceptances
to the reserve banks and further imports of
gold.
Open-market rates on call and time loans on
securities were firmer during the last half of
July and the first week of August. During the
second week of August rates on call loans
declined, while rates on commercial paper in
the open market advanced from 6 to 6-6% per
cent. On August 8 the discount rate of the
Federal Reserve Bank of New York was
increased from 75 to 6 per cent, and the buying
rate on bankers acceptances was reduced from
5% to the market rate of 5}& per cent.
SEPTEMBER,
599
FEDERAL RESERVE BULLETIN
1929
RESERVE BANK CREDIT
RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES
MILLIONS OF DOLLARS
MILLIONS .OFJAJLLARS
5^00
5MX)
Member Bank
Reserve Balances
iooo
800
600
400
200
0
1925
1926
1927
1928
Based on weekly averages of daily figures; latest figures are for week ending August 31
1929
600
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1929
RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES
[Averages of daily figures. In millions of dollars]
Month or week
Bills discounted
1928—June
July
August
».,
September
October
November
December1929—January
February
March
April
May
June
July
August
Week ending—
July 27....
Aug. 3__..
Aug. 10__.
Aug. 17__.
Aug. 24_ _.
Aug. 31__.
Bills
bought
United
States
securities
Factors of increase 1
Factors of decrease l
Reserve bank credit outstanding
Total'
Monetary
gold stock
Treasury
currency Money in
outstand- circulation
ing
Member
bank
reserve
balances
Other
factors»
1,004
956
978
1,096
1,043
244
185
178
226
368
471
483
473
385
265
156
145
99
75
124
232
213
210
240
237
238
263
229
184
197
165
153
179
147
155
1,531
:, 531
,485
.,581
.,621
,653
.,824
,570
,468
,442
,377
,303
,317
,380
,376
4,119
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
1,791
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
4,736
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
2,355
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
350
356
360
375
372
379
381
382
384
392
401
402
406
407
409
1,046
1,069
1,081
1,049
1,015
1,006
82
90
88
122
139
162
146
153
158
154
153
150
,322
,364
,381
,383
,358
1,366
4,341
4,341
4,345
4,350
4,354
4,358
1,794
1,784
1,779
1,781
1,780
1,786
4,734
4,741
4,769
4,777
4,778
4,790
2,319
2,344
2,329
2,326
2,303
2,311
404
404
407
411
411
409
1,019
1,090
1,061
1,064
975
897
1,013
859
21
For explanation see July BULLETIN, pp. 432-438.
Includes, in addition to bills and securities, amounts due from foreign banks and reserve bank float.
3 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—August
September
October
November
December
Total (12mos.)..
1928—January
February .
March
April
May
June
_
July- .. .
August
September..._
October
November...
December
Total (12 mos.)..
1929—January
February . . .
MarchApril
May
June
...
July p
August
4,588
4,571
4,541
4,451
4,379
4,373
4,362
4,305
4,266
4,160
4,109
4,113
4,123
4,125
4,142
4,128
4,141
4,127
4,153
4,188
4,260
4,301
4,324
4,341
4,359
GOLD MOVEMENTS TO AND FROM UNITED STATES
[In thousands of dollars]
Increase (+) or decrease (—) during
month
Total
+8.5
Through Through Through
net gold ear- domestic
import marking producor
tion,
operaexport
etc.*
tions
+6.4
-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
+6.2
+3.4
+10.3
+2.1
+17.3
-14.0
+13.2
+.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
+18.1
+.7
+47.1
+25.5
+24.8
+23.1
+23.6
+30.2
+34.7
+13.7
-2.5
-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
+48.6
+16.1
-7.5
-22.0
-1.0
1929
From or to—
+4.6
+3.0
+3.4
+3.5 England
.
+4.2 France
+41.2 Germany
Italy .
+2.3 Netherlands
- 3 . 0 Canada
+1.5 Central America
+6.8 Mexico
_.
+2.5 West Indies . .
- 1 . 2 Argentina
+6.4
+3.7 Colombia
+2.8 Ecuador
+2.8 Peru
+4.3 Uruguay..
+5.6 Venezuela
India
+34.5 British
China and Hong
Kong
+3.5 Dutch East Indies
+0.9 Japan
+2.1 Philippine Islands
+0.7 New Zealand
+0.9
+0.7 All other countries..
+3.6
Total
+5.4
Imports
JanuaryJuly
July
August i
Exports
Imports
Exports
9,740
1
4,492
Imports
48,314
69
46, 761
5
1
Exports
3
686
5
200
8,450
2,670
79
1,381
46
20,680
13
354
20
OQ
59, 653
489
4,891
318
50,857
156
735
108
128
787
1,071
17
169
700
796
33
200
173
1 600
220
75
711
2,358
1,010
124
74
75
97
2 1,483
14,425
2
506
279
23
16
1,537
123
130
302
706
35, 525
807 217, 032
7,857
1
1
For detailed explanation of this figure, which is derived from preAugust figures are preliminary; 3 customs districts—New York, St.
Lawrence,
and San Francisco.
ceding columns, see BULLETIN for December, 1928, p. 831.
1
Includes all movements of unreported origin or destination.
» Preliminary.
601
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1929
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
2000
2000
RESERVE BANK CREDIT
1500)
lOOOj
500
1925
1926
1927
1928
1929
This chart is based on weekly averages of daily figures; latest figures are for week ending August 31
DISCOUNTS WITH FEDERAL RESERVE BANES
[Monthly averages of weekly figures. In millions of dollars]
7001
Reporting member banks in
leading cities
Month
Total
discounts
Total
New
York
City
Other leading
cities
Total
1927—November-..
December
1928—January
February
March
April
May
June
July
August
September...
October
November.
December
1929— January
February
March
April
May
June
July
August
421
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
276
388
314
338
362
488
644
796
854
806
822
736
681
799
663
659
740
725
661
670
801
717
73
127
94
78
75
145
222
271
274
223
266
202
157
221
190
131
166
162
145
165
319
196
203
261
220
260
287
343
422
525
580
583
556
534
524
578
473
528
574
663
516
505
482
521
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
1700
DISCOUNTS FOR MEMBER BANKS
600
All
other
discounts
Chicago
11
21
23
13
25
35
49
61
80
80
41
58
67
91
71
96
121
46
36
64
47
32
145
143
125
125
127
149
182
216
225
239
241
224
220
240
228
234
238
266
290
302
299 ;
296
1925
1926
1927
1928
192S
Based on monthly averages of weekly figures
602
FEDERAL RESERVE
BULLETIN
SEPTEMBER, 1929
PER CENT
MONEY RATES IN NEW YORK CITY
1923
1924
1926
1925
1927
T928
1929
FEDERAL RESERVE BANK RATES
OPEN-MARKET RATES
DISCOUNT RATES
RATES IN NEW YORK CITY
[Rates on all classes and maturities of eligible paperj
Federal reserve bank
Rate in
effect on
Sept. 1
Date established
Prevailing rate o n Previous
rate
Month or week
July 19, 1928.
Aug. 9, 1929.
July 26, 1928.
Aug. 1, 1928..
July 13, 1928.
July 14, 1928.
July 11, 1928July 19, 1928.
May 14, 1929.
May 6, 1929.
Mar. 2, 1929.
May 20, 1929.
Boston
New York....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City.Dallas
San Francisco
BUYING RATES ON ACCEPTANCES
[Buying rates at the Federal Reserve Bank of New Yorkl
Maturity
1-15 days
16-30 days—.
31-45 days___
46-60 d a y s . . .
61-90 days.__
91-120 days_.
121-180 days.
Rate in
effect on
Sept. 1
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.
Prime
commercial
paper,
4 to 6
months
Prime
bankers'
acceptances,
90
days
Average rate Average yield
on—
on—
U.S.
Call loans i Treasury
Time
notes Treas*
loans,
and
ury
90
certifi- bonds1
days * New Renewal cates,
3 to 6
months
1928
4.36
August
3.56
6 6.91
6.87
' 4.57
September
3.54
6H7.40
7.26 «4.57
October-.
4.70
3.55
7 - 7 H 7.12
6.98
' 4.26
November
3.48
6JS-7
6.86
6.67 L 4.24
December
_
4.35
3.53
7 -7% 8.86
8.60
1929
66
6.94
3.59
January
5U-5H
7.05
4.64
5 -V
3.66
7.47
February
7.06
4.79
9.80
9.10
3.76
7HS
March
__
9.46
8.89 |{ 4.'84
3.67
April
8.79
3.67
8.91 I 5.04
8H-9
May
4.89
7.83
7.70
3.71
June
4.55
9.41
3.67
9.23
4.43
July
4.59
3.72
8.15
8.23
8M-9
6 -6X
August
3.72
6
4.53
10.26
Weekending—
3.74
4.56
9.11
Aug. 3
9.60
6
3.73
4.66
7.13
Aug. 10
7.40
6 -634
3.71
4.61
6 -GH
6.76
Aug. 17
7.00
51/
3.70
4.54
8.54
Aug. 24
8.20
5V8
Aug 31
i Stock exchange call loans; new and renewal rates.
»Stock exchange 90-day time loans.
«3 issues—3^4, 4, and 4H per cent; yields calculated on basis of last
redemption dates—1956,1954, and 1952.
< Change of issues on which yield is computed.
n
603
FEDERAL RESERVE BULLETIN
SEPTEMBER, 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 BANK CITIES
Month
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago St. Louis Minneapolis
Kansas
City
Dallas
San Francisco
Prime commercial loans
1928—August
September.
October
NovemberDecember.
1929—January..February..
March
April
May
June
July
August
5H-6
5^-6
5^-6
5^-5%
534-5%
5%-6
5J4-534
534
534-534
5}4
534
534-5%
5%
5%-6
5M-6
5%-fi
6
634-5%
534-5%
534-6
534-6
534-5%
534-6
5^-6
534-6
5V&-6
5^-6
5H-5
524-6
5V6-6
534-6
534-6
534-6
5J4-6
5J^-6
5^-6
5^-6
5^-6
534-6
534-6
5%-6
5^-5%
5H
5^-6
534-6
5^-6
534-6
534-5%
5 J4
5^-5%
5%-6
534-6
53/4-6
53/4-6
5H-6
5H-6
534-6
5^-6
5J4-6
5H~6
534-634
534-6
534-634
5 34-6 3'!
5^ 7
5 -5H
5H-5%
534-5%
5H-5%
534-6
534-6
534-6
5V6-6
534-6
5^-6
5^-6
534-6
5%-6
5 -634
5^-5%
5^-5%
534-6
534-6
534-6
534-6
5%-6
5%-6
534-6
53/4-6
53/4-6
5 -6
534-5H
534-5%
5^-6
5%-6
5H-5%
5%-6
5%-6
5%-634
5%-634
5%-634
6
5 -5^
534
534-6
5J4-6
5J4
534-6
534-6
53^-6
534-6
5^-6
4%-6
5 -6
534-6
534-6
534-6
5J4-6H
5H-6
5H-7
434-5H
434-534
434-534
534-6
534-6
534-6
5^-6
534-6
534-6
5%-6
6
6
6
6 -6H
6 -634
6 —6 J4
Loans secured by prime stock-exchange collateral
1929—FebruaryMarch
April
May
June
July
August—
5^-6
6
6
6
6
6
6
-6fc
-6%
-7
-7
-7
-7
534-6
5^-6
5?4-6
5%-6
5*4-6
5^-6
5%-6
5%-6
5%-6
6
6
534-7
6 -6K2
5%-6
5%-6
6
6
6
6
6
6
6
6
6
6
6
6 -7
6
6
6
6
6
6
6
6
6
6
6
6
5^-6
6
6
6
6
6
534-7
534-7
6 -7
5%-7
6 -7
6 -7
6 -7
6 -7
6 -7
53/4-7
634-7
6 -7
6 -7
6 -7
5%-6
534-fl
53/4-6
5%-6
6
6 -634
6 -6M
6 -634
6 -7
534-6
5*4-6
534-6
534-6
5%-7
53/4-6
5M-6
534-6
5%-6
5U-6
6
534-6
5%-6
5%-6
6
fi
5^-6
5^-6
534-6
534-6
6
6
6
-634
-634
6
6
6
6
6
6
6
6
6
6
-8
-8
-7
-7
-7
-8
-8
6 -7
6 -7
6 -7
6
6
6
6
6
6
6
-634
-7
-7
-7
-7
6
6
6 -6H
6 -634
6 -63/2
534-6
Loans secured by warehouse receipts
6
534-6
53/4-634
5%-634
6
6
CO
6
6 -7
6 -7
6 -7
6
ICO
6
8
6
6
6
-7
6
CO CO CO
929—February.
March....
April
May
June
July
August...
534-6
6
534-7
5/2-6
534-6
5%-6
5%-6
534-6
5^-6
5H-Q
Interbank loans
1929—February,
March....
April
May
June
July
August--.
534
534-6
534-6
534-6
534-6
6
534-6
534-6
534-6
534-6
5%-6
524-6
6
534-534
534-5%
534-5%
5%
5%
5%
5?4-6
5H
5^-6
534-6
5^-6
53^-6
534-6
51/2-6
5%-6
5%-6
53/4
5%
554-6
6
5^4-6
5H-6
534-6
534-6
534-634
5H-6H
5^-6^
6
534-6
534-6
5%-6
5%-6
5^-6
5^-6
534-6
5U-6
5^-6
5^-6
5%-6
6
6
6
6
6
6
6
6
6
6
5
5
5
5
6
5^-6
534-6
534-6
5^-6
534-6
-6
-6
-6
-6
53^
534
51/2
6
FEDERAL RESERVE BRANCH CITIES
Loans secured by prime
stock-exchange collateral
Prime commercial loans
City
Buffalo..
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
June,
1929
534-6
5H6
6
6
6 -8
6
6
6
6
6
6 -63>
6^-7
July,
1929
5%-634
6
5%-6
534-6
6
6
6
534-634
6
6
6
8
6
6
6
6 -8
6
6
6
6
6
6 -634
6 -7
August,
1929
6 -6/2
6
534-6
5%-6
6
6
6
6
6 -6/2
6
6
6 !
8I
6
6
—6 \'2
-6 341
6 -8
6
6 -7
6
6
6 -6^!
634-7 I
June,
1929
6
-7
6
6
6
-7
6
a
1
-7
-7
-7
-8
-6H
-8
-7
July,
1929
534-7
6 -8
6
6
6
534-8
6 -7
6
634-7
6- 7
6 -7
6 -7
7
6 -7
6 -8
6 -6}4
6 -8
634-7
6 -634
6
6 -7
7
August,
1929
634-8
6 -7
6 -7
6 -634
6 -8
6
8
6 -7
7 -8
6 -8
6 -7
6 -8
6/2-7
6 -7
7
6 -7
634-7
Loans secured by warehouse
receipts
June,
1929
6
6 -7
6
6
6
6- 7
6 -8
5^-6
6 -7
6 -6^
6
6
6
6
7
-8
-8
-7
-63.
-8
6
6 -8
7
6 -7
6H-7
July,
1929
6
6
-7
6
6 -7
6 -8
534-6
6 -7
6
534-8
6
6 -8
6 -8
6 -7
6 -7
7 -8
6 -7
6 -8
6 -7
6 -7
7
634-7
August,
1929
6
6 ~7
6
6
6
6 -7
6 -8
5/2-6
6 -7
6 -6J6 -8
6
7 -8
6 -8
6 -8
8
6 -7
6 -8
6 -7
Interbank loans
June,
1929
5H-6
6
6
6>
6
6
6 -8
6 -6H
6
6 -6H
'4
6
6
6
July,
1929
5^-6
5^-6
6
534-6
6
534-6
6
534-6
534-634
534-6
6
6
6 -8
6
6 -7
6
5^-6
534-6
6
6 !
6
6
6
August,
1929
534-6
534-6
6
6
6
5/2-6
534-634
534-6
6
6
6 -7
6
604
FEDERAL RESERVE BULLETIN
SEPTEMBER,
1929
MEMBER BANK CREDIT
REPORTING MEMBER BANKS (REVISED SERIES)
[In millions of dollars. Monthly data are averages of weekly figures]
Loans and investments
Loans
Borrowings at
Federal reserve i
banks
Total
Total
inOn
All vestTotal securi- other ments
ties
22,115
22,104
22,298
22,407
22,485
22,434
22,409
22,459
22, 606
22, 581
22, 450
22,423
22, 405
16,337
16,364
16, 543
16, 678
16,925
16,906
16,892
16,970
17,058
17, 044
16, 943
16, 938
16, 950
7,197
7,209
7,382
7,539
7,761
7,703
7,644
7,683
7,787
7, 715
7,573
7,510
7, 515
9,140
9,155
9,161
9,139
9,164
9,203
9,248
9,287
9,270
9,329
9, 370
9,428
9,434
5,779
5,740
5,755
5,729
5,560
5,528
5,518
5,490
5,549
5, 537
5,507
5,485
5,456
663
628
674
715
826
850
790
771
767
770
726
687
685
7,236
7,200
7,277
7,410
7,525
7,461
7,417
7,502
7,575
7,512
7,381
7,354
7,383
5,409
5,390
5,465
5,610
5,843
5,781
5,729
5,815
5,850
5,775
5,653
5,637
5,686
2,678
2,663
2,749
2,908
3,117
3,040
2,970
3,017
3,082
2,961
2,822
2,775
2,819
2,731
2,727
2,716
2,702
2,726
2,742
2,758
2,797
2,768
2,813
2,830
2,862
2,867
1,827
1,810
1,812
1,800
1,682
1,679
1,687
1,687
1,726
1,737
1,728
1,717
1,697
123
136
170
228
341
341
325
305
282
295
191
144
153
Other leading cities:
June 5
June 12
June 19
June 26
July 3
July 10
July 17
July 24
_.
July 31
Aug. 7
Aug. 14
Aug. 21.
Aug. 28
14, 879
14,904
15, 021
14, 996
14,960
14,974
14,993
14, 957
15, 031
15, 070
15,070
15, 069
15, 022
10,928
10,974
11,078
11,068
11,082
11,125
11,163
11,155
11,208
11,269
11, 290
11, 301
11, 263
4,519
4,544
4,632
4,632
4,644
4,663
4,673
4,665
4,705
4,754
4,750
4,735
4,696
6,409
6,430
6,445
6,436
6,438
6,461
6,490
6,490
6,502
6,515
6,540
6,566
6,567
3,951
3,930
3,943
3,928
3,878
3,849
3,831
3,802
3,823
3, 800
3, 779
3,768
3,758
540
490
502
484
487
505
469
465
486
475
535
543
532
City of Chicago:
June 5
June 12
...
June 19
June 26
July 3
July 10
July 17
July 24
July 31
„
Aug. 7
Aug. 14
Aug. 21. _
Aug. 28
2,030
2,034
2,044
2,024
2,002
1,998
2,001
2,012
2,061
2,078
2,068
2,063
2,046
1,616
1,616
1,625
1,606
1,586
1,585
1,591
1,606
1,636
1,664
1,662
1,661
1, 650
912
907
910
912
704
710
715
694
684
Date
Total:
June 5
June 12
June 19
June 26
July 3
July 1 0 July 17
July 24
July 31
Aug. 7_-_
Aug. 14
Aug. 21
Aug. 28
New York City:
June 5
June 12
June 19
June 26
July 3 . .
July 10
July 17
July 24
July 31
Aug. 7_-_
Aug. 14
Aug. 21
Aug. 28
—
—
-
—
893
909
930
963
948
936
925
707
701
714
725
725
414
417
419
418
416
412
410
406
424
414
406
403
396
Loans and investments
Loans
Month
Total:
1928—July
August
September...
October
November
December
1929—January
February
March
April
May
June
July
August
New York City:
1928—July
August
September...
October
November...
December
1929—January
February
March
April
May
June
July
August
Other leading cities:
1928—July
August
September..
October
November..
December—
1929—January
February
March
April
May..
June
July
August.
City of Chicago:
1928—July
August
September.
October
November.
December.,
1929—January,._.
February..
March
April
May
June
July
August
Borrowings at
Federal reserve
banks
Total
Total
inOn
vestAll ments
Total securi- other
ties
22,006
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
15,892
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
6,955
6,816
6,840
6,874
7,082
7,198
7,504
7,522
7,580
7,392
7,218
7,332
7,716
7,578
8,937
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
6,114
5,984
5,973
5,934
5,888
5,93«
6,021
6,004
5,981
5,924
5,837
5,751
5,529
5,496
854
806
822
736
681
799
663
659
740
725
661
670
801
717
7,170
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
5,270
5,186
5,221
5,209
5,255
5,339
5,378
5,306
5,424
5,437
5,344
5,468
5,804
5,688
2,626
2,518
2,544
2,559
2,694
2,747
2,904
2,820
2,823
2,729
2,653
2,749
3,045
2,845
2,644
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
1,900
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
274
223
266
202
157
221
190
131
166
162
145
165
319
196
14,837
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
10,622
10,639
10,677
10, 794
10,840
10,913
10,922
10,954
11,067
11,027
10,933
11,012
11,146
11,281
4,330
4,298
4,296
4,314
4,388
4,450
4,600
4,702
4,756
4.667
4,565
4,582
4,670
4,735
6,293
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
4,214
4,207
4,172
4,131
4,087
4,124
4,136
4,119
4,109
4,065
3,998
3,938
3,837
3,776
580
583
556
534
524
578
473
528
574
563
516
505
4S2
521
2,040
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
1,550
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
729
722
751
735
743
726
731
726
701
698
706
695
716
489
473
462
456
459
452
452
455
454
440
419
417
414
405
80
80
41
58
67
91
71
96
121
46
36
64
47
32
854
848
850
854
887
911
950
905
897
910
906
943
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
3,484
3,374
3,292
3,207
3,064
2,897
2,936
2,801
2,948
3,073
1929
1928
1929
1,137
1,098
1,089
1,053
1,020
933
957
901
934
992
981
956
3,074
2,918
2,861
2,709
2,545
2,532
2,738
2,604
3,040
3,011
[Amounts outstanding in millions of dollars. Figures for acceptances as
compiled by American Acceptance Council; for commercial paper as
reported by 24 dealers]
Other leading
cities
New York City
Total
1928
January
February..
March
April
May
June
July
August
September.
October
November.
December..
605
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1929
1928
1,012
949
916
874
817
796
935
827
Bankers' acceptances
outstanding
End of month
1929
2,347
2,276
2,203
2,154
2,044
1,964
1,979
1,900
2,014
2,081
2,059
2,055
2,062
1,969
1,945
1,835
1,728
1,736
1,803
1,777
January
February..
March
April
May
June
July
August
September.
October..
November.
December..
1927
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
1,279
1,228
1,205
1,111
1,107
1,113
1,127
Commercial paper outstanding
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
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]
From private banks, brokers,
foreign banking agencies, etc.
From New York banks
and trust companies
End of month
1926
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
17, 882
3,043
3,080
2,553
2,468
2,392
2,509
2, 583
2,698
2,745
2,668
2,636
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
January...
February.
March
April
May
June
July
August
September
October...
November
December.
1926
1927
470
455
447
367
375
417
415
444
474
444
493
489
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
1,060
1,091
1,194
1,183
1,275
1,320
1,390
i Call loans, $7,162,000,000; time loans, $720,000,000.
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 weekly figures]
Date:»
June 5
June 12
June 19
June 26
July3
July 10
July 17.
July 24
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Month:
January
February
March
April
May
June
July_
August
September
October
November
December
4, 563
4, 428
! 4,270
! 4,178
! 4,307
4,243
4,194
4,184
4,259
4,274
4,223
4,201
4,235
..--
-
_
~ -
_
_
_
_
_
_
3,802
__| 3,784
_. 3,761
-I 4,062
.-I 4,414
4,360
_.
4,232
4,239
4,417
4,701
I 5,102
_.j 5,193
1929
3
Outside New
York City «
1928
1929
1929
1928
1929
1928
1929
5,284
5,284
5,420
5,542
5,769
5,755
5,813
5,908
5,960
6,020
5,952
6,085
6,217
2.809
2,697
2,532
2,424
2,626
2,496
2,407
2,361
2,405
2,388
2,342
2,322
2,328
2,350
2,372
2,475
2,574
2,835
2,825
2,812
2,873
2,901
2,878
2,775
2,713
2,749
1,167
1,079
1,004
941
1,132
942
820
824
928
860
783
809
793
1,642
837
821 j 1,618
1,528
883
'., 483
1,038
,494
1,255
,554
1,201
., 587
1,136
,537
1,193
,477
1,205
,528
1,089
,559
965
,513
926
,535
992
1,513
1,551
1,592
1,536
1,580
1,624
1,676
1,680
1,696
1,789
1,810
1,787
1,756
1, 755
1,731
1,737
1,754
1,681
1,747
1,787
1,724
1,854
1,885
1,881
1,880
1,907
2,934
2,911
2,945
2,969
2,934
2,930
3,002
3, 034
3,058
3,143
3,178
3,372
3,468
5,408
5,555
5,679
5, 477
5,491
5,383
5,841
' 6, 069
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
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
1,801
1,817
1,729
1,649
1,665
1,548
1, 651
1,786
990
1,117
1,247
1,252
1, 514
1,744
1,760
1,881
1,924
2,434
2,656
2,879
2,893
2,965
2.940
2,992
3,290
1
Dates for 1929; corresponding dates for 1928 are slightly later.
» Weekly reporting member banks in New York City.
67468—29
In New York
City>
Total
Date or month
1928
For others
For banks
Total
1928
,470
,500
,450
,616
1,628
1,568
1,543
1,522
1,607
1,720
1,749
1,760
I
!
|
|
I
I
i
|
i
2,048
2,248
2,319
8
Member and nonmember banks outside New York City (domestic
banks only); includes unknown amount for customers of these banks
< Call loans, $5,718,000,000; time loans, $351,000,000.
606
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1929
COMMODITY PRICES, SECURITY PRICES, AND SECURITY ISSUES
WHOLESALE PRICES. BY COMMODITY GROUPS »
[1926 = 100]
All com- Farm
modities products
Month
1928—June
July
August
September...
October
November...
December . . .
1929—January
February
March
April..
May
June
July
1
97.6
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
Hides
Metals
Houseand
Textile Fuel and
and
Building Chemiand furnishleather products lighting metal materials cals
drugs
ing
goods
products
products
Foods
106.7
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
100.3
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
123.7
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
96.3
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
98.7
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
93.9
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
Index of Bureau of Labor Statistics.
PRICES OF FARM PRODUCTS AT THE FARM i
[August, 1909-July, 1914=100]
Month
94.9
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
Common stocks l (1926= 100)
Dairy Cotton
Fruit
and
30 comUnand
Meat poultry
and
mod- Grains vegeanimals prod- cotton- classiities
fied
tables
seed
ucts
145
145
139
141
137
134
134
152
142
120
117
116
110
112
168
156
137
127
114
109
108
150
157
162
174
160
150
143
132
134
136
145
150
155
159
162
170
153
142
147
146
148
87
88
87
85
83
86
90
1929
January
February __
March
April
May
June
Julv
August
133
136
140
138
136
135
140
143
115
123
124
120
113
111
122
129
109
111
112
110
119
120
136
160
146
150
160
164
164
163
167
165
149
148
144
138
137
137
137
141
148
149
155
152
148
146
145
146
92
91
90
88
86
85
85
86
Index numbers of Department of Agriculture.
FOREIGN CAPITAL ISSUES
[In millions of dollars]
January-July
Month or week
405
338
stocks
industrials
combined
1928—April
May
June
July
August
September..
October
November..
December...
1929—January
February
March
April
May
June
July
August
Week ending—
Aug. 3
Aug 10
Aug. 17
Aug. 24
Aug. 31
34
33 rails
Corporate
10.5 13.5 212.1 386.1 660.0 447.2
Total10.5 33.5 196.6 370.6 559.2 338.4
New issue...
10.5
57.2 269.0 172.3
Europe
7.4 84.1
Canada and Newfound33.3
23.1 65.6 102.4
76.2
land
43.5 194.3 20.0
3.0 44.9
Latin America
United States insular pos7.7
6.1
2.0
sessions
56.5
69.9
159.8
Miscellaneous
Refunding issues
15. 6 15.5 100.9 108.9
Total Government and
44.0
1,107. 2
598.2
corporate
A f\
inniinR
130.7
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
142.5
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
99.18
98.79
97.38
96 56
95.82
96.47
96.58
96.00
96.24
96.12
95.60
94.82
94.58
94.46
93.49
93.30
92.51
212.3
213.6
214.6
222.5
226.9
205.2
205.8
206.9
214.6
218.9
161.4
162.0
162.9
167.1
173.5
293.9
298. 5
298.9
311.7
314.0
92.94
92.66
92.38
92.29
92.26
i Index of common-stock market values (revised series) computed by
Standard Statistics Co. from closing prices on Thursday.
D6MESTIC CAPITAL ISSUES
[In millions of dollars]
January-July
1928
Gov- Corern- poment rate
*u issues
149.5
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
July, 1929
Class of issue
Gov- Cor- Govpo- ernrate ment
public
utilities
Bonds:
Average
price of
145.9
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
July, 1929
1929
95.2
95.9
96.7
97.8
96.4
95.4
94.8
94.9
94.3
94.9
94.7
94.1
94.6
95.5
82.2
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
97.0
96.9
97.2
97.2
96.5
96.4
96.4
96.6
96.6
96.5
96.7
96.7
96.6
Q7 9 1
97.2
!
SECURITY P R I C E S
1928
June.
July
August
September.
October
November.
December..
1
82.1
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
NonagriMiscel- cultural
laneous commodities
1929
1928
Class of issue
New
Total _
Corporate issues
Bonds and notesLong term
Short term
Stocks
Farm-loan issues
Municipal issues
Total new and refunding
Refund- New
ing
844.4
Refund- New
ing
Refunding
1 5, 648.9 919. 5 3, 559. 6 1, 348. 1
766.1
59. 2 4, 919. 9 911.3 2,690.0 1,331.7
136.6
7.6
622.2
933.3
15. 2 1, 299. 8 389. 9 1,,283.
35.7
21.1 121. 1 43.0 104.6
22. 9 3, 499. 0 478. 4 1, 301. 5 362.7
1
729.0
8. 2 831.5
16.4
78.3
904.5
6.. 568. 4
4,907. 7
607
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1929
PRODUCTION, EMPLOYMENT, AND TRADE
[Index numbers of the Federal Reserve Board]
Produc-
Year and month
Indus- tion of Produc- Factory Factory
trial manu- tion of employminerproduc- facment
als^
tion 1 tures i
M o . av. 1923-1925 = 100
ANNUAL INDEX
1919
1920
1921
1922
1923
1924
1925..1926
1927
1928...
83
87
67
85
101
95
104
108
106
110
84
87
67
87
101
94
105
108
106
111
77
89
70
74
105
96
99
108
107
106
103
103
102
104
103
102
105
107
109
104
103
102
104
102
104
108
109
111
107
107
108
108
107
108
108
111
112
111
108
106
Building contracts
awarded l
Unadjusted
Departmentstore sales l
Departmentstore stocks 1
Adjusted
UnadAdjusted justed
Unad- Adjusted I justed
Adjusted
Monthly averages 1923-1925=100
Mo. av. 1919=100
84
91
79
86
100
98
103
107
103
104
111
115
87
89
100
98
102
101
97
96
113
113
128
128
135
135
125
127
145
104
104
101
101
105
102
100
105
106
97
93
95
97
112
117
123
102
92
100
99
100
102
102
102
106
102
98
111
106
146
139
134
133
126
148
137
126
119
131
143
145
129
120
123
121
124
133
134
122
130
142
102
104
104
107
107
109
108
108
109
109
109
107
95
96
104
103
106
Qfi
yo
95
101
95
95
111
US
111
101
87
102
109
110
108
108
106
101
104
104
105
101
102
94
96
151
147
135
154
130
135
127
137
114
116
120
131
134
127
122
141
128
121
125
133
125
126
105
109
108
108
106
104
101
104
104
101
97
95
104
105
103
104
104
100
104
105
109
106
107
104
113
144
157
163
158
142
126
143
145
115
105
133
153
128
135
148
145
139
113
140
141
126
116
103
110
113
114
113
111
109
100
88
118
156
143
133
159
128
119
104
135
130
122
156
100
124
84
89
113
104
107
109
105
104
64
63
57
81
84
95
122
130
128
135
99
104
101
104
107
89
90
94
107
107
105
102
105
104
111
112
112
138
124
137
133
149
138
129
116
129
109
109
108
108
107
109
108
111
112
111
107
104
92
95
104
107
104
106
107
109
110
114
118
119
107
112
113
110
109
109
104
108
108
112
109
108
107
109
112
109
111
109
106
107
105
103
99
100
105
107
110
109
112
109
108
107
106
103
99
99
116
118
118
106
108
105
99
106
103
105
101
102
105
109
109
109
109
109
110
112
114
114
112
113
106
110
110
110
110
111
111
113
115
114
112
114
103
102
103
105
105
101
100
105
107
114
113
112
117
117
119
122
123
126
124
117
117
121
123
124
128
117
120
107
115
116
112
100
103
82
90
104
95
95
96
92
90
Wholesale distribution i
79
105
101
102
103
103
101
99
103
106
107
108
MONTHLY INDEX
1925
April
May
June
July.
August.September
October
November
December
1926
January
February..
March
April
May
June
July_.._
August...
September
October
November.
December
1927
January
February
March
_
April
May
June
July
August
September
October
November
December
1928
January
February
March
April
May
June
July
August
September
October
November
December
1929
January
February
March
April
May
June...
July
P125
90
106
100
99
75
78
94
130
114
178
102
101
101
100
101
102
111
104
106
106
103
98
94
98
107
112
115
97
102
101
101
101
102
103
101
102
103
93
98
107
107
104
98
93
97
107
114
117
96
105
104
104
103
102
101
100
101
102
104
103
102
100
100
101
103
96
101
98
101
123
121
184
105
104
101
103
108
103
105
107
109
109
106
110
88
91
102
92
91
91
91
112
113
108
97
85
95
97
98
95
97
96
96
102
98
94
97
95
83
100
111
102
102
75
89
100
119
122
186
106
107
105
105
103
103
104
111
108
106
107
111
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
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
103
103
101
101
100
99
100
101
99
102
102
100
104
107
103
111
111
108
108
93
90
101
96
96
91
96
101
96
97
100
102
96
100
92
86
110
104
110
106
80
105
110
113
105
107
112
106
89
95
102
103
101
95
92
100
100
QQ
yy
101
81
101
103
107
101
107
107
104
98
95
98
108
114
117
104
103
103
103
102
101
102
102
104
104
104
103
99
i The 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.
•p Preliminary.
608
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1929
INDUSTRIAL PRODUCTION
I
INDEX OF INDUSTRIAL PRODUCTION
PER CENT
i
INDUST RIAL PROC)UCT!ON
Index numbers, adjusted tor seasonal variations. 1923-1925 average =*100l
120
Month
1923
1924
1925
1926
1927
1928
1929
January. _
February
March .
_
April
May
June
July
August
September
October
November
December
Annual index
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
117
117
119
122
123
126
v 124
101
95
104
108
106
120
\i
V
100
100
80
ao
60
110
—
-Vvw
1926
1925
AW
1926,
1927
60
1929
INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS
All
manufactures
1928
March . _.
April
May
June
July
August
September October. _ .
November
December
1929
January
February
March
April
May
June.
July.
Iron
and
steel
Paper
Cement, Non- Petro- Rubber Tobacco
Food
Auto- Leather
Textiles products
and Lumber mobiles
and
brick, ferrous leum
manuprinting
shoes and glass metals refining tires factures
110
110
110
111
111
113
115
114
112
114
114
122
116
115
124
121
128
128
120
123
107
101
107
108
100
107
107
112
113
111
105
98
96
93
89
90
95
98
102
104
118
118
118
120
117
117
118
116
115
114
94
95
93
91
94
87
82
81
85
87
111
108
107
117
119
133
139
122
94
103
102
97
96
108
112
112
110
103
97
92
112
111
116
123
119
126
130
122
122
130
108
109
111
115
113
117
117
121
126
128
141
147
150
153
156
160
162
160
159
159
134
134
133
143
149
151
169
167
155
143
120
120
120
125
125
129
128
126
124
127
117
117
121
123
124
128
»125
117
126
132
135
145
155
151
110
113
116
120
121
121
117
103
101
96
102
97
96
96
122
123
125
122
126
' 128
125
89
78
83
86
83
85
87
154
152
163
157
151
166
146
95
98
99
97
101
113
113
134
123
135
127
124
134
138
124
123
129
137
137
126
128
159
161
160
166
168
147
152
152
161
159
'162
141
131
129
126
142
142
139
131
170
171
INDEX OF PRODUCTION OF MINERALS, BY PRODUCTS
Bitumi- Anthracite Crude
Iron ore
petroleum shipments Copper
coal
nous coal
All minerals
March
April
May
June
July
Zinc
Lead
Silver
1928
. . .
- - -
September
October
- November . .
December
...
-..
.
103
105
105
101
100
105
107
114
113
112
95
91
93
91
93
91
94
99
99
96
80
107
112
76
67
94
95
119
113
98
121
120
120
118
119
123
124
127
127
132
117
120
107
115
116
112
103
109
89
100
102
100
101
110
110
77
95
86
76
72
138
138
134
133
135o
136
144
80
107
104
104
110
114
106
102
103
110
110
113
116
123
128
131
133
112
113
113
117
117
120
114
110
111
106
109
100
101
100
97
107
115
108
111
109
129
136
135
141
139
r 124
122
100
106
112
116
120
122
125
111
94
89
85
93
76
87
79
79
93
100
1929
January .
February
March
April
May
. .
July
•
143
126
119
r
122
112
120
91
93
103
93
91
Preliminary.
Revised.
NOTB.—These tables contain, for certain months, index numbers of industrial production, together with group indexes for important components. The combined index of industrial production is computed from figures for 60 statistical series, 52 of manufactures, and 8 of minerals.
Adjustments have beea made in the different industries for the varying number of working
days in each month and for customary seasonal varia*•• • dividual products
and industries have
in__a ;cordance wit1! their relative importance. The sources of data and methtions.andthe
..
. baan weighted
..„
ods of construction were described in the BULLETIN for February and March, 1927. Re visions of figures from 1923 to 1928 were published in the
BULLETIN for March, 1929, pp. 192-194.
609
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1929
PRODUCTION OF MANUFACTURES, BY INDIVIDUAL LINES 1
July,
1929
Iron and steel:
Pig iron
.
.
. . .
Steel ingots
_
Textiles:
Cotton consumption
Wool
Consumption
Machinery activity L
Carpet and rug loom activity *_
SilkDeliveries
Loom activity 1
Food products:
Slaughtering and meat packingHogs
Cattle
Calves
Sheep
Flour .
.
Sugar meltings
_
Paper and printing:
Wood pulp and paperNewsprint
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
June,
1929
July,
1928
131
153
127
158
106
126
119
122
101
109
85
83
107
93
95
92
75
75
155
127
159
128
129
117
96
88
90
124
100
94
90
87
83
117
109
102
83
86
92
122
94
95
91
129
123
101
131
104
117
162
92
133
120
107
135
100
118
••174
142
93
129
115
111
117
98
111
135
123
96
92
91
122
146
59
166
46
Leather and products:
Leather, tanningSole leather 1
Upper leatherCattle
Calf and kip
Goat and kid
Boots and shoes
Stone, clay, and glass:
Cement
Face brick
Plate glass
Nonferrous metals:
Copper
Lead
Zinc1
Tin
.
Chemicals and allied products:
Petroleum refining—
Gasoline 1 ...
Kerosene1
Fuel oil
Lubricating oil i
Coke production—
By-product
Beehive
Rubber tires and tubes:
Tires, pneumat'?
Inner tubes . . .
..
. .
Tobacco products:
Cigars..
Cigarette?
Manufac' ured tobacco and snuff. _.
86
July,
1928
'97
109
75
109
158
119
r
74
104
r 153
r
117
77
91
142
116
117
164
116
129
154
119
101
130
133
116
125
123
130
112
122
137
118
07
117
107
205
95
138
123
200
110
140
126
178
108
134
118
151
72
r
151
70
128
34
145
106
'167
r
123
153
118
97
160
93
100
173
96
96
151
90
119
94
110
Shipbuilding
1
June,
1929
July,
1929
2
Without seasonal adjustment.
Not available.
r Revised.
FACTORY EMPLOYMENT AND PAY ROLLS
[Index numbers without seasonal adjustment.
Metals and
products
Total
Group
Employment:
!Q2g—July
August
September.
October . . .
November.
December..
1929—January
February..
March
April
May
June
July
Pay rolls:
1928—July
August
September.
October
November.
December..
1929—January....
February.
March
April
May
..
June
July.
Iron
and
steel
Textiles and products
Group Fabrics Products
Lumber
and
products
Monthly average, 1919=100]
Railroad
vehicles
Paper
Autoand
mobiles printing
Foods Leather Stone,
and
clay,
prodprodand
ucts
ucts
glass
Toproducts
Chemicals
and
products
88.5
90.0
91.2
92.0
91.6
91.3
90.9
92.9
93.8
94.2
94.6
94.3
94.3
84.7
86.0
87.2
88.2
89.1
89.4
90.1
92.4
94.4
95.8
97.1
'97.6
99.7
84 6
86.0
87.2
88.2
89.1
89.4
90.3
92.6
94.6
96.3
97.8
98.5
100.9
84.5
85.3
86.8
89.4
90.2
90.6
90.0
91.8
92.7
91.7
91.0
90.5
88.0
86.2
86.3
87.0
90.8
92.9
93.8
93.2
94.0
93.8
93.0
92.9
92.2
89.9
82.2
84.1
86.6
87.6
86.8
86.4
85.9
88.9
91.3
89.9
88.4
88.3
85.5
86 7
89.0
89.6
89.5
89.7
87.4
84.5
84.6
85.4
86.9
88.2
'88.7
89.6
71 7
71.6
71.2
70.6
70.5
70.4
69.6
70.7
71.4
72.8
73.2
73.3
73.2
141.0
149.9
154.2
152.1
138.4
136.6
150.4
164.5
166.6
167.0
165.1
153.2
149.6
106.1
106.3
106.7
108.1
109.5
109.5
108.3
109.2
108.9
108.3
108.7
109.0
109 5
84.4
83.9
86.8
88 7
88.3
88.5
85.8
85.9
84.9
83.6
84.4
86.0
86.2
81.2
82.9
83.1
81.8
77.1
76.6
79.4
81.3
80.2
78.4
77.9
77.3
81.8
112.8
115.7
114.6
112.1
109.3
106.2
99.3
98.6
101.7
107.2
111.0
112.2
110.0
73.4
79.0
80.6
82.6
82.4
79.8
70.2
76.7
76.8
76.1
75.4
76.3
75.5
73.9
73.9
77.0
78.4
79.1
79.0
79.0
81.6
80.8
80.5
78.4
77.9
77.2
100 1
103.9
105.0
109.3
105.9
106.7
102.9
110.4
112.9
113.5
113.3
111 1
108.8
90 0
94.1
94.3
99.6
99.2
99.9
98.2
104.8
108.4
110.3
109.5
107.6
103.0
89 3
93.3
93.5
98.7
98.4
99.0
97.9
104.4
107.9
110.3
109.6
107.7
102.9
88.7
91.7
94.4
100.5
97.9
101.0
97.2
103.3
105.9
102.5
100.7
99.6
93.6
90.2
91.4
93.3
100.5
100.7
104.3
99.5
104.1
105.3
104.8
104.1
101 2
96.8
86.9
92.0
95.7
100.6
94.3
96.9
94.2
102.3
106.8
99.7
96.6
97 6
89.8
96 4
100.3
102.6
105.5
104.1
100.8
91.6
94.4
96.6
99.0
101.1
100.5
100.2
70 5
77.0
75.7
80.2
79.7
79.6
73.5
80.9
84.3
86.6
88.2
85.9
82.8
166 0
184.9
185.8
193.3
165.0
161.9
165.0
212.3
213.6
218.9
211.9
188.6
158.8
144 6
144.5
146.8
149.6
149.6
153.0
150.1
152.2
155.5
153.0
154.6
153.8
150.5
101.4
100.1
103.4
105.6
104.3
105.5
101.3
101.8
100.9
100.0
102.6
104.7
104.2
136.1
82.6
88.0
143.3
87.2
139.6
84.0
140.8
70.2
135.4
75.2
131.7
78.9
116.6
82.7
118.4
80.0 ! 124.6
77.1
132.6
77.2
137.5
78.7
139. 2
129.4
85.6
78.1
81.6
85.4
87.6
86.5
86.7
70.6
76.1
78.0
79.6
79.7
82.0
81.4
103.4
104.0
105.7
112.3
111.5
111.2
109. 8
115.2
114.1
114.9
112.5
110.5
108.1
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.
r
Revised.
610
FEDERAL RESERVE BULLETIN
SEPTEMBER, 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
January
February
March
April
May
June
July
August
September
October
November
December
>.
. -
Annual index
1927
1928
1929
1926
1927
1928
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
111
106
146
139
134
]33
126
148
137
126
119
131 *
94
96
151
147
135
154
130
135
127
137
114
116
104
100
113
88
144
118
157
156
143
163
158
133
142
159
119
126
143
145
115
105 - - - - - -
130
128
135
1929
128
119
104
135
130
122
156
107
\100
50
BUILDING CONTRACTS AWARDED
•"•
—
Wifh Seasonal Adjustment
Wifhout Adjustmenf
I
1925
• I
1926
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
Philadelphia
Cleveland
Richmond
Atlanta
Chicago St. Louis
Minneapolis
Kansas
City
Dallas
1928
July
August
September..
October
November..
December...
583,432
516,970
587,674
597,104
471,482
432, 756
34,456
36, 370
69,918
39, 521
29,154
26,405
139,821
129, 524
156, 588
189,696
136,525
140,159
41,259
33,967
45,634
46,098
28,017
32,082
56,103
50,408
67,748
57,118
56,684
31,755
32,884
30,172
39,843
40,329
33,621
29,973
31,996
28,548
25,989
36,097
18,550
23,362
140,689
108,306
99,176
110,795
99,429
76,924
50, 557
40,706
33,241
32,409
27, 302
31,378
11,088
12,944
9,213
12,645
7,896
5,886
23,807
26,177
22,611
15,699
13,908
16, 511
20,771
19,847
17,715
16,697
20, 397
18.323
1929
January
February...
March
April
May
June
July
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
104,447
76, 064
113,466
171,551
125,125
110,180
222, 993
26, 306
32,369
35, 399
67,064
37,809
38, 327
33, 928
54, 680
36,360
47,078
51,469
64t73fl
53, Oil
59, 937
28,748
34,252
32.979
52,139
37,072
34, 431
51, 364
25,745
22,363
25,398
37,387
33, 578
46, 110
31, 802
77,439
69,845
107, 289
108,181
141,450
134,832
106, 374
25,479
23,372
38,795
54,36 ?
41,020
41, 848
38, 682
7,466
4,757
8,343
14,735
17,309
11,835
11, 667
15, 668
12,874
22,854
22, 365
23,955
19, 654
24, 659
17,435
23,665
23, 204
24,346
24, 616
22,614
31,515
BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING
[Value of contracts in thousands of dollars]
Month
1928
June
July
August.September
October
November
December
Resi- Indusdential
trial
258,084
228,703
213,705
202,807
239, 092
200,226
178,323
63,537
31,400
42,607
114,780
62,259
38,665
38,248
Commercial
Public
works
and
public
utilities
[Value of permits in thousands of dollars]
Educational
All
other
Federal reserve district
95,942
95,697
53,911
60,068
67,330
68,309
66,773
130,852
137,075
118,890
119.014
148,697
93.228
80,194
46,135
36, 926
35,713
38,801
31,293
30,023
25,370
57,917
53,632
47,144
52,205
47,833
41,032
43,849
100, 378
68, 265
75, 584
77,988
86,471
80,884
91, 348
66, 522
57, 593
71, 508
152,127
139, 388
120, 841
194, 547
17,746
22, 577
37, 525
29,857
38,195
43, 417
47,979
24,145
27, 261
47,221
57,079
50.928
40,004
52, 032
1929
January
February
March
April
May
June
July
138,069
129,486
197,172
256, 780
192,015
189,809
199,926
63,109
56,092
55,837
68,230
80,769
70. 030
66, 604
BUILDING P E R M I T S ISSUED, BY FEDERAL RESERVE
DISTRICTS
Number
of cities
July,
1929
June,
1929
July,
1928
United States.
168
224,451
204, 507
267, 581
Boston
New York
Philadelphia..
Cleveland
14
22
14
12
11, 898
70,856
26,046
16,214
7,060
64, 830
15, 966
18,895
8,147
97, 650
18,426
19,178
Richmond
Atlanta
Chicago
St. Louis
15
15
19
5
11,210
5,703
38,612
5,645
9,030
6,407
36, 392
5,827
11, 506
8,515
53,767
8,314
3,329
7,017
5,497
22,424
4,705
7,503
5,202
22,690
5,072
7, 675
5,424
23, 908
Minneapolis-.
Kansas City..
Dallas
San Francisco
NOTE.—Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F . W. Dodge Corporation.
Adjusted indexes by months back to 1910 were published in the BULLETIN for August, 1927, p. 563.
611
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1929
TRADE AND DISTRIBUTION
INDEX OF WHOLESALE DISTRIBUTION—EIGHT LINES
[Monthly average, 1923-1925=100]
FREIGHT-CAR LOADINGS, BY LINES
[Index numbers adjusted for seasonal variations. 1923-1925=100]
Total
Month
Grain
and
grain
prod-
Livestock
Coal
ucts
1928—July
August
September
October
November
December
1929—Jan uary
February
March
April
May
June
July
102
104
106
106
104
103
104
107
103
111
111
108
108
_
109
102
109
107
108
105
99
106
103
98
99
113
132
MerchanForest l .dise
c.l.
prodand
ucts miscellaneous
89
96
100
102
105
102
108
118
89
102
103
98
94
80
81
93
91
82
85
82
82
81
90
86
79
80
109
109
111
111
107
108
109
109
111
114
114
112
112
90
91
90
91
92
91
90
80
87
94
98
92
92-
1927
January
February
March. ._
__
April
May
June
July
August
.
September
October
November
December
Annual average
Number of
stores
Without seasonal
adjustment
1929
July
1929
June
July
July
July
523
38
64
60
59
29
44
105
19
20
27
22
36
80
76
80
62
80
76
75
87
76
72
72
74
100
106
108
116
" 95
103
107
93
117
96
90
87
97
'103
78
76
77
65
78
75
77
86
73
68
71
71
94
433
38
45
47
53
29
31
81
19
16
21
21
32
92
88
99
79
88
88
90
103
84
68
108
70
96
95
94
101
83
92
94
94
105
88
70
112
72
99
93
91
96
85
91
91
93
98
87
78
106
72
101
106
104
112
89
106
105
100
114
108
89
112
107
122
99
107
111
102
122
105
'93
107
108
112
96
106
107
106
117
108
89
103
120
106
'116
103
118
99
97
108
87
95
97
98
112
90
72
98
98
105
87
93
97
99
112
91
72
100
100
105
93
98
100
101
107
93
83
76
100
76
102
78
105
STOCKS
United States...
Boston
New York .
Philadelphia
Cleveland
Richmond
Atlanta.
Chicago
St. Louis.
Minneapolis l.
Kansas City
_
Dallas..
San Francisco
97
96
93
90
101
96
96
91
96
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
100
Without seasonal adjustment
SALES
United States..
Boston
New York .
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis 1
Kansas City
Dallas _.
San Francisco
88
93
100
88
93
89
90
110
111
112
99
84
1929
1928
Dry Men's Boots
GroFurand Hard- Drugs niture
ceries Meats goods clothing shoes ware
1928
1928
June
1927
1929
1928
88
91
102
92
91
91
91
112
113
108
97
85
With seasonal
adjustment
1928
Sales with seasonal
adjustment
SALES IN INDIVIDUAL LINES OF WHOLESALE TRADE
[Index numbers. Monthly average, 1923-1925=100]
DEPARTMENT STORE SALES AND STOCKS
[Index numbers. Monthly average 1923-1925=100]
Federal reserve
district
Sales without seasonal
adjustment
Month
July
August
September.
October
November.
December.
1929
January...
February..
March
April
May
June
July
92
101
100
108
100
88
113
118
130
125
117
108
74
110
105
99
90
69
148
137
123
66
51
98
119
110
108
105
59
90
95
100
108
98
86
102
115
119
134
114
120
78
108
126
133
106
91
83
90
'92
96
95
117
113
117
115
121
••122
123
84
84
92
80
78
70
74
74
114
136
85
60
49
69
98
84
110
100
113
90
110
82
76
95
99
98
97
95
131
105
119
118
111
'105
111
80
91
105
101
90
93
87
P99
With seasonal adjustment
1928
July
August
September
October...
November.
December.
1929
January. _.
February .
March
April
May
June
July
1
r
Monthly average 1925=100.
Revised.
Index described in BULLETIN for February, 1928.
91
100
92
95
94
89
111
116
122
111
122
115
80
90
84
85
91
86
79
90
89
99
95
101
123
109
90
87
100
72
91
94
92
97
100
93
107
117
112
116
113
128
95
106
112
112
101
94
99
95
91
96
99
93
'98
117
119
122
123
121
'120
121
88
83
88
90
89
79
80
96
88
98
88
101
96
80
119
107
95
95
112
96
138
92
86
92
97
96
93
97
133
114
108
116
118
'112
117
91
91
93
100
-•104
'105
107
p Preliminary.
'Revised.
Index described in BULLETIN for December, 1927.
SALES OF CHAIN STORES
[Index numbers of sales. Monthly average 1923-1925 = 100]
Chains
Grocery
5-and-10 cent.
Drug
Shoe..
Number of
reporting
firms
34
14
13
7
Number of stores
July,
1929
30,034
3,479
1,263
727
June,
1929
29,867
3,448
1,246
720
July,
1928
29, 239
3,053
1,008
663
Sales without seasonal
adjustment 1
Sales with seasonal
adjustment 1
July,
1929
July,
227
146
204
120
June,
1929
222
153
197
161
July,
1928
197
128
163
116
1929
231
162
201
132
June,
1929
232
174
208
153
July,
1928
208
148
167
132
1
Figures relate to reporting firms—with no adjustment to eliminate the influence of increase in the number of stores operated; thus indexes
given reflect the full growth of the business of the reporting companies.
612
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1929
AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Districtfiguresderived from August 1 estimates by States, made by the Department of Agriculture]
[In thousands of units]
Corn
Federal reserve district
Production,
1928
Boston
.
New York
Philadelphia
Cleveland.. - _ __
Richmond
Atlanta. _
_
Chicago
St. Louis
Minneapolis
Kansas City .
Dallas
San Francisco .
Total
Bushels
_
_
Boston
New lork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas...
San Francisco
Total
_
Bushels
9,382
28,341
49,334
175,791
140, 689
177,331
923,206
330,513
323,523
471,113
100,920
10, 371
96
5,506
16,140
13,167
25, 880
4,392
42,993
30,699
279,572
334,956
23,064
125, 726
Bushels
114
5,627
18, 753
38,641
26,352
4,460
63,066
45, 825
167, 524
261,197
35,958
106,368
2,835,678
2, 740, 514
902,191
773,885
Bushels
Tons
Tobacco
Estimate,
Aug. 1,1929
Tons
7,921
35,050
21, 770
106,377
22, 865
10, 746
624,072
66,278
321, 611
158,774
37,983
35, 230
8,579
28, 381
19, 504
66, 527
27,286
14, 756
506,496
50,427
257, 575
142,891
46,091
34,382
4,996
6,811
3,353
5,940
4,426
2,986
16, 781
7,573
12, 026
12,381
1,281
14, 429
4,471
6,676
3,004
6,851
4,306
2,994
21, 806
8,782
10,929
12, 326
1,357
13,919
1,448, 677
1, 202, 895
92,983
97,421
i Includes 7,000 bales grown in miscellaneous territory.
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
Production, Estimate, Production,
Aug. 1,1929
1928
1928
Bushels
Estimate, Production, Estimate.
Aug. 1, 1929
1928
Aug. 1, 1929
Tame hay
Oats
Federal reserve
district
Total wheat
Spring wheat
Production,
1928
Bushels
Estimate,
Aug. 1, 1929
96
173
85
164
Bushels
114
125
63
112
6,582
724
263, 069
14, 716
188
38,261
324,058
Winter wheat
Production, Estimate,
1928
Aug. 1, 1929
Bushels
Bushels
4,724
467
154, 850
12, 234
258
32, 705
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
4,460
58,342
45,358
12,674
248,963
35,700
73, 663
205,652
578,133
568,233
White potatoes
Cotton
Production, Estimate, Production, Estimate, Production, Estimate,
1928
Aug. 1,1929
1928
Aug. 1,1929
1928
Aug. 1,1929
Pounds
Pounds
Bushels
Bushels
38,915
1,317
49,580
117, 608
713, 590
157,057
49,005
243,978
4,141
2,948
39, 291
1,286
51, 792
147,949
743,989
167,442
47,437
313,617
3,817
2,763
47,672
36,991
30,208
23, 511
48,361
14,843
76,982
19, 510
75,449
40,120
3,747
47,089
48,970
31,738
24, 578
20,962
34,922
11,317
59,641
13, 586
52,194
31, 819
3,232
39, 853
1, 378,139
1, 519,383
464,483
372, 812
2
Bales
Bales
1,606
2,758
1,742
3,254
i 2, 715
2 3, 282
1,147
5,946
306
1,232
5,672
361
14,478
15, 543
Includes 10,000 bales grown in miscellaneous territory.
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1929
613
FOREIGN BANKING AND BUSINESS CONDITIONS
REPORT OF THE AGENT GENERAL FOR REPARATION PAYMENTS
The latest interim report of the Agent
General for Reparation Payments covers the
execution of the experts' plan during
the first
nine months of the fifth annuity }7ear, through
May 31, 1929. The report gives the usual
analysis of reparation payments and transfers
for the 9-month period. It also reviews, in a
preliminary way, the developments of German
economic life during the period of about six
months which have elapsed since the presentation of the last report, and presents sections on
the German budget and public debt. Chapter
VI of the report, which deals with German
credit conditions and the currency, is given,
with minor omissions, herewith:
GERMAN
CREDIT CONDITIONS AND THE CURRENCY
In the autumn of 1928 the available official
figures showed that normal forces had again
asserted themselves in many departments
of the German economy, giving evidence of
underlying stability and of a broader and
sounder bfysis of credit. In the following six
months, the period covered by the present
report, the situation has been dominated by
forces of an extraordinary nature, including, on
the one hand, the unprecedented severity of
the winter and the strained cash position of the
Reich, and, on the other, the attraction of high
money rates in New York and the suspense
incident to the work of the experts7 committee
for the final settlement of the reparation problem. For a considerable time these forces were
operating together, and the result was to set
in motion again various processes of business
recession, while in April and May credit conditions passed through a phase of singular strain
and intensity. By the middle of May it was
evident that the Reichsbank had taken effective
measures to deal with the situation, and the
tension was further relieved with the agreement
reached by the committee of experts, which
removed the principal factor of uncertainty.
At the end of June, it appears from such figures
as are at hand that the critical point has been
1
Previous reports of the Agent General for Reparation Payments,
covering periods as indicated, have been published in part in FEDERAL
RESERVE BULLETINS as follows:
Period
September/1924, through August, 1925
September/1925, through August, 1926
September, 1926, through May, 1927
September, 1926, through August, 1927
September, 1927, through May, 1928
September, 1927, through August, 1928
67468—29
4
Bulletin
February, 1926
January, 1927.
August, 1927.
January, 1928.
_ July, 1928.
February, 1929.
passed and that German business as a whole is
again going forward, subject to the restraint
imposed by the high cost of money, in which the
financial demands of the Reich and the other
public authorities remain an important contributing factor.
The rebuilding of the domestic supply of
capital to the point at which interest rates
decline, remains as at all times since stabilization the central problem of the German
economy. In the last six months the fund of
ready capital has gained on the whole no
enlargement from abroad; on the contrary, the
movement of funds has been away from Germany, and the gold base supporting the credit
structure has narrowed. In part, as will be
seen in later sections of this chapter, the outward flow of funds was due to conditions which
affected Europe more or less uniformly. These
conditions centered on the high rates for money
current in New York, which attracted funds
from the principal money markets of the world,
including those of Germany. But in addition
to this powerful influence, another force operating in the same direction during most of the
period and with particular vigor in April and
May, was the uncertainty as to whether agreement would be reached at the meeting of the
experts in Paris. From the end of December,
1928, until the end of May, 1929, the reported
reserves of the Reichsbank declined by about
820,000,000 reichsmarks, and in addition the
Reichsbank lost a large but unstated amount
of foreign exchange from its stocks of devisen
not separately reported.
Uncertainty as to the outcome in Paris had
its effects in other directions also, but in a
manner more difficult to measure. It can not
be doubted, for example, that imponderable
forces were at work both before and during
the meeting of the experts which acted as a
dampener on initiative and restrained the
growth of German business. The unanimous
agreement reached by the experts early in Juneremoved this feeling of uncertainty, and itself
became a factor of direct and immediate economic importance.
In the following pages the various forces
operating on the supply of credit and the
demand for it are briefly analyzed, and in later
chapters German foreign trade and business
activity are described. The discussion is confined as closely as possible to the events of the
past six months, and gives a preliminary state-
614
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1929
ment of the facets as they appear in their pres- months, reaching on December 31, 1928, the
ent short perspective.
sum of 2,729,000,000 reichsmarks. This total
Germany and the international money mar- was the largest since stabilization, and it prokets.—The shortage of capital in Germany vided a fund which proved later to have the
has been such that during most of the period highest importance in dealing with the adverse
since stabilization the German economy has conditions which developed in April and May.
been a borrower from abroad. This was in- The Reichsbank was then able, as will be seen
herent in the facts of the inflation, which scat- at a later point in this chapter, to protect the
tered such liquid capital as was left over from German exchange and at the same time to
the war and drove much of it abroad. In the avoid in large measure the contraction of credit
process of filling up the vacuum thus caused, which would otherwise have followed the large
funds in large volume have moved toward gold exports of that period, and which might
Germany, with consequences which have been otherwise have been violent and prolonged.
explained at length in previous reports.
The other side of the picture at the end of
The position of borrower in the international 1928 was that the newly acquired gold of the
markets has made Germany peculiarly sensi- last half of the year was more than equalled by
tive to changes in money conditions in other new debt owing abroad. Through a combinafinancial centers. During the past year these tion of circumstances fully described in the last
changes have been pronounced, and the cur- report, among which was a greatly improved
rents of international money movements have foreign trade balance, new loans placed abroad
markedly altered. The United States, for ex- for German account had operated forcibly on
ample, which has been the main source of long- the foreign exchanges and made it profitable
term loans to Germany ever since stabilization, for bankers to export gold from London and
and one of the principal sources for short-term other centers for sale to the Reichsbank. If
funds, reversed its position abeut a year ago, these circumstances continued to exist, the
and instead of being a large lender to foreign movement of gold to Germany was likely to
countries became a large borrower. During go on somewhat further, side by side with an
the last half of 1928 the withdrawals of funds increasing volume of indebtedness to abroad.
from Germany to the United States were more
The dominant motive leading foreign inthan offset by an inflow of funds from Great vestors to lend to Germany was, of course, the
Britain, Holland, Switzerland, and particularly high rates of interest to be earned in the GerFrance. But during the first half of 1929, man market. On January 12, 1929, the Reichsfrom the causes already mentioned, the aggre- bank lowered its rate of discount from 7 to 6%
gate movement was away from Germany and per cent. The immediate effect was a decline
funds flowed out in great volume.
of the general level of interest rates in GerThis outflow, its causes and effects, and the many, which the seasonal increase in the supply
measures undertaken by the Reichsbank to of money somewhat accentuated. At that
bring it to an end constitute the principal de- time also, and continuing with increasing severvelopment in the German credit situation in ity through the month of February, winter
the past six months. The interweaving of weather with extreme temperatures had set in,
forces and the different bearing each has had which seriously restricted business activity and
on the situation at different times make it reduced somewhat the demand for money.
convenient to describe the events in their chron- Furthermore, the German security markets
ological order rather than to discuss them were inactive, and the funds required for curseparately, as has been done in previous re- rent share and bond transactions were relatively
ports. The period divides itself into two parts, limited. In consequence of these various forces
the first covering the period up to March 31, among others, the general level of open-market
1929, and the second up to the present time; money rates fell to a lower point in January, 1929,
that is to say, up to the end of the second quar- than at any time since the early months of 1927.
ter of 1929. At the close of the chronological
The decline in German interest rates after
review a brief statement will be given with the first of the year had an immediate effect
respect to the volume of foreign loans during upon the foreign exchanges. Whereas on
the six months' period.
December 15, 1928, the reichsmark had stood
Developments during the first quarter of 1929.— above parity with 16 out of the 17 principal
It will be recalled from the last report that the gold currencies in the world, on February 15,
Reichsbank rapidly increased its stock of gold 1929, it was below parity with 11 of them. A
during the last half of 1928. Its gold holdings rise in interest rates in other centers, particularly
rose about 650,000,000 reichsmarks in six in New York, aided in producing this result.
SEPTEMBER, 1929
During the last six months as in previous
periods, whenever the margin has widened between the Berlin rate and the rate in New York,
the value of the dollar in terms of reichsmarks
has tended to fall; and, on the other hand,
whenever the margin has narrowed, the value
of dollars has tended to rise. In February,
1929, the margin between the two rates was
narrower than at any time since early in 1927,
and at that time also the dollar was at a premium over the reichsmark.
The special influence operating on the level
of interest rates in New York has been the prolonged and intense activity on the New York
Stock Exchange. It has had the double effect
of interrupting or reducing the volume of longterm lending to Europe and of attracting investment money from Europe to the United States.
Moreover, the high rates of interest carried by
stock exchange call loans have caused large
amounts of short-term funds to flow to the
New York market from abroad. The New
York call-loan rate in February, 1929, fluctuated between 6 and 10 per cent, in March between 6 and 20 per cent, in April between 6 and
16 per cent, and in May between 6 and 15 per
cent. These levels, on the average, surpassed
any rates that could be obtained during this
period in Germany for loans with anything like
the same security.
The lower money rates in Germany and the
high and rising rates in New York were bound
to find their reflection in a decline in the
Reichsbank's reserves. The Reichsbank holds
practically the entire stock of gold existing in
Germany outside of the relatively small and
static reserves which the minor banks of issue
are obliged to maintain against their notes in
circulation. The Reichsbank also holds the
residual stock of foreign exchange, since it
stands ready at all times to buy at rates
acceptable to it any surpluses of foreign
exchange appearing in the market, and to sell
any marginal amounts which the market
requires. In January the inward flow of gold
and devisen stopped and the Reichsbank's
reserves remained practically stationary; in
February there was a moderate decline in its
holdings of devisen, and in March there was a
loss of both devisen and gold. Altogether the
Reichsbank's reserves declined in these three
months by 166,000,000 reichsmarks, and in
addition the Reichsbank lost a considerable
but unstated amount of devisen not listed as
reserve.
During this period the loss of reserves on
the part of the Reichsbank was proportionately
smaller than in the case of European central
615
FEDERAL RESERVE BULLETIN
banks as a whole. In the first three months of
1929, the gold and devisen reserves of 15
European central banks, including the Reichsbank, stowed an aggregate decline in the
equivalent of 1,218,000,000 reichsmarks. When
it is understood that this decline in reserves
represented not the full amount of funds
moving out of the markets concerned, but
merely such portion as central banks were
called upon to supply, some measure is obtained
of the strength of the movement of funds
away from Europe. Many of the central
banks took action calculated to protect their
reserves. Early in February the Bank of
England raised its discount rate; in March the
rates of the Banks of Italy and the Netherlands
were also raised, and in April similar action
was taken by the Banks of Poland, Hungary,
and Austria. The Reichsbank, however, maintained its 6% per cent rate until April 25, 1929.
Developments
during
the second quarter of
1929.—The second quarter of 1929 introduced
into the German credit situation a new phase
of singular intensity. Up to that time, as has
already been seen, though the Reichsbank had
not raised its discount rate in conformity with
the general advances in other countries, the
credit developments in Germany had had their
counterparts in other financial centers, and on
the whole had reflected the results of ordinary
economic forces. In April, however, forces of
another nature intervened to supplement those
already in action, depressing the reichsmark
still further and causing very large withdrawals
of gold and devisen from the Reichsbank.
The new forces were in effect a concentration
of the influences which had been exerting themselves in Germany ever since the previous
September, when the governments concerned
reached their decision to summon a committee
of experts for the final settlement of the reparations problem. The public discussions which
preceded
and accompanied the meeting of the
experts7 committee had given rise within the
country to nervousness about the future, and
as the conference proceeded into the second
half of April there was added a growing doubt
as to whether the experts would succeed in
reaching a positive result. For a time there
seemed to be even a probability that the conference would dissolve without agreement, and
under these conditions the general feeling of
uncertainty quickly developed into a dynamic
force which profoundly affected the German
credit markets and particularly the foreign
exchanges.
The large volume of foreign deposits in German banks and the large amount of German
616
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1929
bills circulating in foreign markets made the R E I C H S B A N K ' S H O L D I N G S O F GOLD AND E L I G I B L E
DEVISEN
German foreign-exchange position exceedingly
[End of monthfiguresin millions of reichsmarks]
sensitive. Early in April it was already apparent that foreign bankers were showing more
Eligible
and more disinclination to buy German bills;
old
Total
devisen
accordingly bills falling due could not be covered
from the proceeds of fresh bills discounted, but 1925 average
1,073
1,418
345
444
1,985
average
1, 541 .
had to be taken care of by other means. Later in 1926
2,036
1927 average
197
1,839
the month there developed some disposition on 1928 average
2,424
209
2,215
2,884
155
2,729
the part of foreign bankers to withdraw de- 1928—December
2,881
1929—January..
152
2,729
2,819
February.
90
2,729
posits then subject to call and to give notice
2,719
March
36
2,683
with respect to time deposits.
1,991
99
April
1,892
2,064
May
_
299
1,765
Within Germany similar evidences of a lack
2,272
361
June
1,911
of confidence manifested themselves. A tendency developed to convert domestic balances
The foregoing table shows only such devisen
into foreign funds, and to postpone the bringing
home of balances accruing abroad. Large sales as the Reichsbank has reported from time to
of reichsmarks were made on speculative ac- time in combination with gold as reserve
count, and even more important as illustrating against its note issue. Additional amounts of
the attitude of people of small means, a demand devisen held by the Reichsbank but for one
developed for notes in foreign currencies, which reason or another not included as reserve are
were quoted for a time at a premium over the left out of the reckoning, since they do not
rates for telegraphic transfer. At the end of appear in its current statements. On DecemApril a marked divergence appeared between ber 31, 1928, according to the annual report
the foreign-exchange rates as officially quoted of the Reichsbank, the amount of such devisen,
on the Berlin bourse and those quoted outside. comprising foreign notes, bills and checks, was
For some days transactions were effected after about 375,000,000 reichsmarks. By what prothe closing of the bourse at as much as one- portion these supplementary holdings were
fourth per cent premium over the official rate. reduced in the course of the year has not been
Furthermore, the dollar-reichsmark exchange on stated.
the New York market at this time was generally
The decline in the Reichsbank's holdings of
quoted at a rate lower than the corresponding gold and devisen from the end of January
rate in Berlin.
through April amounted to about 900,000,000
The Reichsbank freely met the demands for reichsmarks. During the same period, the
marginal amounts of foreign exchange which volume of its short credit, exclusive of devisen
these conditions imposed. During the first eligible for note cover, rose about 1,300,000,000
half of April its reported reserves of gold and reichsmarks. In some part, of course, the rise
devisen declined by 265,000,000 reichsmarks. in the volume of short credit was due to the
During the second half of April the decline pro- seasonal increase in the demand for currency,
ceeded still more rapidly, reaching a total for but it represented, mainly an exchange of
the two weeks of 463,000,000 reichsmarks, or devisen for domestic bills. Among the latter
728,000,000 reichsmarks for the month as a were Reich treasury bills, varying in amount
whole, a sum far larger than during the entire during April and May from 75,000,000 to
200,000,000 reichsmarks.
first quarter of the year.
The volume of Reichsbank short credit outIn order to obtain a sufficient supply of
foreign exchange to meet the demand and thus standing Sit the end of April was higher than at
to hold the reichsmark at or somewhat above any time since 1927, as appears in the foregoing
the technical gold export point, the Reichsbank diagram and table, [omitted]. The figures
sold gold in April in the amount of 791,000,000 given are the sum of three items currently given
reichsmarks. These sales of gold were widely in the Reichsbank statement, namely, bills and
distributed among the main European and checks, Reich treasury bills, and collateral loans;
overseas financial markets; the principal ship- and for the period up to the middle of 1926
ments were to New York and Paris, the latter they have been adjusted, as explained in prein exchange
g for dollar credits in New York. vious reports, on such a basis as to afford a fair
These operations of the Reichsbank were comparison with the figures of later dates.
effected for its own account and had the prac- On April 25, 1929, the Reichsbank raised its
tical result of preventing the purchase and ship- discount rate one point to 7}i per cent, the highment of gold from Germany on private account. est rate since early in 1926. The higher rate
SEPTEMBER, 1929
was only partially effective in checking the outflow of funds and the free use of Reichsbank
credit. For spme time further the Reichsbank
Jost devisen in considerable volume. As an
alternative to raising its rate still higher, the
Reichsbank early in May resorted to the emergency measure of rationing credit, a means
which it had employed in the period of recovery
from the inflation and had found then to be successful. Rates of interest in the German market thereupon rose and exerted a repressive influence on all credit transactions.
These measures together checked the decline
in the reichsmark and the loss of reserves by the
Reichsbank; they also restored confidence, as
they showed that the Reichsbank was prepared
to take whatever steps were necessary to protect the currency. It was not, however, until
after the middle of May that the full effectiveness of these measures was reflected in a rise of
reichsmark exchange. By that time a turning
point had come in the work of the experts7 committee in Paris and it had become clear that an
agreement was likely to be reached. Furthermore, as the Reichsbank's policy of credit restriction continued and money rates remained
nigh, funds began to be drawn from abroad in
order to meet ordinary credit and currency
needs. After the middle of May the quotations
for the reichsmark in the foreign exchange market began rapidly to strengthen and the Reichsbank increased somewhat its reserves of devisen.
At first, however, the Reichsbank purchased
only limited amounts of devisen and thus gave
additional impetus to the rise of the reichsmark
On May 25, 1929, for the first time since the end
of December, the dollar was quoted below parity
with the reichsmark, and sterling declined to
the computed gold import point. In the last
week of May the Reichsbank increased its purchases of devisen and thus obtained sufficient
reserves to cover the usual month-end currency
needs with a reserve ratio above the legal
minimum.
' During June the reichsmark was quoted at
a premium over all of the 17 principal gold
currencies, and the Reichsbank was able consistently to acquire devisen from the market
out of the marginal amounts remaining after
demands had been satisfied. Sterling exchange
during June remained continuously below the
gold import point, as the Reichsbank was
discouraging gold shipments from England
to Germany. In the last week of the month,
however, gold shipments began and reichsmark
exchange declined somewhat. These shipments substantially increased the gold holdings of the Reichsbank, and, as a result of gains
617
FEDERAL RESERVE BULLETIN
in both gold and devisen, the reported reserves
of the Reichsbank at the end of June were
about 453,000,000 reichsmarks larger than at
the low point on May 7, while presumably its
unreported holdings of devisen had increased
as well. By the middle of June, the Reichsbank suspended its policy of rationing credit,
and interest rates in the market showed some
decline from the high levels of May.
Foreign loans.—It follows from the conditions outlined in the two preceding sections
that the volume of foreign long-term loans
placed for German account during the halfyear has been small. In general, during the
period since the stabilization of the mark,
German borrowing abroad has been in large
volume, and the credits thus obtained have
played an important part in supplying the
capital and working funds needed for the
reconstruction and expansion of German industry. Credits have also been obtained
abroad for the use of agriculture; a number
of loans have been made to church organizations; and the States and communes have borrowed large amounts for public purposes. The
function of foreign loans in the German economic development, and the influences which
the free use of foreign credit has exerted in
former years upon the German economy, have
been considered at length in preceding reports,
and there is no occasion to repeat the observations previously made. The radical reduction
during the first half of 1929 in the volume of
such credit has caused additional pressure on
the domestic credit market, as will be seen in
a later section.
FOREIGN LOANS
[In millions of reichsmarks]
1925
1926
1927
1928
1929,
Jan. 1
Total
to 30
June
Loans of States
267.3
138.6
270.6
Provincial or com237. 4
112.5
256.0
249.5
munal loans
Loans of public and
semipublic undertakings:
(a) Of the Reich. 161. 7
25.2
335. 0
152. 3
(b) Of the States,
provinces,
ana com588.3
munes.- _ 202.8 351.5 205.7
Loans of private en597.3
472.0
742.
0
529.2
terprises
Loans of various
church organiza4.1
25.1
32.2
57.6
tions
Total.
1, 256. 2 1, 696.4 1,522.9 1, 539.4
676 5
19.8
875.2
675.2
124.4
1,472.7
135.1 2,475. 6
10.5
129.5
289.8
6, 304. 7
As appears in the foregoing table, the total
volume of foreign loans publicly issued for
618
FEDERAL RESERVE BULLETIN
German account in the first six months of 1929
amounted to 290,000,000 reichmarks, as compared with 1,128,000,000 rsichmarks in the
corresponding part of 1928. The main part of
the issues in 1929 came in the first two months
of the year; in the following three months the
issues were negligible, but in June they became
somewhat larger. The public and semipublic
undertakings of the German States, Provinces
and communes, always large borrowers abroad,
received somewhat more than their usual share
of the total. The loans of these undertakings,
together with a small amount for the direct
account of the communes, amounted to about
one-half of the tota) loans offered abroad during the period. Taken altogether, the net
effect of the new loans on the gross foreign
indebtedness has probably not been important, after making due allowance for sinkingfund instalments paid from time to time on
the debt already outstanding.
In former periods it has appeared, in default
of tangible evidence, that the amount of German foreign indebtedness was being much
increased through the purchase by foreigners
of domestic securities in the German markets.
The first definite figures on this point were
made available by the Reich statistical office
late in May, 1929. As the result of an inquiry
made from the banks, the statistical office reported that those institutions which answered
its questionnaire had sold to foreigners during
the year 1928 securities (mainly German) to
the value of 2,300,000,000 reichsmarks. The
same banks reported, however, that Germans
had purchased during 1928 securities from
abroad to a value of 1,900,000,000 reichmarks.
These securities were partly of foreign and
partly of German origin. The net result of
such transactions for the year, as stated by
the reporting banks, represented an addition
of about 400,000,000 reichmarks in the investments of foreigners in Germany.
In addition to the issues shown in the foregoing table, it was officially announced on
June 21, that a syndicate of German bankers
had agreed to place a credit of 210,000,000
xeichmarks at the disposal of the Reich, and
that the furnishing of this sum was made possible through a corresponding agreement by
the German syndicate with a group of American bankers. The duration of the credit is for
one year, and the interest rate is 1}{ per cent
-on such part of the credit as may be used, plus
1 per cent commission on the total amount of
the credit.
Current changes in the volume of short-term
debt owing abroad are not publicly reported,
SEPTEMBER,
and such modifications as have taken place
since the first of the year can be deduced only
in very general terms. From the movement
of the foreign exchanges, the net decline in the
Reichsbank's reserves of gold and devisen, and
the much reduced deficit in foreign trade, it is
to be assumed that the short-term debt has
been substantially reduced. According to estimates recently published by the Institut iHv
Konjunkturforschung, the volume of foreign
credits in Germany, other than long-term
credits, amounted to about 8,500,000,000 reichsmarks at the end of December, 1928. This
figure is the accumulated balance of funds,
excluding long-term loans, moving into and
out of Germany, as shown in the balance of
payments estimates of the Reich statistical
office, and is stated to represent short-term
credits to the extent of about 7,000,000,000
reichsmarks. The Institut further estimates
that in the first four months of this year the
figure of 8,500,000,000 reichsmarks was reduced by approximately 500,000,000 reichsmarks, but without indicating the nature of
the reduction.
Domestic credit position.—Under pressure of
the forces outlined above, the domestic credit
position was more than usually difficult during
most of the past six months. It will be recalled
from previous reports that the supply of credit,
particularly at long term, was already insufficient to meet the demand except as the latter
was restrained by high rates of interest. The
flow of funds away from Germany during the
spring of 1929 caused some further restriction
in the capacity to grant loans, with consequences visible in a diminished amount of bank
credit, in a smaller volume of new capital issues,
and otherwise.
The cash difficulties of the Reich were a
further cause for credit strain. Since last
November the Reich has been an active borrower in the short-term market; the amount of
treasury bills outstanding has been consistently
at or near the legal maximum, and from time
to time it has borrowed at the banks to meet
pressing requirements. The Reich has also,
by special agreement with certain of the public
and quasi-public offices, borrowed funds for its
own use which the latter would ordinarily have
placed in the market.
Latterly, by reason of the corrective measures
instituted by the Reichsbank and the renewed
confidence following upon the unanimous agreement of the experts' committee in Paris, the
credit stringency has moderated and the difficulties inherent in it have become measurably
relieved.
SEPTEMBER, 1929
FEDERAL RESERVE BULLETIN
In the following sections the developments in
the various branches of the money and credit
markets are briefly discussed. For the most
part, the facts are left to speak for themselves,
inasmuch as the background has already been
established in previous reports.
Formation of capital.—The only two phases
of capital formation in Germany which are
covered by regularly reported sets of figures,
are the savings deposits reported by the savings
offices or Sparkassen, and the amounts paid to
life insurance companies in the shape of premiums on policies. While the premiums paid
reflect the course of saving through life insurance, they are not in themselves a measure of
capital formed; this can be ascertained only by
the growth of insurance reserves, as to which
figures are not available.
During the past six months the Sparkassen
have reported increases in deposits in about the
same amount as during the corresponding period a year ago; but since the figures include
interest credited to the savings accounts, and
since the latter are somewhat larger than in
the previous year, the actual volume of new
savings represented by the increased deposits
may be somewhat smaller
The growth of savings deposits during 1928
is now susceptible of further analysis in the
light of material made public by the central
organization of the savings offices. Out of the
2,292,000,000 reichsmarks of new savings
deposits made in 1928, about 92,000,000 reichsmarks represented deposits credited under revalorization laws in partial compensation for
losses during the inflation, and 206,000,000
reichsmarks represented interest. Interest
comprised only 9 per cent of the total increase
for the year, whereas in 1913, by reason mainly
of the far larger sums on deposit, interest
amounted to about 61 per cent of the yearly
increase. The total of savings deposits in the
Sparkassen at the end of April, 1929, was
7,959,000,000 reichsmarks or about 40 per cent
of the 19,689,000,000 reichsmarks on deposit at
the end of 1913. [Table omitted.]
Two other agencies which receive savings
deposits do not report current figures on savings account. Large commercial banks holding
membership in the Berlin Bankers' Association
(Stempelvereinigung), which comprises a large
part of the banking strength of Germany, have
been accepting savings deposits for about a
year and a half, but their statements do not
distinguish savings deposits from other deposits
subject to notice. The cooperative organizations (Genossenschaften), of which there are
over 50,000 in Germany, also receive savings on
619
deposit, but no reliable estimate with regard to
them is available for a period later than 1927.
It is estimated that the growth in savings
deposits placed with cooperatives in that year
amounted to more than 500,000,000 reichsmarks.
During the first four months of 1929 lifeinsurance premiums received by both public
and private institutions averaged 59,000,000
reichsmarks a month as compared with 49,000,000 reichsmarks during the corresponding
period of 1928. Insurance in force is still
increasing at a fairly steady rate, but apparently at not so fast a pace as in 1928. [Table
omitted.]
Unfortunately, the useful estimates of the
Reichs-Kredit-Gesellschaft with respect to the
annual formation of capital in Germany have
not yet been extended to cover the year 1928,
though about a year ago, in its report for the
first half of 1928, the Reichs-Kredit-Gesellschaft estimated generally that domestic capital
formation during the half year had proceeded
at about the same average rate as in 1927.
The estimates for previous years, which were
published in January, 1928, were described in
the interim report of the agent general for
a year ago.
Banking
and other short-term credit [certain
tables omitted].—Over the seven months from
the end of October, 1928, to the end of May,
1929, there was some further growth of credit
on the part of the principal German banks,
with, however, a marked reaction during the
last two months of the period.
The year 1928, it will be recalled, was a
year of large expansion in banking deposits
and loans. The total deposits of the six largest
German banks, which together represent about
three-quarters of the total private banking
strength of Germany, rose during the year by
about 1,600,000,000 reichsmarks, as compared
with an increase of about 1,200,000,000 reichsmarks in 1927. In some considerable part
this increase was derived from abroad, but in
default of published information it is impossible
to determine the proportion.
There was a moderate further expansion
during the first three months of 1929. In
April and May, however, the tendency was
reversed. At that time, from causes already
outlined earlier in this chapter, the general
credit situation became extremely tense. The
decline in deposits during these two months,
according to the month-end statements of the
principal reporting banks, amounted to 775,000,000 reichsmarks, by far the largest reduction reported since stabilization. From the
620
FEDERAL RESERVE BULLETIN
movements then taking place on the foreign
exchanges, it is evident that at this time
deposits were being withdrawn from Germany
in considerable volume, but there are no figures
in the published statements to show the precise
extent of such withdrawals. Total credits
declined correspondingly in April and May,
but mainly in the category of assets eligible
for rediscount at the Reichsbank.
As will be seen from the foregoing table
(omitted) there has been a large increase during the last year in the item showing customers'
credits with other banks. These represent
acceptance credits granted by foreign banks
to German firms through the medium of
German banks. The corresponding entries on
the assets side of the bank statement are made
under the item showing advances on merchandise. The acceptance liabilities of the German
banks on their own account, which remained
almost constant for many months, showed a
slight increase at the end of the period.
During the past year there has been a
moderate expansion in the outstanding credits
of the State and provincial banks, but the
rate of expansion was considerably less than
in the first few years after stabilization.
Detailed comparisons over periods earlier
than the spring of 1928 are impossible, owing
to changes in the bank reporting system which
went into effect at that time. Total shortterm credits increased during the last twelve
months by 9 per cent, whereas deposits increased 317,000,000, or 12 per cent.
Although the volume of outstanding bills
has shown relatively little change during recent months, considerable shifts have taken
place in their distribution among the banks and
the Reichsbank. During 1928 the bill portfolios of the banks increased rapidly, whereas
the amount of bills rediscounted with the
Reichsbank steadily declined. In the spring
months of 1929, however, bill holdings of the
Reichsbank increased largely, whereas those
of the banks showed a marked decline.
The volume of Reich treasury bills has
largely increased since the middle of 1928, and
during recent months has been at or near the
legal maximum of 400,000,000 reichsmarks.
Up to the spring of 1929, these bills remained
fairly consistently in the hands of the banks
and the public except over short periods at the
month-end settlements. During April and
May, however, a substantial part of the
amounts outstanding has been under rediscount with the Reichsbank.
The need of the Reich for funds affected the
open discount market not only by increased
SEPTEMBER, 1929
offerings of treasury bills, but in other ways as
well. It will be recalled that the Reichsbank's
relations with the open discount market have
been intimate, and that heretofore it has given
the market much support by means of purchases of bankers' acceptances carried out with
funds derived from the railway company and
the public and semipublic offices. The funds
available for this purpose are now much reduced, partty because many of the public
offices have become borrowers rather than
lenders, but also because the railway company
and others with surplus funds have been making loans directly to the Reich.
Latterly, the rate prevailing on the open
discount market has been identical with the
Reichsbank rate, although the market rate has
generally been quoted below the Reichsbank
rate. In view of the fact that the bills circulating in this market are rediscountable, the
rate can scarcely rise above that of the Reichsbank.
New capital issues and the security markets.—
The domestic market for new capital issues
has been a central problem of German finance
ever since stabilization. At almost all times
the volume of loans overhanging the market
has been greater than the market could absorb.
During the last three years new issues in considerable variety have been offered in the
domestic market in the nominal amount of
about 4,300,000,000 reichsmarks each year;
but the high rates of interest which the new
issues carried and the nature of the terms favoring the purchaser, gave sufficient indication
that the demand for credit was in excess of the
funds available for investment.
The market as a whole has been subject to
periodic interruptions, frequently lasting for
several months. Such a period began with the
month of February, 1929. During January,
borrowers had taken advantage of the seasonal
accumulation of funds and issues were made to
a substantial amount. But in the succeeding
months the market became very narrow\ Altogether, during the first four months of 1929,
total issues made in the domestic market were
about 350,000,000 reichsmarks less than in the
corresponding part of 1928. The yield to the
investor was not only higher than in the previous year, but rose constantly throughout the
period, reflecting the steady decline in the market prices for bonds then taking place.
The foregoing table [Domestic capital issues:
omitted] is made up from the latest figures published by the Reich statistical office, and carries
the corrections which it has made in earlier
statistics. Figures for bonds and similar obli-
SEPTEMBER, 1929
FEDERAL RESERVE BULLETIN
gations are given in the nominal amount of the
new issues, but the figures for shares are shown
at the paid-in amount, omitting new shares
issued in connection with the consolidation of
enterprises.
During the first four months of 1929 new
issues mainly took the form of mortgage bonds
offered by the real estate credit institutions.
These obligations, known as Pfandbriefe, are
secured by mortgages on real estate, including
agricultural land, and are sold from time to
time and at varying rates according to the
market. The communal bonds offered by the
real estate credit institutions, and the public
issues made by the public authorities through
banks or bankers 7 syndicates, made up the
remainder of the bonds issued during the
period. No offerings of bonds of private concerns were reported, but the volume of shares
issued is noteworthy.
At the end of May the Finance Minister
announced an issue of 5-15 year bonds of the
Reich up to the nominal amount of 300,000,000
reichsmarks. The terms of the issue were designed to attract a large subscription. The
bonds were offered at 99, carried 7 per cent
interest, and were exempt from the property
tax and from all taxes on income, including the
tax collected by general assessment. Moreover, they were exempt from succession duties,
provided they stood in the estate of an original
holder. No part of the loan was subject to call
for amortization or otherwise until January 1,
1934, and if not called by July 1, 1934, the loan
was subject to call thereafter only for purposes
of amortization, in 10 yearly installments ending on July 1, 1944. The tax exemptions were
such as to add several points to the annual
yield, if held by wealthy persons. The loan,
however, was not a success, and notwithstanding an extension of the subscription
period, the final total of subscriptions was
reported to be about 180,000,000 reichsmarks,
some 120,000,000 reichsmarks less than the
offering.
The markets for outstanding securities have
fully reflected the changes in the credit situation as a whole. The tendency of bond prices
on the Berlin Bourse has been moderately
downward. The average return on 8 per cent
bonds issued by mortgage banks, at prices prevailing in May, 1928, was 8.22; in January,
1929, was 8.28; and in May, 8.47 per cent.
Share prices declined during the early months
of 1929. The average return on shares listed
on the Berlin Bourse at prices prevailing on
67468—29
5
621
May 31, 1928, was 4.70; on December 31, 1928,
was 4.99; and on May 31, 1929, was 5.39 per
cent.
Agricultural credit.—The special credit difficulties confronting German agriculture have
been discussed at length in previous reports.
Although the indebtedness of agriculture is
estimated to be smaller in volume than before
the war, the interest burden is larger and in
addition taxes and social charges have risen.
Here it is necessary only to indicate briefly the
changes which have taken place in recent
months, as they are revealed in the available
statistics. In the main they consist of a further
growth in the volume of agricultural indebtedness and an increase in the interest rates
charged.
The foregoing table (omitted), giving figures
compiled by the Institut fur Konjunkturforschung, represents not the amount of new credit
granted each year but the amounts estimated
to have been outstanding on the respective
dates. The principal change has been the further increase in the volume of mortgage credits,
which rose in the year ended March 31, 1929,
by about 700,000,000 reichsmarks. During
the same period the volume of short-term and
intermediate credits declined slightly.
The short-time credits shown in the table
are in addition to a volume of so-called fluctuating credits estimated by the Institut at about
1,800,000,000 reichsmarks, which represent for
the most part the debts incurred by agriculture
for the purchase of current supplies. The socalled short-time credits are frequently credits
of long standing, several times renewed, and
carrying high rates of interest. The repayment of these credits, or their conversion into
long-term credits, has thus far proved a
problem of great difficulty. As the table
shows, the rise of mortgage credits since 1925
has been very substantial, whereas the decline
in short credits has been small.
Since the beginning of 1929 the interest
rates payable by agricultural borrowers have
increased, in common with other money rates
on the German market. The amount of
interest payable annually on the short-term
and fluctuating credits, under conditions as
they existed at the end of 1928, was estimated
by the Institut fur Konjunkturforschung at
about 400,000,000 reichsmarks. Under conditions as they exist at present, the annual
interest charge is likely to be somewhat higher.
Personal credits granted by the Rentenbank
Credit Institution, for example, which cost
622
FEDERAL RESERVE BULLETIN
9# per cent in 1928 and were lowered to 8%
per cent on January 12, 1929, were raised on
April 25 to 9% per cent. Other aspects of the
agricultural situation, particularly as regards
the size of last year's crop and the low level of
prices for farm products, are discussed in the
chapters on foreign trade and German business
conditions.
Business difficulties.—A considerable increase
has taken place since the beginning of 1929 in
the number of business concerns in difficulties.
Business failures during the first five months
of the year were about 20 per cent more numerous than in the corresponding part of 1928,
and cases of compromise arranged under the
procedure instituted on October 1, 1927, have
also increased in number. There has also been
a rise in the nominal amount of protested bills,
as shown in the figures [tables omitted], supplied by the Institut fur Konjunkturforschung.
These figures, it should be explained, do not
represent totals but they give a fair sample of
the prevailing tendency.
The German currency.—During the last six
months, as in the entire period since the
experts' plan went into effect, the German
currency has satisfied all the practical requirements of the gold standard. The position of
the reichsmark in the foreign exchanges has at
times varied widely, as has been seen in a
previous section of this chapter, but its variations have been within the limits set by the
gold standard. The internal value of the Germany urrency, as reflected in the level of commodity prices, has on the whole been stable,
and latterly it has shown some tendency to rise,
as indicated by the decline in the general index
of prices.
The reichsmark still remains, however, a de
facto gold currency and not a currency legally
convertible into gold. It will be recalled that
section 31 of the bank law of August 30, 1924,
fixed the obligation of the Reichsbank to
redeem its notes in gold or devisen, but the
date at which this obligation was to come into
force was left to the decision of the general
council and the managing board of the Reichsbank. The taking of this decision has been
postponed up to the present, but the president
of the Reichsbank has recently expressed the
opinion that section 31 of the bank law should
be put into effect, in accordance with the following letter dated June 6, 1929, which he
addressed to the chairman of the committee of
experts :
SEPTEMBER, 1929
of Germany under the new plan are expressed. In
my opinion the question is a purely formal one, as the
reichsmark is de facto on a gold basis, and has proved
itself since its creation as stable a currency as any other
in the world.
Nevertheless, in order that there should be no possibility of question as to the exact definition of Germany's liability, I am of opinion that the provisions of
section 31 of the bank law of August 30, 1924, should
be put into effect, and I am therefore prepared to introduce the necessary resolutions with the managing
board and the general council of the Reichsbank at the
latest in connection with the putting into force of the
present plan by the governments.
One practical consequence of the program
thus announced is that Germany's reparation
obligations under the new plan are to be denominated in reichsmarks, whereas under the
experts' plan of 1924 they are denominated in
gold marks, a monetary unit calculated according to a formula prescribed in the London
agreement of August, 1924. The gold mark so
calculated has often been at a fractional discount or premium with the reichsmark and has
been rarely identical with it. On the other
hand, it is not to be assumed that the program
of putting section 31 of the bank law into effect
carries with it any implications whatever as to
the resumption of gold coinage or the placing
of gold coins in circulation; indeed, the utility
of introducing gold coins into circulation may
be regarded as exceedingly doubtful, whether
viewed from the standpoint of present conditions in the world gold market or from the
standpoint of the internal requirements of
Germany.
The total volume of the German currency in
circulation has increased from year to year, as
illustrated in the foregoing diagram and table
[omitted]. In part this growth has reflected the
rise in German business activity, and in part
the gradual satisfaction of the acute demand
for hand-to-hand currency which existed at
the time of stabilization and for many months
thereafter. Latterly the margin by which the
average circulation of one year has exceeded the
average of the preceding year has tended to
narrow. In 1926, for example, the average
increase in the circulation over 1925 was about
450,000,000 reichsmarks; in 1927 the increase
over the preceding year was about 550,000,000
reichsmarks, and in 1928 about 400,000,000
reichsmarks. Thus far in 1929 the year-to-year
spread has narrowed further; during the first six
months, the margin over the corresponding
period of 1928 has averaged about 170,000,000
reichsmarks.
Reichsbank notes continue to furnish the
I understand that certain of the creditor groups have
raised the question as to the interpretation to be given principal element of increase in the currency.
to the word "reichsmarks," in which the obligations In fact, the increase in the circulation of Reichs-
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1929
bank notes during, the last year as well as in
previous periods, has been somewhat larger
than the increase in the circulation as a whole.
The progressive retirement of Rentenbank
notes in conformity with legal requirements
has, of course, left a vacuum in the circulation
which, other things being equal, had to be filled.
New coinage of the Reich has partly served
this purpose, but the Reichsbank has been
called upon to supply the difference, as well
as the year-to-year increase in the circulation
as a whole. Since November, 1927, the annual
retirement of Rentenbank notes has been
reduced in accordance with the provisions of the
law, to moderate proportions, and the additional amount of Reichsbank notes required
in replacement has declined accordingly.
Up to May 31, 1929, in conformity with the
provisions of the law of August 30, 1924,
Rentenbank notes have been retired in the
following amounts and from the following
sources:
[In millions of reichsmarks]
Interest on the general mortgage on agricultural
land
Payments by the Reich
Share of the Reich in Reichsbank earnings
Repayment of agricultural bills
Total
623
880
1,512
In addition, Rentenbank notes to the amount
of about 70,000,000 reichsmarks have been
placed under earmark at the Reichsbank. At
the end of May, 1929, the amount of Rentenbank notes in the hands of the public was
about 491,000,000 reichsmarks, representing
less than 8 per pent of the total circulation.
The legal ratio of gold and eligible devisen
held by the Reichsbank against its notes in
circulation rose during most of 1928, the
result of large imports of gold during that
year, which more than offset the influence
exerted by the rising volume of the circulation.
On January 31, 1929, the ratio stood at 64.7
per cent, the highest figure for the end of any
month since January, 1927. On April 30,
1929, in consequence of the large outflow of
gold and devisen which took place in the intervening months, the reserve ratio stood at 43
per cent, and on May 7 it fell to 41 per cent, the
lowest since stabilization. By the end of
May the ratio had risen to 44.8 per cent, and
279
270 by the end of June somewhat further, to 47
83 per cent.
ANNUAL REPORT OF THE BANK OF NETHERLANDS
The annual report of the president of the
Netherlands Bank, covering the year ended
Marchv31, 1929, was delivered to the general
meeting of shareholders on June 25, 1929.
Sections of the report dealing with economic
and financial conditions in the Netherlands, and
with operations1 of the Netherlands Bank, are
given herewith.
Economic situation.—For the Netherlands
the past fiscal year, (April 1-March 31), was
not unfavorable from an economic point of
view. Trade and industry continued to develop satisfactorily, and complaints about high
costs of production and difficulties encountered
in the sale of Dutch goods abroad were less
frequent than in previous years. Unemployment continued to decline. As a consequence
of favorable weather conditions during 1928,
most agricultural and horticultural crops were
plentiful, so that the results, in spite of falling
prices, remained profitable. A considerable
demand for staple products from Germany and
America proved to be of appreciable influence
1
Taken with some textual revision from the English translation furnished by the bank. In addition, the report contains a general survey
of economic, financial, and credit conditions in Europe and America, of
the legal stabilization of several European currencies, foreign exchange,
and detailed tables showing the operations of the Netherlands Bank.
For earlier reports,'see FEDERAL RESERVE BULLETIN, September, 1928,
August, 1927, August, 1926, etc.
on the course of prices. In the early part of
the present calendar year, however, a fairly
sharp drop in prices made itself felt. For the
dairy industry also results were favorable.
Holland has, for the last three years, ranked
first among cheese exporting countries. The
total value of Dutch foreign trade during the
calendar year 1928 showed an increase of 5
per cent as compared with 1927. The value
of the exports increased by 4.5 per cent; that
of the imports by 5.3 per cent.
Conditions in the Netherland East Indies
were somewhat less satisfactory owing to a
considerable fall in the prices of several colonial
products, especially sugar and rubber.
Money market.—The Netherlands money
market was considerably less easy during the
past fiscal year than in 1927-28. During the
first five months of the period under review the
monthly loan rate fluctuated with but slight
variations, at a level of about 4 per cent, while
call money was quoted at an average of 3.8
per cent, and the private discount rate averaged about 4.1 per cent. During September,
1928, there was a rise in money rates which
continued into the autumn, with the result
that in November the monthly loan rate
reached an average of 4.7 per cent, as against
624
FEDERAL RESERVE BULLETIN
a call-money rate of 4.5 per cent and a private
discount rate of 4.2 per cent. Some relaxation
then followed, and in January, 1929, the three
rates averaged 4.5, 3.2, and 4.2 per cent,
respectively. In the last two months of the
financial year quotations were again considerably higher, and in March, 1929, the average
monthly loan rate was 5.2 per cent, while callmoney and private discount rates averaged
3.6 and 4.6 per cent, respectively. The
average rate for the whole year for monthly
loans was 4.4 per cent, as compared with 3.9
per cent for 1927-28; the average rate for call
money was 3.8 per cent, as compared with 3.6
per cent during 1927-28; the private discount
rate averaged 4.3 per cent, as against 3.8 per
cent during the previous financial year.
Foreign exchange rates.—In the new calendar year the attraction of the high rates of
interest which could be secured in New York,
in view of the great activity on the stock and
share market there, made itself strongly felt
once more and the dollar rate reached a
figure of 2,494.6 florins per $1,000 on January
16, 1929. This figure, according to the information in our possession, represented approximately the gold-export point. It appeared, however, that the reduction in the
freight for gold to New York which the shipping companies had granted in May, 1927, and
which at that time had considerably lowered
the gold-export point, was no longer in force
at the end of January, 1929. The rate at which
gold could be profitably exported to New
York consequently rose to about 2,497 florins
per $1,000. On January 30, 1929, the rate
was therefore liberated by us, and within a
few days it actually reached this figure. It is
true that toward the end of February the
freight for gold shipments to New York was
again reduced to 1 per mille, but the goldexport point nevertheless remained at about
2,497 florins per $1,000, apparently as a result
of the fact that the loss of interest during the
transport of the gold had increased.
During the months of February and March
last the rate of exchange on New York was
almost constantly touching the gold-export
point, so that we were continually obliged to
sell dollars. All in all we sold a total of
$37,100,000 in these two months. In addition
we sold an amount of £9,600,000 in February
and March in order to support the florin.
These sales of course appreciably diminished
our foreign assets and we therefore decided, in
the second week of March, to export a certain
amount of gold for our own account. In consequence of this decision we shipped on March
SEPTEMBER, 1929
13 and 14, 1929, each time an amount of approximately 12,000,000 florins in gold to
London.
On March 22, 1929, our available foreign
assets had been so much reduced that we had
to decide to convert the first of the two abovementioned gold shipments into dollars. At
the same time we considered, however, that
the moment had arrived for another measure:
As from Monday, March 25, we raised our
schedule of rates by a full per cent, so that the
discount rate for bills became 5% per cent, the
discount rate for promissory notes and the
loan rate became 6 per cent, and the rate for
advances in current account 7 per cent. This
step did not fail to have effect. On March
25 the dollar rate dropped to 2,494.2 florins per
$1,000, while at the end of the fiscal year it
stood at 2,495.4 florins per $1,000. In these
circumstances it has so far not been necessary
to break into the second of the two gold
shipments above referred to, neither have
we had to use a third shipment of about
12,000,000 florins, which we sent to London
on March 26 in order to be prepared for all
possibilities.
For the sake of completeness, we wish to mention in this connection that at the request of
the Government we undertook, during the
period under review, the purchase of dollars
required for the payment of interest and redemption of the 6 per cent Government Loan
1923 C.
Foreign bill portfolio.—The events of the
past fiscal year have clearly demonstrated the
advantage of maintaining a foreign bill portfolio. On December 31, 1928, the value of our
foreign bill portfolio had run up to about 220,000,000 florins, to which should be added our
foreign balances in current account of a total
value (at that time) of more than 34,000,000
florins, in order to show the total volume of
foreign assets at our disposal in addition to our
gold stock. On March 23, 1929, our foreign,
portfolio had diminished to about 42,000,000
florins, while the balances in current account
stood at 53,000,000 florins. These figures,
however, included a credit balance on behalf
of the Government amounting to about 44,000,000 florins for the payment of interest and
redemption of the 6 per cent Dollar Loan
1923 C. We have therefore had a margin
of about 200,000,000 florins in our holdings of
foreign assets, and had used the whole of this
amount in April last toward moderating the
rise in the exchanges; only after having exhausted these foreign holdings were we obliged
to call upon our metallic stock.
SEPTEMBER, 1929
FEDERAL RESERVE BULLETIN
We would add, although this development
falls within the new financial year, that the
increase in the bank rate by 1 per cent on March
25, 1929, soon led to an increase of our foreign
assets, so that about the middle of May we
had approximately 175,000,000 florins in devisen at our disposal.
On the occasion of the above-mentioned
increase in our rate schedule on March 25,
1929, we discontinued the practice of quoting
a separate rate for loans on foreign stocks.
This rate had been instituted in December,
1865, in view of the fact that a growing trade
in foreign stocks led to a great deal of speculation at that time. An abolition of this separate
quotation had subsequently encountered objections, even in quieter periods, because it was
feared that the public would look upon such a
measure with too great optimism. It is now,
however, sufficiently well known that the
Netherlands Bank admits only such a small portion of the foreign securities traded in on the
stock exchange as collateral for its advances,
that there seemed to be no longer any reason
for maintaining different rates for loans against
these securites and loans against domestic
securities.
Reserve ratio restored to 40 per cent.—Separate mention should also be made of another
change. By royal decree of January 4, 1929
(Staatsblad No. 3), the obligatory minimum
metallic cover of the demand liabilities of the
Netherlands Bank, which, since July 31, 1914,
had stood at 20 per cent, was again fixed at the
former figure of 40 per cent. At the same time
a slight change was made in the form of the
abbreviated balance sheet which, in accordance
with article 30 of the bank act, is published in
the State Gazette every week. By virture of a
royal decree of January 4, 1929, No. 31, a
note at the foot of this balance 7sheet, referring
to the item "Coin and bullion/ now indicates
whether a part, and, if any, what amount, of
the metallic stock of the bank is held abroad.
The Minister of Finance has at our request
stated that he has no objection to our counting
gold deposited with banks of issue abroad and
so-called "sailing gold," as far as the Netherlands Bank has the free disposal of it, as part
of the metallic cover for the bank's demand
liabilities, provided that not less than 80 per
cent of the obligatory 40 per cent cover shall
actually be in the vaults of the bank itself.
The increase in the percentage of the obligatory minimum metallic cover referred to above
has given rise to some misunderstanding.
The object of this measure was merely that of
restoring the legal provision which existed in
625
this respect prior to the war of 1914. The
obligatory minimum of 40 per cent dates from
1864, and it was only as an emergency measure
that on July 31, 1914, the ratio of 40 per cent
was reduced to 20 per cent in order to allow the
bank greater liberty of action in view of the
extraordinary circumstances then prevailing.
During the first few months of the war the
actual metallic cover of the bank's demand
liabilities did, in fact, fall below 40 per cent.
In the course of October, 1914, however, it
began to rise, and in December, 1914, it again
reached 40 per cent. Since then the actual metallic cover has always been more—and frequently much more—than 40 per cent of the
liabilities payable on demand; during the last
few years it has as a rule been over 50 per cent.
In these circumstances the decree of July 31,
1914, had become of purely theoretical importance. The restoration of the legal minimum of 40 per cent therefore makes no material difference for the bank, nor will the bank's
gold policy be affected by this measure.
International banking cooperation.—At the
initiative of the League of Nations a conference
was held at Geneva in April last by the delegates of a number of countries which are
members of the League, with a view to arriving
at closer international cooperation in preventing forgeries of bank notes, etc. As a result
of the consultations held, an agreement on
this subject was signed on April 20 by the
delegates of 23 countries, including the Netherlands. This agreement contains, besides a
number of regulations of a legal nature, the
provision that in all countries a central office
shall be established in close connection with
the central bank. As soon as 15 countries
shall have informed the League of Nations
that such a bureau has been established, the
Council of the League will convene the heads
of these central bureaus, together with representatives of the central banks concerned, in
order to discuss the collaboration in greater
detail. At the suggestion of the Netherlands
these consultations will also extend to the
prevention of the forgery of other paper of
value, so that proposals may be submitted
to the League of Nations for drafting a separate
agreement for this purpose. A bureau of this
nature was established in the Netherlands
Bank about the middle of November, 1921,
and has been in operation since that date.
Banking operations.—For the Netherlands
Bank the past fiscal year has on the whole
been favorable. The average of our discount
portfolio was 55,000,000 florins less than
during the previous year, while the average
626
FEDERAL RESERVE BULLETIN
total amount outstanding in the form of loans
was 20,000,000 florins less than the corresponding figure for 1927-28. On the other
hand, our foreign portfolio amounted on an
average to fully 42,000,000 florins more than
during the period covered by our previous
report. The average of the advances in current account (apart from the advance to the
Government not bearing interest) remained
practically the same as in 1927-28.
The Government availed itself, under article
16 of the bank act, of the right to take up noninterest-bearing advances from the bank for
a total not exceeding 15,000,000 florins at a
time, to a somewhat larger extent during the
period under review than in the previous
fiscal year. With the exception of a few weeks
in June, November, December, and January,
and a few days in May, July, August, and
March, the treasury was almost constantly in
debt to the bank. The average amount of the
non-interest-bearing advances to the Government, calculated for the whole year, was
7,100,000 florins.
Gold stock and circulation.—The bank's
gold stock remained during the greater part of
the fiscal year at practically the same figure;
only in the latter half of March it showed a
decline of nearly 12,000,000 florins as a result
of the previously mentioned sale of the first of
our three gold shipments to London.
We continued to issue gold 10-florin pieces
in the manner described in our previous annual
report. In the aggregate a sum of 649,455
florins in gold coins was issued by the bank for
circulation purposes during the past fiscal
year, while an amount of 465,420 florins flowed
back to the bank from circulation. In addition the bank delivered 850,000 florins in gold
10-florin pieces for Curagao, while a sum of
100,000 florins in gold flowed back to the bank
from Dutch Guiana.
Note circulation and metallic cover.—Our
average note circulation amounted to not
quite 5,000,000 florins more than during the
year 1927-28. It varied between 768,200,000
florins on June 25, 1928, as the lowest figure
and 870,100,000 florins on November 2, 1928,
as the highest figure. The average of the credit
balances in current account (apart from the
balance of the Government when present) was
900,000 florins more than last year.
The giro or transfer traffic continued to
develop satisfactorily; although the total
amount transferred diminished by about
528,000,000 florins (or 1.26 per cent), the
SEPTEMBER, 1929
number of items increased by almost 6,000
(or 0.89 per cent). The volume of clearings
shows an increase of nearly 11 per cent.
As to the metallic cover of our liabilities we
may mention that, calculated on the average
figures, 54.04 per cent of the liabilities payable
on demand were, during the fiscal year 1928-29,
covered by coin or bullion. In previous years
this percentage was as follows:
In
In
In
In
In
In
In
In
In
In
1927-28
1926-27_
1925-26
1924-25
1923-24
1922-23
1921-22
1920-21
1919-20
1918-19
50. 77
51. 57
50. 57
52. 82
58. 25
59. 07
57. 71
56.97
58. 42
67. 37
There is no occasion for the bank to add to or
write off any amount from the special reserve
this year. The special reserve therefore
remains on the balance sheet, with the sanction
of the Minister of Finance, at the amount of
8,000,000 florins for the purpose for which it
was created in previous years.
We have again written off a considerable sum
from the value of our buildings.
BALANCE SHEET OF THE NETHERLANDS BANK AS OF
MARCH 31, 1929
Florins (in Dollars i (in
thousands) thousands)
EESOURCES
Gold and silver coin
Gold bullion
Cash items
Foreign bills
Correspondents abroad
Domestic bills
Loans
Advances in current account
Investments
Interest accrued on loans
Interest accrued on advances in current account
Interest accrued on investments
Commission account
Bank premises and furniture
Total.
87,603
355,739
591
35,290
37,096
199,068
83,177
75,076
24, 602
501
215
159
43
5,200
35,216
143,007
238
14,187
14,913
80,025
33, 437
30,181
9,890
201
86
64
17
2,090
904,360
363,553
832, 747
26, 941
213
20,000
7,107
8,000
5,914
775
97
1
721
334, 764
10,830
86
8,040
2,857
3,216
2,377
312
39
LIABILITIES
Notes in circulation
Current accounts
Other demand liabilities
..Capital
Reserve fund
Special reserve (art. 9 of the bank act, 1919)
Pension fund
Unearned discount on domestic bills
Unearned discount on foreign bills
Expenses
Dividends payable
Balance of profits at the disposal of the general
meeting..
Totali Conversion at par: 1 florin=$0,402.
290
1,844
741
904,360
363, 553
627
FEDERAL RESERVE BULLETIN
S E P T E M B E K , 1929
FINANCIAL STATISTICS FOR FOREIGN COUNTRIES
GOLD HOLDINGS OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars.
Total
(40
countries) i
Month
1924—December...
1925—December...
1926—December...
1927—December...
8,938
8,912
9,185
9, 536
1928—June
July
August
September. .
October
November..
December...
1929—January
F e b r u a r y . __
March.
April
May .
9,748
9,840
9,870
9,938
9,944
9,990
9,999
10,032
10,054
10,085
10,042
10,123
P10.110
P10 151
June
July
August
Figures for end of m o n t h or latest available preceding date; see*BULLETIN for J u n e , p . 396]
ArUnited
genStates »
tina 3
4,090
3,985
4,083
3,977
3,732
3,737
3,749
3,752
3,769
3,754
3,746
3,746
3,776
3,814
3,889
3,931
3,956
3,974
P3, 994
Australia
Belgium
444
451
451
529
121
128
107
105
622
622
621
633
611
610
607
605
603
585
569
564
527
109
110
110
107
107
107
108
109
109
110
110
116
117
115
P515
53
53
86
100
111
112
112
112
113
115
126
126
126
126
134
134
139
141
Bra- Can-8
zil* ada
England"
GerFrance many
India ^
109
109
109
119
119
119
119
119
119
120
124
128
128
128
128
128
128
128
54
54
56
101
151
157
158
152
757
703
735
742
710
711
711
954
181
288
436
444
140
140
143
143
146
148
149
149
150
150
150
151
151
104
98
101
106
108
133
114
79
78
78
78
78
76
76
838
857
856
843
803
778
750
744
736
748
762
795
780
694
670
1,136
1,173
1,190
1,200
1,207
1,239
1,254
1,333
1,334
1,340
1,403
1,435
1,436
1 462
Pl, 526
496
524
536
571
603
625
650
650
650
639
451
420
455
512
P520
P151
p Preliminary, based on latest available figures.
1 All countries for which satisfactory figures are available; see explanation in Bulletin for April, 1929 (p. 263), where separate figures for each
country are given by years back to 1913. T h e 16 countries for which
figures are here shown separately b y months include all those which
have held gold in recent years to the a m o u n t of $90,000,000 or more.
2
Treasury and Federal reserve banks.
?
Government conversion fund and B a n k of the Nation.
Ja-8 Nether- RusItaly pan
lands sia
24
Swit- other
zer- counland tries
Spain
218
219
221
239
586
576
562
542
203
178
166
161
73
94
85
97
489
490
493
502
98
90
91
100
601
627
634
672
259
263
263
266
266
266
266
266
266
270
270
270
271
271
541
541
541
541
541
541
541
541
541
542
542
542
542
541
175
175
175
175
175
175
175
175
175
170
174
176
176
181
80
85
75
76
82
92
92
92
92
92
92
93
93
103
119
503
503
503
504
504
494
494
494
494
494
494
494
494
495
86
86
87
90
91
91
103
93
93
93
95
96
96
98
694
694
698
699
701
702
702
702
70S
70C
701
701
P699
P692
4
Bank of Brazil and stabilization fund.
5
Includes gold held b y Government against Dominion notes and
savings bank deposits, and such gold as is held by chartered banks in
the central reserve.
6
Gold held by Bank of England and, prior to 1925, gold held b y exchequer in currency note reserve.
7
Currency and gold standard reserves.
8
Domestic holdings of Bank of Japan and the Japanese Government.
GOLD MOVEMENTS
[In thousands of dollars]
United States
Month
1928
November
December
Total (12 mos.)
1929
January.
February
March
April
May
June
July..
Great Britain
Germany
Imports
Exports
Net
Imports
29,591
24,950
22,916
1,'
6,676
23,314
23,261
26, 923
943
168,897 560, 759 -391,872 221, 986
9,541
Exports
Netherlands
Imports
Exports
22, 261
17, 792
41,989 -19,728
25,502 - 7 , 7 1 0
414
170
212,444 232, 658 294, 539 -61,881
15,417
Net
22,318
26,121
Net
Im-
Ex-
ports
ports
1,778
South
Africa
India
Net
Net
Net
392
5
-20,081
-12,253
6,426
9,839
13, 639
-208,479
75,908
s
__
__
48,577
26,913
26,470
24, 687
24,097
30, 762
35, 524
1,378
1,425
1,635
1,594
467
550
803
47,199 1,25Q
577
672
25, 488 l,33g
764
574
24,835 1,701
804
897
23, 093 1,768 223, 247 -221,480
23, 630 1,946
781
1,165
30, 212 7,493
681
6,812
34, 721 47, 732
716
47, 016
January-July
Calendar year
Exports
Imports
Exports
Imports
Exports
251
44,866
47,811
79
1,289
3,194
14, 382
46, 821
72,047
1,259
97,178
102,423
7,081
257
662
4,871
4
296
6,705
47, 239
912
258
145
18,582
9,733
July
Prance.. . _
Germany
Netherlands
Russia
Spain and Canaries..
Switzerland.
United States
South America
British India
British Malaya
Egypt Rhodesia
Transvaal
West Africa
A.11 other countries...
Total.
14
3,433
64
7,937
133
399
18,113
327
41
1,312
32,532
1,166
6,888
1,450
2,816
486
2,650
100, 377
2,405
5,712
71
1,309
5,280
144,482
3,384
20, 336 14,803
22,578 100,479 ! 138,016 205, 866 232, 658
4,730
7,700
13,063
6,580
6,076
-16,607
-17,848
-21, 542
-15,871
-17, 975
-22,625
-14,816
1929
1928
Imports
From or to—
504
14
490
181
6
175
133 14,320 -14,187
165
163
2
4,338
23 4,315
190
173
17
129
121
M O V E M E N T S TO A N D F R O M BRITISH INDIA
[In thousands of dollars]
M O V E M E N T S TO AND P R O M GREAT BRITAIN
[In thousands of dollars]
1929
27,891 -16,047
21,383 -9,036
7,746 17,987
3,714 12, 430
4,652 23, 632
40,001 -18, 917
100, 479 -77, 901
199
13,493
32,132
1,074
10,770
1,810
1,384
16
26,978
294,539
From or to—
May
Imports
England
United States
Aden and dependencies
Arabia
British Oceania
Bahrein Islands.
Ceylon
China
Mesopotamia
Straits Settlements
Egypt
Natal
All other countries..
Total
Exports
1928
January-May j Calendar year
Imports
Exports
Imports
636
6,577
22
101
7
227
6
404
12
263
447
518
1,432
78
1,110
105
1,163
17
2,733
23, 972
5
910
870
5,067
285
720
153
1.543
18
200
fi. 714
_ 44,387
14
38,181
32 j 76,007
1,216
3,204
6,076
Exports
11,071
4,086
'
6
48
44
99
628
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1929
CONDITION OF CENTRAL BANKS
[Figures are for the last report date of month]
1929
July
Bank of England (millions of pounds
sterling):
Issue d e p a r t m e n t Gold coin and bullion
Notes issued
Banking departmentGold and silver coin
Bank notes
Government securities
Other securities
Discounts and advances
Public deposits
Bankers deposits
Other deposits
Reserve ratio 1 (per cent)
Bank notes in circulation J
June
1928
May
162.5
422.5
141.4
401.4
159.1
419.1
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
62.4
40.0
22.4
8.2
24.3
56.3
35.3
54.5
360.1
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
36,596
7,805
18,407
8,266
5,769
64,316
11,431
7,176
Currency notes and certificatesBank 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
Bank of Italy (millions of lire):
Gold at home
Credits and balances abroad
Loans and discounts
Total note circulation
Public deposits
Other deposits
Bank of Japan (millions of yen):
Gold
Advances and discounts
Government bonds
Notes issued
Total deposits
Commonwealth Bank of Australia
(thousands of pounds sterling):
Issue departmentGold coin and bullion
Gol
Securities
Banking departmentCoin, 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 reserveOther foreign exchange
Domestic bills
Government debt
Note circulation
Deposits
July
173.2
193.0
2.8
57.0
28.3
48.4
11.5
106.8
50.4
79.8
295.1
29,918
16, 811
12, 642
5,199
5,930
60,436
9,354
5,869
1,999
150
334
2,798
516
4,726
443
1,831
80
361
3,196
631
4,839
465
1,705
59
299
3,260
628
1,606
498
2,114
86
184
2,595
542
4,569
581
5,159
4,936
5,220
16,887
300
1,772
5,159
4,920
6,004
16,753
300
1,529
5,126
4,911
5,110
16, 251
300
1,753
5,001
4,395
17, 395
166
3,277
1,062
755
210
1,266
867
1,064
728
244
1,462
1,064
781
189
1,188
941
1,063
851
192
1,271
958
22, 721
18, 832
22,151 21,861
19,982 20,482
22, 667
21, 345
1,459
1,897
1,984
1,695
10,053
11,042
14, 375
35, 224
37,528
15,813
10,834
13,009
41,113
37,701
15, 368
10,745
12,285
39,091
38,343
17,132
12,118
12,039
42, 454
39, 389
169
217
365
247
110
1,047
61
199
346
255
110
1,044
37
343
225
110
998
48
1929
119
298
315
159
168
1,009
52
July
June
1,012
1928
May
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
451
781
347
2,554
100
1,003
460
727
343
2,482
108
963
491
744
345
2,498
102
803
468
559
384
2,140
134
National Bank of Bulgaria (millions
of leva):
Gold
Net foreign exchange
Total foreign exchange
Loans and discounts
Government obligations
Note circulation
Other sight liabilities
1,379
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
1,361
1,614
2,095
1,523
3,645
3,977
2,876
1,304
543
1,012
4,518
4,131
1,024
62
430
71
352
146
62
440
366
164
62
441
85
370
148
15
317
146
26,036
29,371
11,316
45, 485
25,869
29,438
14,753
48,656
9,817
25, 745
29,426
14,509
47,810
10,391
24, 401
43, 204
4,293
50, 457
13, 006
1,207
1,696
918
1,206
1,781
861
1,206
1,703
640
1,129
1,868
244
397
7,321
425
405
7,612
415
407
7,183
404
460
7,344
451
173
92
79
351
173
88
74
366
34
173
94
74
35829
182
93
60
340
26
16,176
11,746
24,245
37,028
2,294
15, 883
27,308
20,452
37, 681
3,577
Central Bank of Chile (millions of
Gold at home
Deposits abroad
Loans and discounts.
Note circulation
Deposits
Bank of the Republic of Colombia
(thousands of pesos):
Gold at home
Gold abroad
Loans and discounts
Note circulation
Deposits
Czechoslovak National Bank (millions of Czechoslovak crowns):
Gold and silver
Foreign balances and currency...
Loans and advances
Assets of banking office in liquidation
Note circulation
Deposits
Danish National Bank (millions of
kroner):
Gold
Foreign bills, etc
Loans and discounts
Note circulation
Deposits
Bank of Danzig (thousands of Danzig gulden):
Balances with Bank of EnglandForeign bills, etc..
Loans and discounts
Note circulation
Deposits
T
16,429
13, 263
22,108
38, 263
1,882
16, 732
12, 612
22,436
38,259
1,561
Bank of Estonia (thousands of
krones):
6,328 6,315 6,295 10, 040
Gold
19, 725 18, 887 19,296 27,455
Net foreign exchange
26,165 27, 552 27,970 25,062
Loans and discounts
33,089 31,594 31,587 37, 243
Note circulation
Deposits17,002
9, 820 10,909 10,763
Government
4,187 3, 763 4,758
1,515
Bankers
2, 054 2,863 2,719
4,955
Other
1
Ratio of gold and notes in banking department to deposit liabilities.
1
Notes issued, less amounts held in banking department and in currency note account.
629
FEDEBAL RESERVE BULLETIN
SEPTEMBER, 1929
CONDITION OF CENTRAL BANKS—Continued
[Figures are for the last report date of month]
1929
July
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 reserveTotal 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
BillsLoans
_
Note circulation
Government deposits
Other deposits-
June
May
301
301
310
505
10
1,369
1,439
194
645
7
1,375
1,473
199
580
5
1,366
1,481
228
674
62
1,543
115
605
2,897
5,092
142
3,597
5,304
1,596
594
3,242
5,439
141
3,656
5,494
1,780
581
3,209
5,528
117
3,656
5,415
1,802
531
3,261
4,140
3,790
5,131
2,187
74
491
94
78
177
17
381
92
34
463
165
47
177
19
381
92
46
446
190
52
197
58
336
104
168
496
206
135
148
36
124
302
50
161
28
114
305
46
162
26
90
300
32
173
24
105
313
56
24
47
90
59
44
104
24
53
87
58
44
111
24
78
83
43
42
113
67
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
449
178
160
812
15
437
176
151
779
21
437
161
194
797
30
435
204
155
810
37
Bank of Norway (millions of kroner):
Gold
Foreign balances and bills
Domestic credits
Note circulation
Foreign deposits.Total deposits
147
39
263
315
1
147
46
275
318
2
97
147
46
278
305
2
112
147
32
281
319
2
82
Reserve Bank of Peru (thousands of
libra):
Gold
Gold against demand deposits
Foreign exchange reserve
Bills..
Note circulation
4,237
178
729
2,337
4,162
254
783
2,127
6,327
509
4,244
172
738
1,916
6,199
344
4,126
290
1,487
1,251
6,210
580
357
8
Converted into the terms of the leu adopted Feb. 7, 1929.
July
July
301
163
37
1929
1928
June
Bank of Poland (millions of zlotys):
431
432
Gold at home
,
195
195
Gold abroad
444
438
Foreign exchange of the reserve.._
82
82
Other foreign exchange
782
833
Loans and discounts
1,293
1,298
Note circulation
286
308
Current account of the treasury. _
154
160
Other current accounts
Bank of Portugal (millions of escudos):
9
Gold
308
292
Balances abroad
300
271
Bills
1,921
1,845
Note circulation
53
50
Deposits
National Bank of Rumania (millions
of lei):
Gold at home
5,126
5,100
Gold abroad
3,592
3,592
Foreign exchange of the reserve._ 1,465
1,907
Other foreign exchange
147
155
Loans and discounts
9,598
10,009
7,631
State d e b t . . .
7,631
Note circulation
19,188 19,113
Deposits
7,356
7, 341
State Bank of Russia (thousands
of chervontsi):
372, 550
Loans and discounts
_ 196,057
Deposits...
Issue department18,103
Gold.
4,212
Other precious metals
9,361
Foreign exchange
121,676
Note circulation.National Bank of the Kingdom of
Serbs, Croats, and Slovenes (millions of dinars):
93
94
Gold
178
261
Foreign notes and credits.1,501
1, 549
Loans and discounts
2,966
2,966
Advances to State
5,196
5,299
Note circulation
714
1,020
Deposits
South African Reserve Bank (thousands of pounds sterling):
Gold
Foreign bills
Domestic bills
Note circulation
DepositsGovernment
Bankers
Others
Bank of Spain (millions of pesetas):
Gold
Silver
Balances abroad.-_
Loans and discounts
Note circulation
_
Deposits
Bank of Sweden (millions of kronor):
GoldForeign 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.-
1928
May
July
429
195
456
83
831
1,244
351
181
407
195
502
208
655
1,159
336
241
9
300
280
1,813
55
244
244
1,919
97
5,068
3,592
2,355
362
9,468
7,672
19, 343
8,488
3 4,980
3 3, 644
(4)
13,134
10, 679
21, 039
1,112
361, 523 330,964
206,072 190, 642
18,098 16, 543
3,915
4,268
7,280
9,406
112,905 101, 397
93
230
1,474
2,966
5,092
747
90
250
1,595
2,966
5,313
678
7,669
8,114
748
8,460
7,747
7,524
1,211
9,636
8,257
8,198
1,207
9,709
7,820
8,095
578
8,476
2,272
4,822
634
1,635
4,787
287
2,050
4,994
1,757
5,040
485
2,563
720
96
1,952
4,289
931
2,561
723
93
2,017
4,258
932
2,560
720
97
1,581
4,272
1,104
2,608
709
37
1,902
4,243
959
234
208
332
522
157
234
196
439
560
215
234
183
390
519
208
230
136
339
497
139
507
217
218
900
67
496
265
215
898
101
496
261
181
872
110
448
199
240
860
73
« Foreign exchange not reported separately.
630
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1929
CONDITION OF COMMERCIAL BANKS
[Figures are for the last report date of month except for London clearing banks, which are daily averages]
1929
Nine London clearing banks (millions of pounds sterling):
Money at call and short notice...
Advances and discounts
Investments
Deposits
Six Berlin banks (millions of reichsmarks):
Bills and treasury notes_
Due from other banks
Miscellaneous loans
Deposits
Acceptances
Tokyo banks (millions of yen):
Cash on hand
Total loans
Total deposits
Total clearings
1928
July
July
June
May
143
1,219
242
1,778
150
1,194
244
1,770
143
1,172
244
1,732
146
1,190
236,
1,749
2,365
1,189
7,098
9,989
463
2,365
1,228
6,956
475
2,132
1,187
7,046
9,659
491
2,015
976
6,248
8,579
407
259
2,087
2,090
2,192
289
2,126
2,097
2,184
344
2,047
2,101
2,203
278
2,072
2,040
2,986
I
1928
1929
June
Banks of Buenos Aires, Argentina
(millions of gold pesos):
Gold— .
Bank of the Nation
Other banks
Other cashBank of the Nation
Other banks
Loans and discounts—
Bank of the Nation
Other banks
DepositsBank of the Nation
Other banks
Chartered banks of Canada (millions of dollars):
Gold coin and bullion »_
Current loans and discounts
Money at call and short notice...
Public and railway securities
Note circulation
Individual deposits
Gold reserve against Dominion
notes
Dominion note circulation
May
1929
June
April
102
11
106
15
140
12
125
184
130
180
133
170
153
231
569
873
549
877
543
881
485
732
777
1,015
769
1,012
773
1,016
764
953
61
1, 566
594
525
187
2,559
64
1,559
594
523
168
2,560
64
1,572
564
516
171
2,596
68
1,457
508
531
183
2,561
59
210
59
197
59
205
81
201
June
Joint-stock banks of Denmark (millions of kroner):
Loans and discounts
Due from foreign banks
Due to foreign banks
Deposits and current accounts. _.
Joint-stock banks of Finland (millions of Finnish marks):
Loans and discounts
Due from abroad
Due to abroad
Deposits
Three commercial banks of France
(millions of francs):
Bills and national-defense bonds..
Loans and advances
Demand deposits
Time deposits
Four private banks of Italy (millions
of lire):
Cash..
Bills discounted.
Due from correspondents
Due to correspondents
Deposits
Joint-stock banks of Norway (millions of kroner):
Loans and discounts
Due from foreign banks
Due to foreign banks
Rediscounts
Deposits
Joint-stock banks of Poland (millions of zlotys):
Loans and discounts
Due from foreign banks
__
Due to foreign banks
Rediscounts
_
Deposits
May
April
1,744
143
71
1,963
1,739
153
78
1,946
1,860
110
77
1,964
10, 047
189
633
7,730
9,941
142
608
7,568
9,850
168
589
7,630
9,430
195
501
7,807
19, 069
9,965
32,325
655
19,410
10,108
32,153
627
19, 254
8, 413
31,970
470
1,178
8,628
5,407
13,701
3,041
1,175
8,871
5,082
13,775
2,868
1,138
8,390
5,437
13, 505
3,061
1,253
102
78
100
1,557
1,250
103
83
100
1,558
1,266
102
86
101
1,564
1,429
80
108
147
1,611
P829
824
31
168
156
518
36
166
152
514
36
119
137
450
4,117
253
119
231
3,469
4,123
276
126
209
3,524
4,102
257
133
252
3,487
P 149
P521
Loans and discounts
Foreign bills and credits abroad..
Due to foreign banks
Rediscounts
Deposits
June
1,767
143
64
1,955
Joint-stock banks of Sweden (millions of kronor):
i Not including gold held abroad.
1928
4,130
259
112
262
3,462
» Preliminary.
DISCOUNT RATES OF 34 CENTRAL BANKS
[Rate prevailing September 1,1929, with date of latest change]
Country
Rate
Austria
Belgium
Bulgaria
Chile.
_.
Colombia
CzechoslovakiaDanzig.__
Denmark
Ecuador
5
10
6
7
5
7
5
10
In effect
since—
Apr.
July
July
Oct.
Aug.
Mar.
Apr.
June
May
Country
24,1929 England^.
31,1929 Estonia..
2,1929 Finland...
22,1928 France
1,1929 Germany.
8,1927 i Greece
30,1929 1 Hungary. _
24,1926 India
15,1929 Italy
Rate
In effect
since—
Feb.
7,1929
2,1928
Nov. IS, 1928
?M Jan.
Jan. 19,1928
25,1929
Nov. 30,1928
V* Apr.
Apr. 24,1929
8
5
7
June 6,1929
Mar. 14,1929
Country
Rate
Japan
Java
Latvia
Lithuania. . .
Netherlands
Norway
Peru..
Poland
Changes.—The South African Reserve Bank from 5 ^ to 6 per cent on August 17, 1929.
5.48
5H
6-7
7
5H
5H
9
In effect
since—
Oct.
July
Apr.
Feb.
Mar.
Mar.
Mar.
Apr.
10,1927
22,1929
1,1928
1,1925
25,1929
27,1928
7,1929
19,1929
Country
Portugal
Rumania
Russia
South Africa
Spain
Sweden
Switzerland.
Yugoslavia..
Rate
8
In effect
since—
July
May
Mar.
Aug.
Dec.
Aug.
3H Oct.
6 June
8
6
5^
V/2
27,1926
14,1929
22,1927
17,1929
19,1928
24,1928
22,1925
23,1922
631
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1929
MONEY RATES IN FOREIGN COUNTRIES
England (London)
Month
1927
July
August
September ._
October..
November
December
Bankers'
acceptances, 3
months
.. .
1928
January
February __
March
April
May
June
July
August
September
October
November
December . .
.
1929
January
February
March..
April . . . . . .
May
«_ .
June
July.
Treasury
bills, 3
months
Bankers'
Day-to-day allowance
money
on deposits
4.33
4.33
4.32
4.32
4.33
4.31
4.33
4.35
4.33
4.33
4.34
4.31
3.50
3.61
3.55
3.57
3.62
3.44
4.19
4.18
4.12
4.02
3.97
3.82
3.99
4.27
4.23
4.35
4.38
4.37
4.13
4.18
4.07
4.01
3.95
3.80
3.97
4.26
4.19
4.37
4.30
4.37
3.49
3.63
3.63
3.57
3.58
3.26
3.27
3.50
3.55
3.80
3.64
3.22
2H
4.32
5.05
5.33
5.21
5.21
5.32
5.38
4.29
4.96
5.30
5.18
5.21
5.35
5.39
3.41
4.33
4.51
4.43
4.67
4.23
4.54
2H
2}4rZ\b
Belgium
(Brussels)
France
(Paris)
Italy
(Milan)
Private
discount
rate
Private
discount
rate
Private
discount
rate
Netherlands (Amsterdam)
Germany (Berlin)
2H
2%
2H
2V4
2H
2H
3M
qi/
3^
31/2
Private
discount
rate
Money for Day-to-day
1 month
money
Private
discount
rate
Money for
1 month
Switzerland
Private
discount
rate
5.90
5.82
5.90
6.69
6.76
6.87
8.49
8.38
8.30
8.72
8.72
9.10
7.06
5.81
6.00
7.19
6.03
7.24
3.53
3.45
3.56
4.11
4.50
4.49
3.25
3.40
3.82
4.29
4.73
4.85
3.47
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
S.80
5.80
6.31
6.63
7.49
7.50
7.39
7.51
7.07
7.30
7.57
9.65
9.89
9.35
5.13
6.33
6.97
6.85
9.32
7.90
8.21
4.20
4.39
4.64
5.36
5.37
5.30
5.14
4.46
4.78
5.05
5.81
5.88
5.30
4.89
3.28
3.31
3.39
3 45
3.34
3.26
3.19
Austria (Vienna)
Sweden
(Stock.
holm)
Hungary
Japan (Tokyo)
Month
1927
July
August
September
October
November
December
3.84
3.84
3.75
3.87
4.09
4.15
2.13
2.04
2.01
1.82
2.75
2.95
7.00
7.00
6.81
6.50
6.27
6.00
1928
January
February
March .
April
May
June
July
August.
September
October.
November
December
4.08
3.90
4.10
4.25
4.25
4.27
4.02
4.00
3.96
3.94
3.94
3.94
2.81
2.75
2.72
2.62
2.62
2.90
3.12
3.23
3.26
3.37
3.37
3.41
6.00
5.89
5.75
5.49
5.25
5.25
5. 25
5.25
5.25
5.25
5.45
5.50
1929
January
February
March
April..
May
June
July
_
3.94
3.94
3.94
3.94
3.94
3.94
4.00
3.50
3.39
3.37
3.44
3.49
3.50
3.50
5.83
6.00
6.31
6.75
6.83
6. 75
6.75
Private
discount
rate
Money
for 1
month
Prime
commer- Day-to-day
money
cial paper
594 -6H
7 -894
7^-8
6H -6Mo
7 -8H
7H-SH
7*£IH
6H -6H
594 -6H
6M-8
5^£ -5*H 0
QH-7H
.
5H -5*4
594 -6H
7H-8H
7H-SH
6V4 6 ^H 8
7^ 6 -7H
7H -7%
7U-SH
7J4-8J4
7J4-8J4
7%-8H
8 -9
81/4-9
8H-9
Call
Loans up Discounted
money
to 3
bills 1
overnight
months
7 -8H
6 -7
6 -794
6 -7H
6 -79i
594-796
4
4
4
4
4
4
-6
-6
-6
-6
-6
-6
7y*—8\(i
5H-7H
5H-7H
5 -7M
TM
5H-7H
4
4
4
4
4
4
4
-6
-6
-6
-6
-6U
-6\i
-6H
7J4-8H
794-9
794-9
5^-79i
5H-7H
6X-8H
4V6-6V6
4^-6^
7^g-8%
SU-9H
83/4-93/4
MH$
7 -9
7 -9
7 -9
4H~«H
41/2-61/2
3.65-5.11
3.65-4. 75
2.19-4. 38
2.19-4. 38
2. 74-4.02
2.19-5. 84
6. 57-6. 94
6. 57-6 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
5. 84-6. 21
5. 66-5. 84
5. 66-5. 84
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
1
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. The 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.
632
FEDERAL RESERVE BULLETIN
SEPTEMBER, 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—August
1829—January
February
March
April
May
June
July
August _
14. 0860
14.0598
14. 0543
14.0522
14.0467
14. 0468
14.0465
14. 0519
14. 0745
13.9070
13.8958
13. 8944
13.8836
13.8847
13. 8826
13. 8832
13.8917
13. 8995
Italy
. (lira)
Denmark
Bulgaria Czechoslovakia
(lev)
(krone)
(crown)
0.72
. 7213
.7191
.7202
.7206
.7212
.7210
.7218
.7213
.7217
England Finland
(pound) (markka)
Germany
Hungary
Greece
(reichs- (drachma)
(pengo)
mark)
(»)
26.80
486. 65
2.52
3.92
23.82
1.30
17.49
2. 9623
2.9605
2.9604
2.9610
2.9600
2. 9599
2.9602
2. 9595
2. 9593
26. 6890
26.6704
26. 6664
26. 6493
26.6527
26. 6473
26. 6332
26. 6387
26. 6243
485. 3525
484.9878
485. 2140
485. 2626
485. 3225
485.0785
484.8230
485.1018
484. 8515
2. 5169
2. 5171
2. 5169
2. 5165
2. 5160
2. 5155
2. 5144
2. 5147
2. 5148
3. 9070
3.9082
3.9057
3.9058
3. 9070
3. 9071
3.9098
3.9158
3. 9134
23. 8327
23.7694
23.7306
23.7218
23. 7039
23. 7570
23. 8403
23.8255
23. 8140
1. 2952
1.2917
1. 2915
1.2920
1.2924
1.2924
1.2921
1. 2922
1. 2918
17. 4273
17.4246
17.4278
17.4255
17.4239
17.4269
17.4280
17 '4300
17.4369
Russia»
(chervonetz)
Netherlands
(florin)
Norway
(krone)
Poland
(zloty)
Portugal
(escudo)
Rumania
(leu)
108.05
0.60
Par value
5.26
40.20
26.80
11.22
1928—August
1929—January
February
March
April
May
June
July
August
5. 2334
5. 2337
5. 2343
5. 2351
5. 2355
5. 2357
5. 2313
5. 2302
5. 2286
40.1056
40.1096
40. 0490
40.0535
40.1409
40.1984
40.1512
40.1362
40. 0597
26. 6881
26.6560
26. 6633
26.6609
26. 6644
26. 6550
26.6393
26. 6471
26.6325
11. 2053
11.1883
11.1942
11.1923
11.1910
11.1859
11.1858
11.1868
11. 2039
4. 5260
4.4281
4.4069
4. 4495
4.4645
4.4738
4.4854
4.4822
4.4668
.6110
.6018
.6001
.5964
. 5955
.5946
.5935
.5937
.5940
NORTH AMERICA
Par value
1928— August
1029—January
February
March
April
May
June
July
August
France
(franc)
514.60
* 515. 0000
« 515.0000
< 515.0000
* 515.0000
* 515.0000
* 515. 0000
•515.0000
* 515. 0000
* 515.0000
Spain
(peseta)
Sweden
(krona)
Switzerland
(franc)
19.30
26.80
19.30
16.6101
16. 2954
15. 5587
15.0656
14.7495
14. 2245
14.1315
14.5070
14. 6664
26. 7619
26. 7392
26. 7275
26. 7101
26.7054
26. 7181
26.7623
26. 8020
26. 7865
19. 2521
19.2405
19. 2318
19.2333
19.2468
19. 2572
19.2409
19. 2347
19. 2379
Yugoslavia
(dinar)
19.30
1. 7598
1.7580
1. 7573
1. 7563
1.7563
1. 7570
1.7568
1. 7559
1.7558
SOUTH AMERICA
Canada
(dollar)
Cuba
(peso)
Mexico
(peso)
100.00
100.00
49.85
96.48
99. 9958
99.7509
.99.6411
99.4030
99.2394
99. 3012
99.1632
99.4760
99.4390
99. 9667
99. 9583
100. 0307
100.0261
99. 9721
100. 0101
99.9522
99.9083
99.9655
47. 4859
48. 3678
48. 4581
48.0515
48.2419
47. 9715
47.8536
48. 0883
48. 5676
95. 8955
95.7642
95. 7650
95.5624
95. 5563
95. 5184
95.2760
95. 3678
95. 3901
Colombia 8 Ecuador»
(sucre)
(peso)
Brazil
(milreis)
Chile
(peso)
36.50
11.96
12.17
97.33
20.00
486.85
103.42
35. 3007
36. 3308
36. 5000
36.5000
36.5000
36. 5000
36.5000
36. 5000
36. 0000
11. 9404
11.9160
11.9171
11.8235
11.8348
11. 8634
11. 8553
11.8579
11. 8598
12. 0779
12.0630
12. 0479
12.0645
12. 0644
12. 0423
12. 0362
12. 0448
12. 0589
97. 2604
97.0900
97.0900
96. 7669
96.3900
96. 3900
96.4320
96. 5712
96. 3900
20.0000
20.0000
20.0000
20.0000
20.0000
20.0000
20. 0000
20.0000
20. 0000
398. 0000
400.0000
399. 7727
400.0000
400. 0000
400.0000
400. 0000
400.0000
400. 0000
102. 5100
102. 7469
102. G037
101.6177
99.1120
97. 7018
96. 6934
97. 5731
98. 5723
Argentina Bolivia»
(peso-gold) (boliviano)
SOUTH
AMERICA—
Peru"
(libra)
ASIA
Uruguay
(peso)
AFRICA
continued
Venezuela •
(bolivar)
Par value
1928—August
1929—January
February
March
April
May
June--,
July
August
._
China
China
(Mexican (Shanghai
dollar)»
tael) *
China
(Yuan
dollar)»
Hong
Kong
(dollar)»
India
(rupee)
Japan
(yen)
Java1
(florin)
Straits
SettleTurkey
ments
(Turkish
(Singapore pound)
dollar)
19.30
41.55
57.73
41.10
41.25
36.50
49.85
40.20
56.78
19. 2500
19. 3400
19. 2636
19.2500
19.2550
19. 3300
19.3800
19. 3800
19. 3100
46. 9617
45.6837
44. 7932
44. 8856
44. 2260
43. 2824
42.1116
41. 6354
41.4362
64. 9965
63.1168
62.1973
62. 2304
61.2516
59. 6191
67.7650
57.8368
57. 6873
46. 8549
45.4070
44. 5558
44. 6205
43.9839,
42.8005'
41.4866
41. 5521
41. 3649
49. 8974
49.8161
48.8849
48. 8437
48. 6963
48. 3424
47.8613
48.1230
47. 9432
36. 2501
36.4487
36. 3629
36. 3623
36. 3107
36.1817
36.0292
35.9742
35.9714
45. 0505
45. 5102
45. 2103
44. 5203
44. 6176
44. 6460
43.8830
45. 5571
46.6928
39. 9752
40. 0623
39. 9218
39.9396
39.9896
40.1000
40.0500
40.0346
39.9600
55. 9815
56. 0027
55.9681
56.0752
55.9615
55.9824
55.9284
55.8775
55. 8666
439.65
51. 4607
48.7296
49.2150
48. 9973
49.0731
4a 5304
47.8000
Egypt
(Egyptian
pound)
494.31
497. 8298
497.3430
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 Now 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.
1
The National Bank of Czechoslovakia opened Apr. 1,1926, under the obligation " t o maintain the relation of the Czechoslovak crown to the
undepreciated foreign gold currencies at the level of the last two years." During the period 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.
• Averages based on daily quotations of closing rates as published by New York Journal of Commerce.
* Nominal.
« Silver currency. The figure given for parity represents gold value of unit in August, 1929, computed by multiplying silver content of unit by
New York aveiage price of silver for August, 1929, which was $0.52891 per fiae ounce. On the same basis, parity in August, 1928, for the ChineseMexican dollar was 46.50 cents; for the Shanghai tael, 64.61 cents; for the Yuan dollar, 46.00 cents; and for the Hong Kong dollar, 46.17 cents.
633
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1929
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES
ALL COMMODITIES
EUROPE
Month
United
States
(Bureau of
Labor
Statis-
tics) i
1927
November..
1928
January
February
March
April
May
June
July
August
September..
October
November. .
December...
96
96
96
97
99
98
98
99
100
98
97
97
1929
January
February
March
April
May
,
June
July
August
Austria
(gold
basis)
Belgium
Bulgaria
Czecho- Denslovakia mark
GerFrance
Engmany HunFinland
(Fedland
gary
(Board (gold
Statis- Federal eral
(gold
of
tical Reserv e Statisti- basis)
basis)
i
Trade)
Bureau Board cal Bureau)
127
127
838
841
2,707
2,739
967
975
154
154
141
140
103
103
595
604
545
567
140
140
133
135
466
463
152
152
157
159
129
128
129
131
131
133
133
133
131
129
128
127
851
848
848
847
844
844
841
831
830
835
847
855
2,782
2,826
2,839
2,891
2,906
2,866
2,911
2,790
2,805
2,844
2.875
2,865
982
985
978
984
987
986
979
996
986
971
957
955
153
152
153
154
155
155
155
154
151
150
151
151
141
140
141
143
144
143
141
139
138
138
138
138
102
102
103
103
103
103
103
103
101
101
101
101
607
609
623
619
632
626
624
616
620
617
626
624
569
569
587
601
617
621
613
607
598
585
580
588
139
138
139
140
141
141
142
142
140
140
140
140
135
134
135
136
135
135
133 |
134 !
137
138
137
135
463
461
464
464
465
462
453
456
458
463
466
464
154
151
153
153
152
152
148
145
146
146
148
148
157
157
157
156
156
158
160
153
153
151
150
150
128
130
133
134
135
134
132
132
867
865
869
862
851
848
858
2,869
2,945
2,974
2,991
3,034
953
950
964
963
940
917
922
151
159
154
150
148
146
138
138
140
139
136
136
100
100
100
99
98
98
97
630
638
640
627
623
611
613
591
599
616
621
606
598
139
139
140
137
136
135
138
134
137
138
134
129
127
461
463
461
455
454
447
440
146
146
14'.
144
142
141
149
150
150
148
14*
147
149
148
EUROPE—continued
Month
Italy Nether- Norway
(Bachi) lands (Oslo
Po1
land •* Russia
ASIA A N D OCEANIA
Canada*
Spain Sweden Switzerland*
Peru
Australia
China Dutch
(Shang- East
Indies
hai)
India
(Calcutta)
Japan
(Tokyo)
New
Zealand
Egypt
Cairo)
1927
November..
December...
102
101
170
170
168
169
148
148
147
146
200
199
166
162
166
164
151
150
148
148
168
168
147
148
114
1928
January
February. _.
March
April
May
June
July
August
September..
October
November..
December...
100
99
102
105
103
103
102
100
100
100
100
100
171
171
171
171
171
172
172
173
173
176
176
177
166
166
165
166
164
164
164
166
168
174
176
175
148
147
149
151
152
151
150
149
146
145
145
145
145
144
145
146
145
145
144
144
145
145
145
144
199
195
193
197
195
195
193
190
188
187
186
185
163
160
160
162
159
158
157
154
153
152
152
154
163
164
163
163
165
160
159
157
156
159
159
160
150
149
149
150
151
150
150
148
149
149
149
149
145
144
144
146
147
145
148
143
142
143
146
145
169
169
169
170
171
169
169
170
174
174
173
174
150
147
147
147
148
148
148
147
148
149
150
149
114
114
116
126
117
117
117
lift
1?0
12C
1?9
126
177
177
178
179
180
181
171
175
174
174
171
144
145
144
141
140
139
140
143
143
142
140
139
139
143
186
186
189
185
186
186
187
157
156
157
158
156
158
159
160
162
164
161
162
163
163
150
150
151
149
151
145
144
143
140
139
138
172
171
171
170
169
168
166
147
146
146
146
147
South
Africa
120
121
119
120
1929
January
February. _.
March
April..
May
June
July
August
125
1m
23
120
114
108
109
120
'117
I
• New official index.
* Revised
* New index—1926 —100.
• First of month figures.
«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.
634
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1929
WHOLESALE PRICES—Continued
GROUPS OF COMMODITIES
ENGLAND-BOARD OF TRADE
SWEDEN—BOARD OF TRADE
1928
1929
July June May Apr. Mar. July
150
136
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
140
150
140
145
165
135
113
126
162
158
136
141
153
151
140
167
135
to o to
•jx h-i
•->
COCO Cn
137
149
143
144
158
131
OO CO
All commodities. _
.
Total food
Cereals
...
Meat and fish
Other foods
Industrial products
.
Iron and steel
Other minerals and metals..
Cotton
Other textiles
Miscellaneous.
„ ..
FRANCE—STATISTICAL BUREAU
All commodities
All foods
Animal foods
Vegetable foods
Sugar, coffee, cocoaAll industrial material. _.
Minerals
Textiles
Sundries
613
609
627
592
589
617
560
732
602
611
604
631
584
575
616
559
739
598
623
621
608
649
566
626
560
766
604
627
623
624
629
591
631
560
783
605
640
624
603
648
596
653
602
811
612
624
610
546
624
703
636
525
813
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 prod
ucts
Producers' goods
Consumers' goods
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
140
134
133
123
142
142
128
142
137
150
115
136
155
138
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
138
128
132
150
130
127
88
126
34
151
157
135
132
128
104
165
153
127
78
122
28
151
161
157
139
171
158
138
172
158
138
172
158
138
173
158
137
174
160
138
176
ITALY-CHAMBER OF COMMERCE OF MILAN
All commodities
Total food
Vegetable foods
Animal foods
All industrial products
Textiles
Chemicals
Minerals and metals
Building materials
Other vegetable products
Sundries
477
538
535
541
454
411
438
445
543
467
506
480
550
544
558
454
412
437
446
543
469
502
NOTE.—See footnotes on preceding page.
485
555
554
555
458
420
441
447
541
488
501
493
562
569
552
466
433
446
452
541
501
516
499
570
585
552
472
440
449
456
541
519
522
549
584
506
465
462
438
426
517
483
556
1928
1929
All commodities .
Vegetable products... .. .
Animal products
Fuels and oils. ...
R a w materials for manufacture in iron and metal
industry
Paper pulp and paper
R a w materials for manufacture in leather industry
R a w and manufactured
chemicals
R a w materials
Semifinished materials
Finished materials
Producers' goods ._
Consumers' goods...
May
Mar. July
July
June
140
129
138
120
139
125
137
120
i«i
126
137
118
141
128
136
117
144
131
139
122
150
143
142
112
118
163
118
163
118
163
120
162
120
161
114
161
124
128
126
130
132
148
154
136
143
141
134
145
152
134
139
142
133
144
153
134
140
143
133
145
153
136
142
143
135
146
155
141
143
145
137
150
165
147
154
149
143
155
Apr.
CANADA—DOMINION BUREAU OF STATISTICS
All commodities
Vegetable products
Animal products
Textiles
Wood and paper products _
Iron and its products
Nonferrous metals
Nonmetallic minerals
Chemicals
96
94
108
92
94
94
94
93
96
93
82
108
92
94
94
95
93
96
02
82
109
92
94
94
95
92
65
94
84
108
92
95
94
99
92
95
06
89
110
93
95
93
102
93
95
96
93
109
94
98
93
90
92
95
AUSTRALIA—BUREAU OF CENSUS AND STATISTICS
All commodities
Metals and coal
Textiles.
Agricultural products
Dairy products
Groceries and tobacco
Meat
Building materials...
Chemicals
159
174
138
176
156
163
135
160
189
158
174
143
158
160
164
150
161
189
156
174
145
154
159
164
145
161
189
158
174
154
154
154
164
148
160
189
157
174
157
150
152
166
148
159
189
157
174
166
162
148
165
122
159
186
INDIA (CALCUTTA)—DEPARTMENT OF STATISTICS
I
All commodities
Cereals
Pulses
Tea
Other foods
Oil seeds
Raw jute
Jute manufactures
Raw cotton
Cotton manufactures
Other textiles
Hides and skins
Metals
-'__
Other articles
1929
June
May
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
1928
Apr. Mar. Feb.
140
119
147
157
154
148
97
125
152
161
136
120
130
143
143
129
140
157
159
148
106
139
161
161
140
130
127
139
144
133
166
157
149
150
108
138
158
162
140
125
124
141
June
145
132
150
141
155
139
108
157
182
161
147
130
124
136
635
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1929
RETAIL FOOD PRICES AND COST OF LIVING
RETAIL FOOD PRICES
[Pre-war=100]
OTHER COUNTRIES
EUROPEAN COUNTRIES
Month
United
States
NethAus- India New South
(51 cit- AusSwittria Bel- Bul- Czecho- Eng- Esto-3 France Ger- Greece Italy
(Mi- er- Nor- Rus- zer- Can-2 tra- (Bom- Zea- Africa
ies)
(Vi- gium i garia slovakia l a n d 1 nia a (Paris) many (Athens) lan) lands 4 way sia » land a d a
lia bay) land
enna)
1927
August
September.
October. _.
NovemberDecember.
149
151
153
153
153
120
119
120
119
118
202
206
210
211
212
2,624
2,615
2,626
2,587
2,618
914
910
907
905
913
156
157
161
163
163
118
111
112
113
113
1928
January
February..
March
April
May
June
JulyAugust
September.
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
1929
January...
February..
March
April
May
June
July..
August-.-
151
151
150
149
150
152
156
120
123
121
119
120
124
123
221
221
215
212
211
210
2,742
2,816
2,843
2,860
2,900
900
911
913
901
906
907
159
156
157
150
149
147
149
133
138
142
137
136
150
151
152
152
153
2,044
2,070
2,071
2,086
2,101
530
522
524
532
546
3 113
3 111
3 111
3 110
3 115
3 119
3 121
152
151
151
152
151
152
154
156
153
152
152
153
146
144
143
144
145
144
»338
134
132
137
137
133
3 122
3 122
3 123
3125
3 127
3 127
3 123
153
156
159
154
154
154
156
155
133
135
135
136
539
532
520
500
523 ,
518
509
509
510
513
3 140
141
3 141
3
141
3 140
3
142
3 140
3 138
3
140
3 141
3 144
3 145
163
167
3
3 147
3 148
»155
3 151
3
147
3
148
166
169
166
164
163
175
174
173
171
171
199
198
198
199
200
156
158
158
159
159
147
147
148
149
151
155
157
159
157
155
155
151
148
147
149
143
143
143
144
146
118
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
H8
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
r
156
152
150
151
148
147
147
148
161
161
160
162
160
161
146
146
146
145
143
144
145
146
149
148
146
147
147
115
115
117
115
115
115
!
COST OF LIVING
EUROPEAN COUNTRIES
Month
1927
August
September.
October
November.
December -
155
155
155
157
157
19S
202
207
208
208
739
736
734
735
740
164
165
167
169
169
1,237
1,230
1,237
1,251
1,243
1928
January.. _
FebruaryMarch
April..
.
May..
June
July..
August
September
October- _
November
December.
157
156
155
155
156
155
157
157
158
157
157
157
210
207
204
205
202
204
205
207
211
215
220
219
741
739
737
741
743
741
753
761
756
735
730
734
168
166
164
164
164
165
165
165
165
166
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
219
220
217
215
215
215
737
745
754
746
744
744
167
165
166
162
161
160
r
161
1,242
1,232
1,229
1,219
1,210
1, 215
1,223
1929
January...
February
March
April.
May
June
July,..
August. _
OTHER COUNTRIES
MassachuGreece Hun- Italy Neth- Nor- PoIndia
Czecho- Eng- Fin- France GerCan-i AusSwe- Switsetts gBelertra- (Bom- South
{ Spain
zer- ada
i u m ' slovakia l a n d 2 land (Paris) many (Ath- gary (Miden land
lan) lands way land
ens)
lia bay) Africa
11921=100.
2
First of month
figures.
507
498
507
»105
»105
«108
•111
147
147
150
151
151
1,951
1,955
1,956
1,964
1,978
119
119
120
120
120
543
537
536
536
531
151
151
151
151
151
151
153
154
152
152
152
153
3 155
154
153
153
153
152
148
146
145
148
3 148
»146
121
120
119
121
121
121
121
126
127
126
125
126
» 145
145
3 145
3 145
•144
»145
3 143
3 142
•143
3 144
3 146
3 147
153
154
157
154
154
153
154
154
« 148
1
150
>149
8
148
126
127
127
125
126
126
3 148
•148
3 153
3 150
3 148
3 149
» Revised on a gold basis.
99
167
197
170
195
169
193
170
193
169
185
168
183
169
180
3
179
* Amsterdam only.
99
101
103
103
192
187
189 " l 7 2 "
188
186
160
161
161
162
149
149
150
150
151
159
151
131
131
132
132
132
102
100
101
102
103
103
104
104
104
104
106
106
178
171
175
176
17l"
175
171
172
I73"
173
174
178
179 "~172
181
187
161
161
160
160
160
161
161
161
161
162
162
162
151
150
157
149
149
149
148 " l 6 0 "
148
150
151 " l 5 7 "
152
152
152 " l 5 7 "
154
148
145
144
147
146
146
146
145
146
147
148
132
131
132
133
133
132
131
131
131
131
132
131
184
183
184
184
182
161
161
161
159
160
161
161
152
151
152
150
151
149
150
149
149
149
148
147
147
148
149
131
131
132
131
136
135
131
106
108
106
106
106
'104
105
105
170
"In"
1911-1913=100.
162
»1927=100.
157
157
154
151
150
164
* Revised.
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.
636
FEDERAL RESERVE BULLETIN
SEPTEMBER,
INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA
ENGLAND
PRODUCTION
TRANSPORTATION
Raw
British railways
cotton Iron
Cot- Woolen
Steel
and
Ships |
ton
Raw
ingots Fin- visible] steel
Raw
Raw Crude wet cleared!
and
Pig and ished supply
cot- wool
man- Coal maniron castrubber hides with 2 [Freight' Freightsteel
ufac- worsted
ufactissues ton
cargo train
train
tures
ings
tures
receipts traffic
Coal
Thous.
bales
Thousand long tons
1928
January
February-.
March
April
_.
May
June
July.—___.
August
September.
October
November.
December..
20,045
20,119
3 25,194
17,679
19,191
21,056
16,902
16,199
3 23,275
18, 519
19, 213
3 23,310
561
551
593
563
592
564
538
519
504
544
544
540
626
764
793
644
753
709
667
643
719
756
763
567
614
674
530
'616
614
549
540
572
632
628
546
1,061
1,070
1,065
1,080
1,057
973
892
818
737
809
1,070
1,255
317|
409;
344!
359
366 i
333|
370
295
377j
399
359
1929
January
February..
March
April
May
June
July
19, 778
21,326
3 26,992
19,462
18,401
3 24,786
18,875
564
520
591
611
655
658
765
775
860
809
844
831
634
599
660
621
577
1,277
1,326
1,268
1,267
1,190
1,047
421
380
350
340
443
3071
376
1
Mil- Thous.
lion
iq.yd. sq. yd.
Thousand
long tons
Million
pounds
Thousand
pounds
Million
Thous. Thous.
ster- tontons £ ling
miles
3,905
4,008
4,111
3,722
4,487
4,346
4,163
4,274
3,995
4,630
4,231
4,184
340
319
401
317
292
281
342
344
301
337
335
293
16,919
14,458
15,119
9,970
11, 789
14, 682
17, 954
19,395
12, 773
12, 712
12,492
12,406
130
142
134
127
114
84
84
52
109
216
225
102
119
135
92
99
52
28
27
19
21
34
53
24,754
19,851
26, 636
20, 287
12,860
19,077
18,473
17, 500
23,079
16, 501
12,146
34,921
' 4,768!
' 5,381
' 4,864
5,499
5,699
'5,489
5,972
5,466
5,546 5,721
6,074 5,487
6,860 5,159
4,473
3,890
4,763
4,756
5,328
383 18, 563
329 14,587
337 12,061
353 9,513
325 11,286
227 10, 211
360 17, 543
241
128
144
118
115
76
103
100
85
119
99
70
39
42,005
20,374
30, 237
28,387
22, 748
20,123
22,501
3,622
4,947
6,437
4,071
4,713
7,058
4,r~
5,848
End-of-month figures.
6,665
6,930
6,399
6,860
6,172
5,850
5,853
7, ~
2 Includes Irish Free State.
4,9581
5,407
4,617
5,510
5,514
6,013
5,750
6,183
Unemployment
among
insured
Per
cent
8,600
8, 766
9,502
8,129
8,668
8,338
8,219
8,411
8,515
9,361
9,033
8,339
1,504
1,385
1,528
1,275
1,364
1,327
1,313
1,360
1,396
1,491
1,433
1,353
10.7
10.4
9.6
9.5
'9.8
10.8
11.7
11.7
11.5
11.8
12.2
11.2
9,132
8,239
9,279
8,946
1,497
12.3
12.2
10.1
9.9
1^662
1,519
9.9
3 5 weeks.
FRANCE
EXPORTS
PRODUCTION
CoaH
Pig
iron
TRANSPORTATION
IMPORTS
Raw
Raw
Coal
cotton
silk
Crude Cotton Cotton Total Total for con- for con- for conyarn cloth volume volume sump- sump- sumpsteel
tion
tion
tion
Thousand metric tons
Thous. Pieces
kilograms
of 1,000
meters
Thousands
metric tons
Metric tons
Registered BusiShips Freight- Receipts unem-2 ness
fail-3
car
of princi- ployed ures
cleared
loadpal railwith
ings
ways
cargo
Thous. Thous. Average
metric tons
daily
tons
number
Thous.
francs
Number
Number
1928
January
February
March.
April
May
June July
August
September
October
November
December
1929
January
February
March
April
May
June
July-
_.
809
785
858
834
871
844
836
857
821
857
850
882
750
738
804
738
794
797
757
793
759
834
800
828
12,204
9,241
12,231
10,937
11, 530
11,347
10, 746
11, 295
11,221
11, 994
11,043
12,137
27, 784
26,994
29, 744
26, 598
28,423
26, 745
25, 615
26, 225
25, 243
29, 518
28,063
26,820
'903
782
880
871
897
865
841
'743
'805
810
820
797
12,402
10, 641
11,457
31,811
28, 190
29, 678
5,541
5,283
5,763
5,129
5,245
5,527
5,360
5, 589
5,331
5,899
5,562
5,263
5,485
5,227
5,803
5,713
5,472
5,626
r
1
2
3
'
'
'
'
3,031
3,447
3,395
3, 471
3, 222
3, 674
3,337
3,738
3,846
3,329
3,353
3,262
3,543
3,621
' 4,072
4,328
' 4,150
' 4,158
3,926
4,238
4,234
4,355
4,212
4,240
39,056
28,924
28, 179
27,748
21, 494
30,153
19,006
21,888
15,184
30,248
36, 684
45,854
415
598
677
584
452
'769
526
303
1,169
750
933
622
1,299
1,349
1,540
1,552
1,658
1,425
1,326
1,592
1,223
1,557
1,369
1,386
3,148
3,113
3,860
3,913
4,029
4,364
4,067
3,994
3,951
3,958
3,973
4,050
3,006
3,273
3,108
3,217
3,087
3,617
4,316
4,288
4,690
5,073
4,921
5,322
44,154
39, 988
29, 380
28,508
28,675
21,987
439
437
645
321
521
450
1,516
1,703
2,005
2,018
1,889
1,998
3,534
3,236
' 4, 034
4,279
4,378
4,426
Coal and lignite, including Lorraine and the Saar.
End-of-month figures.
Number of failures in the Department of the Seine.
' 960,071
60,426
64,792 r 1,049,851
'*1,374,693
65,446
61, 265 ' 1,104, 746
60, 680 ' 1,106,189
61, 535 '«1,412, 226
59, 763 ' 1,139, 009
1,175, 462
61, 696
66,186 * 1, 561, 466
1, 228,445
66, 534
1,150, 061
67,861
62,805 • 1,428, 406
14,012
12,989
10,483
5,796
2,978
1,227
796
732
474
365
395
723
188
161
146
184
184
199
145
158
106
116
171
197
1,023,011
1,055, 466
1,162, 258
« 1, 480, 393
1,154, 193
1,198, 412
< 1, 525,234
1,403
3,291
852
513
391
303
275
209
136
240
59,984
61,193
65,185
67, 586
63,358
66, 370
4
5 weeks.
' Revised.
637
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1929
INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA—Continued
GERMANY
UNEMPLOYMENT
TRANSPORTA-
PRODUCTION
TION
MaIron chinery
and
and Dyes
and
Pig Crude Pot- iron
elec- dyeCoal Lignite iron steel ash manu- trical
facstuffs
suptures plies
Coal
Thousand metric tons
Raw
wool
Raw
copper
Arrivals of Freight
vescar
Iron ore
loadHam- ings
burg
Cotton
Tradeunion
members
unemployed
Unem- Busiployed ness
failpersons ures
receiving
State
aidi
Per
cent
Number
Thous. Thous,
net
wagreg.
ons
tons
Metric tons
I
1928
January „._ 13,42114,222 1,181
February.. 12,926 13,419 1,122
March
14,11814,401 1,170
11,715 12, 263J1,045
April
11,932 12,96411, 044
May
11,83113,241 1,021
June
12,483 13, 531 1,035
July
13,021 14,330 1,031
August
September 12,15713,616 985
October. _ _13,31115,226 1,016
1214114548 267
—
November. 12,14114,548
December. 11,81914,105
1,'
1,323
1,422
1,161
1, 248
1, 295
3.311
1,329
1,190
1,306
357
1,091
132
133
132
96
99
111
113
123
113
128
130
118
363,026
390,776
434, 798]
412,810
398,470
453,231
466,079;
505,857
480,647
415, 690
410,171
48,810
50,449
54, 788
57,102
56,516
53,880
53,194
52,393
74,006
64,163
54,014
63,846
12,458
11,985
15,799
14,318
14,645
14,613
13,411
13,602
13,387
12,959
14, 337
14,353
2, 272,995 18,084
2, 229,956 25, 260
2, 250,616 21,433
1,433
2,115,161 22,333
2,333
1,665,48119,
"""
9,312
1,420,802 16,473
6,473
1,841,962 8,403
1,850,577 7,958
1,829, 556 5,274
2,019,177
2, 278,554 5,818
2,120,29111L, 682
20, 566
18,563
22,941
20,443
19, 214
19,362
21,809
20, 642
17,144
16,650
14,089
15,560
37,032 1,183,213
1,146,188
28,001 1,407,989
30,772 1, 275,088
31,045 1,053,621
29,989 1,279,688
23,861 1, 282,767
19,357 1,516,096
16,730 1,394,715
33,662 1, 552,182
49,662 1,157,891
44,645 615,630
3,541
3,584!
4,069i!
3,439
3,727
,819 3,844
L, 791 3,917
,926 4,983]
,749 4,036!
.,715 4,375
,760 3,957|
1,752 3,404
11.21, 333,115
10.4 1, 237,504
9 . 2 1 , 010,763
6.9 729,321
6.3 629,470
6.2 610,687
6.3 564,064
6.5 574,475
6.6 577,093
7.3 670,997
9.5 1, 029, 658
16. 7 1, 702,342
766
699
791
614
692
702
655
552
530
685
674
624
1929
January...
February..
March
April.
May
June
July....
1,470
1,270
1,314
1,415
1,421
1,430
1,466
143
117
121
118
108
419,589
341, 312
346, 262;
619,460!
587,115|
522, 037
545,568
61,386
63, 239
58,463
68,159
67, 598
62,946
69,177
14,975
11,639
13,585
16,469
16,655
16,630
14,831
1,909, 657 17, 786
1,307,227 20, 294
2,240,475 19, ~ "
2,355,068 24,1,544
2,258, 510 19,1,634
2,152,011 15,
2,385,043 12,090|
15, 660
12, 227
18,490
21, 349
18,421
22,693
17,367
54,282
31,893
28,900
32,933
25,335
19, 589
20,698
1, 312, 346
496,159
1,090,958
1,558,607
1,933,229
1,925, 538
1,635,792
3,376|
3,072!
3,733!
L, 770 3,929;
1,856 3,922
19.4 2, 246, 278
22.312,460, 760
16.9 1,899,121
11.1 1,125,968
9.1 807, 750
8.5 722,948!
710,499
832
775
13,490 14,817 1, 098
12,104113,689 982
13,50214,727 1,061
13,407J14, 226 1,105
12, 759113, 66911,133
13, 221113,763J 1,164
14,362(14,885 1,204
i End-of-month
,835
,564
., 767
L, 679
1,307
L,666
1,774
885
846
803
845
»Revised.
figures.
CANADA
PRODUCTION
Receipts at
Restockceipts
yards in
of
Toronto
and
wheat
Winnipeg
at
Fort
William
and
Planks Wood
Crude Raw
Port Catand
Wheat Coal petro- cottle
Arboards pulp
leum ton
thur
Index
of
industrial
production
Coal Newsprint Flour
19191924=
100
Thous. Thous
Thousand Thous
bardol- bushshort tons
rels
lars
els
Construction
contracts
award-
1928
January. _.
February..
March
April
May
June
July
August
September.
October. _.
November.
December.
160.3
166.1
168.2
160.6
187.9
176.2
172.9
181.6
171.7
187.2
175.9
165.3
1,406
1,404
1,146
1,263
1,331
1,3C9
, 535
1,396
,702
L, 695
,519
187
190
198
193
204
192
184
201
185
21'
224
208
1,579
1,464
1,617
1,304
1,541
1,359
1,458
1,158
1,892
2,130
2,175
1,672
20,480
25, 875
22,946
56, 346
70,684
1929
January...
February. .
March
April
May
June.
July
:,537
209.0
203. 1 ,611
200. 1 ., 370
197.5 1,393
1,388
199.
189.9 1,348
188.0 1,290
212
187
218
222
246
225
229
1,698
1,600
1,631
1,606
1,749
1,548
1
First of month.
Number
Machinery
Total
revenue
car
loadings
Index Busiof
em- ness
fail- 2
ploy- ures
ment
Mil- Thous. Thous. Thous. Thous. Thous. Thous. Num- 1926= Numdollion
tons gals. lbs.
lbs. bushber
ber
100
els
lars
feet
38, 360
39,441
45,439
44, 584
29,038
18, 905
21, 095
9,545
3,251
879
17, 618
20, 146
14, 393
3,538
39,132
81,361
72,861
51,633
44,311 71, 535
63,286
31, 374 47,733
37,306 50,000
50,458
32,806 44, 047
57, 553 43,262
73, 233 32, 598
71, 487 24,873
81, 599 39, 178
60,806
36, 941 47, 316
111 113, 297
117 128,606
150 182, 229
99 113, 220
151 148,272
178 146, 917
182 146, 184
161 137,829
140 134, 440
153 162, 286
158 155, 448
124 158, 875
15, 201
18, 372
18, 655
8,361
30,282
21, 960
32,426
25, 057
26,923
43, 687
75, 417
49,089
1,226 56,453
1,235 45,871
1,350 80,654
930 23,876
1,288 75, 670
1,176 95, 725
1,168 80, 434
1,612 88,164
478 107, 297
l', 779 100, 023
1,637 86, 014
1,639 79, 939
19, 635
11,854
12,239
7,100
6,910
8,469
7,462
7,300
4,971
13,842
16, 955
17, 481
3,904
3,858
5,720
4,058
5,204
5,402
5,125
4,790
4,552
265, 487
267, 131
285, 567
252, 131
300, 295
294,451
290, 677
312,816
361, 247
420, 263
380, 405
275, 678
100.7
102.0
102.6
102.3
106.8
113.8
117.7
119.3
119.1
118.8
118.9
116.7
197
188
164
138
148
133
139
142
165
200
193
230
41,963
28,426
27, 125
43,328
64, 860
72,420
57,941
10, 971
2,918
5,223
9,691
13, 839
14, 683
14,606
39,459
27,507
32,101
42,003
38, 956
30, 969
54,388
111136,365
941112,273
145 142,909
109! 115, 075
168 151,249
158 144,976
172il21,390
20,831
15, 220
21, 207
7,314
27, 073
25,588
17,019
1,344 60, 753
1,409 49,214
1,651 76,445
982 71, 130
1,
55, 969
1,313 124,I, 275
1,428 117,',725
18, 485
13, 089
16, 671
12,201
11, 219
6,402
6,447
5,004 252, 217
4,675 261, 410
6,922 282,315
5, 377! 283, 745
6,925 306, 728
6,390 310,885
5,969 313,292
109. 1
110.5
111.4
110.4
116.2
122.2
124.7
252
197
176
177
181
154
147
J
60, 978
42, 226
38, 597
47,464
43, 609
36, 744
36,874
Total number of firms failing during the month.
4,963
4,682
«• R e v i s e d .
638
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1929
RULING OF THE FEDERAL RESERVE BOARD
Improper Advertising of Bond Issue Under Which
National Bank is Trustee.
Through the intervention of the Department
of Justice the use of this misleading language
The Federal Reserve Board recently bad in the instant case was terminated.
The board desires to call this matter to the
called to its attention an advertisement issued
by a mortgage corporation containing the attention of all national banks acting as trustees
under bond issues, and suggests that they
following statement:
scrutinize
carefully all advertisements of bond
Representatives of the Comptroller of the Currency*
the very people who issue the national bank notes* issues under which they are acting as trustees
make regular periodical examinations of the trust with a view of preventing the use of misleading
which secures
— Mortgage Corporation bonds.
statements similar to that quoted above, not
This statement was based upon the fact that only for the protection of prospective purthe bonds in question were secured by mortgages chasers of such bonds but also for the protection of the good names and reputations of such
pledged with a national bank as trustee.
While it is true that national bank examiners national banks themselves.
examine trust departments of national banks,
they do so for the purpose of assuring com- Fiduciary Powers Granted to National Banks
pliance with the laws and regulations governDuring the month ended August 21, 1929, the Federal
ing the conduct of such departments and not
Reserve Board approved applications of the national
for the purpose of passing upon the value or banks
below for permission to exercise one or
adequacy of mortgages pledged with such more oflisted
the fiduciary powers named in section 11 (k)
national banks as trustees to secure bond issues. of the Federal reserve act as amended, as follows:
The above statement, therefore, was believed (1) Trustee; (2) executor; (3) administrator; (4) regisof stocks and bonds; (5) guardian of estates;
to be misleading to prospective purchasers of trar
(6) assignee; (7) receiver; (8) committee of estates of
bonds issued by the corporation using the lunatics;
(9) in any other fiduciary capacity in which
above language in its advertisement; and the State banks, trust companies, or other corporations
board called the matter to the attention of the which come into competition with national banks are
to act under the laws of the State in which
Attorney General of the United States, as a permitted
the national bank is located.
possible violation of the following provision of
section 1 of the act of May 24, 1926 (44 Stat.
DisPowers
Location
trict
Name of bank
628, United States Code, Title 12, section 485):
granted
No.
Be it enacted by the Senate and House of Representatives
of the United States of America in Congress assembled,
That no bank, banking association, trust company,
corporation, association, firm, partnership, or person
not organized under the provisions of the act of July
17, 1916, known as the Federal farm loan act, as
amended, shall advertise or represent that it makes
Federal farm loans or advertise or offer for sale as
Federal farm loan bonds any bond not issued under
the provisions of the Federal farm loan act, or make
use of the word "Federal" or the words "United
States" or any other word or words implying Government ownership, obligation, or supervision in advertising
or offering for sale any bond, note, mortgage, or other
security not issued by the Government of the United
States or under the provisions of the said Federal
farm loan act or some other act of Congress.
Pelham, N. Y
Asbury Park, N. J__.
Wytheville, Va
Berlin, Wis
Belleville, 111
Proctor, Minn
Grand Forks, N. Dak.
Lincoln, Nebr
Klamath Falls, Oreg._
2
2
Pelham National Bank
Asbury Park National Bank
& Trust Co.
5 First National Bank.
7 First National Bank
8 Belleville National Bank
9 First National Bank
9 Red River National Bank &
Trust Co.
10 Continental National Bank.
12 American National Bank
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
Ito9.
1 to 8.
Acceptances to 100 Per Cent
The following member institution has been authorized by the Federal Reserve Board to accept drafts and
bills of exchange up to 100 per cent of its capital and
surplus: Commercial National Bank & Trust Co., New
York, N. Y.
639
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1929
CHANGES IN MEMBERSHIP
STATE BANK MEMBERSHIP—Continued
STATE BANK MEMBERSHIP
Federal reserve district
The following list shows the changes affecting State
bank membership during the month ended August 21,
1929, on which date 1,168 State institutions were members of the system:
Federal reserve district
Capital
Surplus
Total resources
ADMISSIONS
No. 1—BOSTON
The Thames Bank, Norwich, C o n n . . . $1,000,000
$700,000 $5,160, 710
No. 4—CLEVELAND
Security-Peoples Trust Co., Erie, Pa.—
400, 000
900,000
16, 381,033
No. 8—ST. LOUIS
Louisville Trust Co., Louisville, Ky.,
a member bank, and the Louisville
Bank & Trust Co., a succession to the
Louisville National Bank & Trust
Co., have consolidated under the
title of the Louisville Trust Co., a
member bank
$1, 750,000 $1,100,000 $26,310,627
Broadway Trust Co., St. Louis, Mo.
(absorbed by United States Bank,
St. Louis, Mo., a member bank,
which changed its title to United
States Bank & Trust Co.)
200, 000
20,000 1, 210,696
Natural Bridge Bank, St. Louis, Mo.
(title changed to Natural Bridge
Bank & Trust Co.).
No. 9—MINNEAPOLIS
No. 2—NEW YORK
First State Bank, Wolfe Point, Mont,
(voluntary withdrawal)
No. 4—CLEVELAND
Security Savings & Trust Co., Erie,
Pa., a member bank
Peoples Bank & Trust Co., Erie, Pa.,
a nonmember bank
(Above banks merged under new
charter and title of Security-Peoples Trust Co., a member bank).
Commercial Savings Bank & Trust
Co., Toledo, Ohio (voluntary withdrawal).
200, 000
600, 000
8, 581, 811
200,000
300,000
7,834,795
700,000
325, 000 19,760,410
790, 588
Monterey County Trust & Savings
Bank, Salinas, Calif, (voluntary
withdrawal)
Farmers State Bank, Wilbur, Wash ,
a nonmember bank (absorbed by
State Bank of Wilbur, Wash., a
member bank)
American Trust Co., San Francisco,
Calif., a member bank, has absorbed
the following national bank: College
National Bank, Berkeley, Calif
400, 000
275, 000 6, 515, 756
25,000
7,000
140, 270
200,000
27,000
1, 550,800
NATIONAL BANK MEMBERSHIP
The following list shows reported changes affecting
national bank membership, concerning which information became available in August, 1929:
Federal reserve district
Capital
Thames National Bank, Norwich, Conn
Succeeded by Thames Bank, Norwich, Conn., a member bank.
$1,000,000
No. 2—NEW YORK
125,000
5,100
1, 216,000
50,000
10, 000
245,472
30, 000
12,000
89,110
No. 7—CHICAGO
Citizens Bank, Clinton, Wis. (voluntary withdrawal).._
10, 000
451, 670
50,000
Farmers & Merchants Bank, Nashville
35,000
690,180
Mich, (voluntary withdrawal)
35,000
State Savings Bank, Nashville, Mich,
623, 282
20, 000
(voluntary withdrawal)
30, 000
State Bank of Coloma, Coloma, Mich,
511, 483
20,000
(voluntary withdrawal)
50,000
Lake View State Bank, Lake View,
Iowa (absorbed by Farmers State
Bank, Lakeview, Iowa, a nonmember bank)
25,000
230, 210
25,000
Chicago Trust Co., Chicago, 111. (COEsolidated with Woodruff State Bank,
Chicago, 111., a nonmember bank)
2,400,000 2,000, 000 40,747,818
20,000
CHANGES
No. 6—ATLANTA
Bank of Toccoa, Toccoa, Ga. (voluntary withdrawal)
Bank of Hoschton, Hoschton, Ga. (voluntary withdrawal)
30, 000
No. 12—SAN FRANCISCO
No. 1—BOSTON
No. 5—RICHMOND
Carolina Banking & Trust Co., Elizabeth City, N. C. (closed)
Total reSurplus isources
CHANGES—Continued
CHANGES
International Union Bank, New York,
N. Y., a member bank, has absorbed
the following nonmember banks:
Community State Bank, Brooklyn,
N. Y.; Unity State Bank, Brooklyn,
N. Y.
Liberty Bank, Buffalo, N. Y., a member bank, has absorbed the following
national bank: Community National
Bank, Buffalo, N. Y
1,000,000 1, 000,000 24, 857,000
Guaranty Trust Co., Newark, N. J.
(consolidated with and under charter
of New Jersey National Bank &
187, 500 2, 573, 973
Trust Co., Newark, N. J.)
500,000
Pacific Coast Trust Co., New York,
N. Y. (title changed to Pacific Trust
Co.).
Century Bank, New York, N.Y., a nonmember bank (merged with and
under title of Interstate Trust Co.,
New York, N. Y., a member bank)__.
395, 000 6,110, 960
600, 000
Capital
Oneida National Bank of Utica, N. Y. (title changed to
Oneida National Bank and Trust Co. of Utica).
Labor National Bank of Newark, N. J. (title changed to
Union National Bank in Newark).
New Jersey National Bank and Trust Co. of Newark, N. J.
And Guaranty Trust Co. of Newark, N. J., a member
bank
Consolidated under the charter and title of New Jersey
National Bank and Trust Co. of Newark, N. J
Asbury Park National Bank and Trust Co., Asbury Park,
N. J
.„.
Conversion of Asbury Park Trust Co., Asbury Park,
N. J., a nonmembei bank.
Washington Square National Bank of New York, N. Y.
(primary organization)
_
Briggs National Bank of Clyde, N. Y. (title changed to
Briggs National Bank and Trust Co. of Clyde, N. Y.).
First National Bank of Walton, N. Y. (title changed to
First National Bank and Trust Co. of Walton, N. Y.).
Community National Bank of Buffalo, N. Y
Absorbed by Libeity Bank of Buffalo, N. Y., a mem
Fordham National Bank in New York, N. Y
Absorbed by Bronx County Trust Co., New York,
N. Y., a nonmembe. bank.
Bergen Couoty National Bank of Hackensack, N. J.
(primary organization)
_
2,650,000
500,000
2,800,000
300,000
500,000
1,000,000
500,000
200,000
640
FEDERAL RESERVE BULLETIN
NATIONAL BANK MEMBERSHIP—Continued
SEPTEMBER, 1929
NATIONAL BANK MEMBERSHIP—Continued
Federal reserve district
Federal reserve district
Capital
CHANGES—Continued
CHANGES—Continued
No. 2—NEW YORK—Continued
No. 9—MINNEAPOLIS—Continued
First National Bank of La Fargeville, N. Y. (primary
organization)
._
_.
$25,000
Point Pleasant Beach National Bank, Point Pleasant
Beach, N. J. (title changed to Point Pleasant Beach
NationalfBank and Trust Co.).
Chase National Bank of New York, N. Y
80,000,000
And National Park Bank of New York, N. Y._..
15,000,000
Consolidated under the charter and title of Chase National Bank of the City of New York
105,000,000
No. 3—PHILADELPHIA
Nortnwestern National Bank of Philadelphia, Pa. (title
changed to Northwestern National Bank & Trust Co.
of Philadelphia, Pa.).
First National Bank of Bainbridge, Pa
_
Absorbed by Elizabethtown Trust Co., Elizabethtown, Pa., a nonmember bank.
Tioga National Bank of Philadelphia, Pa. (title changed
to Tioga National Bank & Trust Co. of Philadelphia).
Central National Bank of Philadelphia, Pa
And American Bank & Trust Co., Philadelphia, Pa.,
a nonmember bank
_
_
Consolidated under the charter and title of Central
National Bank of Philadelphia, Pa
25,000
1,500,000
500,000
1,700,000
500,000
475,000
600,000
No. 6—ATLANTA
Whitney Central National Bank of New Orleans, La.
(title changed to Whitney National Bank of New Orleans).
Woodlawn-American National Bank of Birmingham, Ala.
(primary organization)
_
Leeds-American National Bank of Leeds, Ala. (primary
organization)
_
100,000
50,000
50,000
50,000
25,000
200,000
25,000
50,000
60,000
55,000
80,000
No. 12—SAN FRANCISCO
Colton National Bank, Colton, Calif
_
Succeeded by the Citizens National Bank of Colton,
Calif.
College National Bank of Berkeley, Calif
Absorbed by Berkeley branch of American Trust Co.,
San Francisco, Calif., a member bank.
The National Bank in Escondido, Calif.
_
Absorbed by Security Trust & Savings Bank of San
Diego, Calif., a nonmember bank.
Yuma National Bank, Yuma, Ariz
Succeeded by Yuma Valley Bank, Yuma, Ariz.
50,000
200,000
50,000
150, 000
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
July 20 to August 23, 1929, inclusive:
100,000
New charters issued
Restored to solvency
100, 000 Increase of capital approved i__
200,000
_
Aggregate of new charters, banks restored
to solvency, and banks increasing capital...
Liquidations.
30, 000 Reducing capital 2
Total liquidations and reductions of capital..
No. 9—MINNEAPOLIS
Red River National Bank & Trust Co, of Grand Forks,
N. Dak
__.
Succeeds Northern State Bank, Grand Forks, N. Dak.,
a nonmember bank.
Vermilion National Bank, Vermilion, S. Dak
Succeeded by First National Bank & Trust Co., of
Vermilion, S. Dak.
First National Bank in Cooperstown, N. Dak
Succession to First National Bank of Cooperstown.
First National Bank of Vermilion, S. Dak.
_
Succeeded by First National Bank & Trust Co., of Vermilion.
Merchants National Bank of Fargo, N. Dak
Succeeded by Merchants National Bank & Trust Co.,
Fargo, N. Dak.
National Bank of Wheaton, Minn
Absorbed by First National Bank of Wheaton, Minn.
Oklahoma First National Bank of Skiatook, Okla
Succession to First National Bank of Skiatook, Okla.
American National Bank of Okmulgee, Okla
_
Absorbed by Central National Bank of Okmulgee,
Okla.
First National Bank of Wellston, Okla
Absorbed by Wellston National Bank, Wellston, Okla.
Union National Bank of Neodesha, Kans
Absorbed by First National Bank of Neodesha, Kans.
National Bank of Vinita, Okla
_
And the Vinita National Bank, Vinita, Okla
Consolidated under the charter and title of First National Bank of Vinita
_
100,000
100,000
No. 8—ST. LOUIS
First National Bank in Versailles, Mo
Succession to First National Bank of Versailles.
50,000
25,000
50,000
No. 7— CHICAGO
First National Bank of Morgantown, Ind
Succeeded by First State Bank, Morgantown, Ind., a
nonmember bank.
First National Bank of Bement, 111.
Absorbed by State Bank of Bement, 111., a nonmember
bank.
University Avenue National Bank of Madison, WR (primary organization). __
Peoples National Bank of Ypsilanti, Mich
_
Absorbed by First National Bank of Ypsilanti, Mich.
Edwardsville National Bank, Edwardsville, 111
And Citizens State and Trust Bank, Edwardsville, 111.,
a nonmember bank
_
Consolidated under charter and title of Edwardsville
National Bank & Trust Co
_
$50,000
No. 10—KANSAS CITY
No. 5—RICHMOND
Virginia National Bank of Norfolk, Va
And the Colonial National Bank of Norfolk, Va
Consolidated under the charter and title of Virginia
National Bank of Norfolk
First National Bank of Cooperstown, N. Dak
_
Succeeded by First National Bank in Cooperstown.
Dakota National Bank of Aberdeen, S. Dak
Absorbed by First National Bank of Aberdeen, S. Dak
First National Bank of Deer Creek, Minn..
Succeeded by First National Bank in Deer Creek,
Minn.
Farmers & Merchants National Bank of Jamestown,
N. Dak
Succeeded by the National Bank & Trust Co. of James
town, N. Dak.
200, 000
50,000
50,000
75,000
100,000
25,000
Consolidation 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
Number of
banks
Amount of
capital
15
0
21
$1,930,000
0
4,525,000
36
6,455,000
37
3
4, 930, 000
425,000
40
5, 355, 000
6
880, 000
4
4, 500, 000
10
5, 380, 000
6, 455, 000
5, 355,000
1,100, 000
i Includes 1 increase in capital of $200,000 and 1 of $150,000 incident to
consolidation of 2 State banks with national banks under act of Feb.
25,2 1927.
1 reduction of $35,000 and 1 of $375,000 was incident to consolidation
under act of Nov. 7,1918.
641
FEDERAL RESERVE BULLETIN
SEPTEMBER, 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—August
September
October
November
December
1929—January
February
March
April
May
June
July
August
Total deposits:
1928—August—„
September
October
November.
December
1929—January
February.
March—
April
May
June
July
August..
Member bank reserve balances:
1928—August..
September
October
November
December
1929—January.
February—
MarchApril
May
June
July
August...
Government deposits:
1928—August
September
October
November
December
1929—January
February
March
April
May__
June
July
August
All other deposits:
1928—August
September
October
November
December.
1929—January
February
March
April
May..
June 30
July.....
August
New
York
Phila- Clevedelphia land
Richmond
Atlanta
St.
Minne- Kansas Dallas
Chicago Louis
apolis City
San
Francisco
1,060. 8
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
61.1
50.9
45.9
50.6
65.0
60.4
61.9
58.6
75.8
96.5
&9.4
78.4
79.5
321.3
352.3
300.7
238.1
298.7
245.9
216.3
231.5
264.6
234.5
251.2
408.6
303.3
99.1
106.5
93.7
79.3
91.3
73.1
85.5
101.6
110.0
86.7
84.7
77.3
92.8
80.1
77.8
75.5
85.6
108.0
79.7
84.7
76.0
96.6
93.8
90.9
84.0
79.7
56.6
57.2
47.8
42.5
40.8
40.7
41.0
43.4
52.6
58.1
56.6
57.5
59.6
76.8
82.9
79.4
68.7
57.8
58.5
55.8
51.7
63.6
73.4
65.9
69.0
75.1
159.4
113.8
134.1
138.8
178.9
142.7
165.9
210.6
133.4
109.8
135.9
122.1
120.0
58.8
65.0
46.8
43.9
39.6
37.4
37.8
48.1
51.8
48.7
49.9
55.8
67.2
18.5
17.8
18.1
16.0
10.4
12.0
12.8
15.6
19.3
18.1
15.2
17.4
24.3
22.7
24.0
31.3
43.1
44.2
33.3
32.5
31.8
38.8
49.1
48.3
35.3
33.7
29.8
29.6
25.3
21.3
17.9
20.6
19.2
14.8
18.6
23.1
22.3
30.2
43.4
76.7
86.fi
73.5
69.6
60.3
55.0
75.8
85.0
79.3
64.4
57.7
60.1
64.9
2,330. 2
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
149.6
152.6
155.0
154.7
150.7
152.4
149.2
145.5
146.4
143.5
146.0
149.5
147.8
897.8
902.9
920.9
939.1
953.2
943.2
944.5
937.1
932.6
949.6
948.0
932.5
134.4
137.9
137.0
136.4
136.8
139.4
135.4
134.9
135.9
136.7
136.9
137.4
136.2
189.3
195.8
190.9
188.9
186.2
190.1
188.7
188.2
186.4
187.0
188.3
190.2
191.7
69.7
70.8
71.3
71.5
71.7
71.9
71.1
69.5
70.2
68.3
69.5
68.3
68.4
66.4
65.2
65.8
67.1
69.6
69.1
69.1
68.9
67.9
66.1
65.6
64.0
62.0
350.6
357.0
357.7
357.7
357.2
358.2
357.0
349 8
346.8
346.9
347.6
352.0
357.4
80.8
83.6
83.5
83.8
85.3
85.9
85.0
81.8
81.5
80.3
79.6
79.1
78.4
52.6
55.0
57.0
67.5
56.4
55.3
54.0
54.1
52.9
51.5
52.7
54.0
53.9
94.8
97.5
95.7
94.8
94.4
95.6
93.8
93.0
91.0
89.0
90.3
93.7
95.2
64.8
67.3
70.8
73.1
73.7
73.3
72.8
70.9
68.6
66.5
65.4
64.2
62.3
187.4
189.5
193.1
195.1
194.8
191.8
187.3
183.6
182.7
182.6
183.0
184.6
182.6
2, 273. 9
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
147.1
149.6
152.5
152.0
148.6
150.5
146.7
144.3
144.1
141.9
142.4
147.6
146.2
872.0
883.2
889.7
903.4
923.4
936.3
928.5
924.6
915.2
914.7
931.9
930.9
919.9
132.0
134.9
134.8
134.4
134.5
137.2
133.5
133.4
133.2
133.8
134.7
135.3
134.2
185.8
*90.3
187.8
185.4
183.4
187.0
185.7
185.6
183.4
184.1
184.2
187.2
188.5
66.2
67.6
68.3
69.1
69.6
69.7
68.6
67.6
67.2
65.6
65.5
65.7
65.4
63.7
62.7
63.4
64.8
67.5
67.2
67.6
67.7
66.2
64.5
63.4
61.9
60.2
344.8
352.3
353.3
354.0
353.0
354.3
352.8
346.5
341.6
340.8
341.0
347.2
352.7
78.5
80.1
80.5
81.5
83.4
84.2
82.9
78.7
77.8
76.6
75.9
77.0
76.7
50.7
53.0
55.1
56.1
55.1
53.9
52.5
53.1
51.6
50.2
51.3
52.4
52.5
92.4
92.8
92.5
93.0
93.0
93.9
91.9
91.8
89.2
87.5
88.6
92.0
92.8
62.6
65.5
68.9
71.4
72.2
71.8
70.7
70.0
66.8
65.1
63.3
62.5
61.2
178.2
182.4
185.2
187.3
183.2
180.7
176.0
173.1
171.7
171.6
172.0
173.9
172.1
27.9
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
1.6
1.7
1.4
1.4
1.2
1.3
.6
1.6
.9
2.9
1.3
1.1
6.9
4.2
3.3
2.9
4.6
3.7
4.7
6.3
6.5
4.6
7.6
3.4
3.0
1.4
1.3
1.2
1.3
1.6
1.3
1.1
.8
1.9
2.1
1.4
1.4
1.4
1.2
1.3
.9
1.2
1.2
.9
1.3
1.1
1.2
1.4
2.2
1.2
1.4
2.7
1.7
2.2
1.9
1.7
1.7
2.1
1.5
2.6
2.3
3.6
2.3
2.6
2.2
1.6
1.6
1.8
1.7
1.5
1.1
.8
1.3
1.1
1.7
1.7
1.4
2.7
1.2
1.4
1.4
1.5
1.6
2.3
1.3
3.2
3.9
4.2
1.6
2.0
1.2
.8
1.2
1.2
.9
1.1
1.3
.7
1.1
1.2
1.1
1.1
1.1
1.4
.8
.9
.9
.8
1.0
1.1
.6
.9
.9
.9
1.2
1.0
1.4
.7
1.1
.9
.8
1.2
1.3
.6
1.1
1.2
1.2
1.4
1.3
2.0
1.2
1.6
1.4
1.2
1.3
1.1
.7
1.6
1.1
1.8
1.5
.9
3.2
1.1
1.6
1.3
1.4
1.8
2.0
1.9
1.9
1.7
1.6
2.4
1.6
28.4
38.2
29.7
31.8
29.4
31.3
28.5
31.3
34.8
32.0
29.7
31.0
27.1
.9
1.4
.7
1.3
10.8
10.4
9.9
14.6
11.1
13.2
10.0
13.7
15.4
13.3
10,1
13.7
9.6
1.0
1.7
1 0
.8
.8
.8
.7
.7
.9
.8
.8
.7
.7
1.5
.8
.5
.5
.5
.4
.4
.5
.4
.5
.4
.4
1.0
.8
.5
.4
.4
.4
.4
.4
.5
.4
.4
.4
3.1
3.5
3.0
2.3
2.7
2.3
1.9
1.9
2.1
2.1
2.4
3.2
2,6
1.0
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
1.0
4.0
2.1
.9
.6
.5
.6
.5
.7
.4
.4
.4
1.1
.4
.5
.3
.3
.3
.3
1.0
.2
6.0
6.1
6.3
6.6
9.4
9.3
9.3
8.6
9.1
9.2
9.4
8.3
8.9
1.2
.6
.7
.6
.7
.6
.5
.3
.2
.2
642
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1929
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES AT END OF MONTH
[In thousands of dollars]
1929
Aug. 31
1928
J u l y 31
Aug. 31
RESOURCES
Total gold reserves
Reserves other than gold
.
Total reserves
Nonreserve cash
Bills discounted
. . .
_
2, 944, 980
175, 376
2, 924,063
185,356
2, 600, 049
137,170
3,120, 356
50, 508
1, 046, 306
3,109,419
66,661
1, 075, 714
2, 737, 219
49,470
1,107, 512
114, 616
61,612
44, 987
29,580
160,143
31, 524
176, 228
74, 567
191, 667
126, 581
23, 290
126,579
20, 704
208, 677
10, 516
149, 871
16,100
147, 283
10, 450
219,193
990
1, 388, 505
724
49, 713
1,308,014
726
37,847
1, 519, 362
574
33, 400
1,439, 942
1,346,587
1, 553, 336
36, 218
563,475
58, 860
10, 213
29,563
611,362
58, 795
10,285
22, 999
546, 315
60,140
8,794
5, 278, 572
5, 232, 672
4, 978, 273
36, 218
1, 843, 671
29, 563
1, 749,825
22, 999
1, 663, 287
1, 879, 889
1, 779,388
1, 686, 286
2, 336, 809
20, 276
5,154
18,976
2,355, 284
14,468
5,796
22,015
2, 293,
21,
9,
17,
2, 381, 215
563,475
166, 747
254, 398
32, 848
2, 397, 563
611,362
161, 565
254,398
28,396
2, 342, 842
546,315
144, 896
233, 319
24, 615
5, 278, 572
5,232, 672
4, 978, 273
453, 015
458,477
278,332
Bills bought:
Outright
Under resale agreement
Total bills bought
United States securities:
Bought outright
Under resale agreement
Total United States securities
Other securities
.
.
.
.
..
_
Total bills and securities
Due from foreign banks
_
Reserve bank float1
_
_ _ . . . _
Total reserve bank credit outstanding
Federal reserve notes of other reserve banks
Other uncollected items not included in float
Bank premises
.
_. . _. _.
All other resources
.
.
. .
Total resources
_
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
729
596
927
590
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 M O N T H S
[End of month figures. In thousands of dollars]
Date
1928—Aug. 3 1 . .
Sept. 29..
Oct. 31...
Nov. 30..
Dec. 3 1 - .
1929—Jan. 3 1 . . .
Feb. 28..
Mar. 31...
Apr. 30..
May 3 1 . .
June 30...
July 31....
Aug. 31 P.
r> Preliminary.
Total
4,802,820
4,846,198
4,806,230
4,990,114
4,973,168
4,656,617
4, 698, 362
4,747,683
4, 675, 647
4, 737, 636
4, 746,297
4, 716, 863
4, 839, 942
Gold
coin
Gold certificates
373,558
981,785
372,909
977,673
373,202
959,652
374, 306 1,030, 546
395,310
990,996
380,952
923,193
377,512
935, 448
374,255
937,247
371,623
905, 513
369,997
944,058
934,994
887, 897
366,199
887, 091
364, 811
Standard
silver
dollars
Silver
certificates
46,241
46,411
46, 298
46,342
46,475
44,456
44,075
43,921
43,727
43, 651
43, 684
43, 401
43, 054
391,047
397, 589
394,328
404,860
410,334
381,672
385,389
390,583
386, 241
392, 411
387,073
403, 964
411, 293
Treas- Subsidury
iary
notes of silver
1890
1,300
1,298
1,296
1,295
1,294
1,292
1,291
1,290
1,288
1,286
1,283
1,282
1,280
280, 661
283,296
285, 350
288,002
291,314
280,751
280, 736
280,655
281,229
282,936
284, 226
284, 363
286, 203
Minor
coin
United
States
notes
Federal
reserve
111, 937
112,431
113,427
114,641
115,613
114,007
113, 692
113, 536
114,085
114, 454
115, 210
115,534
115,955
300, 563
303,110
300, 659
306,015
294,199
282,172
283, 603
283,100
276, 227
288,216
262,188
242,338
248, 670
1, 662,249
notfs
., 689,171
,770,184
1,808,053
,631,432
, 646, 523
, 673,480
1, 648,392
1, 654, 757
1, 692, 721
1,748, 442
1, 842, 531
3,948
3,916
3,880
3,848
3,820
3,775
3,747
3,709
3,680
3,650
3,616
3,587
3,539
National
bank
notes
649,532
648,656
638,965
650,077
615,761
612,915
626,344
645,908
643, 639
642,221
652,812
619,855
635, 515
643
FEDERAL RESERVE BULLETIN
SEPTEMBEE, 1929
FEDERAL RESERVE BANKS—AVERAGE DAILY RESERVES AND DEMAND LIABILITIES IN AUGUST AND JULY, 1929
[In thousands of dollars]
Total cash reserves
Total deposits
Federal reserve notes
in circulation
Reserve percentages
Federal reserve bank
August
July
August
July
July
August
August
July
Boston
New York....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
MinneapolisKansas City..
Dallas
San Francisco.
238, 901
914, 830
210,157
305, 910
93,354
135,154
569, 471
79, 684
85, 546
138,128
57, 839
288, 576
226, 529
868, 592
223,105
305,870
89,299
132, 785
567,505
78,175
93, 672
129, 960
66,697
296,193
147, 761
932,491
136, 247
191, 678
68, 396
62, 044
357, 420
78, 365
53, 930
95,192
62, 323
182, 586
149, 503
947,997
137,442
190,197
68,348
63, 967
352, 011
79, 087
53, 975
93, 698
64,204
184, 550
172, 896
315, 604
156, 353
195,495
79, 066
153, 412
332, 072
62, 296
64, 768
77, 652
45, 583
175, 847
152,796
313,054
153, 745
202,244
73,301
140, 969
335,250
60,158
66,022
74,013
42,883
174,257
74.5
73.3
71.8
79.0
63.3
62.7
82.6
56.6
72.1
79.9
53.6
80.5
74.9
68.9
76.6
77.9
63.0
64.8
82.6
56.1
78.1
77.5
62.3
82.5
Total...
3,117, 550
3, 078,382
2, 368,433
2,384, 979
1, 831, 044
1,788,692
74.2
73.8
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS
RESOURCES
[In thousands of dollars]
Federal Reserve Bank
Total
Boston
Gold with Federal reserve
agents:
Aug. 7
Aug. 14..
Aug. 21
Aug. 28
Gold redemption fund with
U. S. Treasury:
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Gold held exclusively against
Federal reserve notes:
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Gold settlement fund with
Federal Reserve Board:
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Gold and gold certificates held
by banks:
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Total gold reserves:
Aug. 7
Aug. 14
Aug. 21
Aug. 28
_...
Reserves other than gold:
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Total reserves:
Aug. 7
Aug. 14
Aug. 21
Aug. 28
_
_
_
1, 485, 822 139,917
1, 553, 821 149,91'
1,561,563 149,917
1, 565,163, 149, 917
New
York
Phila- Clevedelphia land
223, 264
284, 232
285, 474
285, 474
128, 416
128,416
128, 416
128,416
RichSt.
Minne- Kansas Dallas
mond Atlanta Chicago Louis apolis
City
158, 800 46, 656
143, 800 46, 656
143, 800 46, 656
149,400 46, 656
San
Francisco
102, 500
105,000
103, 000
101,000
329, 564
329,564
329, 5641
329, 564|
20,800
20, 800
20, 800
20,800
58,167
58,167
54,167
54,167
61, 248
71, 248
71, 248
71,248
19, 727
19, 258
21, 758
21,758
196, 763
196, 763
206, 763
206,763
4,152
3,947
3,936
4,286
5,380
5,747
7, 213
4,830
5,772
4,916
4,107
5,175
4,391
3, 967
3,527
3,058
9,590
3,863
3,280
2,727
3,188
2,14
2,824
2,722
4,206
3,267
2,307
2,398
200, 969
200,030
209,070
209,161
71,173
75, 494
67, 745
67, 213
3,305
7,272
5, 917
9, 350
17, 835
21, 404
20,107
19, 021
8,362
6,804
5,547
3,
668
3,668
4,933
3, 937J
3,661
1, 556, 995
1, 629, 315
1, 629, 308
1, 632, 376
143, 222,
157,189
155, 834
159, 267
241, 099
305, 636
305,581
304, 495
133,433
136,778
135,220
133,963;
162,468
148,733!
147,7371
153,061
51,325
52,325
50,442
51,094
106,652
108.947
106,936
105,286
334,944
335, 311
336, 777
334,394
26, 572
25, 716
24, 907
25,975
62, 558
62,134
57, 694
57,225
70, 838
75, 111
74, 528
73 975
22, 915
21,401
24, 582
24,480
675, 762
686, 2481
716, 863
719,608
72, 713
49,364'
30,224
33, 046
101,400
174, 795
220, 504
209,235
49, 569
31, 895
24, 005
30, 468
102, 51',
103,199
117,876!
120, 383
34, 676
29, 251
28, 945
23,846
20, 053
15, 905
14, 740
15,615
122, 586
112, 510
113, 246
118,319
44, 505
39, 456
32, 715
36,784
16, 718
14, 058
17, 456
16, 512
55, 674
57, 732
54, 725
52,130
21, 023
18, 552
21, 486
22,936
34,
39,
40,
40,
707, 2751
622, 876
608, 017
610,115
27, 616
25, 825
26, 389
27, 218
438, 951
368, 428
361,136
367, 934
30, 502
30, 283
30, 378
29,188
38, 697
33, 393
34, 540
32, 472
6, 618
6, 874
7, 063
7, 240
3,154
3,468
3, 554
3,661
100, 412
93, 500
87, 433
84,422
8,504
8,781
8,034
8,447
6,659
6,109
5,774
5,
5,025
4,953
4,981
5,355
11,415
11,490
9,045
9,105
29, 722
29, 772
29, 690
29,255
2, 940, 032
2, 938,439
2, 954,188
2, 962, 099
243,551
232, 378
212, 447!
219, 531
781,450 213,504
848, 8591 198,956
887, 221 j 189,603
881,664 193,619
303, 682
285, 325
300,153
305,916
92, 619
88, 450
86, 450
82.180
129, 859
128, 320
125, 230
124,562
557, 942
541, 321
537, 456
537,135
79, 581
73, 953'
65, 656!
71, 206
85,935
82,301
80,924
79,555|
131,5371
137,796!
134,234j
131,460
55,353
51,447
55,113
56,521
265, 019
269, 333
279, 701
278,750
183, 314
190, 379|
188, 626
1S6, 939;
12, 703
15,173
16, 060
16,107
75,117 10, 020
74, 533 9,618
72,106 9,798
71,332 8,933
8,580
9,075
6,622
6,738
7,068
7,244
8,240
9,179
8,301
8.712
26, 207 9,847
27,150 10, 492
28, 27S 10,274
28, 420 10, 453
2, 943
3,082
2,842
2,023
3,123, 346i
3,128,818|:
3,142,814!'
3,149,038],
256, 254
247, 551
228, 507
235, 638
312, 262
294, 400
309, 071
314, 909
99, 241
95,188
93, 518
89,424
138, 099
137, 499
133, 531
133, 274
856, 567
923, 392
959, 327
952,'
5,017|
223, 524
208, 574
199, 401
202, 552
4,,669
5,669
3, 786
4,438
584,149
568, 471
565, 728
565, 555
328
531
941
334
4, 303 5,134 13, 598
4,493| 5,449 15, 397
4, 926
5, 218 14, 843
4, 890 5,145 14,687
135, 840
89, 428
278, 617
84, 445 85, 383 142, 289 56, 896 284, 730
75, 930 83, 766 139,160 60, 331 294, 544
81, 659| 81, 578 136, 350 61,666 293,437
644
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1929
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
RESOURCES—Continued
[In thousands of dollars]
Federal Reserve Bank
Total
Boston
Nonreserve cash:
Aug. 7
Aug. 14
Aug. 21
Aug. 28
_...
Bills discounted:
Secured by U. S. Government obligations—
Aug. 7_._
Aug. 14
Aug. 21
Aug. 28
Other bills discounted—
Aug. 7.___
Aug. 14
Aug. 21
Aug. 28..._
Total bills discounted:
Aug. 7
Aug. 14_
Aug. 21
Aug. 28..
Bills bought in open market:
Aug. 7
Aug. 14
Aug. 21
Aug. 28.
U. S. Government securities:
Bonds—
Aug. 7
Aug. 14.
Aug. 21
Aug. 28
Treasury notes—
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Certificates of indebtedness—
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Total U. S. Government securities:
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Other securities:
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Total bills and securities:
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Due from foreign banks:
Aug. 7
Aug. 14
Aug. 21._._
Aug. 28
_
Uncollected items:
Aug. 7
Aug. 14
Aug. 21
Aug. 28
__
Bank premises:
Aug. 7
Aug. 14
_
Aug. 21
Aug. 28
New
York
Phila- Clevedelphia land
18, 088
19,102
16, 755
17,796
1,730
1,627
1,277
1,197
RichSt.
mond Atlanta Chicago Louis
2,760
4, 680
4,278
4,349
4,467
5, 851
6, 511
6, 692
7, 576
42, 358
61,313
42, 521
37,859
17, 629
19, 796
20,165
20, 613
13, 961
13, 821
13, 007
13, 659
28, 765
35, 414
50,301
41, 638
118, 777 33, 737 25, 607
124, 078 35, 299 33, 04'
109,2951 49,766 30, 569
95,453 49,644 31, 707
37, 055
37, 715
39, 808
40, 507
1, 064, 070
1, 027, 988
986, 378
973, 627
59,103
68, 282:
89,490:
85,345
383,864
284,371
233,1471
240,847!
67,965
94, 360
73, 090
69,566
79,158
117, 885
132,137
156, 514
11, 835
16,140
19, 048;
20,477
63, 030|
65, 665
72,208
2,811
3,782
4, 540
7, 647
42, 659
42,673
42, 693
42,678
1,315
1,315
1,315
1,719
2,495
2,495
7,495
4,009
1,257
1,257
1,257
1,692
94,182
89,053
90,943
91,073
2,093
2,093
2,093
2,092
20, 759
22, 577
14,971
11,570
157, 600
154,303
148,607
145, 321
6, 731
6, 319
5,354
5,846
Minne- Kansas Dallas
apolis
City
San
Francisco
1, 851
2,119
1,759!
2,366j
2, 679
2, 837
2,563
2,1
3,916
3,959
3,953
3,515
7,267
67, 873
68,392 22, 528 9,364
70, 765 25,138 10,643
70,194 22,743 14,185
10,998
10, 431
13,'249i
13, 066|
14, 529
15, 456
14,535
15,811
41,327
38,165
27,326
26,067
60,108
58, 994
60,927
59,894
50, 583
57, 948
51,161
45,329
35,310
43, 612
48,159
45, 913
12, 701
13, 688
12, 672j
13,805
23, 259i
18, 406|
20, 893
22,724
24, 682
28, 227
32,182
29 !
31,236
30,105
32, 525
28,309
54, 684
57, 511
59, 973
61,120
74,069
72, 815
73, 934
73, 553
118.456
126', 340
121, 926
115, 523
61,398
66,140
73, 297
68,656
19,968
23, 052
23,315
27,990
34, 257!
28,837|
34,142j
35,7901
39,211'
43, 683|
46, 717!
45,119
72, 563
68,270
59, 851
54,376
2,265
1,909
2,695
5,240
1,482
1,843
2,104
3,083
4,817
4,584
5,279
6,973
10, 003
9,316
11,482
14,767
82
82
82
151
1,597
1,382
1,503
1,997
1, 069
9971
1,971 i
2,681|
1,451
1,451
1,451
2,036
1,152
1,152
1,152
1,152
16
48
18
325
20, 923
20, 923
20,923
21, 645
4,875
4,856
4,906
5,084
509
509;
7,813
7,813
2,813
2,813
853
854
854
1,364
27,471
22, 046
23,907
24,402
9,448 27,640
9,448 27, 640
9,448 27, 640
9,448 27,640
656
657
657
657
3,044
3,042
3,040
3,990
4,280
4,310
3,950
4,102
4,102
4,103
4,101
465|
465
4651
465i
3,223
3,223
3,223
3,223
12,055
12,055
12,055
12,055
1,055
1,055
1,055
1,055
11, 480
14,080
6,080
3,335
7,038
7,038
7,038
7,038
4,463
4,463
4,463
4,866
41,446
38, 621
37, 482
31,746
17, 743
17, 743
17, 743
18,178
2,600
2,600
12,050
12. 050
300
300
300
300
75, 401
88,885
113,001
110,688
454, 778
388, 622
348, 344
356,851
99,386
116,152
120,079
121,867
99,322
125, 361
104,877
104,483
722
723
724
724
54
54
54
54
216
217
218
217
70
70
70
70
74
74
74
74
664,641
784,158
712, 509
648,495
65,355
82,452
70,615
62,459
188,859
226,640
206,965
190,187
52, 784
62,100
57, 525
51,805
58,818
58,818
58,818
58,860
3,702
3,702
3,702
3,702
16,087
16,087
16,087
16,087
58, 782
63,248
8,662
7,767
7,640
8,755
582, 250
511,455
448,120
469,396
30,338
32, 868
39,189
43,707
265, 087 44, 795
160, 293 59, 028
123,852 47,730
145, 394 46, 098
481, 820
516, 533
538,258
504,231
61,766
63,139
10, 600
10,650
15, 950
16,100
1, 311, 428
1,310,826
1,283,072
1,291, 562
78,532
94,327
97,496
95,742
1,762
1,762
1,762
1,762
2,570
3,342
3,243
3,899
3,759
4,104
4,909
1,109
1,519
1,093
1,452
1,112j
322
740
130
29,092
29,092
29, 092
29,677
1,1
If!
1,809
1,!"""
3,093
3,061
79s.
9i9L
9,008
26, 025
25, 525
25,973
25,725
974
974
974
1,304
11,045J
11,115
6, 045
6,045
12.908
12.909
12, 909
13,419
1, 500
1,500!
1,250
1,250
1,350
1,400
34,173 37,800 56, 945
36,993 32,308 61,268
37,474 37,087 58,081
42,923 39,775 56,889
97, 711
92.179
85,209
83,360
9,056
9,186
3,600
3,600
3,600
3,750
57,974 81,974 154, 484 61, 480
61,163 80, 492 161,181 66,222
63,886 82,274 159, 381 73,379
66,012 83,892 156,015 68,807
33
33
28
28
28
60,184 48,140 19, 932
76,343 52,918 23,027
68,404 47,493 20, 556
62,696 45,734 19,847
6,535
6,535
6,535
6, 53.r
3,395
3,395
3,395
3,395
2,744
2,744
2,744
2,744
5. 439 10, 890
5, 220 9,600
5, 319 12,449
5,725 15, 565
100
100
100
100
29
29
29
29
18
18
18
18
24
24
24
24
24
24
24
24
52
52
52
53
81,660 29,341
96,449 32, 933
90,918 31,251
82,291 27,911
13, 623
15,346
15,057
13, 577
46, 416
47,113
40,207
36,576
24,913
28,330!
24, 660|
22,232
33,434
40,507
38,858
33.180
2,110
2,110
2,110
2,110
4,140
4,140
4,140
4,140
1,922
1,922
1,922
1,922i
3,904
3,904
3,904
3,946
8,529
8,529
8,529
8,529
3,
3,988
3,988
3,988
645
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1929
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
RESOURCES—Continued
[In thousands of dollars]
Federal Reserve Bank
i
Total
Boston
New
York
Phila- Cleve- RichSt.
Minne- Kansas
delphia land mond Atlanta; Chicago! Louis apolis City Dallas
San
Francisco
All other resources:
Aug.
Aug.
Aug.
Aug.
7
14
21
28
T o t a l resources:
A u g . 7.
A u g . 14
A u g . 21
A u g . 28
10,482
10, 610
10,484
10, 569
5,231,203
5,357,092
5,267, 203
5,222,496
409,509
430,501
423, 606
421,387
790!
969
900
1,070
288
324
322
334
1,292
1,232
1,249
1,265
445
452
464
48'
4,832
4,706
4,615j
4,523j
738
774
851
816
27
276
291
289
668
690
667
675
208
198
159
159
456
463
448
431
406
436
431
429
1,535,3851
1,575,029
1,548,596!
1,535,2041
379,544
390,609
380,436
379,587
482,239
507,287
493,453
492,722
213,908
217,427
213,138
209,5521
253,460'
255,007|
250,4401
251,884,!
836,391
841*823
830,861
819,152!
188,443
191,652
188,972
187,592
140,579
142,059
140,185
142, 333
226,279
228,191
222,536
219,390
147,426
151, 740
148,029
145,773
418,040
425,767
426, 951
417,920
153,380
151,803
151,194
154, 003
332,703
329,521
330,416
328, 55,"
77,120 44, 733
77,370 44,401
78,754 46,384
78,034 46,330
174,656
174,051
176, 673
176,167
LIABILITIES
Federal reserve notes in circulation:
Aug. 7
Aug. 14
Aug. 21.._
_.._
Aug. 28
Deposits:
Member
bank—reserve
account—
Aug. 7 . . Aug. 14...
Aug. 21
Aug, 28
Government—
Aug. 7
Aug. 14...
Aug. 21
Aug. 28...
Foreign bank—
Aug. 7 . . .
Aug. 14
Aug. 21
Aug. 28
Other deposits—
Aug. 7
Aug. 14.—
Aug. 21
Aug. 28
Total deposits:
Aug. 7.
Aug. 14
Aug. 21
Aug. 28
Deferred availability items:
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Capital paid in:
Aug. 7
Aug. 14
Aug. 21
Aug. 28..
Surplus:
Aug. 7
Aug. 14..
Aug. 21
_.
Aug. 28
All other liabilities:
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Total liabilities:
Aug. 7..
Aug. 14
Aug. 21
Aug. 28
1,811,038
1,815,378
1, 822,853
1,829,372
166,260
169,494
177,823
183,369
310,140
311,399
310,831
310,333
153,742
156,156
152,561
151,826
193, 718
197,116
192,943
194,876
78,131
78,300
78,242
78, 529
2,322,8581
2,330,365!
2,292,0321
2,305,598
144,620
146,663
142,329
143, 223
912,069
921,203
905,362
910,193
133,956
134,486
132,8001
135,704
184,438
188,512
187,264
190,829
68,027 60,959 361,6201 79,067 51,446 93,213
65,234 61,428 356,3681 78,116 52,162 92,426
65,979 69,667 350,472 76,167 50,086 90,729
64,978 58,583 348,442 76,831 53,185 91,942
24,734
18,161
18,468!
17,4001
2,235
1,495
1,877
851
6,415
1,489
1,220
2,482
2,592
801
1,275
1,476
1,126
1,928
1,296
1,478
2,140
2,730
2,432
1,990
1,656
1,190
1,409
1,391
4.217
1,765
6,248
4,924
7,1421
5,130
429
429
429
429
2,209
885
3,103
1,090
556
556
556
557
591
591
591
591
267
267
267
267
226
226
226
226
23,466!
22, 662!
19,5311
19,380'
SO
105
57
8,236
7,667
6,981
7,938
59
33
88
150
1,335
1,14'
1,170
1,002
165
151
144
70
2,377,306
2, 376,112
2,337,173|
2,347,5081
147, 363
148,677
144, 740
144,560
593,734|
714,079:
654,8381
591, 537i
61,705
61,490
62,099
62, 218
64,720
64,277
64, 933
65,132
I
62,438
63, 027
60,480
60,932
171,005
170, 737
170,697
170,756
2,630
909
1,333
1,439
1,365
1,067
1,144
554
708
214
1,213
1,431
1,451
1,263
1,034
933
1,027
900
2,039
1,706
551
794
794
794
794
232
232
232
232
145
145
145
145
191
191
191
191
191
191
191
191
417
417
417
417
329
166
171
160
3,260
2,675
524
284
252
296
260
195
280
32
18
20
24
8,344
9,102
8,655
7,650
137,163 187,490 70,599
931,244 135,879 192,178 68,382
916, 666 134,719 190,321 68,822
921,703 137,8871 193,900 67,305
63,170
63,010
61,473
60,360
369,891
361,602
354,686
352,774
SO, 492
79,933
78,134
78,688
52, S66
53,646
51,065
54,422
94,753 63,924 180, 666
94,996 64,270 182. 295
93,448 61,624 181,475
94,361 62,174 179,374
63,617
79,899
68,558
60,791
153,371
188,859
177,183
158,201
165,045
166,135
166, 217
166,740
10, 600
10,621
10, 585
10,710
254,3981
254,398;
254, 398
254, 398
29, 682
30,990
31,724
32,941
1,135
1,166
1,097
77"
46,993
56,031
50,482 j
47,180l
56,417
73,218
65,393
59,049
45,026
50, 565
45,843
43,471
18,592
21,793
19,344
19,018
72,3691
89,067
84,139
76,107
28, 767
32,575
31,017
28,929
11,724
12,866
12,931
11, 508
40,007
41,477
35,965
32, 608
24,765
29, 009
25,918
23,114
32,086
38, 720
38,065
31, 561
63,496i
63,585
63,727!
64,150
15,662
16,482
16,482
16,452
15,471
15, 506
15,489
15,489
6,177!
6,173
6,176!
6,177!
5,409
5,466
5,448
5,449
19,878
19,898
19,897
19,897
5,219
5,219
5,223
5,223
3,084
3,083
3\065
3,065
4,274
4,273
4,266
4,264
4,463
4,463
4,495
4,496
11,312
11, 366
11,364
11, 368
19,619
19,619!
19,6191
19,619
71, 282
71, 282
71, 282
71,282
24,101
24,101
24,101
24,101
26,345
26,345
26,345
26,345
12,399J
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
7,0821
7,082
7,082
9,086
9,086
9,086
9,086
8,690
17,978
17,978
17,978
17,978
2,020
2,191
2,281
2,338
8,167
8, 660
8, 907i
9, 535|
1,
1,960
2,091
2,141
2,798
2,924
2,962
3,063
1,576
l ' 656
l,67li
2,355
2,381
2,427
2,500
5,108
5,293
5, 281
5,377
1,440
1,615
1,679
1,714
1,103
1,105
1,109
1,124
1,039
989
1,017
1,037
5, 231,203 409,509
5, 357,0921 430,501
5, 267,203! 423,606
5,222,4961 421,3871
l,535,385j
l,575,029|
1,548,596|
1,535,2041
379,544
390,609
380,436
379,587
482, 239
507,287
493,453
492,722
213,908
217,427!
213,138!
209,552s
253,460
255,007
250,440
251,884
836,391
841,823
830,861
819,152
188,443
191,652
188,972
187,592
j
12, 399*
12,399
12,399
8,690
851
907
918
1,342
1,357
1,396
1.472
140,579^ 226,279 147,426
142,059 228,191 151,740
140,185 j 222,536 148,029
142,333, 219,390 145,773
418,040
425, 767
426,951
417,920
646
FEDERAL RESERVE BULLETIN
SEPTEMBEK, 1929
FEDERAL RE6ERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
LIABILITIES—Continued
[In thousands of dollars]
Federal Reserve Bank
Total
Boston
New
York
St. Minne- Kansas
Phila- Cleve- Richdelphia land mond Atlanta Chicago Louis apolis City Dallas
San
Francisco
MEMORANDA
Ratio of total reserves to
Federal reserve note and
deposit liabilities combined
(percent):
Aug. 7__
Aug. 14
Aug. 21
Aug. 28
Contingent liability on bills
purchased for foreign correspondents:
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Own Federal reserve notes
held by Federal reserve
banks:
Aug. 7
Aug. 14
Aug. 21
Aug. 28
74.6
74.6
75.5
75.4
81.7
77.8
70.
71.
69.1
74.3
78.2
77.4
76.8
71.4
69.4
81.9
75.6
80.
81.0
462,606
441,924
442, 668
447,97"
33,927
32, 726
32, 726
32,726
143,048
133, 679
134,423
139,732
44,014
42,456
42, 456
42, 456
46,765
45,109
45,109
45,109
21,090
17,880
20,3431 17,247
20, 343 ( 17, 247
20, 3431 17,247
62,
60,
60,
60,
527,741
526, 902
503, 530
492, 456
37,063
47, 216
48, 299
50, 225
233, 835
233,448
204, 565
197,811
36, 750
34,115
39, 909
39,587
22,925
20, 884
22,448
15, 659
14, 7481
13,200!
14,233
16, 810j
66.
64.
63.
61.3
63.8
64.0
62.8
62.2
27, 723
28,837
29,949
26,118
62.9
59.7
54.1
58.0
75.6
72.4
72.2
68.2
79.0
82.5
80.8
79.1
55.7
52.4
55.9
56.8
78.4
79.9
82.2
82.5
811
588
588
588
18,339
17, 690
17,690
17, 690
11,462
11, 056
11,056
11, 056
15,130
14, 594
14,594
14, 594
15,130
14, 594
14, 594
14, 594
33,010
31, 842
31, 842
31,842
36,926
34, 210
33,588
35, 610
13, 277
13, 267
12,047
12,118
7,030
6,629
6,044
6,713
8,614
7,840
9,556
8,876
10, 540
10, 074
9,631
10, 399
78,310
77,182
73.261
72, 530
83.1
82.3
82.6
83.0
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Federal Reserve Bank
Total
Federal reserve notes received
from comptroller:
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Federal reserve notes held by
Federal reserve agent:
Aug. 7
Aug. 14
Aug. 21...
Aug. 28
Federal reserve notes issued to
Federal reserve bank:
Aug. 7 . . . .
_..
Aug. 14
Aug. 21
Aug. 28
Collateral held as security for
Federal reserve notes issued to
Federal reserve banks:
*
Gold and gold certificates—
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Gold fund, Federal Reserve
Board—
Aug. 7
Aug. 14...
Aug. 21
Aug. 28...
Eligible paper—
Aug. 7
Aug. 14
Aug. 21
_.,.
Aug. 28
Total collateral:
Aug. 7...
Aug. 14
Aug. 21._
Aug. 28
St.
Minne- Kansas Dallas
Louis apolis
City
San
Francisco
608,309
603, 311
599, 484
596,145
120,132
118, 947
117, 596
116,846
149, 099
148, 565
148,036
147, 324
140,004
138, 520
136, 940
136,860
77,200
76, 417
75, 547
74,861
390,986
389, 253
387, 634
385, 997
129, 705
124, 222
120, 500
122,070
238, 680
239, 580
235, 480
231,980|
45,150
44,190
43,450
42,510
77, 349
77, 659
77,059
75,479
54, 270
53, 310
48, 630
49, 950
21,927
21, 942
19, 532
18,132
138,020
138,020
137, 700
137, 300
92, 879
91,500
92,475
95, 339
181,103
180, 640
181,143
180,121
369, 629
363, 731
364,004i
364,165
74, 982
74, 757
74,146]
74,336!
71, 750
70, 906
70, 977
71,845
85, 734
85, 210
88, 310
86, 910
55, 273
54, 475
56, 015
56,729
252,966
251, 233
249, 934
248, 697
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, 758
14, 758
17, 258
17,258
35,000
35,000
35,000
35, 000
Richmond
Atlanta
182,133
180, 704
179,139
178,383
310, 808
304, 862
301, 643
302,191
83, 670 59, 254
78, 470 19, 204
77, 520
78,940 83, 044
216, 643
218,000
215,391
210, 535
30, 000 38, 800
30,0001 38,800
30, 000 38, 800
30, 000 34, 400
Boston
New
York
Phila- Clevedelphia land
3, 752, 797
3, 756, 266
3, 749, 414
3,758, 556
285, 738
294, 738
307,110
318,809
924, 719
931, 991
929, 756
937,104
263, 356
272, 488
273, 618
274, 561
1,414, 018
1, 413, 986
1,423,031
1,436,728
82, 385
78, 028
80, 988
85, 215
380, 744
387,144
414, 360
428, 960
72, 864
82, 217
81,148
83,148
2, 338, 779
2, 342, 280
2, 326, 383
2, 321, 828
203, 353
216, 710
226,122
233, 594
543,975
544, 847
515, 396
508,144
190, 492
190, 271
192,470
191,413
371,153
432,121
435,863
431,463
35, 300
35, 300
35,300
35,300
169, 638
230, 606
231, 848
231,848
1,114, 669
1,121, 700
1,125, 700
1,133,700
104, 617
114,617
114, 617
114, 617
53, 626
53, 626
53, 626
53,626
98,416
98,416
98,416J
98,416
1, 096, 477
1,068,611
1,062,853
1, 058,868
70, 784
84, 269
108, 385
105,164
387, 710
302, 911
266,089
270,479
62, 803
72,058
85,082
87, 049
69, 962
95, 859
75, 571
73,772
2, 582, 299
2,622,432
2, 624,416
2, 624, 031
210, 701
234,186
258, 302
255, 081
610, 974
587,143
551, 563
555,953
191, 219
200, 474
213, 498
215,465
228, 762
239, 659
219, 371
223,172
300, 313
296, 470
292,911
289,475
Chicago
14,16"
14,167
14,167 j.
120,000 30, 466 93, 000
105,000 30, 466 95, 500
105,000 30,466 93, 500
115,000 30,466 91, 500
329, 564
329,564!
329, 5641
329, 564
13, 000
13,000
13,000
13, 000
44,000
44,000
40,000
40, 000
61, 248
71, 248
71, 248
71,248
4,
4,500
4,500
4,500
161, 763
161, 763
171, 763
171,763
52, 833
54, 619
57, 575
57,165
78, 778
77, 289
79,086
80,151
128, 089
135, 289
133,041
128, 982
61, 258
66,006
73, 226
68,460
21, 487
24, 373
24, 758
29,750
35, 208
29,712
35, 995
38,113
44, 534
48, 795
51,930
50, 518
83,031
77,431
72,115
69,265
99,489
101, 275
104, 231
103,821
181,278
182, 289
182,086
181,151
457, 653
464, 853
462, 605
458, 546
82,058
86, 806
94,026
89,260
79, 654
82, 540
78, 925
83,917
96, 456
100, 960
107, 243
109, 361
64, 261
68,053
73, i —
72, 276
279, 794
274,194
278,878
276,028
647
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1929
MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS
[In thousands of dollars!
Total
Bills discounted:
Aug. 7____
Aug. 14
Aug. 21
Aug. 28
Bills bought in open market:
Aug. 7
Aug. 14
Aug. 21_
_
Aug. 28
Certificates of indebtedness:
Aug. 7___
Aug. 14
Aug. 21
Aug. 28
Municipal warrants:
Aug. 7
Aug. 14...
Aug. 21
Aug. 28
Within 15
days
16 to 30
days
31 to 60
days
61 to 90
days
91 days to
6 months
1,064,070
1,027,988
986,378
973, 627
842,036
768,320
726, 899
719, 548
43,050
53, 595
53,432
54,371
93,502
107,510
117,011
114, 842
70,217
84,138
80,070
77,111
14,942
14,083
8,880
7,653
79,158
117, 885
132,137
156, 514
50, 788
86,311
90,377
90, 597
10,718
9,514
13,008
20,258
11,176
12, 294
14,694
25, 422
5,814
7,692
11, 770
17,173
662
2,074
2,288
3,064
20, 759
22,577
14, 971
11, 570
11,000
13,600
5,600
2,855
90
8,816
8,521
587
93
332
93
8,723 i
Over 6
months
323
342
174
161
223
101
300
300
300
300
300
300
300
300
GOLD SETTLEMENT FUND—INTERBANK TRANSACTIONS FROM JULY 18 TO AUGUST 21, 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 5 weeks ending—
Aug. 21, 1929
July 17, 1929
Aug. 22, 1928
July 18, 1928
Credits
2,500
6,700
7,000
5,000
3,000
3,000
1,500
300
1,000
29, 800
1,000
1,500
1, 000
1,000
1,200
2,000
1,000
2,500
7,000
1,000
39, 500
169, 800
20,700
220, 900
39, 500
169, 800
20,700
220, 900
Debits
Credits
Debits
Credits
1,157, 774
4,141,974
1,118, 995
1, 034, 740
950, 700
367, 330
1, 846, 782
654, 296
250,485
627,401
412,176
515, 407
1,127,011
4, 249, 560
1, 093,224
1, 058, 642
958,734
357, 673
1, 840, 540
641, 993
240, 653
616,515
404, 032
489,483
4,786
12, 875
7,927
13,174
3,809
4,183
14, 577
3,851
2,943
3,865
2,422
4,366
5,649
15, 518
7,481
6,315
6,774
5,581
12, 710
4,676
3,430
3,780
2,268
4,596
13,078, 060
13,445,548
11,152,029
12, 635,835
13,078, 060
13,445, 548
11,152,029
12, 035,835
78, 778
68,086
69,774
57, 874
78,778
68, 086
69,774
57, 874
Changes in ownership
of gold through trans- Balance in
fers and clearings
fund at
close of
period
Increase
Decrease
31,400
133,329
32,217
13,543
8,999
10,259
8,409
9,778
9,345
11,971
9,798
32,694
155,871
155,871
30,224
220,504
24,005
117,876
28, 945
14, 740
113,246
32,715
17, 455
54,726
21,486
40,941
716, 863
610, 707
715, 242
661,911
648
FEDERAL RESERVE BULLETIN
SEPTEMBEB, 1929
WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL RESOURCES AND LIABILITIES. BY W E E K S
fin millions of dollars]
Federal Reserve District
Total
Boston
Loans and investments:
Aug. 7
Aug. 14—.
Aug. 21
Aug. 28
Loans:
Aug. 7 . . .
Aug. 14
Aug. 21
Aug. 28
On securities—
Aug. 7
Aug. 14
Aug. 21
Aug. 28
All other—
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Investments:
Aug. 7
__
Aug. 14
Aug. 21—
Aug. 28
U. S. Government securities—
Aug. 7
Aug. 14
Aug. 21
_
Aug. 28
All other—
Aug. 7
_
Aug. 14—
Aug. 21
Aug. 28
Reserve with Federal reserve bank:
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Cash in vault:
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Net demand deposits:
Aug. 7.
Aug. 14
Aug. 21
Aug. 28
Time deposits:
Aug. 7
Aug. 14
Aug. 21.
Aug. 28
_
Government deposits:
Aug. 7_
_
_
Aug. 14
Aug. 21
Aug. 28.
Due from banks:
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Due to banks:
Aug. 7.
Aug. 14
Aug. 21
Aug. 28
Borrowings from Federal reserve
banks:
Aug. 7.
Aug. 14
Aug. 21
Aug. 28
New
York
Phila- Clevedelphia land
RichAtlanta
mond
Crticago
St.
Minne- Kansas
Dallas
Louis apolis
City
San
Francisco
22, 581
22,450
22, 423
22,405
1,503
1,498
* 1,507
1,495
8,762
8,624
8,599
8,624
1,223
1,228
1,230
1,233
2,194
2,193
2,190
2,175
683
677
673
679
616
643
641
641
3,374
3,378
3,383
3,342
688
693
693
693
390
392
392
397
713
707
704
704
476
478
476
478
1,929
1,940
1,934
1,943
17,044
16,943
16, 938
16,950
1,154
1,154
1,163
1,154
6,727
6,602
6,587
6,633
917
921
925
928
1,559
1,558
1,556
1,543
525
519
516
519
513
516
516
515
2,683
2,694
2,703
2,670
525
528
529
529
267
269
270
275
481
475
472
471
352
354
352
354
1,340
1,352
1,349
1,359
7,715
7,573
7,510
7,515
484
482
481
3,397
3,254
3, 210
3,252 |
480
480
477
480
736
734
730
720
206
201
199
202
152
152
152
150
1,289
L, 282
L, 283
L, 250
238
241
238
236
87
87
86
89
133
138
137
135
103
105
101
101
409
418
415
421
9,329
9,370
9,428
9,434
670
672
682
674
3,330
3,348
3,377
3,381
437
441
448
448
823
824
826
823
319
318
316
317
361
364
363
365
L,394
L, 412
1,420
L, 421
287
288
291
293
180
182
185
186
348
337
335
336
249
249
251
253
931
934
934
937
5,537
5,507
5,485
5,456
349
344
344
342
2,035
2,022
2,012
1,991
306
307
306
305
635
635
634
632
158
158
158
160
132
126
125
126
691
684
679
672
163
165
164
164
122
122
122
122
232
232
232
233
124
125
124
124
589
588
585
584
2,732
2,734
2,723
2,707
172
172
172
172
1,060
1,064
1,057
1,048
95
95
94
93
304
303
304
304
74
74
74
74
58
59
59
58
311
311
309
306
54
54
54
54
68
69
68
68
110
110
109
109
83
83
82
82
343
341
340
339
2,805
2,774
2,762
2,748
177
172
172
169
974
958
954
943
212
212
212
212
332
332
329
329
84
84
84
86
74
68
67
68
380
373
370
366
109
111
110
110
54
54
54
54
122
122
123
124
41
42
41
42
247
247
245
245
1,675
1,674
1,650
1,663
97
95
94
764
768
760
763
76
76
74
77
126
128
128
133
41
40
39
39
39
39
38
37
266
261
254
255
44
43
42
44
25
26
24
26
59
57
57
58
32
33
31
31
107
107
107
105
241
245
236
238
18
18
18
18
14
15
15
14
29
28
29
30
12
12
12
12
11
11
10
10
39
39
37
38
6
70
66
65
6
6
6
6
6
6
11
12
11
12
8
8
8
8
19
20
18
19
13, 240
13,191
13, 065
12,985
908
5,805
5,761
5,704
5,692
706
702
699
696
1,055
1,046
1,064
1,052
357
351
347
346
313
322
313
311
1,937
1,915
1,908
1,870
365
368
354
364
231
230
229
229
524
525
512
508
277
282
272
274
762
781
770
764
6,702
6,721
6,720
6,766
458
458
455
456
1,680
1,680
1,687
1,726
262
260
260
261
948
943
941
944
243
243
243
243
238
236
236
235
1,232
1,261
1,260
1,261
225
225
224
224
130
130
131
132
182
182
183
184
143
143
142
142
963
960
959
959
49
44
44
37
3
2
2
2
13
12
12
10
5
4
4
4
5
5
5
4
2
2
2
2
3
3
3
3
5
4
4
4
1
1
1
1
1
1
1
1
1
3
3
3
2
7
7
7
6
1,050
1,080
1,039
1,032
50
47
45
47
132
135
125
125
53
60
54
54
85
93
94
90
47
45
48
44
65
68
65
63
201
212
201
206
46
46
46
52
53
50
50
50
130
123
116
106
47
50
51
51
141
152
144
143
2,687
2,634
2,556
2,540
111
111
101
100
901
890
864
874
158
156
152
151
198
202
197
199
96
88
87
85
88
89
84
86
445
436
431
420
107
105
100
95
80
76
77
76
241
224
215
202
73
70
70
72
188
186
179
180
328
230
183
191
38
53
56
55
52
70
50
48
24
28
27
30
46
44
46
47
85
95
94
86
41
45
42
47
14
18
18
23
24
19
24
25
25
28
32
30
58
54
51
45
770
726
687
7
649
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1929
LAND BANKS AND INTERMEDIATE
BANKS
BANK SUSPENSIONS 1 IN JULY, 1929
CREDIT
[Amounts in thousands of dollars]
LOANS OF FEDERAL AND JOINT-STOCK LAND BANKS
All banks
[In thousands of dollars]
Federal reserve district
Num- Total deNum- Total de- Num- Total deber posits 2 ber posits 2 ber posits 2
Net amount of loans outstanding
Date
Total
Federal Joint-stock
land banks land
banks l
(12 banks)
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta..
607,679 Chicago
609,891 St. Louis
609, 535 Minneapolis
610,050 Kansas City
607,891 Dallas
609,477 San Francisco
1927
July 31
Aug. 31
Sept. 30.
Oct. 31
Nov. 30
Dec. 31
Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30_
Dec. 31
1,742,575
1,749,393
1,752,665
1,757,185
1,758,834
1,765,121
1,134,896
1,139,502
1,143,130
., 147,135
., 150,943
., 155,644
1928
2
1
1
5
39
3
2
7
6
Total
1,767, 515 ., 158, 717
1, 778, 338 .,168, 354
1, 786,862 ., 175,858
1, 791,341 ., 180,420
.,183,672
1,793,035
1, 794, 236 ., 184, 656
1, 793, 610 , 185,714
, 187, 365
1.796, 591
, 189,345
1.797, 796
1,797, 910 ., 190, 278
1,797, 319 1,191,724
1,799, 045 1,193,846
6,169
1,286
3,700
2,707
43,775
1,153
448
1,675
2,097
3
7,416
69
70,426
1
2
6,169
1
4
33
3
1
5
6
3,700
1,365
23,098
1,153
198
1,094
2,097
1,286
6
I
1,342
20,677
1
2
250
581
11
24,136
3
7,416
58
46,290
608,798
609, 984
1 Banks closed to the public on account of financial difficulties by
611,004
of supervisory authorities or directors of the bank.
610,921 order
2
Subject to revision; figures given are for latest available date prior to
609,363
suspension.
609, 580
3
Includes 9 national banks with deposits of $9,940,000 and 2 State
607,896
609,226 member banks with deposits of $14,196,000.
608,451
BANK DEBITS
607,632
605,595
[Debits to individual accounts. In thousands of dollars]
605,199
1929
Num604,375
ber of
603,827
cen601,121
__
ters
599, 391
598,032
597,956
___
1
596,403 New York City
140
Outside New York City
reserve district:
*Number of banks, 1927: January-March, 55; April-May, 54; June- Federal
Boston
11
August, 53; September-November, 52; December, 51. 1928: JanuaryNew
York
7
April, 51; May-November, 50; December, 49. 1929: January to date, 49.
Philadelphia
_
10
Cleveland
13
Richmond
7
Atlanta
LOANS OF INTERMEDIATE CREDIT BANKS
15
21
Chicago
5
St. Louis _
[In thousands of dollars]
9
Minneapolis
15
Kansas C i t y . . . .
10
Dallas
_
1929
1928
18
San Francisco
Class of loan
141
Total
Jan. 31
Feb. 28
Mar. 30
Apr. 30
May 31
June 30
July 31
Nonmember
banks
Member
banks 3
1,799,464
1,803, 593
1,803, 691
1,803,115
1,802,160
1,802, 872
1, 800, 766
1,195,089
1,199,766
1, 202, 570
1,203, 724
1, 204,128
1,204,916
1,204,363
J u l y 31 J u n e 30 M a y 31 Apr. 30 July 31
Direct loans outstanding
onCotton
Tobacco
Wheat
Canned fruits and vegetables
Raisins
. . .
Wool
Rice
Allother
Total
Rediscounts outstanding
for—
Agricultural credit corporations _
.
National banks
State banks
Livestock loan companies
Other banks and trust
companies
Total
July, 1928
July, 1929
June, 1929
49, 215,180
28,443, 671
43, 262, 705
26,428, 029
35,084, 638
23, 896, 653
3, 220, 777
50,365,930
2, 850, 520
3, 246, 593
782, 835
1,175,446
7, 568, 846
1, 320,939
914,431
1, 728, 522
728, 598
3, 755,414
2, 874, 504
44, 326, 763
2, 878,068
2, 907, 034
754,145
1,117, 749
6,945, 647
1, 362,800
790, 718
1,425, 084
674,100
3, 634,122
2, 636,846
35,990,432
2, 335, 701
2, 700,414
728,113
1,063, 738
6,168,618
1,207,166
739, 584
1, 387, 852
628, 898
3, 393, 929
77,658,851
69,690, 734
58,981,291
MEMBERSHIP IN PAR COLLECTION SYSTEM
497
215
97
2,041
288
184
6,068
421
516
15, 503
815
1,289
2,052
2,335
700
584
3.945
3', 409
96
178
570
4,092
1,364
273
219
655
4,115
229
457
289
869
4,162
582
279
913
5,555
934
751
60
9,021
9,031
12, 750
23,499
13, 300
32, 513
102
1,627
31, 563
102
1,460
30,155
87
947
28,065
69
732
32,311
2
386
25,638
25,865
25, 305
25,160
21, 745
80
80
83
84
71
59, 960
59, 070
56,577
54,110
54,515
[Number of banks at end of July]
Nonmember banks 1
Member banks
1929
United States...
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
M inneapolis __
Kansas City
Dallas
San Francisco
1
_
1928
8,677 j 8,920
408
939
772
806
531
432
1,225
575
694
912
766
617
410
935
784
821
555
456
1,262
592
727
945
789
644
On par list
Not on par list
1929
1928
1929
12, 275
12,864
3,779
3,934
406
482
1,002
599
255
3,523
1,698
608
2,166
611
657
250
410
498
1,024
638
310
3,619
1,802
713
2,260
640
700
10
550
929
226
480
1,114
200
209
61
10
579
1,003
202
467
1,127
284
205
57
Incorporated banks other than mutual savings banks.
1928
CONDITION OF ALL MEMBER BANKS
ALL MEMBER BANKS—CONDITION ON CALL DATES JUNE 30, 1926, TO JUNE 29, 1929
[Amounts in thousands of dollars]
June 30,
1926
Dec. 31,
1926
Mar. 23, June 30,
1927
1927
Oct. 10,
1927
Dec. 31,
1927
Feb. 28,
1928
June 30,
1928
Oct. 3,
1928
Dec. 31,
1928
Mar. 27, June 29,
1929
1929
RESOURCES
i, 886, 393 23,098,
\, 944,
944, 641 25, 658,491
_. 22,060,187 22, 652,044 22, 327,037 22,938, 20:7 23, 226, 513 23,886,
1,098, 936 24, 302, 78'
24, 325, 010 25,155, 255 24,
3,744,929 3,388,963 3,835,151 3,796,347
""
3,856,149 3,977, 557 4, 215,822 4,224,730
953 4,154,929
385,830 4,
" 311, 790 4,453,
'
-----6, 216, 890 5, 994,432 5,897,541
5,378,4.79 5,600.708 5,786,776 6,021,927' 6,103,119 6, 382,962 6, 373, 630 6,533,656 , ,
218,145 35,683,935 35,393,026 35,
31,183,595 31,641,715 31,948,964 32,
1,346,
.,710,961
\ 756,481 33,185,781 34,346,912
33,688,388
35,061
^,688,
':, 173 34,928,985
Total loans and investments.
431,307 512,945 500, 232 502,024 576, 223 699, 701 095, 319 710,207 727, 258 929, 510 836,028 802,188
Customers' liability on account of acceptances
..
969, 380 998, 212 1, 012,103 1,036, 731 1, 059, 930 1, 067, 200 1,077,529 1, 099, 210 105,558 1,107, 287 1,118,418 1,169, 752
Banking house, furniture, and fixtures
172,986
173, 727
180, 546 177, 229 180, 511 184.109
177, 716 184,873
178, 230 175,829
178,443
Other real estate owned
.
179,878
534,120 522, 596
564, 384 516, 742 433,491
538, 305 537, 856 539,137 523, 370 525,992 449,198
519,126
Cash in vault
2,236,172 2,210,048 2, 321,414 2, 280,439 2, 319, 736 2, 514, 465 2, 366, 605 2, 342, 045 348, 018 2,409, 367 2, 338, 569 2, 359,077
Reserve with Federal reserve banks...
732,161 810, 250 673, 512 740,816 739,871
784, 391 686, 881 680, 492 ' 856, 655 967,836 841, 606 775,822
Items with Federal reserve banks in process of collection.
1,980,051 2,065,518 1, 896, 383 1,968, 326 2,077,441 2, 209, 831 1,940,619 1,897. 231 !, 026, 2592,124, 252 1, 741,478 1,885,167
Due from banks in United States
287,104 275, 887 255, 821 258, 337 269, 373 i 291, 490 i 286, 686 » 305, 299 i 287, 248 272, 682
Due from banks in foreign countries (including own branches)...
1,762,736 2,077,090 1, 222,670 1,912, 942 1, 564, 796 1, 508,418 1,311,817 1,447, 219 , 634, 689 3,493, 061 2,486, 203 1,446,186
Exchanges for clearing house and other checks on local banks
137,866! 181, 593 101, 676 177, 771 157,841
Outside checks and other cash items
_
200,159
134, 916 217, 291 163, 527 203, 884 142, 395 117,298
32,997
32, 785
32,891
33,054
32, 995
32, 761
32,480
Redemption fund and due from United States Treasurer.
33, 281
32, 823
33,001
32, 715
33, 025
Acceptances of other banks and bills of exchange or drafts sold
207,292 254, 506 205, 382 210,519 265,007 431, 968 454, 958 436, 486 433, 668 677, 994 475,155 453, 826
with indorsement
_'
...
44, 345
35,947
44, 031
41,521
29,464
48, 844
36, 337
33, 539
36, 551
Securities borrowed
_
35,212
29, 248
37, 733
419,895 504, 314 158, 488 168,141
171, 070 197, 666 186, 67' i 204, 940 i 205, 273 i 222,149 i 229, 751 232, 621
Other assets
_
Loans (including overdrafts)
_
United States Government securities
Other securities
_
Total.
._
-
40,845,189 42, 029, 644 41,118,464 42, 810,192 43,155, 718 44, 888,140 43, 581, 656 45,091, 849 45, 483, 697 48,935, 646 46, 673,097 45,908, 001
i
LIABILITIES
Capital stock paid in.
2,169,484 2, 203,447 2, 248, 210 2, 273, 737 2, 304, 708 2, 337, 780 2, 345, 519 2,415, 376 2, 453, 859 2, 474, 223 2, 563, 278 2, 646,928
Surplus
_
1,899, 565 1,955, 349 1,992,174 2,030, 342 2,049, 325 2,124,020 2,144,182 2, 285, 536 2, 382, 393 2,440, 709 2, 548,155 2, 650, 336
832, 564 918,145 882,806
Undivided profits—net.
•
763,156 785, 517 845, 596 843, 319 940, 505 879, 480 914,114 924, 012 fL 886,025
144, 242 164,430
120,020 151,744
Reserves for dividends, contingencies, etc
Reserves for interest, taxes, and other expenses accrued and un124,484
120, 386 139, 315 128,142
152,
150,438
120,676
157,144
148,825
128, 75'
paid.
137, 345 145, 458
51,445
4.5, 214
47, 221
53,043
54,
65,379
56,510
51,433
51,883
Due to Federal reserve banks
49, 823
52,073
45, 360
388,441
3,
507,
732
494
3,462,377
3,649,037
3,070,084
3,091,639
Due to other banks in United States
3,
567,
263,
3,
808,
222
3,
495,
722
3,935,113 4,002,995
451, 747 567,800
543,273 462,649 464,871
Due to banks in foreign countries (including own branches)
586,
745, 691 643, 372 613, 732 508,571
962,694 1,141,102
788, 522 1, 064, 605 977,
753,620
Certified and officers' checks outstanding
787, 770 1,041,1141 2,184,138 1,739,947
839, 556 848,064
20.499
38,415
41, 696
27,33s
23,128
27,385
43,182
Cash letters of credit and travelers' checks outstanding
25, 015
26,
43, 177
27,
21, 641
29, 015
\ 735, 244 7,
1 374,426 18,1,170,140 17,
608, 564 17, 501, 430 18,903, 65817,708,26917,814,603
17,
Demand deposits
-. 17, 380,041 17,638, 648 16,830, 709 17.
', 304, 646 17,
11,172,863 11., 139,859 11,
817, 094 12, ~"~>834^
438, 585 13,409, 6C8 13,
3,453,311 13,328,71213,325,066
Time deposits
209,1 12, 459,248 12, 764, 798 12,922, 038 13,
227,647 234,116
.
..,__
406,.850 217,,622 435,,475 266,981
261, 505 410,867
347,967
United States deposits
...
86.032 256, 681 158,,761
33,761,987 34,528,664 33,756,199
35,397,576 35,481,948
36,669,102
756,
1,481,
9,074,"" 36,799,346 35,892,831
Total deposits
6,669,'" 35,374;
~ ,849 36,059, 826 36,174; 578 39,074,560
Agreements to repurchase U. S. Government, or other securities
sold.
5,632
32, 537
134, 084 102,423
13, 248
17,96:
17, 845
103, 758
95,161
32, 785
21, 375
18,103
Bills payable and rediscounts with Federal reserve banks
516,059 640, 262 463,900 440, 565 457, 758 583, 266 485, 874 1,095, 997 1, 019, 789 1, 040, 608 981,434 1, 029,391
Bills payable and rediscounts other than with Federal reserve
banks
_
_
_
95, 560 119, 604
121, 570 171, 601 168,975
82, 533 100, 683
134,127
70,457
80, 209
95, 018 113,440
Acceptances of other banks and bills of exchange or drafts sold
207, 292 254, 506 205, 382 210, 519 265, 007 431,968 454, 958 436,486 433, 665 677,994 475,155 453,826
with indorsement
_
_.
Acceptances executed for customers
425, 751 515, 046 505, 586 503, 595 575, 636 721,473
928, 329 846, 370 800,423
705, 001 716, 270 717,931
Acceptances executed by other banks for account of reporting
42,054
35,917
banks
_
'..
32,042
42, 075
29, 013
43, 636
45, 025
26, 075
28, 235
41,417
22, 318
26, 008
National-bank notes outstanding
650,662 645, 956 642,067 650,445 649,390 649,877 646,162 648, 602 648, 046 649, 893 647, 354 648,944
Securities borrowed
_
44,631
44, 345
48, 844
36, 337
33, 564
35,947
41, 546
29, 471
37, 782
36, 556
35,936
29, 352
Other liabilities
138,872 148,108 153, 695 147, 696 135,062 191,169 201,899
166, 726 189, 692 209,109 224, 581 238,116
Total
Number'of banks
1 Revised.
w
d
f
40,845,189 42,029, 644 41,118,464 42,810,192 43,155, 718 44, 888,140 43, 581, 656 45,091, 849 45,483, 697 48, 935, 646 46, 673, 097 45,908,001
9,375
9,144
9,099
9,087
8,929
8,837
8,755
8,707
ALL MEMBER BANKS—CONDITION OF NATIONAL AND OF STATE MEMBERS ON JUNE 29, 1929
[Amounts in thousands of dollars]
National banks1
All member banks
Total
Central
reserve
city
banks
Other
reserve
city
banks
Country
banks
Total
State bank members
Central Other
reserve reserve Country
city
city
banks
banks banks
Total
Central Other
reserve reserve Country
banks
city
city
banks
banks
RESOURCES
Loans (including overdrafts)
_
United States Government securities
Other securities
_
Total loans and investments
_
Customers'liability on account of acceptances
Banking house, furniture, and fixtures
Other real estate owned
_
_
Cash in vault—
"Reserve with Federal reserve banks
_
Items with Federal reserve banks in process of collection
Due from banks in United States
_
Due from banks in foreign countries (including own branches)
Exchanges for clearing house and other checks on local banks
Outside checks and other cash items
_
_
Redemption fund and due from United States Treasurer
Acceptances of other banks and bills of exchange or drafts sold with
indorsement
_
Securities borrowed
Other assets
_
_
Total..-
-
25, 658,491
4,154, 929
5,897, 541
35, 710, 961
802,188
1,169, 752
179, 878
433, 491
2, 359, 077
775,822
1,885,167
272, 682
1,446,186'
117, 298!
32, 715
7, 774,060 8,788,569 9, 095,862 14,805,401 2, 953, 661 5,118, 421 6, 733, 319 10,853,090 4,820, 399 3, 670,148 2, 362, 543
""• 449,713 242,677
1,164,806 1,606,514 1, 383, 609 2,801,394
503, 661 1,1156,801 1,140,932 1, 353, 535 661,145
988, 086 1,669,921 3, 239, 534 3, 849, 768
3G7,872 932, 920 2, 548, 976 2, 047, 773 620, 214 737,001 690, 558
9, 926, 952
12 12, 065, 004 13, 719. 005 21, 456, 563 3, 825,194 7, 208,142 101,] 423, 227 4, 254, 398 6,101, 758 4, 856^ 862 3, 295, 778
368,917
404,855
4,196
31,712
630, 615~
397, 333 261, 668 12f ~"~
9, 994
161,579
5,798
422, 248' 140, 724 165, 866 115,658
747, 504
220,192
527,126
422, 434
79,468 256,568
411, 468
24,644
2,780
61,062
33,638
3,221
62, 035 114,622
118,816
441
28, 397
89, 978
49, 931
41, 936
136, 821
44,954
67,871
124, 272 241, 348
296, 670
25,935
79, 318
191,417
948,180
772, 227 638, 670 1, 344, 951 367, 377 482, 000 495, 574 1, 014,126; 580,803 290,227 143,096
45,549
331, 938! 152,424 133,965
264,871
385,102 125,849
443, 884
112,44'
251,137
80, 300
206,487 212, 621 133,878
552,980
292, 347
801, 002 791,818 1, 332,181
85, 860 588, 381
657,940
1,692
9,401
88,853
99,946
4,195
172, 736
49,144
130,490
2,503
219, 343
39.743
28, 326
601, 576 102,098
732,000
90.844
714,186
319, 877
433,889 217, 779
62, 518
1, 035, 465
6,614
47, 241
30,300
14,945
25,682
70, 057
23, 686
19, 028
67,970
42, 288
4,
22,864
22,864
2,015
7,f"
32, 715
7,836
2,015
453,826
36, 337
232, 621
398, 993
9
9 1 320
54,173
23, 013!
89, 782
660
13, 315
48, 519
164, 866
20,055
112, 707
124, 303
9
28, 695
40, 202
11,815
52, 63!
361
8, 231
31, 380
288,960
16, 282
119,914
274, 690
65, 625
13,971
11,198
37,150
299
5,084
17,139
a
i
45,908,001 14,123,422 15,405,150 16, 379,129 27,425, 224! 5,481,874 9,436,105 12, 507, 245 18,482, 777 8, 641, 548 5,969, 345 3,871,884
LIABILITIES
Capital stock paid in
2, 646,92S
Surplus
_
__
----- 2, 650, 336
Undivided profits—net
882,806
Reserves for dividends, contingencies, etc
_
164,430
Reserves for interest, taxes, and other expenses accrued and unpaid- 148,825
Due to Federal reserve banks
_
_
51,883
Due to other banks in United States
3,091,639
Due to banks in foreign countries (including own branches)
464,871
Certified and officers' checks outstanding.
753, 620
Cash letters of credit and travelers' checks outstanding
43,1S2
17,814, 603
Demand deposits
Time deposits
...
13, 325, 066
United States deposits
_
347,967i
Total deposits
_
_
35, 892, 831
Agreements to repurchase U. S. Government or other securities sold. 103, 758
Bills payable and rediscounts with Federal reserve banks
_
1,029, 391
Bills payable and rediscounts other than with Federal Reserve banks. 168,975
Acceptances of other banks and bills of exchange or drafts sold with
indorsement
_
_
-- 453, 826
800,423
Acceptances executed for customers
_.
_
42, 075
Acceptances executed by other banks for account of reporting banks.
National-bank notes outstanding
_
_ 648,944
36, 337
Securities borrowed
__
238,116
Other liabilities
45, 908, 001
Total
Number of banks
_
_
8,707
1
813, 760
983,915
291,412
66,966
64, 471
1
842, 258
990,910
826, 684
839, 737
246, 709
344, 685
52.887
44, 577
46,369
37,985
12, 629
39, 253
1, 332,346 1,409, 392
349,901
45,492
415,130
4,249
150, 085
500, 256
103, 279
10, 852
31,644
686
6, 237, 026 5,818, 270 5, 759, 307
1, 656, 493 4, 851, 652 6, 816,921
98,997i
184, 589
64, 381
10,271, 893 12,482, 96113,i, 137, 977
37,204
53,982
12, 572
381, 531
329, 286
318, 574
31,438
30, 361
107,176
398, 993
630, 667
24,607
40,124
9
86,432
660
9,041
1,232
454,448
13,315
66, 240
164,866
392,623
18, 618
648,944
20, 055
59, 342
40, 202
126,479
8,900
154, 372
9i 11,815
18, 076;
26, 678
124, 303
261, 208
8, 675|
40,124!
361
4,936
1,073
454, 448
8,231
14, 588
288,960
407,800
23,427
274,690
369,459
15,932
13,971
34, 236
7,336
299
4,105
159
16, 282
178, 774
68, 356
11,198
58, 766
5,084
51,652
14,123,422 15,405,450 16, 379,129 27,425,224 5,481, 874 9, 436,105 12, 507, 245 18, 482, 777 8, 641, 548 5,969,345 3,871,884
Member banks only, i. e., exclusive of national banks in Alaska and Hawaii.
54,173
160, 715
16, 236
154,372
23,013
85, 444
1, 626, 500 326,175 527,175
773,150 1,020,428 487, 585 315,083 217, 760
391,825 443, 942 642, 223 1,172, 346 592,090 382, 742 197, 514
1,477,990
395,472
73,475
215, 061 106,936
76, 351 139, 773 271, 210
487, 334
83, 721
13,065
19,875 29, 322
80, 709
47,091
23, 565
31, 512
74,872
20, 822 28,460
13, 314
17,909
73, 953
24, 671
43, 649
15,016
9,370
11,756
3,259
30,867
1
27,497
69, 024
1,934,430; 601, 516 1, 052,037 280,877 1,157,209
730,830 357, 355
237,059
34, 345
1,230
227,812
190,448
224,682
11,147
3,019
399.464
97, 337
25,926
354,156
179, 466
320, 790
52, 748
77, 353
24,890
10,166
167
18, 292
24,037
7, 607
519
10, 498, 786 2,438, 307 ,671,651 4, 388, S28 7, 315,817
798, 719 2,146,6191, 370,479
8, 314,464
546,410 2,, 635, 704 5,132, 350 5, 010,602| 1, 110,083 2,215,9481 , 684, 571
122,281
10,917
225, 686,
52,665
46, 332 125,890
58,699
53,464
21, 610, 493 4, 010, 086 7,, 636, 5009, 963, 907 14, 282, 338 6,261, 807 I, 846,461 3,, 174, 070
39,475
14, 507
6,137
3,454
54,098
49. 660
3,750
6,435
87, 342
610; 089
168, 006 210,851
231, 232 419, 302 213,525 118,435
12,161
18,200
27,90S
18,849
64,957
104, 018
12, 589
79, 268
77
488
8,142
7,530
344
7,153
1,177
44
144
989
d
ALL MEMBER BANKS—CONDITION ON JUNE 29, 1929, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollarsl
Federal Reserve District
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta Chicago St. Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
RESOURCES
25, 658,491 ,870,849: 8, 769,456 1,832, 438 2,375,807 1., 010,212 897,985 3, 792,123 936,671 558, 567 810,223 705,445 2,, 098, 715
Loans (including overdrafts)
.
4,154,929
United States Government securities
___
266,2991 1, 263,469 221, 220 435,101 137,437 122,667 512,036 138, 777 147, 348 202,027 169,494 539, 054
5, 897, 541 475,796! 1, 742,420 656, 362 676,872 181, 254 155,945 748,153 266,004 216, 778 228, 300
Other securities
82,001 467, 656
020 3,487,7S0!l,,328,9031, C 597 5,052,3121,
35,710,961 ,612,94411, 775,345 2,710,020
,341,452 922,6931 ,240,550 956,940 3,,105,425
Total loans and investments
596, 663 19, 294
12, 311
5,402
8,
655 45, 554
802,188
994
58
Customers' liability on account of acceptances..
73,848!
1,187
33, 758
4,464
J
61,611
"
172,878 37, 627
Banking house, furniture, and
fixtures
_
.._,-._ 1,169, 752' 71, 7611 291, 948 100,464 144, 093 64,17
23,487
44, 201
45, 285 112,219
15, 756 19,451
25,867
15,916 14, 351! 26,463 13, 219
Other real estate owned
179,878
7,377
8,786
13,867
9,982
8,843
97, 623 30,906
45, 663
21, 005 21, 394 70, 661 17, 764
Cash in vault.._
__
_
_
433,491
28,959
17,476
39,831
18,953
23, 256
67, 912 64, 202 345.481 75, 0961 50, 219 90, 758 63, 680 176,193
Reserve with Federal reserve banks
._
2, 359,077
140, 400 953, 347 138,878 192,911
74,302
36, 706 20, 634 98,784 31,187
Items with Federal reserve banks in process of collection
775,822
67,028 295, 216 53,356
32, 762
25,271
33, 688
84,925 252,483 113, 037 149, 974 93,116 112,47" 327, 786 92, 3S8J 102,036 186,115 118, 279 252, 551
Due from banks in United States
1.885,167
3, 702
430
38, 348
3,732
1,01
425
1,944
15,020
Due from banks in foreign countries (including own branches).-. ' 272,682 18,477 1S7, 845
586
1,084
38, 588 995, 315 60, 728 44, 520| 19, 878 16,437 138.482 19,647
10, " 69, 416
Exchanges for clearing house and other checks on local banks
1, 446,186
12, 596
20, 483
20, 528
12, 742
3,897
4,297
7,221 22,034
11,199
4,292
4,175
18,166
Outside checks and other cash items
_
117, 298
3,580
5,164
4,317
3,982
2,744
2,764
2,327
4,339
1, 679
2,877
Redemption fund and due from United States Treasurer
32, 715
2,432
2,234
1,640
ir~
Acceptances of other banks and bills of exchange or drafts sold
7, 522
3,085
3,531
1,315
3,289
104
453,826
1,027
28
with indorsement
,
23, 611 403, 929
6, 385
9,969
2, 699
1, 918
2,927
36, 337
5,579
7, 537
Securities borrowed
_._
_
473
219
86
515
2,517
17, 984
4,993
5,392
21,182
232, 621
5,126
1,824
9, 070 105*, 495
25,681
Other assets
_
5, 564
3,413
45, 908,001 3,190, 640 15, 997, 708 3, 296, 925 4, 229, 3311, 669, 094 1, 517, 393 6, 370, 520 1, 649,460 1,156,121 1,659, 768 1,264,373 3,906,668
Total
LIABILITIES
Capital stock paid in
_
_....
._ 2,616,928 175, 682 875,
179,100 230,075 115,080 103, 430 374,892 107, 698
Surplus
_
_
-_- 2, 650, 336 163,161 1, 071, 229 354,681 279, 644 88, 571 73,184 285, 079 01, 719
76, 723 30, 052 24, 463 85, 955 29, 773
83, 322 365, 237 70 265
Undivided profits—net
_
_
882,806
6,626
34, 751
17,817
3,814
3,787
55, 919
Reserves for dividends, contingencies, etc
_
12, 665
164,430
5,751
25,409
3,975
5,028
60, 518
7, 347 12, 794
Reserves for interest, taxes, and other expenses accrued and unpaid 148.825
12,491
6,191
3,445
4, ""
248
2,571
15,889
6,678
Due to Federal reserve banks
9,727
51,883
Due to other banks in United States
135, 784 1, 093, 089 173, 488 204, 519 107, 660 111, 545 498, 000! 133, 229
3, 091,639
830
11, 615
2,783
3,357
Due to banks in foreign countries (including own branches)
3,647
18, 282 407,459
442
464,871
48,038 18, 551
Certified and officers' checks outstanding
9,514
23. S69 506, 902 17,999 26, 897 12, 203
753,620|
141
3, 65'
6, 572
28, 637
243
Cash letters of credit and travelers' checks outstanding
102
•119|
43,182
857
Demand deposits
....
17, 814,603 1, 303, 668 6, 617, 703 ,1 127, £ 1,445,953 545, 491 533, 70812,483,454 626, 229
, 075, 2 L, 677,186 586, 753 471,495 2,147, 604 521,158|
Time deposits
_
13, 325,066 950,349 3,104, 840 1
21,189 26, 274 38, 204 11,250
United States deposits
92,465 29,840 .33,
.,..222
__
347,967
18, 610
,280,4611: 158,873 5,234,017 t,311,209
Total deposits
35,892,831 2,461,146 It,867,044 2,,434,869 3,402,0381,
Agreements to repurchase U. S. Government or other securities
5,607
5,618
792
sold
103,758
41, 303
5,053
2,743
37, 050
1,643
Bills payable and rediscounts with Federal reserve banks
82,367 55, 338 55, 297 122,038 50, 257
1, 029,391
75, 531 402, 219 84,958
Bills payable and rediscounts other than with Federal reserve
banks
,
_
15,145 14,693 16, 781 20, 517
51, 016 20, 097
168,975
10, 099
8,501
Acceptances of other banks and bills of exchange or drafts sold
1,315
3,085
with indorsement.._
,
7, 522
3,531
453.826
3,289
23,611 403,929
1,027
Acceptances executed for customers
5,550
11, 726 46, 020
1,054
800,423
74, 297 596,030 14, 609 11, 527
Acceptances executed by other banks for account of reporting
6,329
1,173
banks
__
24,826
5,428
79
42,075
493
2,468
79,175 54, 647 46,137 86,407 33,145
National-bank notes outstanding
_
86, 018 54, 686
648,944
44,319
9,969
Securities borrowed
1,898
2,927
1,918
36,337
5, 579
7,537
219
6,501
94, 653 32, 004
Other liabilities
2,625
4,585 43,108 28,135
238,116
14, 579
Total. _
Number of banks
.-
63, 782 92,927
35, 497 44,129
14, 580 20, 871
2,457
2,803
2,860
3,538
12
26
87, 726 212,683
2,075
631
12,125 19,107
124
177
97, 257 231,136
48, 682 144, 760
24,681
47, 884
2,968
9,096
2,719
6,395
1,61.2
578
97,995 235,921
1, 370
12, 380
14,273
44,082
133
2,420
414, 280 806, £02 639,4411, 269,806
470,425 372, € : : 237,4441, 709,993
7,379
19,902
8,062
41, 570
994,146 1,420,1081 , 012,170 3, 316,750
220
10,983
1,129
36, 734
1,992
15, 525
38.144
1,347
2,506
4,133
4,140
104
1,214
67
28
4, 544
6,385
33, 785
53
27, 302
86
1,490
32, 658
515
1,783
47, 305
473
1,226
57.145
2,517
6, 697
If!
45,908,001 3,190, 640 15, 997, 708 3, 296, 925 4, 229, 3311, 669, 094 1, 517, 393 6, 370, 520 1,649,460 1,156,1211, 659, 768 1, 264, 373 3,906,668
8,707
776
807
537
436
1,229
580
700
912
766
617
653
FEDERAL RESERVE BULLETIN
SEPTEMBER, 1929
ALL MEMBER BANKS—RESERVE POSITION ON JUNE 29, 1929
[Amounts in thousands of dollars]
Reserve with Federal reserve
banks
Net demand deposits
Class of bank and Federal reserve
district
All member banks
Central reserve city banks.
Reserve city banks
Country banks
All member banks:
Boston
New York
Philadelphia....
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco...
Central reserve city banks:
New York
Chicago
Reserve city banks:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Country banks:
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco..
Net
demand
plus time
deposits
Ratio of
required
reserve
to net
demand
plus
time
deposits
(per cent)
Demand
deposits,
exclusive of
bank and
Government
deposits *
Due to
banks,
net a
Total
17,814,603
1,162,609
18,977,212
32, 302, 278
2,332,581
2,359,077
26,496
7.2
6, 237, 026
5,818,270
5, 759, 307
755,355
344, 445
62,809
6,992,381
6,162, 715
5, 822,116
8, 648, 874
1,656,493
4,851,652 11,014, 367
6,816, 921 12,639,037
958, 704
761,821
612,056
772, 227
638,670
-10, 524
10,406
26,614
11.1
6.9
4.8
1,303, 668
6,617, 703
1,127,965
1,445, 953
545,494
533, 708
2,483,454
626, 229
414, 280
806,902
639,441
1, 269,806
43,806
661, 508
36,877
58, 072
17,773
20,991
139, 205
49,027
24,307
56,746
13, 261
41, 036
1, 347,474
7, 279,211
1,164,842
1, 504,025
563,267
554,699
2, 622,659
675,256
438, 587
143, 554
962,036
133,422
183, 954
64,615
61,954
339,705
74, 521
50,153
86, 728
60,882
171,057
140,400
953, 347
138,878
192,911
67,912
64, 202
345,481
75, 096
50, 219
90,758
63,680
176,193
-3,154
652,702
1,310,842
950, 349 2, 297,823
3,104,840 10, 384,051
1,075, 299 2, 240,141
1, 677,186 3,181,211
1,150,020
586,753
1,026,194
471,495
4,770, 263
2,147,604
1,196,414
521,158
909, 012
470,425
372, 520 1, 236,168
890,146
237,444
3,020,835
1,709,993
4,030
2,798
5,136
6.2
9.3
6.0
5.8
5.6
6.0
7.1
6.2
5.5
7.0
6.8
5.7
5,179,045
1,057,981
656, 505
98,850
5,835,550
1,156,831
1,212, 860
443,633
7,048,410
1, 600,464
795,007
163,697
783,866
164, 314
-11,141
617
11.3
10.2
652,140
305, 533
618,817
889, 390
240, 359
283, 538
713, 366
348, 395
157, 269
451,090
260, 359
898,014
38, 535
1,583
35, 300
55,818
12,438
15,822
29, 317
690,675
307.116
654.117
945, 208
252, 797
299, 360
742,683
387, 281
177,981
503, 234
268,967
933,296
267,895
293,145
227,134
849,158
164,920
215,143
761,680
231,056
102, 358
184, 775
141,429
1,412, 959
958, 570
600, 261
881, 251
1, 794, 366
417, 717
514, 503
1, 504, 363
618, 337
280, 339
688,009
410, 396
2, 346,255
77,104
39, 506
72, 226
119, 996
30, 227
36, 390
97,118
45,660
20,869
55,867
31,140
135, 718
75, 504
37,866
73,969
126, 286
30,000
36,529
98, 097
45,468
19,240
57,882
32, 958
138,428
- 1 , 600
-1,640
1,743
6,290
-227
139
979
-192
-1,629
2,015
1,818
2,710
651, 528
1,133,125
509,148
556, 563
305,135
250,170
712,107
277, 834
257,011
355, 812
379, 082
371, 792
5,271
3,420
1,577
2,254
5,335
5,169
11,038
656, 799
1,136, 545
510,725
558,817
310,470
255, 339
723,145
287,975
260,606
360, 414
682,454
1. 598,835
848,165
828,028
421,833
256, 352
942, 291
290,102
368, 067
187, 745
96, 015
297,034
1,339, 253
2, 735, 380
1, 358,890
1,386, 845
732, 303
511,691
1,665,436
578, 077
628,673
548,159
479, 750
674, 580
66, 450
127, 523
61,196
63,958
34, 388
25, 564
64, 896
131,615
64,909
66,625
37,912
27,673
83, 070
29, 628
30,979
32,876
30, 722
37, 765
-1,554
4,092
3,713
2,667
3,524
2,109
4,181
766
1,695
2,015
980
2,426
Time
deposits
20, 712
52,144
35, 282
10,141
3,595
4,602
4,653
5,754
377, 546
13,325,066
Required
28, 862
29,284
30, 861
29, 742
35, 339
Held
Excess3
5,456
8,957
3,297
2,248
5,776
575
66
I
8.0
6.6
8.2
6.7
7.2
7.1
6.5
7.4
7.4
8.1
7.6
5.8
5.0
4.7
4.5
4.6
4.7
5.0
4.7
5.0
4.7
5.6
6.2
5.2
I
1
Exclusive also of certified and cashiers' or treasurers' checks outstanding and of letters of credit and travelers' checks sold for cash and outstanding.
2
Combined excess of amounts due to banks over amounts due from banks as shown by individual bank reports. When for a given bank,
amounts due from banks exceed amounts due to banks, the excess due from can not be deducted in determining deposits on which reserves are
computed, and for this reason amounts in this column do not agree with the difference between aggregate amounts due to banks and due from banks.
In this calculation the amounts due to banks include due to Federal reserve banks, bankers, and trust companies, certified and cashiers' or treasurers' checks outstanding, and letters of credit and travelers' checks sold for cash and outstanding, while amounts due from banks include items
with Federal reserve banks in process of collection, amounts due from banks and trust companies in United States, balances payable in dollars due
from foreign branches of other American banks, and exchanges for clearing house and other checks on local banks.
» Deficiencies in reserves indicated by a minus (—) sign.
ALL MEMBER BANKS—CLASSIFICATION OF LOANS, INVESTMENTS, DEMAND AND TIME DEPOSITS, AND BORROWINGS OF
NATIONAL AND OF STATE MEMBERS ON JUNE 29, 1929
[Amounts in thousands of dollars]
National banks 1
All member banks
Total
Loans—Total
_
Acceptances payable in United States
Bills, acceptances, etc., payable in foreign countries
Commercial paper bought in open market
Loans to banks..
-Loans on securities (exclusive of loans to banks)
Real-estate loans—
On farm land
_
On other real estate
All otherloans (including overdrafts)
_._•__
_
Loans eligible for rediscount with Federal reserve bank._
United States Government securities—Total
Bonds
_
Treasury notes
Certificates of indebtedness
All other
_.
-
Other securities—Total
Domestic securities—Total
_
State, county, and municipal bonds
_
Railroad bonds
Other public service corporation bonds
All other bonds
_._
-_.
Stock of Federal reserve banks
Stock of other corporations
Collateral trust and other corporation notes.
Municipal warrants
All other
_
Foreign securities—Total
Government bonds
_.
Other foreign securities
Demand deposits—Total
Individual deposits subject to check
Certificates of deposit.
State, county, and municipal deposits
Allother
Net demand deposits (see p. 653)
_
_
_
_
__.
1
_
State bank members
Other
reserve
city
banks
Total
Central
reserve
city
banks
Country
banks
399 3,670,148 2,
5,548
5,088
17,222
66,782
1,2771 ,495,955
3,632 119,240 291,116
413,988
903 1 ,195,316
195,2191,359,"""
!, 750,438
,618,300 3,038,666 3,653, 850 4,,925,784
30,767
865,080
1,0351 ,183,706
9,834,363
1,745,134
996,976
114,637
502
88,473 219,810
105,203
308,785
18,797 494,823 589,983 1,646,835
1,103,603
7,591*264 l,150,631 ! 2,470,144 3,970,489 4,027,036
837,840 3.\,782,812 5,213,711
116,246 399,17f 1,229,716
525,151 300,058 171,767
19,429
55,183
40,025
412,969 359,647 425,750
6,087,778
1,290,383
422,003
88,403
1,488,132
1,3
1,002,919
249,703
90,749
10,164
2,047,773
1,906,666
388,534
239,876
237,701
436,210
65,278
369,055
49,736
68,904
51,372
141~107
782,696
661,145
432,175
273,261
242,677
737,001
J582,J)24
159,228
66,278
76,907
162,968
20,285
148,971
28,434
11,779
7,174
5,010,602
132,103
25,105
50,851
56,143
29,987
13,818
16,169
[,370,479
3,798,719 2,
i, 104 1., 158, 514
3,577,699 1
24,332
17,541
165,753
87,731
21,880
115,748
213,333 1,378,728
4,197,6
1,110,083 2,215,9481 ,684,571
32,502
89,347
10,254
1,259
8,787
15,059
50,851
252,694 2,,023, 010 3,,812,074 3,746,585
25,864 214, 4201 , 050,099
454,751
177,429 134,801 109,773
574,973
8,760
47,621
32,022
26,234
180,595 223,012 310,500
484,259
585,1461 ,759,8021 ,401,537
90,382 184,752 179,617
347,722 165,257
61,994
10,669
8,003 _ 7 L 5 6 2
232,374 136,635
7,315,817
6,676,317
52,061
407,888
179, 551
7,789,757
738,768
149,576
357,839
20, 774
206,796
30,07"
174,133
98,730
397,045
87,107
148,478
1,925
131,141
12,086
117,426
73,096
341,723
62,469
209,361
18,849
75,655
17,986
56,707
25,634
290,623
19,399
23,692
10,664
122, 490
289
144,441
8,446
213,044
16,911
19,528
10,664
79,710
75
113,806
6,172
77,579
2,488
4,164
42,780
214
30,635
2,274
Member banks only, i. e., exclusive of national banks in Alaska and Hawaii.
Total
Central
reserve
city
banks
7,774,060 8^88^569
14^805^401 2,953,6615,118,421 6,733,319 10,853,090
"107,993
58,2531
16,320
33,420
91,006!
49,467
10,772
30, 767
16,987
90,001
61,520
21,856
6,625
39,339;
16,768
16,081
6,490
50,662
26,3011
82,659 139,649
248,609
65,437 122,809
195,049;
6,803
53, 580
380,347) 241,031
670,27
364,959
150, 535 174,249
40,175;
305,318
1,758,885 4,010,122 3,293, 710 2, 455,053 5, 111, 396| 1,560,8451 ,797,755 1,752,796 4,647,489
1,198,366
_
Other
reserve Country
city
banks
banks
•,461,853 1,243,31111,445,177 1,773,365; 2,973,721
460,615J1,013,002 1, 500,104
71517929 1,164,806 MOMfl 1,383,609! 2,801,394 J 0 3 , 6 6 1 1 , 1 5 6 , 8 0 1 1 ; 140,932
:, 004,836
852,922 1,147,940 1^003,974) 2,001,917
345,169 812,760 843,988
249,107 234,256
703,641
127,658 168,886 157,394
453,938
59,427 159,913 120,116
339, 456
30,113 116,993 101,601
248, 707
3,350
106,996
39,241
64,405
96,832
721
37,949
58,162
988,086,1
9213,239,534 3,849,768 J67^872 932,920 2,548,976
5,897,541
5,262,502
905,60311 ,525, 518 2,831,381 3,355,836 J*15,376 843, 494 2, 6,966
755,828
58,619 263,209 434,600
1,144,362
160,362 422,437 561,563
592,037
89,936 114,149 387,952
831,913
163,421 180,427 488,065
665,991
694,
237
34,146
931,938
78,623 187,324
110,417 549,674
880,649
55,110 211,420 614,119
1,316,859
175,152 374,388 767,319
20,815
55,211
158,290
93,012!
53,415
49,664
29,379
42,818
..
16,482
469,314
100,259
132,684 202,324 134,306
30,424
53,353
26,970
64,974
168,720
40,161
63,585
118,984
35,151
56,863
13,274
60,985
150,681
61,378
51,964
28,318
81,777
16, 539
624
32,967
90,425 _40_L407
17,051
9.87' _ 28> 5 5 2
39,053
493,932
635,039 _82 A 483 144, 403 408,153
52,496
3~52,"oi6
•9,426
40,832
244,168
308,773
27,014
657464 202,477
44,116 173,038
249,764
326,266
25, 482
45,310 178,972
41,651 __78,_939 205,676
1731X603 6,237,026 5^818^270 5,i/759^307 10,498,786 2,438,307 3,671,651 4,
15,742,528 5,772, 095 5,173,572
4~l", 796,861 9,066,211 2,194,396 3,,233, 468 3,638,347
5,
3,
30,873
148,925
200,986
37,818 132, 295
13,332
27,630 107,9631
217,214 523,813 770,679 1,103,818 129, 483 369,409 604,926
_. 1,511,706
216,844
59,472
179,832 101,096
37,592
359,383
83,067
41,144
18, 977,212 6,992,381 6,162, 715 5,822,116 11,187,455 2,794,685 3,949,382 4,443,388
13,325,066 1,656,493 4,851,652 6,816,921 8,314,464 546,410 2^635,704 5,132,350
49,230 288,592 138,732
476, 554
344,451
38,976 199,245 106,230
40,887
6, 556
54,789
79,894
32,451
25,828
23,664
5,297
67,710
1,256
8,542
26,657
16,859
8,542
1,256
77,""
Time deposits—Total.
States, counties, and municipalities
Banks in United States
Banks in foreign countries
Other time depositsEvidenced by savings pass books
Certificates of deposit
Time deposits, open accounts; Christmas savings accounts, etc
Postal savings
Bills payable and rediscounts—Total
Bills payable—
With Federal reserve banks
Allother
..
Rediseounts^With Federal reserve banks
Allother
Central
reserve
city
banks
OS
ALL MEMBER BANKS—CLASSIFICATION OF LOANS, INVESTMENTS, DEMAND AND TIME DEPOSITS, AND BORROWINGS ON
JUNE 29, 1929, AND MARCH 27, 1929, BY CLASSES OF BANKS
[Amounts in thousands of dollars]
All member banks
Loans—Total..
_
Acceptances payable in United S t a t e s . . .
Bills, acceptances, etc., payable in foreign countries..
Commercial paper bought in open market
Loans to banks
Loans on securities (exclusive of loans to banks)..
Real-estate loans—
On farm land
On other real estate..
All other loans (including overdrafts)..
Loans eligible for rediscount with Federal reserve banks.
_.
Other securities—Total.
Domestic securities—Total _
State, county, and municipal bonds
Railroad bonds
Other public service corporation bonds
All other bonds
Stock of Federal reserve banks
_.
Stock of other corporations- _
Collateral trust and other corporation notes..
Municipal warrants...
Allother
Foreign securities—Total
Government bonds
Other foreign securities
Demand deposits—Total.__
Individual deposits subject to check...
Certificates of deposit
State, county, and municipal deposits.
All other..
Net demand deposits (see p. 653)
Time deposits—Total
States, counties, and municipalities
Banks in United States.
Banks in foreign countries
Other time deposits—
Evidenced by savings pass books
_
Certificates of deposit..
_
Time deposits, open accounts; Christmas savings accounts, etc_.
Postal savings
Bills payable and rediscounts—Total
Bills payable—
With Federal reserve banks
Allother
Rediscounts—
With Federal reserve banks...
Allother
Other reserve city
banks
Chicago
Country banks
June 29,
1929
Mar. 27,
1929
June 29,
1929
Mar. 27,
1929
June 29,
1929
Mar. 27,
1929
June 29,
1929
Mar. 27,
1929
June 29,
1929
Mar. 27,
1929
25,658,491
24, 944,641
6,340,793
5, 754,147
1,433,267
1,456,368
8, 788,569
8, 733,924
9,095,862
107, 993
90,001
248, 609
670, 277
9, 758, 885
145, 754
92, 701
375, 501
548,152
9,418,942
57, 524
58, 504
52,315
58,046
36,931
20, 629
251,314
313, 843
3, 236,150 2,845, 541
729
3,474
5,672
66, 504
773, 972
9,001,202
44,138
8,122
191, 795
38,748
2,409,496
413, 988
I 2,750,438
[ 11,618,300
3, 004,836
703, 641
339, 456
106, 996
5,897,541
5, 262, 502
1,144, 362
831,913
931,938
1,316,859
158, 290
469, 314
168,720
150, 681
90,425
035, 039
308, 773
326, 266
17,814,603
15, 742, 528
200, 986
1,511,706
359, 383
18,977, 213
13,325,066
476, 554
79,894
77, 508
403,475
2, 719, 657
11,240,459
4,415,404
4,453, S53
3,121, 552
804,739
455, 821
71, 841
5,994,432
5,341,637
1,168, 501
863, 345
958,194
1,339,802
153, 834
438, 756
181, 969
149, 593
87,643
652, 795
319, 239
333,556
17,708,269
15,840,108
207, 050
1,384, 876
276, 235
18, 833,161
13,328, 712
429, 265
113,443
1,580
173,088
2,479, 933
1, 007,144
1,006,224
734, 276
213,875
57,102
971
812,507
737, 344
118,318
152,009
G6,424
153,355
45, 414
125, 894
39,420
10,129
26, 381
75,163
37,840
37, 323
5,179,045
4, 797,527
27, 654
143, 895
209, 969
5, 835, 550
1,212,860
6,638
18,181
61, 409
9, 834, 363
1, 745,134
996, 976
114, 637
1,198,366
9,728,154
1, 831, 666
1,110,132
116,052
1,153,035
638, 948
69, 001
400, 885
17, 798
359,994
636,318
74,817
509, 581
18,045
234,293
198, 892
47,245
124,266
1,631
52,975
738, 768
149,576
761,755
148,504
325,189
19,274
176,938
42,461
32,650
1,500
54,979
3,015
206, 796
30,072
354, 891
21,664
174,133
98,730
174,947
81,364
290, 623
19,399
219, 679
23,097
4,867
10, 664
3,042
11,852
18, 825
29,105
122,490
289
94,555
743
144,441
8,446
92,977
10,502
United States Government securities—Total
Bonds
Treasury notes.__
Certificates of indebtedness..
All other.
Central reserve city banks
New York
16,320
35, 453
7,659
33,420
21, 856
27, 452
6,625
4,812
139, 649
82, 659
136, 396
10, 379
196, 304
61, 786
241, 031
805, 961 3, 293, 710 3, 357,944 2, 455,053
2,052
476
119,240
2,096
22,131
148, 257
19,438 I, 359,903
558, 733
544, 237 3, 653, 850
2,360, 809
991, 698
236,167
209,126 1,445,177
1,134,544
158,582
164,253 1,606,514
118, 646
106, 361 1,147, 940
775, 271
35, 232
234,256
281,176
50,037
159, 913
2,325
62, 868
7,278
64,405
2,379
15,229
577
837, 710
175,579
172,375 1,669,921
766, 940
168,259
164, 372 1, 525, 518
42,044
422,437
146, 202
35, 508
11,412
151,159
10, 253
180,427
12,199
16,235
61, 910
187, 324
21, 797
24,105
172,116
374,388
8,001
7,755
42, 861
49, 664
6,790
5,392
126, 512
202,324
741
1,257
47,183
63, 585
51,249
14, 558
28,318
36, 516
14,026
4,439
27, 351
17,051
7,320
70,770
8,003
144,403
2,992
2,652
65,464
33, 534
4,328
5,351
78,939
37, 236
5,122,575 1,057,981
992,537 5,818,270
974, 568
4,857, 482
959, 060 5 173, 572
3,219
23, 473
37, 818
90,099
73,319
523, 813
26, 509
151. 521
6,875
3,082
83,067
5, 564, 085 1,156,831 1,169, 585 6,162, 716
1,290,020
443,633
431,572 4,851,652
4.2, 592
288, 592
6.. 031
34,209
22,706
45,228
21, 032 If 32,451
8,542
6,301
111, 592
291,116
1, 375, 648 1,195, 316
3,492,135 4, 925, 784
1,453,381 1, 773,365
1, 731,606 1,383,609
1, 219, 791 1,003,974
260,152
220, 278
236, 434
120,116
15,229
39,241
1,667,928 3,239,534
1, 515,501 2, 831,381
424, 233
561, 563
197,106
488,065
199, 315
665, 991
350, 281
767, 319
48, 549
55, 211
183,128
134,306
67,455
64,974
25,675
60, 985
19, 759
32,967
152,427
408,153
202,477
68,179
84,248
205,676
5,761,147 5,759,307
5,150, 684 4, 796, 861
38, 340
132, 295
505,160
770,679
66, 963
59, 472
6,181,421 5, 822,116
4,780,609 6,816,921
138, 732
256, 616
6,556
• 37,399 /
I 1,256
4, 872,882
141,351
763,108
54,669
5, 918, 070
6,826,511
132, 409
9,784
187, 753 3, 782, 812 3, 688, 736 5,213,711
73,621
399,172
418, 867 1,229, 716
337,206
113,615
300,058
171, 767
1,342
40,025
41, 785
55,183
87,099
359,647
471,853
425,750
5, 215, 347
1, 264, 361
149,730
54, 880
359,790
289,311
1,176,314
4,843, 278
1,761,199
1,423,550
1,020,129
213, 374
149,241
40,806
3,316,419
2,894,824
562, 558
. 504,827
680, 734
793,300
54,669
123, 724
66,074
72, 844
36,094
421, 595
214,874
206, 721
w
F
i—i
3
FEDERAL RESERVE DISTRICTS
N.DAK,
t
MINN.
MINNEAPOLIS
S.DAK.
—
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
....BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
9 FEDERAL RESERVE BANK CITIES
• FEDERAL RESERVE BRANCH CITIES
O FEDERAL RESERVE BANK AGENCY
@FedFRASER