Federal Reserve Bulletin, 1929-03
FEDERAL RESERVE BULLETIN MARCH, 1929 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Federal Reserve Policy and Bank Credit Condition of All Member Banks Annual Reports of Central Banks: France and Germany UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1929 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD Ex officio members: ROY A. YOUNG, Governor. A. W. MELLON, EDMUND PLATT, Vice Governor. Secretary of the Treasury, Chairman, ADOLPH C. MILLER. CHARLES S. HAMLIN. J. W. POLE, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. J. C. NOELL, Assistant Secretary. E. A. GOLDENWEISER, Director, Division of Research E. M. MCCLELLAND, Assistant Secretary. and Statistics. W. M. IMLAY, Fiscal Agent. CARL E. PARRY, Assistant Director, Division of Re* J. F. HERSON, search and Statistics. Chief J Division of Examination, and Chief Federal Reserve Examiner. E. L. SMEAD, Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) ARTHUR M. HEARD. District No. 2 (NEW YORK) WM. C. POTTER. District No. 3 (PHILADELPHIA) L. L. RUE. District No. 4 (CLEVELAND) HARRIS CREECH. District No. 5 (RICHMOND) JOHN POOLE. District No. 6 (ATLANTA) J. P. BUTLER, Jr. District No. 7 (CHICAGO) FRANK O. WETMORE, President. District No. 8 (ST. LOUIS) W. W. SMITH. District No. 9 (MINNEAPOLIS) THEODORE WOLD. District No. 10 (KANSAS CITY) .__ P. W. GOEBEL. District No. 11 (DALLAS) B. A. MCKINNEY, Vice President. District No. 12 (SAN FRANCISCO) F. L. LIPMAN. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Chairman Governor Deputy governor Cashier Boston Frederic H. Curtiss. W. P. G. Harding... W. W. Paddock W. Willett. G. W. McGarrah... Geo. L. Harrison J. H. Case J. W. Jones.i New York- L. F. Sailer Ray M. Gidney.1 E. R. Kenzel J. E. Crane.i A. W. Gilbart W. B. Matteson.i L. R. Rounds. C. H. Coe.i Philadelphia— R. L. Austin Geo. W. Norris... Wm. H. Hutt C. A. Mcllhenny. W. G. McCreedy.* Cleveland George DeCamp.. E. R. Fancher M. J. Fleming _ H. F. Strater. Frank J. Zurlinden.. Richmond Wm. W. Hoxton.. George J. Seay C.A. Peple Geo. H. Keesee. R. H. Broaddus John S. Walden, jr.* Atlanta Oscar Newton Eugene R. Black.. Hugh Foster M. W. Bell. Creed Taylor _ Chicago Wm. A. Heath.... J. B. McDougal— C. R. McKay W. C. Bachman.2 John H. Blair K. C. Childs.2 J. H. Dillard.J D. A. Jones.2 O. J. Netterstrom.2 St. Louis Rolla Wells.. Wm. McC. Martin. 0. M. Attebery. A. H. Haill.2 F. N. Hall.2 S. F. Gilmore.2 G. O. Hollocher.2 C. A. Schacht.2 Minneapolis- John R.Mitchell.... W. B. Geery _ B. V. Moore Gray Warren. Harry Yaeger Frank C. Dunlop.2 Kansas City.. M. L. McClure... W.J. Bailey C.A. Worthington.. J. W. Helm. Dallas C. C. Walsh Lynn P. Talley... R. R. Gilbert Fred Harris. R. B. Coleman W. D. Gentry.1 San Francisco . Isaac B. Newton.. J. U. Calkins Wm. A. Day Wm. M. Hale. Ira Clerk .._ 1 Assistant deputy governor. 2 Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch __ W. W. Schneckenburger. Helena branch _ R. E. Towle. Cleveland: Kansas City: Cincinnati branch C. F. McCombs. Omaha branch L. H. Earhart. Pittsburgh branch J. C. Nevin. Denver branch J. E. Olson. Richmond: Oklahoma City branch C. E. Daniel. Baltimore branch A. H. Dudley. Dallas: Charlotte branch Hugh Leach. El Paso branch _ W. 0. Ford. Atlanta: Houston branch __ D. P. Reordan. New Orleans branch Marcus Walker. San Antonio branch _ M. Crump. Jacksonville branch W. S. McLarin, jr. San Francisco: Birmingham branch. A. E. Walker. Los Angeles branch__ W. N. Ambrose. Nashville branch _ J. B. Fort, jr. Portland branch R. B. West. Chicago: Salt Lake City branch W. L. Partner. Detroit branch W. R. Cation. Seattle branch C. R. Shaw. St. Louis: Spokane branch D. L. Davis. Louisville branch W. P. Kincheloe. Memphis branch W. H. Glasgow. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN THE FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE OF CONTENTS Page Review of the month—Federal reserve policy and bank credit 175 Reduction of security loans—Senate inquiry—Position of reserve banks in the banking structure— Banking policy and credit policy. Meeting of Federal Advisory Council ' 178 Revisions in indexes of production and trade 180, 193, 194 Member bank reportings ervice 179, 233-236 Acceptances as security for public deposits in Texas 180 Condition of all member banks on December 31, 1928 179, 237-240 Return of Rumania to the gold basis 201 Legal reserve ratios of Netherlands Bank and Bank of Java 201 Annual report of the Bank of France 201 Annual report of the German Reichsbank 208 National summary of business conditions 181 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, and member bank reserve balances 182, 183 Analysis of changes in monetary gold stock 183 Discount rates and money rates 185, 186 Member bank credit 187 Bankers' balances 188 Bankers' acceptances and commercial paper outstanding 188 Brokers' loans 189 Commodity prices, security prices, and security issues 190 Production, employment, and trade 191 Industrial production 192 Factory employment and pay rolls 195 Building 196 Trade and distribution 197-199 Bank suspensions and commercial failures 200 Financial statistics for foreign countries: Condition of central banks 212 Condition of commercial banks 214 Discount rates of central banks 214 Money rates. 215 Gold exports and imports 216 Foreign exchange rates 217 Price movements 218-220 Industrial statistics for England, France, Germany, and Canada 221,222 Changes in National and State bank membership 223 Fiduciary powers granted to national banks. 223 Detailed banking statistics for the United States 224-232 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN VOL. 15 MARCH, 1929 No. 3 REVIEW OF THE MONTH to banks by borrowers holding securities for investment or for speculation. This shift may In recent weeks there has been a considerable have been due in part to the increasingly high reduction in bank loans to brokers in New York rates and wide margins demanded by brokers City. The entire decline has Reduction of from their customers. There was, in fact, an been in loans for out-of-town security loans. increase in the total of security loans by reportbanks, the reduction in street ing member banks in leading cities, notwithloans by banks outside of New York City being standing the decline in brokers' loans by these general throughout the country. During the banks. Total security loans of the reporting same period loans to brokers by nonbanking member banks at the end of February were lenders continued to increase, and this increase larger than at any previous time and more than offset a considerable part of the decline in $1,000,000,000 above the level of a year ago. brokers' loans by banks. Changes between February 6 and March 6 in the different classes In last month's BULLETIN the Federal Reserve Board defined its attitude toward the of brokers' loans reported by New York memrapid growth of loans on secuber banks are summarized in the following table: Senate inrities in recent years and toquiry. ward the present high level of BROKERS' LOANS BY REPORTING MEMBER BANKS IN NEW YORK CITY this class of loans. The board said that "the [In millions of dollars] extraordinary absorption of funds in speculative security loans, which has characterized the Total c o o F a w u o c- n r n t c F o o t o u o u r t w n - o t a n f c o - - f c f b o T o a u r o n n t a t k a c s l o - fc F o o o t u r h n e a t r c s o - f c d r e e s d e i r t v e m s o p v a e r m ti e c n u t l a d r u r a i t n t g en t t h io e n p a le st s t y e it a r b e o c r o m m o e r e a , banks decisive factor working toward a still further firming of money rates to the prejudice of the 1929— Feb. 6. 5,669 1,116 1,931 3,047 2,621 Mar. 6 5,647 1,117 1,707 2,824 2,823 country's commercial interests." Discussion Increase or decrease.. -22 +1 -224 -223 +202 of the board's statement and of the conditions that caused it to be made led the United States Reduction in the total of brokers'loans during Senate to adopt the following resolution: the four weeks ending March 6 was $22,000,000, Whereas in press dispatches recently, the Federal this decrease representing the net result of Reserve Board has complained that money is being an increase of $1,000,000 in loans by New drawn from the channels of business and used for speculative purposes, and that some of said speculation is York banks for their own account and a decrease illegitimate and harmful: Therefore, be it of $224,000,000 in loans for account of out-of- Resolved, That the Federal Reserve Board is hereby requested to give to the Senate any information and town banking correspondents, offset to the exsuggestions that it feels would be helpful in securing tent of $202,000,000 by an increase in loans for legislation necessary to correct the evil complained of and prevent illegitimate and harmful speculation. account of foreign and nonbanking lenders. A part of the decrease in bank loans to [n replying to this resolution the board brokers in the four weeks between February 6 quoted its statement in the BULLETIN and called and March 6 has reflected a shift from brokers the attention of the Senate to the fact "that 175 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
176 FEDERAL RESERVE BULLETIN MARCH, 1929 the purport and language of the board's state- of this country and of the nature of the reserve ment do not agree with those in the preamble system's responsibility for credit developments of the Senate resolution." "The board's state- over a longer period of time appeared in the ment/' continues the reply to the Senate reso- Federal Reserve Board's annual report for 1928, lution, "concerned itself with credit conditions. which was submitted to Congress on March 1. It disclaimed the authority and the desire Ho In its report the board says: set itself up as arbiter of security speculation In a period like the present, when the gold or values.' That still is the board's position. reserves of the country have been diminished "At the time of the issue of its statement it by more than 10 per cent through gold exports, was the belief of the board that it could count while member bank credit has upon the cooperation not only of the Federal Position of re- continued to expand, it is apreserve banks but of leading member banks serve banks in propriate to define the charthe banking , , „ ,, ^ , , everywhere in the country in making successful x structure. acter.and extent of the federal an effort to bring about an orderly readjustreserve system's responsibility ment of the credit situation; and the board has for changes in credit conditions. The Federal been confirmed in this belief by what has taken reserve system is under obligation to make place since. such use of its own lending power as will be, "This also is the view of the Federal Adin the broadest sense, in the interests of the visory Council, as will be seen from the followbusiness of the country. Since the reserve ing minute of its proceedings which was prebanks hold all the reserves of member banks, sented to the board February 15 on the occaand through credit policy can influence the sion of its recent quarterly meeting: rate of growth of these reserves, the Federal "The Federal Advisory Council approves the reserve system has a responsibility, within action of the Federal Reserve Board in instruct- the limit of its powers, for the character of ing the Federal reserve banks to prevent, as growth in the total volume of member bank far as possible, the diversion of Federal reserve credit. Increased loans and investments of funds for the purpose of carrying loans based on securities. The Federal Advisory Council member banks, regardless of the purpose for suggests that all the member banks in each dis- which the loan or investment is made, result trict be asked directly by the Federal reserve in the creation of additional deposits. A bank of the district to* cooperate in order to growth in deposits, resulting from an increase attain the end desired. The council believes in any class of loan or investment, in turn inbeneficial results can be attained in this manner. creases the reserve requirements of member banks and consequently their demand for re- "This whole matter is engaging the earnest serve bank credit. Every class of loan or inattention and efforts of the Federal Reserve vestment, therefore, rests in the final analysis Board. If it should develop that the board, upon reserve bank credit, which is the base of through exercise of the powers granted under the entire credit structure, and excessive or too the provisions of the Federal reserve act, or rapid growth in any field of credit, whether it through cooperation with the Federal reserve be commerce, industry, agriculture, or the tradand member banks, should be unable to bring ing in securities, is a matter of concern to the about a solution of the problem which has Federal reserve system. Too rapid expansion awakened the concern alike of the Senate, the of bank credit in any field may result in serious Federal Reserve Board, and the general body financial disorganization and it inevitably leads of public opinion, it will be glad to give conto increased demand for reserve bank funds. sideration to the possibilities of remedy by way Because the system has a broad responsibility of legislation." for the general soundness of credit conditions, A more complete statement of the position and because a growth of bank credit for any purof the reserve banks in the banking structure pose ultimately leads to a demand for reserve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, L929 FEDERAL RESERVE BULLETIN 177 bank credit, it is its duty to use its influence and it is the policy of the Federal reserve banks against undue credit expansion in any direction. to maintain it. In recent years the most rapid expansion of Influence exerted by a reserve bank on the bank credit has been in the direction of increas- loan and investment policy of an individual ing use of bank funds in investments and in member bank is ordinarily exerloans on securities. Between the middle of «sed only over banks that 1925 and the middle of 1928 member bank are borrowers from the reserve holdings of investments increased from $8,863," banks. It is in the nature of banking super- 000,000 to $10,758,000,000 and their loans on vision, and is akin in many respects to the securities from $6,718,000,000 to $9,068,- bank examination function of the reserve 000,000. At the present time, of the total system. This phase of reserve bank policy volume of nearly $35,700,000,000 of loans and may be called banking policy, as distinguished investments of member banks, more than 57 from credit policy, which deals with more per cent are either in investments or in loans general developments of banking in relation to the credit needs of the country. Banking on securities. Securities thus underlie conpolicy ordinarily has but limited effect on siderably more than half of the outstanding credit conditions as a whole, because no class volume of member bank credit. The proporof borrowers is confined for accommodation to tion of bank credit that is based on securities any single bank or group of banks, and because has been rapidly increasing. of the general mobility of bank credit. When When the question is considered in the light one member bank, for example, on its own of the reserve banks7 position as holders of the initiative, or at the instance of the reserve reserves against all member bank credit, it be- bank, repays indebtedness to the reserve bank comes apparent that the Federal reserve sys- by withdrawing funds lent on the stock extem's responsibility is not limited to the control change, the effect may be to cause the borrower of funds obtained directly from the Federal to seek accommodation at another bank, reserve banks. There is no way of earmarking member or nonmember, that is not indebted for special purposes the credit extended by the to the reserve bank. For the purpose of Federal reserve banks, and even if that were meeting the demand thus transferred without possible, it would still be true, under existing borrowing at the reserve bank, the bank to law, that the entire credit structure ultimately which the borrower applies may borrow from rests upon Federal reserve credit as a base; a member bank, which in turn may borrow the reserve system has a correspondingly broad from the reserve bank. As the result of this responsibility. series of transactions there would be no reduc- It is a generally recognized principle that tion in security loans or in borrowings at the reserve bank credit should not be used for reserve bank. The importance of banking profit, and that continuous indebtedness at the policy lies in promoting the soundness of member banks, and cooperation of these banks reserve banks, except under unusual circumwith the Federal reserve system in carrying stances, is an abuse of reserve bank facilities. out banking policy is essential to the main- In cases where individual banks have been tenance of sound banking conditions. For guilty of such abuse, the Federal reserve auinfluencing general credit conditions, however, thorities have taken up the matter with officers the Federal reserve system relies on credit of the offending banks and have made clear policy rather than on banking policy. to them that their reserve position should be Credit policy is essentially impersonal and adjusted by liquidating a part of their loan or finds expression chiefly through the influence investment account rather than through borthat the Federal reserve system may exert on rowing. Abuses of the privileges of the Federal the volume and cost of bank credit through its reserve system, however, have not been general policy of sales or purchases in the open market among the member banks. The tradition and through discount rates on member-bank against continuous borrowing is well established Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
178 FEDERAL RESERVE BULLETIN MARCH, 1929 borrowings and buying rates on acceptances. Meeting of Federal Advisory Council In determining upon credit policy the Federal The Federal Advisory Council, at its first reserve system is always under the necessity of meeting in 1929, held on Friday, February 15, balancing the advantages and disadvantages organized by reelecting Mr. Frank O. Wetmore, that are likely to follow a given course of action. of Chicago, as president and electing Mr. B. A. Low money rates may have a favorable effect McKinney as vice president. These officers as ex officio members and Messrs. Potter, Rue, on domestic business, but at the same time may Creech, and Smith will constitute the executive stimulate speculation in securities, commodicommittee. Mr. Walter Lichtenstein was reties, or real estate. High money rates, on the appointed secretary of the council. other hand, may exert a moderating influence Mr. William C. Potter has been appointed on speculation, but at the same time may result to represent the New York district in place of in a higher cost of credit to all lines of business, Mr. James S. Alexander; Mr. John Poole to and thus be detrimental to commerce and in- represent the Richmond district in place of Col. dustry; ultimately they may draw gold from John F. Bruton; and Mr. J. P. Butler, jr., to represent the Atlanta district in place of Mr. abroad, which would tend to ease the domestic P. D. Houston. No other changes have situation. It is impossible to foresee all the occurred in the membership of the council. effects of a credit policy and difficult to appraise At a preliminary meeting, held on February them even after they have developed. It is 14, the council made the following minute, certain, however, that the Federal reserve sys- which was delivered to the Federal Reserve tem must steer its course with reference to Board at the regular quarterly meeting of the broader developments and longer time objec- council and the board on February 15: tives than day-to-day or month-to-month The Federal Advisory Council approves the action changes in any particular line of credit. Prin- of the Federal Reserve Board in instructing the Federal reserve banks to prevent, as far as possible, the divercipal among such objectives are the continuous sion of Federal reserve funds for the purpose of carrying provision of credit at reasonable cost in amounts loans based on securities. The Federal Advisory Council suggests that all the member banks in each adequate for the requirements of trade and indistrict be asked directly by the Federal reserve bank dustry and the safeguarding of our gold of the district to cooperate in order to attain the end desired. The council believes beneficial results can be reserves, which are held in trust to meet future attained in this manner. needs, against unduly rapid absorption through expansion of credit. Residence of Mr. Wells—A Correction Advances in Bill Rates and Discount Rate The residence of Mr. Rolla Wells, chairman Buying rates on acceptances at the Federal of the board of the St. Louis Federal Reserve Reserve Bank of New York were advanced on Bank, was erroneously reported in the Febru- February 15 from 4%-4% to 5 per cent for ary BULLETIN as Memphis, Tenn. Mr. Wells's maturities up to 45 days and from 5 to 5j^-534 residence is St. Louis, Mo. per cent for longer maturities. An advance in the discount rate from 4 Y2 to 5 per cent on all classes of paper of all maturities was made at the Federal Reserve Bank of Branch Banking in Oregon—A Correction Dallas, effective March 2, 1929. In the classification of States given on pages 97, 102, and 103 of the February BULLETIN, Annual Report Oregon is listed with States which permit the The text of the Annual Report of the Federal establishment of branches, provided these are Reserve Board, covering operations for 1928, located in the home city. This State should was presented to Congress on March 1 and have been included with States which prohibit released for publication March 2. the establishment of domestic branches. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
179 FEDEKAL KESERVE BULLETIN MARCH, 1929 Member Bank Reporting Service for the quarter and the year ending December 31/1928: On page 187 of this issue of the BULLETIN, ALL MEMBER BANKS revised monthly figures (for loans on securities [In millions of dollars] and all other loans) are published for reporting member banks during 1927, supplementing Loans and investments Bor- Net rowmonthly figures for 1928 published with ex- Investments de- ings at p re l s a p n o a n ti d o i n n g i n d t a h t e a B ( U a L ls L o E T fi I g N u r f e o s r F o e f b b ru a a la r n y c . es C d o u r e - Total ' Loans U. S. , Other m t p i a l m u n s e d F e r e r e a d - l to banks) by weeks for 1927 and 1928 are given Total r s i e t c ie u s - I I r s i e t c ie u s - po d s e i - ts b s a er n v k e s on pages 233-236. The figures now published, together with Dec. 31, 1927 34,247J 23,886 10, 361 3,978 6,383 32,848 583 those published in the BULLETIN for January J F u e n b e . 2 3 8 0 , , 1 1 9 9 2 2 8 8 3 3 5 3, , 0 6 6 8 2 8 J 1 2 24 3 , , 0 3 9 0 9 3 1 1 0 0 , , 5 7 8 5 9 8 , 4 4 , , 2 2 1 2 6 5 6 6, , 5 3 3 7 4 4 , | 3 3 2 2 , , 5 1 8 2 6 9 1,0 4 9 8 6 6 and February, make available on a basis Oct. 3, 1928 34, 929j 24, 325 10, 604 4, 386 6,218| 32,405 1,020 comparable with current figures, continuous Dec. 31, 1928 ' 25,155 10, 529; 4,312 6,217! 33,397 1,041 Change since— series by months and by weeks from January, Oct. 3, 1928... +755; +830 -75! -74| -1| +992 +21 1927, to date. Comparable figures for earlier Dec. 31, 1927__:+1,437i+1,269! +168, +334| -166; +549 +458 years are in process of preparation. Total loans of member banks, after having shown little change during the third quarter of the year, increased rapidly in the final quarter, Condition of All Member Banks on December 31,1928 by about $830,000,000, to a level $1,270,000,000 Further growth of $755,000,000 in the volume higher than a year earlier. Total investments of member bank loans and investments during declined somewhat and at the end of the year the final quarter of the year 1928 carried the were $170,000,000 larger than at the beginning; total to $35,684,000,000 on December 31, as this compares with an increase of nearly shown by the member bank call report for that $1,400,000,000 in the year 1927. date. The increase for the year 1928 as a whole Growth in the loans and investments of was $1,437,000,000, or about 4 per cent. The member banks in 1928 was not accompanied course of member bank loans and investments by an equivalent increase in their deposits. since 1919 is shown in the accompanying chart. Net demand deposits of all member banks were in fact about $140,000,000 smaller in volume at BILLIONS OF DOLLARS BILLIONS OF DOLLARS 40 40 the end of the year than at the beginning; time deposits increased, however, and net demand and time deposits together showed an increase of $550,000,000 for the year. The more rapid growth in loans and investments than in deposits reflected chiefly the net outflow of gold from the country, and gave rise to an increase of nearly $460,000,000 in the volume of member bank indebtedness at the Federal reserve banks. That growth in the volume of reserve bank borrowing was not larger under the circumstances is to be accounted for chiefly by the fact that the banks' capital funds (capital, surplus, and undivided profits) showed an increase of about 15 $560,000,000 during the year. This increase was for the most part in surplus and undivided profits and reflected, chiefly, the larger earnings 10 which resulted from increase in the volume of earning assets and in the rates of interest which these bore. The volume of capital funds was affected also by mergers, which were numerous during the year. Detailed figures of condition for all member 1919 1920 1921 1922 1923 1924- 1925 1926 1927 1928 banks, based on required reports for December Figures are for dates on which member banks made call reports 31, are published on pages 237-240 of this issue Principal resources and liabilities of all mem- of the BULLETIN, and in greater detail by States, ber banks are shown in the following table for cities, and class of bank in Member Bank Call the last five call dates, together with changes Report No. 42. 36722—29 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
180 FEDERAL RESERVE BULLETIN MARCH, 1929 Acceptances as Security for Public Deposits in Texas revision was to lower the level of the index slightly in the months of January, May, June, Legislation recently enacted in the State of and October and to raise it in March, Septem- Texas, with relation to the pledging of securiber, and December. ties by depository banks holding county deposits, adds bankers7 acceptances to the list of Freight-car loadings.—Revisions in this acceptable securities. The law requires them index, which was revised in 1927, have been to be "bank acceptances of banks having a very slight. capital stock of not less than $500,000." Wholesale distribution.—This index no longer includes currently sales of women's clothing, REVISIONS IN INDEXES OF PRODUCTION AND the collection of the primary data having been TRADE discontinued in January, and back figures have Several of the board's index numbers of pro- been revised accordingly. Developments withduction and trade that are regularly published in the industry during recent years have so in the BULLETIN appear in this issue (pp. 191— affected the reporting firms as to impair pro- 199) with certain revisions. The revisions gressively the extent to which their reports have been made possible, in general, by the might be taken to represent the course of sales accumulation of additional primary data, of women's clothing by all wholesale houses. especially data suitable for determining for the Exclusion from the general index of the data different months of the year the magnitude of for sales of women's clothing has raised the typical or usual seasonal variations. The in- level of the index in the last four years, as dexes affected are enumerated in this note, measured by the annual averages, as follows: together with a brief explanation in each case By 0.6 per cent in 1925, 2.1 per cent in 1926, of the nature of the revision. In most cases 2.1 per cent in 1927, and 2.6 per cent in 1928. the general level of the index, as measured by Monthly fluctuations in the general index were annual averages, remains unchanged. Figures also changed materially—e. g., by as much as prior to 1923 are not affected except for the 4 or 5 per cent for May, June, and July; these index of wholesale distribution. are months in which there is a rapid seasonal decline in the sales of women's clothing at Industrial production (including manufacwholesale. tures and minerals).—Measures of seasonal variations, designated as " seasonal adjustment Department-store sales and stocks.—Addifactors," have been revised to some extent for tional department stores in the city of Chicago most of the 60 industries included in the index. have begun during the past year to make cur- Industries chiefly affected are iron and steel, rent monthly reports to the Federal reserve automobiles, tires and tubes, plate glass, refined system, with corresponding figures for earlier copper, refined sugar, and wood pulp. For past years. Inclusion of these firms has made the years revisions raise somewhat the level of the board's indexes more comprehensive. For the index in July and December.1 country as a whole, however, neither the gen- Building contracts awarded.—Seasonal ad- eral level of the sales index for past years nor justment factors have been revised in such its fluctuations from month to month were manner as to take more accurate account of affected; the general level of the corresponding changes in seasonal fluctuations that have been stocks index was raised slightly (see p. 191). developing in recent years.1 The effect of the For the Chicago district both indexes were affected considerably; revised figures for the 1 Copies of the new seasonal adjustment factors may be obtained from Chicago district are given on page 199. the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1929 FEDERAL RESERVE BULLETIN 181 NATIONAL SUMMARY OF BUSINESS CONDITIONS Manufacturing and mining increased in livestock. Sales by wholesale firms were seas- January and the first part of February, while onally larger in January and above the level of building continued to decline. Wholesale com- a year ago. Department-store sales declined modity prices rose slightly. Reserve bank seasonally and were considerably larger than in credit declined between the middle of January January, 1928. and the middle of February, reflecting chiefly Prices.—The general level of wholesale prices a reduction in reserve balances of member rose somewhat in January. Prices of grains, banks. livestock, and meats advanced, and there were Production.—Industrial production increased also price advances in steel, automobiles, and in January and continued to be larger than a copper. A decrease in the group index for year ago. Output of pig iron, steel ingots, and building materials reflected reductions in the automobiles was in record volume for January. prices of lumber and brick, and prices of pig The high rate of steel activity reflected large iron, and petroleum also declined. Among purchases from automobile manufacturers and the raw materials, rubber advanced sharply in price, while silk, cotton, and hides dealso increased demand from railroads. Doclined. During the first half of February mestic output of refined copper, while continuthe price of copper advanced to a new high ing in large volume, was somewhat lower in level, and the price of rubber continued to rise. January than in December. Activity of textile Among the agricultural commodities, prices of mills increased considerably in January. In wheat, corn, and hogs rose, while those of the mineral group, output of copper ore, sugar and cattle declined slightly. bituminous coal, and petroleum was exceptionally large, and anthracite coal and tin also Bank credit.—On February 20 total loans increased. and investments of member banks in leading cities were nearly $90,000,000 smaller than in In the first part of February preliminary the middle of January, owing chiefly to reducreports indicate the maintenance of a high tions in the banks' investment holdings. After level of industrial activity. Steel plants operthe first week in February security loans deated at a high percentage of capacity; the clined, while all other loans, largely commercial, output of coal and petroleum continued large, increased somewhat in February. and employment in Detroit factories increased. During the five weeks ending February 20 Building activity declined in January for decline in the reserve balances of member the third successive month, reflecting primarily banks, together with a considerable inflow of a large reduction in awards for residential gold from abroad and some further decline in building, while commercial-building awards the demand for currency, were the chief factors increased somewhat. The value of building accounting for a decline of $173,000,000 in the contracts let during the first six weeks of the volume of reserve bank credit in use. A large year was substantially lower than in the decline in reserve bank holdings of acceptances corresponding period of either 1928 or 1927. and United States securities was offset in part Trade.—Shipments of freight by rail in- by a small increase in the volume of member creased during January and the first two weeks bank borrowing. of February and were larger than a year ago. Open-market rates on bankers' acceptances The increase during January reflected pri- and commercial paper advanced, while rates marily larger shipments of coal and coke and on collateral loans showed little change. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
182 FEDERAL RESERVE BULLETIN MARCH, 1929 RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS MILLIONS OF DOLLARS 5/+00 I 1 1 1 1 ' 1 1 1 ' 1 1 1 ' I 'I ' 1 ' I 5t*°° 5200 Member Bank Reserve Balances 1925 1926 1927 1928 1929 Based on weekly averages of daily figures; latest figures are for week ending February 23 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
183 MARCH, 1929 FEDERAL RESERVE BULLETIN RESERVE BANE CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES [Averages of daily figures. In millions of dollars] Reserve bank credit outstanding Bills and securities held by Federal reserve banks Member Month or week g M o o ld n e st t o a c ry k c M irc o u n l e a y ti o in n re b s a e n r k ve Total Bills dis- balances volume * Total 2 co m u e n m te b d e f r or bo Bi u l g l h s t U S n t i a t te e s d banks securities 1928—January _. 1,388 1,350 465 373 512 4,377 4,785 2,426 February... _ _ 1,264 1,237 471 360 406 4,373 4,709 2,368 March. _ 1,295 1,272 513 343 415 4,335 4,710 2,365 April 1,405 1,371 661 358 351 4,287 4,730 2,396 May.. 1,472 1,442 836 349 257 4,207 4,722 2,388 June _ 1,531 1,495 1,019 244 232 4,119 4,736 2,355 July 1,531 1,488 1,090 185 213 4,113 4,746 2,324 August __ 1,485 1,449 1,061 178 210 4,118 4,743 2,274 September _. 1,581 1,534 1,064 226 240 4,125 4,804 2,314 October. _ _ 1,622 1,584 975 368 237 4,133 4,836 2,332 November _. 1,653 1,610 897 471 238 4,151 4,860 2,352 December.._ _ _. 1,824 1,766 1,013 483 263 4,142 5,008 i 2,367 1929—January 1, 613 1,570 859 473 229 4,115 4,748 ! 2,387 February... 1,502 1,468 385 184 4,143 4,686 | 2,357 Week ending- Jan. 26.._ _ 1,509 1,471 791 462 209 4,117 4,677 I 2,358 Feb. 2 1,501 1,472 822 438 202 4,123 4,664 i 2,364 Feb. 9 1,512 1,474 856 412 197 4,130 4,675 I 2,366 Feb. 16.. 1,522 1,484 898 394 183 4,143 4,689 : 2,377 Feb. 23 _ 1,476 1,442 890 367 175 4,152 4,691 j 2,339 Increase or decrease of week ending Feb. 23 compared with week ending— Feb. 16.. -46 -42 -27 -9 +8 +2 I -38 Jan. 26 -34 -29 +99 -95 -34 +35 +14 ! -18 Feb. 25, 1928.. +229 +219 +419 +17 -227 -221 -23 i -12 1 Includes total bills and securities, amounts due from foreign banks, and reserve bank float. 2 Including "other securities." ANALYSIS OF CHANGES IN MONETARY GOLD STOCK GOLD MOVEMENTS TO AND FROM UNITED STATES [End of month basis. In millions of dollars] [In thousands of dollars] Increase (+) or decrease (—) during month 1929 1928 Gold Month m a s t t o o o e n c f n t k d h Total T n i h e m r t o p g u o o g r l t d h ) ! j T m h e a r a o r r k u - i g n h g | ! d T p o h r m o ro d e u u s g t c i h - c From or to— February * January D Ja e n ce u m ar b y e - r or opera- tion, I export tions etc1 Im- Ex- Im- Ex- Im- Ex- 1927—February.. 4,586 +21.3 +19.9 +3.2 -1.8 ports ports ! ports ports ports ports March 4,597 +11.1 +10.8 -1.5 +1.8 i M p a r y il - 4 4 4 , , , 6 5 6 1 8 0 0 7 8 + -2 - 1 1 0 2 . . . 4 9 9 + + +3 1 1 1 2 1 . . . 7 8 9 j | 2 2- - 3 3 -1 6 5 . . . 0 7 5 + + + 2 3 2 . . . 4 0 1 B En el g g l i a u n m d 22, 000 ! 7, 274 37, 524 3 2 2, , 0 5 0 2 0 5 June _ 4,580 -7.5 +8. 9 I 2-23.1 +6.7 France 17 154 308,002 July... 4,588 +8.5 +6.4 ! -2.5 +4.6 Germany _ 3 259 1 28, 759 August 4,571 -17.5 -11.5 I -9.0 +3.0 Italy 2 2 26, 093 September. 4,541 -30.1 -8.6 ! -25.0 +3.4 Netherlands 4,000 October 4,451 -89.7 -53.2 -40.0 +3.5 Canada 2,000 39,127 19 102, 371 22, 641 November. 4,379 -71.7 -67.4 -8.5 +4.2 Central America 69 300 1,041 323 December.. Mexico 511 4,610 4,490 Total (12 mos.)_ -112.7 +6.2 j —160.1 +41.2 Argentina 750 4,500 69,400 Brazil 25, 012 1928—January 4,373 -6.0 -13.8 +5.5 +2.3 Chile 58 624 February... 4,362 -11.2 -11.1 +2.9 -3.0 Colombia 133 1,374 2,05a March 4,305 -57.6 -94.9 ! +35.8 +1.5 Ecuador 111 1,483 April 4,266 -38.7 -91.2 j +45.7 +6.8 Peru 172 1,458 May 4,160 -105.7 -81.7 ! -26.5 +2.5 Uruguay 9,000 J J A S u u e u l n p y g e t u e s m t be _ r. . 4 4 4 4 , , , , 1 1 1 1 0 1 2 2 9 3 3 5 + - + + 5 1 3 2 1 0 . . . . 4 0 1 3 - - 6 7 + + 3 9 . . . . 7 5 9 9 I + + + - 3 6 1 5 0 0 . . . . 2 9 9 1 + + + -1 6 3 2 . . . . 2 4 7 8 V B C r e h K i n i t n o i e s a z n h u g e I l a n a n d d ia Hong 300 6 4 3 0 4 3 0 9 8 48 2 1 9 5 1 , , , 4 3 9 8 7 7 5 4 0 N O o ct v o e b m er ber-, 4 4 , , 1 1 4 2 2 8 + -1 1 4 7 . . 0 3 + + 1 6 3 . . 7 3 - + 25 1 . . 0 2 + + 2 4 . . 8 3 J D a u p t a c n h East Indies 260 104 1,262 4 2,5 2 3 4 1 8 December- 4,141 +13.2 +23.3 -15.7 +5.6 Philippine Islands 162 1,773 Total (12 mos.)_ -237.9 -392.0 +119.6 +34.5 All other countries.. 2 500 2 482 77 13 10, 225 6,854 1929—January 4,127 -14.4 +47.1 -65.0 +3.5 Total 24,500 1,042 48, 577 1,378 168, 887 560, 759 February3.. 4,154 +26.7 +23.4 +3.3 * For detailed explanation of this figure, which is derived from pre- i February figures are preliminary—3 customs districts: New York, ceding columns, see BULLETIN for December, 1928, p. 831. St. Lawrence, and San Francisco. 2 Includes effect of earmarking operations connected with gold held ^ Includes all movements of unreported origin or destination. abroad by Federal reserve banks. ^ » Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
184 FEDERAL RESERVE BULLETIN MARCH, 1929 MILLIONS OF DOLLARS MILLIONS OF DOLLARS 2000 2000 RESERVE BANK CREDIT 1500 1500 1000 1000 500 500 1925 1926 1927 1928 1929 This chart is based on weekly averages of daily figures; latest figures are for week ending February 23 DISCOUNTS FOR MEMBER BANKS MILLIONS OF DOLLARS MILLIONS OF DOLLARS [Monthly averages of weekly figures. In millions of dollars] 700 DISCOUNTS FOR MEMBER BANKS 1700 Reporting member banks in leading cities Mem- 600 600 ber All banks Month m b e e m r - Othe c r i t l i e e a s ding o si u d t e banks Total New lead- 500 500 Y C o it r y k ing Total Chi- cities cago 1927—May 459 302 90 212 19 157 June 435 268 51 217 20 167 July 434 272 59 212 12 162 August 413 256 74 182 6 157 September... 417 267 90 176 8 150 October. 428 283 75 208 10 145 November... 421 276 73 203 11 145 December 532 388 127 261 21 143 1928—January 439 314 94 220 23 125 February 463 338 78 260 13 125 March 489 362 75 287 25 127 April 637 488 145 343 35 149 May. 826 644 222 422 49 182 June 1,012 796 271 525 61 216 July 1,079 854 274 580 80 225 August 1,045 806 223 583 80 239 September... 1,063 822 266 556 41 241 October 960 736 202 534 58 224 November 901 681 157 524 67 220 December 1,039 799 221 578 91 240 1929—January 891 663 190 473 71 228 1925 1926 1927 1928 1929 February 893 659 131 528 96 234 Based on monthly averages of weekly figures Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1929 FEDERAL RESERVE BULLETIN 185 PER CENT PERCENT MONEY RATES IN NEW YORK CITY 3 - 1 - 1923 1924 1925 1926 1927 1928 1929 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES RATES IN NEW YORK CITY DISCOUNT RATES Prevailing rate on- Average rate Averageyield [Rates on all classes and maturities of eligible paper] Federal reserve bank ef M fe a ct r . o 2 n j Date established ! Pr! r J at ^ e us Month or week Boston | July 19, 1928.-- New York I July 13, 1928... Philadelphia ._ i July 26, 1928-_ Cleveland i Aug. 1, 1928..- Richmond July 13, 1928—_ 1928 Atlanta I July 14, 1928- _ February Chicago- I July 11, 1928 —_ St. Louis I July 19, 1928.__ March Minneapolis... j Apr. 25, 1928 April Kansas City.__ ! June 7, 1928 May__ Dallas _.. ! Mar.2, 1929.- June San Francisco. : June 2, 1928 July August September BUYING RATES ON ACCEPTANCES October [Buying rates at the Federal Reserve Bank of New York] November December 1929 Maturity e R f M f a e a t c e t r . i o n 2 n I j Date established ! Pr r e a v t i e ous J F a e n b u r a u r a y ry _. Week ending— Feb.2 3.61 3 1 1 - 1 6 1 - - 5 4 3 5 0 d d d a a a y y y s s s .. Feb. . . d d 1 o o 5 ._ ,1929.. F F Fe e e b b b . . . 1 2 9 6 3 . 3 3 3 . . . 6 6 7 2 8 1 46-60 days ..do. 61-90 days .do. 1 Stock exchange call loans; new and renewal rates. 91-120 days _do_ 2 Stock exchange 90-day time loans. 121-180 days -do.. 3 3 issues—3%, 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. NOTE.—Rates on prime bankers' acceptances. Higher rates may be « Maturities of 6 to 9 months. charged for other classes of bills. * Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
186 FEDERAL RESERVE BULLETIN MABCH, 1923 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 Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago St. Louis K C an it s y as Dallas !san c is F c r o an- Prime commercial loans 1928— February 4*6 4*4 4*4-4*6 4*4-5 4*4-5 4*6-6 4J4-4% 4 -5 4*4-5 ; 5 March 4*4-4*6 4*4-4*6 4*6-4% 4*4-6 5 4*4-6 4*4-5 4*4-5 4*2-5*6' 5 April. 4*4-4*6 4*6-4% 4*6-4*4 4*6-6 5 4*6-6 4 -5 4*6-5 4*6-5 5 4*6-6 May.. 4*6-4% 4*6-5 4*6-5 4*6-6 4*6-5 4*6-6 4*6-5 4*6-5 5 4*2-6 June 4%-5 4%-5 m-5H 4%-6 5*4-5*6 5*6-6 434-5*6 4*6-5*6 43/4-5*6 5 43/4-6 July 5 -6 5 -5*6 5*4-5*6 4%-6 5*6 5 -6 5 -5*6 5 -5*6, 5 -6 5 -5*6 5 -6 August 5*4-5*6 5*4-5*6 5*4-5*6 5*6-6 5*6-5% 5*6-6 5 -5*6 5 -5*6 5 -6 5 -5*6 September 5*6-6 5*6 5H-5H 5*6-6 5*6 5*6-6 5*4-5% 5*6-5%! 5*4-5*6 5* 5 -6 October 5*6-6 5*6 5*6-5% 5*6-6 5*^-6 5*6-6 5H-5H 5H5% 5*2-534 5*6-6 November 5*6-6 5*4-5*6 5*6-6 5*6-6 5*6-6 5*2-6 5*4-5% 5*6-5% 5*6-6 December 5*6-6 5*6 5*6-6 5*4-6 5*6-6 5*6-6 5*4-6 5*6-6 5%-6 ! 5^-6 1929—January. __ 5*6-6 5H 5*6-5% 5*6-6 5^-6 5*6-6 5*6-6 5*6-6 5*6-5% February h- 5*6 5*6 5*6-6 5*6-6 51/2-53/4 5*6-6*6 51/2-6 51,2-6 534-6 5^2-6 Loans secured by prime stock-exchange collateral 1928— August 5*6-6 5*6—6 5*6-6 5%-6 j 5*6-6 I 5*6-6 ! 5*^-6 5 -6 5 -8 5*2-6 September- 5*6-6 5*6-6 5*6-6 5*6-6 5*6-6*6) 5*6-6 5*2-6 5 -6 6 -7 5H-6 October 5%-6 5*6-6 5*6-6 5*6~6 5*6-6 5*6-7 " 6 -6*6! -" " 5*2-6 5 -6 6 -7 5*2-6 November.. 5*6-6 5*6-6 5*6-6 5*6-6 5*6-7 6 -6*6 5*2-6*2 5?4-6 5 -6 6 -8 5*2-6 December. . 5*6-6 5*6-6 5*6-7 6 -7 j 6 574-6 5 -6 6 -7 5*2-6 1929—January 5*6-6 5*6-6 5*6-6 5%-6 6 -7 i 534-6 5%-6 5*3-6 6 -7 5*6-6 February... 5*6-6 51/2-6 5*6-6 6 5*i-7 6 -7 S 5^4-6 5%-6 5*2-6 6 -8 51/2-6 Loans secured by warehouse receipts 1928—August 5*4-6 5 -6 5 -6 5 -6 6 September- 5*2-6 5*4-6 5*4-6 5*2-6 6 October 5*2-6 5*4-5*2 5*3-6 5M-6 6 November,., 5*2-6 5*4-5% 5*2-6 6 -7 6 December... 6 5*4-53/4 5*3-6 6 6 1929—January 5*2-6 5*4-5% 5*2-6 6 -7 6 February.-. 5/2-6 5*6-6 5*6-6 6 6 Interbank loans 1928—August 5*61 5*4 5*6 5*4-5*6 5*6-53/4 5*6-6 5 -5*6 5*4-5*6 5*6-6 5*6-6 5 -6 5 -6 September 6 I 5*6-6 5*6 5*6 5*6-5% 5*6-6 5 -5*6 5*6-6 5*6-6 5*6-6 5 5 -6 October.... 5*6i 5*6-6 5*6-5% 5*4-6 5*6-534 5*6-6 5 -6 5*6-6 5*6-6 5*6-6 5 -5*6 5 -6 November 5*2-6 5*6-6 5*6-53.4 5*6-6 5*2-6 5*6-6 5*6 5*6-6 5*6-6 5*6-6 5 -6 5 -6 December 5*6-6 5 -6 5*6 5*4-6 5*6-5% 5*6-6 5*6-6 5*6-6 5%-6 5*6-6 5 -6 5 -6 1929—January 5*6-6 5*6-6 5*6 5*6 5*6-6 5*6-6 5*6-6 5%-6 5*6-6 5 -5*6 5 -6 February 5*6 1 5*6-6 5*6-6 5*6 5%-6 5*4-6 5*2-6 5*6-6 5*6-6 5*6-6 5 -6 FEDERAL RESERVE BRANCH CITIES Loans secured by prime j Loans secured by warehouse Prime commercial loans stock-exchange collateral j receipts Interbank loans City Decem- January, Febru- Decem- January, Febru- '• Decem- January, Febru- Decem- January, Februber, 1928 1929 ary, 1929 ber, 1928 1929 ary, 1929 j ber, 1928 1929 ary, 1929 ' ber, 1928 1929 ary, 1929 I Buffalo.. 5*6-6 5*6-6 5*6-6 5*6-6 6 5*4-6 6 5*6-6 C incinnati 6 6 5*6-6 6 -7 6 -7 6 -7 6 -7 -7 5*6-6 5*6-6 5*6-6 Pittsburgh. 5*6-6 5*6-6 5*6-6 5*6-6 5*6-6 5*6-6 6 6 6 Baltimore 5*6-6 5*6-6 5*6-6 5*6-6 5*6-6 5*6-6 6 6 5 -6 5 -6 5 -6 Charlotte _ 5*6-6 5*6-6 5*6-6 6 6 6 i 6 6 5%-6 5*6-6 6 Birmingham 5 -6 5 -6 5 -6 6 6 6 -8 I 6 -7 6 -7 6- -7 5 -6 5 -6 5 -6 Jacksonville 5 -6 5 -6 5*6-6 6 -8 6 -8 6 -8 I 5*6-8 5*6-8 5*6-8 6 6 6 Nashville.— 6 6 6 6 6 6 5*6-6 5*6-6 5*6-6 5*6-6 5*6-6 New Orleans 6 -7 5*6-6}$ 5*6-6*6 6 -7 6 -6*6 6 -6*6 6 -7 6 -6*6 6 -6*6 5*6-6 5*6-6 5*6-6 Detroit 5*6-6 5*6-6 5*6-6 5*6-6*6 5*6-6 5*6-6 6 6 6 5*6-6 5*6-6 5*6-6 Little Rock 5*6-7 5*6-6 5%-6 6 -7 6 -7 6 -7 6 -7 6 -7 5*6-7 6 5 -6 6 Louisville __ 6 6 6 6 6 6 5*6 5*6 5*6 Helena 8 8 8 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 Denver 5*6-6 5 -6 5 -6 6 -6*6 6 -6*6 6 -6*6 6 -8 6 -8 6 -8 6 -6*6 6 -6*6 6 -6*6 Oklahoma City 5 -6 6 6 6 -8 6 -7 6 -7 6 -7 6 -7 6 -7 6 6 Omaha 5*2-6 5*3-6 5*6-5% 6 -7 6 -7 6 -7 6*6 6*6-7 6- 7 6 6 -6*6 El Paso. 8 8 8 6 -8 6 -8 6 -8 I 7 -8 7 -8 7 -8 6 6 Houston 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 6 6 6 5 -6 5*6 5*6-6 San Antonio 5 -8 5 -8 6 -8 6 -8 6 -8 6 -8 I 6 -8 6 -8 6 -8 5 -6 5 -6 5 -6 Los Angeles ! 6 6 -7 6 -7 6 -7 6 -7 I 6 -7 6 -7 6 -7 6 Portland 6 6 6 -6*6 6 -6*6 6 -6*6! 6 -7 6 -7 6 -7 6 Salt Lake City 6 6 6 6 6 I 7 7 6 Seattle. _ 6 -7 6 -7 6 -7 6 -7 6 -6*6 6 -6*6; 6H-7 6*6-7 6*6-7 6 Spokane 6 -7 6 -7 6 -7 6 -7 6 -7 I 7 7 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1929 FEDERAL RESERVE BULLETIN 187 MEMBER BANK CREDIT REPORTING MEMBER BANKS (REVISED SERIES) [Monthly averages of weekly figures* In millions of dollars. For explanation of revisions, see p. 179] Loans and investments _ _ Reserve Borrow- Loans Investments with Cash Net Time Govern- ings'at Month in deposits ment Total On U. S. Other reserve vault deposits deposits reserve Total securi- All Total securi- securi- banks banks ties other ties ties 1 Total: 1 1927—January.. . 19,686 14,538 ! 5,915 8,623 5,148 2, 339 2,809 1,672 284 13,067 5,854 129 299 February. . 19,558 : 14,347 i 5,780 8,566 5, 212 2,374 2,838 1,639 265 12,883 5,888 107 233 March 19, 989 ; 14,536 | 5, 867 8, 670 5,453 2,518 2, 935 1,665 260 13,034 5,989 231 268 April 20,068 ' 14,564 : 5, 930 8. 634 5,504 : 2,565 2,939 1,653 263 13,033 6,021 221 270 May 20,273 1 14,666 •' 6,017 8, 649 5,608 2,637 2,971 1,691 260 13,179 6,113 118 302 June 20, 506 14,849 i 6, 220 8,628 5,658 : 2,591 3, 067 1,744 261 13, 414 6,163 138 268 July 20,404 14,781 ! 6,191 8, 590 5,623 2,553 3,069 1, 690 265 13, 306 6,177 108 272 August 20, 357 14, 825 6,201 8, 624 5,531 : 2,502 3,029 1.702 252 13.276 6, 228 52 256 September. 20, 653 15, 066 6, 298 8,768 5,587 ' 2, 546 3,041 1,703 264 13, 340 6, 269 180 267 October 20, 918 15,258 ! 6,403 8,855 5, 660 , 2,617 3,043 1,719 265 13,412 6,345 280 283 November. 21,112 15,308 1 6, 492 8,816 5, 804 2,710 3,094 1,761 272 13, 703 6,409 147 276 December. 21, 328 15, 396 0,676 8,720 5, 932 2, 820 3,111 1,781 314 13,872 6, 419 99 388 1928—January- -- 21, 493 15,441 6,811 8,631 6,052 ! 2, 933 3,119 1,799 270 13, 982 6, 560 115 314 February. . 21,315 15, 223 6, 606 8,617 6, 091 2, 991 3,100 1, 758 246 13, 673 6, 613 45 338 March 21, 502 15, 370 6, 586 8, 784 6,133 2. 909 3,164 1, 726 245 13, 579 6, 689 146 362 April 21, 944 i 15, 805 6, 924 8,880 6,140 2^988 3,152 1,783 244 13,814 6, 762 198 488 May 22,148 15, 960 7,075 8.884 6,188 3,016 3,172 1,771 243 13, 760 6, 892 61 644 June 22. 063 15, 871 6,962 S, 909 6,193 3, 020 3,173 1,740 248 13, 450 6, 923 103 796 Julv. . . 22, 006 15.892 6, 955 8, 937 6, 114 2 986 3,129 1, 723 248 13, 246 6,861 113 854 August 21, 809 15,825 6,816 9, 009 5,984 2, 940 3,044 1,072 241 12, 902 6,831 178 806 September. 21, 871 15,898 6,840 9,059 5, 973 2, 981 2, 991 ],699 248 13, 049 6, 831 133 822 October... 21, 938 . 16,003 ! 6, 874 9,130 5, 934 3,024 2, 910 1,707 253 13, 216 6, 843 126 736 November. 21, 983 16,096 7,082 9,014 5,888 j 2, 988 2, 900 1,714 264 13, 369 6,848 73 681 December. 22,189 16, 253 7,198 9,055 5,036 | 3,013 2, 924 1,748 299 13, 399 6,842 117 799 1929—January... * 22, 320 * 16, 300 * 7,504 *8,796 6,021 , 3,079 2, 942 1,777 259 13, 593 6.894 107 663 February.. 22, 263 16,260 7, 522 8,737 6,004 j 3, 074 2,930 1,746 249 13,391 6,879 43 659 New York City: 1927—January--- 6, 205 4, 552 2,168 2, 384 1,654 ' 848 806 717 62 5,127 918 36 76 February _. 6, 067 4, 407* 2,047 2,360 1,659 ; 857 803 682 59 4, 935 929 30 60 March 6, 240 4,508 i 2, 097 2,411 1, 732 ! 909 823 710 56 5,068 929 66 73 April 6,313 4, 556 2, 156 2, 399 1,758 ' 922 835 688 57 5. 066 950 64 78 May 6, 423 4, 612 2,201 2,411 1,812 968 844 720 58 5,179 956 34 90 June 6, 576 4,747 2, 326 2,422 1, 829 943 886 770 57 5, 390 1,010 22 51 July 6,481 4, 696 2,281 2,414 1,785 893 892 728 58 5, 265 ' 992 12 59 August 6,453 1 4,718 2,275 2,442 1,735 •• 887 848 724 55 5,213 1,010 6 74 September. 6, 575 ' 4,875 2,313 2, 562 1, 700 ' 887 813 720 58 5, 224 1,004 64 90 October... 6, 642 . 4,966 2, 370 2, 596 1,676 ; 886 790 728 59 5, 255 1,015 103 75 November 6, 775 5,039 2, 465 2, 574 1,736 935 801 768 62 5, 430 1, 055 43 73 December. 6, 906 , 5,114 2, 605 2, 509 1, 792 986 807 769 73 5,570 1,034 29 127 1928—January... 7, 040 : 5,180 2,710 2,470 1, 800 1,048 813 781 58 5, 633 1,099 34 94 February.. 6,871 ,• 4,983 2, 527 2,456 1,888 1,089 799 754 52 5,471 1,093 14 78 March 6, 918 , 5,014 2, 419 2,565 1,904 : 1, 081 823 738 51 5,467 1,080 44 75 April . 7,152 , 5,303 2, 675 2, 628 1,849 : 1, 056 793 777 51 5, 607 1,120 59 145 May 7,282 . 5,408 2, 787 2. 621 1,874 1,075 799 767 51 5, 566 1,193 18 222 June 7,166 5,248 i 2,613 2,635 1,918 : 1,103 814 749 53 5,379 1,210 30 271 July 7,170 5, 270 2,626 2,644 1,900 1,105 795 730 55 5,273 1,174 32 274 August 6,962 ; 5,186 i 2,518 2, 608 1,777 ; 1, 015 762 705 52 5,061 1,161 32 223 September. 7,022 1 5,221 2,544 2,678 1,801 •' 1,053 748 716 53 5, 092 1,175 32 266 October 7,013 ! 5,209 2, 559 2,650 1,803 : 1,092 711 720 54 5,152 1,206 37 202 November. 7,056 1 5,255 2,694 2,562 1,800 1,085 715 721 58 5, 264 1,208 22 157 December . 7,152 1 5,339 2, 747 2, 592 1,812 1,091 721 752 67 5,305 1,198 32 221 1929—January 7,262 ; 5,378 2, 904 2,473 1,884 1,131 753 770 58 5,419 1,199 29 190 February.. 7,190 I 5,306 2, 820 2,486 1,885 1,128 757 756 58 5, 303 1,184 12 131 Other leading cities: i 1927—January 13,481 9,9S7 3,747 6,240 3,494 1,490 2,004 954 222 7,940 4,936 93 223 February.. 13,492 i 9,940 1 3,733 6,206 3,552 1,517 2,035 957 206 7,948 4, 959 77 173 March 13,749 10,028 3, 769 6,259 3,721 1,609 2,112 955 203 7,966 5,060 165 195 April 13,754 10,008 3,774 6, 234 3, 746 1,643 2,103 965 206 7, 967 5,071 157 192 May . 13,850 10,054 3,816 6, 238 3, 796 1,669 2,127 970 202 8,000 5,157 84 212 June 13,930 10,101 3,895 6, 206 3,829 ! 1, 648 2,181 968 204 8,024 5,153 116 217 July 13, 923 10,086 3,910 6,176 3,838 ! 1,661 2,177 961 207 8,041 5,185 96 212 August 13. 904 10,107 3, 926 6,182 3,796 1,616 2,181 978 197 8,063 5,218 47 182 September. 14; 079 10,191 3, 984 6,207 3,887 ; 1, 659 2,229 977 206 8,115 5, 266 116 176 October-_. 14, 276 10, 292 4,034 6, 259 3,984 i 1, 730 2,253 991 206 8,157 5,330 177 208 November. 14, 337 10, 269 4,028 6,242 4,068 1 1,775 2,293 993 211 8,272 5, 354 105 203 December. 14, 422 10, 282 4,071 6,212 4,140 ; 1,835 2,305 1,012 240 8,301 5,385 70 261 1928—January... 14, 452 10, 261 4,100 6,161 4,191 ! 1,885 2,306 1,018 212 8,349 5,460 80 220 February.. 14,443 10,240 4,079 6,161 4,203 • 1,902 2,301 1,004 194 8,202 5,519 31 260 March 14, 584 10,356 4,137 6, 219 4,229 1,887 2,341 988 194 8,111 5,609 102 287 April 14, 793 10, 502 4,249 6,252 4,291 1,932 2, 359 1,006 193 8,207 5,642 139 343 May 14, 865 10, 552 4,288 6,263 4,313 1,941 2, 373 1,004 192 8,194 5, 699 43 422 June. 14,897 10, 623 4,349 6, 274 4,275 i 1,917 2,358 991 196 8,071 5,713 74 525 July 14,837 10,622 4, 330 6, 293 4,214 1 1,881 2,334 993 194 7,973 5,687 80 580 August 14, 846 i 10,639 4, 298 6.341 4,207 1, 925 2,283 967 189 7,840 5, 670 146 583 September. 14, 849 1 10,677 4,296 6,381 4,172 1,929 2,244 984 195 7,957 5, 656 101 556 October. _. 14, 925 i 10,794 4,314 6,480 1 4,131 i 1,932 2,199 987 199 8,064 5,636 89 534 November. 14, 928 1 10,840 4,388 6,452 ; 4,087 1, 902 2,185 993 205 8,105 5,640 51 524 December. 15,037 1 10,913 ! 4,450 * 6,463 4,124 1,921 2,202 996 232 8,094 5, 644 85 578 1929—January... * 15, 058 * 10,922 | *4,600 *6,323 1 4,136 1,948 2,188 1,007 201 8,174 5, 696 78 473 February. . 15,073 10, 954 i 4,702 6,251 i 4,119 1, 946 2,173 990 191 8,088 5, 695 31 528 * Revised. 36722—29 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
188 FEDERAL RESERVE BULLETIN MARCH, 1929 BANKERS' BALANCES OF REPORTING MEMBER BANKS IN LEADING CITIES [Monthly averages of weekly figures. In millions of dollars] Other leading cities New i Total i York | C^1 Total* Boston1 d P e h lp il h a i - a b P u it r t g s h - C la le n v d e- c C a h g i o - L S ou t. is ne M ap i o n l - i sl I K C a i n t s y as F S r a a n n- ot A he ll r i cisco I Dae to banks: 1927—January 997 122.8 173.0 48.8 372.4 88.5 53.1 101.2 105.9 February. _. 3,150 ' 960 j 2,190 121.8 173.1 134.5 53.6 364.5 88.3 55.5 ! 95.3 127.1 975. 7 March 3,152 988 2,164 120.6 172.5 128.8 54.0 374.1 87.0 53.6 ! 90.3 104.1 978.3 April. 3,070 954 ! 2,116 I! 126.2 170.6 128.8 55. 6 364.8 86.1 50.9 i 86.7 94.9 951.1 May__ 3,029 947 i 2,082 |! 118.3 169.1 124.3 55.1 374.4 81.8 47.5 i 82.6 98.4 930. 6 June 3,010 981 , 2,029 l! 121.1 164.2 121.3 56.1 347.9 81.4 47.5 ! 82.7 99.9 907.2 July.. 3,086 971 I 2,115 ! 139.7 169.1 125.0 60.3 363.4 81.9 46.5 j 91.8 108.4 928.4 August 3,090 964 J 2,126 i 132.1 167. 9 128.5 60. 4 363.9 78.6 45.5 91.2 107.4 951.4 September. 3,155 978 2.177 !• 122.4 168. 6 127.3 61.4 372.0 78.7 57.6 ! 87.9 105. 7 995.0 October 3, 246 1,006 ! 2,240 ! 127.8 172.9 130.8 61.2 376.8 78.9 63.8 ! 83.8 110.1 1,033. 9 November.. 3,408 1,105 i 2,303 ! 137.5 173. 5 I 132.9 63.1 368.1 85.3 62.3 83.8 127.9 1,C69.O December.. 3,324 1,046 ! 2, 278 | 130.7 168. 0 131.2 59.6 370.0 86.4 58.4 88.1 126.3 1. 059. 7 1928—January 3,484 1,137 | 2,347 147.5 204.2 131.3 62.0 379.8 88.5 57.1 92.2 117.7 1, 066.4 February. _. 3,374 1,098 : 2,276 129.9 192.4 132.2 62.9 375.0 85.9 68.1 92.9 114.5 1, 032.1 March 3,292 1,089 2,203 123.3 188.2 118.4 61.2 378.6 77.9 61.8 89.4 117. 1 j 986. 7 April 3,207 1,053 2,154 130.8 185.8 118.5 60.2 381.7 77.5 58.5 84,5 114.1 ; 942.5 May 3,064 1,020 2,044 120.2 174.2 112.2 59.1 357.7 78.7 55.1 82.2 96.6 ; 908.5 June 2,897 933 1,964 108.0 162.9 101.8 58.8 367.4 74.4 52.8 77.0 101.3 ' 859.5 July 2,936 957 1,979 114.2 163.1 101.1 59.5 353.5 74.0 50.9 90.0 100.8 ! 871.8 August 2,801 901 1,900 101.7 153.7 99.2 58.3 344.0 73.0 47.4 91.3 90.1 : 841.6 September. 2,948 934 2,014 109.9 162.2 108.9 64.5 352.3 75.7 53.2 88.6 102.5 i 895.9 October 3,073 992 2,081 114.8 106. 8 112.3 63.0 352.6 77.2 60.2 85.5 101.6 I 947.5 November. 3,040 981 2, 059 115.1 168. 2 104.7 61.5 335.2 78.0 56.2 80.3 102.4 | 957.6 December.. 3,011 956 2,055 107.8 164. 0 100.5 58.0 339.2 78.6 54.1 83.0 99. 8 j 969.9 1929—January 3,074 1,012 2,062 109.7 172.2 99.4 60. 8 331.0 81.4 51. 9 89.5 96.8 I 969. 3 February. _ 2,918 1, 969 100.8 157.1 93.3 58.5 323.5 ; 75.7 50.9 87.3 87.4 934. 4 Due from banks: 1927—January 100 40.2 55.2 27.5 154. 2 31.7 21.5 44.6 50.8 February._ 1,170 93 1,077 39.1 58.0 35. 5 23.3 144.5 29.9 20.0 41.9 52.1 632.4 March 1,186 100 1,086 41.0 55.4 43.2 22.3 154.9 29.9 19.8 40.6 54.4 624.3 April 1,168 107 1,062 48.2 54.4 36.8 22.9 151.8 28.2 19.8 38. 6 50.8 610.3 May.. 1,160 102 1, 058 42.8 53.4 38.4 22.7 173.9 27.3 19.6 33.5 51.3 595.0 June.. 1,147 95 1,052 45.8 56. 4 40.9 24.5 150.6 26.5 19.9 33.4 53.5 600.2 July 1,142 92 1,040 45.9 50.7 36.1 22.9 148. 3 25.6 21.7 36.0 52.3 609.8 August 1,123 85 1,038 44.1 52.3 39.7 24.2 146.8 27.0 19.8 33.1 53.3 597.2 September. 1,187 95 1,091 43.1 51.2 38.3 26.4 152.2 25.6 27.7 32.9 58.8 635.3 October 1, 246 111 1,136 52, 6 52.3 41.0 24.9 152.7 28.0 29.3 36.1 56.8 661.7 November _ 1,268 104 1,164 45.7 60.9 37.3 24.3 158.1 30.6 24.5 35.1 66.8 680.8 December.. 1,209 103 1,106 42.2 52.6 33.3 22.3 150. 4 33.1 20.5 36.0 70.5 645. 5 1928—January 1,262 112 1,150 il 52,3 56.7 36.7 23.6 147.7 36.6 21.0 35.2 68.8 i 671.7 M Fe a b r r c u h ary.. 1 1 , , 1 1 8 6 2 1 1n0o5 1 1 , , 0 0 7 5 7 1 , ; 1 i 4 3 1 6 . . 2 7 5 5 2 0 . . 1 3 3 3 4 2 . . 6 7 2 2 4 3 . . 9 1 1 1 4 5 5 0 . . 9 8 j 3 2 2 9 . . 9 9 1 1 9 8 . . 7 8 3 3 3 1. . 8 1 6 6 4 1 . . 7 8 6 6 2 13 8 . . 6 1 April 1,184 123 1,061 I 42.8 57.8 32.3 23.9 161.1 29.6 17.4 32.4 56.2 607.3 May 1,152 115 1,037 !l 40.1 I 56.7 31.0 23.6 173.8 I 28.7 20.7 30.1 55.9 577.2 June _ 1,116 104 1,012 ij 37.1 I 53.5 29.3 22.7 169.0 i 27.2 19.8 30.5 58.5 564.3 July 1,129 102 1,027 ' 41.9 j 53.3 31.0 25.1 162.0 ! 25.8 23.8 34.5 54.6 574.3 August 1,046 88 958 •! 34.6 ; 50.7 33.2 23.6 151.4 i 25.3 19.1 33.5 49.0 538.0 September. 1,142 102 1,040 !i 34.5 j 51.5 37.0 24.1 165.4 25.3 21.0 35.6 55.8 589.8 October 1,170 100 1,070 37.8 j 56.5 34.9 24.4 161.4 26.8 24.0 32.8 53.3 617. 5 November. 1,200 108 1,092 ;! 38.3 ! 57.0 36.6 22.9 162.4 29.3 25.6 29.8 54.0 635. 9 December.. 1,180 110 1,070 36.9 • 55.2 35.7 24.6 155.8 29.0 23.9 32.3 55.2 622.1 1929—January 1,217 115 1,102 39.8 ! 59.2 37.1 25.8 156.3 28.6 21.3 33.0 55.7 645.3 February.. 1,156 1,060 37.6 j 52.8 36.8 27.1 162.4 25.1 19.4 28.4 52.3 618.3 1 Figures for 1927 revised; see page 6 of January BULLETIN, page 96 of February BULLETIN, and page 179 of this BULLETIN. BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING [In millions of dollars] Total outstanding Bankers' acceptances * Commercial paper * End of month 1926 1927 1928 1929 1926 1927 1928 1929 1926 1927 1928 1929 January 1,442 1,325 1,635 1,686 788 774 1,058 1.279 654 551 577 407 February 1,422 1,362 1,623 767 785 1,056 655 577 567 March 1,414 1,415 1,655 746 809 1,085 668 606 570 April 1,384 1,410 1,642 721 811 1,071 663 599 571 May 1,353 1,357 1,582 685 775 1,041 668 582 541 June _ 1,274 1,330 1, 529 622 751 1,026 652 579 503 July 1,255 1,310 1,461 600 741 978 655 569 483 August 1,221 1,373 1,410 583 782 952 638 591 458 September 1,226 1,464 1,434 614 864 1,004 612 600 430 October 1,275 1,586 1,550 682 975 1,123 593 611 427 November 1,292 1,632 1,621 726 1,029 1,200 566 603 421 December 1,281 1,636 1,667 755 1,081 1,284 526 555 383 1 Figures collected and compiled by American Acceptance Council. * Paper maturing within 7 months. Figures reported by about 24 dealers to the Federal Reserve Bank of New York. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
189 MARCH, 1929 FEDERAL RESERVE BULLETIN BROKERS' LOANS BROKERS' BORROWINGS ON COLLATERAL, IN NEW YORK CITY, REPORTED BY THE NEW YORK STOCK EXCHANGE [Net borrowings. In millions of dollars] On demand and on time On demand On time From From From Date Ne F w r o Y m ork p b r a i n v k a s te , Ne F w r o Y m ork p b r a i n v k at s e , Ne F w r o Y m ork p b r a i n v k a s te , b tr a u p n s a k t n s i c e a o s n m d - a b b f g a r o e o n r n e k k c i e i g i n r e n s g s , , Total b tr a u p n s a k t n s c i e o a s m n d - j | j a b f g a o e n r n e k c i i g i n e n g s, Total b tr a u p n s a k t n s c i o a es m nd - a b b f g r a o e o n r n e k k c i e g i i r n e n s g s , , etc. etc. etc. 1927—Jan. 31... 3,139 2,670 , 469 2,328 1,964 810 707 103.9 Feb. 28.. 3,256 2,757 I 499 2,475 2,085 391 781 673 108.4 Mar. 31.. 3,290 2,790 500 2,505 2,112 393 785 679 106.6 Apr. 30.. 3,341 2,865 476 2,541 2,146 395 800 719 81.4 May 31.. 3,458 2,968 490 2,674 2,254 420 784 713 70.5 June 30__ 3,569 3,065 504 2,757 2,316 441 812 749 63.5 July 30_ _ 3,642 3,145 497 2,765 2,343 421 877 802 75.5 Aug. 31.. 3,674 3,170 504 2,746 2,330 415 928 840 88.8 Sept. 30.. 3,915 3,340 575 3,018 2,539 479 801 95.8 Oct. 31 __ 3,946 3, 363 583 3,023 2,549 475 814 108.5 Nov. 30.. 4,092 3,519 573 3,134 2,675 459 958 jl 844 113.4 Dec. 31.. 4,433 3,812 621 3,481 2,963 518 952 ii 849 103.4 1928-Jan. 31... 4,420 3,805 615 3,393 2,882 511 027 I 923 104.2 Feb. 29.. 4,323 3,737 585 3,294 2,807 488 028 ! 931 97.7 Mar. 31.. 4,640 3,947 693 3,580 3,016 564 060 I 931 128.8 Apr. 30.. 4,908 4,246 662 3,739 3,201 537 169 ,! 1,045 124.2 May 31.. 5,274 4,568 707 4,070 3,455 616 204 \\ 1,113 90.8 June 30.. 4,898 4,169 730 3,742 3,122 619 157 ! 1,046 110.3 July 31.. 4,837 4,150 687 3,768 3,183 585 070 ! 967 102.5 Aug. 31.. 5,051 4,260 791 4,094 3,420 674 958 i 840 117.3 Sept. 29.. 5,514 4,647 866 4,690 3,939 751 824 ! 709 115.6 Oct. 31__ 5,880 4,994 886 5,116 4,360 756 764 !' 634 129.9 Nov. 30.. 6,392 5,412 979 5,614 4,771 843 777 !' 641 136.1 Dec. 31.. 6,440 5,401 1,039 5,722 4,810 913 717 !•' 591 126.2 1929—Jan. 31... 6,735 5,664 1,071 5, 983 5,043 939 752 i: 621 132.0 Feb. 28- 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] Demand and time loans Demand loans Time loans Month or date For ac- For ac- For ac- Total F a o cc r o o u w nt n c o o t u o u t w n -o t n f o - f c F o o o t u h r n e t a r c o s - f Total F a o cc r o o u w n n t co o to u u t w n - t o n f o - f c F o o o t u h r n e t a r c s o - f Total ; F ac o c r o o u w nt n c o o t u o u t w n -o t n f o - f c F o o o t u h r n e t a r c s o - f banks banks banks 1927—January 2,778 933 1,104 741 2,094 ! 639 799 656 685 ! 295 305 84.8 February 2,733 841 1,127 765 2,069 548 843 678 664 293 284 87.1 March 2,816 901 1,091 824 2,154 615 805 734 661 285 286 89.9 April 2,866 929 1,131 806 2,190 642 830 718 677 287 301 88. 4 May 2,933 936 1,191 805 2^219 639 861 719 714 ', 297 330 86! 4 June . - 3,115 1,077 1,180 858 2,385 : 772 851 762 730 306 328 95.8 July 3,096 1,032 1 188 877 2 336 705 857 774 760 327 330 102.9 August- 3,181 1,048 1^225 908 2^366 726 849 791 815 322 376 116.4 September.. 3,261 1,061 1,285 916 2,463 777 891 795 799 284 394 120.5 October 3,392 1,103 1,326 962 2, 603 820 942 841 789 283 385 121.4 November.. 3,441 1,175 1,276 990 2,632 879 902 851 809 296 374 138.7 December— 3,621 1,282 1,354 985 2,782 948 981 853 839 , 334 373 132.3 1928—January 3,802 1,342 1,470 900 2,938 992 1,083 863 863 350 387 126. 8 February 3,784 1,167 1,500 1.117 2,871 820 1,084 967 813 347 416 150.0 March 3,761 1,064 1,450 1,247 2,861 741 1,036 1,084 900 323 414 162.9 April _ 4,062 1,193 1,617 1,252 3,122 843 1,204 1,075 940 350 413 177.3 May 4,414 1,272 1,628 1, 514 3,368 885 1,198 1,285 1,046 386 431 229.1 June.. 4,360 1,048 1,568 1,744 3,309 687 1,143 1,479 1,051 : 361 425 265.2 July 4,232 929 1,543 1,760 3. 207 ; 614 1,136 1,456 1,025 315 407 303.2 August 4,239 835 1, 522 1,881 3, 359 i 590 1,178 1,591 880 i 245 344 290. 2 September-. 4,417 887 1,607 1,924 3,684 i 675 1,332 1,677 733 212 276 246.1 October 4,701 933 1,720 2,048 4,075 i 741 1,507 1,825 625 189 213 223.3 November.. 5,102 1,105 1,749 2,248 4,483 1 895 1,559 2,030 618 210 190 218.0 December... 5,193 1,114 1,760 2,319 4,623 ! G01 1,586 2,136 570 213 174 182.9 1929—January 5,408 1,173 1,801 2,434 4, 835 j 968 1,633 2,234 572 205 168 199.2 February 5,555 1,082 1,817 2,656 4,986 | 886 1,650 2,450 569 196 167 2C6.4 Feb. 6. 5,669 1,116 1,931 2,621 5,081 919 1,759 2,403 588 197 173 218.4 Feb. 13 5,568 1,097 1,859 2,612 4,984 895 1,691 2,398 584 203 168 213.2 Feb. 20 5,477 1,023 1,786 2,668 4,918 i 835 1,619 2,464 559 187 168 203.7 Feb. 27 _ 5, 507 1,090 1,693 2,724 4,962 895 1,533 2,534 545 195 159 190.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
190 FEDERAL RESERVE BULLETIN MARCH, 1929 COMMODITY PRICES, SECURITY PRICES, AND SECURITY ISSUES WHOLESALE PRICES, BY COMMODITY GROUPS 1 [1926 = 100] i Hides ''• Metals ; Nonagri- Month m Al o l d c i o ti m es - pr F o a d r u m cts *ooas le a a n th d e r ' , p T ro e d x u ti c le ts F li u g e h l t a in n g d metdal SSteSSl " C l h fd e c m ^ i- ' < H ,& ou * s & e- . l M an is e c o e u l s - c c o u m ltu m r o al dproducts : products ! iinggoods ities j 1927—November.. _| 96.7 104.3 101.5 . 114.3 97.5 82.9 97.0 90.2 ; 97.4 ; 98.9 88.3 94.6 December. _.j 96.8 104.4 100.7 116.9 97.2 82.5 98.4 90.4 i 97.2 ' 98.8 89.0 94.8 1928—January ; 96.3 106.1 98.5 121.0 96.7 80.8 98.1 90.8 : 96.3 98.6 89.0 93.7 February | 96.4 104.5 98.7 124.1 96.6 81.2 98.3 91.0 . 95.8 ; 98.4 87.3 94.2 March __• 96.0 103.5 98.0 124.0 96.5 80.8 98.4 91.0 ! 95.6 j 98.3 86.8 94.0 April. ( 97.4 107.6 99.5 126.7 96.5 80.8 98.4 92.5 '• 95.8 97.9 84.9 94.7 May _J 98.6 || 109.8 101.2 126.3 96.6 81.8 98.6 93.5 95.3 ' 97.8 85.1 95.6 June _; 97.6 106.7 100.3 123.7 96.3 82.1 98.7 93.9 i 94.9 97.0 82.2 95.2 July : 98.3 l| 107.1 102.3 124.2 96.8 82.8 98.6 94.4 i 94.5 ! 96.9 80.8 95.9 August ' 98.9 ! 107.0 104.1 ' 121.0 96.3 84.6 100.4 94.6 94.7 97.2 79.3 96.7 September...! 100.1 ii 108.8 106.9 120.7 95.6 85.1 100.5 94.7 • 95.1 97.2 79.7 97.8 October • 97.8 i 103.5 102.3 117.5 96.1 84.9 101.0 95.0 95.6 i 96.5 80.3 96.4 November..., 96.7 !| 101.6 100.1 115.5 96.1 84.4 101.7 96.0 : 96.0 96.4 80.0 95.4 December... 96.7 :l 103.6 98.0 115.7 96.1 83.5 102.9 96.8 ' 96.1 96.4 80.1 94.8 1929—January < 97.2 ij 105.9 98.8 113.6 96.4 82.5 103.6 96.6 ! 95.9 96.6 80.5 94.9 il 1 Index of Bureau of Labor Statistics. PRICES OF FARM PRODUCTS AT THE FARM i SECURITY PRICES [August, 1909-July, 1914=100] Common stocks i (1926=100) i Dairy ! Bonds: Month 3 m 0 it i o c e d o s m - - Grains t F v a a e r b n g u l d e e it - s a M nim ea a t ls p p o a r u n o l d d tr - y C co s a o e t n t t e o t d d o n n - c U l f a ie s n d s - i- Month or week co s m t 3 o b 9 c i 0 k n s e d I , | : i t n r 3 d i 2 a u 2 l s s - 33 rails u p ti u l 3 b i 5 t l i i e c s j | j 4 p A 0 r v i i c e s e s r u a o g e f s e ucts 1927—October 126.7 127.5 124.5 98.62 November.. 129.6 131.3 125.6 1927- December... 133.1 135.5 127.2 99.25 December.. 137 123 141 138 158 153 90 1928—January 134.4 137.4 129.5 99.35 1928 February 132.3 134.8 130.9 99.31 J F A M a e p n a b r u r i r c l a u h r a y ry. _ _ 1 1 1 1 3 3 3 4 7 7 5 0 1 1 1 1 3 4 2 2 6 4 8 5 1 1 1 1 4 7 5 7 4 4 3 9 1 1 1 1 3 3 3 4 8 9 9 2 1 1 1 1 5 4 3 3 4 4 7 4 1 1 1 1 4 5 5 4 1 4 2 7 9 8 9 8 0 9 1 5 A J M M u p a n a r r e y i c l — h 1 1 1 1 5 3 4 4 2 7 5 5 . . . . 1 9 9 3 1 1 1 1 4 4 5 4 8 4 9 1 . . . . 2 9 5 1 1 1 1 1 3 5 4 4 4 5 2 8 . . . . 4 3 5 1 9 9 9 9 9 8 9 7 . . . . 2 7 1 3 0 9 8 8 May 148 160 181 151 134 166 86 July. 144.2 147.8 145.3 96.56 June. _ .. 145 152 168 150 132 162 87 August 148.3 152.6 147.9 95.82 July 145 142 156 157 134 170 88 September.. 156.1 161.6 155.2 96.47 August 139 120 137 162 136 153 87 October 159.1 166.2 154.5 96.58 S N D O e o e c p t c v o t e e e b m m m er b b b e e e r r r . . . _ 1 1 1 1 3 3 4 3 4 4 1 7 1 1 1 1 1 1 1 1 6 2 7 0 1 1 1 1 1 0 0 2 4 9 8 7 1 1 1 17 6 5 4 4 0 0 3 1 1 1 1 5 5 4 5 0 5 5 9 1 1 1 1 4 4 4 4 6 7 2 8 8 8 8 9 5 3 6 0 1929— N D F J e a e o b n c v u r e e u a m m r a y b r b y e e . r r . _ . . _ . . 1 1 1 1 6 7 8 8 9 2 3 6 . . . . 2 9 6 8 1 1 1 1 9 8 9 7 2 0 1 7 . . . . 4 0 4 1 2 1 1 1 0 7 6 8 3 4 5 8 . . . . 1 7 3 5 9 9 9 9 6 6 5 6 . . . . 2 9 6 1 4 0 0 2 Week ending— 1929 Feb. 2. 191.6 197.1 210.0 95. 86 January 133 115 109 146 149 148 92 Feb. 9 184.9 190.8 198.4 95. 69 February. _ 123 111 150 148 149 91 Feb. 16 186.3 191.9 202. 7 95. 51 Feb. 23 . 184.4 189.7 201.3 95.33 i Index numbers of Department of Agriculture. i Index of common-stock market values (revised series) computed by FOREIGN CAPITAL ISSUES Standard Statistics Co. from closing prices on Thursday. [In millions of dollars] DOMESTIC CAPITAL ISSUES [In millions of dollars] January-December January, 1929 January-December 1928 1927 Class of issue January, 1929 1928 1927 Gov- Cor- Gov- Cor- Gov- Cor- Class of issue ern- po- ern- po- ern- poment rate ment rate ment rate Re- Re- | Re- New fund- New fund- New i funding ing j ing Total 23.3 10.3 836.9 657.5 988.5 640.8 New issue 20.1 10.3 723.3 520.4 853.8 528.1 Total. 875.1 144.1 6, 728.3 1, 572. 0 6,151. 5|1,969. 9 Europe 8.0 3.0 317.1 257.4 325.6 238.8 Canada and" Newfound- Corporate issues _ _ 803.7 142.55, 277. 2 1, 549. 7 4, 641. 6;1,849. 9 land 5.8 65.7 100.2 119.7 103.0 Bonds and notes- Latin America 11.8 1.5 257.9 88.9 280.7 79.7 Long term 250.2 56. 7 2,167. 5 999.4 2,961.4 1,504.1 United States insular pos- Short term 10.8 44. 77 220099.88 54.3 220. 61 81.9 .3 6.2 1.6 12.9 19.3 Stocks 542. 7| 81.1 2, 496. 0 1, 459! 6! 264.' 0 TVT isooll aneous 76.4 72.4 114.8 87.3 Farm-loan issues 63.9 86.9 92.8 Refunding issues 3.3 113.6 137.1 134.6 112.7 Municipal issues 1. 6 1, 387. 2 22. 3 1, 423.1 27.1 Total Government and . » Total new and recorporate 33.6 1,494.4 1,629.3 funding 1,019. 2 8, 300. 3 8,121. 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
191 MARCH, 1929 FEDERAL RESERVE BULLETIN PRODUCTION, EMPLOYMENT, AND TRADE INDEX NUMBERS OF THE FEDERAL RESERVE BOARD—AS REVISED IN FEBRUARY, 1929; SEE PAGE 180 [Indexes of production and car loadings are adjusted to allow for seasonal variations; indexes of factory employment and pay rolls without'seasonal adjustment] Indus- P t r i o o d n u o c f - Factory Build a i w ng a r c d o e n d tracts Freight Wh t o ri l b es u a t l i e o n dis- D s e to p r a e r t s m al e es nt- D st e o p r a e r s tm to e c n k t s -^ trial manu- pay car Year and month pr t o i d o u n ct f u a r c e s als ment1 rolls i Unad- | Adl i o n a g d s - Unad- Ad- Unad- j Ad- Adjusted | justed justed justed justed | justed justed Mo. av. 1923-1925=100 Mo. av. 1919=100 Monthly averages 1923-1925=100 ANNUAL INDEX 1919 83 84 | 77 100 100 64 84 111 79 1920 87 87 | 89 103 124 63 91 115 105 1921 67 67 ; 70 82 84 57 79 87 89 1922 85 87 ! 74 90 89 81 86 89 89 1923 101 101 105 104 113 84 100 100 98 1924 95 94 96 95 104 95 98 98 99 102 1925 104 105 99 95 107 122 103 102 103 101 1926 108 108 108 96 109 130 107 101 106 103 1927 106 106 107 92 105 128 103 97 107 102 1928 110 111 106 90 104 135 104 108 102 MONTHLY INDEX 1925 January.._ 106 106 104 103 75 103 93 102 90 102 February 105 106 99 109 76 104 103 95 102 103 96 101 March 105 106 95 110 120 107 99 105 100 95 103 105 102 April 103 104 99 107 138 113 104 97 100 106 102 106 102 May 103 103 104 107 124 113 104 93 99 100 i 101 103 101 June 102 102 101 105 137 128 101 95 100 99 101 98 101 July_._ 104 104 104 102 133 128 101 97 102 75 100 94 101 August-. 103 102 107 105 149 135 105 112 102 78 ; 101 98 102 September 102 104 82 104 138 135 102 117 102 94 ! 102 107 103 October 105 108 90 111 129 125 100 123 106 130 111 112 101 November 107 109 94 112 116 127 105 102 102 114 ! 104 115 102 December 109 111 112 129 145 106 178 106 97 103 1926 January 107 109 92 107 111 143 102 95 104 105 93 105 February. 107 109 95 112 106 145 104 96 103 81 104 98 104 March 108 108 104 113 146 129 104 106 101 101 101 107 104 April 108 108 107 110 139 120 107 96 99 103 103 107 103 May 107 107 104 109 134 123 107 95 101 107 j 108 104 102 June 108 109 106 109 133 121 109 95 100 101 ' 103 98 102 July. 108 108 107 104 126 124 108 95 100 79 , 105 93 100 August 111 111 109 108 148 133 108 111 101 83 j 107 97 101 September 112 112 110 108 137 134 109 118 103 101 I 109 107 102 October 111 111 114 112 126 122 109 111 96 123 : 109 114 103 November... 108 107 118 109 119 130 109 101 101 121 ! 106 117 103 December 106 104 119 108 131 142 107 87 184 i 110 96 102 1927 January 107 105 116 92 102 94 120 105 95 106 92 104 February 109 107 118 94 109 96 131 109 91 97 83 107 97 103 March 112 110 118 94 110 151 134 108 102 98 100 105 106 103 April. _ 109 109 106 93 108 147 127 108 92 95 111 105 107 102 May 111 112 108 93 108 135 122 106 91 97 102 103 103 101 June 109 109 105 92 106 154 141 104 91 96 102 103 97 100 July... 106 108 99 91 101 130 128 101 91 96 75 104 94 101 August... 107 107 106 91 104 135 121 104 112 102 89 111 98 102 September 105 106 103 92 I 104 127 125 104 ; 113 98 100 108 107 103 October 103 103 105 92 ! 105 137 133 101 , 108 94 119 106 114 104 November... 99 99 I 101 90 i 101 114 125 S! 97 97 122 107 117 103 December 100 102 102 116 126 85 95 186 111 96 102 1928 January 105 106 I 103 104 133 100 j 104 93 105 February 109 110 | 102 104 113 153 102 , 93 105 99 104 March _ 109 110 I 103 90 I 105 144 128 102 ! 100 103 104 106 103 April 109 110 | 105 89 103 157 135 104 ! 92 102 103 107 103 May 109 110 I 105 89 104 163 148 105 •• 99 108 103 104 102 June 109 111 I 101 90 104 158 145 102 ! 92 104 105 97 100 July 110 111 ! 100 88 100 142 139 102 ! 90 94 78 107 94 101 August-. 112 113 105 90 104 126 113 104 ! 110 101 85 105 98 102 September 114 115 107 91 105 143 140 106 i 111 96 107 119 105 100 October. 114 114 114 92 109 145 141 106 ! 112 97 123 105 114 103 November 112 112 113 92 106 115 126 104 ! 99 100 122 106 117 103 December... 113 114 112 91 107 105 116 103 i 85 95 188 116 95 101 1929 January 117 117 117 91 103 103 128 104 ! 101 94 ! 107 91 102 i For ind Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
192 FEDEKAL RESERVE BULLETIN MARCH, 1929 INDUSTRIAL PRODUCTION {Index numbers, adjusted for seasonal variations. As revised in February, 1929; see p. 180. 1923-1925 average=100] INDEX OF INDUSTRIAL PRODUCTION PER CENT 1 INDUSTRIAL PROCJUCTION PRODUCTION OF MANUFACTURES AND MINERALS 120 120 120 t 100 100 100 V orv 80 80 80 60 60 60 ^VV>A 1925 1926 1927 1926 1929 WVvv 1925 1926 1927 1928 1929 Total Manufactures Minerals Month 1923 1924 1925 1926 1927 1928 1929 1923 1924 1925 1926 1927 :1928 1929 1923 1924 1925 1926 1927 1928 1929 January 100 100 106 107 105 117 100 99 106 109 105 : 106 117 101 102 104 92 116 103 117 February __ 100 10? 105 107 109 109 100 102 106 109 107 ! 110 99 104 99 95 118 102 March 103 101 105 108 112 109 103 101 106 108 110 i 110 103 98 95 104 118 103 April 107 95 103 108 109 109 107 96 104 108 109 I 110 111 92 99 107 106 105 May 107 89 103 107 111 109 106 88 103 107 112 i 110 108 93 104 104 108 105 June - 106 85 102 108 109 109 106 84 102 109 109 ; 111 109 93 101 106 105 101 July _ 104 84 104 108 106 110 103 104 108 108 111 112 92 104 107 99 100 August 102 89 103 111 107 112 101 88 102 111 107 ' 113 110 92 107 109 106 105 S O e c p to te b m er ber . _ 1 9 0 9 0 9 9 4 5 1 1 0 0 2 5 1 1 1 1 2 1 1 10 0 3 5 1 1 1 1 4 4 — - 1 9 0 8 1 9 9 3 5 1 1 0 0 4 8 1 1 1 1 1 2 1 1 0 0 6 3 i • 1 1 1 1 5 4 1 9 0 7 4 9 9 7 6 8 9 9 0 1 1 1 1 4 0 1 1 0 0 5 3 1 11 0 4 7 November 98 97 107 108 99 112 97 98 109 107 99 ! 112 105 96 94 118 101 113 December 97 101 109 106 100 113 97 102 111 104 99 114 98 99 93 119 102 112 Annual index 101 95 104 108 106 110 101 94 105 108 106 ' 111 105 96 99 108 107 106 NOTE.—For description of this index and back figures see BULLETIN for February and March, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
193 MARCH, 1929 FEDERAL RESERVE BULLETIN INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS [As revised in February, 1929; see p. 180. Adjusted for seasonal variations. Monthly average 1923-1925=100] f m ac A a t n u ll u r e - s; > ! . s I a t r n e o e d n l ! j | Textiles • F ro o d o u d cts pr P i a a n n p t d i e n r g Lumber m A o u b t il o e - s Le s a a h n t o d h e e s r a C n b e d r m i g e c l n k a t , s , s f m N e e r o t r n a o - l u s s r P e l e f e t i u n r i o m n - g : ; Ru t b ir b e e s r T f m o a a c b t n a u u c r - e co s ANNUAL INDEX 1923- 101 105 105 95 102 110 95 94 86 1924- 94 88 91 103 99 96 90 94 95 98 99 1925- 105 106 104 98 106 105 107 96 110 107 115 , 116 105 1926- 108 113 104 97 115 100 109 98 113 112 125 i 116 112 1927_ 106 104 113 96 113 94 86 103 109 136 ; 121 118 1928- 111 119 107 117 89 113 102 117 152 i 144 124 MONTHLY INDEX 1923—January 100 101 108 94 98 94 113 104 84 94 98 February 100 103 111 94 90 96 114 94 84 : 97 98 March 103 104 113 105 93 97 97 118 95 103 94 A M p a r y il-- 1 10 0 6 7 1 1 1 1 4 8 1 11 1 1 5 1 1 0 0 7 0 9 9 5 8 9 9 8 9 1 9 0 9 0 1 11 1 7 8 9 9 5 4 8 8 4 6 • i 1 9 0 7 3 9 9 8 5 June 106 118 109 96 100 99 101 117 92 86 95 J A u u ly gust 1 1 0 0 3 1 1 1 1 0 7 9 1 1 0 0 2 0 9 9 7 9 9 9 6 6 1 9 0 9 2 9 9 7 8 1 1 1 0 1 7 9 9 1 2 8876 ••! 6 6 2 6 9 9 6 2 September 101 105 102 99 95 . 102 108 105 96 87 ; 70 97 October 98 99 97 103 94 | 100 108 99 94 87 ' 76 97 November 97 89 98 103 91 100 109 103 97 89 ' 85 97 December 97 89 93 102 92 100 126 100 90 ; 87 98 1924—January 99 96 98 102 96 98 120 99 95 92 : 97 103 February 102 108 94 107 98 100 118 98 100 95 ; 93 97 March 101 111 91 103 100 98 107 95 99 97 95 97 April.- 96 94 89 102 101 94 94 96 101 92 97 May 88 74 81 102 79 94 102 101 83 102 June 84 67 76 102 92 71 93 100 99 79 99 July.- 82 60 78 104 95 89 75 93 99 95 78 August 88 82 101 97 95 85 90 97 96 September— 93 93 100 99 94 90 91 100 114 October 95 100 97 100 95 86 96 100 99 123 November 98 91 99 102 100 98 85 101 99 102 121 99 December 102 106 103 103 101 100 80 103 100 104 115 105 1925—January 106 110 103 108 104 110 90 110 105 106 110 105 February 106 111 104 108 105 104 92 108 109 110 111 106 March 106 111 107 96 106 104 101 109 113 110 108 102 April 104 100 107 95 106 101 107 110 107 112 112 104 May 103 99 104 93 105 102 110 110 104 114 117 105 June - 102 99 102 95 104 103 111 92 109 105 121 116 104 July- 104 97 105 94 107 105 112 111 108 120 126 106 August 102 103 102 94 107 106 77 112 105 120 123 104 September 104 104 101 97 106 107 100 111 108 116 120 104 October— 108 106 104 97 109 108 135 112 109 117 109 105 November 109 114 106 93 111 106 135 111 107 117 118 104 December 111 117 107 104 111 108 125 111 109 116 121 111 1926—January 109 112 104 103 112 101 121 116 108 116 116 108 February 109 111 104 96 113 108 121 112 108 117 111 111 March 108 114 104 96 113 105 115 109 109 119 107 116 April- 108 114 101 96 113 105 111 107 115 123 112 113 May 107 113 97 95 115 102 114 112 115 124 107 112 June 109 115 101 114 99 112 123 107 126 115 113 July- 108 115 99 114 100 106 101 118 111 126 112 110 August 111 120 I 104 100 115 95 128 101 117 111 128 125 112 September 112 117 109 100 117 99 124 103 117 112 128 136 113 October 111 116 110 100 117 97 108 104 114 113 i 129 126 115 November 107 105 110 97 116 95 92 100 108 119 , 133 112 114 December 104 103 110 97 113 96 69 101 96 118 | 135 115 112 1927—January 105 103 108 113 97 98 99 100 115 ' 135 118 114 February 107 112 108 113 96 100 102 107 111 134 114 115 March 110 115 114 100 113 92 104 120 109 135 ' 122 116 April 109 114 ! 113 100 114 104 109 111 134 ! 134 123 May 112 116 116 103 113 106 100 108 110 132 127 122 June 109 108 120 101 113 93 106 109 108 134 i 140 115 July 108 105 118 96 114 112 110 107 136 119 109 August 107 102 118 96 112 112 114 109 136 I 117 118 September 106 98 118 91 114 81 111 113 10G 139 114 122 October- 103 94 113 92 112 71 107 109 107 142 ' 117 120 November 99 89 112 93 110 99 108 106 140 122 121 December 99 94 106 95 112 97 106 111 137 ; 113 114 1928—January 106 107 107 103 115 93 99 114 100 135 ; 124 119 February 110 I 113 108 110 116 101 | 103 117 108 139 135 120 March 110 i 114 107 105 118 111 102 112 108 141 134 120 April 110 ! 122 101 98 118 108 9; 111 109 147 134 120 May 110 I 116 107 96 121 107 96 116 111 150 133 120 June 111 115 108 93 118 117 108 123 115 153 i 143 | 125 July 111 124 100 89 117 119 112 119 113 156 ' 149 ! 125 August 113; 121 107 90 117 133 112 126 117 160 151 i 129 September 115 , 128 107 118 139 110 130 117 162 169 128 October 114 126 112 116 122 103 122 121 160 167 126 November 112 ' 120 113 102 114 94 97 122 126 159 i 155 124 December 114 i 123 111 104 120 103 92 130 128 159 I 143 127 1929—January 117 j 117 116 103 119 154 130 124 159 ! 147 131 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
194 FEDERAL RESERVE BULLETIN MARCH, 1929 INDEX OF PRODUCTION OF MINERALS, BY PRODUCTS [As revised in February, 1929; see p. 180. Adjusted for seasonal variations. Monthly average 1923-1925=100] Al e l r m als in- n B o i u t s u m co i a - l Ant c h o r a a l c ite i pe C t r ro u l d e e um s I h ro ip n m o e re nts Copper Zinc Lead Silver ANNUAL INDEX 1923- 105 108 115 100 114 93 102 1924. 96 92 108 97 82 100 97 102 100 1925- 99 100 77 103 104 106 107 111 98 1926- 108 110 105 104 113 110 116 114 95 1927. 107 99 99 121 98 105 111 111 92 1928- 106 94 95 122 116 115 112 105 MONTHLY INDEX 1923—January 101 108 127 97 February... 99 105 124 94 90 March 103 106 128 93 108 April 111 123 127 126 May 108 117 121 100 100 127 June 109 114 119 103 114 96 July- 112 119 120 104 120 105 August 110 115 123 105 116 95 96 September- 97 108 45 106 115 91 87 96 October 104 99 116 108 109 93 75 99 November.. 105 97 115 110 122 99 98 85 96 December.. 98 93 115 99 100 97 83 90 1924—January 102 108 115 95 100 83 87 February—. 104 108 115 97 101 94 94 109 March 98 94 114 97 94 96 96 98 April 92 81 103 99 95 96 90 May 93 80 108 98 101 103 105 June 93 80 109 97 100 106 92 July— 92 82 108 96 105 96 August 92 83 102 97 100 106 99 September- 97 93 111 96 100 95 116 106 October 96 95 103 95 103 93 105 103 November. 97 109 95 106 94 105 108 December— 99 107 94 105 100 103 108 1925—January 104 105 112 100 111 101 106 103 February— 99 91 116 110 103 103 97 March 95 85 104 108 104 111 87 April 99 90 111 102 106 103 110 105 May... 104 92 116 109 129 105 105 110 97 June 101 92 106 109 95 105 105 112 103 July- 104 96 117 106 95 105 109 110 104 August 107 103 130 106 102 110 110 108 September- 82 101 1 105 106 110 110 93 October 90 104 1 103 106 111 117 85 November- 94 113 3 103 110 105 112 111 96 December.. 93 112 4 101 108 112 117 94 1926—January 92 111 3 100 106 113 115 96 February... 95 108 33 99 109 117 116 96 March 104 100 124 98 110 109 117 93 April 107 108 124 100 110 113 111 94 May 104 103 117 99 95 109 113 116 June _. 106 104 124 101 105 107 111 109 July- 107 106 120 103 111 111 111 113 90 August 109 106 118 105 125 108 119 116 September- 110 106 126 105 117 113 121 117 October 114 111 123 112 130 113 121 118 93 November.. 118 124 112 117 116 121 116 93 December... 119 122 114 120 112 119 121 107 1927—January 116 118 120 114 114 113 97 February—. 118 123 123 111 113 112 95 March 118 131 87 122 100 114 115 90 April 106 94 106 120 106 109 120 90 May.. 108 93 115 122 120 107 108 113 90 June 105 91 102 122 101 105 114 113 93 July 99 85 74 124 101 109 116 94 August 106 92 106 123 101 112 112 94 September- 103 91 99 121 104 111 111 90 October 105 90 106 123 102 110 105 91 November- 101 85 104 124 106 108 110 100 December—. 102 87 91 123 104 109 108 95 1928—January 103 92 121 102 105 103 93 February.-. 102 92 119 104 107 109 83 March 103 95 121 102 112 109 94 April _ 105 91 107 120 103 113 100 89 May 105 112 120 80 110 113 101 85 June 101 76 118 107 110 117 100 93 July 100 67 119 104 113 117 97 76 August 105 94 123 104 116 120 107 87 September.. 107 95 124 110 123 114 115 79 October 114 119 127 114 128 110 108 79 November- 113 99 j 113 127 106 131 111 111 93 December... 112 i 98 132 133 106 112 103 1929—January 117 i 103 110 138 129 100 112 91 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1929 FEDERAL RESERVE BULLETIN 195 PRODUCTION OF MANUFACTURES, BY INDIVIDUAL LINES i January, j Decem- January, January,! Decem- January, 1929 | ber, 1928 1928 1929 ! ber, 1928 1928 Iron and steel: Leather and products: Pig iron _ 114 113 95 Leather, tanning- Steel ingots _._ 118 124 109 Sole leather 2 _.. 94 95 92 Textiles: Upper leather- Cotton consumption- 118 I 108 106 Cattle— 73 ' 70 Wool- Calf and kip. 69 70 102 Consumption 105 99 Goat and kid 116; 124 131 Machinery activity 2 93 92 87 j Boots and shoes.. 101 ] 94 101 Carpet and rug loom activity2 85 i 93 j Stone, clay, and glass: Silk- Cement 125 119 125 Deliveries 144 154 137 Face brick 121 100 Loom activity 2 119 117 119 Plate glass 141 146 113 Food products: Nonferrous metals: Slaughtering and meat packing— Copper 132 141 101 Hogs__ _ 102 108 101 Lead—. 112 109 104 Cattle _ 90 82 91 Zinc- - - 100 106 105 Calves. _ 95 90 103 Tin 2 I 137 123 85 109 109 115 Chemicals and allied products: Flour_. 100 98 j 101 Petroleum refining— Sugar meltings 129 124 Gasoline 2 .-_ | 186 184 151 Paper and printing: Kerosene | 93 93 100 Wood pulp and paper— Fuel oil 2 I 135 136 117 Newsprint-__ 94 95 I 94 Lubricating oil2 ! 123 125 111 Book paper 128 I 118 Coke production— J Fine paper 116 | 111 By-product __ 137 135 122 Wrapping paper.. 102 ' 110 Beehive I 37 35 30 Paper board 126 ! 115 Rubber tires and tubes: Wood pulp, mechanical- 100 99 Tires, pneumatic.- _ __ 152 149 127 Wood pulp, chemical 109 104 Inner tubes _ 112 102 98 Paper boxes 137 153 115 Tobacco products: Newsprint consumption 128 129 Cigars _ 85 86 Lumber: Cigarettes._. 167 160 143 Lumber, cut 90 85 91 Manufactured tobacco and snuff.__ 92 94 95 Flooring 115 100 Transportation equipment: Automobiles _ 154 103 93 Locomotives 19 35 Shipbuilding 29 136 1 As revised in February, 1929; see p. 180. 2 WTithout seasonal adjustment. FACTORY EMPLOYMENT AND PAY ROLLS [Index numbers without seasonal adjustment. Monthly average, 1919=100] Metals and Total Gro p u r p oduc I a t r s n o d n ! G T r e o x u ti p les F a a b n r d i c p s rod P u u r c o c t d t s s - L p u a b r u c n o e m t d d r s - - R v r c o e l a a e h i d s l i - - m A o u b t i o le - s P p a i r a n n i p n g d e t- r F p u a o r n c o o t d d d s - s L p e u a r a n c o t t d d h s - er C p i u a h c r c n o a e t d l d m s s - steel I Employment: 1928—January. 87.9 80.7 92.9 95.1 84.9 70.5 114.0 108.6 83.8 83.2 101.6 73.8 75.1 February.. 89.4 83.0 82.7 93.8 95.1 92.3 85.0 70.4 124.8 108.1 84.8 84.6 101.9 77.1 77.2 March 84.3 84.0 92.9 93.6 92.0 86.0 71.3 130.2 107.0 84.4 84.1 105.7 77.9 76.9 April 84.6 84.2 90.0 91.0 88.7 87.0 72.0 133.6 105.9 82.8 79.8 109.1 76.0 76.7 May 89.5 i 85.3 84.9 87.8 88.9 86.3 87 0 72.5 141.2 106.3 83.0 77.7 113.8 76.8 74.5 June 89.6 ! 85.5 85.0 87.4 88.6 85.9 87.7 72.7 141.1 106.1 84.2 77.6 114.9 77.5 75. 1 July 88.5 84.7 84.6 84.5 86.2 82.2 86 7 71 7 141.0 106.1 84.4 81.2 112.8 73.4 73.9 August 90.0 86.0 86.0 85.3 86.3 84.1 89.1 71.6 149.9 | 106.3 83.9 82.9 115.7 79.0 73.9 September- 91.2 j 87.2 87.2 86.8 87.0 86.6 89.6 71.2 154.2 I 106.7 86.8 83.1 114.6 80.6 77.0 October. __ 92.0 , 88.2 88.2 89.4 90.8 87.6 89.5 70.6 152.1 ! 108.1 88 7 81.8 112.1 82.6 78.4 November. 91.6 89.2 89.1 90.2 92.9 86.8 89.7 70.5 138.4 I 109.5 88.3 77.1 109.3 82.4 79.1 December.. 91.3: 89.4 89.4 90.6 93.8 86.4 87.4 70.4 136.6 109.5 88.5 76.6 106.2 79.8 79.0 1929—January. 91.0 90.1 90.3 90.0 93.2 85.9 85.1 69.6 150.4 108.3 85.8 79.4 99.3 70.2 79.0 Pay rolls: 1928—January.' 97.8 84.7 84.1 100.2 100.3 100.0 91.9 75.1 127.2 148.8 99.0 83.5 I 122.1 78.1 106.3 February., j 103.5 91.9 91.2 103.5 102.4 104.8 96.1 78.2 160.0 147.5 100.8 88.9 ! 123.8 78.1 109.3 March j 104.9 93.9 93.3 101.9 100.3 103.9 98.1 80.4 168.9 147.7 100.4 87.5 I 128.7 79.4 110.2 April ! 102.6 92.9 92.2 94.7 95.5 i 93.8 98.3 81.2 171.8 146.7 96.5 75.3 ! 134.6 73.8 108.8 May. 103.7 95.1 94.3 93.4 95.3 1 91.1 98.8 80.7 178.8 146.7 99.0 72.7 1 140.9 77.3 106.6 June.. 103.6 94.5 93.7 93.5 94.2 ! 92.6 99.9 81.3 169.5 146.7 101.3 76.3 141.3 82.5 106.1 July. I 100.1 90.0 89.3 88.7 90.2 i 86.9 96.4 76.5 166.0 144.6 101.4 82.6 136.1 78.1 103.4 August I 103.9 94.1 93.3 91.7 91.4 ! 92.0 100.3 77.0 184.9 144.5 100.1 88.0 143.3 81.6 104.0 SeptemberJ, 105.0 94.3 93.5 94.4 93.3 I 95.7 102.6 75.7 185.8 146.8 103.4 87.2 139.6 85.4 i 105.7 October.... 109.3 99.6 98.7 100.5 100.5 100.6 105. 5 80.2 193.3 149.6 105.6 84.0 140.8 87.6 112.3 November. 105.9 99.2 98.4 97.9 100.7 94.3 104.2 79.7 165.0 149.6 104.3 70.2 135.4 86.5 I 111.5 December..! 106.6 99.9 99.0 101.0 104.3 96.9 100.7 79.6 161.9 153.0 105.5 75.2 131.7 86.7 I 111.2 1929—January! 103.0 98.2 97.9 97.2 99.5 94.2 92.3 73.5 165.0 150.1 101.3 78.9 116.6 70.6 j 109.5 I 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. 36722—29 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
196 FEDERAL RESERVE BULLETIN MARCH, 1929 BUILDING BUILDING CONTRACTS AWARDED [Index numbers based on value of contracts. Monthly average, 1923-1925 = 100] Without seasonal adjustment With seasonal adjustmentl Month 1924 , 1925 1923 1924 1925 1926 1927 1928 1929 January 61 76 75 111 94 104 | 103 99 143 120 133 128 February 71 78 76 106 96 113 ! 88 104 104 145 131 153 119 March 94 109 120 146 151 144 j 107 129 134 128 April 101 121 138 139 147 157 ' 113 120 127 135 May 109 108 124 134 135 163 i 113 123 122 148 June 93 101 137 133 154 158 : 128 121 141 145 July 79 87 133 126 130 142 ; 128 124 128 139 August 75 149 148 135 126 135 133 121 113 September 73 87 I 138 137 127 143 135 134 125 140 October 91 103 129 !126 137 145 i 100 125 122 133 141 November 80 95 : 116 I 119 114 115 : 103 127 130 125 126 December 76 83 : 129 I 131 116 105 ! 145 142 126 116 Annual index. 84" 95 , 122130 128 ! 135 1 As revised in February, 1929; see p. 180. BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Value of contracts in thousands of dollars] Federal Reserve District Month Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago St. Louis | "tag- K C an it s y as Dallas 1928 January 427,169 | 33,410 133, 271 35, 765 26,403 27,607 27,696 77,806 29,187 4,428 13,318 18,278 February. _. 465,331 21,826 140,227 34,980 37,841 22,301 23, 376 108, 789 35,294 3,968 13, 793 22,936 March 592, 567 39,694 155,154 46, 317 66,821 42,061 29,826 108,093 40,626 33,174 22,463 April 643,137 42,957 154, 369 60,982 70,184 66, 591 24,371 128,643 43,818 ! 10,249 20, 658 20,315 May. 668,097 56,097 188, 687 49, 743 63,813 39,421 32,497 139,784 36,360 ! 13,178 20,199 28,318 June 650,466 38, 519 178,448 48,698 69,605 46, 227 28,600 128,607 44, 225 | 11, 042 28,070 28,426 July 583,432 34, 456 139,821 41,259 56,103 32, 884 31,996 140,689 50,557 i 11,088 23, 807 20,771 August 516,970 36,370 129, 524 33,967 50,408 30,172 28, 548 108,306 40,706 i 12,944 26,177 19, 847 September.. 587,674 69,918 156, 588 45,634 67, 748 39,843 25, 989 99,176 33,241 i 9,213 22, 611 17, 715 October 597,104 39, 521 189, 696 46,098 57,118 40, 329 36,097 110,795 32,409 12, 645 15,699 16,697 November. - 471,482 29,154 136, 525 28,017 56,684 33, 621 18, 550 99, 429 27,302 ; 7,896 13,908 20,397 December... 432, 756 26,405 140,159 32,082 31,755 29,973 23, 362 76,924 31,378 5,886 16, 511 18, 323 1929 January 409, 968 26, 556 104, 447 26, 306 54,680 i 28,748 25,745 ! 77,439 25,479 i 7,466 | 15,668 17,435 BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING BUILDING PERMITS ISSUED, BY FEDERAL RESERVE [Value of contracts in thousands of dollars] DISTRICTS [Value of permits in thousands of dollars] Federal reserve district N of u m cit b i e e r s Jan 1 u 92 a 9 ry, b D e e r, c e 1 m 92 - 8 Jan 1 u 92 a 8 ry, 1928 United States 168 202, 298 205,462 207,760 January. 193,189 37, 970 68,851 | 72,039 23.369 31, 750 February. 238,985 34,881 i 57,695 59,980 18,651 55,139 Boston.. 14 4,964 7,224 5,553 March 275,192 48,804 ' 73,075 !110,338 33,881 51,277 New York 22 90, 535 60, 700 83, 846 April 276, 586 85,093 82,758 |117,401 32,885 48,413 Philadelphia.. 14 20, 312 9,453 8,783 May. 288,826 ! 37,146 91,200 i150,223 47,851 52,851 Cleveland 12 10, 023 17, 257 9,685 June __ 258,084 I 63,537 93,942 I130,852 46,135 57,917 July 228,703 i 31,400 95,697 |137,075 36,926 53,632 Richmond 15 8,863 11, 783 14, 014 August___ * 213,705 42,607 58,911 i118,890 35, 713 47,144 Atlanta 15 6,520 11,429 7,810 September 202,807 114, 780 60,068 '119,014 38,801 52,205 Chicago 19 24, 273 42,692 38,151 October.. 239,692 62,259 67,330 !148,697 31,293 47,833 St. Louis 5 5,009 5,385 November 200,226 38,665 68,309 !93,228 30,023 41,032 December 178,323 38, 248 66,773 i80,194 25.370 43,849 Minneapolis-. 9 1,215 2,047 2,057 Kansas City.. 14 4,149 7,550 4,663 1929 Dallas 9 5, 504 9,200 6,856 January 138,069 ! 63,109 ! 100,378 66, 522 17, 746 24,145 San Francisco. 20 22,139 21,119 20,958 I 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
197 MARCH, 1929 FEDERAL RESERVE BULLETIN TRADE AND DISTRIBUTION FREIGHT-CAR LOADINGS, BY LINES [Index numbers,1 adjusted for seasonal variations. Monthly averages, 1923-1925=100] Merchandise in less-than-carload Total lots and miscellaneous Grain and grain products Month LQ26 1927 1928 1923 1924 1925 1926 1927 1923 1924 1925 1926 1927 1928 1929 January 102 105 100 104 96 98 103 107 108 106 109 !102 106 96 99 February , 104 109 102 94 100 105 107 109 106 93 96 101 March 104 108 102 95 98 104 106 109 107 J 101 92 97 April 107 108 104 99 98 105 106 110 108 ! 103 90 102 May 107 106 105 99 96 104 109 108 100 87 96 100 June 92 109 104 102 97 92 103 109 108 107 | 89 94 105 July 92 108 101 102 96 94 104 108 107 109 i 91 90 97 August— 95 108 104 104 95 96 105 107 108 109 j 92 97 98 September 99 109 104 106 96 99 107 109 108 Ill 92 95 91 107 .. October 97 109 101 106 97 101 105 110 106 111 97 91 105 107 | 107 November 100 I 100 109 97 104 99 101 107 108 103 107 101 102 94 95 i 108 December 96 ! 101 107 95 103 97 101 110 107 100 108 110 100 95 i 105 Annual average 100 | 97 107 103 104 97 98 105 108 107 108 95 108 I 97 ! 101 j 100 105 I 1 i Livestock Coal Forest products Month 1923 1924 1925 1926 1927 1928 1929 1923 1924 1925 1926 1927 1929 1 19231924 1925 1926 j 1927 j 19281929 i January 96 101 100 91 88 91 82 102 104 105 96 114 ! 94 108 ji 101 97 94 90 90 February _. 99 104 97 89 87 101 106 108 97 99 121 96 i1 8877 98 ! 90 March 103 103 92 93 92 96 108 95 87 104 120 i 95 i 97 99 j 91 April 105 100 95 93 92 89 120 84 97 112 107 ' 99 |104 102 i 92 May 102 104 90 91 95 88 116 86 100 106 102 100 i 101 100 i 93 June 101 101 90 94 93 86 117 88 98 111 98 92 104 101 ! 92 | July 105 101 92 94 89 80 114 86 103 109 89 89mill 105 99 I 95 i August 107 99 96 94 90 81 112 90 114 111 102 96 i 105 97 ! 94 | September- 108 101 93 103 87 93 98 99 95 112 100 100IHIIli 102 94 I October 102 99 101 96 94 91 96 95 93 113 94 102 1! 102 92 | November. 102 103 91 90 87 82 96 100 101 129 92 105 j 105 89 ! December.. 106 111 97 88 84 85 92 103 99 124 93 102 98 92 84 i Annual average. 103 102 95 93 90 89 106 95 111 103 !! 101 99 101 92 I 90 99 i Revised in February, 1929; see p. 180. REVISED INDEX OF WHOLESALE DISTRIBUTION—EIGHT LINES OF TRADE i [Monthly averages, 1923-1925=100] Sales with seasonal adjustment Sales without seasonal adjustment I Month 1923 1924 1925 1926 1927 1928 1929 1923 1924 1925 1926 1927 i 19281929 January - _ _ 101 103 102 104 95 96 101 ] 92 95 93 95 88 88 93 February 99 102 102 103 97 99 92 95 95 96 91 93 March _ - _ 103 94 100 101 98 96 108 98 105 106 102 100 April 100 98 100 99 95 92 97 95 97 96 92 88 May 103 95 99 101 97 99 98 90 93 95 91 93 June - ____. - 102 90 100 100 96 92 97 86 95 95 91 i 89 July 99 95 102 100 96 94 94 90 97 95 91 90 August _ 102 95 102 101 102 101 ! 112 104 112 111 112 ! 110 September - _ 98 100 102 103 98 96 113 115 117 118 113 111 October _ _ 102 100 106 96 94 97 118 116 123 111 108 112 November 100 99 102 101 97 100 100 99 102 101 97 99 December 93 102 98 98 95 95 83 91 92 87 85 85 Annual average _. _ 100 98 102 101 97 96 ! i i Revised to exclude sales of women's clothing; see p. 180. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
198 FEDERAL RESERVE BULLETIN MARCH, 1929 SALES IN INDIVIDUAL LINES OF WHOLESALE TRADE [Eight lines; sec p. 180. Index numbers. 1923-1925 = 100] With seasonal adjustment Without seasonal adjustment Month c G er ro ie - s Meats g D oo ry ds M cl i o e n t n g h 's - B sh o° o ts e s 1 | H ™ ard e - Drugs n F it u u r r - e c G e r r o ie - s Meats g D oo ry ds M cl i o n e t g n h 's - B s a h o n o o d e t s s H w a a r r d e - Drugs n F it u u r r - e 1927 November 94 105 89 86 105 100 112 100 100 101 88 61 110 98 113 105 December 92 109 87 93 101 1 97 106 89 90 103 70 48 82 90 99 83 1928 ! January. _. 93 106 89 99 115 i 92 108 89 85 106 85 76 94 82 106 78 February 98 113 88 99 110 ' 93 110 96 85 108 89 128 87 82 101 96 March «. ___. 97 109 83 94 96 91 110 95 95 105 87 131 111 95 • 121 107 April 93 112 78 77 94 ! 86 111 87 88 105 70 75 99 88 113 88 May 99 109 86 96 113 i 94 117 92 96 109 75 57 114 97 110 87 June ._ _ 94 112 79 76 82 : 92 110 94 97 114 71 39 77 96 104 83 July 91 111 80 79 123 i 91 107 95 92 113 74 68 98 90 102 78 August 100 116 90 90 109 j 94 117 106 101 118 110 148 119 95 115 108 September 92 122 84 89 90 j 92 112 112 100 130 105 137 110 100 119 126 October 95 111 85 99 87 | 97 116 110 108 125 99 123 108 108 134 131 November 94 122 91 95 100 ' *100 113 105 100 117 90 66 105 *98 114 110 December 89 115 86 101 72 93 128 *100 *88 *108 *68 51 59 86 120 *94 1929 January __ 98 116 88 97 117 ! 92 132 92 91 116 84 75 96 82 130 81 ' NOTE.—The basic data used and the methods of construction of the index of wholesale distribution were described and monthly indexes back to^January, 1919, were published in the BULLETIN for December, 1927, pp. 817-828. * Revised. DEPARTMENT STORE SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers.i Monthly average 1923-1925=100] | Federal Reserve District United States B to os n - Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i- o 2 L S ou t. is M ap in o n li e s - K C a i n ty s a 3 s D la a s l- F c S i r s a a c n n o - Sales (unadjusted): 1927—November 122 120 134 120 112 125 119 125 120 100 110 120 121 December 186 182 201 174 176 195 191 188 177 155 165 189 195 1928—January-- 88 98 94 75 85 81 85 90 82 72 80 89 98 November 122 119 134 113 110 127 120 132 119 89 111 126 118 December . _ 188 181 206 172 174 197 180 200 175 137 166 186 195 1929—January 94 97 97 100 86 82 89 95 81 77 83 88 106 Sales (adjusted): 1927—November _ 107 107 113 95 103 104 104 113 105 94 106 117 December 111 107 115 102 108 108 114 113 106 101 115 117 1928—January 104 i 108 108 89 104 103 107 114 104 86 107 114 November 106 1 106 114 89 101 106 105 119 104 83 111 114 December 116 i 111 122 105 111 113 112 124 108 92 118 122 1929—January _. 107 102 107 115 102 100 108 115 98 90 102 119 Stocks (unadjusted): 1927—November 117 1 118 117 114 116 122 115 120 112 97 128 98 119 December 96 101 99 95 93 97 90 97 93 78 102 74 100 1928—January 93 93 96 88 89 89 92 95 84 78 98 75 98 November 117 113 122 104 111 118 110 128 104 86 128 92 116 December. _ _ 95 95 101 83 91 96 91 102 86 72 102 69 96 1929—January 91 88 97 78 84 89 88 98 82 71 101 71 93 Stocks (adjusted): 1927—November _ 103 102 103 100 104 105 105 107 101 88 89 109 December 102 103 103 99 101 103 101 106 102 86 85 110 1928—January 105 102 104 96 104 102 101 107 97 87 86 107 November _. 103 97 107 92 100 102 100 114 94 78 83 106 December 101 97 105 86 99 102 102 111 93 80 79 105 1929—January _ 102 97 106 84 99 101 96 110 94 80 82 101 1 For description of department store indexes given in this table see BULLETIN for February, 1928. 2 Revised; see pp. 180, 191, and 199. 3 Monthly average in 1925 = 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
199 MARCH, 1929 FEDERAL RESERVE BULLETIN REVISED INDEX OF DEPARTMENT STORE SALES—CHICAGO FEDERAL RESERVE DISTRICT [Monthly average, 1923-1925=100. For explanation of revisions see p. 180] Sales with seasonal adjustment Sales witho ut seasonal adjustment Month 1923 1924 1925 1926 1927 1928 1923 1924 1925 1926 1927 1928 January. _^ _ . 95 100 100 106 107 114 81 85 84 85 85 90 February 92 99 99 107 114 113 72 80 77 83 89 92 March 98 99 100 105 110 113 97 90 92 104 104 10$ April. 99 98 100 102 107 108 97 106 107 105 115 10$ Mav 97 95 100 114 105 113 I 101 99 101 115 106 118 June . .- - - - - -- .- _ . _ . 104 97 101 107 107 113 103 93 101 106 107 113 July 97 94 99 115 108 117 ! 71 71 76 88 79 86 August ,. „__ ._ 103 97 102 110 115 116 ! 85 77 81 87 95 9& September 100 97 102 114 110 132 94 95 mo 111 107 124 October 101 89 114 109 110 114 116 102 131 121 122 130 November _ _ . __ 101 107 107 109 113 119 112 113 114 120 125 132 December _ 100 99 107 109 113 124 158 163 178 182 188 200 Annual average | 99 98 ! 103 109 110 117 i REVISED INDEX OF DEPARTMENT STORE STOCKS—CHICAGO FEDERAL RESERVE DISTRICT [Monthly average 1923-1925=100. For explanation of revisions see p. 180] Stocks with seasonal adjustment Stocks without seasonaladjustment Month 1923 1924 1925 1926 1927 1928 1923 1924 1925 1926 1927 1928 January 91 95 101 106 106 107 81 84 90 94 94 95 February.- _„ 95 98 101 107 105 106 92 94 97 102 101 102 March 96 101 102 104 102 106 99 105 106 108 106 110 April 96 101 101 103 102 106 101 106 106 108 107 112 May _ . __ . _ , _- 98 100 102 104 105 107 99 101 103 104 106 108 June 97 100 104 106 104 106 91 94 97 100 97 100 July . 99 101 105 98 104 107 91 92 96 90 95 98 August __ 101 99 105 100 104 107 99 97 103 98 101 105 September 100 98 104 101 106 107 106 104 110 107 112 114 October 98 100 103 105 107 112 109 111 114 116 118 124 November _ 101 96 105 104 107 114 113 108 118 116 120 128 December 98 102 108 103 106 111 90 94 100 95 97 102 Annual average 99 103 103 104 108 1 SALES OF CHAIN STORES AND MAIL-ORDER HOUSES I [Index numbers of sales. Monthly average 1923-25=100] I Sales without seasonal Sales with seasonal adjust- Num- Number of stores adjustment ment ber of reportfi i r n m g s Jan 1 u 92 a 9 ry, b D e e r, c 1 e 9 m 2 - 8 Jan 19 u 2 a S ry, Jan 1 u 92 a 9 r y, i ; D be e r c , e 1 m 9 - 2 8 : I J an 1 u 9 a 2 r 8 y, Jan 1 u 92 a 9 ry, b D e e r, c e 19 m 2 - 8 Jan 1 u 92 a 8 ry, Chains: Grocery 30,431 30, 324 28, 763 222 ! 220 187 217 211 189 5-and-10-cent- 3,242 3,224 2,926 112 i 305 104 146 164 140 Apparel _ 1,288 1,280 J 1,105 140 ! 413 121 219 264 197 Drug 1,131 1,111 I 944 177 I 224 146 178 190 153 Cigar 3,653 3,669 ! 3,472 91 I 155 90 101 115 105 Shoe 690 690 ' 622 102 i 184 87 132 140 118 Candy 292 300 261 106 * 170 100 128 125 126 Mail-order houses 0) 0) (0 >132 i 2 208 2 105 « 136 2 165 I i 1 It is to be noted that some of the reporting mail-order houses have been establishing thoughout the country during recent years an increasing number of branch stores in which sales are made "over the countei." Changes in the volume of sales by these firms, therefore, no longer measure changes in sales through the mails. 2 Including sales made through branch stores. NOTE.—For description of indexes given in this table see BULLETIN for April, 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
200 FEDERAL RESERVE BULLETIN MARCH, 1029 BANK SUSPENSIONS AND COMMERCIAL FAILURES BANK SUSPENSIONS,! BY CLASS OF BANK COMMERCIAL FAILURES, BY CLASS OF ENTERPRISE * [Amounts in thousands of dollars] [Amounts in thousands of dollars] Nonmember All banks I Member banks banks Number Liabilities M 1 o 9 n 2 t 7 h N b u e m r - p T o d o s e i t - t a s l 2 N b u e m r - ! p T o d o s e i t - t a s l * N b u e m r - p T o o r t t a s l ' Total M fa i a c n t n g u u r - - j ing b A ro g e k t e c n e . r ts s , , M fa i c a n t n g u u r- - i ; ' T i r n a g d- b A r g o et e k c n e . t r s s , , January. 133 32,038 11,555 106 20, 483 February 81 25,157 8,744 65 16,413 March 75 31,222 7,700 59 23, 522 1927 April 49 11, 750 5,462 39 6,288 January-— 2,4651 501 ,842i 122 51,290 19,996i 24, 530 6,764 J J A S N M O u u e u o c n l a p t y g v e o y t u e e b . m s m . e t r b b e e r r 4 4 2 3 3 4 4 7 1 7 6 7 4 3 1 1 1 1 1 1 7 8 1 0 3 2 1 , , , , , , , 9 7 1 1 2 3 5 8 8 9 6 1 6 4 8 4 8 2 0 4 2 6 2 8 5 3 3 1 , , , , , , , 4 2 8 7 6 5 1 5 3 2 8 2 0 3 7 4 9 1 1 5 8 ! ! j j 3 3 3 2 3 3 3 6 2 5 2 0 5 7 9 6 8 5 8 7 7 , , , , , , , 7 1 4 5 8 2 3 0 8 1 2 7 6 1 6 5 3 3 4 3 4 J J A A F M M u u e p u a n a l b r g r e y y i r c u l . u - h s . . a t . . . ry- 2 2 1 1 1 1 1 , , , , , , , 0 1 8 9 7 8 7 3 4 5 6 5 0 3 5 3 2 8 6 8 3 ; ; ! 4 4 4 5 4 4 4 1 3 4 6 9 4 2 1 8 8 9 2 4 7 | : ' 1 . , • , . , , , 4 , i 1 3 6 5 2 7 1 1 3 0 9 8 8 0 4 4 2 8 ! 7 2 ; 1 1 : | ' 1 1 1 1 1 0 3 1 9 1 9 2 G 6 4 6 6 6 1 ; : ] j 4 4 5 3 5 3 3 7 7 6 3 3 9 4 , , , , , , , 9 1 1 1 4 8 7 5 4 5 9 9 6 8 6 1 0 6 1 5 5 ; ' , j | 2 2 1 1 1 1 1 5 0 3 2 3 6 4 , , , , , , , 8 3 7 9 2 5 5 0 6 4 2 8 7 1 2 7 8 3 1 8 8 1 ! ! 2 2 2 1 1 1 1 2 3 9 8 4 7 6 , , , , , , , 4 1 8 8 3 7 9 0 9 5 3 0 0 7 6 1 6 2 8 2 8 1 9 7 5 4 3 9 3 , , , , , , , 0 5 3 5 0 0 0 7 3 1 7 5 2 7 7 5 2 3 0 2 5 December 49 8,476 1,310 42 7,166 September 1, 573! 389} 1,083^ 1011 32, 786.: 15, 349 12, 05f 5,385 October 1,787 4881 1,170! 129| 36, 236 j 17,134 14, 65' 4,445 Total.. 662 193,891 124 66,336 ! 538 [ 127,555 November 1,864 4781 l,276i HOj 36,1471 12,786116,949 6,412 1928 December. 2,162 597 1,430. 135| 51,062 129,024 16,733 5,305 J F a e n b u r a u r a y r y ; 5 5 3 0 1 1 0 8 , , 9 3 8 5 3 2 2 9 , , 5 3 5 7 2 3 8 8 , , 4 9 3 7 1 9 Total- 23,146 5, 682 16, 082! 1, 382J520,104, 211, 505 228,194 80,405 March i 66 16,953 3,026 13,927 J J M A S A N D O u u e u e o p c a l n p c y g v t r y e t o e i u e e . l m _ b m s m .. t e b b b r e e e . r . r r l . __ ., ' i i : • : 2 4 2 4 7 2 2 4 2 4 4 8 1 2 3 1 9 0 1 2 1 8 6 5 6 7 9 3 4 1 , , , , , , , , , 1 3 3 1 8 0 4 7 0 9 9 6 4 8 9 1 8 7 0 4 8 7 6 8 1 4 6 I • i ! ! j ! j . 1 2 3 1 1 2 1 1 , , , , , , , 9 0 4 4 8 9 8 9 9 1 0 1 2 4 2 1 4 9 3 9 1 3 6 7 9 4 7 1 1 4 4 4 4 8 5 3 7 1 , , , , , , , , , 4 2 2 8 1 6 9 7 7 6 0 0 9 5 7 5 4 6 7 3 8 1 7 7 5 4 3 J A J J F M M S A a u u e e p u n a a n l p b r g y u r y e i t 1 r c u l e a 9 . u h . s m r 2 a t y 8 r b . y — e . r . I I ! | | 2 2 2 2 1 1 1 1 1 , , , , , , , , , 6 1 2 7 0 8 6 8 9 4 7 2 3 1 0 3 4 5 3 6 3 6 8 8 5 7 2 4 5 4 4 4 5 4 4 5 5 6 9 5 7 3 4 5 1 4 8 3 0 3 2 6 0 3 i 1 1 1 1 1 1 1 1 l , , , , , , , . , 0 9 2 1 2 5 4 3 5 4 7 6 7 4 8 6 0 2 6 6 1 1 1 3 6 7 5 : : , | ! : ' | i 1 1 1 1 1 1 1 1 1 2 2 4 1 3 0 1 0 1 4 7 4 0 1 9 8 8 2 4 4 3 2 5 3 2 3 5 4 8 7 9 7 9 5 3 6 , , , , , , , , , 5 9 8 6 0 9 1 8 2 8 8 2 3 5 7 1 1 0 7 5 7 4 4 7 1 7 2 - . : i ' 1 ! ! j ' | i 2 1 1 1 1 1 1 1 1 2 2 0 6 6 2 4 4 4 , , , , , , , . , 8 4 2 9 7 2 8 7 7 7 1 3 3 2 3 5 7 2 1 7 2 2 6 7 0 3 1 1 1 ) ; ; 1 j , 2 2 1 1 1 1 1 2 1 6 6 8 8 3 2 9 4 3 , , , , , , , , , 1 4 0 5 9 8 0 7 9 8 4 4 6 0 9 9 8 5 6 6 9 7 0 9 6 1 2 ! 2 6 8 2 7 5 2 3 3 5 ' , . , , , , , , , 3 3 9 7 7 6 3 2 2 1 2 8 0 5 6 6 2 1 8 4 7 0 5 2 7 9 6 Total 1929 j j 49 = 1 = I 1 | 38 = ,64 = 2 = | 1= 73 42,240 418 96,402 N D O o e c c t v o e e b m m e b b r. e e . r r . . . 2 1 1 , , , 9 8 0 4 3 2 3 8 3 5 5-" 1 2 9 8 l 1 1 , , . 3 3 6 2 2 9 0 4 2 i ! j 1 1 1 2 1 2 6 7 1 3 4 40 0 4 , , , 6 9 7 0 9 7 1 0 4 ' 1 1 1 3 5 7 , , , 4 4 7 9 4 8 0 6 3 1 ! | 1 1 1 7 8 7 , , , 2 9 2 2 3 6 4 3 8 4 4 7 , , , 0 9 2 5 3 3 9 2 2 January I 51; 17,905 10,158 45 7,747 Total..|23, 842|: 5,924 16,47l[ 1,447 489, 560J| 182,478|225,301; 81,780 NOTE.—Figures of deposits for 1928 revised. 1929 j I BANK SUSPENSIONS i IN JANUARY, 1929, BY DISTRICTS January... 2,535,: 614 1,769 152 53, S77H 16,690! 32,024! 5,164 [Amounts in thousands of dollars] Member Nonmember COMMERCIAL FAILURES, BY DISTRICTS i All banks banks 3 banks Federal reserve district j _. [Amounts in thousands of dollars] Num-Total dc- Num-j Total de- Num- Total deber posits 2 ber | posits2 ber posits2 dumber ]liabilities Boston _. New York _ Federal reserve Philadelphia district Jan., Dec, Jan., Jan., Dec, Jan., C R l i e c v h e m la o n n d d 1,5 7 0 9 7 7 1,5 7 0 9 7 7 1929 1928 1928 1929 1928 1928 Atlanta __ _j 7 1,189 1,189 M C S K t h a . i n n i L c n s a o a e g s u a o i p C s . o . i l t i y s _ _ __ _ . j j ! 1 7 0 4 6 1 1 , , 2 0 9 9 0 5 3 1 6 2 1 8 1 i 213 1 1 , , 0 2 9 7 5 0 1 1 2 6 8 8 N B Ph o e i w s l t a o d Y n e - o lp rk hia 5 2 1 6 9 5 6 2 5 5 1 4 5 7 2 3 9 2 5 1 7 8 0 2 7 3 1 3 4 6 , , , 8 3 4 1 8 2 9 9 6 17 2 2 , , , 3 9 5 5 5 6 0 8 5 14 4 1 , , . 9 4 3 0 3 7 9 6 1 S D a a n l la F s r ancisco. ___ 6 4 9,8 4 7 31 4 2 3 j | 9,6 2 8 6 0 5 1 19 6 4 6 A R C i l t e c la v h n e m l t a a o n n d d _ 1 1 13 9 7 0 6 0 1 1 8 3 1 5 4 3 2 1 13 6 9 7 9 7 4 4 2 , , , 1 1 6 7 6 3 0 5 6 1 1 1 , , , 2 8 3 9 6 9 8 1 4 3 1 5 , , . 1 2 9 9 0 9 3 3 5 Total- 17,905 6 | 10,158 45 ! 7,747 S C t h . ic L a o g u o is. 3 1 2 7 5 1 3 1 0 0 2 3 3 1 8 4 4 8 3 5, , 1 0 6 5 3 3 4 1 , , 6 4 5 7 4 7 3 5 . , 8 6 5 2 9 9 Minneapolis 56 56 94 697 448 j ' 553 1 Banks closed to the public by order of supervisory authorities or by Kansas City . 144 103 131 1,274 2, 028 1. 606 the directors of the banks on account of financial difficulties. Dallas 58 52 104 1,080 840 1,768 2 Figures represent deposits for the latest available date prior to the San Francisco 272 221 217 7,006 3,902 3,111 suspensions and are subject to revision when information for the dates of suspension becomes available. Total 2,535 1,943 2,643 53,877 40, 774 47. 634 3 Includes 4 national banks with deposits of $9,666,000 and 2 State member banks with deposits of $492,000. 4 Includes 3 banks for which deposit figures are not available. i Figures furnished by R. G. Dun & Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1929 FEDERAL RESERVE BULLETIN 201 FOREIGN BANKING AND BUSINESS CONDITIONS RETURN OF RUMANIA TO A GOLD BASIS amounts approximately proportionate to their Rumanian currency was officially stabilized respective shares in the total credit. The on February 7, 1929, the gold content of the agreement is to run for one year from Februleu being fixed at 10 milligrams of gold nine- ary 7, 1929. tenths line, or the equivalent in value of In addition the Rumanian Government has $0.00598. This rate had been approximately negotiated a 30 year loan with an international maintained in practice since March, 1927. In group of private bankers. The total amount connection with the stabilization program the of the loan is $101,000,000, of which $10,000,- Rumanian National Bank, which continues to 000 has been offered in the United States. The have the exclusive right of note issue, was proceeds, which in the first instance are to be placed under legal obligation to redeem its notes deposited with the Rumanian National Bank, in gold or gold exchange in minimum .amounts are to be utilized for the development of railof 100,000 lei (about $600). The bank is also ways and other public works as well as for required to maintain against its notes and strengthening the position of the bank and the other demand liabilities a reserve of 35 per cent Government in connection with the stabilizain gold or gold exchange, five-sevenths of which tion program. must be in gold. The gold may be held either in the vaults of the bank or deposited abroad. LEGAL RESERVE RATIOS OF NETHERLANDS On the basis of recent bank statements the BANK AND BANK OF JAVA i minimum amount of gold required to be held By royal decree of January 4, 1929, the as reserves under the new law is approximately legal minimum reserve ratio of the Netherlands equivalent to the amount reported as held in Bank was increased from 20 per cent to 40 per the bank's vaults. The bank reports as "Gold cent. This action restores the legal ratio to deposited abroad" an amount equivalent to the figure at which it had stood for 50 years about $20,000,000. previous to emergency legislation in July, 1914. In pursuance of an arrangement concluded The legal reserve ratio of the Bank of Java w^as in November, 1928, the Federal Reserve Bank similarly restored at the end of June, 1928. of New York, in association with other Federal In both cases the actual ratio of coin and bulreserve banks, has agreed, if desired, to purlion to demand liabilities has been below 40 chase from the National Bank of Rumania up per cent for brief periods only, and in recent to a total of $4,500,000 of prime commercial years it has been well in excess of that figure. bills. This agreement has been made in co- The return, therefore, to the legal reserve ratio operation with the banks of issue of 13 other prevailing in both countries before the war has countries, the aggregate credit so arranged not required any addition to existing reserve amounting to $25,000,000 or its equivalent. holdings. Accommodation taken under the agreement is to be divided between the participants in • See FEDERAL RESERVE BULLETIN for August, 1028, p. 563. ANNUAL REPORT OF THE BANK OF FRANCE The annual report of the Bank of France for assured convertibility of notes into gold. After 1928 was submitted to the general meeting of 14 years of inconvertibility, the franc has thus shareholders on January 31, 1929. The part again become sound money, as solidly estabof the report which relates to the financial and lished as the most stable currencies of the economic situation is as follows:1 world. A most important event in the financial However painful the sacrifice may have history of France occurred during the past seemed, this convertibility of the franc should 3^ear—the creation of a new franc. Facing a be welcomed with a lively sentiment of relief sacrifice which unfortunately was inevitable, and hope. It is toward this end, as you know, the law in the public interest legalized the that all our efforts in close cooperation with depreciation which had taken place in the those of the Government have been directed national currency. On the other hand, it during the past two years. We may congratulate ourselves that the steady improvement of 1 For earlier reports of the Bank of France, see FEDERAL RESERVE the condition of the bank made this reform BULLETIN, March, 1928, 1927, 1926, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
202 FEDERAL RESERVE BULLETIN MARCH, 1929 possible at the very time when it was shown It was, in fact, working to facilitate the initiato be most indispensable for monetary security. tion and development of a world-wide credit Note circulation and purchases of foreign inflation, which only actual purchases of gold exchange and gold.—In our preceding report could arrest or keep within bounds. we indicated the concern wdth which toward We did not fail to make use of this method of the end of 1927 we were beginning to contem- intervention to the full extent possible under plate the expansion of the note circulation the circumstances. From December 24, 1927, resulting from our large purchases of foreign to June 25, 1928 we bought in the American exchange; we went on to say that it would be market with forei ; gn exchange deposited there, necessary to give careful heed to the develop- and had shipped to France, gold in the amount ment of a situation which had been created by of $168,000,000. We pause at this point to purely temporary currency conditions, and offer our solemn tribute of gratitude and sorrow which could not long continue without danger. to the memory of Mr. Benjamin Strong, the These anxieties proved to be justified and be- distinguished governor of the Federal Reserve came steadily more acute throughout the first Bank of New York, whose friendship for half year. France and whose breadth of vision were of From the beginning of the year tenders of invaluable assistance in carrying out these foreign exchange which the bank was forced to transactions, and whose death has been so take up came into the French market with a deeply felt by those who, like ourselves, had steadiness and in a volume exceeding all ex- the privilege of knowing and appreciating him. pectations. It was plain that this movement But these purchases of gold—whatever effecwas the result not merely of repatriation of tiveness they might have—could not be carried French capital invested abroad, but as well of out without care and consideration. The Bank a vigorous speculative movement of foreign of France, not being itself in a position to meet origin which became day by day more difficult the demands which might be made upon it for to check. gold against francs, might well call forth legiti- In an effort to oppose to offers of exchange mate protests if it disturbed foreign markets originating in foreign markets, a steady deby excessive purchases of the metal. Our purmand in the French market, and so to moderate chases of gold, therefore, carried on within the purchases by the bank, the Government issued narrow limits prescribed by necessity, were a decree on January 10 suspending the law effective in moderating the speculative movewhich prohibited the export of capital. These ment for the time being; they were powerless liberal provisions did not produce all the effects to overcome it. anticipated. Uncertainty continued as to the future level of the exchanges, and the risks The foreign markets watched closely the diswhich this uncertainty presented to every pur- cussions and controversies to which the curchaser of foreign currency prevented some wTho rency problem gave rise in France; and diswere holding available funds in francs from counting in turn, on the strength of very minor using the facilities offered them. As for indications, a legal stabilization or revalorizaholders of foreign bills, they quite rightly inter- tion of our exchange, or a rise of French securities or of the franc itself, these markets with preted the restoration of the free movement of continually renewed resources, continued to capital as one of the most certain indications of place in the Paris market huge tenders of forfinancial reform in France and as a reason for eign bills, the purchase of which became more increasing their purchases of francs. and more embarrassing. A more effective remedy consisted in the exchange for gold of a part of the stock of As a result of these purchases of exchange, foreign bills which the bank had acquired. By which we were forced to make in order to mainleaving at the disposal of the markets in which tain the stability of the franc, our portfolio of they originated and without conversion into foreign bills—including the foreign exchange gold the foreign bills which it was obliged to sold under repurchase agreement—increased by purchase, the bank actually increased the more than 2,000,000,000 francs in January, by flood of tenders which it was endeavoring to almost 2,000,000,000 francs in February, about check. It was maintaining in these markets 1,700,000,000 francs in March, 2,500,000,000 an artificial monetary ease which permitted francs in April, and 5,000,000,000 francs in the them to continue their purchases of francs single month of May. During the second half indefinitely without experiencing any cor- of the latter month the daily amount of our responding reduction in their available funds. purchases rose to nearly 400,000,000 francs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1929 FEDERAL RESERVE BULLETIN 203 Loan and discount policy.—While our pur- Autonomous Amortization fund was forced to chases of foreign bills—to which must be added reduce the amount of its issues of bonds mathe gold and silver coins which we bought from turing in two years. As it continued at the the public—showed this extraordinary increase, same time to redeem the last issues of 1-year the francs which were put into circulation by bonds, its expenditures exceeded its receipts this means became more and more difficult to for the first six months of the year. Instead recall. We explained in our previous report of absorbing francs, it put back into circulathat the larger part of the notes issued and the tion part of those which had previously been credits granted against our purchases of gold turned in at the bank, and its credit in current and foreign bills throughout 1927 could be re- account on our books declined by almost turned to the bank of issue through the medium 5,000,000,000 francs between December 24, of the sale of foreign exchange under repurchase 1927, and June 21, 1928. agreement, through the decline in our portfolio As for the central Treasury, it took advantage of discounts and advances on security, and of the extreme ease of the market to reduce through deposits made by public treasuries. the rate of interest on its current accounts to 1 During the first months of 1928 the counter- per cent, and for this reason ceased to attract balancing return movement failed to take place floating funds. These funds, accordingly, could on a sufficient scale to compensate for the no longer help to reduce the debt of the Governincrease in our issues. ment to the bank in any considerable amount. In order to facilitate the return of these The total of our advances to the Government francs as far as lay in our power, we allowed the remained almost unchanged until toward the sales of foreign exchange under repurchase middle of May. agreement to reach considerable amounts. To make final the repayments which had The total of foreign exchange thus sold to the been effected previously, to consummate the French market rose steadily and continuously complete amortization of the Government debt from about 2,500,000,000 francs at the end of to the bank, and to consolidate a further por- 1927 to about 15,000,000,000 francs at the tion of the short-term debt, the Government beginning of June. But these transactions Treasury floated a large issue of rentes, the could bring about only a temporary improve- conditions and the striking success of which ment in the situation, because the bank con- demonstrated the very remarkable restoration tinued to be forward purchaser of exchange of public credit. The subscription was opened which it sold spot, and because the settlement on May 7. Within eight days cash subscripof these transactions necessarily resulted, after tions had exceeded the authorized maximum a more or less brief period, in further issues of of about 10,500,000,000 francs, and the subfrancs. scriptions were abruptly closed on May 15/ Our portfolio of discounts and loans on securi- By a convention of April 30, the Governties declined during 1927 to figures below which ment agreed to allocate before July 1 the availit was scarcely possible or indeed desirable that able cash yield of this issue to liquidation of its it should fall. It remained practically sta- debt to the bank. The total debt of the Govtionary throughout the first half year, and ernment to the bank, which on May 3 amounted even rose slightly on the whole following the to 23,900,000,000 francs, declined by June 21 lowering of our interest rates. The great to 17,900,000,000 francs as the result of final abundance of available capital, and the result- payments made by the Treasury out of a poring decline of the rate on short-term loans in tion of the subscriptions to the loan. fact enabled the bank on January 19 to reduce The issue of 5 per cent rentes of 1928 conits discount rate from 4 per cent to 3J^ per tributed very definitely to the soundness of the cent, and its rate on security loans from 6 per cover against the fiduciary circulation, and it cent to 5}/2 per cent. was the great success of this issue that made Treasury finance.—Lastly, the public treas- possible the resumption of convertibility of bank uries, which during 1927 had collected and notes immediately after the loan was closed. deposited with the bank of issue a large volume It was impossible to effect any considerable of francs seeking investment at short term, or permanent reduction in note circulation were unable to perform this service during the while our purchases of foreign exchange were first half of 1928. constantly increasing it, excepting in so far as To hold the volume of national defense bonds they could be redeemed out of the proceeds of in circulation within the legal maximum, the the loan. 36722—29 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
204 FEDERAL RESERVE BULLETIN MARCH, 1929 The very success of the loan, the favorable reestablishing the automatic play of gold prospects which it created for the financial imports and exports through discontinuance situation of our country in future, induced a of forced circulation of bank notes. great number of both French and foreign hold- The first alternative would have encountered ers of bills of exchange to convert them into almost insurmountable difficulties and would francs by way of subscribing to the new rentes. have forced the country into an experiment, This resulted in a very active renewal of foreign the effects of which on the economic and social exchange offerings throughout the loan opera- order could not be foreseen. It was the second tion and in corresponding demands on the bank alternative which the Government and Parliafor francs; and funds deposited in the bank by ment wisely and courageously decided to subscribers were straightway put back into adopt. Your board of directors, gentlemen, circulation in the form of our constantly increas- gave their assent to a currency reform which ing note issues and franc credits. From Decem- seemed to them absolutely necessary. ber 24, 1927, to May 10, 1928, the total note The monetary law of June 25.—It would have circulation rose from 56,300,000,000 francs to been permissible for the bank to insist that more than 60,000,000,000, francs, and the total before removing the protection afforded by the of our credits in current individual account rose inconvertibility of bank notes, the Government from 4,232,000,000 francs to 5,500,000,000 should liquidate the remainder of its debt to francs. On June 21 notes in circulation again the bank by a final settlement in bank notes amounted to almost 59,000,000,000 francs; or coin, and not by a mere bookkeeping allocacredits in current account were almost un- tion of the net increase in value of the gold changed. reserve resulting from its revaluation under the Need for monetary reform.—It had become terms of the currency law. The board of direcperfectly evident that the increasing difficulties tors, however, were of the opinion that they in which the French capital market had found ought not to exercise this privilege, being conitself involved since the beginning of the year vinced that immediate return of the franc to required other remedies than those which it gold convertibility was the only measure adehad thus far been possible to administer. In quate to provide for the real interests of the fact, the uncertainty which prevailed as to country. On June 23 it authorized the signing the future status of the French currency had of two conventions which enabled the proposed made it the sport of world-wide speculation, monetary reform to be carried out. One was which obviously it was impossible to control signed with the Government, the other with the under the regime of de facto stabilization of the Autonomous Amortization Fund. On June 25 franc, and of which the effects on the French the monetary law wxnt into effect. You are capital market might very soon^become, as a familiar with its essential provisions: result of the steady development of the Adoption of the gold standard; definielements of danger involved therein, exceedingly tion of the franc as a fixed amount of gold, dangerous to the w^hole national economy. corresponding very closely to the rate at Neither the Government nor the bank could which it had been held for the previous 18 take the responsibility of allowing this state months in the exchange markets. of things to continue. The Government au- Kestoration of convertibility of bank thorities, on whom devolved responsibility notes, which had been suspended by the for final decisions regarding measures to be law of August 5, 1914; obligation on the taken, found themselves confronted with this part of the bank to insure to the bearer at inescapable dilemma—either, on the one hand, sight, convertibility of its notes into gold, to yield to the pressure of speculation on the either by exchanging them for bullion or by rise in value of the franc, suspend or remove redeeming them in gold standard currencies the check imposed on these attempts by our until the new gold coins shall have been intervention in the exchange market since minted. December 23, 1926—in other words, allow Authorization of the Minister of Finance speculation to make substantial profits at the and the bank to determine by mutual expense of the country and encourage it to agreement the minimum amount—finally continue its activity while fostering the hope fixed at 215,000 francs—which the public of continuous revaluation of our currency at may offer the bank in notes for exchange higher levels; or, on the other hand, to put an or redemption in gold. end to this speculation by fixing the legal value Establishment of a minimum legal ratio of the franc at about the rate at which it had of 35 per cent between the gold reserve been held for the past 18 months, and by of the bank (exclusive of foreign exchange) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1929 FEDERAL RESERVE BULLETIN 205 and the aggregate of note circulation and liquidation of these immobilized creclits of the deposits in current account; repeal, there- bank to the Government was, accordingly, fore, of any legal maximum for note cir- about 17,193,000,000 francs. This amount culation. This legal ratio of 35 per cent effected the complete liquidation of the first is one of the highest in the world and three items mentioned above. It also left an insures a very strong metallic basis for available surplus of 2,080,000,000 francs, which the new franc. was placed to the credit of the current account The convention of June 23, appended to the of the Treasury, according to article 5 of the monetary law and authorized by it, fixed the convention. conditions governing the reciprocal accounts of As a result of these adjusted entries, the acthe Government and the bank. Their primary count of advances by the bank to the Governpurpose was to establish a sound balance sheet ment has been liquidated. Furthermore, it for the bank, which was an indispensable has been " definitely closed," as was provided condition for discontinuance of forced circula- by article 8 of the convention. By this settletion of notes. ment the Government and the bank have Nonliquid assets of the bank.—On the day signified their determination to avoid in future on which the monetary law went into effect every temptation and every pretext for perthe assets of the bank included four nonliquid mitting the bank of issue to make advances to items, as follows: (1) The balance of direct the Government, an operation that has disasadvances made by the bank to the Government trous effects on the currency. The Treasury from 1914 to 1925, which amounted to 13,554,- henceforth can under no circumstances contract 000,000 francs after payment by the Treasury a debt on the books of the bank. It must of available funds in current account; (2) the provide for its current expenditures in the usual value, reckoned at its former parity, of gold manner out of available funds in its current deposited in England as security for credits credit account. By this means the franc is made to the French Treasury (about 1,350,- made secure against any danger of inflation. 000,000 francs); (3) a credit to the Government In order to provide the necessary minimum of about 209,000,000 francs, representing the of funds to the Treasury, which will henceloss sustained on purchases and sales of foreign forward be deprived of the available surplus in exchange carried on by the bank in fulfillment the account of advances by the bank, and, of the law of August 7, 1926; and lastly, (4) furthermore, to enable it to liquidate its most the sum of about 5,930,000,000 francs of pressing demand obligations, as provided by Treasury bonds held by the bank under the the monetary law, the bank agreed to turn over convention of February 3, 1927. In our at once to the Treasury a sum of 3,000,000,000 preceding report we discussed these bonds, francs as a fixed and permanent credit, without which under the law of March 15, 1928, had interest, and maturing in 1945, when the bank's been substituted in the portfolio of the bank note issue privilege expires. for the old bonds previously discounted by The Treasury bonds, amounting to 5,930,000,the bank to enable it to make various advances 000 francs, deposited with the bank and repreon behalf of the State to foreign Governments. senting discounts for advances of the Govern- By the terms of the convention of June 23 ment to foreign governments, could not be between the Government and the bank, it was redeemed at once, so that it immediately beagreed that the latter, upon promulgation of came necessary to make them negotiable and the monetary law, should allocate to the com- to guarantee their amortization. plete liquidation of the first three nonliquid The Autonomous Amortization Fund, accorditems mentioned above, aggregating 15,113,- ing to the terms of the two conventions which 000,000 francs, the sum total of the net increase it had signed, one with the Treasury, the other in value arising from the recomputation at its with the bank, agreed to take over the adminnew parity of the metallic reserve, and of istration of these bonds. It delivered to the foreign bills purchased by the bank since July, bank bonds of the Autonomous Fund in an 1926, as well as the surplus in the reserve of the equal amount, having a maturity of three amortization account. months, which the bank has the right to sell The recomputation of the metallic reserve in the open market at any time, at its own and foreign bills yielded a net increase in value expense, and to repurchase before their maof about 16,640,000,000 francs. The total turity, according as currency requirements may amount in the reserve of the amortization ac- determine. count on June 25 was roughly 553,000,000 This special portfolio, therefore, is no longer francs. The aggregate sum available for embarrassing on account of nonliquidity. On Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
206 FEDERAL RESERVE BULLETIN MARCH, 1929 the contrary it has become a thoroughly liquid purchases or sales of securities, and in this way security for bank notes, and at the same time will strengthen its control of the credit and a highly effective instrument, in view of the currency situation, which is one of its fundapower which it gives the bank to control the mental duties. These operations can not fail volume of francs in circulation. to aid the restoration of Paris to its rightful By way of contributing to the progressive place among the great international markets. amortization of these new bonds, the bank Condition statement under the new law.— agreed to a considerable increase in the rate of All the settlements provided by the convenits tax payable to the Government, in addition tions which we have just analyzed were reto a certain amount of its gross profits. The corded on our books on the same day on which Treasury, on its part, agreed to apply to their the monetary law became effective, and on amortization a budgetary annuity equal to June 28 we published the first condition state- 1 per cent of the amount of bonds unredeemed, ment under date of June 25 showing the changes as well as the greater part of the profits re- effected by the application of the monetary law sulting from the minting of new subsidiary to our balance sheet. silver coins. We now publish under separate captions our Demonetized silver coins.—Under the gold total reserves of gold and of foreign exchange, standard, the former silver reserve of the bank, a considerable part of which during the previous consisting of demonetized silver coins, could no year and a half had been included under the longer serve as cover for the fiduciary circula- caption "Miscellaneous assets." The aggregate tion. The bank agreed to transfer this re- of note circulation (58,772,000,000 francs) and serve to the Government at the bullion value of deposits in current account (12,757,000,000 the metal as of the day when the monetary francs), not only of individuals but also of the law became effective. This transfer must be Treasury and the Autonomous Amortization made before December 31, 1929. Pending Fund, were shown to be secured in the proporthe completion of this operation, the value of tion of more than 40 per cent by a reserve of these silver coins still deposited with the bank, gold bullion and coin, freely disposable, and and representing a short-term credit in favor of amounting to almost 29,000,000,000 francs. the Treasury, is placed among the assets on According to the same condition statement, our balance sheet under the special caption, our holdings of foreign exchange—either pay- "Demonetized silver coins to be reminted." able at sight or represented by negotiable bills— Purchases for account of foreign banks of amounted to more than 26,500,000,000 francs, issue.—Lastly, the conventions of June 23 exclusive of foreign bills sold under repurchase contained an entirely new provision to which agreement. we attach great importance because it will be Developments during the second half year.— exceedingly helpful in extending our relations During the second half of the year the money with foreign banks of issue, and as affecting the market tended to reach a normal equilibrium future of our own money market. The bank is and experienced no sudden disturbances. authorized to purchase securities and short-term Legal stabilization and the convertibility of commercial bills for account of foreign banks the franc into gold checked the immoderate of issue, to guarantee them, and to discount inflow of foreign bills; and the rates of exthem before their maturity. The leading change, being now free from artificial restriccentral banks have rendered these services to tion, fluctuated naturally between the gold our bank for the past ten years. Hereafter import and export points. To reduce the range the Bank of France will be in a position to between these two points, the bank decided return these favors by a reciprocal courtesy. on July 10 to charge the seller of gold bullion The economic and financial conditions result- only one-half of the minting costs, all of which ing from the war have demonstrated the close it was legally authorized to collect. interdependence of the great financial markets. The sales of foreign exchange under repur- The authority thus bestowed upon the bank will chase agreement, which had proved very useful help to maintain and strengthen those bonds of during the period of de facto stabilization by sincere cooperation between the several banks giving temporary employment to surplus funds, of issue, which experience has shown during was no longer necessary and could not be conrecent years to be so indispensable. tinued after the monetary situation had be- This new power will also afford the bank the come normal. We endeavored to reduce them opportunity and the means of intervening gradually, first by making the terms less attracdirectly in the short-term capital market by tive, then by declining to renew them. This Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
207 MARCH, 1929 FEDERAL RESERVE BULLETIN liquidation has now been completed. The total the expansion of its portfolio of discounts and of foreign bills thus lent at short-term amounted advances inevitably reacted on the volume of on June 25 to 9,777,000,000 francs; on Decem- note issues. The greater part of the funds ber 22, the last report day of the year, it had which the bank put into the market in this way been reduced to about 25,000,000 francs, and a did not remain in circulation but were abfew days later completely disappeared from the sorbed, for the time being, by the Government bank return. During the six months, as these Treasury and by the Autonomous Amortizarepurchase agreements matured, the bank ob- tion Fund, whose accounts with the bank rose tained control of a stock of foreign bills amount- during the last six months of the year by about ing to almost 10,000,000,000 francs. 2,500,000,000 francs and 3,250,000,000 francs, Our stock of foreign exchange did not, respectively. Another part of these funds was however, show a corresponding increase. In deposited or held by banks, organizations, and pursuance <of our policy of the past 10 years of individuals to the credit of their accounts with strengthening the metallic reserve, we used the Bank of France. The aggregate of these foreign exchange in the amount of about current accounts rose, in round numbers, from 860,000,000 francs for the purchase of gold in 5,500,000,000 francs to 6,700,000,000 francs. foreign markets. Fluctuations of the exchange Total notes in circulation rose during the same have, also, led us on various occasions to pay period from 58,772,000,000 francs to 62,181,out foreign exchange against francs in order to 000,000 francs. avoid any export of gold. As a result of these As a result of the strengthening of the gold different movements, the value of the foreign reserve, the reserve ratio against the aggregate exchange holdings of the bank rose during the note circulation and the various deposit acsecond half year by about 6,200,000,000 francs, counts declined but very slightly, and always from 26,529,000,000 francs on June 25 to stood well above the legal minimum. It de- 32,760,000,000 francs on December 22. clined from 40.45 per cent on June 25 to 38.97 Our gold reserve rose similarly by about per cent on December 22, and reached 38.19 2,900,000,000 francs, as a result of the foreign per cent, its lowest point, on November 9, 1928. purchases noted above, and still more as a On the latest report day of the year the reserve result of purchases of gold coin from the ratio of gold and foreign exchange to bank notes French public, which during the six months in circulation and other demand liabilities of exceeded 2,200,000,000 francs. The gold re- the bank was 79.08 per cent. serve on December 22 last amounted to 31,838,- Wholesale and retail prices.—The important 000,000 francs, which represents the largest changes made during 1928 in the legal status gold reserve in the world after that of the of our currency created no serious disturbance Federal reserve banks of the United States of in the economic life of the country which had America. become adapted to de facto stabilization during Although the francs issued by reason of the the 18 months which preceded legal stabilizaliquidation of the short-term loans of foreign tion. The general index of wholesale prices, bills found their way into the capital market which stood at 617 at the beginning of 1928, during the second half of the year, the discount rose rapidly from March on to 636, as a result rate in the open market remained at a level of the rise in food stuffs which took place at very close to that of the official bank rate. To that time, when free export was reestablished assist the economic advancement of the country in respect of agricultural products. This index we have met generously all demands made upon remained around 640 during the rest of the us for credit, provided they were secured as year, and stood at 637 for December. One of required by the bank law; and throughout the the principal groups in the general index— second half of the year we were able to keep that of raw materials for manufacture— our discount rate at 3^2 per cent and our rate showed remarkable stability: This group inon loans on securities at 53^ per cent. Our dex was 676 at the beginning of the year, and commercial portfolio advanced gradually from 679 for the month of December. 2,972,000,000 francs on June 25 to 4,648,000,000 The retail price index showed a trend parallel francs on the last report day of the year. The to that of wholesale prices; it rose from 530 volume of advances on securities during the at the beginning of the year to 596 for Decemsame period rose from 1,846,000,000 francs to ber under the influence of the advance in foods. about 2,200,000,000 francs. Foreign commerce.—Statistics of our foreign The repurchase by the bank of foreign bills commerce show total ^ imports of 49,105,307 previously sold under repurchase agreement, tons (as compared with 49,369,840 tons in its acquisitions of gold coin and bullion, and 1927), and total exports of 41,080,629 tons Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
208 FEDERAL RESERVE BULLETIN MARCH, 1929 (as compared with 37,994,267 tons in 1927). tions of the bank, to explain as fully as the Taking the franc value of imports and exports, scope of this report would permit, the motives total imports in 1928 amounted to 53,448,- and the facts which justified the highly import- 265,000 francs, an increase of 398,387,000 ant monetary and financial decisions which we francs in comparison with the year before; agreed to and promoted during the past year. exports, on the other hand, which amounted We are fully convinced that these decisions to 51,346,799,000 francs, showed a decline of were inescapable, and that they will benefit 3,577,960,000 francs in comparison with 1927. our entire national economy. This decline in the value of exports, which There is no way in which a nation can coincided with a considerable increase in the achieve permanent recovery and productive quantities exported, seems to be due to price activity except by way of monetary security. reductions to which French producers who sell Delivered from that uncertainty regarding on international markets agreed for the sake of tomorrow which paralyzes great initiative, disholding their own in markets which had been courages patient effort, creates the taste for opened to them during preceding years. The speculation to the detriment of the spirit of increased value of exports is due chiefly to enterprise—assured of being able, in short, to manufactured commodities. make either short-term or long-term contracts It must, therefore, be regretfully admitted in francs with complete security, our country that the French trade balance was temporarily can face the future and prepare for it with adverse in 1928; but it should be noted that confidence. since autumn our foreign trade has been making Our task at all times will be to make certain excellent progress, which has been uninter- that the franc of 1928 shall remain, under the rupted during recent months. administration of the bank, a reliable instru- Conclusion.—Gentlemen, we have tried be- ment for the assistance of labor, production, fore presenting detailed statistics of the opera- and savings. ANNUAL REPORT OF THE GERMAN REICHSBANK The annual report of the German Reichsbank lockout in the iron industry of northwestern for 1928 was presented to the meeting of share- Germany, which was finally ended through holders on February 4, 1929.* The portion of intervention by the Government. Once again the report dealing with general economic and for an entire year reparation payments have credit conditions follows:2 been discharged, not out of an economic sur- The halt which occurred toward the end of plus but out of borrowed funds, and the ques- 1927 in the general economic improvement of tion becomes more and more serious how long Germany continued well into 1928, and then this debt-incurring process can be continued was succeeded by a gradual recession. The and how far German business can bear up buying power of the domestic market was under credit conditions which in the course of diminished by price increases, which in certain the year have steadily become more unfavorbranches of industry were made with the able. The continuing high rates of interest primary purpose of holding down export prices. cast their shadows over all German economic In spite of these and other measures tending activity. They are among the principal causes to encourage exports, it was impossible, in the of the difficult situation of agriculture. Furface of the unabated protectionism of other thermore, they have been an important factor countries, to overcome the adverse German in impairing credit conditions during the year, trade balance and achieve that substantial as reflected in the growing number of susgrowth in exports which is so essential from pended payments and of protested bills, accomthe point of view of reparations policy. On panied by extra-judicial settlements and reorseveral occasions wage disputes disturbed the ganizations which to an increasing extent labor situation and thereby interrupted the affect even the more important firms. If, on steady course of economic development; in the whole, business has hitherto shown remark- November they reached their climax in the able powers of resistance to adverse influences, that is primarily the effect of foreign credits, 1 For earlier reports of the Reichsbank see FEDERAL RESERVE BUL- both long and. short term, which have con- LETIN for May, 1928, 1927, 1926, etc. tinued to flow into Germany in large volume. 2 The full report contains, in addition, accounting details, several charts, and a brief discussion of changes of procedure in the Reichsbank Money rates.—The gradual recession of transfer (Giro) system. The 1928 report has been issued in English, as well as in German. The official English version became available after business activity was reflected but slowly in the accompanying extract, translated from the German, was already in type, and was used in revising it. the condition of the money market. After the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1929 FEDERAL RESERVE BULLETIN 209 heavy demands at the end of 1927 the custom- was more than compensated by accessions of ary dullness followed during the first six weeks gold and foreign exchange. the new year. A subsequent revival carried The Reichsbank rate for loans on securities interest rates to a high level, only slightly below remained unchanged throughout the year at that of the last quarter of 1927. Not until 8 per cent. October did another period of inactivity set in. The demand on the Reichsbank for discount Chart I [omitted] illustrates the course of open- of domestic bills was but slightly affected by market rates in comparison with the Reichsbank the ease of the money market at the beginning discount rate. The general trend of the money of the year. The volume of domestic bills held market is reflected most clearly in the rate for by the Reichsbank was maintained with almost month-to-month funds. This rate rose gradu- uniform monthly fluctuations at an average ally from February until September and only level of 2,000,000,000 reichsmarks. In the during the last quarter showed a slight reces- last quarter the volume declined and in sion. The rate for day-to-day money also November fell temporarily below the figure of reflected the general tension of the money mar- 1,500,000,000 reichsmarks. The supply of ket, although subject to frequent fluctuations bills brought to the Reichsbank originated for consequent upon influxes of short-term foreign the most part with the banks and other finanfunds. Throughout the year bank acceptances cial institutions, which were responsible for the were in small volume. On these bills the rate movement in the Reichsbank's holdings of was very close to the Reichsbank rate. From domestic bills, wThile direct applications for March to October the private discount rate discount accommodation from other sources— fluctuated between 6M> and 6% per cent; in commerce, industry, agriculture, manufactures, November it declined somewhat, but remained and other applicants for credit—remained above 6 per cent until the close of the year. almost unchanged in respect to volume and To broaden the scope of the acceptance market, maturity. agreements which had already been in force Public funds.—The so-called public moneys for some time between the Reichsbank and a have become less disturbing as elements in group of important acceptance houses in regard bank policy by reason of the decline in volume to the purchase and sale of acceptances and of the funds involved. The departments contheir rediscount by the Reichsbank were, at the cerned now manage with considerably smaller suggestion of the Reichsbank, extended to a reserves, and have become convinced that the number of other first-class banking firms. wishes repeatedly expressed by the Reichsbank The more liquid condition of the bill market regarding the investment of these funds are in enabled the Reichsbank, acting for the Govern- every way to the interest of the public department, to place Treasury bills in the market ments and accordingly of the public in general. from February, 1928, on. The rediscounting Reparations and foreign credits.—On August of these bills and their use as collateral for loans 31, 1928, the last of the four transition years with the Reichsbank, as authorized by the under the experts' plan came to an end. The bank-law amendment of July 8, 1926, was in Agent General for Reparations has in each of very limited volume. his reports laid stress upon Germany's punctual In contrast with the greater part of the and loyal execution of the plan. The Reichsprevious year the Reichsbank, by maintaining bank also, to which special tasks were assigned its rate unchanged throughout the year at 7 in respect to reparations policy by the London per cent, found itself almost constantly in close Agreement, can claim on its part that during relationship with the rate situation in the open these four years it has done everything to market. The brief ease of the money market facilitate the functioning of the plan without during January and February was very soon friction. During this period the German bank dispelled again by the customary spring de- rate has at all times been higher than rates of mand for funds. The liquidity of the market, other important banks of issue. Demands for which became evident again after October, foreign exchange made by the Agent General could not be regarded as adequate reason for a have in each case been satisfied by the Reichslowering of the Reichsbank rate, although this bank in such manner that the open foreign had been expected in many quarters. The exchange market has been in no way disturbed. demand upon the Reichsbank for credit, it is Moreover, in general financial policy, the true, declined slightly; but total currency in Reichsbank within its prescribed limitations circulation continued to show a gradual up- has worked for economical administration. In ward trend, since the decline in bill offerings particular it has insisted strenuously on the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
210 FEDERAL RESERVE BULLETIN MARCH, 1929 employment of foreign funds in the most pro- The gold and foreign exchange situation ductive ways possible. During the transition during the year under review was also deteryears about 7,000,000,000 reichsmarks have mined by the foreign credits. The dollar and come into Germany in the form of long-term the pound sterling were generally below parity foreign loans. Short-term foreign funds bor- as compared with the reichsmark; the sterling rowed by German banking institutions are rate several times and for a considerable estimated at more than 6,000,000,000 reichs- period even fell below the gold import point marks. In addition, other branches of German (to Germany). This situation led to substanindustry have floated short-term foreign loans tial imports of gold, which the Reichsbank to obtain working capital. Finally, a very was obliged to take, inasmuch as the.bank is considerable volume of domestic shares, bonds, legally obligated to convert gold bullion into and other assets have been acquired in the reichsmarks at the rate of 2,784 reichmarks course of these years by foreign purchasers. per kilogram of fine gold. The effects of this foreign indebtedness have The fundamental cause for the continued given a peculiar character to the development inflow of foreign capital is in last analysis of German economy during these transition the high level of German interest rates, which years. It would have been strange indeed if result from the disparity between domestic an artificially induced increase of capital in capital accumulation and capital demand. such considerable amount had not been re- This disparity is made greater by the burden flected in expansion of plant and of consump- of yearly reparation payments in the amount tion, in rising wages, in an increase of deposits of 2,500,000,000 reichsmarks. Germany, havwith banks and savings institutions, and the ing lost her liquid capital during the inflation like—expansions which are all the more period, had no alternative but to float credits striking if compared only with the years of and loans as quickly as possible both at home extreme distress resulting from inflation, and and abroad if she wished to preserve her econot with normal years of peace. It is most nomic existence and at the same time disurgent and important to determine whether charge her heavy obligations toward her repathis foreign indebtedness now and in future ration creditors. This led to interest, amorwill contribute to the creation of an adequate tization, and commission charges which for a German export surplus, from which not only country of such high cultural and economic the interest payments on outstanding foreign development are without precedent, and will, loans—amounting at present to about 1,- if they grow in amount, become intolerable. 000,000,000 reichsmarks per annum—but also These costs have already deprived large the annuity payments under the experts' plan, sections of industry of any opportunity for can be made. Germany has every reason to profit or for capital accumulation, and their be grateful to foreign countries for their as- payment up to the present time has been sistance by means of credits. We are justified possible only because a constant influx of in adding that the credits which have been new foreign capital, accompanied by a steadily extended are, from the commercial standpoint, rising price level, has enabled current obliperfectly safe. A country possessed of such gations to be met by new indebtedness. So economic resources as those of Germany will long as it remains impossible to strengthen always be able to make available a sum such the productive capacity of industry, and at as these credits represent—if necessary, through the same time reduce costs of production along the sale of liquid assets. So long as the trans- all lines and lower prices, so that Germany fer protection provided in the experts' plan is can by increased exports and decreased imports continued, there need be no fear that private discharge a reparation burden adjusted to credits will be endangered. Transfer of pre- her capacity to pay—after removal of the vious annuities under the experts' plan, how- more onerous tariff barriers—the danger will ever, has been possible only with the help of still remain that capital charges will continue foreign loans. It will, therefore, be necessary to rise in Germany, and will eventually reach now that the four experimental years are past, a level far above any normal earning power of to probe to the bottom of the question whether German industry. the situation will justify further transfers out The capital market.—The German capital of borrowed funds, in view of the fact that the market remained at high tension throughout experts' plan presupposed that transfers would the year. Complete exhaustion of the market be made in the long run entirely out of a surplus was avoided by regular apportionment of balance of payments. demands over stated periods of time. De- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1929 FEDERAL RESERVE BULLETIN 211 mands on the market so far exceeded its The Reichsbank lent the market its support capacity that at times even first-class issues by means of various measures during 1928. could be only partly absorbed. Only for In the case of loans against securities up to an mortgage bonds, which enjoy a traditional amount of 50,000 reiphsmarks, the Reichsbank popularity, did the market show some absorp- removed the restrictions as to maturity which tive capacity throughout the year. This, how- had been prescribed for credit institutions, so ever, was undoubtedly due in considerable that loans of this character can now be placed measure to foreign purchases, a statement with maturity up to the legal limit of three which applies similarly to other domestic issues months. Some alleviation was afforded the of the past year. Participation of foreign market for Government securities by the creacountries was especially marked in the issue tion of a banking consortium with the aid of of Reich railway shares, and later on also in a the Reichsbank, the members of which pledged series of interim loans which were floated by themselves to assume, without cost to the German municipalities under very unfavorable borrower, the guarantee required for the conditions. The unsatisfactory situation of the Reichsbank, under the bank law (section 21, market for securities bearing a fixed rate of subsection 3, last clause). Most important of interest is reflected in the actual yield, which all, it was possible for the Reichsbank, under has risen in comparison with the previous year, authority of the law of December 21, 1927, to and terms of issue were considerably more extend considerably the kinds of securities on unfavorable. Even borrowers of the highest which advances might be made, through the standing had to pay 9 per cent or more for inclusion of a large part of the mortgage bonds their long-term loans by reason of the discount and municipal bonds issued by semipublic credit at which the loan was issued. institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
212 FEDERAL RESERVE BULLETIN MARCH, 1929 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES CONDITION OF CENTRAL BANKS [Figures are for the last report date of month] 1929 1928 Jan- i Decem-Novem-1 January | ber I ber j uary Bank of England (millions of pounds National Bank of Bulgaria (millions sterling): of leva): Issue department— Gold _. 1,329 1,323 1,319 I 1,279 Gold coin and bullion 152.7 153.8 i 159.1 | 155.3 I Net foreign exchange 2,170 2,258 Notes issued - 412.7 413.8 j 419.1 | 175.0 I Total foreign exchange 2, 990 3,267 1, 390 374 Banking department- | Loans and discounts 1, 345 1,261 1,205 832 Gold and silver coin .3 I .8 j Government obligations 3, 685 3,781 4, 421 4,471 Bank notes. 25.5 ' 52. 1 | Note circulation 3, 898 4,173 i 4, 379 3,588 Government securities 67.3 ' 52.2 I Other sight liabilities 3, 399 3,425 •: 2, 664 1,220 Other securities 18.9 , 20. 2\l Discounts and advances _ 25.9 ; 13.6/! Central Bank of Chile (millions of Public deposits __. 13.0 | 21. 5 j pesos): Bankers deposits 69.5 I 62.41; Gold at home 61 61 61 61 Other deposits. _. _. 37.5 i 37. 2/! Deposits abroad 450 477 505 408 Reserve ratio1 (per cent) 21.5 ! 43.6 ! 35.8 Loans and discounts '_. 49 11 44 Bank notes in circulation 2 355.6 388.2 i 367.0 78.4 Note circulation. 334 332 319 270 Currency notes and certificates... 288. 0 Deposits 166 157 162 123 Bank of France (millions of francs):» !i Bank of the Republic of Colombia Gold 33,995 31,977 \ i j (thousands of pesos): Sight balances abroad _ 11,789 13,510 j !| Gold at home 25,143 24,937 ; 25,049 21,009 Foreign bills - 18,738 19,215 i ;' Gold abroad 36,279 39,721 i 41,714 25, 613 Foreign exchange loaned i Loans and discounts _ _. 10, 736 11,251 ! 7,920 15, 677 Loans and discounts 7, 252 :i Note circulation 51,781 I 5(5,183 • 52,077 45, 510 Negotiable bonds 5,930 !l Deposits 9,896 10,350 j 11,546 8,612 Note circulation 62,153 Public deposits 12, 712 Czechoslovak National Bank (mil- Other deposits 7,495 lions of Czechoslovak crowns): Gold and silver 1,206 1,199 1,159 1,108 German Reichsbank (millions of Foreign balances and currency. _. 2,010 2,510 2,339 2, 052 reichsmarks): Loans and advances 184 483 392 83 Gold reserve 2,729 2, 644 i 2, 538 \ Assets of banking office in liqui- Gold abroad— --- 86 dation 427 430 437 495 Reserves in foreign exchange 152 155 Note circulation 7,115 8,466 7,818 7,099 Bills of exchange and checks 1,774 2,627 Deposits 562 830 777 949 Miscellaneous assets 481 530 Deposits _ --- 423 816 Bank of Danzig (thousands of Dan- Reichsmarks in circulation. 4,454 4,930 i zig gulden): Rentenmarks in circulation 522 537 ! Balances with Bank of England- 13, 204 18, 242 17,211 15, 019 Foreign bills, etc 18, 670 18,647 18,559 32, 284 Bank of Italy (millions of lire): Loans and discounts 22, 745 22, 512 22, 560 20,417 Gold at home --. 5,052 I5,052 Note circulation 36, 344 39, 416 38, 567 34,824 Credits and balances abroad 6,019 i5,992 ; Deposits 2,364 3,636 2,513 3,461 Loans and discounts 5,482 j4,841 ! T P O u o th b ta e l l i r c n d d o e e t p e p o o c s s i i r t i s t c s ulation _ __ 17 2 , , 2 3 2 4 0 9 1 0 5 ! |1 2 7 , , 3 1 1 0 5 1 0 7 9 ! j I Da k n ro is n h e r N ): ational Bank (millions of Gold 173 173 173 182 Bank of Japan (millions of yen): | ForeigL bills, etc 94 114 96 76 Gold 1,062 I 1,062 Loans and discounts. _. 65 71 63 81 Advances and discounts Note circulation _ 336 360 i 354 336 Advances on foreign bills 30 Deposits 29 53 26 24 Government bonds 170 N To o t t a e l s d is e s p u o e s d its 1, 7 35 86 5 National Bank of Egypt (thousands of Egyptian pounds sterling): ' Austrian National Bank (millions of Gold. _ i. 3,791 schillings): English Government securities.. _. 22, 860 Gold Egyptian Government securities.,. 22,851 Foreign bills of the reserve Note circulation _ !. 26,126 Other foreign bills Government deposits i. 17, 709 Domestic bills Other deposits '. 16, 512 Treasury bills Note circulation.. Deposits Bank of Estonia (thousands of krones): ! National Bank of Belgium (millions Gold _ _ I 6,267 6,380 6,414 10,285 of belgas): Net foreign exchange. _ i 22,523 25,067 26, 684 30, 843 Gold _ 905 903 j 829 741 Loans and discounts i 31,868 31, 853 30,186 29, 281 Foreign bills and balances in gold- 537 567 j 539 475 Note circulation _ | 35,133 36,433 37, 709 37,106 Domestic and foreign bills 673 682 ! 637 559 Deposits- Loans to State. 350 366 394 Go vernment. 17,311 16, 740 17,182 15, 237 Note circulation 2,419 2,322 2,306 2,056 Bankers.. 1,619 2,863 1,561 2,111 Deposits -•-. 107 2-3 1 !' 109 155 Other _ _ | 3,376 3,802 4,018 7 094 1 Ratio of gold and notes in banking department to deposit liabilities. • New form of bank statement adopted in June, 1928. 2 Notes issued, less amounts held in banking department and in cur- * Figures not yet available. rency note account. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
213 MARCH, 1929 FEDERAL RESERVE BULLETIN CONDITION OF CENTRAL BANKS—Continued [Figures are for the last report date of month] 1929 1928 ! 1929 1928 Janu- Decem-iNovem-j Janu- Janu- Decem-;Novem-; Jamiary ber j her | ary ary ber j ber j ary I Jank of Finland (millions of Fin- Bank of Poland (millions of zlotys): nish marks): Gold at homo 426 426 426 I 353 Gold.... 304 304 ' 305 Gold abroad 195 195 182 i 173 Balances abroad and foreign Foreign exchange, etc.— credits- __ 1,312 |: Serving as note cover 527 527 ! 637 Foreign bills 43 || Allother 158 187 i 194 I 200 Domestic bills.._ 092 Loans and discounts. 723 732 I 709 | 502 State debts 107 Note circulation 1,222 1,295 , 1, 270 I 1,003 Note circulation __ 1,431 1,513 i 1,502 1, 503 Current account of the treasury. _! 303 287 I 286 ! 406 Demand liabilities.- 405 492 410 Other current accounts l'.)l 237 i 247 ! 231 Bank of Portugal (millions of escu- ! Bank of Greece (millions of drach dos): i mae):5 Gold 9 ' 9 9 Gold... 558 554: Balances abroad • 292 i 279 175 Net foreign exchange in reserve... 3,606 3,687 < Bills 249 ! 240 226 Total foreign exchange 4,736 4,592 ' Note circulation ' 1,976 . 1, 924 1,834 Loans and discounts 116 109 i Deposits _ __ 73 - 70 79 G overnment obligations 3, 790 3,790 i Note circulation 5, 514 5,090 ' National Bank of Rumania (millions Other sight liabilities 2,239 2,129 ' of lei): ; Gold at home ; 157 156 I 151 Na li t o i G o n n s o a l o d l f p B e a n n g k o ): of Hungary (mil- A L N o d o a v te n a s n c c i a r e n c s d u t l d o at i i s S o c t n o a t u e n ts : • . 1 1 2 0 2 , , 0 4 6 0 , 7 1 0 9 35 2 1 1 1 0 2 , , , 7 6 4 5 7 2 6 9 5 i : i 1 2 10 1 1 , , , 0 4 6 2 6 7 7 5 9 Foreign bills, etc State Bank of Russia (note issuing ! Loans and discounts .' department; thousands of cher- , Advances to treasury vontsi): Other assets Gold ;• 17, 886 17,856 ! 17,819 19,183 Note circulation Foreign currency .. • 7,983 7,846 ; 7,910 6,710 Deposits Loans and discounts _ : 76, 536 82,586 , 82,490 ' 70,373 Miscellaneous liabilities... Banknotes..- 1106,505 112,256 112,130 ; 97, 489 National Bank of the Kingdom of j Bank G o o l f d Java (millions of florins): l S i e o r n b s s o , f C d r i o n a a t r s s , ) : and Slovenes (mil- ; D F L N o o e o r a p t e e n o i s g s c i n i a t r s n c b d u il l l d a s i t s io c n o unts _ G F L A o o o d r a l v e d n a i s g n n c a e n n s d o t t d o e i s s S c a t o a n t u d e n c ts redits ._ 1 2 , , y 1 6 9 9 6 3 1 9 6 4 2 1 , , 9 7 2 6 9 2 3 6 1 4 1 : i ! 2 1 , ,6 9 2 6 6 9 6 0 6 1 7 i ' , : 2 1 , ,6 9 3 1 6 8 1 3 6 9 6 Bank G o o l f d Latvia (millions of lats): N De o p te o s c i i t r s culation 5,1 7 9 6 4 1 5, 8 5 1 2 2 8 ' !5,5 6 9 3 8 9 ! . 5 1 , , 1 3 9 8 8 2 Foreign exchange reserve South African Reserve Bank (thou- Bills sands of pounds sterling): Loans Gold 7,840 8, 070 ] 7, 746 8,145 Note circulation... Foreign bills. _ 7,078 8,326 I 6,168 [ 7,039 Government deposits.- Domestic bills.__ 1,345 2,137 i 1,951 821 Other deposits-. Note circulation __ 8,125 9,487 : 9,283 | 8,152 Deposits—• Bank of Lithuania (millions of litas): Government _ 1,915 2,897 ! 2,121 1,603 Gold. Bankers 5,079 5,001 ; 5,183 ; 5,014 Foreign currency Others 530 250 . 275 '. 505 Loans and discounts.-- i Bank of Spain (millions of pesetas): N De o p te o s c i i t r s culation G Si o lv ld er 2, 7 5 0 5 7 9 2 ' , 5 6 5 9 9 8 ' : 2 6 55 9 9 8 ' 2, 6 6 9 0 5 6 Ne in th s G F ) e : o o r r l l e d a i n g d n s bi B ll a s nk (millions of flor _ - . I ] I ; D B L N o a e o l a p t a e n o n s s c c i i a e t r s s n c d u a l b d a r i t o s io c a n o d u . n _ t s _ 4 1 , , 3 9 8 1 2 9 6 2 5 8 5 4 1 , ,9 3 9 8 7 5 9 3 7 4 4 | 4 1 , ,9 3 9 1 2 9 3 6 7 1 3 : ; , ' 4 1 1 , , , 0 6 1 7 7 5 4 7 3 7 1 Loans and discounts ! Bank of Sweden (millions of kronor): Note circulation ; Gold. ._ 236 236 237 234 Deposits _ ! Foreign bills, etc 199 216 179 • 240 ! Loans and discounts 331 465 308 i 260 Bank of Norway (millions of kroner): 1 Note circulation— 486 546 538 : 4.73 Gold —_ I Deposits. 201 285 112 195 Foreign balances and bills ; Swiss National Bank (millions of Domestic credits francs): Note circulation T Fo o r t e al i g d n e p d o ep si o ts sits _. ! I L F G o o o r a l e n d i s . g n a n b d a l d a i n s c c e o s u a nt n s d bills 4 2 1 8 1 8 2 8 5 3 2 5 0 5 3 0 4 3 4 2 1 6 6 9 9 3 7 ! ! ' 357 Re li s b e r r a v ) e : Bank of Peru (thousands of ! i I j D N e o m te a c n i d r c d u e la p t o io s n its.- 84 6 0 7 9 1 5 9 3 6 8 1 7 0 8 9 ; ; U 8 1 1 4 4 Gold- ! 4, 111 4,097 j 4,154 i Bank of the Republic of Uruguay Gold against demand deposits j 305 319 262 ! (thousands of pesos): Foreign exchange reserve ; 1,185 1,350 ' 719 ! Gold 66,086 ' 60, 258 Bills | 1,351 1,366 ! 1, 760 ! Loans and discounts 100,973 | 97, 344 Note circulation _ 5,953 6,122 I 5, 897 ! Note circulation 65,571 I 70, 730 Deposits _ ; 610 (539 ! 525! Deposits.._ ._ _ 82,153 : 78,132 6 New form of bank statement adopted in May, 1928. 6 Foreign balances only. 7 Total deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
214 FEDERAL RESERVE BULLETIN MARCH, 1929 CONDITION OF COMMERCIAL BANKS [Figures are for the last report date of month except for London clearing banks, which are daily averages] 1927 Nine London clearing banks (millions of pounds sterling): i ! Joint-stock banks of Denmark (mil* Money at call and short notice...| 147 162 143 lions of kroner): ! Advances and discounts , 1,231 1,204! 1,190 Loans and discounts... Investments _ 250 244 ' 241 Due from foreign banks Deposits ; 1,809 | 1,806 | 1,752 Due to foreign banks Deposits and current accounts. _. Six Berlin banks (millions of reichs- ! marks): : Joint-stock banks of Finland (mil- Bills and treasury notes !_ : 2,399 2 1, 858 lions of Finnish marks): Due from other banks ..' 1,059 2 1, 034 Loans and discounts Miscellaneous loans -. 6,361 2 5,101 Due from abroad Deposits _ 9,176 2 7, 608 Due to abroad Acceptances l _ ' 399 2 394 Deposits Tokyo banks (millions of yen): i Three commercial banks of France Cash on hand ' 260 203 i 340 266 (millions of francs): Total loans _. ! 2,079 2,093 | 2,038 2,262 Bills and national-defense bonds Total deposits ___' 2,102 2,096 !2,117 1,932 Loans and advances Total clearings ; 2,400 2,716 I2,427 2,407 Demand deposits Time deposits 1928 1927 ; Four private banks of Italy (millions i of lire): De- No- Octo- De- i Cash.... cembor vember1 ber cember I Bills discounted i Due from correspondents Banks of Buenos Aires, Argentina I Due to correspondents (millions of gold pesos): | Deposits Gold- Bank of the Nation .__. 140 140 140 71 Joint-stock banks of Norway (mil- Other banks 12 12 12 12 lions of kroner): Other cash- Loans and discounts Bank of the Nation 123 155 153 141 Due from foreign banks Other banks. 212 217 217 209 Due to foreign banks. Loans and discounts- Rediscounts Bank of the Nation _.. 517 501 498 522 ! Deposits... Dep O os th i e ts r - banks 824 806 791 744 - Joint-stock banks of Poland (mil Bank of the Nation 769 ! 783 I 776 713 ' lions of zlotys) : Other banks. 1,000 , 984 905 Loans ami discounts... ! Due from foreign banks Chartered banks of Canada (mil- i Due to foreign banks. lions of dollars): ; Rediscounts Gold coin and bullion 3 C7 68 69 Deposits Current loans and discounts 1,493 ! 1,477 1, 476 1,347 Money at call and short notice 558 ! 527 546 533 Joint-stock banks of Sweden (mil- Public and railway securities 525 ! 488 I 442 529 lions of kronor): Note circulation 186 : 187 I 190 183 Loans and discounts 4,060 4,044 Individual deposits 2,618 • 2,633 2,585 2,503 Foreign bills and credits abroad. J 291 321 Gold reserve against Dominion Due to foreign banks | 121 144 notes 109 128 Rediscounts _ _ j 276 186 Dominion note circulation 237 220 ! 221 Deposits _..j 3,431 3,484 » Checks formerly included under "Acceptances" are included under "Bills andltreasury notes" beginning with the March, 1928, statement.. 2 Figures are for December, 1927. 3 Not including gold held abroad. * Preliminary. DISCOUNT RATES OF 33 CENTRAL BANKS [Prevailing rates, with date of last change] Country ; Rate j I s n i n e c f e f — ect Country Country Rate I s n i n e c f e f — ect Country ! Rate I s n i n e c f e f — ect Austria | 6H1 July 17,1928 Estonia.._ Jan. 2,1928 Japan 5.48 Oct. 10,1927 Portugal July 27,1926 Belgium i 4 June 30,1928 Finland... Nov. 16,1928 Java 1 Feb. 25,1929 Rumania I Sept. 4,1920 Bulgaria j 9 Dec. 15,1928 France Jan. 19,1928 Latvia 6-7 Apr. 1,1928 Russia Mar. 22,1927 Chile. I 6 Oct. 22,1928 Germany. Jan. 12,1929 Lithuania... 7 Feb. 1,1925 South Africa ii Jan. 9,192S Colombia.. j 7 May 15,1924 Greece. _. Jan. 5,1929 Netherlands Oct. 13,1927 Spain . Dec. 19,192S Czechoslovakia.: 5 i Mar. 8,1927 Hungary. . Oct. 2,1928 Norway Mar. 27,1928 Sweden i| Aug. 24,1928- Danzig.._ I 6 June 21,1927 India Feb. 14,1929 Peru. Mar. 7,1929 Switzerland. :| Oct. 22,1925 Denmark ! 5 June 24,1926 Italy Jan. 7,1929 Poland May 13,1927 Yugoslavia.. ! June 23,1922 England __| 5y2 Feb. 7,1929;' I I Change: Imperial Bank of India from 7 to 8 per cent on February 14, 1929; Reserve Bank of Peru from 6 to 7 per cent on Mar. 7, 1929. 1 Discount rate on bills of exchange with at least three signatures; previous to Feb. 25, 1929, this rate was as follows: From August 1, 1909, to October 20,1924, 3M per cent; from October 20, 1924, to July 14,1926, 4J$ per cent; from July 14, 1926, to Feb. 25, 1929, 4 per cent. These figures extend and replace those given in previous issues of the FEDERAL RESERVE BULLETIN (June, 1925-February, 1929). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MABCH, 1929 FEDERAL RESERVE BTJLLETIN 215 MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) Netherlands (Amster- Switzerdam) land Month B a m a a n c o n c c n e k e s t p e h , r t s - 3 s' T m b re i o l a l n s s t , u h 3 r s y Da m y- o t n o e -d y ay o a B n l l a o d n w e k p a e o n r s c s i e ' ts d P is r r c i a v o t a e u t n e t M 1 o m ne o y n f t o h r Da m y- o t n o e - y day rate M 1 o m ne o y n t f h or Pr r i a v t a e te 1927 January 4.17 4.21 3.65 3 4.20 6.06 3.78 2.97 2.93 3.16 February 4.19 4.32 3.93 3 4.23 5.77 5.19 3.47 3.62 2.87 March 4.33 4.36 4.07 3 4.59 6.91 4.87 3.50 3.55 2.98 April 4.04 4.04 3.64 3-2H 4.61 6.57 5.63 3.47 3.72 3. 13 May 3.88 3.84 3.73 4.90 6.95 5.99 3.46 3.76 3.19 June 4.34 4.36 3.43 2Yi 5.39 7.73 5.79 3.57 3.87 3.42 July 4.33 4.33 3.50 2H 5.90 8.49 7.06 3. 53 3.25 3.47 August 4.33 4.35 3.61 2^2 5.82 8.38 5.81 3.45 3.40 3.44 September 4.32 4.33 3. 55 2\^ 5.90 8.30 6.00 3.56 3.82 3.39 October 4.32 4.33 3. 57 2\k 6.69 8.72 7.19 4.11 4.29 3.38 November 4.33 4.34 3.62 2\\ 6.76 8.72 6.03 4.50 4.73 3.39 December 4.31 4.31 3.44 2H 6.87 9.10 7.24 4.49 4.85 3.40 1928 January 4.19 4.13 3.49 2Y> 6.27 7.66 5.16 4.29 4.10 3.29 February 4.18 4.18 3.63 2H 6.20 7.30 6.66 3.97 3.80 3.12 March 4.12 4.07 3.63 2Yi 6.72 7.51 6.81 3.97 3.89 3.20 April 4.02 4.01 3.57 2H 6.71 7. 57 6.64 4.18 3.93 3.29 May. 3.97 3.95 3.58 2H 6.66 7.80 7.00 4.27 4.17 3.32 June 3.82 3.80 3.26 2Yi 6.59 8.08 6.37 4.18 4.11 3.40 July 3.99 3.97 3.27 2Yi 6.74 8.18 7.74 4. 10 3.84 3.44 August.. 4.27 4.26 3.50 2Yi 6.68 8.19 6.12 4.13 3.90 3.41 September 4.23 4.19 3.55 6.65 8.58 6.65 4.39 4.35 3.38 October- 4.35 4.37 3.80 2\k 6.57 8.26 6.70 4.40 4.42 3.38 November 4.38 4.30 3.64 2Vi 6.28 8.15 6.70 4.44 4.74 3.35 December 4.37 4.37 3.22 2H 6.28 8.77 7.30 *4.46 *4.68 3.32 1929 January. 4.32 4.29 3.41 2X 5.80 7.51 5.13 4.20 4.46 3.28 Sweden (B B r e u lg s i s u e m ls) F (P r a a r n i c s e ) (M It i a l l a y n) Austria (Vienna) Hungary ( h S o to lm ck ) - Japan (Tokyo) Month d P is r c iv o a u t n e t d P is ri c v o a u t n e t d P is r c iv o a u t n e t d P is r c iv o a u t n e t M fo o r n e 1 y co P m ri m m e e r- Day-to-day Loa to n s 3 up Discounted Call rate rate rate rate month cial paper money months KD1i1l1lSo overnight 1927 January 3.90 4.99 9.25 5M -6lHo 634-8% 63/4-8 576-634 43^-6 6. 39-8. 76 4.56-7. 30 February 3.99 4.45 9.25 4% -5 6 -7H bU-sk 43"i~6 6. 21-8. 03 2. 92-7. 30 March 4.19 3.89 9.25 43/4 -5H g 14-734 6 ^£-7^ 6 -m 5. 84-7. 67 4. 38-6. 21 April 4.33 3.17 9.25 5j^ -53/4 6J>£-73>^ 5££_g^,<2 4 -6 5. 84-8. 03 4. 38-5. 29 May__ 4.23 2.46 8.50 53/6 -53/4 6^-8 gt^-71,^ 534-634 4 -6 6. 57-7. 67 4. 38-4. 75 June 4.17 2.25 7.60 5% -5% g^-73,^ 7 -7% 5^_g^ 4 -6 6. 57-8. 76 4. 38-5.11 July 3.84 2.13 7.00 5% -6^6 7 -8% 7U-8 6 -7 4 -6 6. 21-8. 40 3. 65-5.11 August 3.84 2.04 7.00 6j4 -6^6 73^6-83/4 6 -7% 4 -6 5. 48-8. 03 3. 65-4. 75 September 3.75 2.01 6.81 6H -6Me 7 -8^ 71^-31,^ 6 -7H 4 -6 5.11-7.67 2.19-4. 38 October 3.87 1.82 6.50 6H -6Me 7H-8U 7^-8^ 6 -726 4 -6 4. 75-7. 30 2.19-4. 38 November 4.09 2.75 6.27 6^6 -634 7te-m 7 -8\i 53/4-73/6 4 -6 5.11-7. 30 2. 74-4.02 December 4.15 2.95 6.00 6i/6 -6M« 63/4-83/4 7J4-8H 4 -6 5. 48-7. 67 2.19-5. 84 1928 January 4.08 2.81 6.00 5% -6>6 6^-8 7\i-m h\i-7% 4 -6 4. 38-7. 67 1. 64-5.11 February 3.90 2.75 5.89 5H -5% 5U-7H 4 -6 4. 38-6. 21 1. 46-4. 02 March 4.10 2.72 5.75 b% -59*6 gi^-7^ 7j,^_8^ 5 -73/6 4 -6 4. 02-5. 84 2. 92-4. 02 April.. _. 4.25 2.62 5.49 5^6 -5^6 6 34-7^1 7H-8H 5H-7H 4 -6 4. 75-5.84 2. 56-4. 02 May 4.25 2.62 5.25 5^ -5% g \<l-1\^l 7^_g^ 5J4-726 4 -6H 4. 75-5. 84 1. 46-4. 02 June 4.27 2.90 5.25 51M6-51M6 g££_gi4 7j,^_gi,^ 5^_7^£ 4 -63^ 4. 38-5. 84 1. 46-4. 02 July... 4.02 3.12 5.25 5% -634 6^6-8^4 7^_gi,^ 5i^_7^ 4 -6^ 4. 38-5. 84 1. 46-4.02 August _. 4.00 3.23 5.25 g^g -6H 7\i-m 7^_gi,^ 5^_7^ 43^-63^ 4. 38-5. 84 2. 92-4. 02 September 3.96 3.26 5.25 7\i-m 7J,|_g^ 5j^_7^ 4^2_g^£ 4. 75-5. 84 2. 37-4. 02 October 3.94 3.37 5.25 6^4 7^£-S3^ 7%-9 gi^_8^ 43^-6^6 4. 75-6. 21 2. 92-4. 02 November 3.94 3.37 5.45 73/4-9 g i^_8^| 4^_gi^ 4. 75-6. 75 2. 01-4. 02 December 3.94 3.41 5.50 6H -6H 7H-8H 6H-8U 4^-6^ 4. 93-6. 94 1. 83-4. 02 1929 January. 3.94 3.50 5.83 6s/ _636 4H-e;-2 * Revised. NOTE.—For sources used, methods of quotation, and back figures, see the FEDERAL RESERVE BULLETIN for November, 1926, and April, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
216 FEDERAL RESERVE BULLETIN MARCH, 1929 GOLD MOVEMENTS [In thousands of dollars] United States Germany Great Britain Netherlands S A o fr u i t c h a India Month Net j Net Net Net ! Net Net p I o m rt - s p E o x rt - s im o p r o p r o e t x r s t - s p I o m rt - s p E o x rt - s |im o p P r o f r ev t x r s t - s p I o m rt - s p E o x rt - s im o p r p o ex r - ts p I o m rt - s p E o x rt - s im o p r o p e r o x t r s - t s' I ! im o p r p o r o e t x r s t - s im o p r o p r o e t x r s t - s I () ! () 1927 January 59,355 14,890 44,465 14, C 525! 13,563 11,514 18,181 -6,667 1,303 74 1,228 -18,899 2,518 February 22, 309 2,414 19,895 6,231! 659: 5,572 15, 742 15,480 262 411 411 —15,036 6,543 March 16, 382 5, 625 10, 757 6,576' 840: 5,736 7,526 632; 488 39 449; -16,924 10,041 April 14,503 2,592 11,911 9351 666' 269 24, 678 3,735 20,943 281 1,334 -1,053 -21,785 4,941 May 34, 212 2,510 31, 702 705| 673 32 16,464 26,580 -10,116 46 3,015 -2,969! -14,720! 4,890 June 14,611 1,840 12,771 711! 662. 49 8,435 9,674 -1,239 2,653 5,190 -2,5371 -16,9231 7,122 July.... 10, 738 1,803 8,935 7051 20 13,071 6,061 7,010 202 4,623 -4,421, -21,896 5,936 August 7,877 1,524 6,353 11.259J 10, 579 21,469 5,782 15, 687 103 2,477 -2, 373 -12,053 2,860 September 12,979 24,444 -11,465 1,483' 876 607 7,637 744 125 47 78' -23,064 3,315 October 2,056 10, 698 -8, 642 1,6681 699 6,126| 4,726 1,400 189 35 154 -15,435 2,685 November- 2,082 55, 266 -53,184 1, 627, 975 652 15, 0121 21, 709! 433 102 331 -16,456 4,408 December 10,431 77, 849 -67, 418 1, 635! 925 710| 9,485 10,546 -1,060 4,264 2 4,262 -19,087 3,916 Total.. 207,535 201,455 6,080 47,622 9,135 38,487! 157,905. 137,008 20,896 10,498 16,937 -6,439 -212,279! 59,175 1928 January 38, 320 52, 086 -13,766 1,113 704 409 20,042 10,875 9,167 12,725 12,716 -12,834 8,590 February 14, 686 25,806| -11,120i 6,074 844 5,230 13,026 19, 257 -6, 231 227 1,147 -920; -21, 339 6,952 March 2,683 97,5361 -94,853 j 9,018 1,008 8,010 78, 6051-72,316 192J 7 185 -18,303 9,544 April.. 5,319 96, 469 -91,150i 29,834 822 29,012! 11, 760 2,943! 8,816 66| 19 47 -17,923 8,250 May _ 83, 689 -81,721! 1,175 688 487 18, 7461 5,498! 13, 248 157! 379 -2221 -17,3391 8,664 June 20| 000 99,932 -79,932, 11, 276 707 10,569 39,672| 6,409 J33,263 89! 38 51, -21, 028; 6,238 July.. 10, 331 74,190! -63,8591 28, 024 632 27, 392 23,958! 9, 4361 14,522 107! 31 76! -16,919' 2,128 August 2,445 1, 698i 747; 14,058 765 13,293! 24,0551 20,180; 3,875 125J 22 103! -22, 300! 2,994 September 4,273 3,810j 463! 37,084 783 36,301! 19, 233 28, 2471-9,014 389 3 386! -15,3151 1,680 October 14,331 992 13, 339! 34,146 844 33, 3021 15,824 45, 597-29, 773 856| 36 820; -12,843! 4,604 November... 29,591 22,916 6, 676j 23, 261 943 22,318! 22,261 41,989'-19,728 4141: 23 1 -20,081 j 6,426 December 24,940 1,636 23,304! 26, 923 802 26,1211 17, 792 25, 502;-7, 710 170| 65 9,839 1" Total... 168, 887J 560, 7591-391,872 221,986 9,542 212,444: 232,658 294,539,-61,881 15,417! 1,778 13,639;. 75,909 1929 January 48, 577 1,378 47,199 1, 321 577 744: 11,844 27,8911-16,047 MOVEMENTS TO AND FROM GREAT BRITAIN MOVEMENTS TO AND FROM BRITISH INDIA [In thousands of dollars] [In thousands of dollars] 1929 1928 1928 1927 From or to— January January Calendar year From or to— December D Ja e n ce u m ar b y e - r Calendar year Ira- Ex- Im- Ex- Im- Exports ports ports ports ports ports Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports France 399 332 670 912 97,178 Germany 22 592 980 258 102,423 England 738 11,071 13, 780 Netherlands 589 32 4,717 145 7,081 United States 4,086 525 Russia 5,395 18,582 Aden and dependen- Spain and Canaries.. 8 24 9,733 199 cies _. __ _ _ _ 81 910 1,288 Switzerland. __ 3,041 1,018 13,493 Arabia 134 870 6 1,089 United States 39 12, 797 15 32, 532 32,132 British Oceania 315 5,067 2,224 South America 11 2 1,166 1,074 Bahrein Islands 285 730 British India .._ _ 1,460 1,101 10,770 Cevlon 720 1,028 2 British Malaya 264 156 71 1,810 China 3 153 186 Egypt 246 1,309 1 384 Mesopotamia 144 1,543 1,160 Rhodesia _ . . 359 438 5,280 Straits Settlements c 200 48 375 Transvaal 10,458 _. 10,173 144,482 Egypt 479 6,714 7,361 91 W Al e l s o t t h A e f r r i c c o a untries... 2 28 7 5 0 8,558 3,6 3 8 0 2 4 2,206 1 3 4 , , 3 8 8 0 4 3 26,97 1 8 6 N Al a l t a o l ther countries 7,949 44,387 44 29,48 4 6 9 11 Total. _. . 11,844 27,891 20,042 10,875 232, 658 294, 539 Total _. 9,844 5 76, 007 99 59,280 104 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
217 MARCH, 1929 FEDERAL RESERVE BULLETIN FOREIGN EXCHANGE RATES [Monthly averages of daily quotations.1 In cents per unit of foreign currency EUROPE (s A ch u i s l t l r in ia g) B (b el e g lg iu a m ) Bu (l l e g v a ) ria C ( z c v e r a c o k h w i o a n s ) lo- D ( e k n ro m n a e r ) k E (p n o g u la n n d d ) ( F m in ar l k an ka d ) F (f r r a a n nc c > e G ( m e re r a i m c r h k a ) s n - y (d G ra r c e h ec m e a) H (p u e n n g g a o r ) y Par value 14.07 13.90 0.72 (2) 26.80 486.65 2.52 3.92 23.82 1.30 17.49 1928—February 14. 0823 13. 9232 .7214 2. 9625 26. 7733 487. 4840 2. 5179 3. 9304 23. 8577 1.3229 17.4663 July 14.0852 13.9351 .7212 2.9624 26. 7349 486. 3571 2. 5171 3. 9163 23.8626 1. 2991 17. 4350 August 14.0860 13. 9070 .7213 2.9623 26.6890 485. 3525 2. 5169 3. 9070 23.8327 1. 2952 17.4273 September... 14.0788 13.8988 .7213 2. 9624 26. 6662 485. 0516 2.5166 3.9055 23.8287 1. 2937 17.4251 October 14.6079 13.8959 .7203 2. 9627 26. 6578 484.9500 2. 5167 3.9061 23.8143 1. 2868 17.4256 November... 14.0602 13.8966 .7193 2.9626 26.6541 484. 9213 2. 5173 3. 9066 23. 8234 1. 2925 17.4220 December 14.0628 13.9073 .7190 2.9624 26. 6868 485. 2442 2. 5170 3.9098 23.8325 1.2924 17.4185 1929—January 14.0598 13.8958 .7191 2.9605 26.6704 484.9878 2.5171 3.9082 23.7694 1. 2917 17.4246 February 14. 0543 13.8944 .7202 2. 9604 26. 6664 485. 2140 2. 5169 3. 9057 23. 7306 1. 2915 17. 4278 I ( t li a r l a y ) N ( l f e a lo t n h r d i e n s r ) - N (k o r r o w ne a ) y P (z o l l o a t n y d ) P (e o s r c t u u d g o a ) l Ru ( m le a u n ) ia R (c n u h e s e t s r z i v a ) o 8 - (p S e p s a e i t n a) S (k w r e o d n e a n ) S ( w f l r a a i n t n z d c e ) r- ( Y s d l i u a n v g a i o r a - ) Par value 5.26 j 40.20 26.80 11.22 108.05 0.60 514.60 19.30 26.80 19.30 19.30 1928—February 5. 2930 40.2550 26. 6098 11. 2312 4. 7573 .6145 515. 0000 16.9782 26.8371 19.2389 I. 7598 July 5. 2406 40.2479 26.7270 11. 2011 4.4565 .6136 515. 0000 16.4759 26. 7843 19.2612 L. 7602 August 5.2334 40.1056 26.6881 11. 2053 4. 5260 .6110 515. 0000 16. 6101 26.7619 19. 2521 L. 7598 September... 5. 2303 40.0946 26.6656 11.2032 4.4966 .6098 515. 0000 16. 5325 26. 7556 19. 2491 I. 7596 October 5. 2365 40.0908 26. 6543 11. 2012 4. 4993 .6072 515. 0000 16.1798 26.7378 19. 2447 I. 7591 November... 5. 2385 40.1374 26.6511 11.1985 4.4708 .6042 515. 0000 16.1201 26.7278 19. 2494 L. 7581 December 5.2369 40.1748 26. 6728 11.1913 4.4082 .6005 515. 0000 16. 2348 26. 7633 19. 2729 L. 7587 1929—January _ 5.2337 40.1096 26. 6560 11.1883 4. 4281 .6018 515. 0000 16. 2954 26.7392 19. 2405 L758O February 5. 2343 40. 0490 26. 6633 11.1942 4. 4069 .6001 515. 0000 15.5587 26. 7275 19. 2318 L. 7573 NORTH AMERICA SOUTH AMERICA Canada Cuba Mexico Argentina I Bolivia» Brazil Chile Colombia3 Ecuador 3 Peru' Uruguay (dollar) (peso) (peso) (peso-gold) (boliviano) (milreis) (peso) (peso) ! (sucre) (libra) (peso) Par value 100.00 100.00 49.85 96.48 36.50 11.96 12.17 97.33 20.00 486. 65 103. 42 1928—February 99. 8126 100. 0428 48.6710 97.1376 34. 8000 12. 0088 12. 2065 98. 0400 19. 5870 390.1600 102. 9357 July 99.7894 99.9344 47. 2920 96.1408 34.8000 11.9385 12.1390 98.1024 20.0000 400.4800 102.2849 August 99.9958 99.9667 47.4859 95.8955 35.3007 11.9404 12.0779 97.2604 20.0000 398.0000 102. 5100 September. _. 100.0382 99.9441 47.8517 95.6642 36.4900 11.9293 12.0860 97.2596 > 20.0000 398.1250 102.1055 October 99.9667 99.9270 47.5742 95.5933 36.4900 11.9477 12.0843 97.5146 20.0000 399.0385 101.8431 November... 100 0043 99.9300 47.8901 95.8150 36.4900 11.9429 12. 0603 97.1109 20.0000 400.3043 102.3049 December 99.7872 99.9332 47.9841 95. 7504 36.4696 11.8900 12. 0678 97.0900 20.0000 400.4000 102.6068 1929—January 99. 7509 99. 9583 48. 3678 95. 7642 36. 3308 11.9160 12. 0630 97.0900 20.0000 400. 0000 102. 7469 February 99.6411 100. 0307 48.4581 95. 7650 26. 5000 11.9171 12. 0479 97. 0900 20. 0000 399. 7727 102. C037 SOUTH AMERICA— ASIA AFRICA continued Straits (b z V o u e l e i n l v a e a - 3 r) (M d C o e h l x l i a i n r c a ) a « n (S C t h a h e a i l n ) n g a « h ai , d ( C o Y h ll u i a n a r a n ) « (d H K o o o ll n n a g g r)« ( I ru n p d e ia e) J ( a y p e a n n ) ( J f a lo v r a in * ) (Si S m n e g e t a t n l p t e s o - re ( T p T o u u u r r k n k e d is y ) h (E p E g o y g u p y n t p d i t ) an dollar) Par value 19. 30 44.40 61.69 43. 92 44.08 36. 50 49. 85 40.20 56. 78 439. 65 494. 31 1928—February 19. 1943 45. 3620 63. IVS7 45. 9818 49. 8564 36. 5189 46. 8740 40. 5243 56. 7038 50. 4843 499.7511 July___. _ 19. 2500 47. 0840 65. 2332 46. 8483 49.9917 36. 2571 45. 8476 40.1528 56. 0416 50. 8384 498. 9014 August. 19. 2500 46. 9617 64.9965 46. 8549 49.8974 36. 2501 45. 0505 39. 9752 55.9815 51. 4607 497. 8298 September 19.2500 46.1813 63.6945 45. 9461 49. 7146 36. 3312 45. 7832 40.0300 56.0731 51. 6896 497.4590 October 19. 2500 46. 5591 64. 0374 46. 1963 49. 9471 36. 4541 46. 2019 40. 1161 56. 3404 50. 8354 497. 4003 November 19.2839 46. 5538 64. 0020 46.1675 49. 9763 36. 4563 46. 3503 40. 1226 56.4409 50. 0867 497. 2970 December 19.3800 46. 0455 63.5510 45. 6808 49. 7879 36.4653 45. 8940 40.1396 56.2488 49. 2924 497. 6198 1929—January 19. 3400 45. 6837 63.1168 45. 4070 49.8161 36.4487 45.5102 40. 0623 56. 0027 48.7216 February 19.2636 44. 7932 62.1973 44. 5558 48. 8849 36. 3629 45. 2103 39. 9218 55. 9681 1 Based on noon buying rates for cable transfers in New York as certified to the Treasury by the Federal Reserve Bank of New 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. i The National Bank of Czechoslovakia opened Apr. 1, 1926, under the obligation "to maintain the relation of the Czechoslovak crown to the undepreciated foreign gold currencies at the level of the last two years." During the period Apr., 1924, to Mar., 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. 4 Silver currency. The figure given for parity represents gold value of unit in February, 1929, computed by multiplying silver content of unit by New York average price of silver for February, 1929, which was $0.56517 per fine ounce. On the same basis, parity in February, 1928, for the Chinese Mexican dollar was 45.04 cents; for the Shanghai tael, 62.57 cents; for the Yuan dollar, 44.55 cents; and for the Hong Kong dollar, 44.72 cents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
218 FEDERAL RESERVE BULLETIN MARCH, 1929 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES EUROPE United S ( t B a u te - s France Ger- Month r S L t e i t c a a a s u b t ) i o o s r i - f b ( A t a g r u s o i i s a l s - d ) g B iu e m l- g B a u ri l a - C v z a s e l k c o i h - a o- m D a e r n k - T (B E l r a a o n o n d f a g d e r - d ) b ( l F a g a i s o n n i l d s - d ) B S t t u i a c r t a e i l s a - u R F B e e o s d e a e r r r v d a e l S c t a e a l r t B a is l u ti - - b f a e s c i l s d ) (B It a a c ly hi) N la e n th d e s r- ( N O w s o a l r y o - ) reau) 1927 May 94 137 848 2,751 988 152 141 142 629 618 137 133 496 146 160 June 94 142 851 2,823 990 152 142 144 623 605 138 133 473 148 159 July__ 94 140 845 2,775 992 152 141 144 617 590 138 133 467 150 160 August 95 133 850 2,745 983 153 141 147 618 578 138 134 465 149 161 September ... 97 130 837 2,736 975 153 142 148 601 574 140 133 465 150 158 October 97 129 839 2,747 966 154 141 148 587 554 140 133 468 150 157 November _ 97 127 838 2,707 967 154 141 149 595 545 140 133 466 152 157 December 97 127 841 2,739 975 154 140 148 604 567 140 135 463 152 156 1928 January 96 129 851 2,782 982 153 141 144 607 569 139 135 463 154 157 February... 96 128 848 2,826 985 152 140 143 609 569 138 134 461 151 157 March 96 129 848 2,839 978 153 141 144 623 587 139 135 464 153 157 April 97 131 847 2,891 984 154 143 145 619 601 140 136 464 153 156 May . . 99 131 844 2,906 987 155 144 143 632 617 141 135 465 152 156 June 98 133 844 2,866 986 155 143 145 626 621 141 135 462 152 158 July- 98 133 841 2,911 979 155 141 145 624 613 142 133 453 148 160 August _ 99 133 831 2,790 996 154 139 147 616 607 142 134 456 145 153 September 100 131 830 2,805 986 151 138 146 620 598 140 137 458 146 153 October _. 98 129 835 2,844 971 150 138 146 617 585 140 138 463 146 151 November 97 128 847 2,875 957 151 138 145 626 580 140 137 466 148 150 December . 97 127 855 955 151 138 144 624 588 140 135 464 148 150 1929 January. 97 128 867 953 138 630 139 149 February 139 EUROPE—continued ASIA ANDOCEANIA AFRICA Month lan P d o - »« Russia* Spain Sweden S l w an it d z e » r- a C d a a n - i Peru t A ra u l s i - a ( C S h h h a a i i n n ) a g- D In E u d a t i s c e t h s c I ( u n C t d t a i a l a - ) J k ( a T y p o o a - ) n N l Z a e e n a w d - Egypt A So fr u ic th a 1927 May 102 175 172 145 142 99 207 152 171 155 146 171 145 124 June 102 174 171 146 141 99 206 155 169 155 149 173 146 123 July__ 102 173 168 146 141 99 205 161 171 153 150 170 146 118 120 August 101 171 168 146 143 98 204 165 171 154 151 167 146 117 September 101 170 169 148 144 97 205 170 172 153 150 169 146 120 October 101 170 169 147 145 97 200 173 169 152 147 170 146 118 122 November 102 170 168 148 147 97 200 166 166 151 148 168 147 115 December 101 170 169 148 146 97 199 162 164 150 148 168 148 114 1928 January 100 171 166 148 145 97 199 163 163 150 145 169 150 114 120 February 99 171 166 147 144 97 195 160 164 149 144 169 147 114 March 102 171 165 149 145 98 193 160 163 149 144 169 147 116 April 105 171 166 151 146 98 197 162 163 150 146 170 147 120 121 May 103 171 164 152 145 98 195 159 165 151 147 171 148 117 June 103 172 164 151 145 97 195 158 160 150 145 169 148 117 July 102 172 164 150 144 96 193 157 159 150 148 169 148 117 119 August 100 173 166 149 145 95 190 154 157 148 143 170 147 119 September 100 173 168 146 145 96 188 153 156 149 142 174 148 120 October 104 176 174 145 145 95 187 152 159 149 143 174 147 126 120 November 106 176 176 145 145 95 186 152 159 146 173 129 December __ __ . 100 177 145 144 95 185 154 160 145 174 126 1929 January _ 177 95 186 160 145 172 125 February 185 162 1 i New index-1926 = 100. » First of month figures. a New official index. * 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1929 FEDERAL RESERVE BULLETIN 219 WHOLESALE PRICES—Continued GROUPS OF COMMODITIES [Pre-war=100] ENGLAND—BOARD OF TRADE SWEDEN—BOARD OF TRADE 1929 1928 1929 1928 Ja a n ry u- c D b e e m e r - - v N b e e m o r - - O b c e t r o- t S b e e m e p r - - Ja a n ry u- u Ja a n ry - c D b e e m e r - - v N b e e m o r - - ber u J a a r n- y All commodities _ 138 138 138 138 138 141 All commodities 145 145 145 ! 146 148 Total food 148 148 149 148 148 153 Vegetable products 130 131 131 I 134 143 Cereals 140 140 143 142 141 152 Animal products 150 147 144 145 137 Meat and fish 144 145 142 138 141 144 Fuels and oils... 115 115 113 112 116 Other foods 159 158 159 165 160 164 Raw materials for manu- Industrial products. _ 133 133 132 132 132 134 facture in iron and metal Iron and steel 113 112 112 112 112 113 industry. 116 116 115 j 115 114 Other minerals and Paper pulp and paper 162 160 160 ! 161 160 C M O o t m i h s tt c e e o e r t n a l t l l e a s x n t e i o le u s s 1 1 1 1 1 6 3 6 6 2 9 1 1 1 1 1 6 6 3 1 0 4 8 5 1 1 1 1 1 3 5 6 4 8 9 1 1 1 1 1 6 5 1 4 0 8 3 1 1 1 1 1 1 6 5 4 2 2 8 1 1 1 1 14 6 1 5 7 4 3 8 R R a a f t c a w w r h y c e t m u m a r i e a n c t d a e i l n r s i m a le l a s a n t f h u o e f r r a c m in tu a d r n u e u s d - - 1 1 6 4 5 1 1 1 3 6 9 6 1 1 4 6 1 5 1 16 4 4 5 1 1 6 4 6 9 Raw materials 141 140 139 139 143 FRANCE—STATISTICAL BUREAU S F e in m is if h i e n d is h m e a d t e m ri a a t l e s rials 1 14 4 8 5 1 1 4 4 4 8 1 1 4 4 5 8 1 14 4 9 7 1 14 5 9 0 Producers' goods 137 136 136 137 138 Consumers' goods 153 152 152 154 156 All commodities 630 624 626 617 620 607 All foods _ 612 601 608 595 603 568 Animal foods 604 602 604 573 565 534 Vegetable foods. 623 597 608 604 594 575 CANADA i-DOMINION BUREAU OF STATISTICS Sugar, coffee, cocoa 590 592 598 610 690 611 All industrial material 645 642 641 635 634 639 Minerals 549 547 551 536 535 531 All commodities _ 95 95 95 95 95 97 Textiles 822 808 807 794 784 777 Vegetable products. 87 87 88 88 87 95 Sundries 623 624 620 624 627 643 Animal products i 106 109 111 112 115 107 Textiles __! 93 93 92 93 94 95 Wood and paper products.! 98 98 99 99 99 98 GERMANY—FEDERAL STATISTICAL BUREAU Iron and its products 93 93 93 93 93 94 Nonferrous metals \ 94 92 91 91 90 90 Nonmetallic minerals 94 94 94 94 93 94 All commodities 139 140 140 140 140 139 Chemicals 94 94 94 95 95 97 Total agricultural products 132 134 135 135 134 132 Vegetable foods 130 126 127 132 134 145 Cattle 118 118 119 j 119 119 102 AUSTRALIA—BUREAU OF CENSUS AND STATISTICS Animal products 147 162 164 155 149 147 Fodder 138 137 139 140 139 141 Provisions.. 124 125 128 129 131 130 All commodities 157 154 152 152 153 16a Total industrial raw mate- Metals and coal _ _ -. 172 172 172 174 174 176 p ri r a I T H C N o C l r s d e h o o i o d x u e n a n e t c l a m f i s e t l n s i e r a d c r s a n o l u d s s s e - l m e m a i t e f h i t n a e i r l s s h ed _. 1 1 1 1 1 1 1 3 2 1 3 2 5 3 9 7 3 4 8 3 8 1 1 1 1 1 1 1 5 4 1 2 2 3 3 4 3 0 7 8 7 4 1 1 1 1 1 1 1 2 0 4 2 5 3 3 7 9 2 8 2 5 8 i 1 1 1 1 1 1 1 2 5 4 0 2 3 3 7 2 5 7 8 5 3 1 1 1 1 1 1 1 2 4 5 0 2 3 3 7 9 5 5 8 4 3 1 1 1 1 1 1 1 2 6 5 2 0 3 3 6 7 9 6 6 4 1 T A D M B C G e h u r g a e o x e i i r a l c r t i m d t i y c e l i u i r e n c i p s l e a g t r s u l o s r m a d a n u l a c d t p e t s r t r o o ia b d l a u s c c c ts o 1 1 1 1 1 1 1 5 8 1 5 5 6 6 9 9 9 7 6 3 7 1 1 1 1 1 1 1 6 8 6 1 4 6 6 4 0 9 1 1 9 1 1 1 1 1 1 1 1 1 6 5 6 8 4 5 4 4 0 5 6 6 5 1 1 1 1 1 1 1 6 8 6 1 4 5 5 2 4 6 1 2 6 8 1 1 1 1 1 1 1 1 8 5 4 6 6 5 2 6 6 7 1 5 7 1 1 1 1 1 1 1 3 8 6 4 7 6 5 9 6 6 8 3 4 5 Artificial fertilizers 87 84 83 i 82 81 82 Technical oils and fats. 127 128 129 : 127 125 115 Rubber. 28 25 25 ! 26 25 48 INDIA (CALCUTTA)—DEPARTMENT OF STATISTICS Paper materials and I paper | 151 151 I 152 ;' 152 151 152 Building material | 157 158 j 159 i 159 160 158 1928 1927 Total industrial finished products.. 159 160 ! 160 : 160 160 156 P C r o o n d s u u c m e e rs r ' s ' g g o o o o d d s s 1 1 7 3 5 8 1 17 3 6 8 i ! i 1 1 7 3 6 9 i ! 1 1 7 3 6 9 1 1 7 3 6 8 1 1 3 7 4 3 c D b e e m e r - - ! ! N b v e e o r r - n- O b c e t r o- t S b e e m e p r - - g A u u s - t c D b e e m e r - - ITALY-CHAMBER OF COMMERCE OF MILAN All commodities 145 ; 146 143 142 143 148 I Cereals 131 ; 139 135 136 133 137 All commodities 496 ' 497 495 492 ! 490 Pulses ]81 183 164 159 154 155 Total food i 559 560 563 563 ! 549 540 Tea 157 i 143 133 128 143 185 Vegetable foods j 572 ; 574 581 587 i 577 569 Other foods 153 153 151 152 153 168 Animal foods j 543 i 543 539 532 515 505 Oil seeds . . . _ _ . 152 '• 151 148 147 143 141 All industrial products j 472 472 469 465 464 470 Raw jute 97 ' 100 99 94 111 91 T C B M e h u i x e i n l t m e d il r i i e a n c s l g a s l s m a n a d te m ri e al t s a ls.. j j 5 4 4 4 3 4 4 5 6 5 2 5 ! ; 4 4 4 5 5 5 3 2 0 0 9 9 4 4 4 5 4 4 3 2 7 8 8 5 4 4 4 5 3 5 3 1 5 0 2 9 4 4 4 5 4 2 3 16 6 8 5 j ! I I 4 4 4 5 3 3 5 3 9 3 1 1 J R C O u a o t t h w e tt e o r m c n o t a e t m n x to u t a i n f n l a e u c s _ f t a u c r . t e u s . re .. s 1 1 1 1 6 5 4 4 0 9 0 7 i i ! i *1 1 1 1 5 6 4 4 9 0 0 8 1 1 1 1 4 4 6 5 5 0 1 9 1 1 1 1 3 6 4 4 5 3 1 9 1 1 1 1 3 5 6 6 0 9 4 1 1 1 1 1 2 5 7 51 3 7 0 Other vegetable prod- ; i Hides and skins 125 ' 131 124 121 115 152 Su u n c d ts r ies j i 5 5 4 0 7 8 ; 5 5 5 1 5 5 5 5 0 5 4 4 5 55 0 6 4 I ! 5 5 5 1 6 9 i ; 5 5 7 1 4 1 M Ot e h t e a r l s a r . ticles 1 12 3 7 8 ! 1 1 3 2 8 7 1 1 2 3 6 9 1 1 4 2 0 4 1 1 4 2 0 4 1 1 4 2 9 7 •Revised. 1 Canadian index revised in January; base changed from 1913 to 1926 and number of piece series from 236 to 502. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
220 FEDERAL RESERVE BULLETIN MARCH, 1929 RETAIL PRICES FOOD AND COST OF LIVING RETAIL FOOD PRICES [Pre-war=100] EUROPEAN COUNTRIES OTHER COUNTRIES United Month ( S 5 i t 1 e a s t c e ) i s t- e A ( t n V r u n i s i a a - - ) g B iu e m l- ^ g B a u r l i - a s C lo z v ec a h k o ia - l E a n n g d n E ii s 2a t 2 o 33 - F (-P ra a n ri c s e ) ^ m G a e n r y - | jG ( r A e t e h c - eI ( l t M a a i n l - ) y N la e e n r t d - h s - N w o ay r- R si u a s 2 - S l z a w e n r i d - t-j a C d a a n 2 - A t l u r i a s a - - i ( I B n b o d a m i y - a ) Z N l e a e a n w - d j ,A S f o r u i t c h a 1927 March 151 118 201 2,533 915 162 118 581 151 ! 1,997 635 146 173 205 157 ; 149 151 i 152146 118 April 151 119 200 2,478 923 155 118 580 150 ! 2,021 617 145 169 203 156 ! 146 151 i 151145 119 May 152 119 196 2,630 930 154 119 589 151 2,063 565 145 169 201 156 145 152 i 150145 121 June 155 122 201 2,699 949 154 120 580 153 2,063 541 145 172 199 157 ' 146 153 ; 151144 120 July j 150 122 205 2,653 962 159 122 557 156 2,059 524 144 175 199 156 j 147 152 i 154144 119 August j 149 120 202 2,625 914 156 118 539 150 2,044 518 143 175 199 156 147 155 i 155143 118 September. 151 119 206 2,615 910 157 111 532 151 2,070 509 143 174 198 158 i 147 157 151 143 117 October. __ 153 120 210 2,626 907 161 112 520 152 2,071 509 146 173 198 158 j 148 159 i 148 143 119 November. 153 119 211 2,587 905 163 113 500 152 2,086 510 148 171 199 159 ' 149 157 147 144 119 December. 153 118 212 2,618 913 163 113 523 153 I 2,101 513 148 171 200 159 i 151 155 !149 146 119 I 1928 January. _. 152 118 211 2,660 913 162 118 530 152 j3 146! 3 140 148 170 201 158 151 151 147 119 February. _ 149 117 207 2,701 910 159 118 522 151 ! 3 144j 3 141 149 170 202 157 149 146 145 118 March 148 116 201 2,713 902 155 122 524 151 i3 143| 3 141 150 171 203 156 147 142 145 118 April. 149 117 202 2,766 905 155 126 532 152 ,3 144i 3 141 150 171 203 156 146 140J 144 119 May 151 117 197 2,778 156 126 546 151 |3 145! 3 140 j150 172 205 156 146 140 146 120 June _. 150 122 200 2,740 157 126 3 113 152 I3 144 3 142 150 170 206 157 145 142] 147 114 July 150 119 202 2,783 943 156 130 3 111 154 J3 138 3 140 I150 173 211 157 146 143 147 116 August 151 120 205 2,667 943 156 129 i 3 111 156 i3 134 3 138 i150 170 211 156 149 142 146 115 September. 155 120 210 2,682 928 156 124 I 3 110 153 |3 132 3 140 :148 164 210 157 150 141 147 115 October 153 120 215 2,719 907 157 125 I 152 I3 137 3 141 j148 163 211 158 152 142 149 115 November. 154 120 223 2,692 900 i 126 J 3 H9 152 i3 137 3 144 :148 161 213 158 152 144 150 118 December. 153 119 222 905 i 126 I 3 121 153 I3 133 3 145 148 161 215 158 152 145 115 1929 January 151 153 j 158 216 152 161 146 115 February.. 156 ! 146 COST OF LIVING [Pre-war=1001 EUROPEANCOUNTRIES OTHER COUNTRIES Mas- Month sas c e h t u ts - g B iu e m l- 1s C lo ze v c a h k o ia - l E an n d g 2 - l F a i n n d - F (P r a a r n i c s e ) m G a e n r y - G ( e A r n e t s e h ) c - eH ga u r n y - I ( l t M a a n l i ) y - N la e e n r t d - h s - N w o ay r- la P n o d - * Spain S d w en e- S l z a w e n r i d - t- a C d a a n 2 - A t l r u i a a s - - ( I b B n a d o y m i ) a A So fr u ic th a 1927 March 156 195 744 171 1,183 524 145 1,898 119 663 166 203 98 197 159 150 155 155 131 April 156 195 749 165 L, 173 146 1,911 119 651 100 191 "l7o" 158 148 153 131 May 157 193 756 164 1,166 147 1,938 119 612 101 186 160 148 152 132 June . 156 196 761 163 1,184 525 148 1,951 121 586 167 201 101 185 160 149 ""155" 154 132 July 155 199 753 166 1,203 150 1,960 119 548 98 184 169 160 149 156 132 August 155 198 739 164 1,237 147 1,951 119 543 99 192 160 149 157 131 September- 155 202 736 165 1,230 507 147 1, 955 119 537 167 197 99 187 161 149 ""I57" 154 131 October 155 207 734 167 1,237 150 1,956 120 536 101 189 "l72" 161 150 151 132 November 157 208 735 169 1,251 151 1,964 120 536 103 188 162 150 150 132 December. 157 208 740 169 1,243 498 151 1,978 120 531 170 195 103 186 162 151 159 151 132 1928 January _ 157 210 741 168 1.216 151 3 155 121 3 145 102 178 171 161 151 154 132 February.. 156 207 739 166 1,206 151 3 154 120 3 145 100 165 161 150 148 131 March 155 204 737 164 1,214 507 151 3 153 119 3 145 169 193 101 176 160 149 "I57" 145 132 April 155 205 741 164 1,212 151 3 153 121 3 145 102 175 "17I" 160 149 144 133 May . 156 202 743 164 1,207 151 3 153 121 3 144 103 171 160 149 147 133 June 155 204 741 165 1,219 3 105 151 3 152 121 3 145_ 193 103 172 161 148 157 146 132 July 157 205 753 165 1,236 153 3 148 121 3 143 170 104 173 "173" 161 148 146 131 August. ._ 157 207 761 165 1,258 154 3 146 126 »142 104 174 161 150 146 131 September. 158 211 756 165 1,249 3 105 152 •145 127 3 143 169 185 104 178 161 151 155 145 131 October .. 157 215 735 166 1,254 152 3 148 126 3 144 104 179 ""l72~ 162 152 146 131 November. 157 220 730 1,262 152 3 148 125 3 146 106 181 162 152 147 132 December. 157 219 734 1,260 3 108 153 3 146 126 3 147 168 183 106 187 162 152 "II" 148 131 1929 January _. 157 153 152 149 131 February. 154 i 149 I 11921 = 100. 2 First of month figures. 3 Revised on a gold basis. 41927=100. NOTE.—Information as to the number of foods and items included, the original base periods, and sources may be found on page 276 of th -April, 1925, issue of the BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
221 MARCH, 1929 FEDERAL RESERVE BULLETIN INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA ENGLAND PRODUCTION TRANSPORTATION Raw Unem- Coal i P ro ig n I j i i i i S a c i n n a t n g e g s d o e t s - l ts i s F s t h i e n e e d - l v c p s i o s u l t y i t p b o - l l n e m u t s I a u t r f n a e a o r e e n d c n l s - - Coal m t u C t u o f a o a r n e n c t- s - - w ti o s s s rs u r t e e s d ; ; ; ; t ; B o ° n i a " : w ; wool Cmde I I c c S l w a e h r a i i g t r p h o e s d 2 ' , ! F . B r t r e r r e i c a i t e i g i n i s h p h t t - s j 1 r , ; F a i t r t l r e r w a i a g i f a n f h y i t c s - i a n m p m s lo e u o n y r n e t - g d Thousand long tons T b h a o l u es s. T lo h n o g u s to an n d s s M q li . o y i n l d - . T sq h . o y u d s . . M po i u ll n io d n s Th p o o u u s n a d n s d T t h o o n u s s.I £ T l s i h t n o e g u r s -| . ! i M t m o i i n l l e l - i s on c P e e n r t 1927 October 3 24,712 596 584| 1,190 385 4,141 316 13,061 28, 000, 7, 035 5, 299 9, 3771 ,483 9.5 November.. 19,634i 576, 699! 582 1,148 399 4,127 406 16,351 119 24, 707; 8,031 5,286 9, 315] ,455J 10.0 December... 3 23,858i 559 542 1,100 352 3,886 293 15,041 116 23, 885 8,814 4,914 8, 649! ., 402! 9.8 1928 I January 20, 045! 561 567 1,061 332 3,905 340 16,919 102 24, 754! 6, 4,958 8, 6001 ,504 10.7 February ._ 20,119! 551 764] 6141 1,070 317 4, 008' 319' 14,458 130i j 19, 851| 6,930 4,753 8, 766 ,385! 10.4 March 3 25,1941 593 793| 674! * 1,065 409 4,11L 401; 15,119 142, 135: 26, 636| 6,399 5,382 9, 502 , 5281 9.6 April. 17, 679 563 644i 530! *l,080j 344 3, 722, 317! 9,970 134i 92; 20, 287, 6, 860i 4, 859 8,129 , 275, 9.6 May. _. 19,191 592 753i 615 1,057 359 4, 487i 292' 11, 789 127 12, 860; 6,172j 5, 499 ., 364' 9.9 June 3 21,056j 564 709| 614; 973 366 4, 346; 281! 14, 682 114 19, 077, 5, 850 5, 699 , 327; 10.8 July 16, 902; 538 667! 549! 892] 333 4,163, 342 17, 954 84 18, 473 5, 853 5, 491 8, 2191 11.7 August 16,1991 519 6431 540! 818 370 4, 274, 344! 19, 395 84 271 17, 500j 7,696 5,972 8,41l! 1, 360; 11.7 September.. 3 23, 2751 504 719! 572, 737 295 3, 995, 301: 12, 773 52! 19: 23, 079i 6, 688, 5, 466 8,515l 1, 396' 11.5 October 18, 5191 544 756j 566 809 377 4, 630l 337, 12, 712 109 2i; 16, 501 i 5, 546! 5,721 9,361! 1,491! 11.8 November.. 19, 213j 544 7631 1,070 399 4,231: 335 12, 492 216 34, 12,146i 6, 074 5,487 9,033| 1,433'. December.. 3 23, 310! 540 683 1,255 359 4,184| 293! 12,406 225 53! 34, 9211 6,860 5,159 1929 January 421 4,473 383! 18, 563 241 103 42,005| 5,808 5,415 1 End-of-month figures. 2 Includes Irish Free State. 3 5 weeks. *Kevised. FRANCE I EX- PRODUCTION rORTS TRANSPORTATION Unemployed receiv- B n u es s s i- C c o lo tt t o h n1 v T o o lu ta m l e v T o o lu ta m l e f c s o R u o t r i m t a o t w o c n p o n - n-f s o R u t s r i i m a o l c k w n p on - - i 1f s o C u t r i m o o c a n p o l - n-c S c l w e a h a i r i t g r p h e o s d Fr l i o e e n i a a g g d r s h - t- o R p f a e w p l c a r e r i y a i n p s i c l t - s i- i n n P a i g i a c d r m i i p s i u a n 2 l - u f r a e il s - 3 Thousand metric tons ! • 1 T g k r i h l a o o m - u s s. o m P f i e e 1 t c , e 0 e r 0 s s 0 m T e h t o ri u c s a to n n d s Metric tons 1 I T m h e o tr u i s c . T r t p h™ t i o irvs n - 1 s 1 ,o d T A 1 a , v i ,r l e n y v ra ,o ge T fr h a o n u cs s. N b u e m r - I I N be u r m- 1927 October 5,503 796 723 ! 11,211 29, 781 *3, 360 I *4,053 *28,672 •788 1,480 3,800 66,507 1,074,836 6,860 164 November 5,333 764 684 ! 10,744 29,076 *3,218 I *3, 820 *44,402 *695 1,364 3,485 62, 963 * 1,000,419 I 8,106 180 December 5,517 796 735 I 11,360 30,174 3,423 ! 3,908 53,025 597 1,425 3,508 61,456 10, 075 160 1928 January _ 5,541 750 12, 204 27, 784 3,001 : 3,519 39,056 415 1,299 3,148 60,426 917, 976 14, 012 188 February J 5,283 785 738 9,241 26, 994 3,590 3,653 28, 924 598 1,349 ' 3,113 64, 792 968,577 12, 989 161 March I 5,763 858 12, 231 29, 744 3,314 i 4,086 28,179 677 1,540 ! 3,850 65, 446 « 1,064, 28610,483 146 April i 5,129 834 738 10, 937 26, 598 3,422 • 4,328 27, 748 584 1,552 I 3,913 61, 265 ' 1,09S, 175 5,796 184 May.. _j 5,245 871 794 11, 530 28,423 3,262 , 4,161 21,494 452 1,658 i 4,029 60, 680 1,103, 660 2,978 184 June 5,527 844 797 I 11,347 26, 745 3,576 : 4,153 30,153 772 1,425 > 3,364 61,535 * 1, 400,342 1,227 199 July 5,360 836 757 10,746 25,615 3,367 3,926 19,006 526 1,326 ! 4,067 59, 763 1,083,826 796 145 August 5,589 857 793 j 11,295 26,225 3,738 4,238 21, 888 303 1,592 ! 3,994 61, 696 1,175,462 732 158 September 5,331 821 759 i 11,221 25, 243 3,846 4,234 15,184 1,169 1,223 I 3,951 66,186 * 1, 561,466 474 106 N O o ct v o e b m er ber 5 5 , ,8 5 9 6 9 2 8 85 5 0 7 8 8 0 3 0 4 ! 3 3 , , 3 3 2 5 9 3 ; 4 4, , 2 3 1 5 2 5 3 3 0 6 , , 2 6 4 8 8 4 7 9 5 3 0 3 1 1 , , 5 3 5 6 7 9 1 i 3 3, , 9 9 7 5 3 8 6 6 6 6 , , 5 4 3 8 6 2 1 1, , 1 2 5 2 0 8 , , 0 4 6 4 1 5 3 3 9 6 5 5 December 5,248 828 i... 4,050 61, 574 < 1,428,406 723 1929 January 1,403 i 1 Coal and lignite, including Lorraine and the Saar. 4 5 weeks. 2 End of month figures. * Revised. 3 Number of failures in the Department of the Seine. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
222 FEDERAL RESERVE BULLETIN MARCH, 1929 INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA—Continued GERMANY TRANSPORTA- UNEMPLOY- PRODUCTION TION MENT Coal L ni i t g e - i P ro ig n C s r te u e d l e P as o h t- f m a I i a c r r a n t o o d n u n n r u e - s c t h p e s M r a i u l i n l n e a i c d p e - c e a - s r - l y s D d a tu y n y f e d e f - s s Coal w R o aw ol R c p o a e p w r - C to o n t- j j I o r r o e n A H a b v s l r u i a e s e r n m l r s i s g v - o - f - F l r i o c n e a a i g g d r s h - t p T u u m l b n r n o a e e e i y m d o r m e s e n d - - - p U p re e S l i n a o c r t n s i e a e y d g o i m t e v e n d - - s B n u fa e r u i e s l s s - s i- Thous. Thousand metric tons Metric tons t r n o e e n g t s . T w h o o a n g u s - s. c P e e n r t Number 1927 October. __13, 094 12, 5311,140 1,414 104 *353,252 51,658 13,699 2,155,732 6,919 21,218 37,240 1, 593,892 1,764 4,326 4. 5 339,982 445 November.12, 874 13,430 1,119 1, 401 109 *336, 82355, 78812,488 1,845,51911' " 17,20051,026 1,431,493 %1i.,727 4,156 7.4! 604,509 574 December.13, 238 14,13311,150| 1,368 115*352,772 59, 620 13,9871 1,903, 2371 2~^~668! 19,641 52, 633 1, 289, 597 1,854 3,811 12.9 1,188, 274 619 1928 January... 13,42114, 2221,1811 1,469 132! 363,026 48,810 12,458 2,272,995 18,084 20, 566 37,032 1,183, 214 1,835 3,541 11.21,, 333,115 766 February..12, 92613,419; 1, 122i 1,323 133i 390,776 50,449 11, 9852,229, 956 25, 26018, 56336,839 1,146,188 1,564 3, 5841 10. , 237, 504 699 March 14,11814,40111,170 1,422 132! 434,798 54, 788 15, 7992, 250, 616 12,14,3433322,941 28, 001 1,407, 989 1,767 4,069| 9. ., 010,763{ 791 April ll,71512,263|l,045 1,161 96| 412,810 57,102 14, 31812,115,161 -222,, 33333320,443 30, 772 1, 275, 088| 1,849 3,439! 6.9 729,321 614 May 11,93212,964:1,0441 1,248 99| 398,470 56,516 14,645 1,665,4811199,, "312!19,214 31, 045 1,053,621, 3, 727| 6.3 629,470 692 June 11,83113, 24l!l,0211 1,295 111' 453,231 53,880 14, 613!1,420,802 '166,,473119,362 29,989 1,279,688! 1,819 3,844j 6.2 610,687 702 July 12,48313, 531|1,035i 1,311 1131 466,079 53,194 13,411 1,841,962 8,403,21,809 23,861 1,282,767| 1,791 3,917i 6.3 564,064 655 August 13, 02114,330 1,031 1,329 123; 505,857 52, 393 13, 602,1,850, 5777,958'20, 642 19, 357 1,516,096 j 1,926 4, 083! 6.5 574,475 552 September.12,15713,616 985 1,190 113! 480,647 74,006 13,387 1,829, 5565, 274|17,144 16, 730 1, 394, 715! 1,749 4, 036! 6.6 577,093 530 October 13, 311 15, 226 1,016 1,306 128! 415,690 64,163 12,959!2,019,177*8,789j16, 65033, 662! 1,552,182! 1,732 4, 3751 7.3 670, 997j 685 November.12,14114,548 267 357 130; 410,171 54, 014 14, 337!2, 278, 5545, 14,089 49,662 1,157,891, 1,772 3,957 . 5 1., 029,700 674 December.11,819 14,105 1,091 ; 298,890 63, 846 14, 353 2,120, 291 11, 682j15, 56044, 645 615, 630! 1,754 3,404 1, 702,342 624 1929 January... 13,490 14,,8171,098 1,470! ! 419, i 61, 386 14,975 1,909,65717,786 15,660 54,282 1,312,346 832 CANADA Re- Receipts at ceipts stock- I d d t p n t r i i u u r o d n o i o a c s f e - n - - - l x Coa P l RO N p D e r U i w C n s T t - IO F N lour a s t w C r c t t i a r o o i o a u d c n n r n c t - d - s - - I w l F W P a A i h a a o n o o e r t i m f d r r l - a t - t t T C t W o l y a e r t a o i - n r n d n t s o i H p i e a n o n g g d s b P o l a a a n n r d d k s s W pu o l o p d Wheat Coal C p le e r u t u r m d o e - R c to o a n t w - c M e h r i a y n - - T r lo n e c o a v u a t d e r e a - - l m I p n e l e o m d o n f e y - t x - 1u B n f r a u e e i s s l s - s i 2 thur 1 1 9 9 1 1 2 0 9 4 0 - = T sh h o o r u t s t a o n n d s T b h re a o l r u s - s.Th d la o o r l u s - s.T b h u e o l s s u h s - . Number M l f i e o e i n l t - els T t h o o n u s s.T g h a o l u s. s.Th lb o s u . s.Th d la o o r u l s - s, N b u e m r - 1 1 9 0 2 0 6 * = N b u e m r - 1927 October-.. 151.5 1,480 191 2,005 47,135! 51,416 94,718 46,419 182144,795 19,430 1,479 78,905 6,685 4,185 360,238, 110.3 November. 151.0 1,757 190 2,120 30,26l| 70, 965|l09,927 70, 910 174158,396 52,805 1,5481 64,978 11, 987 4,1241 344,7671 108.8 152 December. 161.5 1,872 182 1,767 50,427 41,025 44,936 62,204 122147,531 44,809 1,366 67,626 19,198 3,970 286,719; 108.1 160 1928 January... 160.3 , oyo 187 1,579 20, 480 21, 095 44, 311 71, 535! 111 113, 297 15,201 1,226 58,501 19, 635 3,904 265,487i 100.7 197 February.. 166.1 ,406 190 1,464 25, 875 9, 545 33,889 63, 286> 117 128, 606 18, 372, 1,235! 47,810i 11,854 3,858 267,131! 102.0 167 March 168.2 ,404 198 1,617 22,946 3,251 31,374 47, 7331 150 182, 229 18, 655! 1,350; 82,871 12,239 5,720 285, 567, 102.6 163 April 160.6 ,146 193 1, 304 56,346| 879 37,306 50,000 99 113, 220 8, 3611 930, 23,876 7,100 4, 058 252,131 102.3 132 May 187.9 1,263 204 1, 541 70, 684 17, 618 39,898 50, 458 1511148,272 30,282, l,288i 75,670 6,910 5,204 300, 295 106.8 146 June 176.2 :, 331 1921 1, 359! 59,926 20,146! 32, 806 44, 047 178| 146, 917 21,960 1,176 95,725 8,469 5,402 294,451 113. 130 July 172.9 ,309 184! 1,458| 38,360 14, 393! 57, 553 43, 262 182146,184 32, 426! 1,168 80,434 7,462 5,125 290, 6771 117.7 138 August 181.6 ^,535 20l! 1,158! 39,441 3, 538! 73,233 32, 598 161137,829 25,057| l,61l! 88,164 7,300 4, 790| 312, 816 119.3 142 September- *171.7 L, 396 185! 1,892! 45,439 39 132- 71,487 24, 873 140 134,440 26,923! 1,423,107,297 4,971 4,5521361, 247 119.1 161 October. ._ 187.2 L,702 217! 2,130| 44,584i 8ll 361| 81, 599 39,178 153 162, 286 43, 687| 1,779100,023! 13,842 4,884 420, 263 118.8 192 November. 175.9 .,695 224, 2,175 29, 038! 72, 861 i60, 806 38,484 1581155,448 75,417 1,637 86,0141 16,955 4,9631 380,405 118.9 185 December. 165.3 1,519 18,905! 51,633 36,941 47, 316 124'l58, 875 49, 089. 1,639! 79,939 17,481 4,682 275,678! 116.7 197 1929 January 1,537 J 10,971 39,459 60,978 111136,365 20,831 1,344 60,753) 18,485 5,004 1 First of month. Total number of firms failing during the month. * Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1929 FEDERAL RESERVE BULLETIN 223 Changes in State Bank Membership Fiduciary Powers Granted to National Banks The following list shows the changes affecting State bank membership during the month ended February During the month ended February 21, 1929, the 21, 1929, on which date 1,204 State institutions were Federal Reserve Board approved applications of the members of the system: national banks listed below for permission to exercise one or more of the fiduciary powers named in section ADMISSIONS 11 (k) of the Federal reserve act as amended, as follows: (1) Trustee; (2) executor; (3) administrator; Capital Surplus ! Total re- (4) registrar of stocks and bonds; (5) guardian of ! sources estates; (6) assignee; (7) receiver; (8) committee of District No. 2 i e in s t w at h e i s c h o f S l t u a n te a t b ic a s n ; ks ( , 9 ) t r i u n s t a n c y o m o p th an er i e f s i , d u o c r ia o r t y h er c a c p o a r c p i o ty - Midtown Bank of New York, N. Y. $500,000 $250,000 , $3,844,808 rations which come into competition with national District No. 3 banks are permitted to act under the laws of the State Miners Savings Bank, Olyphant, Pa_ 100,000 100,000 , 1,305,201 in which the national bank is located. District No. 7 Merchants Trust & Savings Bank, Battle Creek, Mich 250,000 125,000 i 4, 564,279 Dis- Powers Location trict Name of bank granted No. CHANGES Thomaston, Me Thomaston National Bank.. 1, 2, 3, 5, 8, District No. 2 i and 9. Mechanics Bank, Brooklyn, N. Y. , Somerville, Mass Somerville National Bank... 1 to 9. member (merged with Brooklyn j Huntington, N. Y First National Bank Ito9. Trust Co., Brooklyn, N. Y., a Wernersville, Pa Wernersville National Bank Ito9. member) _.!$4,000,000 $9, 000,000 i$67,172, 500 & Trust Co. Manufacturers Trust Co., New | Rising Sun, Md National Bank of Rising 5 to 9.1 York, N. Y., a member, has ab- | Sun. sorbed the State Bank & Trust | Johnson City, Tenn.. Unaka and City National Ito9. Co., New York, N. Y., nonmem- Bank. ber 5,000,000 6,632,000 117,735,000 Beaver Dam, Wis I American National Bank... 1 to 9. Bank of the Manhattan Co., New Docatur, 111. MilHkin National Bank 5 to 9.1 York, N. Y., has absorbed the Alliance, Nebr First National Bank 1 to 9. Little Neck National Bank, Little Omaha, Nebr First National Bank.. 5 to 9.1 Neck. N. Y 100,000 I 74,000 ! 1,240,000 Norman, Okla Security National Bank 1 to 9. American-Exchange-Irving Trust Childress, Tex First National Bank Ito9. Co., New York, N. Y., has changed Beverly Hills, Calif— First National Bank.. 1 to 9. its title to Irving Trust Co. Medford, Oreg First National Bank 1 to 9. District No. 4 Farmers & Merchants Bank, Walter- i Supplemental. boro, S. C. (voluntary withdrawal), 100,000 30,000 i 590,000 District No. 6 Changes in National Bank Membership Bank of Henry County, McDon- Ci o ti u z g e h n , s G B a a . n ( k c i l n o g s e C d) o., Eastman, Ga. 50,000 30,000 315,000 The Comptroller of the Currency reports the follow- (closed) 100, 000 20,000 j 607, 000 ing increases and reductions in the number and capital District No. 7 of national banks during the period from December 22, First Trust & Savings Bank, Chi- 1928, to January 25, 1929, inclusive: cago, 111 7,500,000 ' 7, 500,000 146, 574, 000 Union Trust Co., Chicago, 111 4,000,000 i 6, 000, 000 116,283,000 (Above banks consolidated under new charter and title of Num- Amount of F C i h r i s c t a g T o r , u 1 s 1 t 1. & , n S on av m in e g m s b e B r a .) nk, b b a er n k o s f capital Farmers Trust & Savings Bank, Seneca, 111., member (absorbed by State Bank of Seneca, 111., a mem- New charters issued. $500,000 ber) 25,000 10, 000 150, 000 Restored to solvency 0 District No. 8 Increase of capital approved i 30,160,000 Peoples Savings Bank & Trust Co., Aggregate of new charters, banks, restored Pine Bluff, Ark. (voluntary with- to solvency, and banks increasing capital. 30,660,000 drawal) 100,000 25, 000 886, 000 District No. 11 Liquidations 1 1 , , 9 0 9 00 0 , , 0 0 0 0 0 0 First State Bank & Trust Co., Sny- Reducing capital2 _ der, Tex. (voluntary withdrawal)._ 50,000 ! 15,000 684,000 30 2, 990,000 First State Bank, Idalou, Tex. Total liquidations and reductions of capital- (closed) 25,000 i 5,000 192,000 District No. 12 Consolidation of national banks under act of 63,625,000 Nov. 7, 1918 Monterey County Bank, Salinas, Consolidation of a national bank and a State 28,100,000 Calif, (title changed to Monterey bank under act of Feb. 25, 1927. County Trust & Savings Bank). Total consolidations 91,725,000 Aggregate increased capital for period 30. 660,000 Acceptances to 100 Per Cent Reduction of capital owing to liquidations, etc 2,990,000 The following member institution has been author- Net increase.. 27, 670,000 ized by the Federal Reserve Board to accept drafts and bills of exchange up to 100 per cent of its capital and i Includes 3 increases in capital aggregating $5,850,000 incident to consurplus: Chatham Phenix National Bank & Trust Co., solidations of State banks under act of Feb. 25, 1927. *Includes one reduction in capital of $300,000 incident to a consolida New York, N. Y. tion under act of Nov. 7, 1918. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
224 FEDERAL RESERVE BULLETIN MARCH, 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 Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L • o S u t. i . s M ap in o n li e s - K C a i n t s y as Dallas F c S i r s a a c n n o - Bills discounted: 1928—February 470.7 45.2 119.3 53.1 50.8 27.3 28.3 50.9 24.0 4.0 11.4 4.1 52. a March 513. 2 49.5 130.0 49.2 57.0 27.8 25.2 67.9 26.1 3.3 10.5 3.8 63.1 April 660.9 44.4 210.9 52.7 60.8 34.6 38.9 87.6 33.1 10.1 18.8 8.0 61.3 May -. 835. 5 59.6 296.9 60.4 68.4 43.0 51.9 109.5 39.0 10.6 22.9 9.0 64. a June 1,018. 7 84.8 376.1 80.2 89.3 48.0 59.8 136.1 52.9 8.5 22.4 11.3 49.4 Julv 1, 089. 6 68.0 382.6 93.8 100.8 54.9 68.5 156.7 55.1 12.2 23.9 16.7 56.5 August. 1,060. 8 61.1 321.3 99.1 80.1 56.6 76.8 159.4 58.8 18.5 22.7 29.8 76.7 September 1,064.3 50. 9 352.3 106.5 77.8 57.2 82.9 113.8 65.0 17.8 24.0 29.6 86.5 October . _ 975.2 45.9 300.7 93.7 75.5 47.8 79.4 134.1 49.8 18.1 31.3 25.3 73.5 November 897.3 50.6 238.1 79.3 85.6 42.5 68.7 138.8 43.9 16.0 43.1 21.3 69.6. December 1,013. 0 65.0 298.7 91.3 108.0 40.8 57.8 178.9 39.6 10.4 44.2 17.9 60.3 1929—January 859. 2 60.4 245.9 73.1 79.7 40.7 58.5 142. 7 37.4 12.0 33 3 20.6 55 0 February _ 889.2 61.9 216.3 85.5 84.7 41.0 55.8 165.9 37.8 12.8 32.5 19.2 75. a Total deposits: 1928— February..._ . 2,419. 5 154.1 942.7 140.4 192.2 75.1 72.5 349.7 87.5 54.6 95.0 70.6 185.0 March 2,411.7 153.7 948. 8 140.7 189.5 72.9 71.2 349.7 84.5 55.3 94.4 68.5 182.5 April 2,450. 2 159.0 972.8 142.3 190.3 73.4 72.4 353.5 84.3 53.9 94.1 67.0 187. 3 May 2, 438. 8; 155.7 965.1 140.8 191.8 71.8 70.9 358.2 84.1 53.1 92.8 66.3 188.0 June . 2, 394. 9 150.6 942.1 137.8 188.9 70.2 67.8 355. 9 81.6 54.0 91.8 65.2 189.0 July 2, 372. 6 151.4 919.4 137.2 190.1 70.1 66.5 355.4 81.6 53. 3 93.7 65.6 188. 3 August 2, 330. 2 149.6 889.8 134. 4 189.3 69.7 66.4 350. 6 80.8 52.6 94.8 64.8 187.4 September _ 2, 370.1 152. 6 897. 8 137.9 195.8 70. S 65.2 357.0 83.6 55.0 97.5 67.3 189.5 October 2,380. 6 J 155.0 902.9 137.0 190.9 71.3 65.8 357. 7 83.5 57.0 95.7 70.8 193.1 November 2, 401. 6I 154.7 920.9 136.4 188.9 71.5 67.1 357.7 83.8 57.5 94.8 73.1 195.1 December 2, 415.1 ! 150.7 939.1 136. 8 186.2 71.7 69.6 357.2 85.3 56.4 94.4 73.7 194.0 1929—January 2,436. 3 i 152 4 953. 2 139. 4 190. 1 71.9 69. 1 358. 2 85 9 55. 3 95 6 73.3 191. 8 February... 2, 406. 7 149.2 943. 2 135.4 188.7 71.1 69. 1 357.0 85.0 54.0 93.8 72.8 187.3 Member bank reserve balances: 1928—February _ 2. 368.1 151. 0 924.4 138.5 188.1 72.4 70.0 345.8 85.0 53.1 92.4 69.3 178.2 March 2, 365. 0 151.2 931.6 138.6 186.0 70.6 69.4 345.7 82.8 53.9 92.4 67.1 175.8 April 2, 396. 5 156.3 955.5 139.3 186.7 69.9 69.1 348.1 82.5 52.4 91.9 65.4 179.5 May _ 2, 387. 6! 153.6 946.8 138.5 188.7 69.0 68.3 353.2 82.3 51.6 90.6 64.9 180. a June 2, 354. 51 149.3 925.9 136.2 185.9 68.5 66.6 352.0 80.3 52.9 90 3 64.1 182.5 July 2, 323. 5| 149.9 902.4 134.7 186.8 67.2 64.7 351.0 79.7 52.0 91.7 63.7 179.9 August.. 2, 273. 91 147.1 872.0 132.0 185.8 66.2 63.7 344.8 78.5 50.7 92.4 62.5 178.2 September 2, 314. 3i 149.6 883. 2 134.9 190.3 67.6 62.7 352.3 80.1 53.0 92.8 65.5 182.4 October _._ 2, 332. 2 152. 5 889.7 134.8 187.8 68.3 63.4 353.3 80.5 55.1 92.5 68.9 185.2 November 2, 352. 31 152.0 903. 4 134.4 185.4 69. 1 64.8 354.0 81.5 56.1 93.0 71.4 187.3 December.. 2, 366. 8! 148.6 923.4 134.5 183.4 69.6 67.5 353.0 83.4 55.1 93.0 72.2 183.2 1929—January 2, 386. 71 150.5 936.3 137.2 187. 0 69.7 67.2 354. 3 84 2 53.9 93 9 71.8 180.7 Februarv. 2, 357. 3\ 146.7 928. 5 133.5 185.7 68.6 67.6 352.8 82.9 52.5 91.9 70.7 176.0 Government deposits: 1928—February 25.6 2.0 6.8 1.3 2.2 2.3 1.9 2.3 1.4 1.2 1.4 1.0 1.8 March 23.0 2.0 5.9 1.6 1.9 2.0 1.5 2.2 1.2 1.0 1.1 1.2 1.5 April . 20.8 ! 2.1 5.2 2.3 1.7 3.0 2.7 3.0 1.2 1.0 1.3 1.4 1.9 May 23.8 1.6 5.3 1.6 1.6 2.3 2.0 2.8 1.3 1.1 1.4 1.1 1.9 June 12.8 ; .6 4.1 .8 .8 1.2 .8 1.1 .6 .6 . 7 .9 July. 19.5 i .7 3.7 1.3 1.0 2.2 1.4 1.8 .9 1.2 1.5 2.7 August 27.9 ! 1.6 6.9 1.4 1.2 2.7 2.2 2.7 L2 1.4 1.4 2.0 3.2 September 17.6 1.6 4.2 1.3 1.3 1.7 1. 6 1.2 .8 .8 .7 1.2 1.1 October 18.7 1.7 3.3 1.2 .9 2.2 1.6 1.4 1.2 .9 1.1 1.6 1. 6 November 17.5 1 1.4 2.9 1.3 1.2 1.9 1.8 1.4 1.2 .9 .9 1.4 1.3 December _ _. 18.8 i 1.4 4.6 1.6 1.2 1.7 1.7 1.5 .9 .8 .8 1.2 1.4 1929—January. _ 18.2 1.2 3.7 1.3 .9 1.7 1.5 1.6 1.1 1.0 1.2 1.3 1.8 Februarv 20.9 1.3 4.7 1. 1 1.3 2.1 1.1 2.3 1.3 1.1 1.3 1.1 2.0 All other deposits: 1928—February 25.8 1.2 11.5 .6 1.9 .4 .6 1.7 1.0 .3 1.2 .2 5.0 March _ .. .. 23.7 .5 11.3 .6 1.6 .3 .3 1.8 .5 .4 .9 .2 5.2 April 26.9 .6 12.1 .8 1.9 .5 .6 2.4 .6 .5 .9 .3 5.9 Mav 27.3 .6 13.1 .8 1.6 .4 .6 2.3 .6 .4 .9 .3 5.9 June . 27.5 .7 12.1 .9 2.1 .5 .4 2.8 .7 .5 .9 .3 5.6 July 29.7 .9 13.4 1. 1 2.3 .7 2.7 .8 .5 .8 .4 .5.7 August 28.4 .9 10.8 1.0 2.3 .7 3.1 1.0 .5 1.0 .4 6.0 September _ .. 38.2 1.4 10.4 1.7 4.2 1.5 1.0 3.5 2.8 1.2 4.0 .5 6.1 October _ 29.7 .7 9.9 1.0 2.1 .8 .8 3.0 1.7 1.0 2.1 .3 6.3 November 31.8 1.3 14.6 .8 2.4 .5 .5 2.3 1.1 .5 .9 .3 6.6 29.4 :S 11.1 .8 1.6 .5 .4 2.7 1.0 .5 .6 .3 9.4 1929—January _ 31.3 13.2 .8 .5 .4 2.3 . 7 .5 .5 .3 9.3 February 28.5 10.0 .7 r.8 .4 .4 1.9 .8 .4 .6 1.0 9.3 1.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAECH, 1929 FEDERAL RESERVE BULLETIN 225 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES AT END OF MONTH [In thousands of dollars] 1929 1928 Feb. 28 Jan. 31 Feb. 29 EESOURCES Total gold reserves 2,676,805 2,656, 550 2,808, 370 Reserves other than gold 153, 549 164,354 165,931 Total reserves. 2,830,354 2,820,904 2,974,301 Nonreserve cash 73, 930 87,814 70, 296 Bills discounted _ 972, 631 805, 388 492, 568 Bills bought: Outright 303,853 *382, 870 302,932 Under resale agreement _ 25, 700 *56, 947 40,827 Total bills bought 329, 553 439,817 343, 759 United States securities: Bought outright 164, 984 199, 017 401, 607 U nder resale agreement 3,750 2,710 5,995 Total United States securities 168, 734 201, 727 407, 602 Other securities _ __ 10, 250 9,025 1,000 Total bills and securities 1, 481,168 1,455, 957 1,244, 929 Duo from foreign banks 724 730 567 Reserve bank float1 27,729 27,407 17,850 Total reserve bank credit outstanding... 1,509,621 1,484,094 I 1, 263, 346 Federal reserve notes of other reserve banks... 17,076 | 22,361 ! 17,150 Other uncollected items not included in float.. 648, 607 597,761 j 579, 520 Bank premises._ __ 58,660 *58,622 | 59, 064 All other resources.. 7,907 *8,298 11,168 Total resources.. 146,155 5,079,854 4,974, 845 Federal reserve notes: Held by other Federal reserve banks. 17,076 22, 361 17,150 Outside Federal reserve banks. 1,647,466 1, 632, 948 1,571,088 Total notes in circulation. 1,664,542 ! 1,655,309 j 1, 588, 238 Deposits: Member bank—reserve account. 2,362, 358 2, 362, 002 2, 374, 515 Government 21, 260 16, 854 27, 917 Foreign bank 5, 849 6, 231 6,044 Other deposits 19,130 22,454 17,129 Total deposits 2,408,597 I 2,407, 541 2,425, 605 Deferred availability items.. 648,607 j 597, 761 579, 520 Capital paid in. 153,480 I 148, 810 136, 592 Surplus 254,398 j 254, 398 233,319 All other liabilities 18,531 16, 035 11, 571 Total liabilities 5,146,155 5,079,854 ' 4, 974, 845 Contingent liability on bills purchased for foreign correspondents.. 304, 499 312, 814 238^817 * Revised. 1 Uncollected items (exclusive of Federal reserve notes of other,,Federal reserve banks) in excess of deferred availability items. KINDS OF MONEY IN CIRCULATION [End of month figures. In thousands of dollars] Total G co o i l n d G ti o fi l c d a c te e s r- d S s o t i a a l l r v l n d a e d r r s - c S c e i a r l t t v i e f e s i r - n T o 1 u r t 8 e e r 9 y s a 0 s o - f S s u i i a b lv r s y e id r - Minor U S n ta i t t e e s d ™ not ™ es I j ™ F n e o d t e e r s al t n bi N 0 o aD t a n e - ak s l "I" 1928—Jan.31 ..._j 4, 677,055 389,364 1,015,888 46, 764 372,485 1,312 276,105 109, 727 283,119 1, 560, 703 4,237 617,290 Feb. 29 . 4,690,430 385,856 1, 003, 880 46,412 368,938 1, 311 275,101 109, 640 286,187 1,570,063 4,178 638,866 Mar. 31 _j 4,748,934 383,116 1,024,875 46,188 372, 709 1,308 274, 544 109,922 290, 046 1, 588, 391 4,138 653, 696 Apr. 30 :. 4,748,458 381, 203 1, 020, 267 46,154 377,946 1,306 276,089 110, 306 293,119 1,585,904 4,096 652, 068 May 31... _.! 4,744,074 379, 684 1,013,139 46, 228 379,604 1,305 277,404 110,921 296,189 1,586,975 4,072 648,552 J Ju u l n y e 3 3 1 0. . . . . ....; i 4 4 , , 7 7 0 9 0 6 , , 5 6 3 2 5 1 3 3 7 7 7 4 , , 9 0 8 1 0 7 1, 9 0 7 1 7 9 , , 0 1 7 4 7 9 4 46 6 , , 0 2 8 2 2 3 3 38 8 4 4 , , 1 5 5 7 9 7 1 1 , , 3 3 0 0 4 1 2 2 7 7 9 8 , , 0 1 7 7 2 4 1 11 1 1 1 , , 0 4 6 0 7 0 2 2 9 9 3 8 , , 2 4 3 3 5 8 1 1 , , 6 5 2 9 6 2 , , 4 1 3 3 3 7 4 3 , , 9 0 8 2 5 9 6 65 3 0 7 , , 1 2 0 1 9 2 Aug. 31.... 4,802,820 373, 558 981, 785 46, 241 391,047 1,300 280, 661 111,937 300, 563 1, 662, 249 3,948 649, 532 Sept. 29 ! 4,846,198 i 372,909 977,673 46,411 397, 589 1,298 283,296 112,431 303,110 1,698,908 3,916 648,656 1929— F N O D J e a e c o b n c t v . . . . . 3 3 2 3 3 1 8 1 1 0 » _ . . . --! | 1 4 4 4 4 4 , , , , , 9 6 6 8 9 9 9 5 0 7 0 9 6 6 3 , , , , , 1 6 2 2 1 1 1 1 3 6 4 7 8 0 8 j 3 3 3 3 7 9 7 7 8 5 3 4 , , , , 3 3 2 2 1 0 0 1 0 6 2 6 1, 9 9 0 9 9 5 3 3 2 9 9 5 0 3 0 , , , , , 1 9 6 4 5 9 9 3 5 4 3 6 7 2 6 4 4 4 4 4 6 6 4 6 4 , , , , , 4 2 0 3 4 5 9 7 4 7 6 8 5 2 5 3 4 4 3 3 1 8 0 9 8 0 5 4 4 1 , , , , , 8 3 6 3 3 6 2 7 3 8 0 8 2 4 9 1 1 1 1 1 , , , , , 2 2 2 2 2 9 9 9 9 9 6 4 5 2 1 2 2 2 2 2 8 8 8 8 9 5 0 8 0 1 , , , , , 7 0 3 3 7 5 0 1 6 5 1 2 4 8 0 1 1 1 1 1 1 1 1 1 1 5 3 4 3 4 , , , , , 6 4 0 6 7 4 2 0 1 8 1 7 7 3 0 3 3 2 2 2 0 0 8 9 8 0 3 6 4 2 , , , , , 0 1 1 6 6 1 9 7 5 0 5 9 2 9 3 1 1 1 1 1 , , , , , 8 6 7 6 6 0 3 7 4 8 8 1 6 0 9 , , , , , 4 0 1 1 3 5 5 8 7 2 6 3 4 1 7 3 3 3 3 3 , , , , , 7 8 8 8 7 4 8 4 2 7 7 0 8 0 5 6 6 6 6 6 5 2 1 3 1 0 6 5 8 2 , , , , , 9 9 0 3 7 6 1 7 6 4 5 5 7 1 4 1 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
226 FEDERAL RESERVE BULLETIN MARCH, 1929 FEDERAL RESERVE BANKS—AVERAGE DAILY RESERVES AND DEMAND LIABILITIES IN FEBRUARY AND JANUARY, 1929 [In thousands of dollars] Total cash reserves Total deposits Reserve percentages Federal reserve bank February \ January : February January February January ; February January Boston 173,813 170,746 ! 149,229 152, 354' 129, 810 143,925 : 62.3 57.6 New York 991, 902 906,036 : 943,161 953,202 318, 571 333,814 78.6 70.4 Philadelphia.. 174,187 185, 394 135, 384 139. 351 140,128 131,801 63.2 68.4 Cleveland 266, 226 260,428 : 188, 741 190, 097 203, 358 205,441 i 67.9 65.8 Richmond 93, 785 89,489 71,101 71,934 76,663 81,275 63.5 58.4 Atlanta 126,182 113,999 69,113 69,123 130, 245 130,349 : 03. 3 57.2 Chicago 432,821 461, 262 357, 010 358, 213 277, 267 205,618 i 68.2 70.5 St. Louis 86,321 87,670 84,955 85,919 60,257 61,571 59.4 59.4 Minneapolis.. 81, 919 78, 366 54, 036 55, 297 61, 274 02,024 71.0 66.8 Kansas City- 110, 710 116,079 93, 787 95, 591 66, 639 6S, 283 ! 69.0 70.8 Dallas 64,945 64, 878 i 72, 800 73, 346 40, 017 44,400 | 57.6 55.1 San Francisco. 223, 859 243, 416 187, 334 191,823 159, 263 163,617 ; 64.6 I 68.5 Total- 2,826,670 I 2,777,763 [ 2,406,651 2, 436, 250 1, 663, 492 1,722,118 i 66. i FEDERAL RESERVE BANKS-RESOURCES AND LIABILITIES, BY WEEKS RESOURCES [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- ; m Ri o c n h d - la A n t t - a c C a h g i- o L S ou t. is n M o e l a i i n p s - - Kansas Dallas F c S r is a a c n n o - Gold with Federal reserve agents: Feb. 6 _ 1,192,665 62,305 242,1731 102,174! 137,049i 50,814 79,137 232,836| 28,017 47,536 54,300 18,254 138,070 Feb. 13 1,214,425! 60,163 2"4J2", 0"7"2" 103,460! 138,221 53,985 87,91l| 232,728 30,550 47,536: 53,773 19,481 144,545 Feb. 20 _ 1,207,199; 63,167 241,981 9933,446644 113388,447744'' 52,599 86,529* 232,651 28,143| 48,057 52,833 21,342 147,959 Feb. 27 1,167, 630 61, 565 241, 981 91,582 137,867! 51,683 91,623 202,651 27,901 47,448 52,571 20,826 139, 932 Gold redemption fund with United States Treasury: Feb. 6 _ 64,362! 7,630 12, 560 8,221 5,053 2,789 4,547 6,307 5,332 1,091' 4,1 2, 505 4, 241 Feb. 13 60,347 9,029 11,441 5,758 4,730 2,259 3,790; 4,796; 6,112 1,351: 4,157 2,344i 4, 580 Feb. 20 60,476 5,336 14,841 6,759 4,801 2,540 3,669! 6,483 3,945: 1, 507' 4, 582 1,942 4,071 Feb. 27 67, 836i 6,440 13, 558 8,129 5,916 2,474 4,414 10,434 3,637i 1,878 V~~ 2, 263 4, 205 Gold held exclusively against | Federal reserve notes: i Feb. 6 _ 1,257,027 69,935 254,733- 110,395 142,102 53,603' 83,684 239,143 33,349J 48,627i 58,386 20,759 142,311 Feb. 13.. 1,274, 772 69,192 253,513! 109,218 142,951; 56,2441 91,701 237,524 36,6621 48,887| 57,930 21,825j 149,125 Feb. 20 1,267,675 68, 503 256,822: 100,223 143,275 5555,113399 90,198 239,134 32,088i 49, 564! 57,415 23,284J 152,030 Feb. 27 1, 235,466 68,005 255, 539 99,711 143, 783 54,157 96,037 213,085 31, 538i 49, 326 57,059 23,089 144,137 Gold settlement fund with Federal Reserve Board: Feb. 6 747, 771 50,024 299,273 28,178 64,830- 12,332 17,206 134,057 22,870 25,039 37,899 20,826 35,237 Feb. 13 752,817 61,669 269,467 26,146 66, 508 15,825| 19,614 136,167 26,912 25,619 42,280 27,252 35,358 Feb. 20 764,092j 73, 793 329,7031 22,749 70,422 12,913| 16,376 93,414 20,970i 23, 730 40,467 26, 747 32.808 Feb. 27._ 796,139 65,889 334,545' 20,086 80,453, 14, 573 20,087 122,034 28, 233! 21, 577 42, 847 22,992 22, 823 Gold and gold certificates held | by banks: Feb. 6 659,122 27,519 414,97l| 36,500 45,397i 14,295 6,678i 51,151 11,470i 4,192 5,428 12,837 28,684 Feb. 13 658, 632 27,385 414,398i 37,123 44,017 14,632 7,148j 51,008 11,625 4,660 5, 581 12,909 28,146 Feb. 20 649.343 24,864 407,006 37,093 44,659 14,392 7,196 53, 544 11, 905 4,595 5,261 10, 517 28, 311 Feb. 27—_ 655, 241 24,125 411,873 38,859 44, 899j 14, 262 7,382 53, 864 11, 250: 4,961 4,997 10, 553 28, 216 Total gold reserves; Feb. 6 2,663,920 147,478 968,977 175,073 252,329. 80,230 107, 568 424,351 67,689 77,858 101,713! 54,422 206,232 Feb. 13.. 2,686,221 158,246 937,378 172,487 253,476 86, 701 118,463 424,699 75,199 79,166 105, 791 i61,986 212,629 Feb. 20 2,681,110 167,160 993,531 160,065 258,356 82,444 113,770 386,092 64,963 77,889 103,143! 60,548 213,149 Feb. 27 2,686,846 158,019 1,001,957 158, 656 269,135 82,992; 123,506 388,983 71, 021 75, 864 104,903; 56,634! 195,176 Reserves other than gold: Feb. 6. 166, 685 18, 732 41,107 9, 534 11,593 10,686| 10,970 15,978 18,255 3,038 5,734! 7,183 13,875 Feb. 13 161,928 18,715 40,970 8,743 10,107 9, 709] 10,596 15,401 18,197 3,062 6,356! 7,206 12,866 Feb. 20 158, 751 17, 577 39, 773 10,281 9,115J 9, 738 15,180 17,405 2,878 6,216 7,195 14,524 Feb. 27 157,318 17, 502 41, 213 7,175 9,057 8, 794 9.380; 15,866 16, 785 3,225 6,316 7,085 14,920 Total reserves: Feb. 6. 2,830,605; 166,210 1,010, 084184,607 263,922 90,916 118,538 440,329 85,944 80,896 107,447 61,605! 220,107 Feb. 13.. 2,848,149 ! 176,961 978, 348 181, 230263,583 96,410 129, 059 440,100 93, 396 82, 228 112,147; 69,192 225,495 Feb. 20 _ 2, 839, 861 184, 7371, 033, 304168,934 268,637 91, 559 123,508 401,272 82, 368 80, 767 109, 359 i67,743 227,673 Feb. 27 2,844,164;! 175,521 1,043.170 165,831 278,192 91, 786 132,886 404,849 87,806 79,089 111,219 63,719 210,096 Nonreserve cash: ! Feb. 6 86,458! 8,892 35,089 2,476 4,! 7,392 4, 508 7,488 4,659 1,138 1,929! 3,193| 4, 710 Feb. 13... 81,967 8,201 33, 531 2,597 4,: 6,442 4,399 6,764 4,510 1,096 2,064! 3,320i 4, 774 F Fe e b b . . 2 2 7 0 7 7 7 8 , , 1 3 1 9 8 6 1 6 6 , , 7 2 5 9 6 0 3 32 1 , , 4 0 5 8 1 1 2 2 , , 5 4 8 3 6 3 4 4, , 6 6 1 79 8 1 5 5 , , 6 6 3 1 1 1 4 3 , , 0 7 2 59 4 . 7 7 , . 8 0 2 7 6 3 4 4, , 3 4 2 7 0 5 1 1 1 , , 1 2 5 8 1 1 1 1, , 8 7 9 5 5 7 1 i 3 3 , , 4 2 4 8 8 0 J : 4 4 , , 4 6 8 0 4 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1929 FEDERAL RESERVE BULLETIN 227 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands of dollars] Total Boston: Y N o e r w k d P e h l i p l h a- ia Cleve- Dallas F S r a a n ncisco Bills discounted: Secured by U. S. Government obligations— Feb.6 539.462 35, 387 141,628 48,112 49,879' 18, 716 23, 247 96, 226 23, 549 16,449': 18, 356 58, 829 Feb. 13. 617,744: 37, 229 197, 399 53,109 65,169 j 16,624 19,520 115,797 21, 570 12,176| 14,600 56,471 Feb. 20... 518,271; 36, 835 107,926 59, 613 54,716| 20,722 19,019, 111,429 25,486 6,398 15, 558 13,480 47, 053 Feb. 27 608, 752 40,838 172,139 62, 560 53,185 21,835 17,491| 118,198 21, 418 13,846 13,974j 12, 578 60,690 Other bills discounted— | Feb. 6 312,159 26, 888 53,499 22,220 30, 844 20, 722 36, 218J 54,486 15, 503 3,892 20,296! 4,6191 22,972 Feb. 13 286, 205 16,952; 55, 294 27, 083 24,336 18,411 37, 460 46, 615 10, 741 3, 403 18,614; 2,797 24,499 Feb. 20 346, 709! 17,166 73, 801 30,961 26, 093 20,485 36,133 i 77, 773 16, 322 3,067 16, 441! 4,232| 24, 235 Feb. 27 343, 730! 23, 654: 50, 250 31, 961 24, 640 21, 325 34,998, 87.932 16,469 2,604 15, 331j 5, 398 29,168 Total bills discounted: Feb.6 851,621 62,275 195,127 70, 332 80, 723! 39,438 59,465! 150,712 39, 052 12,976 36, 745 22.975 81, 801 Feb. 13 .-.- 903, 949 54,181 252,693 80,192 89, 5051 35,035 56,980 162,412 32, 311 11,483 30, 790! 17, 397 80, 970 Fob. 20 864,980! 54,031: 181, 727 90, 574 80,809! 41,207 55,152i 189,202 41, 808 9,46." 31,999; 17, 718 71,288 Feb. 27 952. 482 64, 492: 222, 389 94, 521 77,825 43,160 52,489! 206,130 37, 887 16,450 29, 305! 17.976 89, 858 Bills bought in open market: Feb. 6 410,742i 58, 762 103, 734 25,16: 37,061 17,488 22,162; 42, 2301 9,172 15, 777 9,129! 20, 003 50,057 Feb. 13 391,058 55,809 94,598 26, 762 35, 505; 15,955 19, 760: 39,440 9,093 13,838 9,62li 18, 791 51, 886 Feb. 20 355, 636; 47, 623 70, 355 24, 793 34,484! 15,613 19, 716' 39,488 10, 397 13, 357 11, 5391 19, 200 49, 071 Feb. 27 334,075', 43, 707 66, 632 22, 543 32,418! 14, 218 19, 058! 37, 422 12,805 9, 892, 18, 855 46, 854 U. S. Government securities: Bonds— Feb. 6. 51,615; 1,384 585 548: 1,152 44 19,937, 7,12 4,519 7, 755! 7, 813! 64 Feb. 13 51, 592i 1, 585 548! 1,152 21' 19,937! 7,125 4,519 7,755: 7, 813; 64 Feb. 20 51, 592' 689 1,384 585 548! 1,152 21: 19,937 7,125 4,519 7, 755! 7, 813 64 Feb. 27 51,593 689 1,384 585 548! 1,152 22 19,937: 7,125 4,519 7, 755i 7, 813! 64 Treasury notes— 1 : i Feb. 6 97,8691 3,091 12, 682 10, 307 28, 530' 1,062 3, 558 6, 239: 11, 563 4,619 902: 2,219 13,097 Feb. 13 - 96, 843, 3,091 11,682 10,307 28, 530, l,06r 3, 557: 6, 214 11, 563 4,619 902 2,219 13,097 Feb. 20 95,144! 3,004 10, 381 10, 225 28, 4341 1,03; 3, 529, 6, 339 11, 504 4,575 902: 2, 219| 12, 999 Feb. 27 90, 738 2, 630 9, 332 9, 871 28, 024 903 3, 403i 5, 238 11, 253 4,385 902 2, 2191 12, 578 Certificates of indebtedness— Feb. 6 50, 605 4,411 12,121 10, 555 3,8841 1,213 1, 303; 7, 439: 2, 355 1,770 1,106! 506 3,942 Feb. 13 28, 735 2,524 5,603 8, 771 1, 8141 561 67l! 3,251 1, 817 1,106! 706, 1,822 Feb. 20 25,853; 2,219 4,549j " •- 1,480' 455 452 3,225 885 663 1,106: 856 1,480 Feb. 27 24, 069! 2,078 4, 6001 8, 348 1, 324! 407 400! 2,397, 592 1,106 706! i} 321 Total U. S. Government securities: j Feb. 6 ! 200,089 8,191 26,187j 21, 44' 32,962: 3,427 4,905 33, 615' 21,043 10,908 9, 763 10, 538, 17,103 Feb. 13 ____| 177,170 18,669J 19, 663 30,892 2,775 4, 249; 29, 402 19, 777 9,955 9,763; 10, 738 14,983 Feb. 20 - i 172, 589! 5,912 16, 314 19, 293 30,462 2,640 4,002: 29,501! 19,514 9, 757 9,763 10,888 1"4 , ~5-43 Feb. 27 166, 400 5, 397 15, 316 18,804 29,896! 2,462 3, 825, 27, 572 19,168 9,496 9,763 10,738 13, 963 Other securities: Feb. 6 1,075' 825 1, 500 6,000) 750 Feb. 13 9,075: 825 1, 500| 6,000 750 Feb. 20 10, 075 1,825| 1, 500! 6,000 750 Feb. 27 10, 075 1,825 1, 500! 6, 000 750 "I- Total bills and securities: Feb. 6 1,471,527- 129,228 325,048. 116,946 150, 7461 60, 353 86, 5321226,557! , 40,486 57,137 59,516: 149,711 Feb. 13 _ l,481,252i 116,294 365,960 126,617 155, 9021 53, 765 80,989 231,254; 61,181 36,101 51,674 52,926! 148,589 Feb. 20 l,403,280i 107,566 268,396| 134,660 1144K5 ,77K5»5v; 59,460 78,870:258,19l! 71, 719 34,404 54,80ll 53,806| 135,652 Feb. 27 1,463,032. 113,596 304,337 135,868 140,139! 59,840 75,372! 271,124! 66,726 40, 576 50,460 53,569 151,425 Due from foreign banks: Feb. 6____ 731! [ 54 222 70 100; 29 18 24 53 Feb. 13 73l! 54 222 70 100 29 18 24 24[ 53 Feb. 20 729 54 219| 70 100: 29 18 24 24! 53 Feb. 27 T7O2O9: i 54 251199| 70 100! 29 18 24 24 53 Uncollected items: Feb. 6 646, 528| 64,165 175,703! 56,096 57,302 50,44: 24,790: 74, 5871 31,089 12,440 37,864 26, 794 35,257 Feb. 13.._ 665,350! 68,186 177, 457 55, 273 61, 508! 51, 32: 24,182 77, 590 33,393 12,497 37,434 27, 332 39,177 Feb. 20 719,2441 69, 250 205,457 62,827 69,715! 48,882 27, 797i 86, 359; 31,094 13,073 37,132 28,310 39, 348 Feb. 27 713,637; 69, 976 195, 618 60, 776 70,934 51, 017 23,935j 88,350 31, 230 13, 203 41, 285 26, 580 40, 733 Bank premises: Feb. 6. 58,622i 3,702 16,087 1,752 6, 535 3, 57£ 2,744 8, 527! 3,828 2,110 4,140! 1,921 3,701 Feb. 13 58,656! 3,702 16,087 1,752 6, 5351 3, 575 2, 744 8, 527 3,862 2,110J 4,140 1,921 3,701 Feb. 20 58, 656| 3,702 16,087 1,752 6,535; 3, 575 2,744 8, 527; 3,862 2, lio! 4,140 1,921 3,701 Feb. 27 58, 660 3,702 16, 087 1,752 6, 5351 3, 575 2,744 8, 527i 3,862 2,110 4,140 1,922 3,704 All other resources: I Feb. 6 7, 674j 71 1,047 228 1,1751 47! 1,389; 797,' 4561 790 326 513 403 Feb. 13 7,830 71 973 261 1,1921 503 1,486, 818i 473 762 369 511 411 Feb. 20 7,934! 85 776 282 1, 208; 499 1,7041 827, 483 772 359! 526 413 Feb. 27 - 8,246 55 823 347 1,224 492 1 663 952! 488 379! 539 418 Total resources: Feb. 6 5,102,145 372, 322 1,563, 280 362,175 484,739 213,19C 238,529 758,3851 195,272 137,878 208,867! 153,566 413,942 Feb. 13 5,143,935 373,469 1, 572, 578 367,800 493,064' 212,05C 242,887; 765,153: 196,844 134,812 207,852! 155,226 422, 200 Feb. 20 5,107,100! 372,150 1, 555, 690 371,11: 496,543 209,620 238,676! 762,349! 194,030 132,425 207,572! 155,610 411,324 Feb. 27 5,166, 586 369,194 1, 592, 335 367,07' 501,778; 212,375 240,388| 781,728; 194,461 137,013 209,402 149,801 411, 034 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
228 FEDERAL RESERVE BULLETIN MARCH, 1929, FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued LIABILITIES [In thousands of dollars] Boston! Y N o e r w k I 'd P e h lp il h a i - a m Ri o c n h d - Atlanta! C ca h g i o - L S o t u . is i * M "£ £" Ka C n i s t a y s F c S r is a a c n n o - Federal reserve notes in circulation: Feb. 6 1, 646, 308 130,847! 318,161| 132,879 195,' 77,393 129,235 274,126 60,091 61,179 66,757 40,877 158,983 Feb. 13... 1, 659, 777 127, 953i 315,7091 142,595 205,976 75,653 128,928 275,958 59, 748 61, 275 66,467 39,979 159, 536 Feb. 20.— - 1, 651, 595 128, 962, 313,707! 139,452 201,459 75,624 130,167 276,945 60,144 61,420 66, 537 39,489 157, 689 Feb. 27...- 1, 653, 971 j 127,438j 308,057 140,995 208,374 74,620 130,580! 278,561 60, 049| 61, 655 66, 588 38, 617 158,437 Deposits: Member bank—reserve account— Feb. 6 2, 386, 284 I147,851 948,515 136,188 188, 284 69, 560 67,098 352,564 84, 524 53, 679 92, 398 69, 652 175, 971 Feb. 13 2, 372, 622 '••153, 078 947,1511 129,756 181, 788 68, 786 69,445 344,701 84, 737 50,612 91,835 69,876 180,857 Feb. 20 2, 318, 644 !143,018 917,400; 132,401 184, 722 67, 721 65, 038! 342,167 81,787| 48,623 91,909 70, 794 173, 064 Feb. 27 2, 367, 250!i141, 879 959,853 128,758 182, 058 67, 676 67,195; 353,413 82, 316; 52,105 90, 903 69, 524 171, 570 Government— Feb. 6.. 168 5,433 1. 382 2,609 1,411 1, 733: 1, 760 1, 3981 1, 055 867; 1,9 4,300 Feb. 13 1, 788! 4, 687! i; 301 287 1,512 1,765 2, 000 1, 261; 1, 396 1, 556! 2,430 Feb. 20 3691 2, 2011 858 1,391 921 412 3,644 1,389: 744 1,177] 1, 018 1,063 Feb. 27.. 406 2,022| 1, i 1,304 1, 540| 1,8651 4, 626 2,130 1,125 779: 1,4912,781 Foreign bank— Feb. 6 5,876i. 461 1, 533 636 287J 243! 853 249 156 206 206 448 Feb. 13 5,37l|i 461 1, 0281 598 6361 287] 243' 853 2491 156 2061 206 448 Feb. 20 6, 475 : 461 2,1321 598 636| 287 2431 853 2491 156 2061 206 448 Feb. 27 5, 606 ! 461 1,263 598 636! 287 243 853 249 156 206 206 448 Other deposits— I Feb. 6 21,938i' 110 8,076 91 1,476 115! 137i 915 337 279 262 964 9,176 Feb. 13 22, 6671 110 7,384 235 1,325 118 108,' 1,558 287 241 306 1,048 9,947 Feb. 20. 20, 715 , 118 8,384 138 784 104! 111! 669 306 280 220 1,004 8,597 Feb. 27 18,960 7,766 218 6151 | 86] 1,398 245 257 254 27 7,921 Total deposits: Feb. 6 2,438,140 148, 590] 963,557 138,259 193, 005 71,373! 69,211 356,092 86,508 55,169 93, 733 72, 748 189,895 Feb. 13 2, 421, 522 155,437 960,250' 131,890 184,036 70, 703; 71,56l| 349,112 86, 534 52,405 93,903 72,009 193,682 Feb. 20 2,361, 021 143,966 930,117 133,995 187, 533 69,033 65,804; 347,333 83,731 49,803 93, 512 73, 022 183,172 Feb. 27 2,412,972 142,828 970,904 130,661 184, 613 69,594 69,389 360,290 84, 940 53, 643 92,142 71, 248 182, 720 Deferred availability items: Feb. 6. — 596, 735 62,120 153, 525 51, 764 53, 405 44, 802 22, 970 69, 970 31, 249 10,487 34,349 26,361 35,733 Feb. 13 - 640, 560 59,251 168,140 54,021 60, 346 46,082 25,220| 81,711 33,106 10,081 33,470 29, 572 39, 560 Feb. 20 671, 503 68,404 183,441 58, 053 64,800 45,300 25,497| 79,433 32, 579 10,100 33,498 29,392 41, 006 Feb. 27 [ 675,013 68, 066 183,386 55, 782 65,946 48,498 23,179! 84,403 31, 860 10,620 36, 665 26,184 40,424 Capital paid in: Feb. 6 149, 565 10,258 52,385 14, 543 14, 560 6,162 5, 261 18, 712 5,414 3,028 4,; 4,310 10,643 Feb. 13 149, 764 10,263 52, 524 14, 521 14, 605 6,170 5, 278 18, 700 5,417 3,028 4,: 4,326 10, 643 Feb. 20 150,196 10,266 52, 525 14, 732 14, 609 6,174 5, 282i 18, 710 5,496 3,086 4,: 4,383 10,647 Feb. 27 j 151,266 10, 265 53, 877 14, 732 14, 609 6,176; 5, 282 18,379 5,494 3,f" 4,286 4,446 10, 640 Surplus: Feb. 6 254,398 19,619 71, 282 24,101 26,345 12,399! 10,554 36,442 10,820 7,082 8,690 17,978 Feb. 13 254,398 19, 619 71, 282 24,101 26,345 12,399 10, 554 36,442 10,820 7,082 9,086 8,690 17,978 Feb. 20 254,398 19, 619 71, 282 24,101 26,345 12,399 10, 554 36,442 10,820 7,082 8,690 17, 978 Feb. 27 254,398 19, 619 71, 282 24,101 26, 345 12, 399' 10,554 36,442 10,820 7,082 17,978 All other liabilities: Feb. 6 - 16,999 4,370 629 1,644 1,0611 1,2 3,043 1,190 933 653 580 710 Feb. 13 17,914 4,673 672 1,756 1,043 1,346] 3,230 1,219 941 637 650 801 Feb. 20 18, 387 933 4,618 778 1,797 1,090| 1,372| 3,486 1,260 934 653 634 832 Feb. 27 18, 966 978 4,829 1,891 1, 088] 1,404 3,653 If"" 933 635 616 835 Total liabilities: Feb. 6 5,102,145 372,322 1,563,280 362,175 484, 739 213,190; 238,529 758,385 195, 272 137,878 208,867 153, 566413,942 Feb. 13 5,143,935 373,469 1,572,578 367,800 493,064 212,050 242,887 765,153 196,844 134,812 207,852 155,226 422, 200 Feb. 20. 5,107,100 372,150 1,555,690 371,111 496, 543 209,620] 238,676 762, 349 194, 030 132,425 207, 572 155, 610 411,324 Feb. 27. I 5,166,586 369,194) 1,592,335 367, 077 501,778 212,3751 240,388 781, 728 194,461 137,013 209,402 149,801 411,034 I MEMORANDA j Ratio of total reserves to Federal reserve note and deposit liabilities combined (per cent): Feb. 6 ..- 69.3 59.5 78.8 68.1 67.9 61.1 59.7 58.6 69.5 66.9 54.2 63.1 Feb. 13 69.8 62.4 76.7 66.0 67.6 65.9 64.4 70.4 63.8 72.3 69.9 61.8 63.8 Feb. 20 70.8 67.7 83.1 61.8 69.1 63.3 63.0 64.3 57.2 72.6 68.3 60.2 66.8 Feb. 27 64.9 81.6 61.0 70.8 63.6 66.5 63.4 60.6 70.1 58.0 61.6 Contingent liability on bills purchased for foreign correspondents: Feb. 6 306. Ill 22, 695 92,345 29,443 31,283 14,108 11,961 42,017 12,268 7,667 10,121 10,121 22,082 Feb.13 312,893 22, 997 96,285 29,834 31, 699 14,296 12,120 42, 576 12,431 7,769 10, 255 10, 255 22,376 Feb. 20 --. 306,830 22, 512 94, 791 29,205 31,030 13,994 11,864 41,678 12,169 7,605 10, 039 10, 039 21,904 Feb. 27 306,461 22, 705 92, 601 29,456 31, 297 14,114 11, 966 42, 036 12, 273 7,671 10,125 10,125 22,092 Own Federal reserve notes held by Federal reserve banks: Feb. 6 417, 706 22, 780 325,438 48, 295 38,152 18,358 29,841 32,039 11, 961 6,754 7,860 9,277 Feb.13 394,448 20,832 120, 711 39,865 30,047 18,269 30, 782 29, 925 11,417 8,438 8,923 9,726 65,513 Feb. 20 399,171 17,877 117,023 43, 712 36,418 17,292 30,012 31, 715 10,814 7,844 7,392 10,078 68,994 Feb. 27 _ 402, 383 22, 599 126, 014 38,487 29,196 17, 381 30,833 30, 634 11, 007 7,000 9,200 10, 373 69, 659 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1929 FEDERAL RESERVE BULLETIN 229 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] | Boston d P e h l i p l h a i - a I C l l a e n v d e - j j m Ri o c n h d - Atlanta c C a h g i o - L S ou t. is n M o e l i a i n p s - - K C an it s y a s i ; Dallas F c S i r s a a c n n o - Federal reserve notes received from comptroller: Feb. 6 2,927,701 234,152 770,404 216,274 272,662 116,892 221, 576 435,485i 86,002 83,722; 106,597' 64,401 319,534 Feb. 13._ 2,911, 668 232,010 769,225, 213,960! 272,1531 115,063 221,150 431,104i 84,935 83,722 106,070' 63, 627318,649 Feb. 20 2,905,238 230,014 768,535 214,9641 270,407! 113,677 221, 769 428,280 84, 528 84,663 105,129; 62, 989320, 283 Feb. 27 2,895,166 228, 412 768,356 212,882! 270,700 112,762 222, 643 424, 515; 84,486 84,054 105,388 62,472 318,496 Federal reserve notes held by Federal reserve agent: Feb. 6 ._ 863, 6871 80, 525 326, 805 35,100 38, 730i 21,141 62, 500 129, 320: 13,950 15, 789 31,980; 14, 247 93,600 Feb. 13 857,443 j 83, 2r" 332,805 31, 500 36,130! 21,141 61,440 125, 2211 13, 770 14,009 30, 680 13, 922 93, 600 Feb. 2O._ 854,472 83,175 337,805 31, 800| 32, 530! 20, 761 61, 590 119, 620 13, 570 15, 399 31, 200 13,422 93, 600 Feb. 27 838, 812 78,3' 334, 285J 33, 400| 33,1301 20, 761 61, 230 115, 320 13, 430 15, 399 29, 600 13, 482 90,400 Federal reserve notes issued to I Federal reserve bank: F F F F e e e e b b b b . . . . 6 2 2 1 7 0 3 -| 2 2 2 2, , , , 0 0 0 0 5 5 6 56 4 0 4 , , , , 7 0 2 3 6 1 2 5 4 6 5 4 ! | ! 1 1 1 1 5 4 5 4 0 6 3 8 , , , ,7 8 6 0 8 3 2 3 5 : 9 7 4 4 4 4 3 4 3 3 0 3 4 6 , , , , 4 7 0 5 2 3 7 9 0 0 1 9 ; 1 | 1 1 1 1 7 8 8 8 9 1 3 2 , , , , 1 1 4 4 7 6 6 8 4 4 0 2 2 2 2 2 3 3 3 3 7 3 7 6 , , , ,0 8 9 5 2 7 3 7 2 3 7 0 1 | 9 9 9 92 5 2 3 , , , , 9 9 7 0 1 2 5 0 6 2 1 1 1 1 1 1 5 6 6 5 9 1 0 9 , , , , 7 4 1 0 1 1 7 7 0 3 9 6 1 ] ! 3 3 3 3 0 0 0 0 6 5 9 8 , , , , 1 8 1 6 6 8 9 6 5 3 5 0 ; , ' 7 7 7 71 0 2 1 , , , , 9 0 1 0 5 5 6 5 8 2 5 6 6 6 6 6 9 8 9 7 , , , , 2 9 7 6 6 3 1 5 4 3 3 5 7 7 7 7 4 5 5 3 , , , , 9 3 7 6 2 9 1 8 9 0 7 8 ' i | 4 4 4 5 9 8 9 0 , , , , 1 9 5 7 5 9 6 0 4 0 7 5 2 2 2 22 2 2 2 8 5 6 5 , , , , 6 9 0 0 8 3 9 4 3 4 6 9 Collateral held as security for | I L F F e e d d e e r r a a l l r r e e s s e e r r v v e e n b o a t n e k s : issued to ! ; Gold and gold certificates— i Feb. 6 : 360,145 35,300 171,880;. 50,000! 6,690 27,350. 7,500 14,167;. 12,258 35, 000 Feb. 13 360,145 35,300 171,880. 50,000! 6, 6901 27,350 . 7, 500 14,167' 12, 258 35, 000 Feb. 20 i 362, 6451 35,300 171,880!_ 50,000i 6,690! 27,350;_ 7,500 14,167: 14,758 35,000 Feb. 27 .: 362, 645: 35,300 171,880!. 50, 000J 6,690| 27, 350!. 7,500l 14,167'" 14, 758 35, 000 Gold redemption fund— ! Feb. 6 _ ! 97, 2061 19,005 15, 293; 13, 397 12,049| 5,124l 5,2S7j 1,836 1,517 2, 369i 2,940 2,996 15, 393 Feb. 13 i 93,611) 16,863 15,192; 11,083 13,221 3,295| 4,061! 1,728 2,050 2, 369; 4,413 4,223 15,113 Feb. 20 ; 101, 3001 14, 867; 15,1011 14,087 13,474! 6,909 8,679: 1,651 1,643 2,890 3,473 3,584 14, 942 Feb. 27 94, 7681 13, 265 15,1011 12, 005 12,867 5,993J 7,273J 1,651 3,401 2,281| 3,211 3,068 14, 652 Gold fund— | F F e e b b . . 6 13 ; i 7 76 3 0 5 , ,3 6 1 6 4 9 8 8, , 0 0 0 0 0 0 : 5 55 5 , , 0 0 0 0 0 0 , ! 8 9 8 2 , , 7 3 7 7 7 7 7 7 5 5 , ,0 0 0 0 0 0 4 39 4 , , 0 0 0 0 0 0 ; 4 5 6 6, , 5 5 0 0 0 0 1 ; 2 2 3 3 1 1 , , 0 0 0 0 0 0 2 1 1 9 , ,0 0 0 0 0 0 3 3 1 1 , , 0 0 0 00 0' 4 5 9 1 , , 3 3 6 6 0 0 3 3 , , 0 0 0 0 0 0 8 94 7 , , 6 4 7 3 7 2 Feb. 20 i 743,254 13,000- 55,000, 79,377 75,000 39,000 50,500, 231,000 19,000 31,000! 49,360 3,000 98,017 Feb. 27._ -i 710, 217 13,000' 55,000! 79,577 75,000 39,000! 57,000! 201,000 17,000 31, 0001 49, 360 3,000 90, 280 Eligible paper— Feb. 6_ I 1, 220,038 120,961 281,480! 79, 203 116,651 52,361 81,199 192,685 48,148 28,434' 45,401 42,901 130, 614 Feb. 13 —. 1,244, 987 109,914 327,101' 85,257 123,9081 48,680J 76,263' 201,485) 41,329 25,004! 39,833 36,106 130,107 Feb. 20 .... 1,175,606 101,579 235,785j 97, 719 112,435 52,630, 74,261! 228,424! 52,104 22,403^ 42,965; 36, 787118, 514 Feb. 27. _| 1, 240,409 108,123 267,374| 101,693 109,634 52,315 70,819 243,275 47,460 28,932; 38,705 36,695 135, 384 Total collateral: I Feb. 6 _... j 2,412,703 183,266 523, 653 181, 377 2533,, 700 103,175f 160, 336i 425,521 76,165 75,970 99, 701 i 61,155 268,684 Feb. 13 _.-| 2,459,412 170, 077 569,173! 188, 717 262,129! 102,665) 164,174) 434,213 71, 879 72,540' 93,606 55, 587 274,652 Feb. 20 2, 382,805 164, 746 477, 766! 191,183 250,909 105,229 160,790' 461,075 80, 247 70,460 95, 798; 58,129 266,473 Feb. 27._ _ 2, 408,039 169, 688 509, 355 193, 275 247, 501 103,998! 162, 442| 445,926 75, 361 76,380: 91,276! 57, 521 275, 316 MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS [In thousands of dollars] Within 15 16 to 30 31 to 60 61 to 90 91 days to Over 6 Total days days days days 6 months months Bills discounted: Feb 6 851, 621 707,601 36, 500 60,261 36,363 8,549 2,347 Feb. 13 903,949 767, 210 35, 609 56,914 33,905 7,757 2,554 : Feb 20 864, 980 708,979 35,853 67, 067 43, 758 6,530 2,792 Feb 27 952,482 789, 566 41, 273 69, 807 42, 589 6,381 2,866 Bills bought in open market: Feb 6 410,742 138,009 91,155 150,152 28, 468 2,958 *"" peb 13 391,058 140, 202 89,121 135,951 23, 381 2,403 Feb 20 355 636 122,069 104, 340 106,076 19,326 3,825 Feb 27 334, 075 134,661 104, 774 77, 558 13, 419 3,663 Certificates of indebtedness; Feb 6 50, 605 506 22,863 45 7,400 19, 791 Feb. 13 28, 735 706 7,779 1 639 19, 606 Feb 20 25,853 884 8,216 658 16,095 Feb. 27... - 24,069 1,737 188 i 639 21, 505 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
230 FEDERAL RESERVE BULLETIN MARCH, 1929 GOLD SETTLEMENT FUND—INTERBANK TRANSACTIONS FROM JANUARY 24, 1929, TO FEBRUARY 20, 1929, INCLUSIVE [In thousands of dollars] Tran m sf e e n r t s a fo c r c o G u o n v t ern- Transit clearing Federa c l l e re ar s i e n r g ve note Ch o a f n g g o e ld s t i h n r o o u w g n h e t r r s a h n ip s- Balance fers and clearings in fund Federal reserve bank at close of period Debits Credits Debits Credits Debits Credits Decrease Increase Boston _ 1,000 884,167 920,542 6,187 3,180 34,368 73, 794 New York 9,500 3,356,180 3, 401, 836 8,891 18, 728 45, 993 329, 703 Philadelphia 871,871 851, 571 7,303 3,977 23, 626 22,749 Cleveland-- 4,500 805, 541 803, 982 8,275 3,909 1,425 70, 421 Richmond . 1,000 2,000 800, 273 800,073 3,076 5,459 3,183 12, 913 Atlanta 337, 724 349, 672 3,200 4,589 13, 337 16, 376 Chicago 2,000 2,666 1, 410, 282 1, 374, 505 9,473 6,088 39,162 93, 414 St. Louis 1,000 569,918 560, 938 2,518 3,364 7,134 20,969 Minneapolis-_ 160,114 161, 347 1,687 1,210 756 23, 730 Kansas City 1,000 411,554 397, 228 2, 331 2,506 13,151 40, 467 Dallas ,. - - 333, 622 336, 807 1,531 2,036 3,690 26, 746 San Francisco 1,000 431,733 414, 478 2,630 2,056 16, 829 32,808 Total four weeks ending— Feb. 20, 1929 12, 500 12, 500 10,372,979 10, 372, 979 57,102 57,102 101,327 101, 327 764,090 Jan. 23, 1929_ 33,000 33, 000 11, 001, 428 11, 001, 428 63, 742 63, 742 683, 066 Feb. 22,1928 16, 500 16, 500 9, 218, 449 9, 218, 449 48, 751 48, 751 749,107 Jan. 25,1928 19, 000 19, 000 11, 485, 692 11, 485, 692 62, 045 62,045 636, 955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
231 MARCH, 1929 FEDERAL RESERVE BULLETIN WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In millions of dollars] Federal Reserve District Total j | i Boston C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t. is n M o e i l a n i p - s - Ka C n i s t a y s F c S r i a a s n c n o - Loans and investments: Feb. 6 22,295 1,493 8,455 2,202 678 642 i 3,324 743 386 687 501 1,947 Feb. 13 22,240 i 1,475 8,404 2,203 676 641 ! 3,347 737 ! 385 687 498 1,953 Feb. 20.. 22,180 ! 1,467 8,345 2,194 674 637 i 3,382 732 • 388 681 493 1,948 Feb. 27 22,338 | 1,471 8,478 2,205 676 637 ! 3,408 730 | 391 682 489 1,937 Loans: ! Feb. 6 16,254 1,126 6,226 895 I 1,506 519 506 i 2,569 542 I 255 449 368 1,293 Feb. 13____ 16,230 1,111 6,199 892 1,507 518 506 | 2,588 537 i 254 450 367 1,301 Feb. 20 16,189 i 1,114 6,141 898 ! 1,501 515 502 ! 2, 631 532 i 257 444 361 1, 293 Feb. 27 16,366 • 1,117 6,284 896 i 1,511 516 503 J 2,657 532 i 260 443 355 1, 292 On securities— Feb. 6 7,558 . 467 I 3,289 i 510 712 202 153 : 1,188 261 i 151 j 128 412 Feb. 13 7,515 : 458 I 3,235 I 502 710 202 156 i 1,211 255 ! 80 151 j 129 428 Feb. 20 7,444 455 I 3,170 | 509 > 696 197 155 I 1, 245 251 ' 80 145 | 122 417 Feb. 27 7,573 : 470 I 3,293 I 503 702 197 154 1, 250 250 : 80 141 117 416 All o F t e h b e . r — 6.__ 8, 696 ; i 659 i 2,937 385 794 316 352 1, 381 281 : 172 299 ; 240 881 Feb. 13 8,715 j 654 | 2,963 390 798 316 350 j 1,377 I 282 ! 174 299 i 238 873 Feb. 20 8.745 ! 659 I 2,971 389 804 318 347 1,385 281 i 176 299 239 876 Feb. 27.._ 8, 793 | 647 | 2,990 393 810 319 350 1,406 | 282 ; 180 302 j 239 876 Investments: I Feb. 6 _ 6, 041 367 2,229 342 696 159 137 755 | 201 131 237 i 134 654 Feb. 13 6,010 363 2,205 342 695 158 136 ! 759 I 200 : 131 : 237 i 131 652 Feb. 20 5, 991 353 2,204 342 693 158 135 751 I 200 130 ' 237 i 132 655 Feb. 27 5,972 354 2,195 340 693 160 134 751 j 197 131 239 i 134 645 U. S. Government securities— Feb. 6 3,103 163 1, 242 107 333 72 361 ! 74 : 115 92 392 Feb. 13 3,084 161 1,228 ' 107 335 ! 71 69 : 361 : 82 74 114 90 391 Feb. 20 3. 067 153 1,227 106 334 71 67 356 i 80 ! 74 115 91 394 Feb. 27 3, 042 153 1, 216 106 334 71 65 352 | 79 j 74 115 92 383 All other— Feb. 6 2, 938 204 987 235 363 68 : 394 117; 57 : 122 42 262 Feb. 13 2, 926 203 977 234 361 87 67 | 397 118 ! 57 123 41 261 F F e e b b . . 2 2 0 7 2 2 , ,9 9 2 3 5 0 2 20 0 2 0 9 9 7 7 7 9 2 2 3 3 6 4 3 35 6 9 0 6 6 8 9 : 3 3 9 9 5 9 ! ! 1 1 2 1 0 8 5 5 7 7 i ; 1 1 2 2 3 3 4 4 1 1 2 2 6 6 1 1 Reserve with Federal reserve bank: Feb. 6 . 1,751 100 816 80 131 41 : 260 ! 49 i 26 : 58 36 112 Feb. 13.... 1,740 j! 104 I 809 126 42 , 258 50 ' 24 60 35 116 Feb. 20 _.. 1,750 •: 96 ! 838 129 40 i 255 48 •: 21 : 58 37 111 Feb. 27 _ 1.746 i 94 | 827 77 126 40 ; 267 25 ; 57 35 109 Cash'in vault: I1 Feb. 6 _ 237 i' is: 68 14 28 ! 11 ! 10 6 ! 19 Net F F F F F F F d e e e e e e e e b b b b b b b m . . . . . . . a 2 2 2 2 6 1 1 n 7 0 7 0 3 3 d . ._ deposits: 1 1 1 1 3 3 3 3 , , , , 4 2 3 2 5 2 2 1 5 8 5 4 0 6 5 9 7 3 6 5 1 i i j ! ! i 9 9 8 8 2 1 9 9 1 1 1 1 6 0 3 8 8 7 I j ! ; I 5 5 5 5 , , , , 8 9 8 9 9 3 7 7 7 1 4 6 5 6 6 0 2 9 7 7 7 7 3 2 4 1 2 1 1 1 5 2 5 5 6 5 1 1 1 1 , , , , 0 0 0 0 2 2 4 1 3 3 2 7 4 0 7 1 1 9 I I ! 3 3 3 3 7 7 6 5 1 1 11 2 1 2 0 2 8 i i ! i 3 3 3 3 3 3 3 3 1 1 1 0 8 2 0 0 0 0 I : I : 1 , 1 8 1 1 , 5 , , 9 4 4 4 8 1 0 8 3 0 0 8 9 • 9 ; 0 : 5 4 4 4 4 1 0 0 1 8 5 5 7 4 7 ! i | ! | : 2 2 2 2 1 1 1 1 6 6 6 6 9 6 4 5 5 5 1 w 2 1 0 3 0 2 8 ; i i 3 3 3 3 1 1 2 1 3 3 0 2 I 7 8 8 7 8 2 2 3 0 2 7 0 0 1 2 1 2 2 Tim F F F e F e e e e d b b b b e . . . . p 6 2 2 1 o 0 7 3 s its: I ; 6 6 6 6 , , , , 8 8 8 8 7 9 6 7 9 1 7 9 j ! i | ! i j 4 4 4 4 7 7 7 7 6 4 8 9 ! 1 1 1 1 , , , , 7 7 7 7 0 3 1 1 9 4 5 1 2 2 2 2 9 8 8 8 1 4 9 3 9 9 9 8 8 8 5 5 6 i ' | 2 2 2 2 3 4 4 4 9 0 0 0 ! i j 2 2 2 2 3 2 3 3 3 8 4 3 ! • 1 1 1 , , , 1 2 2 2 , 6 7 6 2 1 4 8 7 I ; : 2 2 2 2 2 3 4 4 4 7 1 0 1 : I ; 1 1 1 1 3 3 4 3 9 9 0 8 5 1 1 1 1 0 7 7 7 7 9 8 5 9 7 | i | 1 1 1 1 4 4 4 4 3 5 6 4 9 9 9 9 7 6 7 7 9 9 0 1 Gov F F F F e e e e r e n b b b b . m . . . 6 2 2 1 e 7 3 0 nt - - d . eposits: .1 ! 5 4 4 3 0 3 3 6 ! ! i : | | \ 1 \ ! 1 1 1 1 5 3 3 1 l 3 \ i 5 4 4 4 i 1 i l 1 ! ' : | 1 1 1 1 1 1 1 1 4 5 4 3 1 1 1 9 3 1 1 Due F F F F f e e e e ro b b b b m . . . . 2 6 2 1 7 b 3 0 a .. nks: -.. j 1 1 1 1 , , , , 1 1 1 1 5 9 4 3 4 0 4 5 ji 4 5 4 5 8 0 8 2 1 1 1 1 4 5 4 4 9 1 7 3 6 5 5 6 0 6 6 1 \ ' 1 1 1 1 0 1 1 0 2 5 1 1 I ! 4 5 5 5 4 1 7 0 8 8 8 2 1 1 j 2 2 2 2 3 2 1 4 9 9 8 8 : i ! 5 5 5 5 7 5 5 0 4 5 4 5 2 9 1 1 1 1 1 1 2 1 9 5 1 5 6 6 6 5 1 7 8 9 1 1 1 1 4 3 5 4 5 0 1 1 Due F F F F t e e e e o b b b b b . . . . a 2 2 6 1 n 0 7 3 . k . ._ s _ : ___ ! ! ! i 3 2 2 2, , , , 9 0 8 8 2 0 5 7 9 8 7 6 I I I I 1 1 1 1 0 0 1 0 9 8 8 4 1 1 1 , , , 0 9 0 0 0 0 9 2 3 3 7 7 1 1 1 1 5 6 7 6 6 2 4 2 I i 2 2 2 2 1 0 2 1 4 9 0 1 ! j j ' 1 1 1 9 0 0 0 9 1 3 8 1 1 1 1 2 1 2 1 1 3 0 3 4 4 4 4 4 6 5 67 5 4 9 i ; ; 1 1 1 1 5 4 3 4 3 0 3 5 ; i I i 8 8 8 8 6 5 3 4 : : 2 2 2 2 1 1 1 2 6 6 9 7 1 1 1 1 0 1 0 1 6 2 1 4 1 1 1 1 9 6 9 8 4 4 0 1 Borrowings from Federal reservi ba F F F F n e e e e k b b b b s . . . . : 6 2 2 1 0 7 3 .. - _ 6 6 7 6 3 1 9 7 2 3 3 3 3 8 0 0 8 ! I ! I 2 1 1 1 0 3 5 6 6 9 4 7 58 7 6 6 4 7 6 I ; 2 2 2 1 0 2 4 7 3 3 3 3 6 7 7 4 1 1 1 1 2 3 6 8 1 3 1 1 1 1 8 7 0 4 2 1 1 15 0 4 5 I | i ! 7 6 7 7 2 1 1 9 Back figures .—For 1927-28 in January BULLETIN, pp. 59-91 (with revisions in March BULLETIN, pp. 233-236): for January, 1929, in February BULLETIN, pp. 169-170. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
232 FEDERAL RESERVE BULLETIN MARCH, 1929 LAND BANKS AND INTERMEDIATE CREDIT BANKS LOANS OF FEDERAL AND JOINT-STOCK LAND BANES LOANS OF INTERMEDIATE CREDIT BANKS [In thousands of dollars] [In thousands of dollarsj Net amount of loans outstanding 1928 Date Federal Total l ( a 1 n 2 d b b a a n n k k s) s I i l ' a n J „ d o A i b n , a t- n s k t • o s > c i k o, Class of loan Nov. Oct. Jan. 30 31 1927 Jan. 31... 1,724,821 1, 085,170 639, 651 Feb. 28.. 745,404 1, 097, 642 647, 762 Direct loans outstanding Mar. 31.. 765,365 1,109,354 656,011 on- Apr. 30.. 732,395 ,117,914 614, 481 Cotton _i 22,753 23,100 19,549 16,684 14,107 May 31.. , 741, 275 , 124, 055 617, 220 Tobacco | 1,491 1,565 1,676 1,768 4,029 June 30_. ., 738,165 , 130, 648 607, 517 Wheat 2,461 2,483 2,519 2,517 2,402 July31_. , 742, 575 ., 134,896 607, 679 Canned fruits and vege- Aug. 31.. , 749, 393 ,139, 502 609, 891 tables.— 1,863 2,118 2,370 2,723 ! 1,051 Sept. 30.. , 752,665 , 143,130 609, 535 Raisins 4,672 4,679 4,696 4,627 I 6,000 Oct. 31__ ., 757,185 ., 147,135 610, 050 Wool 290 564 663 769 ! 231 Nov. 30.. , 758, 834 , 150, 943 607,891 Rice... --. 1,226 1,360 1,397 650 i 1,672 Dec. 31.. L, 765,121 ., 155, 644 609,477 Allother__- 281 305 259 205 ! 872 Jan. 31... 1928 ,767, 515 ., 158, 717 Total- 35, 037 | 36,174 33,129 29, 943 30,364 J J A A N D M M F S O u u e e e p u o c l a a n b c p y t r g v y r e . . . . t . . . . 3 3 3 3 3 2 3 3 3 3 3 ' 1 0 0 1 9 1 0 1 0 1 _ . . . . . . . . . . - . . . . . . . . . , , , , , , , , , , , 7 7 7 7 7 7 7 7 7 7 7 9 9 9 9 9 9 9 9 8 9 7 3 1 7 3 9 4 7 6 6 7 8 , , , , , , , , , , , 6 3 8 3 3 0 9 0 2 5 7 1 4 6 1 3 3 1 4 3 9 9 0 1 2 9 8 5 0 5 6 1 6 , , , , , , , , , , , 1 1 1 1 8 8 9 8 1 1 1 1 1 1 1 4 3 1 6 8 9 5 9 7 8 8 , , , 8 0 3 0 , 5 7 9 , , , , , 7 , , 6 6 7 8 1 3 3 5 2 7 3 4 8 2 5 4 6 4 6 4 2 5 2 4 7 8 5 5 4 0 6 8 6 6 6 6 6 6 6 6 6 6 6 0 0 1 0 0 0 0 0 0 1 0 9 9 0 7 5 8 9 9 7 1 5 , , , , , , , , , , , 3 8 0 1 9 9 6 4 2 5 5 6 9 0 9 2 5 8 3 2 9 8 3 6 4 9 1 1 4 2 6 5 0 Re fo d r A N S L S i — s a t i g a p n c c a v v t r o i o t o e i i i e e m o n r c s u s a t g u n b n p o t s l a a i t a c t o l s n u k n b n k r b i a s a e s a n l s l _ n o o k _ k s a u c s n t r a s e n _ t d c a d i o t n t m d r c u i p o n s a r g t - - _. 2 19 4 , , 1 8 4 5 8 7 7 2 3 5 | 2 2 0 3 , , 9 1 7 9 5 9 8 8 1 0 0 8 4 i I | j 2 3 2 1 , 1 7 1 3 , 4 9 1 4 5 5 3 82 2 1 7 9 , , 1 1 1 1 9 9 3 2 8 2 2 2 2 1 , , 7 5 1 2 2 3 8 7 0 0 4 9 99 Total. 44,425 45,103 | 45,55646,604 44,470 Jan. 31.. 1, 799, 464 1,195, 089 604, 375 i Number of banks, 1927: January-March, 55; April-May, 54; June- A A u p g ri u l. s t 5 , 1 5 ; M 3; a S y e - p N te o m ve b m er b -N er o , v 5 e 0 m ; b D e e r, c e 5 m 2 b ; e D r, e 4 c 9 e . m b 1 e 9 r, 2 9 5 : 1 J . a n 1 u 9 a 2 r 8 y : , 4 J 9 a . nuary- PAR COLLECTION SYSTEM1 BANK DEBITS MEMBERSHIP, BY FEDERAL RESERVE DISTRICTS DEBITS TO INDIVIDUAL ACCOUNTS BY FEDERAL RESERVE DISTRICTS [ Number of banks at end of January] fin thousands of dollars] Member banks Nonmember banks c N b e e n u r t m e o r - f s Jan 1 u 92 a 9 r y, Dec 1 e 9 mb 2 e 8 r , J 1 a 9 nu 2 a 8 ry, Federal reserve On par list Not on par list district 1929 1928 New York City 1 54, 719, 288 Outside New York City. 140 28,126, 466 2% 659; 008 | 25; 001) 021 1929 1928 1929 1928 Federal reserve district: Boston 3, 208,475 3,157, 853 3,126, 582 United States 8,807 9,013 12,567 13,155 3,913 3,918 New York 55, 778,127 j53, 805, 631 38, 799,064 Philadelphia 2, 909, 650 3,075, 534 2,458, 387 Boston 407 415 252 247 Cleveland. 3,027, 591 3, 335,466 2, 796,099 New York 941 935 406 408 Richmond 812,691 862,277 780, 278 Philadelphia 778 Til 490 500 Atlanta 1, 332,170 1, 350, 219 1,184, 396 Cleveland 816 835 1,008 1,029 9 10 Chicago 7, 369, 564 7,829, 706 6, 279, 842 Richmond. 545 564 618 652 569 588 St. Louis 1,416, 768 1, 523,407 1, 307,032 Atlanta 453 463 312 309 960 1,013 Minneapolis 745, 360 839,418 667, 275 Chicago 1,250 1,284 3,563 3,684 215 189 Kansas City... 1,441,717 1,488, 329 i 1, 298, 922 St. Louis 585 593 1,742 1,880 490 450 Dallas. 805, 541 870,275 Minneapolis 717 735 660 746 1,126 1,135 San Francisco 3, 998,100 4, 248, 029 3,498, 670 Kansas City 923 96* 2,225 2,346 277 267 Dallas 771 795 616 653 211 207 Total.. 141 82,845, 754 82, 386,144 j i 62,884,595 San Francisco—. 621 653 675 701 56 59 I I Revised. i Incorporated banks other than mutual savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAECH, 1929 FEDERAL RESERVE BULLETIN 233 REPORTING MEMBER BANKS—REVISED FIGURES OF CLASSIFIED LOANS AND BANKERS' BALANCES [For explanation of revisions see p. 179] REPORTING MEMBER BANKS IN LEADING CITIES: REVISED FIGURES OF LOANS ON SECURITIES AND ALL OTHER LOANS, BY WEEKS, 1927-1928 [In thousands of dollars. Revision of data published on pp. 60-65 of BULLETIN for January, 1929] I ! To m ta e l m , a b l e l r r e b p a o n r k ti s ng New York City 1 : Other leading cities To m ta e l m , a b l e l r r e b p a o n r k t s in g ! | New York City Other leading cities Date Date I Loans on All other I Loans on All other Loans on | All other Loans on • All other j Loans on | All other Loans on All other securities loans securities loans securities loans securities; loans j securities: loans securities loans 1927 1928 Jan. 5 6,086,002 8, 664,444 2,307,080; 2,407,389 3,778,922 6,257,055 Jan. 4 7,022,135 8,651,889' 2,914,544: 2,489,082 4,107, 591 6,162, 807 12 5,932,759 8,654,829 2,189,078: 2,396,611; 3,743,681 6,258,218 11 6,805,626 8,681,625i 2,685,234'- 2,489,326 4,120,392 6,192, 299 19 I 5,840,848 8, 600, 743 2,102,247! 2,369,693i 3,738,6011 6,231,050 18 6,741,'"" 8,630,375 2,608,916 2,471,706 4,132,882 6,158, 669 26 ; 5,800,710 8, 573, 231 2,073,031! 2,361,388! 3,727,679} 6,211,843 25 6, 672,806 8,559,248 2, 631, 782= 2,429,433 4,041, 024 6,129,815 Feb. 2 5,848,910 8, 561, 625 2,113,340 2, 368,070:3, 735, 570!6,193, 555 Feb. 1 6,768,811 8, 547, 203 2,690,601 2,400,980 4,078,210 6.146, 223 5,757,720 8, 575,618 2,014,942 2, 375,902:3,742, 778]6,199, 716 8 6, G33,627 8,613, 809 2,537,219 2,448,064 4,096,408 6,165, 745 5,751,051! 8, 558,207 2,025.675 2,351,640]3,725, 3766,206,567 ! 15 6, 565, 514 8,642,053 2,497,877: 2,461,369 4, 067, 637 6,180, 684 5, 764,172;I8, 569, 641 2,035, 540 2, 343, 536j3, 728,6326,226,105 ' 22 6, 509,962 8, 614, 711 2,428,356 2,467,092 4, 081, 606 6.147, 619 29 6, 554,098 8, 667,153 2,480,720 2,503,303 4,073, 378 6,163,850 Mar. 2 5,858, 28618, 630,805!2,096,137 2, 396,402j3, 762,1496,234,403 1 9 6 5 5, , 8 8 8 1 7 7 , , 1 5 0 5 2 41 8 8 , , 6 6 5 9 9 6 , , 7 8 4 0 0 2 : 2 2 , ,0 0 9 6 5 1 , , 0 2 6 9 9 2 2 2 , , 3 4 9 1 7 3 , , 2 3 6 5 9 9 i ! 3 3 , , 7 75 9 6 2, , 2 03 6 3 2 6,,,262,471 ] Mar. 1 4 7 6 6 , , 5 6 0 1 9 4 , , 5 0 6 8 3 9 18 8 , , 7 7 9 2 2 1, , 2 6 3 1 3 1 2 2 , , 4 47 0 4 2 , , 9 2 7 6 6 8 2 2 , , 5 5 1 5 9 6 , , 3 7 0 7 2 1 4 4 , , 1 1 0 3 7 9 , , 2 1 9 1 5 3 6 6, , 2 2 3 0 5 1 , ,9 8 3 4 1 0 23 5,860,132 8,707,155 2,087,432 2, 454,4363, 772,7006,283,443 21 6, 544, 556) 8, 805, 352! 2, 395, 467 2, 585,176 4,149,0896, 220,176 30 5,909, 6788, 655,074 2,145,966 2, 393, 9643, 763, 7126,252,719 28 6,675,353| 8,815,478! 2,523,514 2,597,119 4,151,839 6, 218, 359 6,261,110 ] Apr. 6 5,932,014 8,675,350 2,188,522 2,408,043] 3,743,492 6,267,307 i Apr. 4 6, 953, 098!8, 878,120 2, 733,461: 2,640,983 4,219,637 6, 237,137 13 5,890,992 8,665,375 2,113,657 2,412,655; 3,777,335 6,252,720 11 6,875,054 8, 933, 00912, 606, 740 2,655,321 4,268,314 6, 277, 688 20 5,918,094 8,607,8911 2,146,549 2,396,252: 3,771,545 6,211,639 18 6, 920,445 8, 887, 873!2, 643, 285 2, 626, 270 i 4, 277,160 6, 261, 603 27 5,977, 7648,586,599 2,175,758 2,380,679; 3,802,006 6,205,920 25 6,948, 860!8, 822,070]2,715,99612,588,603 4,232,86416, 233,467 i I May 4 6, 043,9758, 651,460 2,244,191 2,402,036! 3,799,784! 6, 249,424 May 2 7,092, 275|8,904, 314 2, 850, 596' 2, 619,158; 4, 241, 679:6, 285,156 11 5,981, 3768,677,661 2,176,405 2,422,746i 3,804,971] 6,254,915 9 7,048,159 8,899,115! 2, 782, 384:2, 619, 305; 4, 265, 775 6, 279, 810 18 6,039,361 8, 630, 049 2,203,379 2,403, 954J 3, 835, 982!6, 226, 095 16 7,105, 51118,884, 622: 2, 812,493; 2,612,458' 4,293,018 6, 272,164 25 6,003,157 8,635,625 2,178, 252| 2,415,305' 3,824,905 6, 220, 320 23 7,034, 682!8,876,560! 2, 726, 289:2, 637,167j 4, 308, 3936, 239, 393 29 7,096,645: 8, 857,48412,763,170: 2,616,763 4,333,475 6, 240,721 June 1 6, 204, 3848,633,767! 2,355,933J 2,432,727! 3,848,451! 6,201,040 8 6,179, 2278,612,391' 2,274,264| 2,421,020; 3,904,963: 6,191,371 jJune 7,051,618 8,858,569' 2, 707,415i 2,621,852! 4,344,203 6,236,717 15 6, 229,8808,623,010j 2,304,614 "2 ,4"1°3 ,o3"4v8 ,° 3™,9r2 n5o,e>2'!66: 6,209,662 j 6,997,002! 8,936,300' 2,638,262! 2,650,793! 4,358,740 6,285,507 22 6, 210,1188,618,581 2,322,518 2,414,905: 3,887,600' 6,203,676 : 6,911,222i 8,922,447' 2,571,2781 2,637,356! 4,339,944; 6,285,091 29 6,278, 7768,652,598 2,371,210 2,426,268! 3,907,566! 6,226,330 i 6, 887, 718i 8,918,335: 2,536,504' 2,629,534! 4,351,214! 6,288,801 July 6 6,290,998 8,633,698 2,381,577 2,439,484:3.909,421 6,194,214 !July 3 7,150, 6758, 992,482; 2, 788,138. 2,705,823 4,362,537 6, 286, 659 13 6,151,688 8,590,053! 2,248,703 2.399,845;3,902,985 i6,190,208 ; 11 7,002, 6718,889, 21l! 2, 665,852, 2,604, 7731 4,336,819 6, 284, 438 20 6,148,422 8,585,117| 2,228,299 2,417,929 3,920,123 6,167,188 ! 18 6,853, 501 8,942,881! 2, 533,475' 2,627,240; 4,320,026 6, 315, 641 27 6,174, 7838,551,143 2,266,506 2, 400, 2113,908,277 6,150,932 | 25 6,814, 932 8, 921, 925;2,516,032: 2,638,281! 4,298,900 6, 283, 644 Aug. 3 6,212, 5498,581,526 2,313,938 2,418,879;3, 6,162,647 ;Aug. 1 6,953, 7438,962,864j 2,645, 509' 2,638,479! 4,308,234 6,324,385 10 6, 201, 8548,633,313 2,280,144 2.433, 628!3, 921, 7106,199,685 8 6,860, 210i9,002, 773: 2, 547, 685 2,678, 7421 4, 312, 525! 6, 324,031 17 6,205, 7668,624,952! 2,260,065 2.434, 7543,945, 7016,190,198 ; 15 6, 780, 7499,016,192j 2,471,44r 2, 657, 566; 4,309, 308; 6,358, 626 24 6,156,894 8,605,612 2,227,555 2,436, 357;3,929, 3396,169,255 ! 22 6, 745, 2609,010, 928 2,470,211: 2,663,403 4,275,049! 6,347,525 31 6, 228, 6088,674,444 2,295,096 2,487,845;3, 933, 5126,186,599 ! 6, 739, 5289,051,154] 2,454,186 2,702,503 4,285,342! 6,348,651 Sept. 7 6, 208,2758,694,045 2,269,681 2,531,339! 3,938,594 6,162,706 ISept. 5 6,860,075 9,045,89612,576,027 2,689,519 4,284,048 6,356,377 14 6,314, 6598,756,792' 2,329,510 2,543,247J 3,985,149 6,213,545 i 12 6,814,463!9,064, 547 2,519,745 2,683,648 4, 294, 718| 6,380,899 21 6,300,357 8,821,000! 2,305,902 2,593,401! 3,994,455 6,227,599 19 6,874, 3139,066, 217 2,577,361: 2,669,314 4,296,9521 6,396,903 28 6,367,446 8,801,448 2,348,211 2,578,479: 4,019,235 6,222,969 26 6,810, 6979,057, 537 2,501,578 2,667,734 4,309,119 6,389,803 Oct. 5 6,457,075 8,845,161 2,447, 6122,587,412 4,009,463 6,257,749 Oct. 3 6,864,629 9,146,698 2, 572,307 2, 686,219 4, 292, 322 6,460,479 12 6,374,698 8,876,706 2,351, 7392,595,669! 4,022,959 6,281,037 10 6,806, 518 9,160,412 2, 500,661 2,697,495 4, 305,857 6,462,917 19 6,380,914 8,880,835 2,337,604 2,606,538' 4,043,310 6, 274,297 17 6,855, 943 9,133, 295 2, 550, 517 2, 635,155 4, 305,426 6,498,140 26 6,400, 7598,816, 744 2,341, 5702,595,081 4,059,189 6,221, 663 24 6,882,401 9, 089, 256 2,566,525 2,618,152 4,315,876 6,471,104 31 6,958, 333 9,119,079 2,606,4jOO! 2,613,524 4,351,933 6, 505, 555 Nov. 2 6,418,294 8,814,963 2,386,336 2,581,076; 4,031,958 6,233,887 9 6,422,499 8,865,413 2,408, 5502,600,928 4,013,949 6,264,485 Nov. 7 7,031, 314 9,064, 708 2,674,3491 2,581,755 4,356, 965 6,482,953 16 6, 527, 7708,795,796 2,491,202 2,570,27l| 4,036,568 6, 225, 525 14 6,946,958 9,042,654 2,571,105! 2,573,006 4,375,853 6,469,648 23 6, 507,2558,801,810 2,462,977 2,560,313 4,044,278 6,241,497 21 7,104, 224 8,992, 959 2,716,374' 2,550,450 4,387,850 6,442, 509 30 6,585,101 8,801,195 2,573, 5112,557,972 4,011,590 6,243, 223 7,245, 5638,954,143 2,812,5621 2,541,278 4,433,001 6,412,865 Dec. 7 6, 580,1568, 769, 5272, 517, 5082, 545,9164,062,648 6,223, 611 Dec. 5 7,282,155 9, 009,009 2,851, 9io! 2,558,482 4,430,245 6,450, 527 14 6, 621, 3808, 731,2862,538,139 2, 504, 2254,083, 2416, 227,061 12 7,149, 6179, 038, 279 2,685,392] 2,566,237 4,464,225 6,472,042 21 6,704,703 8,702,973 2,641,959 2, 499,2624,062,744 6,203, 711 19 7,128, 557 9,118,972 2,671,043] 2,625,447 4,457, 514 6,493,525 28 6,798,358 8,677.281 2,723, 6792,485,427 4,074,679 6,191,854 26 7, 229,877 9,054, 261 2,779,936 2,619,449 4,449,941 6,434,812 1 New York City figures for 1927 are the same as those published on p. 62 of January BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
234 FEDERAL RESERVE BULLETIN MARCH, 1929 REPORTING MEMBER BANKS IN FIVE* FEDERAL RESERVE DISTRICTS: REVISED FIGURES OF LOANS ON SECURITIES AND ALL OTHER LOANS, BY WEEKS, 1927-1928 [In thousands of dollars. Revision of data published on pp. 69, 78-79, and 84-89 of BULLETIN for January, 1929] San Francisco district Chicago district i Kansas City district Dallas district Date Loans on All other Loans on All other | Loans on All other securities loans securities loans securities loans securities loans 1927 Jan. 5_. 986,333 1,335,332 133,474 284, 673 89,519 223,946 323,263 900,371 Jan. 12.. 980,801 1,322,080 134,044 285,208 89.013 223,948 317,914 891,731 Jan. 19.. 977,210 1,314, 747 137,242 ! 284,603 90,610 225,877 I 311,393 891,261 Jan. 26.. 969,960 1,299,836 138,952 ! 282,012 90,758 221,407 j 311,159 889,076 I Feb. 1.. 992,305 1,304,053 133,550 ! 284, 611 91,834 226,807 I 309,990 885, 794 Feb. 9- 987,491 1,298, 778 138,645 I 286, 944 94.014 232, 570 312, 715 884,480 Feb. 16.. 984,669 1,296,857 136,869 290,-335 97,610 234,231 ! 318,092 883,390 Feb. 23.. 970, 732 1,312,400 134,002 ; 290,182 96,125 233,545 329,442 906,870 Mar. 2. 987,052 1,305,435 137,693 290,097 92, 568 234,290 I 328,045 907,468 Mar. 9. 981,405 1, 310, 342 137, 726 289,546 91,730 235,498 316,184 921.380 Mar. 16. 983,822 1, 314,905 135, 469 296,447 94, 760 233,764 ! 321,343 912,870 Mar. 23. 981, 746 1,307,873 137,758 294, 223 96,263 229,627 ! 320, 895 907, 748 Mar. 30. 969,650 1,305,409 133, 955 292,994 95, 570 225, 505 321,018 904, 648 Apr. 6.. 955,124 1,312,117 129, 640 287,696 96,340 225,448 | 316,531 892, 697 Apr. 13.. 968,374 1,315,876 136,066 290,090 96, 734 226,090 I 320, 792 903,559 Apr. 20.. 980, 523 1,308,632 136,848 290,028 97,195 224,710 i 322,857 899,900 Apr. 27— 990,093 1, 296,119 135,098 289,714 96,105 221,613 | 321,143 905, 929 May 4.. 991, 942 1,333, 746 129, 710 288,430 97, 769 222,990 323, 783 907,847 May 11.. 998, 960 1,327,031 136, 405 288, 241 216,887 325,867 910,064 May 18.. 1,008,403 1,311,930 135,987 285,273 97, 946 217,805 326,440 908,415 May 25.. 1,003,867 1,315, 668 135.971 282, 440 98,315 217,254 324, 246 904, 999 June 1_. 1,019, 753 1,300, 098 135.132 278, 649 97,124 215,044 324, 738 904, 390 June 8.. 1,047, 542 1,296,190 140,448 280, 272 97,372 214,367 326, 799 901, 585 June 15-. 1,057,290 1,299, 503 151,013 278,089 98,881 217,319 330, 223 902, 713 June 22_. 1,053, 563 1,293,910 143, 930 279,069 96,916 217,213 326.430 902,110 June 29_. 1,054, 573 1, 306, 359 144,801 278,905 95.457 218,775 325, 784 899,882 July 6_. 1,058,481 1,315, 395 148, 756 274,592 92,996 217,919 322, 253 879,460 July 13.. 1,069,831 1, 292,474 157,150 274,716 93,132 219,016 319,097 883,824 July 20. . 1,086,765 1, 283,954 147, 958 276,817 93,875 219, 298 317, 702 880, 684 July 27.. 1,090,120 1,268, 630 152, 777 276,680 92, 775 219,137 316,882 879,617 Aug. 3.. 1,096,044 1,279,998 142, 784 280,795 93,474 215, 233 313,549 876,037 Aug. 10.. 1,099, 764 1,302,464 151.133 281, 760 94,472 215,034 314, 670 875.381 Aug. 17.. 1,125,148 1,286,230 154,104 284, 710 92, 529 219, 719 315,052 875, 632 Aug. 24.. 1,108, 464 1,282,434 152,856 94.458 221,122 311,105 880,403 Aug. 31- 1,123,377 1,284,863 149, 289 282,052 94, 594 225,043 316,022 880,036 Sept. 7. 1,099,946 1,292,863 152,392 278, 942 96,814 224, 777 314, 584 856, 342 Sept. 14. 1,100,499 1,309,999 155,071 276,225 96, 988 228,121 322, 370 859, 326 Sept. 21. 1,101,999 1,303,060 146,050 276, 295 97,017 228, 503 319,938 867,559 Sept. 28. 1,108,845 1, 294,827 144,656 274,819 98, 579 228,853 323,258 863,553 Oct. 5__ 1,098, 908 1, 303,420 141, 335 277,156 100, 709 227,441 328,172 878,166 Oct. 12.. 1,115, 562 1, 294,817 143, 997 275,430 99, 710 327,473 885, 541 Oct. 19.- 1,129,862 1, 289, 561 144, 515 278,920 98, 701 237,108 327,365 876, 649 Oct. 26.. 1,134,479 1, 280,609 142.972 276, 723 99,811 236, 250 324, 276 863,026 Nov, 1,121,126 1,287,567 141,917 279, 674 101,893 237,165 327, 769 866,013 Nov 1,110, 556 1,304,629 139, 656 282,897 103,198 240,142 330,045 864,807 Nov 1,127,184 1,285,026 143,077 280,350 103, 230 239,850 335,929 861, 520 Nov 1,134, 591 1, 292,317 141.496 283,504 100, 579 238,101 338, 574 862, 529 Nov 1,097,461 1,296,435 141,029 282,445 101,687 236,400 335,145 864,604 Dec. 7. 1,101,709 1, 289,496 143,385 283, 638 103,929 235, 547 342,787 874, 715 Dec. 14. 1,100,410 1, 285,198 145.497 284,009 105, 738 237,651 346,819 876, 550 Dec. 21. 1,073, 590 1,281, 504 144, 246 283,691 105,429 236,243 350,684 877,043 Dec. 28- 1,073,468 1, 281,457 139,341 283,104 104,066 235,560 351.431 i Four districts only for 1927, figures for the New York district requiring no change from those published on p. 68 of the January BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
235 MARCH, 1929 FEDERAL RESERVE BULLETIN REPORTING MEMBER BANKS IN FIVE FEDERAL RESERVE DISTRICTS: REVISED FIGURES OF LOANS ON SECURITIES AND ALL OTHER LOANS, BY WEEKS, 1927-1928—Continued [In thousands of dollars. Revision of data published on pp. 69, 78-79 and 84-89 of BULLETIN for January, 1929] Kansas City San Francisco New York district Chicago district district Dallas district district Date s L e o c a u n r s it i o e n s ! | Al l l o o an th s er s L e o c a u n r s it i o e n s Al l l o o a t n h s er c L o u n o r i a s t n i e e s - s o lo A t a h l n e l s r j i I c L o u n o ri a t s n i e e s - s c L o u n o r i a t s n i e e s - s o lo A t a h l n e l s r 1928 Jan. 4... 3,288, 972 2,930,310 1,083,980 1, 283,064 140,765 279,425 102, 600 230, 247 350,495 871, 780 Jan. 11_. 3,060, 329 2,935, 502 1,086,942 1, 307,463 141,985 280, 237 102, 735 227,971 347,097 876, 057 Jan. 18.. 2,995,477 2,906, 621 1,077, 716 1, 303, 795 148,634 277, 388 104,004 228,281 344, 052 876, 397 Jan. 25.. 3,011,009 2,865, 367 1,047,412 1, 286,327 145, 283 277,337 105,167 229,365 341,185 874,857 Feb. 1_. 3,072, 928 2,842,326 1,039, 274 1, 294, 813 147, 295 279, 570 107,464 233,629 345,452 876, 754 Feb. 8.. '2,914, 749 2, 891,431 1,036, 412 1, 288, 440 154, 633 281, 202 110,437 231,479 338, 671 876,923 F F F e e e b b b . . . 1 2 2 5 2 9 _ . . . . 2 2 2 , , , 8 8 8 4 7 0 8 7 3 , , 9 , 9 6 9 3 0 0 8 2 2 2 2, , , 9 9 9 4 0 0 6 3 8 , , , 1 1 6 5 6 3 7 9 7 1 1 1 , , , 0 0 0 2 5 4 4 2 , 6 , 9 , 3 2 4 2 9 7 1 4 1 1 1 , , , 2 2 2 9 8 7 9 6 6 , , , 8 2 7 2 6 7 6 2 6 1 1 1 5 5 5 6 3 0 , , , 4 4 3 3 4 7 1 8 8 2 2 2 8 8 8 2 1 5 , , , 2 3 0 8 7 6 8 2 1 1 1 1 0 0 0 8 8 6 , , , 9 0 5 7 0 7 1 9 1 2 2 2 3 2 3 8 4 1 , , , 0 1 8 7 6 2 2 0 4 3 3 3 5 4 4 0 4 7 , , , 6 1 7 1 9 1 4 7 5 8 8 8 8 7 8 0 6 4 , , , 2 8 9 6 6 1 0 0 8 Mar. 7 2,774,679 2,965,831 1, 071, 261 1, 291,967 153, 204 287,142 106,075 229,316 351,317 893, 714 Mar. 14 2,849,098 3, 003,989 1,065, 935 1.310, 725 156,571 286,914 107,123 228,898 360,134 888,463 M M a a r r . . 2 2 1 8 I 2 2 ,8 ,7 9 7 7 0 ,7 ,8 5 4 9 3 3 3 . , 0 0 3 4 4 9 , , 4 4 7 2 0 3 1 1 , , 0 0 7 7 4 7 , , 81 2 1 38 1 1 , , 3 2 0 9 0 8 , , 9 7 8 2 9 2 1 1 5 5 6 5 , , 7 4 3 5 7 8 2 28 8 3 4 , , 0 5 6 3 3 6 1 1 0 0 4 4 , , 8 1 8 3 2 8 2 2 3 3 1 1 , , 9 3 0 7 5 1 3 3 5 4 1 9 , , 8 6 4 2 4 3 8 8 8 8 2 1 , , 9 7 5 9 7 9 Apr. 4__. 3,102,603 3, 093, 341 1, 1,311,865 157, 247 286,937 102,639 235,319 360, 212 880,124 Apr. 11_. 2,987, 211 3, 111, 583 1,096,095 1, 318,984 157, 880 290, 279 104, 520 235, 675 363,872 883, 303 Apr. 18.. 3,035, 569 3, 081, 561 1,095, 641 1, 315,171 154, 796 291, 657 105, 237 233,356 883, 220 Apr. 25_. 3,114, 777 3,044, 633 1,085, 264 1.311, 301 147,826 290, 581 104,652 229, 627 371,115 |880, 301 i May 2... 3, 251, 340 3,078,946 1,090, 029 1, 344,123 150, 332 291,454 104,667 230,106 373,352 '871, 370 May 9... 3,186, 786 3,080, 681 1,124,179 1, 344,128 147, 314 293,029 105, 663 230,873 365, 870 876, 314 May 16.. 3, 210, 507 3,074,103 1.143, 259 1,344, 384 145, 863 295, 508 105,180 228, 725 364,616 ,883, 285 May 23.. 3,118, 448 3, 097, 890 1,130, 744 1, 336, 544145,115 290, 346 106, 233 225,840 371,808! 877, 250 May 29_. 3,158, 566 3,083,199 1,153, 560 1, 348,145 144, 022 289, 365 103,433 224,840 369.676 ;877, 697 June 6... 3,103,961 ! 3.098, 338 1,151, 286 1, 350, 067139, 826 287, 377 102,879 225,193 376,190 !880,144 June 13. 3,026,587 j 3,130,981 1,167, 398 1, 366, 359141,457 286,188 101, 610 227, 221 369,883: 887, 785 June 20.. 2,969,411 i 3,120, 093 1.144, 538 1, 359, 276 144, 041 285, 377 102,057 228, 206 356,858 .888,963 June 27 _ j 2,916,335 | 3,114, 324 1,155, 039 1,353, 374 145, 238 286,139 103,964 229, 879 356,903 \888, 439 July 3 _ 3,169,550 3,191, 246 1,151,959 1, 356,965 136, 639 293,298 j 105,170 226, 507 354.677 |887,039 July 11 i 3,044,747 3,086,131 1,135,600 1, 350, 506147,261 287,343 I 105,708 229,483 354,980 !881, 729 July 18... 2,908,422 3,105, 683 1,126,930 1, 375,952 153, 705 291,939 i 106,995 231, 585 360,865 |880,455 July 25.... I 2,889,559 3,115,477 1,122,420 1, 372, 225147,882 | 294,229 ; 104,292228,665 362,038j 870, 626 i Aug. 1 I 3,028,778 3,118, 784 1,133,900 1, 394, 580 144, 502 295,438 ! 104,788227,968 356,154 i877, 247 Aug. 8_. 2,936,076 3,154, 851 1.132, 566 1,388,021 147,153 297,920 ! 107,183 228, 347 355,375 i879, 202 Aug. 15.. 2, 870, 781 3,132,343 1.133, 513 1, 391, 727 148,440 297,794 ! 105,339 228, 221 360,925 i888, 537 Aug. 22_. 2,866, 225 3,140, 824 1.130, 111 1,387, 313 144, 490 294,919 i 104,909 226, 389 360,639 !886, 952 Aug. 29.. 2, 851,420 3,179, 589 1.131, 375 1, 386,043 151, 082 292,358 ! 103,468 229, 033 361,702 !882, 357 Sept. 5... 2,978,817 3,163, 719 1,129,946 1, 379, 888146, 975 290,962 103,848 230, 666 365,337 I 888,832 Sept. 12.. 2,918,957 3,163,989 1,131, 211 1,376,029 149, 202 291,950 107, 819 233,155 363,403 . 891,623 Sept. 19_. 2,981,116 3,149, 786 1,149,074 1,395, 355 144, 397 293, 719 109, 534 239,199 365,835 ! 881,348 Sept. 26.. 2,910, 718 3,151, 672 1,141,166 1,383,168 144, 616 296, 716 106, 294 245, 307 369, 916 j 884,179 Oct. 3 _. ! 2,980,020 3,169, 686 1,141, 093 1, 401, 478 140, 933 297, 265 104,117 245, 564 366, 526 886, 473 Oct. 10 2,905,705 3,185,178 1.137, 966 1,412, 713 143, 638 300,467 111,010 240, 303 375, 707 888, 056 O O O c c c t t t . . . 2 3 1 4 1 7 __ _ 2 3 2 , , , 9 0 9 5 1 6 9 4 8 , , , 3 6 9 4 8 1 4 3 4 3 3 3 , . , 1 0 1 2 9 0 2 9 4 , , , 8 1 3 1 7 5 9 4 8 1 1 1 . , , 1 1 1 3 5 4 8 4 9 , , , 8 1 3 6 5 6 6 8 7 1 1 1, , , 4 4 4 2 2 2 7 3 9 , , , 9 1 7 4 7 3 9 5 2 1 1 1 3 3 3 9 5 6 , , , 8 1 8 6 4 8 7 2 1 3 3 3 0 0 0 7 3 1 , , , 1 7 1 0 9 0 8 0 8 1 1 1 0 0 0 8 6 6 , , , 8 5 2 3 9 3 4 3 8 2 2 2 4 5 5 6 2 4 , , , 5 6 3 9 4 9 7 4 8 j I 37 3 3 5 7 7 , 7 3 , , 5 5 7 7 7 0 1 6 7 8 8 8 8 8 8 7 5 4 , , , 8 9 3 3 8 0 8 4 9 Nov. 7... 3, 075,145 3, 071, 739 1,161,961 1.411, 848 132,200 307, 098 108, 800 247,768 ] 381,037 889, 845 Nov. 14_. 2,974,124 3,061,189 1,164, 271 1,405, 225 134, 818 307,147 110, 520 248,458 I 390,385 895,026 Nov. 21.. 3,113, 675 3, 038,089 1,161, 608 1.412, 281 137,424 307, 699 111,410 248,171 395,948 892, 072 Nov. 28_ 3, 220,419 3, 026,041 1,167, 216 1, 132, 509 307, 773 110,183 252,907 397,119 891,484 Dec. 5 ___ 3, 265, 8343, 050, 715 1,188, 313 1,414, 663 130,418 107, 546 251,924 396, 668 902, 581 Dec. 12 3,099,123 3, 065, 760 1,193,946 1,422,874 134, 225 310, 336 108, 892 249,888 390, 305 905,156 Dec. 19 _ 3,083, 677 3,117, 336 1,183,060 1,433,643 136, 580 310,181 112,159 250,891 394, 605 919, 494 Dec. 26... I 3,192,0883.113,471 1,179,986 1,401,677 135, 472 313,173 113,845 249, 852 393, 229 920, 814 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
236 FEDERAL RESERVE BULLETIN MARCH, 192& REPORTING MEMBER BANKS: REVISED FIGURES OF BALANCES DUE TO BANKS, BY WEEKS, 1927-1928 [In thousands of dollars. Revision of data published on pp. 90-91 of BULLETIN for January, 1929] Total, all Total, all reporting ! New York Other lead- reporting New York Other lead- Date member j City ing cities Date member City ing cities banks i banks 1927 1928 Jan. 5__ 0) j 1,053,040 8 Jan. 4_- 3, 684, 062 , 237, 639 2,446,423 Jan. 12. 0) 1,003,644 ' Jan. 11. 3,498, 837 ., 147, 721 2, 351,116 Jan. 19. 0) 941, 573 8 Jan. 18. 3, 398, 850 , 080,469 2, 318, 381 Jan. 26. (1) ! 911,363 Jan. 25. 3, 354,465 , 080,944 2,273, 521 Feb. 2__ 3,180, 975 970, 362 2,210,613 Feb. 1_- 3, 527,025 , 202, 240 2, 324,785 Feb. 9__. 3,129,714 ! 916,887 2,212,827 Feb. 8-_ 3,351,076 , 039,469 2,311,607 Feb. 16. 3,185,146 978,408 2,206,738 Feb. 15. 3, 395, 700 , 076, 520 2,319,180 Feb. 23. 3,103,440 976,089 2,127,351 Feb. 22. 3,224, 942 ., 007,813 2,217,129 Feb. 29. 3, 373,050 , 161, 904 2, 211,146 Mar. 2__ 3,224, 774 996, 765 2,228,009 Mar. 9__ 3,182, 323 j 992,445 2,189,878 Mar. 1.- 3,400, 356 , 097, 879 2, 302,477 Mar. 16. 3, 231, 819 1, 023,112 2, 208, 707 Mar. 14. 3, 363, 641 , 128, 391 2, 235, 250 Mar 23. 3,072,056 | 953,518 2,118,538 jMar. 21. 3,201,699 , 054, 237 2.147,462 Mar. 30. 3,046,908 [ 975, 661 2,071,247 IMar. 28. 3, 200, 668 ,074,108 2,126, 560 Apr. 6._ 3,157,484 ' 986,136 2,171,348 Apr. 4__ 3, 399, 820 1,150, 738 2, 249,082 Apr. 13.. 3, 075,882 922, 769 2,153,113 Apr. 11.. 3,214,864 i 1, 043, 886 2,170, 978 Apr. 20.. 3,036, 388 948,048 2, 088,340 Apr. 18.. 3,169, 532 I1, 024, 834 2,144, 698 Apr. 27. 3, 011,004 960, 512 2, 050,492 Apr. 25.. 3,044,910 ; 991, 859 2,053,051 May 4._ 3,150,134 997,828 2,152,306 May 2._ 3, 260, 037 I1,106, 695 2,153, 342 May 11.. 3,041,231 933, 584 2,107,647 May 9__ 3,115,400 ;1, 012,899 2,102, 501 May 18. 3, 019, 586 944, 832 2, 074, 754 May 16. 3,088,699 j1, 024, 361 2,064, 338 May 25. 2, 904,188 910,881 1, 993, 307 May 23. 2,938,742 j 976, 293 1, 962, 449 May 29. 2,917,380 i 981,191 1, 936,189 June l._ 3,079, 998 1, 021, 289 2,058, 709 June 8__ 2, 951, 362 910, 279 2,041,083 June 6_- 2,953,228 I 940,476 2, 012,752 June 15.. 3,138, 868 1,081,782 2,057,086 June 13.. 2,929,231 930,107 1,999,124 June 22.. 2,899,905 ! 923, 675 1, 976, 230 June 20.. 2,869,662 | 928, 711 1, 940, 951 June 29.. 2,979,923 j 966, 532 2, 013, 391 June 27.. 2,834,969 ; 930,845 1, 904,124 July 6._ 3,229,675 1,041.100 2,188, 575 July 3- 3,145, 008 1,087,176 2,057,832 July 13.. 3,136,143 981, 929 2,154,214 July 11- 2,947,833 931, 749 2, 016,084 July 20.. 3.039, 514 960, 324 2,079,190 July 18.. 2,838,058 I 880,422 1, 957, 636 July 27.. 2, 936, 931 901,025 2,035,906 July 25. 2,811,396 : 926, 825 1,884, 571 Aug. 3._ 3,105,811 i 968, 218 2,137, 593 Aug. 1.- 2, 945, 248 ;1, 019,197 1, 926,051 Aug. 10. 3,089,080 ! 956,186 2,132,894 Aug. 8_. 2,812,710 j 879, 655 1, 933,055 Aug. 17. 3,101, 204 ! 969, 229 2,131,975 Aug. 15. 2,797,766 j 884,400 1, 913, 366 Aug. 24. 3.040, 372 ! 928, 782 2, 111, 590 Aug. 22. 2,722,722! 852, 208 1,870, 514 Aug. 31. 3,115,945 | 995, 485 2,120,460 Aug. 29. 2,726,698 ; 871,871 1,854,827 Sept. 7__ 3,198,741 975, 269 2, 223,472 Sept. 5__ 2,907,653 ! 935, 353 1, 972,300 Sept. 14.. 3,190, 567 ! 983,065 2, 207, 502 Sept. 12.. 2,912,764 | 934, 987 1.977, 777 Sept. 21.. 3,119,335 ! 982,112 2,137, 223 Sept. 19.. 3,007,614 ' 932,405 2,075, 209 Sept. 28.. 3,109,377 971, 918 2,137,459 Sept. 26.. 2,963,421 • 934, 793 2,028, 628 Oct. 5- 3, 360,843 1,058, 800 2, 302,043 Oct. 3-. 3,173,617 981, 827 2,191, 790 Oct. 12. 3, 220, 622 965,034 2, 255, 588 Oct. 10. 3,030,650 913, 224 2,117,426 Oct. 19. 3, 251, 578 i 1, 021,125 2, 230,453 Oct. 17. 3,149,533 1, 043,184 2,106,349 Oct. 26. 3,150,381 | 978,876 2,171,505 Oct. 24. 2,936,269 i 953, 536 1, 982, 733 Oct. 31. 3, 074, 946 1, 069,192 2,005, 754 Nov. 3,368,964 ! 1,108, 555 2, 260,409 Nov 3, 327, 508 1,053, 217 2, 274, 291 Nov. 7_- 3,082,442 987,185 j 2, 095, 257 Nov 3,472,143 1,106, 368 2, 365, 775 Nov. 14. 3,118,765 2,132,879 Nov, 3, 351, 983 1, 037, 384 2, 314, 599 Nov. 21. 3, 000,170 975,009 2, 025,161 Nov 3, 520,114 1, 218,069 2, 302,045 Nov. 28. 2, 960,465 977, 288 ! 1,983,177 Dec. 7._ 3,406,482 1,052, 603 2, 353,879 Dec. 5__ 3, 088,* 603 976,060 2,112, 543 Dec. 14. 3, 319, 746 1,055,317 2, 264,429 Dec. 12. 2, 995, 578 957, 371 2,038, 207 Dec 21. 3, 266, 647 1,045, 513 2, 221,134 Dec. 19. 2, 968, 990 946, 343 2, 022, 647 Dec. 28. 3, 304,038 1, 029, 637 2, 274,401 Dec. 26- 2,990,873 I 944, 819 2, 046, 054 1 Figures not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONDITION OF ALL MEMBER BANKS ALL MEMBER BANKS—CONDITION ON A SERIES OF CALL DATES ENDING WITH DECEMBER 31, 1928 [Amounts in thousands of dollars] Dec. 31, Apr. 12, June 30, Dec. 31, Mar. 23, June 30, Oct. 10, Dec. 31, Feb. 28, June 30, Oct. 3, Dec. 31, 1925 1926 1926 1926 1927 1927 1927 1927 1928 1928 1928 1928 RESOURCES Loans (including overdrafts)1 21,996,297 21,785,018 22,060,187 22,652,044 22,327,037 22,938,207 23,226,513 23, 886,39323,098,936 24,302, 78724,325,010 25,155,255 United States Government securities _. 3, 728,359 3, 805, 467 3, 744, 929 3, 388, 963 3, 835,151 3, 796, 347 3, 856,149 3,977, 557 4, 215, 822 4, 224, 730 4,385, 830 4,311,790 Other securities __ 5,159, 541 5, 228, 564 5, 378, 479 5, 600, 708 5, 786, 776 6, 021,927 6,103,119 6, 382, 962 6, 373, 630 6, 533, 6566, 218,145 6, 216, 890 Total loans and investments 30,884,197 30,819,049 31,183,595 31,641,715 31,948,964 32,756,481 33,185,781 34,246,912 33,688,388 35,061,173 34,928,985 35,683,935 Customer's liability on account of acceptances. 498,143 486, 259 431, 307 512,945 500, 232 502,024 576, 223 699, 701 695, 319 710, 207 727, 258 929, 540 Banking house, furniture, and fixtures 927, 357 955, 563 969, 380 998, 212 1, 012,103 1, 036, 731 1, 059,930 1,067, 200 1, 077, 529 1,099, 210 1,105, 558 1,107, 287 Other real estate owned 170,763 173,906 172,986 173,727 178, 230 175, 829 180, 546 177, 229 180, 511 184,109 178,443 177, 716 Cash in vault 574, 532 540, 261 534,120 522, 596 538,305 537, 856 539,137 523, 370 525, 992 449,198 519,126 564, 384 Reserve with Federal reserve banks 2, 238, 233 2,135,948 2, 236,172 2, 210, 048 2,321,414 2, 280, 439 2, 319, 736 2, 514, 465 2, 366, 605 2, 342, 045 2, 348, 018 2,409, 367 Items with Federal reserve banks in process of collection 825, 543 722,055 732,161 810, 250 673,512 I 740,816 739, 871 784, 391 686, 881 680, 492 856, 655 967,836 Due from banks in United States 2,155, 306 1,933, 501 1,980,051 2, 065, 518 1,896, 383 1, 968, 3262,077,441 | 2,209,831 1,940,619 1, 897, 231 2, 026, 259 2,124, 252 Due from banks in foreign countries 2 287,104 275, 887 255,821 j 258,337 269, 373 297, 535 291,858 306,950 Exchanges for clearing house and other checks on local a banks _. 2,195,466 1, 450, 457 1, 762, 7362, 077,090 1, 222, 670 1, 912,942 1, 564, 796 1, 508,418 1,311,817 1, 447, 219 1, 634, 689 3,493, 061 Outside checks and other cash items 159,060 142, 939 137,866 181, 593 101, 676 177, 771 157, 841 200,159 134,916 217, 291 163, 527 203, 884 Redemption fund and due from United States Treasurer. 32,982 32, 879 32, 997 32, 785 32, 480 32, 891 33,054 33, 281 32, 823 33, 025 33, 001 32,995 Acceptances of other banks and bills of exchange or drafts sold with indorsement 278,988 221, 290 207, 292 254, 506 205, 382 210,519 265,007 431, 968 454, 958 436, 486 433, 668 677,994 Securities borrowed 49,643 45, 304 44, 631 44, 345 41, 521 33, 539 29,464 35, 212 29, 248 37, 733 36, 551 35, 947 Other assets 3 435,082 3 419, 895 3 504, 314 158,488 168,141 171,070 i 197, 666 186, 677 198, 895 200,101 220,498 Total 41,425,295 40,075,440 40, 845,18942, 029, 64441,118,464 42, 810,19243,155,718 144,888,140 43, 581, 65645, 091, 84945, 483, 697 48, 935, 646 LIABILITIES Capital stock paid in 2,105,308 2,162,434 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 Surplus 1,832,691 1, 880, 620 1, 809, 565 1, 955, 349 1, 992,174 2, 030, 342 2, 049, 325 2,124, 0202,144,182 2, 285, 536 2, 382, 393 2,440, 709 < U Re n s d e i r v v i e d s e d fo r p r d o i f v it i s d — en n d e s t , . contingencies, etc ]• 739,934 783, 012 763,156 785, 517 845, 596 843, 319 940, 505 879,480 914,114 924, 012/ \ 8 1 8 2 6 0 , ,0 0 2 2 0 5 8 1 3 5 2 1 , , 7 5 4 6 4 4 Reserves for interest, taxes, and other expenses ac- W crued and unpaid _ 108,903 132, 688 124, 484 120, 386 139, 315 128,142 152, 531 128, 757 137, 345 145, 458 150,438 120, 676 d D D D u u u e e e t t t o o o b o F a t e h n d e k e r s r a b i l a n n r e f k o s s r e e r i i v n g e n U b c n a o i n t u k e n d s t ri S e t s a t 4 es J4,16 5 9 1 , , 4 1 7 12 0 3, 80 4 1 7 , , 5 8 1 9 3 3 3, 9 4 3 5 5 , , 2 1 1 1 4 3 4, 0 5 0 1 2 , , 4 4 9 5 95 f L 3 , 4 3 4 5 8 7 1 8 , , , 7 2 4 4 2 4 7 1 1 3, 5 5 6 5 0 7 3 7 , , , 8 0 7 4 0 3 3 0 2 3, 5 5 8 5 6 6 4 7 , , , 8 4 1 6 0 9 9 2 3 3, 7 b 4 5 O 5 2 8 , , , 0 6 2 7 9 2 3 1 2 3, 6 4 4 4 9 3 5 5 , , , 3 3 7 6 7 2 0 2 2 3, 6 2 1 4 6 3 9 3 , , , 8 7 4 2 3 9 3 2 4 3,4 50 6 6 8 5 2 , , , 3 5 3 7 7 7 9 1 7 3, 5 6 4 5 4 3 6 9 , , , 2 5 0 1 7 3 0 3 7 C C e a r s t h if i l e e d tt e a r n s d o f o f c f r ic e e d r i s t ' a c n h d e c t k r s a v o e u l t e s r t s a ' n c d h i e n c g ks outstand- 1, 225, 758 863, 466 962, 694 1,141,102 788, 522 1, 064, 605 977,944 839, 556 848, 064 787, 770 1, 041,114 2,184,138 ing. 21,965 23, 266 38, 415 20,499 25,015 41, 696 26, 391 21, 641 29, 015 43,177 27, 338 23,128 Demand deposits 17, 824,702 16, 823,148 17,380, 041 17, 638, 64816, 830, 70917, 735, 24417, 374, 42618,170,140 17, 304, 64617, 606, 56417, 501, 430 18,903, 658 Time deposits 10, 653,028 10, 954, 747 11,172, 86311,439, 859 11, 817, 69412, 209, 83412,459, 24812, 764, 79812, 922, 63813, 438, 585 13,409, 608 13,453,311 U To ni t t a e l d d S e t p a o te s s i t d s eposits "__""__" 34,2 3 5 0 0 4 , , 1 1 6 3 6 1 32,8 337 9 79 3 , ,4 4 8 5 3 0 | 33 ' , 7 222 6 27 1 ,7 , 6 9 64 8 4 7 77 34, 2 5 3 28 4 , , 6 1 6 1 4 6 33, 4 7 0 5 6 6 , , 1 8 9 5 9 0 35,3 2 9 1 7 7 , , 5 6 7 2 6 2 f 3 5, 4 4 3 8 5 1 , , 4 9 7 4 5 8 36, 2 6 6 6 6 9 , ,1 9 0 8 3 1 | , 3 5,3 8 7 6 4 _, , 8 _0 4 3 9 ,2„ 36 _ ,0 2 5 5 9 6 , , 8 6 2 8 6 1 | 36,1 1 7 5 4 8 , , 5 7 7 6 8 1 39,0 26 7 1 4 , ,5 5 6 0 0 5 Agreements to repurchase United States Government or other securities sold. 7,081 15, 800 5,632 32, 537 13,248 17,967 17, 845 32, 785 21, 375 18,103 95,161 134, 084 Bills payable and rediscounts 732, 824 619, 568 611,619 759, 866 546,433 541,248 j 528,215 663, 475 580, 892 1, 209, 437 1,153, 916 1,162,178 Acceptances of other banks and bills of exchange or i drafts sold with indorsement 278,988 221,290 207, 292 254,506 205, 382 210,519 | 265,007 431,968 i 454,958 436, 486 433, 665 677,994 A A c c c c e e p p t t a a n n c c e e s s e e x x e e c c u u t t e e d d f b o y r c o u th st e o r m b e a r n s ks for account of 486, 548 470, 292 435, 751 515,046 505, 586 503,595 ! 575,636 j 721,473 j 705, 001 716, 270 717, 931 928,329 reporting banks 53,608 55, 002 42, 054 35,917 29,013 32,042 I 26,075 22,318 I 26,008 28, 235 41,417 43, 636 National-bank notes outstanding 647,951 648,954 650, 662 645, 956 642, 067 650,445 j 649,390 649,877 646,162 648, 602 648, 046 649,893 Securities borrowed 49, 643 45, 304 44, 631 44, 345 41, 546 33,564 29,471 35,936 29, 352 37, 782 36, 556 35,947 Other liabilities 5 131,650 « 146, 993 5 138, 872 5148,108 153. 695 147. 696 135.062 191,169 ! 201, 899 166, 726 189, 692 209,109 Total 41,425,295 40,075,440 40,845,189 42,029,644 41,118, 46442,810,192 143,155,718 [44,888,140 143,581,656 45,091, 849 45,483, 6971 48,935, 646 Number of banks _. 9,489 9,412 I 9,375 9,260 9,144 9,099 9,087 9,034 ] 8,983 8,929 8,896 8,837 1 Excludes "Acceptances of other banks and bills of exchange or drafts sold with indorsement," now shown separately. 2 Includes amounts due from own foreign branches. Prior to Mar. 23, 1927, amounts due from foreign banks and own foreign branches are included in "other assets." 3 Includes amounts due from foreign banks and own foreign branches. to 4 Includes amounts due to own foreign branches, beginning Mar. 23, 1927. Prior to that date, amounts due to own foreign branches are included in "other liabilities." 6 Includes amounts due to own foreign branches. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL MEMBER BANKS—CONDITION OF NATIONAL AND STATE MEMBERS ON DECEMBER 31, 1928, BY CLASSES OF BANKS to [Amounts in thousands of dollars] 00 00 All member banks National banks1 State bank members Central Other Central Other Central Other reserve reserve Country reserve reserve Country reserve reserve Country Total city city banks Total city city banks Total city city banks banks banks banks banks banks banks KESOURCES Loans (including overdrafts)2 25,155,255 7, 537,414 8, 702,347 8,915,494 15,285,144 3,669,510 4,986,570 6,629,064 9,870, 111 3,867,904 3, 715,777 2, 286,430 United States Government securities 4,311,790 1,267,836 1,662,415 1,381,539 3,006,236 719,861 1,148, 067 1,138,308 1,305.554 547,975 514,348 243,231 Other securities 6,216,890 1,055, 740 1, 791,212 3,369, 938 4,115,360 496,104 983,115 2,636,141 2,101,530 559,636 808,097 733,797 Total loans and investments 35,683,985 9,860,990 13,155,974 13,666,971 22,406,740 4,885,475 7,117,752 10,403,513 13,277,195 4,975,515 5,038,222 3,263,458 Customers' liability on account of acceptances...... 929,540 700, 731 212, 534 16, 275 531,305 355,489 164,967 10,849 398,235 345,242 47,567 5,426 Banking house, furniture, and fixtures 1,107,287 179,829 415,097 512,361 730,063 89,113 242,363 398,587 377,224 90,716 172,734 113, 774 Other real estate owned 177, 716 5,037 59,954 112, 725 123,047 1,311 32,250 89,486 54,669 3,726 27, 704 23,239 Cash in vault 564,384 78,414 167,273 318, 697 386,954 35, 551 99,466 251,937 177,430 42,863 67,807 66, 760 Reserve with Federal reserve banks ._ 2,409,367 978,289 779,327 651,751 1,496,316 496,981 486,028 513,307 913,051 481,308 293,299 138,444 Items with Federal reserve banks in process of collection.. 967,836 369, 501 458,926 139,409 577,086 182,634 303,648 90,804 390,750 186,867 155,278 48,605 Due from banks in United States 2,124,252 248,126 899, 258 976,868 1,581,969 118, 252 648,619 815,098 542,283 129,874 250,639 161,770 Due from banks in foreign countries 3 306,950 239,502 63,934 3,514 206,003 152,058 51,844 2,101 100,947 87,444 12,090 1,413 Exchanges for clearing house and other checks on local banks 3,493,061 2,880,609 489,157 123,295 1,923,860 1, 521,248 321.492 81,120 1, 569,201 1,359,361 167,665 42,175 Outside checks and other cash items 203,884 81,414 87,169 35,301 116,161 34,290 54,367 27,504 87, 723 47,124 32,802 7,797 Redemption fund and due from United States Treasurer __ 32,995 1,994 8,192 22,809 32,995 1,994 8,192 22,809 Acceptances of other banks and bills of exchange or drafts sold with indorsement 677,994 550,487 125,571 1,936 329, 764 236,608 91,809 1,347 348,230 313,879 33,762 589 S O e t c h u e r r i t a ie ss s e b ts orrowed 2 3 2 5 0 , , 9 4 4 9 7 8 108,9 3 0 5 9 0 2 6 0 4 , , 2 7 3 2 6 0 4 1 7 4 , , 3 8 5 7 3 7 1 2 1 0 0 , , 3 8 4 5 1 3 48,6 3 0 5 1 0 3 1 2 0 , , 2 0 9 5 1 2 2 9 9 , , 9 9 3 6 9 1 1 1 0 5 9 , , 6 6 0 4 6 5 ""60,368 3 1 1 0 , , 9 6 4 6 5 8 1 4 7 , , 9 3 3 9 8 2 GO H Total 48,935,646 16,284,182 16,007,322 16,644,142 30, 573,457 8,159, 955 9, 665,140 12, 748, 362 18,362,189 8,124,227 j 6,342,182 3,895, 780 LIABILITIES Capital stock paid in 2,474,223 674,972 821,693 977, 558 1,615,601 343,550 508,323 763, 728 858, 622 331,422 313,370 213,830 Surplus 2,440,709 846,755 777,835 816,119 1,489,099 434,905 425,291 951,610 411,850 352, 544 187, 216 R U e n s d e i r v v i e d s e d fo r p r d o i f v it i s d — en n d e s t , contingencies, etc 8 1 3 5 2 1, , 7 5 4 6 4 4 26 6 5 5 , , 0 7 6 3 0 2 2 4 4 5 3 , , 1 5 7 2 4 4 3 4 2 1 3 , , 5 3 1 0 0 8 4 8 9 5 1 , , 3 5 1 5 7 9 3 95 1 , , 9 2 2 0 8 8 1 2 4 3 2 , , 5 94 8 4 5 2 2 5 9 3 , , 8 4 0 0 4 7 3 6 4 6 1 , , 4 0 2 0 7 5 1 3 7 3 0 , , 1 5 3 2 2 4 1 2 0 1 0 , , 5 5 8 8 9 0 6 1 9 1 , ,7 9 0 0 6 1 d Reserves for interest, taxes, and other expenses accrued and unpaid 120,676 44,340 41,325 35,011 _ 66,602 17,679 26,190 22,733 54,074 26,661 15,135 12,278 Due to Federal reserve banks 56, 510 1 12,508 44,001 "40, 748 9,015 31,733 15, 762 1 3,493 12,268 D D u u e e t t o o b ot a h n e k r s b i a n n f k o s r e i i n g n U c n o it u e n d t r S ie t s a t 4 es 3,6 5 4 4 9 3 , , 0 2 3 7 7 3 1, 541,351 1,68 5 0 4 , , 6 0 1 3 4 5 42 2 7 , , 3 0 5 7 0 2 2, 2 59 9 5 6 , , 7 7 6 6 1 8 2 9 5 7 1 7, , 8 6 0 9 4 7 1,26 43 3 , , 3 2 8 3 6 6 354 1 , , 8 5 2 7 8 8 1,0 2 5 4 3 6 , , 2 5 6 1 9 2 5 2 6 3 3 5 , , 1 5 9 4 1 7 41 1 7 0 , , 2 7 2 9 8 9 72,4 5 9 2 4 2 Certified and officers' checks outstanding __2,184,138 1, 786, 960 271,081 126,097 1,134,195 866,816 174,287 93.092 1,049, 943 920.144 96, 794 33,005 Cash letters of credit and travelers' checks outstanding 23,128 16,470 6,085 573 10,344 4,920 4,995 429 12, 784 11, 550 1,090 144 Demand deposits 18,903, 658 6, 748, 224 6,034, 666 6,120, 768 11, 774,872 3, 303, 998 3, 788,158 4, 682, 716 7,128, 786 3,444,226 2, 246, 508 1,438,052 Time deposits 13,453,311 1,826, 601 4,832,306 6,794,404 8,304,361 735,737 2,443, 970 5,124, 654 5,148, 950 1,090,864 2,388, 336 1, 669, 750 United States deposits 261, 505 58,382 152, 702 50,421 183,337 28,137 111,321 43, 879 78,168 30, 245 41,381 6,542 Total deposits _39,074,560 12,464,877 13,043,997 13,565,686 24,340,386 6,169,109 7,838,368 10,332,909 14,734,174 6,235,768 5,205,629 3,232,777 Agreements to repurchase United States Government or other securities sold 134,084 72,870 52,854 8,360 75,165 50, 590 17,738 6,837 58,919 22, 280 35,116 1,523 Bills payable and rediscounts 1,162,178 456,056 375,922 330.200 785,059 331,903 228,196 224,960 377,119 124,153 147, 726 105, 240 Acceptances of other banks and bills of exchange or drafts sold with indorsement 677,994 550,486 125, 571 1,937 329, 764 236, 608 91,809 1,347 348, 230 313,878 33, 762 590 A cceptances executed for customers _ 928,329 700,366 212,882 15,081 524, 725 354,196 160,436 10.093 403,604 346,170 52,446 Acceptances executed by other banks for account of reporting banks 43,636 26,980 15, 348 1,308 23,248 12, 564 9,786 20,388 14,416 5,562 410 National-bank notes outstanding 649,893 39, 399 161, 234 449,260 649,893 39,399 161,234 449,260 Securities borrowed 35,947 350 20, 720 14,877 20,341 350 10,052 9,939 15,606 10,668 4,938 Other liabilities..._ 209.109 75,939 69,243 63,927 76,698 41,966 21,188 13,544 132,411 33,973 48,055 50,383 Total 48,935,646 16,284,182 16,007,322 16,644,142 30,573,457 8,159, 955 9, 665,140 12,748,362 118,362,189 8,124, 227 6,342,182 3,895, 780 Number of banks 8,837 75 517 8,245 7,629 32 365 7,232 1,208 43 152 1,013 1 Member banks only: i. e., exclusive of national banks in Alaska and Hawaii. 3 Includes amounts due from own foreign branches. 2 Excludes "Acceptances of other banks and bills of exchange or drafts sold with indorsement," now shown separately. 4 Includes amounts due to own foreign branches. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL MEMBER BANKS—CONDITION ON DECEMBER 31, 1928, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve District Total Boston Y N o e r w k Phi p l h a i d a el- Cleveland m Ri o c n h d - Atlanta Chicago ! St. Louis M ap in ol n i e s - K C an it s y as Dallas San c is F c r o an- RESOURCES Loans (including overdrafts) *_-_ 25,155,255 1,824,366 8,404,303 1,744, 565 2,291,196 1,021, 518 895,201 ! 3,812,187 954,105 560,043 802,632 736,396 2,108, 743 United States Government securities 4,311,790 235,373 1, 353,438 230,977 423,961 129, 800 134,779 ! 535,597 161,431 146, 579 212,331 173, 509 574,015 Other securities 6,216,890 511,376 1,835,167 690,213 699,134 186,945 158,410 | 814,801 290, 263 226,230 235,056 83, 515 485,780 Total loans and investments 35,083,935 3,571,115 11,593,908 3,665,755 3,414,391 1,338,363 1,188,390 5,163,585 1,405,799 933,853 1,350,019 993,430 3,168,538 Customers' liability on account of acceptances. 929,540 666,411 19,837 13, 076 12, 239 13, 798 46,518 1,954 6,704 272 6,825 42,220 Banking house, furniture, and fixtures 1,107,287 69, 727 250,400 95,834 139,993 60,850 61,350 168,681 43,179 24,175 46,082 43,863 103,153 Other real estate owned _ _. 177,716 6,638 18,026 15, 627 22,439 16, 302 13, 561 25,968 9,038 9,531 9,920 11,361 19,305 Cash in vault 564,384 45,684 123,064 42,162 60,416 27,899 29, 363 90,913 23, 982 20,381 26, 992 26,047 47,481 Reserve with Federal reserve banks 2,409,367 145,171 980, 644 136,047 185,295 67, 986 63,852 343,073 84, 641 55,467 90, 950 73, 685 182,556 Items with Federal reserve banks in process of collection... 967,836 77, 564 410,043 64, 647 88, 662 46, 554 24, 758 96,441 I 42,298 8,137 37, 269 33,995 37,468 Due from banks in United States 2,124,252 106,184 234,068 126,280 181,140 103, 575 144,035 345,051 ' 118,481 116, 775 224,876 165,301 258,486 Due from banks in foreign countries 2 306,950 32,563 227,762 5,024 2,487 620 1,763 16, 515 1,776 1,476 1,786 543 14,635 Exchanges for clearing house and other checks on local banks 3,493,061 82,596 2,807,199 89,952 63,923 29,464 28,146 196,169 28,559 14,463 27,913 22,139 102, 538 Outside checks and other cash items 203,884 12,280 61,309 4,400 11,885 7,671 13,312 46,189 4,887 9,017 6,429 4,921 21, 584 Redemption fund, and due from United States Treasurer 32,995 2,199 4,362 2,741 2,705 2,179 4,442 | 2,018 1,391 1,667 2,359 2,933 Acceptances of other banks and bills of exchange or drafts sold with indorsement _ 677,994 60,142 540, 719 6,069 10,187 2,809 3,351 10,390 673 1,919 2 2,394 39,339 Securities borrowed 35,947 340 1,953 4,958 9,230 3,669 2,026 5,454 5,600 98 527 524 1,568 Other assets _ 220,498 9,141 115,074 10, 747 16,047 5,090 4,932 26,307 5,626 5,759 3,645 2,631 15,499 GO Total 48,935,646 3, 321,03018,033,942 3, 290,080 4, 223,070 1,725,696 1,594,816 6,584,696 j 1,778,511 1, 208,145 1, 728, 349 1,390,008 I 4,057,303 LIABILITIES Capital stock paid in 2,474,223 174,607 764,904 172,103 221,345 115,063 102,335 339,774 113,753 63, 515 93,103 94,307 219,414 Surplus 2,440,709 167,563 934,933 316, 735 263,337 88,923 69,685 276,258 65,321 ^5, 709 43,401 45,721 133,123 Undivided profits—net 832,564 77,296 315,448 78, 731 69,963 28,373 23,779 101,891 30,114 16, 216 20, 559 19,479 50,715 Reserves for dividends, contingences, etc. 151,744 9,993 11,403 15,776 6,047 4,113 37,138 3,641 2,531 3,234 3,003 5,917 Reserves for interest, taxes, and other expenses accrued and unpaid 120,676 11,911 39,474 5,862 11,101 5,095 3,420 22,214 3,407 5,224 3,096 2,704 7,168 Due to Federal reserve banks 56,510 7,827 19, 642 7,375 4,212 7,053 3,193 2,910 587 17 447 2,281 966 Due to other banks in United States 3,649,037 149,390 1,301, 313 190,392 229, 530 133,417 155,127 529,854 183,797 111,634 263,017 162,460 239,106 Due to banks in foreign countries 3_ 543,273 26,112 478,732 3,369 2,820 713 2,836 11, 325 384 1,088 198 1,573 14,123 Certified and officers' checks outstanding- 2,184,138 34,538 1,779,412 26,602 64,461 17,060 13,135 73,028 17,648 10, 757 35,146 36,844 75,507 Cash letters of credit and travelers' checks outstanding.. _ 23,128 354 14, 630 827 4,044 35 94 2,414 60 21 67 34 548 Demand deposits. _ 18,903,658 1,400,164 7,136,631 1,152,426 1,429, 260 585,063 596,023 2, 562,304 693,498 433, 027 831, 660 706, 561 1,377,041 Time deposits... _ _ 13,453,311 953,438 3,145,434 1,091,091 1, 642, 632 596, 387 466, 602 2,257,163 537, 601 480,054 364, 599 222, 906 1,695,404 United States deposits 261,505 8,986 63,493 15, 572 24,153 15, 727 17,022 19,421 7,549 5,550 9,926 22,190 51,916 Total deposits 39,074,560 3,580,809 13,939,387 3,487,654 3,401,113 1,355,455 1,354,033 5,458,419 1,441,134 1,043,148 1,505,060 1,154,849 3,454,611 Agreements to repurchase United States Government or other securities sold 134,084 9,141 80,285 611 16, 836 3, 095 8,462 7,107 6,824 139 687 271 Bills payable and rediscounts. 1,162,178 76,144 499,445 99,244 105, 201 48,723 52,139 163, 576 39, 363 5,279 22,443 11,648 38,973 Acceptances of other banks and bills of exchange or drafts sold with indorsement 677,994 60,142 540, 718 6,069 10,187 3,352 10,390 673 1,919 2 2,394 39, 339 Acceptances executed for customers 928,329 96,655 663,897 15, 560 13,224 12, 333 19,680 47,767 2,007 6,779 267 6,825 43,335 Acceptances executed by other banks for account of reporting banks _. 43, 636 5,020 27,086 5,007 581 62 4,266 1,017 10 5 574 National-bank notes outstanding. 649,893 43,315 85,973 54, 278 78, 500 53, 634 43,065 88,120 39,828 27,294 32, 943 45,969 56,974 Securities borrowed _ _. 35,947 340 1,953 4,958 9, 230 3, 669 2,026 5,454 5,600 98 ! 527 524 1,561 Other liabilities 209,109 91, 591 31,865 6,677 2,415 4,462 25, 571 26, 846 1,286 I 3,022 1,959 5,328 Total... 48,935,646 3,321,030 18,033,942 3,290,080 4,223,070 1, 725, 696 1,594,816 I 6,584,696 1, 778, 511 1,208,145 1,728,349 1,390,008 4,057,303 Number of banks.. 8,837 408 938 778 816 ! 547 453 1,252 587 719 932 780 627 to 1 Excludes "Acceptances of other banks and bills of exchange or drafts sold with indorsement," now shown separately. »Includes amounts due to own foreign branches. CO 2 Includes amounts due from own foreign branches. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
240 FEDERAL RESERVE BULLETIN MARCH, 192& ALL MEMBER BANKS—RESERVE POSITION ON DECEMBER 31, 1928 [Amounts in thousands of dollars] Net demand deposits Reserves with Federal reserve banks Ratio of required Demand Net reserves Class of bank and Federal reserve deposits, Time demand to net district e b x G a c n l o u k v s e i a v rn n e - d of ba D nk ue s, n to et Total deposits p d l e u p s o t s i i m ts e Required Held Excess 3 p d d l e u e p m s o t a s i n i m t d s e ment (per cent) deposits i All member banks 18,903,658 1, 039, 925 19, 943, 583 13,453,311 33,396,894 2,430, 742 2,409,367 -21,375 I Central reserve city banks. 6, 748, 224 546, 460 7, 294, 684 1,826, 601 9,121, 285 1, 003,107 978,289 -24,818 | 11.0 Reserve city banks 6,034,666 412,367 6, 447,033 4,832, 306 11,279,339 789, 672 779, 327 -10,345 7.0 Country banks 6,120, 768 81,098 6,201,866 6, 794, 404 12, 996, 270 637, 963 651, 751 13,788 ! 4.9 All member banks: Boston 1,400,164 27,823 1,427,987 953,438 2,381,425 150,395 145,171 -5, 224 6.3 New York 7,136,631 475,918 7,612, 549 3,145,434 10,757,983 1,002, 276 980, 644 -21,632 9.4 Philadelphia.. 1,152,426 19,014 1,171,440 1,091,091 2,262, 531 134,040 136,047 2,007 5.9 Cleveland 1,429, 260 60,997 1,490,257 1, 642, 632 3,132,889 180,974 185, 295 4,321 5.8 Richmond 585,063 28, 507 613, 570 596, 387 1,209,957 68,901 67, 986 -915 5.7 Atlanta 596,023 29,543 625, 566 466, 602 1,092,168 67, 587 63,852 -3, 735 6.2 Chicago _ 2, 562, 304 118,438 2, 680, 742 2,257,163 4,937,905 350,416 343,073 -7,343 7.1 St. Louis 693,498 63,489 756,987 537, 601 1, 294, 588 82, 826 84, 641 1,815 6.4 Minneapolis 433,027 32, 375 465,402 480,054 945,456 52,692 55,467 2, 775 5.6 Kansas City 831,660 85,033 916, 693 364, 599 1.281,292 90, 748 90, 950 202 7.1 Dallas 706, 561 56,400 762, 961 222,906 985,867 69, 253 73,685 4,432 7.0 San Francisco 1,377,041 42,388 1,419,429 1,695,404 3,114,833 180, 634 182, 556 1,922 5.8 Central reserve city banks: New York 5,621, 349 463,626 6,084,975 1, 268,318 7.353,293 829,097 809,063 -20,034 11.3 Chicago 1,126,875 82,834 1, 209, 709 558, 283 1, 767,992 174,010 169,226 -4, 784 9.8 Reserve city banks: Boston 704, 676 23,126 727,802 267,972 995, 774 80,819 82, 320 1,501 8.1 New York 323,820 7,307 331,127 303, 731 634,858 42, 226 42,365 139 6.7 Philadelphia 625,158 18,373 643, 531 238, 259 881, 790 71, 501 70, 786 -715 8.1 Cleveland 854,193 58,380 912,573 819,968 1, 732, 541 115,856 118,433 2,577 6.7 Richmond 252,925 15, 717 268,642 166, 594 435, 236 31,862 28, 564 -3,298 7.3 Atlanta 303,467 23,171 326, 638 214,176 540,814 32, 730 -6,359 7.2 Chicago 723,180 25, 764 748,944 754,804 1, 503, 748 97, 538 91,475 -6,063 6.5 St. Louis 407,198 49, 737 456,935 253,613 710, 548 53, 302 53, 744 442 7.5 Minneapolis 162,380 27,986 190, 366 109,896 300, 262 22,334 24,091 1,757 7.4 Kansas City 443,483 77,906 521, 389 177, 037 698,426 57,450 55,645 -1,805 8.2 Dallas-.. 256, 789 48, 503 305, 292 132, 200 437,492 34,495 35, 791 1,296 7.9 San Francisco 977,397 36, 397 1,013, 794 1, 394,056 2,407,850 143, 200 143,383 183 5.9 Country banks: Boston 695,488 4,697 700,185 685, 466 1,385,651 69, 576 62,851 -6, 725 5.0 New York___ 1,191,462 4,985 1,196,447 1,573, 385 2, 769, 832 130,953 129, 216 -1,737 4.7 Philadelphia 527, 268 641 527,909 852, 832 1,380,741 62,539 65, 261 2,722 4.5 Cleveland 575,067 2,617 577, 684 822, 664 1, 400, 348 65,118 66,862 1,744 4.7 Richmond 332,138 12, 790 344, 928 429,793 774, 721 37,039 39,422 2,383 4.8 Atlanta 292, 556 6,372 298,928 252,426 551,354 28,498 31,122 2,624 5.2 Chicago _. 712, 249 9,840 722,089 944,076 1, 666,165 78,868 82,372 3,504 4.7 St. Louis. 286,300 13, 752 300,052 283,988 584,040 29, 524 30,897 1,373 5.1 Minneapolis- 270,647 4,389 275,036 370,158 645,194 30,358 31,376 1,018 4.7 Kansas City _. 388,177 7,127 395,304 187, 562 582,866 33, 298 35,305 2,007 5.7 Dallas 449,772 7,897 457,669 90,706 548,375 34,758 37,894 3,136 6.3 San Francisco 399,644 5,991 405,635 301,348 706,983 37,434 39,173 1,739 5.3 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. 3 Deficiencies in reserves indicated by a minus (—) sign. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE DISTRICTS •—•BOUNDARIES OF FEDERAL RESERVE DISTRICTS ».— BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1929, February 28). Federal Reserve Bulletin, 1929-03. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_192903
@misc{wtfs_bulletin_192903,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1929-03},
year = {1929},
month = {Feb},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_192903},
note = {Retrieved via When the Fed Speaks corpus}
}