Federal Reserve Bulletin, 1929-04
FEDERAL RESERVE BULLETIN APRIL, 1929 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Federal Reserve Policy, Gold, and Money Rates Condition of All Banks in the United States Gold Holdings of Principal Countries Annual Reports of Central Banks: Belgium, Japan, Poland, Switzerland 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, 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. McKixVNEY, 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 5 Bank of— Chairman Governor Deputy governor Cashier 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 L. F. Sailer Ray M. Gidney.1 E. R. Kenzel J. E. Crane.* A. W. Gilbart.... W. B. Matteson.i L. R. Rounds C. H. Coe.i R. L. Austin. Geo. W. Norris Wm. H. Hutt_... C. A. Mcllhenny. W. G. McCreedy.* George DeCamp. E. R. Fancher _ M. J. Fleming H. F. Strater. Frank J. Zurlinden.. Win. W. Hoxton. George J. Seay C. A. Peple... Geo. H. Keesee. R. H. Broaddus John S. Walden, jr.* Oscar Newton Eugene R. Black Hugh Foster M. W. Bell. Creed Taylor Wm. A. Heath... J. B. McDougal C. R. McKay W. C. Bachman.i John H. Blair K. C.Childs.2 J. H. Dillard.a D. A. Jones.2 O. J. Netterstrom.i Rolla Wells. Wm. McC. Martin. O. M. Attebery.. A. H. Haill.2 F. N. Hall.* S. F. Gilmore.* G. O. Hollocher.i C. A. Schacht.2 John R. Mitchell. W. B. Geery. B. V. Moore Gray Warren. Harry Yaeger Frank O. Dunlop.2 M. L. McClure... W. J. Bailey C. A. Worthington. J. W. Helm. C.C.Walsh Lynn P. Talley R. R. Gilbert Fred Harris. R. B. Coleman W. D. Gentry. 1 Isaac B. Newton. J. U. Calkins- Wm. A. Day Wm. M. Hale. Ira Clerk * Assistant deputy governor. * Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS .,1-al Reserve Bank of— Managing director j 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. 1 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, gold, and money rates 241 Credit trends by districts—Decline of bank loans to brokers—Reduction of reserve bank credit—Reserve credit, currency, and gold—Reversal of gold movements in 1927—Reserve bank credit and money rates—Recent credit policy. Condition of all banks on December 31, 1928 244, 306-309 Gold holdings of principal countries 262 Annual report of the National Bank of Switzerland 264 Annual report of the Bank of Belgium 270 Annual report of the Bank of Poland 276 Annual report of the Bank of Japan 282 National summary of business conditions 245 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, and member bank reserve balances 246, 247 Analysis of changes in monetary gold stock 247 Discount rates and money rates 249, 250 Member bank credit - 251 Bankers' balances 252 Bankers' acceptances and commercial paper outstanding 252 Brokers' loans 253 Commodity prices, security prices, and security issues 254 Production, employment, and trade 255 Industrial production 256 Factory employment and pay rolls 257 Building 258 Trade and distribution 259, 260 Bank suspensions and commercial failures 261 Financial statistics for foreign countries: Condition of central banks 285, 286 Condition of commercial banks 287 Discount rates of central banks 287 Money rates 288 Gold exports and imports 289 Foreign exchange rates -- 290 Price movements - .._ 291-293 Rulings of the Federal Reserve Board—Law department: Paper arising out of automobile installment sales as a basis for bankers' acceptances 294 Right of national bank having fiduciary authority to act as trustee in bankruptcy 294 Joint-stock land banks excepted from Clayton Antitrust Act 295 Changes in National and State bank membership 295 Fiduciary powers granted to national banks 295 Detailed banking statistics for the United States 297 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN VOL. 15 APRIL, 1929 No. 4 REVIEW OF THE MONTH ings of reporting banks declined in all the districts except Boston, Richmond, and Dallas, In recent weeks there has been a considerwhile commercial loans increased in all districts able growth in the volume of bank credit except Boston. outstanding, chiefly in response Credit trends to seasonal demand from trade A survey of credit developments during the by districts. and industry. Security loans 7-week period, therefore, indicates a general by banks have shown a small increase and growth of commercial loans and a general bank investments have declined slightly. In decline in investments throughout a large part New York City the growth in bank credit has of the country. Security loans, which include been practically confined to so-called "all other brokers' loans in New York City and elseloans/' that is, loans not secured by stocks and where, showed a small aggregate increase, but bonds. This class of loans by New York City declined in several Federal reserve districts. banks increased by nearly $200,000,000 be- Demand for funds to finance the trading in tween early February and the end of March. securities in the New York market has con- These loans include certain interbank loans and Decline of tinued large, but the only inloans on real estate as well as commercial fo ank loans to crease in brokers' loans has paper, bills of exchange, and regular line-of- brokers. been in loans by lenders other credit advances to customers. Notwithstand- than banks. This class of loans showed an ining the inclusion of various kinds of borrowing crease of about $275,000,000 for the period of in this item, it would appear that the increase seven weeks ending March 27, while street loans in loans in recent weeks has been chiefly in by banks, including both New York banks and response to the seasonal demands of active other banks, declined by nearly $300,000,000. trade and industry. The liquidation of brokers' loans by banks since In Chicago, bank loans on securities in- the board's statement of February 7 indicates creased in February and up to the last week in an effort by the banks to comply with the desire March. This growth was accompanied by a of the board to restrain the diversion of bank loss of funds through intersectional clearings credit into speculative channels. This liquidaand by increased borrowing from the reserve tion has been accompanied by a further rise in bank, indicating a withdrawal from the district money rates, which has attracted funds from of funds to be used elsewhere. Notwithstand- corporations and individuals in this country ing a sharp reduction in that week, accompa- and abroad. nied by a decline in borrowings, the total of The volume of reserve-bank credit outstandsecurity loans in the Chicago district at the end ing showed a decline of about $60,000,000 of the month was considerably larger than at during the 7-week period end- Reduction of the beginning of February. Security loans in- ing March 27, due in part to reserve-bank creased also in several other districts, including gold imports. The decline in credit. Boston, Philadelphia, Cleveland, and San reserve-bank credit has been Francisco, while in St. Louis, Kansas City, in holdings of acceptances, as Government and Dallas they declined. Investment hold- security holdings have shown little change, and 241 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
242 FEDERAL RESERVE BULLETIN APRIL, 1929 discounts for member banks increased by The gold received during the period, having $175,000,000. Acceptance holdings of the re- been deposited with the reserve banks to the serve banks, which in the last part of 1928 credit of the member banks, became available and the early months of this year were at as reserves and enabled the member banks to the highest level in nine years, declined sharply expand their own operations. The reserve and since the end of February have been banks, however, which are not operated on a smaller than a year ago. The reduction in ac- profit-making basis, did not expand the volume ceptances held has been due in small part only of their credit on the basis of the additional to a decline in the total volume of bills out- gold received, but maintained it in accordance standing, as this decline has been relatively with the system's policy with reference to slight, but chiefly to the fact that the higher general credit conditions. Taking the period prevailing rates on bills have made them more as a whole, reserve-bank credit showed little attractive to investors. The buying rate at the change, and the imports of gold alone were the reserve banks, which is now above the discount basis of the growth in currency and in memberrate, has been an influence inducing member bank reserves. The rapid growth of credit, banks to obtain reserve bank accommodation predicated upon gold imports, was a factor in by discounting eligible paper rather than by keeping money rates relatively low throughout selling acceptances. Increasing indebtedness the period, and the relative ease in the money of the member banks has been a factor in market in turn was a factor in the continued further stiffening money rates, and there has active state of trade and industry. been during the period an advance in rates on In 1927, after the world had largely returned all classes of loans both on time and on demand. to the gold basis, easy money conditions in this At the end of March the volume of reserve- country were a factor in reversbank credit stood at about $1,400,000,000, Reversal of ing the direction of gold movegold movements about $300,000,000 above the ments. The Federal reserve in 1927. Reserve cred- average level of the 5-year pe- system encouraged the outward it, currency, and riod 1922-1927. The increase movement of gold, as it had always considered gold. in reserve-bank credit since a better distribution of existing gold reserves to 1927 has been due to gold exports, which began be in the interests of better monetary and trade in the autumn of that year. During the period conditions throughout the world. 1922-1927 gold had come to the United States Foreign demand for gold was met by member in large volume and had been added in large banks out of their reserves, and after November, part to the reserve balances of member banks, 1927, this loss of reserves was not offset by the where it formed the basis of a rapid expansion reserve banks through the purchase of securiof bank credit. This expansion was more ties. To bring their reserves up to the legal rapid than would otherwise have been possible, requirements the banks were, therefore, obliged owing to the fact that on the liability side the either to borrow from the reserve banks, or to member banks increased chiefly their time de- contract their own outstanding volume of posits, which require only a 3 per cent reserve credit. Rather than cause a contraction of with the reserve banks, while their demand bank credit in sufficient volume to reduce deposits showed a smaller relative growth. reserve requirements by the full amount of Thus, owing to a gradually declining ratio of gold exports, member banks borrowed the member-bank reserves to their deposits and, amount necessary to replenish their reserves therefore, to their loans and investments, the from the reserve banks. The increase in borgold which came to this country during the rowing, which amounted to about $600,000,000 5-year period 1922-1927 gave rise to an expan- in the course of six months of 1928, was larger sion at the unusually high rate of $15 of member- than would have been necessitated by the bank credit to $1 of member bank reserves. exports of gold alone, owing to the fact that the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
243 APRIL, 1929 FEDERAL RESERVE BULLETIN Federal reserve banks during the period sold in order to protect their gold reserves from United States securities, thus withdrawing further losses. In the domestic situation, high funds from the market. rates have caused a flow of nonbanking funds Not only did the Federal reserve system into the security market, but have not had the during that period do nothing to offset the effect of slowing down business activity, except tightening effect of gold exports in the building industry, which appears to Reserve bank on the domestic credit situation, have been unfavorably affected by the diffic r e d it a nd .. money rates. but> on the contrary, it in- culty of floating bonds. The unfavorable condition of the bond market, due to high money creased their effect by the sale rates caused by the rapid growth in the deof securities. This policy of the Federal remand for credit by the security market, has serve banks, at a time when the demand for also greatly reduced foreign borrowing in this credit was increasing, was reflected in a rapid country, and consequently has made it more advance in money rates. The system's policy difficult for foreign countries to obtain the was not dictated by the desire to prevent gold exports, as its gold in excess of the amount exchange necessary to pay for American required against Federal reserve notes and products. deposits was between $1,400,000,000 and $1,- The Federal reserve system has been aware 500,000,000 early in 1928, and as the system of the consequences, present and prospective, has been consistently in favor of a redistribu- of high money rates to the tion of a part of its stock of gold. The firm Recent credit country's business and has purpolicy. money policy of the system was due to the sued a policy formulated with fact that bank credit was rapidly expanding in a view to correcting the situation that was this country, and particularly in the form of causing these high rates. The Federal Reserve security loans, while the current requirements Board's statement of February 7, which was of trade and industry made relatively little published in the FEDERAL RESERVE BULLETIN demand for additional bank credit. for February, pointed out that, owing to the The reserve system's policy in regard to the unusual absorption of credit in the security redistribution of gold was thus subordinated market, money rates to business were increasduring this period to the exigencies of the do- ing at a time of the year when money condimestic situation, which required the restraining tions are usually easy. In this statement the influence of higher money rates. The advance board endeavored to enlist the cooperation of in rates, which was most pronounced in rates the Federal reserve banks and member banks, on security loans, gradually spread to all kinds in order to bring about an orderly readjustof bank credit, and there was an increase in ment in the credit situation. Progress in this the cost of credit to all classes of borrowers. readjustment in recent weeks is indicated by High money rates, in turn, caused a flow of the decline in brokers' loans of member banks. funds to this country from abroad. As a con- Continued developments in this direction, insequence, exchange rates declined, and begin- dicating a definite reversal of recent trends, ning with last June there was some inflow of would release an increasing amount of credit gold. Central banks abroad felt the pull upon for the use of trade and would lead to an easing their markets caused by our high money rates in the money situation. In case the desired and were obliged to dispose of some of their readjustment is not brought about by volunholdings of dollar exchange, as well as to ship tary cooperation, however, the Federal reserve gold. More recently, after a year of rising system may adopt other methods of influencing money rates, which has carried the rates in the situation. the United States above those prevailing in The system's desire to see money rates at a most other countries, several foreign central lower general level has been due in part to its banks have had to advance their discount rates realization of the bad effects of continued high Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
244 FEDERAL RESERVE BULLETIN APRIL, 1929 money rates on domestic business, and in part stock savings banks, and private banks under State supervision—increased during the calento its unwillingness to draw gold from abroad, dar year 1928 by about $2,800,000,000, or 5.1 with consequent advances in money rates in per cent. The increase was greater than in other countries, some of which are suffering 1926 but smaller than in any other recent year, from industrial depression. While the system as is brought out by the table, which shows recognizes that one of its most important yearly changes during the last five years. functions is to protect this country's gold ALL BANKS IN THE UNITED STATES reserves, in existing circumstances these re- [Amounts in millions of dollars] serves need protection primarily against wasteful absorption into the base of an unduly Total loans Increase during year and investexpanded domestic credit structure rather Year ments at end of year Amount Per cent than against demands from abroad. The objective of Federal reserve policy, therefore, 1923. 44,003 1924 47,182 3,179 7.2 both from the point of view of domestic busi- 1925 50, 603 3,421 7.3 1926 52,018 1,415 2.8 ness and of world trade conditions, is a read- 1927 55,450 3,432 6.6 1928 58, 266 2,816 5.1 justment in the credit situation with a view to assuring trade and industry of a continuous Growth of bank credit during the latest supply of bank credit at reasonable rates. calendar year was at the rate of 4.2 per cent for member banks and 6.5 per cent for nonmember banks. The changes in loans and in- Increases in Bill Rates vestments of different classes of banks are Buying rates on prime bankers' acceptances given in the accompanying table: at the Federal Reserve Bank of New York were advanced, for the principal maturities, ALL BANKS IN THE UNITED STATES by one-fourth of 1 per cent on March 21 and by one-eighth of 1 per cent on March 25. [Figures for end of December. Amounts in millions of dollars] Changes in detail were as shown in the following table: Increase 1928 1927 CHANGES IN BUYING RATES ON ACCEPTANCES Amount Per cent [Per cent] Loans and investments: All banks 58, 266 55, 450 2,816 5.1 Change effective- Mem In b e le r a b d a in n g k s c , it t i o e t s al 3 2 5 2 , , 6 2 8 6 4 4 3 2 4 1 , , 4 2 0 4 9 7 1,4 8 3 5 7 5 4 4 . . 2 0 In effect Outside leading cities 13,420 12,838 582 4.5 Mar. 2 Nonmember banks 22,582 21, 204 1,378 6.5 Mar. 21 Mar. 25 Loans: All banks 40, 763 38,407 2,356 6.1 Member banks, total 25,155 23, 886 1,269 5.3 1 to 45 days 5H In leading cities 16,284 15,476 808 5.2 4 9 6 1 t t o o 9 12 0 0 d d a a y y s s .. . . . 5% Non O m u e t m si b d e e r l e b a a d n i k n s g cities 1 8 5 , , 8 6 7 0 1 7 1 8 4 , , 4 5 1 2 0 1 1,0 4 8 6 6 1 5 7 . . 5 5 121 to 180 days. 5H m Investments: All banks 17, 504 17,043 461 2.7 Member banks, total _ 10, 529 10, 361 168 1.6 The buying rate on bills bought under repur- I O n u l t e s a id d e in l g e a c d it i i n e g s cities 4 5 , , 5 98 49 0 5 4, , 4 9 2 3 7 4 1 4 2 6 2 2 . . 8 8 chase agreement was advanced from 5 to 5^ Nonmember banks 6,975 6,683 292 4.4 per cent on March 21 and from 53^ to 5 3^ per cent on March 25. The increase during the year was principally in loans, for all the classes of banks shown in the table, with investments showing relatively CONDITION OF ALL BANKS IN THE UNITED little change, especially for the group of weekly STATES ON DECEMBER 31 reporting member banks in leading cities. Loans and investments of all banks in the The current figures are given in detail, by United States—including national banks, State Federal reserve districts and by States, on commercial banks, trust companies, mutual and pages 306-309. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL, 1929 FEDERAL RESERVE BULLETIN 245 NATIONAL SUMMARY OF BUSINESS CONDITIONS Industry and trade continued active in Feb- Sales of wholesale firms were generally ruary and the first part of March, and there smaller in February than a year ago. In comwas a growth in the volume of bank loans. parison with January, sales of dry goods and Borrowing at reserve banks increased during furniture increased seasonally, while sales of the period and money rates advanced further. groceries, drugs, and hardware were smaller. Production.—Production continued at a high Department stores reported about the same rate throughout February and the first half of daily volume of sales in February as in the pre- March and was substantially above a year ago. ceding month, and larger sales than a year ago. Automobile output was at a record rate in Prices.—The general level of wholesale prices February, and there was also an unusually high declined slightly in February, and was approxidaily average production of copper and iron and mately the same as a year ago. The decline steel. Large output in the iron and steel indus- from January reflected primarily decreases in try reflected demands from manufacturers of the prices of hides and leather, livestock, and automobiles, machine tools, and agricultural meats, and small declines in the prices of wool, implements, and from railroad companies. cotton and woolen goods. The influence of Preliminary reports for the first half of March these declines on the general average was partly indicate further expansion in automobile and offset by increases in the prices of copper, lead, iron and steel production. During February iron and steel, rubber, and grain. the daily average output of coal and crude During the first two weeks of March prices of petroleum also increased, and production of wool and petroleum continued to decline, and cotton and wool textiles continued large, while rubber prices receded somewhat after a marked silk output declined somewhat from the unusu- rise in February, while leather prices declined ally high level of January. There was also sharply. Prices of copper rose further, and some decline from January in the production of there were small increases in prices of hides, lumber and cement, and in the output of meat- raw cotton, and certain grades of lumber. packing companies. Bank credit.—Between the middle of Febru- The high rate of activity in manufacturing ary and the middle of March there was a rapid during February was reflected in a larger than growth of loans at member banks in leading seasonal increase in factory employment and cities. The increase was in loans chiefly for pay rolls, both of which were considerably commercial purposes, which on March 13 were above the level of February, 1928. more than $200,000,000 larger than four weeks Building activity declined further in Feb- earlier. Investments of the reporting banks ruary, and the value of contracts awarded was declined further during the period. over 20 per cent smaller than a year ago. Resi- Total volume of reserve-bank credit declined dential building contracts showed the largest somewhat between February 20 and March 20, decline in comparison with February, 1928, reflecting for the most part some further gold while those for public works and utilities were imports from abroad. Member bank borrowonly slightly smaller in value, and commercial ing at Federal reserve banks was nearly $80,and industrial building awards increased. 000,000 larger on March 20 than four weeks During the first half of March there was some earlier, while acceptances showed a further deseasonal increase in total building awards, but cline of about $120,000,000 during the period. they continued to be substantially below a Security holdings showed relatively little year ago. change. Distribution.—In February shipments of Money rates continued to advance. Rates commodities by rail increased more than is usual on 4 to 6 months commercial paper rose from for the season, reflecting larger loadings of coal 5 3^2-5 M to 5^-6 per cent and rates on 90-day and coke and miscellaneous freight, which in- bankers' acceptances increased from 5 to 534 cludes automobiles. During the first two weeks per cent on February 13 and to 5 Y^ per cent on of March freight-car loadings continued to March 21. Open-market rates for collateral loans also increased. increase. 41603—29 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
246 FEDERAL RESERVE BULLETIN APRIL, 1929 RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS : MILLIONS OF DOLLARS 5400 5400 5200 5000 4600 4400 4200 4000 2600 Member Bank Reserve Balances 2400 2200 1925 1926 1927 1928 1929 Based on weekly averages of daily figures; latest figures are for week ending March 30 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL, 1929 FEDERAL RESERVE BULLETIN 247 RESERVE BANK 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 Monetary Money in bank gold stock circulation reserve Total balances volume i Total 2 Bills U S n t i a t te e s d bought 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 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— Feb. 23 1,476 1,442 890 367 175 4,152 4,691 2,339 Mar. 2 1,503 1,476 955 338 172 4,154 4,706 2,343 Mar. 9 1,522 1,485 993 313 166 4,157 4,723 2,341 Mar. 16 1,495 1,454 916 281 240 4,160 4,703 2,362 Mar. 23... 1,423 1,389 915 241 223 4,168 4,692 2,318 Mar. 30 1,451 i 1,413 1,020 217 170 4,17P 4,702 2,317 Increase or decrease of week ending Mar. 30 compared with week ending- Mar. 23 +28 !: +25 +105 -24 +11 + 10 -1 Feb. 23 -24 I -29 +130 -151 -5 +27 + 11 -23 Mar. 31, 1928 +142 I + 125 +477 -130 -228 -131 1 Includes total bills and securities, amounts due from foreign banks, and reserve bank float. 2 Including "other securities" and foreign loans on gold. 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 Gold Month a s t t o e c n k d Through Through Through 1929 1928 of net gold domestic month Total im o p r ort m o a p r e k ra in - g pr t o io d n u , c- March 1 February Januaryexport tions etc.* From or to— February 1927—March 4,597 +11.1 +10.8 -1.5 +1.8 April 4,610 +12.9 +11.9 —1.0 +2.1 Im- Ex- Im- Ex- Im- Ex- May 4,608 -1.4 +31.7 2 -35. 5 +2.4 ports ports ports ports ports ports June 4,587 -20.9 +12.8 » -36. 7 +3.0 July 4,580 -7.5 +8.9 2 -23.1 +6.7 August 4,588 +8.5 +6.4 -2.5 +4.6 Belgium ._ _ . . _ September. 4,571 -17.5 -11.5 -9.0 +3.0 England _ 22,007 29, 281 October 4,541 -30.1 -8.6 -25.0 +3.4 France 10 27 November . 4,451 -89.7 -53.2 -40.0 +3.5 Germany 16,500 206 3 466 December.. 4,379 -71.7 -67.4 -8.5 +4.2 Italy 2 Total (12 mos.). -112.7 +6.2 -160.1 +41.2 N Ca e n th a e d r a lands 1,500 3,266 15 42, 393 35 928—January 4,373 -6.0 -13.8 +5.5 +2.3 Central America 82 151 300 February _.. 4,362 -11.2 — 11.1 +2.9 -3.0 Mexico _ 800 1,311 March 4,305 -57.6 -94.9 +35.8 +1.5 Argentina 4,500 750 April 4,266 -38.7 -91.2 +45.7 +6.8 Brazil May 4,160 -105. 7 -81.7 -26.5 +2.5 Chile 20 78 June 4,109 -51.0 -79.9 +30.1 -1.2 Colombia 71 204 J A u u ly gust 4 4 , , 1 1 1 2 3 3 + + 1 3 0 . . 4 3 -6 + 3 . .9 7 + + 6 5 0 . . 9 9 + + 3 6 . . 7 4 E Pe c r u u a dor _ . 2 1 0 2 4 3 2 37 3 7 5 September. 4,125 +2.1 +.5 -1.2 +2.8 Uruffuav October 4,142 +17.3 +13.3 +1.2 +2.8 Venezuela 520 23 300 29 700 November.. 4,128 -14.0 +6.7 -25.0 +4.3 British India 13 62 December.. 4,141 +13.2 +23.3 -15.7 +5.6 China and Hong Kong 371 709 Total (12 mos.). -237.9 -392.0 +119.6 +34.5 Dutch East Indies.. 94 520 198 520 1929—January... 4,127 -14.4 +47.1 -65.0 +3.5 Philippine Islands — 190 352 February. 4,153 +26.4 +25.5 +0.9 All other countries.. 2 900 2 632 23 100 13 March 3___ 4,187 +33.9 +22.3 +4.1 Total 23, 400 1,152 26,913 1,425 75,490 2,804 1 For detailed explanation of this figure, which is derived from preceding columns, see BULLETIN for December, 1928, p. 831. * Includes effect of earmarking operations connected with gold held 1 March figures are preliminary—3 customs districts: New York, St. abroad by Federal reserve banks. Lawrence, and San Francisco. 3 Preliminary. 2 Includes all movements of unreported origin or destination. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
248 FEDERAL RESERVE BULLETIN APRIL, 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 March 30 DISCOUNTS FOR MEMBER BANKS MILLIONS OF DOLLARS MILLIONS OF DOLLARS [Monthly averages of weekly figures. In millions of dollars] 700f — 700 DISCOUNTS FOR MEMBER BANKS Reporting member banks in leading cities M b e e m r - 600 600 All banks mem- Other leading out- Month ber New cities side banks Total York le in a g d- City Chi- cities Total cago 1927—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 25 127 200 April 637 488 145 343 35 149 May 826 644 222 422 49 182 June 1,012 i 796 271 525 61 216 July 1,079 854 274 580 80 225 August 1,045 806 223 583 80 239 -100 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 February 893 659 131 528 96 234 1925 1926 1927 1928 1929 March 978 740 166 574 121 238 Based on monthly averages of weekly figures Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
249 APBIL, 1929 FEDERAL RESERVE BULLETIN MONEY RATES IN NEW YORK CITY 1 U 0 I 1923 1924- 1925 1926 1927 1928 1929 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES DISCOUNT RATES RATES IN NEW YORK CITY [Rates on all classes and maturities of eligible paper] Average rate Average yield Prevailing rate on- on— on— Rate in N B Ph o ew i s l t a o F Y d n e e o d l r e p k r h al i a r . e . s _ erve bank ef A fe p c r t . o 1 5 5 5 n J J J D u u u l l l a y y y t e 2 1 1 6 3 9 e , , , s 1 1 t 1 9 a 9 9 2 b 2 2 8 8 l 8 ished Pre ra v t i e o 1 4 u H s Month or week m m P c o r o e t i r n m m c t i h - e a s la P a b c d n e a r c a 9 r i c n e s m y 0 e p ' k s s t e - , - d l T o a i 9 a y m n 0 s s e 2 , N C e a w ll lo n a e R n w s e - i al c T c 3 n U e a u a r o r . t e n t r t o S t e i a y e d f . s s i s 6 , - - b T o u r n r e d y a s s 1 - Cleveland 5 Aug. 1, 1928 months Richmond 5 July 13, 1928 Atlanta 5 July 14, 1928 S M C t h . i i n c L n a o e g u a o p is olis _ 5 5 J J A u u p l l y y r. 1 1 2 9 1 5 , , , 1 1 1 9 9 9 2 2 2 8 8 8 4 4 V$ M Ap a r r i c l h 1928 4 5 . .0 4 6 8 4 5 . . 4 0 7 8 r l< « 3 3 » . . 2 6 3 3 . 2 30 3 3 . . 3 3 0 2 Kansas City June 7, 1928 4 May 5.69 | 5.70 «3.90 3.35 Dallas 5 Mar. 2, 1929 June 4% 4/ 6.21 I 6.32 «3.92 3.40 San Francisco June 2, 1928 4 July - 5 -5*4 4* 6 6.06 ! 6.05 4.12 3.50 August 5*4-5H 45* 6 -6H 6.91 6.87 4.36 3.56 September- 7.40 7.26 r L 4 * . 5 4. 7 57 3.54 BUYING RATES ON ACCEPTANCES October 5H 4H 7 -7H 7.12 6.98 4.70 3.55 [Buying rates at the Federal Reserve Bank of New York] November- 5*4-5*£ 4H 6Ji-7 6.86 6.67 r I 4 4. . 2 2 6 4 3.48 December 5*4-5*$ 4H 7 -7% 8.86 8.60 4.35 3.53 Maturity e R f A f a e p t c e r t . i o 1 n n Date established Pre ra v t i e ous J F a e n b u r a u r a 1 y r 9 y 29 5H 4 5 94-5 7% 7 6 . . 4 9 7 4 7 7 . . 0 0 5 6 r L < 4 4 4 . . 6 . 6 6 3 4 6 3 3. . 6 5 6 9 March 594-6 5* 9.80 9.10 4.79 3.76 Week ending- 1-15 days 5?/g Mar. 25, 1929 Mar. 2... 7% 8.65 7.70 4.67 3.70 16-30 days 5M do Mar. 19_. 7H 9.80 8.80 4.71 3.73 31-45 days 5% do Mar. 16... 7%-S 7.32 7.40 4.82 3.80 46-60 days do-__ Mar. 23__ 5* 8.97 8.40 4.80 3.77 61-90 days 5H do.. Mar. 30.. 594-6 5*I-55/I 14.40 12.75 4.88 3.78 91-120 days Mar. 21, 1929 121-180 days Mar. 25, 1929 1 Stock exchange call loans; new and renewal rates. 2 Stock exchange 90-day time loans. 8 3 issues—3%, 4, and 4H per cent; yields calculated on basis of las t 1 Advanced by one-fourth of 1 per cent on Mar. 21. redemption dates—1956,1954, and 1952. 2 Advanced by three-eighths of 1 per cent on Mar. 21. * Change of issues on which yield is computed, NOTE.—Rates on prime bankers' acceptances. Higher rates may be fi 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
250 FEDERAL RESERVE BULLETIN APRIL, 1929 PREVAILING RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES The rates shown are those at which the bulk of the loans of each class were made by representative banks during the week ending with the 15th of the month. Rates reported by about 200 banks with loans exceeding $7,500,000,000. FEDERAL RESERVE BANK CITIES Month Boston 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 - Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas | San ci s F co ran- Prime commercial loans 1928—March 4*4-4*6 4*4-4*6 4*4-4*4 4*4-6 5 4*4-6 4*4-5 4*4-5 4*6-5*6 5 4*4-6 4*6-5 April 4*4-4: 4*4-4*4 4*6-4*4 4*4-6 5 4*4-6 4 -5 4*4-5 5 4*^-6 4*6-6 May 4*4-4= 4*6-5 4*6-5 4*4-6 4*4-5 4*6-6 4*4-5 4*4-5 4*4-5*6 5 4*6-6 4*6-5 June 4*4-5 4*4-5 4*4-5*4 4*4-6 5*4-5*4 5*4-6 4*4-5*4 4*6-5*4 4*4-5*6 5 4*4-6 4*6-6 July. 5 -6 5 -5*6 5*4-5*4 4*4-6 5*4 5 -6 5 -5*6 5 -5*4 5 -6 5 -5*6 5 -6 4*6-5*6 August 5*4-5*6 5*4-5*6 5*4-5*4 5*4-6 5*4-5*4 5*6-6 5 -5*6 5 -5*41 5 -6 5 -5*6 4*4-6 4*6-5*6 September. 5*4-6 5*4 5*6-5*4 5*4-6 5*4 5*4-6 5*4-5*4 5*6-5*4; 5*4-5*6 5*6 5 -6 4*6-5*6 October 5*4-6 5*4 5*4-5*4 5*4-6 5*4-6 5*4-6 5*4-5*4 5*6-5*41 5*6-5*4 5*6-6 5*6-6 4*6-5*6 November- 5*6-6 5*4-5*4 5*4-6 5*4-6 5*4-6 5*4-6 5*4-5*4 5*4-5*4! 5*6-6 5*6 5*6-6 4*6-5*6 December. . 5*6-6 5*4 5*4-6 5*4-6 5*4-6 5*6-6 5*4-6 5*6-6 j 5*4-6 5*6-6 5*6-6 4*6-5*6 1929—January 5*6-6 5*6 5*4-5*4 5*4-6 5^-6 5V6-B 5*4-6 5*6-6 i 5*6-5*4 5*4 5*6-6*6 5*6-6 February... 5*! 5*4 5*4-6 ' 5*6-6 5*6-5*4 51/2-61/2 5*4-6 5*6-6 ! 5*4-6 5*6 5*6-6 51/2-6 March 5*6-5** 5*6-5*4 5*4-6 5*6-6 51/2 51/2 -6H 5H-6 5*4-6 I 5*4-6 5*6 51/2-7 5*6-6 Loans secured by prime stock-exchange collateral 1928— September- 5*6-6 5*6-6 5*6-6 5*6-6 5*6-6 5*6-6*6 5*6-6*6 5*6-6 5*6-6 5 -6 6 -7 5*6-6 October 5*4-6 5*6-6 5*6-6 5*6-6 5*6-6 5*6-7 6 -6*6 5*6-6 5*6-6 5 -6 6 -7 5*2-6 November- 5*4-6 5*6-6 5*6-6 5*6-6 5*6-6 5*6-7 6 -6*6 5*6-6*6 5*4-6 5 -6 6 -8 5*6-6 December . 6 -6*6 5*6-6 5*6-6 5*6-6 5*4-6 5*6-7 6 -7 6 5%-6 5 -6 6 -7 5*6-6 1929—January. __ 6 -6*6 5*6-6 5*6-6 5V6-6 5K-6 5*6-7 6 -7 5*4-6 5*4-6 5*6-6 6 -7 5*6-6 February- 6 -6*6 5*6-6 51/2-6 5*6-6 6 5*2-7 6 -7 5*4-6 5*4-6 5H-6 6 -8 5*2-6 March 6 -6 6 5*4-6 5M-6 51/2-6 51/2-7 6 -7 5*4-6 5*4-6 51/2-6 6 -8 Loans secured by warehouse receipts 1928—September- 5*6-6 6 6 5*6-6 5*4-6 5*6-6 5*4-6 5*4-6 5*6-6 October 5*6-6 6 6 5*6-6 5*6-6 5*6-6 5*4-5*4 5*4-6 5H-6 November. . 5*6-6 6 6 5*6-6 5*6-6 5*6-6 5*4-5*4 5*6-6 6 -7 December.. 5 -6 5*4-6 6 6 5*6-6 5*6-6 6 5*4-5*4 5*4-6 6 1929—January 6 5*4-6 6 6 5*6-6 5*6-6 5*4-6 5*4-5*4 5*4-6 6 -7 February... 6 5*4-6 6 6 5*6-6 5*^-6 5*6-6 5*4-6 5*4-6 6 March 53/4-6 6 6 51/2-6 51/2-6 5*4-6 5*4-6 5*4-6 6 Interbank loans 1928—September- 6 5*4-6 5*6 5*4 5*4-5*4 5*4-6 5 -5*4 5*4-6 5*4-6 5*4-6 5 5 -6 October 5*6 5*6-6 5*4-5*4 5*4-6 5*6-5*4 5*4-6 5 -6 5*4-6 5*4-6 5*4-6 5 -5*4 5 -6 November.. 5*6-6 5*4-6 5*4-5*4 5*4-6 5*4-6 5*6-6 5*6 5*4-6 5*4-6 5*4-6 5 -6 5 -6 December. . 5*6-6 5 -6 5*4 5*4-6 5*4-5*4 5*4-6 5*4-6 5*4-6 5*4-6 5*4-6 5 -6 5 -6 1929—January 5*6-6 5*6-6 5*6 5*6 5*4-6 5*6-6 5*4-6 5*4-6 5*4-6 5 -5*4 5 -6 February. _. 5*4 5*4-6 5*4-6 5*4 53,4-6 5*6-6 5*4-6 5*6-6 5*6-6 5*4-6 6 5 -6 March 5*4-6 5*4-6 51/2-6 51/2-6 5*4-6 5*6-6 51/2-6 51/2-6 5%-6 5*4-6 5 -6 5 -6 FEDERAL RESERVE BRANCH CITIES Prime commercial loans Lo s a to n c s k-e s x e c c h u a re n d g e c b o y l lat p er r a im l e Loans secu r r e e c d e i b p y ts warehouse Interbank loans City | January, Febru- March, January, Febru- March, January, Febru- March, January, Febru- March, 1929 ary, 1929 1929 1929 ary, 1929 1929 1929 ary, 1929 1929 1929 ary, 1929 1929 Buffalo 5*4-6 5*4-6 5*o-6 5*6-6 6 6 6 6 6 6 5*4-6 5*4-6 Cincinnati 6 5*4-6 5*4-6 6 -7 6 -7 6 -8 6 -7 6 -7 6 -7 5*4-6 5*4-6 5*6-6 Pittsburgh 5*6-6 5*4-6 5V2-6 5*4-6 5*4-6 5*4-6 6 6 6 6 6 Baltimore.. _ . ._ 5*6-6 5*4-6 5*4-6 5*6-6 5*6-6 5*4-6 6 6 6 5 -6 5 -6 5 -6 Charlotte 5*6-6 5*4-6 5*4-6 6 6 6 6 6 5*4-6 6 5*4-6 Birmingham _ 5 -6 5 -6 5V2-6 6 -8 5*4-8 6 -7 6 -7 6 -8 5 -6 5 -6 5*2-6 Jacksonville 5 -6 5*4-6 5*4-6 6 -8 6 -8 6 -8 5*6-8 5*4-8 6 -8 6 6 6 Nashville 6 6 6 6 6 6 5H-6 5*4-6 5*4-6 5*4-6 5*6-6 New Orleans 5*6-6}£ 5*4-6*6 51/2-6 6 -6*4 6 -6*6 6*6-7 6 -6*6 6 -6*4 6 -7 5*4-6 5*4-6 6 Detroit 5*6-6 5*4-6 5*4-6 5*4-6 5*4-6 6 -6*4 6 6 6 5*4-6 5*4-6 51/2-6 Little Rock 5*6-6 5%-6 4*4-6 6 -7 6 -7 6 -7 6 -7 5*6-7 5*4-7 5 -6 6 6 Louisville.- 6 6 6 6 6 6 6 6 6 5*6 5*4 5*6 Helena 8 8 8 8 8 8 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 Denver 5 -6 5 -6 5*4-7 6 -6*4 6 -6*4 6 -7 6 -8 6 -8 6 -8 6 -6*4 6 -6*6 6- 6*6 Oklahoma City 6 6 6 6 -7 6 -7 6- 7 6 -7 6 -7 6 -7 6 6 6 Omaha - 5*6-6 5*4-5*4 5*4-5% 6 -7 6 -7 6 -7 6*6-7 6- 7 6 -7 6 -6*4 6 6 El Paso__ 8 8 6 -8 6 -8 6 -8 6 -8 7 -8 7 -8 7 -8 6 6 6 H ouston 5 -6 5 -6 6 5 -6 5 -6 6 6 6 5*4 5*4-6 5 -6 San Antonio 5 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 5 -6 5 -6 5 -6 Los Angeles 6 6 -7 6 6 -7 6 -7 6- 7 6 -7 6 -7 7 6 6 6 Portland 6 6 6 6 -6*4 6 -6*4 6 -7 6 -7 6 -7 6 6 6 Salt Lake City 6 6 6 6 6 6 7 7 7 6 6 6 Seattle 6 -7 6 -7 5*6-7 6 -6*6 6 -6*6 6 -7 6*6-7 6*4-7 6*4-7 6 6 6 Spokane . 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 7 7 7 6 6 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
251 APRIL, 1929 FEDERAL RESERVE BULLETIN MEMBER BANK CREDIT REPORTING MEMBER BANKS (REVISED SERIES) [Monthly averages of weekly figures. In millions of dollars] Loans and investments Reserve Borrow- Loans Investments with Cash Net Time Govern- ings at Month Federal in ment Federal XVJL \J AA v -LA Total Total se t O c ie u n s ri- o A th l e l r Total s U e t c i . e u S s r . i- O se t t c i h e u e s r r i- J r - b e \>V a s Av e n /A r C k tA v s e vault V d A e V/ p AA o AC s *A i A ts \-l deposits deposits -A r . b e V^ a s vAv e n >A r C k m v A s e Total: 1927—March 19,989 14,536 5,867 8,670 5,453 2, 518 2,935 1,665 260 13,034 5,989 231 268 A pril 20,068 14, 564 5, 930 8,634 5,504 2,565 2,939 1,653 263 13,033 6,021 221 270 Mav 20, 273 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 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 6,492 8,816 5,804 2,710 3,094 1,761 272 13, 703 6,409 147 276 December. 21, 328 15, 396 6, 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 2,969 3,164 1,726 245 13, 579 6,689 146 362 A pril 21,944 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 8,909 6,193 3,020 3,173 1,740 248 13,450 6,923 103 796 July 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 1,672 241 12,902 6,831 178 806 September. 21,871 15,898 6,840 9,059 5,973 2,981 2,991 1,699 248 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 2,988 2,900 1,714 264 13, 369 6,848 73 68 i December. 22,189 16, 253 7,198 9, 055 5,936 3,013 2,924 1,748 299 13,399 6,842 117 799 1929—January... 22, 320 1 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 3,074 2,930 1,746 249 13. 391 6. 879 43 659 March 22, 472 16, 491 7, 580 8,911 5, 981 3,073 2,908 1,715 240 13, 286 6,839 155 740 New York City: 1927—March 6,240 4, 508 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 1,829 943 886 776 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 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 1,700 887 813 726 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 1,860 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 2,449 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 2,613 2,635 1,918 1,103 814 749 53 5,379 1,210 30 271 Julv. 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 2,518 2,668 1,777 1,015 762 705 52 5,061 1,161 32 223 September. 7,022 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 5,255 2,694 2,562 1,800 1,085 715 721 58 5,264 1,208 22 157 December. 7,152 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 5,306 2,820 2,486 1,8S5 1,128 757 756 58 5,303 1,184 12 131 March 7,296 5,424 2,823 2,601 1,872 1,107 765 736 54 5,272 1,170 65 166 Other leading cities: 1927—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 Mav 13, 850 10,054 3,816 6,238 3,796 1 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 1,730 2,253 991 206 8,157 5,330 177 208 November. 14,337 10, 269 4,028 6,242 4,068 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 Mav 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 1,917 2,358 991 196 8,071 5,713 74 525 Julv 14,837 10,622 4,330 6,293 4,214 1,881 2,334 993 194 7,973 5/687 80 580 August 14, 846 10, 639 4,298 6,341 4,207 1,925 2,283 967 189 7,840 5,670 146 583 September. 14, 849 10, 677 4,296 6,381 4,172 1,929 2,244 984 195 7,957 5,656 101 556 October 14, 925 10, 794 4,314 6,480 4,131 1 1,932 2,199 987 199 8,064 5, 636 89 534 November. 14, 928 10,840 4,388 6,452 4,087 1.902 2,185 993 205 8,105 5,640 51 524 December. 15, 037 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 4,136 1,948 2,188 1,007 201 8,174 5,696 78 473 February.. 15, 073 10,954 4.702 6.251 4,119 1,946 2.173 990 191 8,088 5. 695 31 528 March 15,176 i 11,067 4, 756 6, 310 4,109 1,966 2,143 979 1S6 8, 014 5,669 90 574 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
252 FEDERAL RESERVE BULLETIN APRIL, 1929 BANKERS' BALANCES OF REPORTING MEMBER BANKS IN LEADING CITIES [Monthly averages of weekly figures. In millions of dollars] Other leading cities New Total Y C o it r y k Total Boston 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 in o - lis K C a i n ty sas F c S i r s a a c n n o - o A th l e l r Dae to banks: 1927—March 3,152 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 2,116 126.2 170.6 128.8 55.6 364.8 86.1 50.9 86.7 94.9 951.1 May 3,029 947 2,082 118.3 169.1 124.3 55.1 374.4 81.8 47.5 82.6 98.4 930.6 June 3,010 981 2,029 121.1 164.2 121.3 56.1 347.9 81.4 47.5 82.7 99.9 907.2 July _. 3,086 971 2,115 139.7 169.1 125.0 60.3 363.4 81.9 46.5 91.8 108.4 928.4 August 3,090 964 2,126 132.1 167.9 128.5 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 2,303 137.5 173.5 132.9 63.1 368.1 85.3 62.3 83.8 127.9 1.069.0 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 58.1 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 89.4 117.1 986.7 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 88.6 102.5 895.9 October 3,073 992 2,081 114.8 166.8 112.3 63.0 352.6 77.2 60.2 85.5 101.6 947.5 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 99.8 969.9 1929—January 3,074 1,012 2,062 109.7 172.2 99.4 60.8 331.0 81.4 51.9 89.5 96.8 969.3 February._ 2,918 949 1,969 100.8 157.1 93.3 58.5 323.5 75.7 50.9 87.3 87.4 934.4 March 2,861 916 1,945 97.0 146.5 92.6 56.9 341.9 72.2 53.8 82.1 92.3 909.3 Due from banks: 1927—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,*68 107 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 1,049 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 52.3 56.7 36.7 23.6 147.7 36.6 21.0 35.2 68.8 671.7 February.. 1,182 105 1,077 41.2 52.1 34.6 24.9 145.9 32.9 18.8 33.1 64.7 628.1 1929— M N D J A F J S M A M O J u u e e u e o a c p a l n a a p b n t c y g v r r y r o e t i u e c r u c e l e b u a h m h s m m e r a t y r b b r b e y e e r . r r . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , , 1 1 1 1 2 2 1 0 1 1 1 1 1 5 8 7 1 0 6 2 1 4 4 8 5 6 6 0 0 7 0 1 9 6 6 2 4 2 1 1 1 1 1 1 1 1 1 1 1 1 8 9 0 0 2 1 1 1 0 0 1 0 1 8 6 2 0 3 5 5 0 4 2 0 8 0 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 9 0 0 0 1 0 0 0 0 0 0 0 0 5 5 5 6 7 0 4 6 2 9 7 1 3 8 1 1 1 0 2 0 0 7 2 0 2 7 4 4 4 3 3 3 3 3 3 3 3 3 3 6 1 2 4 7 8 6 4 0 7 8 9 7 . . . . . . . . . . . . . 9 6 6 9 8 2 7 5 8 8 3 1 1 5 5 5 5 5 5 5 5 5 5 5 5 5 5 1 9 0 7 6 6 7 2 0 3 1 3 . . . . . . . . . . . . . 2 5 2 7 0 9 7 5 8 8 3 3 5 2 3 3 3 3 3 3 3 3 3 3 3 3 9 6 3 5 1 7 4 2 1 6 2 7 7 . . . . . . . . . . . . . 6 2 7 0 0 9 7 3 0 8 3 2 1 2 2 2 2 2 2 2 2 2 2 2 2 2 4 3 4 3 3 2 2 5 4 5 3 4 7 . . . . . . . . . . . . . 4 6 6 6 9 9 7 8 1 1 6 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 6 7 5 5 6 6 6 6 6 6 6 5 5 1 1 5 2 1 3 5 2 2 9 6 0 1 . . . . . . . . . . . . . 4 4 4 4 7 4 0 8 8 0 3 8 1 2 2 2 2 2 2 2 2 2 2 2 2 2 5 7 9 5 9 9 9 8 6 8 5 5 5 . . . . . . . . . . . . . 2 3 6 9 3 0 6 8 7 3 8 2 1 2 2 2 2 2 2 2 1 1 1 1 1 1 1 4 3 0 3 5 1 9 9 7 9 9 9 . . . . . . . . . . . . . 0 0 6 9 7 8 3 4 7 4 8 1 1 3 2 3 3 3 3 3 3 3 3 3 2 2 2 9 5 2 3 3 4 2 1 0 0 8 8 . . . . . . . . . . . . . 6 4 0 8 5 8 5 3 4 8 5 1 1 4 6 5 5 5 4 5 5 5 5 5 5 5 9 5 1 5 9 3 4 6 4 5 5 2 8 . . . . . . . . . . . . . 0 6 2 9 0 8 8 8 2 7 3 3 5 6 6 5 5 5 6 6 5 5 6 6 6 6 3 1 1 8 0 7 1 7 3 6 4 1 2 8 3 4 9 7 7 4 7 5 4 5 8 2 . . . . . . . . . . . . . 0 6 2 6 8 9 3 3 5 3 3 3 1 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 1,639 767 785 1,056 1.228 655 577 567 411 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 i Figures collected and compiled by American Acceptance Council. 1 Paper maturing within 7 months. Figures reported by about 21 dealers to the Federal Reserve Bank of New York. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL, 1929 FEDERAL RESERVE BULLETIN 253 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 Total N b tr a u e p n F w s a k t r n o s Y i c m e o a o s m n r d k - b b p f b a r o r a o n r i n e k v k i k e a i g n r s t n e s , g , Total N b tr a u e p n F w s a k t r n o s Y c i m e o a o s m n r d k - b b p f b r a o r a o n r i n e k v k i k e a i g n r s t n e s , g , Total N b tr a u e n F w s k t r o s Y c m o a o m n r d k - b b p f b a r o r a o n r i n e k v k i k e a i g n r s t n e s , g , agencies, agencies, etc. etc. etc. 1927—Feb. 28_. 3,256 2,757 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 2,539 479 897 801 95.8 Oct. 31 _. 3,946 3,363 583 3,023 2,549 475 923 814 108.5 Nov. 30.. 4,092 3,519 573 3,134 2,675 459 958 844 113.4 Dec. 31.. 4,433 3,812 621 3,481 2,963 518 952 849 103.4 1928—Jan. 31... 4,420 3,805 615 3,393 2,882 511 1,027 923 104.2 Feb. 29.. 4,323 3,737 585 3,294 2,807 488 1,028 931 97.7 Mar. 31.. 4,640 3,947 693 3,580 3,016 564 1,060 931 128.8 Apr. 30.. 4,908 4,246 662 3,739 3,201 537 1,169 1,045 124.2 May 31.. 5,274 4,568 707 4,070 3,455 616 1,204 1,113 90.8 June 30_. 4,898 4,169 730 3,742 3,122 619 1,157 1,046 110.3 July 31.. 4,837 4,150 687 3,768 3,183 585 1,070 967 102.5 Aug. 31_. 5,051 4,260 791 4,094 3,420 674 958 840 117.3 Sept. 29-. 5,514 4,647 866 4,690 3,939 751 824 709 115.6 Oct. 31_. 5,880 4,994 5,116 4,360 756 764 634 129.9 Nov. 30.. 6,392 5,412 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 5,043 939 752 621 132.0 Feb. 28.. 6,679 5,619 1,060 5,948 5,034 914 730 584 145.9 Mar. 30.. 6,804 5,713 1,091 6,210 5, 231 979 594 482 112.3 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 For ac- For ac- For ac- Month or date count of For ac- count of For ac- count of For ac- Total j} or own out-of- count of Total r or own out-of- count of Total .r or own out-of- count of account town others account town others account town others banks banks banks 1927—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 1,470 990 2,938 992 1,083 863 863 350 387 126.8 February 3,784 1,167 1,500 1,117 2,871 820 1,084 967 913 347 1417 150.0 March 3,761 1,064 1,450 1,247 i 2,862 741 1,038 1,084 900 323 414 162.9 April 4,062 1,193 11,616 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 1430 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 3,359 590 1,178 1,591 880 245 344 290. 2 September.. 4,417 887 1,607 1,924 3,684 675 1,332 1,677 733 212 276 246.1 October 4,701 933 1,720 2,048 4,075 744 1,507 1,825 625 189 213 223.3 November.- 5,102 1,105 1,749 2,248 4,483 895 1,559 2,030 618 210 190 218.0 December— 5,193 1,114 1,760 2,319 4,623 901 1,586 2,136 570 213 174 182.9 1929—January 5,408 1,173 1,801 2,434 4,835 968 1,633 2,234 572 205 168 199.2 February 5,555 1,082 1,817 2,656 4,986 886 1,650 2,450 569 196 167 206.4 March 5,679 1,071 1,729 2,879 5,207 893 1,590 2,724 472 177 140 155.2 Mar. 6 5,647 1,117 1,707 2,823 5,142 927 1,558 2,657 506 190 149 167 Mar. 13 5,627 1,004 1,761 2,862 5,149 823 1,620 2,706 478 181 141 156 Mar. 20 5,793 1,091 1,768 2,934 5,332 920 1,630 2,782 460 171 138 152 Mar. 27 5,649 1,071 1,680 2,898 5,205 903 1,550 2,752 444 167 130 147 1 Corrected. 41603—29- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
254 FEDEEAL RESERVE BULLETIN APRIL, 1929 COMMODITY PRICES, SECURITY PRICES, AND SECURITY ISSUES WHOLESALE PRICES, BY COMMODITY GROUPS * [1926 = 100] Month m Al o l d c i o ti m es - pr F o a d r u m cts Foods p l r H e o a a i d n t d h u d e e c s r ts p T ro e d x u ti c le ts F li u g e h l t i a n n g d p M r m o a e d e n t t u d a a c l l s ts m Bu at i e ld ri i a n l g s c C a d l h r s u e m a g n s i d - i f n H u g r o n g u i o s s o h e d - - s l M an i e sc o e u l s - N c c o u o i m l n t t i a u m e g s r o a ri d l - - 1927—December. __ 96.8 104.4 100.7 116.9 97.2 82.5 98.4 90.4 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 98.3 86.8 94.0 AprU 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 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 94.9 97.0 82.2 95.2 July 98.3 107.1 102.3 124.2 96.8 82.8 98.6 94.4 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- 100.1 108.8 106.9 120.7 95.6 85.1 100.5 94.7 95.1 97.2 79.7 97.8 October 97.8 103.5 102.3 117.5 96.1 84.9 101.0 95.0 95.6 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... 96.7 103.6 98.0 115.7 96.1 83.5 102.9 96.8 96.1 96.4 80.1 94.8 1929—January ... 97.2 | 105.9 98.8 113.6 96.4 82.5 103.6 96.6 95.9 96.6 80.5 94.9 February 96.7 105.4 98.1 109.0 96.1 81.3 104.4 97.5 96.1 96.6 80.4 94.3 1 Indei 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) 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 D p o u a r a u c n o i t l d d r s t y r - y c C o s a o e t n t t e o t d d o n n - c U l f a ie s n s d - i- 19 M 27 o — n t N h o o v r e w m e b e e k r.. co s m t 4 o 1 b 0 c 2 8 i k 9 n s . e 6 d i t n r 3 d i 1 4 a u 3 0 l 1 s s - .3 33 1 ra 2 i 4 l . s 9 u p ti u l 3 1 b i 5 2 t l i 5 i e c . s 6 4 A p U r v i l e S c r S 9 e a U 8 o g C . f 9 e S 8 December.. . 133.1 135.5 126.8 127.2 99.25 1928—January 134.4 137.4 125.3 129.5 99.35 1928 February 132.3 134.8 121.6 130.9 99.31 January 137 125 144 138 154 152 91 March 137.9 141.1 125.9 134.4 99.20 February. _ 135 128 153 139 144 141 90 April 145.9 149.5 130.7 142.5 99.18 March 137 136 174 139 137 147 89 May . . 152.1 154.9 133.2 155.3 98.79 April 140 144 179 142 134 154 85 June 145.3 148.2 126.7 148.1 97.38 May 148 160 181 151 134 166 86 July . .. 144.2 147.8 124.6 145.3 96.56 June . .. 145 152 168 150 132 162 87 August 148.3 152. 6 126.5 147.9 95.82 July 145 142 156 157 134 170 88 September.. 156.1 161.6 129.7 155.2 96.47 August 139 120 137 162 136 153 87 October 159.1 166.2 128.2 154.5 96.58 September. 141 117 127 174 145 142 85 November.. 169.2 177.1 133.7 165.5 96.90 October 137 116 114 160 150 147 83 December... 172.9 180.0 135.9 174.7 96.24 November. 134 110 109 150 155 146 86 1929—January 183.6 191.4 141.0 188.3 96.12 December.. 134 112 108 143 159 148 90 February 186.8 192.4 142.3 203.1 95.60 March 189.4 196.1 140.8 204.4 94.82 1929 Week ending- January 133 115 109 146 149 148 92 Mar. 2 190.5 196.7 142.6 207.2 95.31 February ,_ 136 123 111 150 148 149 91 Mar. 9 187.3 193.0 142.6 203.4 95.20 March 140 124 112 160 144 155 90 Mar. 18 190.2 197.2 141.1 204.6 94.70 Mar. 23 190.9 198.8 139.7 203.7 94.65 Mar. 30 187.9 194.9 138.1 203.1 94.23 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-February February, January-February 1929 1929 1928 February, Class of issue 1929 1929 1928 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 funding ing ing Total 23.3 19.1 46.6 30.2 210.1 88.8 New issue 20.0 17.1 40.1 28.2 135.1 78.1 Total _ 828.5 121.81,703.6 265.9 941.6 350.0 Europe 18.6 9.3 26.6 12.3 52.8 50.0 Canada and Newfound- Corporate issues 761.8 120.41,565.5 262.9 709.3 346.7 land 2.1 8.4 13.3 16.6 Bonds and notes— Latin America . . .3 12.0 1.8 61.5 2.5 Long term 152.1 77.5 402.3 134.2 448.1 289.8 United States insular pos- Short term 19.4 30.2 4.7 37.3 19.8 sessions 1.2 5.8 1.5 5.8 1.0 Stocks 590.3 42.91,133.0 124.0 223.9 37.1 Miscellaneous 6.5 9.0 Farm-loan issues 3.8 Refunding issues 3.3 2.0 6.5 2.0 75.0 10.7 Municipal issues 66.7 1.4 138.1 3.0 228.5 3.3 Total Government and •> v Total new and recorporate 42.4 76 8 298.9 funding 950.2 1, 969.4 1,291. 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
255 APRIL, 1929 FEDERAL RESERVE BULLETIN PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers of the Federal Reserve Board] Year and month p I t r n t i o r o d i d n a u u l s i c - - P t m t i r u o f o a r a n d e n c s u - u o c 1 - f - P t m i r a o o i l n n d s e u o i r c f - - e F m m ac p e t l n o o t r y y - Fa r p c o a t l y o ls ry B U ui n l a a d w d in - a g r d c e o d n A t l r d a - cts F i l r n o c e g a a i d r g s1 - ht U W n t h r a o i d b l - e u s t a i l o e n A d d 1 i - s- U D s n t e a o p d r a - e r s t a m le A e s n d l t - - U s D t n o e a r p d e a - r s t t m oc e A k n s d t - - 1 justed justed 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 78 79 1920 87 87 89 103 124 63 91 94 105 1921 67 67 70 $2 84 57 79 87 89 1922 i 85 87 74 90 89 81 86 88 1923. 101 101 105 104 113 84 100 98 1924 95 94 96 95 104 95 98 99 102 1925 104 105 99 95 107 122 103 103 101 1926 108 108 108 96 109 130 107 106 103 1927. 106 106 107 92 105 128 103 107 102 1928 110 111 106 90 104 135 104 108 102 MONTHLY INDEX 1925 January... 106 106 104 94 103 75 98 103 102 90 102 February 105 106 99 96 109 76 104 103 95 102 80 103 96 101 March 105 106 95 96 110 120 107 99 105 100 95 103 105 102 April 103 104 99 96 107 138 113 104 97 100 106 102 106 102 May 103 103 104 95 107 124 113 104 93 • 99 100 101 103 101 June 102 102 101 94 105 137 128 101 95 100 99 101 98 101 July. 104 104 104 93 102 133 128 101 97 102 75 100 94 101 August.. 103 102 107 94 105 149 135 105 112 102 78 101 98 102 September 102 104 82 95 104 138 135 102 117 102 94 102 107 103 October 105 108 90 97 111 129 125 100 123 106 130 111 112 101 November.._ 107 109 94 97 112 116 127 105 102 102 114 104 115 102 December 109 111 93 97 112 129 145 106 92 178 106 97 103 1926 January 107 109 92 96 107 111 143 102 95 104 105 105 February.. _ 107 109 95 97 112 106 145 104 96 103 81 104 104 March 108 108 104 97 113 146 129 104 106 101 101 101 107 104 April 108 108 107 96 110 139 120 107 96 99 103 103 107 103 May __ _ 107 107 104 96 109 134 123 107 95 101 107 108 104 102 June 108 109 106 95 109 133 121 109 95 100 101 103 102 July. 108 108 107 93 104 126 124 108 95 100 79 105 100 August 111 111 109 94 108 148 133 108 111 101 83 107 97 101 September 112 112 110 96 108 137 134 109 118 103 101 109 107 102 October 111 111 114 96 112 126 122 109 111 96 123 109 114 103 November 108 107 118 95 109 119 130 109 101 101 121 106 117 103 December 108 104 119 94 108 131 142 107 87 184 110 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 92 104 127 125 104 113 98 100 108 107 103 October 103 103 105 92 105 137 133 101 108 94 119 106 114 104 November *99 99 101 90 101 114 125 97 97 97 122 107 117 103 December 100 99 102 89 102 116 126 95 85 95 186 111 96 102 1928 January 105 106 103 88 104 133 100 88 104 93 105 February 109 110 102 89 104 113 153 102 86 105 99 104 March 109 110 103 90 105 144 128 102 100 103 104 106 103 April 109 110 105 89 103 157 135 104 92 102 103 107 103 May 109 110 105 89 104 163 148 105 99 108 103 104 102 June 109 111 101 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 91 105 143 140 106 111 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 *99 122 106 117 103 December 113 114 112 91 107 105 116 103 *84 95 116 95 101 1929 January *116 *116 117 91 103 103 128 104 101 *91 '104 91 102 February 117 116 120 93 110 88 119 107 109 103 i As revised in February, 1929; see BULLETIN for March. The indexes of production and car loadings are adjusted to allow for seasonal variation; the indexes of building contracts, wholesale distribution, and department-store sales and stocks are shown both with and without seasonal adjustments. * Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
256 FEDERAL RESERVE BULLETIN APRIL, 1929 INDUSTRIAL PRODUCTION INDEX OF INDUSTRIAL PRODUCTION 1NDUSTRIAL PROCJUCTION [Index numbers, adjusted for seasonal variations. As revised in February, 1929; see BULLETIN for March. 1923-1925 average=100] 120 120 Month 1923 1924 1925 1926 1927 1928 1929 January 100 100 106 107 107 105 •116 F M e a b r r c u h a ry __ 1 1 0 0 0 3 1 1 0 0 2 1 1 1 0 0 5 5 1 1 0 0 7 8 1 1 0 1 9 2 1 1 0 0 9 9 117 100 V 100 April 107 95 103 108 109 109 May - 107 89 103 107 111 109 June _ _ _ . '___ 106 85 102 108 109 109 July 104 84 104 108 106 110 August - _ - - 102 89 103 111 107 112 80 80 September..- 100 94 102 112 105 114 October 99 95 105 111 103 114 November __ _ . 98 97 107 108 99 112 December 97 101 109 106 100 113 Annual index__ 101 95 104 108 106 110 60 60 1925 1926 1927 1928 1929 INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS f m ac A a tu n ll r u e - s s I a r t n e o e d n l Textiles pr F o o d o u d ctspr P i a n a n p t d i e n r g Lumber Tn A s\ u V\ t 1 o 1 - no L s e a h a n o t d h es er a C n b e d r m i g c e k la n , s t s , f m e N r e r o t o n a u l - s s re P l f e e i u n tr m i o n - g Ru L b iIc b S er T f m a o c a b tu n a r c u e c - s o 1924 94 88 91 103 96 90 94 95 99 99 98 99 1925 105 106 104 98 106 105 107 96 110 107 115 116 105 1926 108 113 104 97 115 100 1 111 98 113 112 125 116 112 1927__ 106 104 113 96 113 94 188 103 109 109 136 U20 118 1928 111 119 107 98 117 89 113 102 U20 115 152 144 124 1928 January 106 107 107 103 115 92 93 99 114 100 135 124 119 February 110 113 108 110 116 93 101 103 117 108 139 135 120 March 110 114 107 105 118 94 111 102 112 108 141 134 120 April 110 122 101 98 118 95 108 97 111 109 147 134 120 May 110 116 107 96 121 93 107 96 116 111 150 133 120 June 111 115 108 93 118 91 117 108 123 115 153 143 125 July 111 124 100 89 117 94 119 112 119 113 156 149 125 August 113 121 107 90 117 87 133 112 126 117 160 151 129 September.... 115 128 107 95 118 82 139 110 130 117 162 169 128 October 114 126 112 98 116 81 122 103 122 121 160 167 126 November.... 112 120 113 102 •115 85 94 97 122 126 159 155 124 December ... 114 123 111 104 •114 87 103 92 130 128 159 143 127 1929 January •116 117 116 103 *115 •89 154 •95 *134 124 159 147 13! February 116 126 113 101 122 78 152 95 123 120 161 129 INDEX OF PRODUCTION OF MINERALS, BY PRODUCTS Al e l r a m ls in- n B o i u t s u m co i a - l Ant c h o r a a l cite pe C tr r o u le d u e m s I h r i o p n m o e r n e ts Copper Zinc Lead Silver 1924 96 92 108 97 82 100 97 102 100 1925. 99 100 77 103 104 106 107 111 1926-- 108 110 105 104 113 110 116 114 95 1927- 107 99 99 121 195 105 111 1102 193 1928- 106 94 95 122 1104 115 112 U06 1928 January 103 92 89 121 102 105 103 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 93 112 120 80 110 113 101 85 June 101 91 76 118 107 110 117 100 93 July 100 93 67 119 104 113 117 97 76 August.._ 105 91 94 123 104 116 120 107 87 September 107 94 95 124 110 123 114 115 79 . October- 114 99 119 127 114 128 110 108 79 November 113 99 113 127 106 131 111 111 93 December... 112 96 132 133 106 112 103 1929 1929—January 117 103 110 138 129 100 •111 *93 February 120 109 110 138 136 106 i Corrected. •Revised. NOTE.—These tables contain, for certain months, index numbers of industrial production, together with group indexes for important components. The combined index of industrial production is computed from figures for 60 statistical series, 52 of manufactures, and 8 of minerals. Adjustments have been made in the different industries for the varying number of working days in each month and for customary seasonal variations, and the individual products and industries have been weighted in accordance with their relative importance. The sources of data and methods of construction were described in the BULLETIN for February and March, 1927. Revisions of figures from 1923 to 1928 were published in the BULLETIN for March, 1929, pp. 192-194; corrected annual figures for certain group components are given above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL, 1929 FEDERAL RESERVE BULLETIN 257 PRODUCTION OF MANUFACTURES, BY INDIVIDUAL LINES 1 February, January, February, February, January, February, 1929 1929 1928 1929 1929 1928 Iron and steel: Leather and products: Pig iron 114 114 100 Leather, tanning- Steel ingots 128 118 115 Sole leather 2 92 94 98 Textiles: Upper leather- Cotton consumption 115 118 106 Cattle 66 73 68 Wool- Calf and kip 74 *67 103 Consumption 101 105 97 Goat and kid . .. 110 •117 123 Machinery activity J 93 93 86 Boots and shoes 100 *99 106 Carpet and rug loom activityJ. 90 89 92 Stone, clay, and glass: Silk Cement.. . .. ._ 115 125 114 Deliveries 135 144 141 Face brick 106 136 106 Loom activity 2 126 119 124 Plate glass 140 141 128 Food products: Nonferrous metals: Slaughtering and meat packing- Copper 128 132 110 Hogs 104 102 129 Lead _ 99 112 110 Cattle 87 90 98 Zinc 106 100 107 Calves 87 95 101 Tina 134 137 96 Sheep _ . . .. 106 109 113 Chemicals and allied products: Flour 104 100 111 Petroleum refining— Sugar meltings 108 129 85 Gasoline 2 188 186 155 Paper and printing: Kerosene . 97 93 101 Wood pulp and paper— Fuel oil2 _.. 138 135 120 Newsprint . 89 94 93 Lubricating oilJ 116 123 122 Book paper 125 124 122 Coke production- Fine paper__ _ . 114 •109 112 By-product 139 137 123 Wrapping paper 104 112 107 Beehive 36 37 30 Paper board 136 134 120 Rubber tires and tubes: Wood pulp, mechanical. . . 103 101 104 Tires, pneumatic . .. 152 138 Wood pulp, chemical 113 *114 107 Inner tubes 112 113 Paper boxes 148 137 118 Tobacco products: Newsprint consumption 137 105 125 Cigars 95 86 92 Lumber: Cigarettes 159 167 142 Lumber, cut ... .. _ 78 90 91 Manufactured tobacco and snuff 89 92 94 Flooring 78 108 109 Transportation equipment: Automobiles 152 154 101 Locomotives 15 38 Shipbuilding. 48 90 1 As revised in February, 1929; see BULLETIN for March. 2 Without seasonal adjustment. * Revised. FACTORY EMPLOYMENT AND PAY ROLLS [Index numbers without seasonal adjustment. Monthly average, 1919=100] Metals and Textiles and products Total products L a b u n e m d r - R ro a a i d l- Auto- P a a n p d er F oa o -nn o ra d l s Le a a n t d her S c1 t l o a n y_ e , , b T ac o c - o C i a h c n a e d l m s - Iron prod- vehi- mobiles print- prod- prod- and prod- prod- ; Group and Group Fabrics P u r c o t d s - ucts cles ing ucts ucts glass ucts ucts steel Employment: 1928—February— 89.4 i 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 89.9 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 89.3 ! 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 MJuanye 8 89 9 ! . 5 6 8 8 5 5 . . 3 5 8 8 4 5 . . 9 0 8 87 7 . . 4 8 8 8 8 8 . . 9 6 8 86 5 . . 9 3 8 8 7 7 . 7 0 7 1 2 2 . . 1 5 1 1 4 4 1 1 . . 2 1 1 1 0 0 6 6 . . 3 1 8 8 3 4 .2 0 7 7 7 7 . . 7 6 1 1 1 1 4 3 . . 9 8 7 7 6 7 . . 5 8 7 75 4 . . 5 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 , 87.2 87.2 86.8 87.0 86.6 89.6 71.2 154.2 106.7 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 70.5 138.4 109.5 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 February.. 93.0 92. 4 92.6 91.8 94.0 88.9 85.2 70.7 164.5 109.2 85.9 81.3 98.6 76.7 81.6 Pay rolls: 1928—February.. 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 104.9 93.9 93.3 101.9 100.3 103.9 98.1 80.4 168.9 147.7 100.4 87.5 128.7 79.4 110.2 April 102.6 92.9 92.2 94.7 95.5 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 91.1 98.8 80.7 178.8 146.7 99.0 72.7 140.9 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 100.1 90.0 89 3 88 7 90.2 86.9 96 4 76.5 166.0 144.6 101.4 82.6 136.1 78.1 103.4 August 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 September. 105.0 94.3 93.5 94.4 93.3 95.7 102.6 75.7 185.8 146.8 103.4 87.2 139.6 85.4 105.7 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 86.5 111.5 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 86.7 111.2 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 70.6 109.5 February.. 110.5 104.9 104.4 103.3 104.1 102.3 95.0 80.9 212.3 152.2 101.8 82.7 118.4 76.1 115.2 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
258 FEDERAL RESERVE BULLETIN APRIL, 1929 BUILDING BUILDING CONTRACTS AWARDED [Index numbers based on value of contracts. Monthly average, 1923-1925=100] Without seasonal With seasonal adjustadjustment ment l Month 1926 1927 1928 1929 1926 1927 1928 1929 January 111 94 104 *100 143 120 133 128 February 106 96 113 88 145 131 153 119 March 146 151 144 118 129 134 128 104 100 April 139 147 157 120 127 135 May 134 135 163 123 122 148 June 133 154 158 121 141 145 July 126 130 142 124 128 139 August 148 135 126 133 121 113 September 137 127 143 134 125 140 50 October 126 137 145 122 133 141 BUILDING CONTRACTS AWARDED November 119 114 115 130 125 126 December 131 116 105 142 126 116 ••• With Seasonal Adjustment — Without Adjustment Annual index 130 128 135 I | 1925 1926 1927 1928 1929 1 As revised in February; see BULLETIN for March. * Revised. 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 M ap in o n li e s - K C an it s y as Dallas 1928 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 8,339 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 56, 097 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 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 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 9,213 22, 611 17, 715 N D O o e ct c v o e e b m m er b b e e r r . . . _ . 4 4 5 3 7 9 2 1 7 , , , 4 1 7 8 0 5 2 4 6 2 3 2 9 6 9 , , , 4 1 5 0 5 2 5 4 1 1 1 13 8 4 6 9 0 , , , 6 1 5 9 5 2 6 9 5 4 2 3 6 8 2 , , , 0 0 0 9 1 8 8 7 2 5 5 3 6 1 7 , , , 7 1 6 5 1 8 5 8 4 4 3 2 0 3 9 , , , 3 6 9 2 2 7 9 1 3 3 2 1 3 6 8 , , , 0 5 3 9 5 6 7 0 2 1 9 7 1 6 9 0 , , , 9 4 7 2 2 9 4 9 5 3 2 3 7 1 2 , , , 4 3 3 0 0 7 9 2 8 1 7 5 2, , , 8 8 6 8 9 4 6 6 5 1 1 1 3 6 5 , , , 6 9 5 9 0 1 9 8 1 2 1 1 0 8 6 , , , 6 3 3 9 9 2 7 7 3 1929 January 409, 968 26, 556 104, 447 26, 306 54,680 28, 748 25, 745 77, 439 25,479 7,466 15, 668 17, 435 February. _. 361, 274 25, 352 76,064 32, 369 36,360 34, 252 22, 363 69,845 23, 372 4,757 12,874 23, 665 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] Public Month d R en e t s i i a - l In tr d i u a s l - m C e o rc m ia - l u p w t a i u o l n b i r d t l k i i e s c s E ti d o u n c a a l - ot A h l e l r Federal reserve district N of u m cit b ie e s r Feb 1 r 9 u 2 a 9 ry, Jan 1 u 92 a 9 ry, 'Feb 1 r 9 u 2 a 8 ry, 1928 United States 168 219,240 202, 298 271,771 February.__ 238,985 34,881 57,695 59,980 18,651 55,139 March 275,192 48,804 73,075 110,338 33,881 51,277 Boston 14 11,031 4,964 7,347 April 276,586 85,093 82,758 117,401 32,885 48,413 New York 22 113, 382 90,535 137, 509 May 288,826 37,146 91,200 150,223 47,851 52,851 Philadelphia 14 8,672 20, 312 13, 742 June 258,084 63, 537 93,942 130,852 46,135 57,917 Cleveland 12 12, 586 10, 023 14, 643 July.. 228,703 31,400 95,697 137,075 36,926 53,632 August.. 213, 705 42,607 58, 911 118,890 35,713 47,144 Richmond 15 9,437 10, 318 September 202,807 114, 780 60,068 119,014 52,205 Atlanta... _ 15 6,537 6,520 7,368 October 239,692 62,259 67,330 148,697 31,293 47,833 Chicago _. _ 19 19, 801 24. 273 37, 226 November 200,226 38,665 68,309 93,228 30,023 41,032 St. Louis 5 4,426 3,802 6,223 December 178,323 38,248 66,773 80,194 25,370 43,849 Minneapolis. _ 9 1,494 1,215 2,028 1929 Kansas City j 14 4,895 4,149 6,502 January 138,069 63,109 I 100,378 66,522 17, 746 24,145 Dallas ! 9 5,595 5,504 5,981 February 129, 486 56, 092 I 68, 265 57, 593 22, 577 27, 261 San Francisco j 20 21,385 22,139 22,884 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
APRIL, 1929 FEDERAL RESERVE BULLETIN 259 TRADE AND DISTRIBUTION FREIGHT-CAR LOADINGS, BY LINES [Index numbers, adjusted for seasonal variations. 1923-1925=100] Merchan- Grain dise and Live- Forest 1. c. 1. Month Total p g r r o ai d n - stock Coal p u r c o t d s - and ucts laneous 1928—January 100 102 91 94 90 106 February 102 107 101 96 89 106 March _. 102 115 96 95 89 107 April 104 108 89 99 87 108 May 105 102 88 100 90 1110 June 102 89 86 92 89 107 July 102 109 80 89 90 109 August 104 102 81 96 91 109 September 106 109 93 100 90 111 October 106 107 91 102 91 111 November 104 108 82 105 92 107 RAILROAD FREIGHT CAR LOADINGS December 103 105 85 102 91 108 1929—January 104 99 82 108 90 109 February 107 106 82 118 80 109 1925 1926 1927 1928 1929 1 Corrected. As revised in February, 1929. See BULLETIN for March. INDEX OF WHOLESALE DISTRIBUTION—EIGHT LINES OF TRADE [As revised in February, 1929; see BULLETIN for March. Monthly average, 1923-1925=100] Sales with seasonal adjustment Sales without'seasonal adjustment Month 1923 1924 1925 1926 1927 1928 1929 1923 1924 ! 1925 1926 1927 1928 1929 January 101 103 102 104 95 96 101 92 95 93 95 88 88 93 February _. _ __ __ _. 99 102 102 103 97 99 196 92 95 i 95 96 91 93 190 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 89 July 99 95 102 100 96 94 94 90 1 97 95 91 90 August 102 95 102 101 102 101 112 104 i 112 111 112 110 September _ _ _ _ __ _. 98 100 102 103 98 96 113 115 i 117 118 113 111 October 102 100 106 96 94 97 118 116 123 111 108 112 November 100 99 102 101 97 *99 100 99 102 101 97 99 December 93 102 98 98 95 95 83 91 j 92 87 85 *84 Annual average .. 100 98 ' 102 101 97 96 1 Preliminary. •Revised. SALES IN INDIVIDUAL LINES OF WHOLESALE TRADE [Index numbers. Monthly average, 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 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 c G e r r o ie - s Meats g D oo ry ds M cl i o n e t n g h ' - s B sl o o o e t s s i ! H » a « rd • - ntare 1928 January _ 106 115 92 108 106 85 76 94 ! 82 106 78 February—. 113 110 93 110 96 108 89 128 87 ! 82 101 96 March 97 109 94 91 110 95 105 87 131 Ill I 95 121 107 April 93 112 77 86 , 111 87 105 70 75 99 i 88 113 88 May 99 109 96 113 94 117 92 109 75 57 114 97 110 87 June. 94 112 76 82 92 ! 110 94 97 114 71 39 77 : 96 104 83 July— 91 111 79 123 91 | 107 95 92 113 74 68 98 i 90 102 78 August 100 116 90 109 94 ! 117 106 101 118 110 148 119 95 115 108 September- 92 122 89 90 92 I 112 112 100 130 105 137 110 i 100 119 126 October 95 111 99 87 97 116 *112 108 125 99 123 108 ; 108 134 *133 November.. 94 122 95 100 100 ',113 *101 100 117 90 66 105 i 114 *106 December-. 89 115 101 72 93 , 128 *94 108 51 59 i 120 1929 January *117 88 *96 *121 92 '*133 *93 91 •117 84 *74 I 82 *131 *82 February i 95 '.i 119 183 ! i 109 187 ;U14 189 J83 i 113 184 1114 186 I 176 i 105 i Preliminary. * Revised. 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. For revisions made in February, 1929, see BULLETIN for March Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
260 FEDERAL RESERVE BULLETIN APRIL, 1929 DEPARTMENT STORE SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers.^ Monthly average 1923-1925=100] Federal Reserve District United States B to o n s- 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 - * L S ou t. is M ap in o n li e s - K C a i n ty s a s s D la a s l- F c S r is a a c n n o - Sales (unadjusted): 1928—January.- >_ 88 98 94 75 85 81 85 90 82 72 80 89 98 February 86 78 89 75 85 82 91 92 85 72 77 88 92 December 188 181 206 172 174 197 180 200 175 137 166 186 195 1929—January •91 97 97 78 86 82 89 95 81 77 83 88 106 February 85 76 88 75 83 78 87 93 85 76 76 84 91 Sales (adjusted): 1928—January 104 108 108 89 104 103 107 114 104 86 107 114 February. . 105 100 109 89 103 105 108 113 101 94 106 115 December 116 111 122 105 111 113 112 124 108 92 118 122 1929—January •104 102 107 89 102 100 108 •117 98 90 102 119 February 109 101 113 93 105 105 108 120 106 103 105 119 Stocks (unadjusted): 1928—January 93 93 96 88 89 89 92 95 84 78 98 75 98 February 99 97 97 92 96 96 101 102 93 85 111 83 105 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 February _ 98 90 100 90 91 94 100 105 86 75 122 79 100 Stocks (adjusted): 1928—January 105 102 104 96 104 102 101 107 97 87 86 107 February 104 103 104 96 101 101 103 106 99 88 86 109 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 February ». 103 96 107 94 96 99 102 110 92 79 81 105 1 For description of department store indexes given in this table see BULLETIN for February, 1928. 2 Revised in February, 1929; see BULLETIN for March. " Monthly average in 1925=100. * Revised. SALES OF CHAIN STORES AND MAIL-ORDER HOUSES * [Index numbers of sales. Monthly average 1923-25=100] Num- Number of stores Sales a w d i j t u h s o tm ut e s n e t asonal Sales with m se e a n s t onal adjustber of reporting February, January, February,February, January, February,February, January, February, firms 1929 1929 1928 1929 1929 1928 1929 1929 1928 Chains: Grocery 30,407 30,431 28,784 229 222 193 240 217 194 5-and-lO-cent. 3,265 3,242 2,943 122 112 115 157 146 142 Apparel 1,295 1,285 1,109 147 140 137 224 219 201 Drug 1,141 1,129 946 170 177 148 183 178 153 Cigar 3,638 3,653 3,431 92 91 107 101 107 Shoe 694 690 634 88 102 127 132 120 Candy 296 292 263 112 106 106 131 128 120 Mail-order houses 0) 0) 0) 2 129 »132 2 108 «143 2 115 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. a Including sales made through branch stores. * Revised. 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
APRIL, 1929 FEDERAL RESERVE BULLETIN 261 BANK SUSPENSIONS AND COMMERCIAL FAILURES BANK SUSPENSIONS,^ BY CLASS OF BANK COMMERCIAL FAILURES, BY CLASS OF ENTERPRISE i [Amounts in thousands of dollars] [Amounts in thousands of dollars] All banks Member banks N—b« Number Liabilities Month Num-Total de- Num-Total de- Num-Total deber posits« ber posits • ber posits J Manu- Agents, Manu- Agents, Total fa i c n t g ur-T i r n a g d- bro et k c e . rs, Total fa i c n t g ur- T i r n a g d- br e o t k c e . rs, 1927 January 133 32,038 11,555 106 20,483 J J A F M M A S N D O u u e e p e u o c n l a a p b c y r g v t r y e t i r e o c e u e l u m b h m m s a e t b r b . b r y e e . e r . r r . . _ _ 4 4 3 8 4 3 4 7 2 4 4 9 1 6 1 7 7 4 5 7 3 9 3 2 1 1 1 1 1 1 1 0 8 8 1 1 5 3 2 7 1 1 , , , , , , , , , , , 9 4 2 1 3 2 1 7 1 5 7 2 7 6 1 8 5 9 5 6 4 8 2 4 0 7 8 0 6 2 8 2 4 8 3 8 6 2 3 7 5 5 1 1 , , , , , , , , , , , 2 3 8 1 7 5 4 7 6 7 4 5 1 8 0 2 2 3 0 4 3 6 7 0 1 5 1 9 4 0 8 4 2 6 3 3 2 3 3 3 4 OO 3 5 5 2 2 0 5 7 2 V 5 6 Q 9 2 1 9 8 7 8 aO 6 5 7 7 3 6 , , , , , , , , , , , 1 1 8 7 5 7 4 2 5 4 nZ 6 0 1 3 2 6 2 6 8 1 oo 6 5 3 1 4 c 2 4 3 3 3 o J J J A M A S F M O u u a e e u p c n n l a a p b t y g r r y o u e t 1 i r c u e l b 9 u a h m s 2 e r a t y 7 r b ry . e . „ r . 2 2 2 1 1 1 1 1 1 1 , , , , , , , , , , 7 7 9 8 7 8 5 1 4 0 8 5 5 6 0 3 7 4 6 3 7 6 2 8 8 3 3 3 5 5 4 4 4 5 4 4 4 3 5 9 1 2 4 6 8 4 3 0 2 1 7 4 9 9 8 8 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 8 5 2 1 3 1 4 3 1 0 4 7 0 9 1 7 6 4 8 8 2 4 8 2 0 0 8 2 7 3 1 1 1 1 1 1 1 1 9 9 1 1 2 0 3 2 2 0 6 6 6 6 2 6 4 9 1 1 4 4 5 3 3 3 3 5 5 3 2 6 3 6 9 7 7 4 1 3 , , , , , , , , , , 1 2 1 1 8 7 4 9 7 2 9 5 9 5 9 8 6 4 3 8 0 6 6 0 1 5 5 1 6 5 2 2 1 1 1 1 1 1 1 1 5 6 5 3 2 9 3 0 7 4 , , , , , , , , , , 9 3 8 1 5 9 2 7 3 5 9 0 3 6 1 2 7 4 4 8 6 2 4 8 8 1 8 3 9 7 2 2 2 2 1 1 1 1 1 14 3 4 2 8 9 7 2 6 4 , , , , , , , , , , 4 5 3 1 9 8 0 8 7 6 0 3 0 7 5 9 5 3 0 5 6 0 8 8 6 1 2 2 2 7 1 6 4 7 3 9 4 5 9 5 3 , , , , , , , , , , 7 0 0 3 5 5 4 0 5 3 6 1 0 2 3 7 7 4 8 7 4 7 5 2 2 5 0 5 5 3 Total 662 193,891 124 66,336 538 127, 555 N D o ec v e e m m b b e e r r . 2 1, , 8 1 6 6 4 2 4 5 7 9 8 7 1 1, , 4 2 3 7 0 6 1 1 1 3 0 5 3 51 6 , , 0 1 6 4 2 7 2 1 9 2 , , 0 7 2 8 4 6 1 1 6 6 , ,9 7 4 3 9 3 6 5 , , 4 3 1 0 2 5 1928 January 10,983 2,552 8,431 Total- 23,146 5,68216,082 1,382520,104 211,505228,194 80,405 J J A F M A M S N D O u u e e u o e c p n a a p l b c t g v y r r y e o t r e c u e e i u . b m l m h m s . e a . . t . b r r b b - y e e e r r r 1 1 1 2 1 8 6 5 6 9 4 7 8 6 3 1 , , , , , , , , , , , 1 1 3 0 3 3 9 8 4 0 7 9 4 9 5 1 5 9 6 7 8 8 0 7 2 1 3 4 6 6 8 8 4 1 9 3 2 2 3 1 1 1 1 , , , , , , , , , 9 8 9 0 3 4 9 4 8 9 0 2 1 4 2 7 4 9 0 1 1 2 7 9 4 6 6 3 7 3 3 1 9 1 1 1 8 4 4 4 5 3 4 8 3 1 7 , , , , , , , , , , , 9 8 2 4 7 9 9 2 6 1 7 7 9 0 6 4 5 2 7 0 5 6 9 1 4 3 7 7 7 5 8 7 3 J A J J F M M A S O a u u e e p u n c n a l a p b r v g u t r y e 1 t i o r c u e a l 9 u b h m r s 2 y a e t 8 b . r r — . y e .. r - . 2 2 2 2 2 1 1 1 1 1 , , , , , , , , , , 1 8 2 6 9 8 6 7 0 0 1 4 7 5 3 2 3 4 0 2 8 7 6 2 5 3 6 3 8 3 4 5 5 4 4 4 4 5 4 5 6 4 5 5 3 7 5 1 9 2 8 6 3 4 2 0 0 3 3 8 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 9 2 5 5 4 3 1 3 0 2 4 6 7 0 8 2 6 6 7 4 6 6 6 7 1 5 9 1 3 1 1 1 1 1 1 1 1 1 1 1 4 2 2 1 0 3 1 1 0 2 4 7 4 0 9 1 2 8 8 6 4 4 5 3 3 2 2 3 3 5 7 9 5 7 4 6 9 3 4 8 , , , , , , , , , , 6 9 8 1 8 0 9 9 2 5 3 S 1 1 2 7 5 0 9 8 4 4 7 7 1 5 7 2 0 7 2 1 1 1 1 1 1 1 1 1 6 2 0 2 2 4 4 4 6 3 , , , , , , , , , , 4 7 8 2 7 8 4 2 7 9 1 5 7 3 2 7 9 3 2 3 2 1 1 0 7 7 0 6 3 2 2 2 2 1 1 1 1 1 1 1 6 6 4 7 3 6 3 8 2 9 , , , , , , , , , , 4 1 9 0 9 8 7 0 2 5 4 8 5 4 0 9 9 8 6 6 6 6 2 9 0 9 6 1 7 8 2 6 7 8 5 2 2 3 3 4 5 , , , , , , , , , , 2 3 3 7 3 9 7 2 6 2 1 1 6 2 0 8 5 3 6 2 6 8 7 4 7 0 5 2 2 9 Total 491 138,642 73 42,240 418 96,402 N D o ec v e e m m b b e e r r . 1 1 , , 9 8 4 3 3 8 4 5 9 1 8 9 1 1 , , 2 32 0 4 2 1 1 1 2 7 1 4 4 0 0 , , 6 77 0 4 1 1 1 7 5, , 4 7 4 8 6 3 1 1 7 8 , , 9 2 3 2 3 4 4 7 , , 0 9 5 3 9 2 1929 January 17,905 10,158 7,747 Total..23,842 5,92416,471 1,447489, 560182,478225,301 81, 780 February 23,408 4,924 18,484 1929 Total, 2 months. 113 41,313 20 15,082 93 26,231 J F a e n b u r a u r a y r . y .. . 2 1 , ,9 5 6 3 5 5 6 4 1 7 4 8 1 1 , , 7 3 6 7 9 8 1 1 0 5 9 2 3 5 4 3 , , 0 8 3 7 6 7 1 1 6 1 , , 6 8 9 9 0 1 3 1 2 7 , , 0 8 2 9 4 1 4 5 , ,1 2 6 5 4 5 Total, 2 BANK SUSPENSIONS i IN FEBRUARY, 1929, BY DISTRICTS mos.__ 4,500 1,092 3,147 261 87,913 28,580 49,914 9,418 [Amounts in thousands of dollars] All banks Member Nonmember COMMERCIAL FAILURES, BY DISTRICTS i banks * banks Federal reserve district [Amounts in thousands of dollars] Num- Total de-Num-Total de-Num- Total deber posits 2 ber posits 2 ber posits 2 dumber Liabilities Boston New York 1 7,482 1 7 482 Federal reserve Philadelphia district Feb., Jan., Feb., Feb., Jan., Feb., Cleveland 1 87 1 87 1929 1929 1928 1929 1929 1928 Richmond __ _ 6 1,297 2 202 4 1 095 Atlanta - 14 4,674 5 2,559 9 2 115 S C t h . ic L a o g u o i s __ __ 1 3 7 5 1 , ,1 7 9 7 0 4 4 1,206 1 3 3 4 1 , 5 1 6 9 8 0 Boston 232 292 238 4,151 4,389 3,950 Minneapolis 3 505 3 505 New York 378 566 369 9,256 16,426 9,285 D K Sa a a n l n l j s a F a s r s a n C ci i s t c y o , -. - _ 1 2 1 1 1,8 3 2 1 8 0 9 0 0 3 957 8 2 1 2 3 8 8 0 6 0 0 2 A P C R h l i t e c l i a l v h a n e m d l t a e a o n l n p d d h ia _ _ 1 1 1 9 6 0 2 8 6 7 8 1 1 1 1 9 7 5 3 6 0 5 0 2 1 1 9 9 8 5 9 4 6 8 2 2 1 1 , , , , 9 8 5 7 4 1 9 9 2 1 1 0 3 4 2 4 , , , , 8 1 6 1 1 6 3 7 9 5 0 6 2 4 4 7 , , , , 2 7 3 2 9 2 0 5 7 8 4 4 Total *59 23,408 14 4,924 45 18,484 S C t h . ic L a o g u o is 2 1 9 2 7 0 3 1 2 7 5 1 1 1 2 0 8 5 3 1, , 7 7 6 0 2 8 3 5, , 1 0 6 5 3 3 2 1 , ,8 2 5 0 3 5 1 Banks closed to the public by order of supervisory authorities or by M Ka in n n sa e s a p C o i l t i y s 1 4 2 7 1 1 5 4 6 4 1 7 4 2 4 1 1 , , 3 5 6 0 2 5 1,2 6 7 9 4 7 2,2 3 8 8 4 4 th 2 e F d i i g re u c re to s r s r e o p f r e th se e n b t a d n e k p s o o si n ts a c fo co r u t n h t e o la f t f e in st a n av c a ia il l a d b i l f e fi c d u a lt t i e e s p . rior to the D Sa a n ll a F s rancisco 2 4 3 0 1 27 5 2 8 3 4 3 7 6 2,6 5 0 5 5 2 7 1, , 0 0 8 0 0 6 4 1, , 6 8 3 9 7 0 suspensions and are subject to revision when information for the dates of suspension becomes available. Total _- 1,965 2,535 2,176 34,036 53,877 45,071 » Includes 12 national banks with deposits of $4,127,000 and 2 State member banks with deposits of $797,000. 4 Includes 5 banks for which deposit figures are not available. i Figures furnished by R. G. Dun & Co. 41603—29 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
262 FEDERAL RESERVE BULLETIN APRIL, 1929 FOREIGN BANKING AND BUSINESS CONDITIONS GOLD HOLDINGS OF PRINCIPAL COUNTRIES AT THE END OF 1928 A table is presented herewith showing for Bank of France and the shipment of gold to the end of 1928, with comparative figures back England and Germany by Russia in excess of to 1913, gold holdings of all countries for the production of the Russian mines and the which satisfactory figures are available. The loss of gold by the State bank. figures represent physical gold held either at The more important changes in central gold home or abroad by central banks and public holdings during 1928 are shown in the table treasuries. They do not include items that below. As was the case in 1927, gold has been are understood to represent or include holdings drawn heavily from only two countries, by far of foreign assets other than earmarked gold; the largest draft being made upon the United nor do they include gold technically known as States; while, in contrast, the countries making "in circulation," that is, gold held by commer- substantial additions to their gold reserves have cial banks, business concerns, and private indi- been numerous. This seems to indicate a viduals. The principal reason for excluding fairly general policy among the countries gold in circulation is that satisfactory figures listed of strengthening the gold basis of their are not available. It should be noted, how- financial systems. ever, that a considerable part of the increase in central gold holdings since 1913 represents a CHANGES IN GOLD HOLDINGS OF CENTRAL BANKS AND withdrawal of gold from circulation. GOVERNMENTS Attention is called to the fact that holdings [In millions of dollars] of the Bank of the Nation in Argentina are included in the table. The Bank of the Nation Holdings at end has many of the features of a commercial rather of year Changes Country during than a central bank, and in the annual tables 1928 1927 1928 previously published in the FEDERAL RESERVE BULLETIN the gold holdings of the bank were Countries in which holdings decreased: omitted. In view of the fact, however, that United States 3,977 3,746 231 the Bank of the Nation, although it is not a Canada - . 152 114 38 Spain 502 494 8 bank of issue, now holds a substantial part of Russia -- - - 97 92 5 10 other countries showing decrease 824 809 15 the monetary gold reserves of Argentina, the figures for gold holdings of the bank in the Total decreases 297 present table have been combined with those Countries in which holdings increased: France 954 1,253 299 for holdings of the Government conversion Germany 444 650 206 fund. Argentina - 529 607 78 Brazil _ . 101 149 48 Total gold holdings of the 40 countries Italy 239 266 27 Belgium 100 126 26 included in the table amounted at the end of Netherlands 161 175 14 Austria 12 24 12 1928 to $9,981,000,000, of which the United Poland _ 58 70 12 States Treasury and Federal reserve banks Uruguay 59 68 9 Ensland 742 750 8 held 37.6 per cent. This compares with 41.8 India 119 124 5 13 other countries showing increase 435 455 20 per cent at the end of 1927. The decrease is chiefly the result of the loss of $231,000,000 Total increases «__ 764 from central gold holdings of the United States, but it is also attributable to the fact Note on commercial banks.—At the end of that the reported gold holdings of all central 1928 the gold held by national banks in the banks and Governments were $466,000,000 United States amounted to $17,000,000; by larger at the end of 1928 than at the close of Canadian banks, $77,000,000; by the commer- 1927. This increase is greater than the total cial banks of Australia (fourth quarter average amount of new gold mined during the year 1928), $126,000,000; and by the Argentine (about $405,000,000), notwithstanding the fact banks (other than the Bank of the Nation), that over $80,000,000 of gold was absorbed by $11,000,000. A small amount of silver is India and an unknown amount taken for included in the figures for the Canadian and industrial consumption. The unusual growth Australian banks. The 1928 figures for all of monetary gold is accounted for largely by the commercial banks are approximately the the return of gold by the French public to the same as the corresponding figures for 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
263 APRIL, 1929 FEDERAL RESERVE BULLETIN GOLD HOLDINGS OF CENTRAL BANKS AND GOVERNMENTS, 1913-1928 [In thousands of dollars, converted at par of exchange] European countries (central banks) End of year Total 1 United Total l E a n n g d - a France m G a er n - y Italy Austria I H A u u n s g t a ri r a y - gi B u e m l- g B a u r l- ia s C lo z v e a c k h i o a - 4 m De a n r - k Estonia 1913. 4,830,867 1,290,42012,807,319 170,245 678,856 278,687 i 265,476 251,421 59,131 10, 615[ 19, 666 1 1 9 9 1 1 4 5 . . 5 6 , . 3 2 3 2 0 8 , , 3 5 6 3 6 8 1 1 , , 2 7 0 0 6 6 , , 4 9 8 2 7 2 S , 1 1 3 3 , , 7 4 7 5 6 2 , , 4 9 7 7 2 3 4 3 2 8 8 9 , , 2 2 2 0 1 5 9 8 6 0 7 2, , 5 9 9 5 1 0 4 5 9 8 8 1 , ,9 5 5 0 4 8 i i 2 2 6 6 9 3 , , 5 2 8 7 4 8 2 1 1 3 3 8 , ,7 75 5 7 0 | ' 5 5 6 0 , ,7 6 5 1 9 9 1 10 1 , , 6 7 1 7 5 3 1 . 2 2 4 9 , , 5 8 0 3 6 3 1 1916. 6,508,838 2,193,531113,470,862 402,970 652,885 599,873 1223,400 58, 759! 50, 759 13,124 42,847 1917. 7,085,304 2,520,156*3,540,028 422,594 639,682|572,768 i 206, 721 53,717i 50,759 12,1591 46, 611 1918. 6,751,114 2,655,898 13,040,182 523,632 664,017 538,861 i 202,403 53,074J 57,145 12, 352 52,159 1919. 6,731,317 2,524,679 12,887,360 583, 211 694,847 259, 519 i 200, 098 45,01l! 51,417 7,141 60,807 1920. 7,140,872 2,434,168,13,033,992 762,912 689,517 260,028 i 204,372 5 11| 51,438 7,141 4,053 60,992 1921. 7,953,777 3,221,215 3,032,941 763, 719 690,141 237,102 210,739 616 51, 451 7,334 12, 545 61,192 1922. 8.313,539 3,505,551 3,043,400 751,597 227,436 217,284 «9| 51,901 7,415 20,874 61,173 1923. 8,582,773 3,833,735 2,993,885 754,400 709,479 111, 247 215, 699 1,313' ! 52,204 7,565 22, 574 56,171 1924 8,916,427 4,090,067 757,033 710,394 180,939 218,382 1, 560! __! 52,543 7,792 31, 745 56,145 1,384 1925. 8,890,560 3,985,399 3,13^522 703,482 710, 968 287, 763 218,825 2,087| _ i 52,855 7,981 30, 575 56, 085 1,279 1926. 9,163,109 4,083,380| 3,363,151 735,421 711,106 436, 235 220, 732 7, 388! ! 86,214 8,464 30, 731 56, 007 1,312 1927. 9, 514,2933,977,181ii3,714,828 i 954,000 444,158 i 239,177 11,883 '< ! 99,!"""' 9,250 29, 766 48, 780 i 1, 336 1928. 9, 980, 6463,746,111 4,311,049 749* 7671, 253, 500 650,127 265, 732 23, 743: I 125,576 9,529 34, 237 46,298 1,710 European countries (central banks)—Continued End of year Finland! Greece H g u a n r - y Latvia L a i n th ia u- N l e a t n h d e s r- Norway Poland Ruma- Russia Spain SwedenSw la i n tz d er- s Y la u v g ia o - 6 1913. 4,825 60,898i 11,892 8,760 29, 242 786,800 92,490 27,372 32,801 11,194 1914. 7,527 83,663 i 10, 290 9,261! 29, 714 803,400 110,444 29,088 45, 922 11,034 1915. 11,194 172, 530i 13,837 9,261 36,264 831,200 166,414 33,385 48, 275 12,381 1916. 11,580 236, 217 33,027 9,261 22 758,396 241,424 49,183 66, 585 12,321 1917. 12,159 280, 689i 31,193 9,261 667,041 379, 597 65, 513 69,025 12,310 1 1 9 9 1 1 8 9 . . 1 10 0 , , 2 7 4 5 8 0 2 25 7 6 7 , , 1 2 5 0 5 4 3 39 2 , , 6 5 9 9 1 0 1,667 9 9, , 2 2 6 6 6 3 200 2 ( O 7) 4 4 3 7 0 2 , , 0 0 7 4 2 1 7 7 6 5 , , 5 3 3 5 2 0 8 99 0 , , 7 0 7 4 9 1 1 1 2 2 , , 3 2 0 3 6 3 1920. 8,229 10, 769 255, 729 39, 472 2,858 9,266 329 (7) 474, 228 75,516 104,780 12,352 1921. 8,229 10, 769 2,123 243, 600 39,475 5,955 9,267 329 (7) 484,984 73,631 106,058 14,282 1922. 8,371 5,944 2,548 1,520 233,880 39,474 9,769 9,267 7,585 2,607 487,278 73,428 103,283 12,354 1923. 8,242 7, ' 3,223 1,640 233,876 39,472 13,078 9,267 24, 563 45,043 487,841 72,853 103,669 13,286 1924. 8,354 7,527 7,460 4,555 3,080 202,854 39,457 19, 949 9,267 26,020 73,050 489,292 63, 508 97,642 13,965 1925. 8,357 7,833 10,365 4,555 3,230 178,080 39.456 25, 793 9,267 26, 735 93, 876 489,631 61,647 90,140 14,657 1926. 8,250 8,729 29, 526 4,555 3,136 166, 231 39.457 26,677 9,267 27, 787 84,605 493,489 60,162 91,050 16,620 1927. 7,979 i 9,903 34,432 i 4, 570 3,320 160, 796 39.458 58,041 9,267 29,006 97,043 502,484 61,685 99,785 17,133 1928. 7,672 7,196 35,169 4,584 3,427 174,692 39,362 69,685 9,267 30,326 91,887 493,900 63,223 102,874 17,566 Other countries End of year Total i n M t C a a e F d r n i a n a i n c - : - i o e s f - 8 A ti r n g a e n 8 - BrazilioB C C a e h n n i k l t e r o a f lB R C a b e o t l n i i h p a l c k e o : u m o b- f - B R P a es n e e k r r u v o e fB R g U a e t u l n h r i p u a c e k - u y b o : - f t N A ra u o l s i t - a e : o 6 f l N Z b a i e e n a s w a s n - d u : k e s r s e I r n t C e s g a a a e n n d o r u n d d r r l c i v - d d a y e - : s D h o G o f a f o o m o n l J m d B d v e a i e a e n p n r s n o t a g n f t k n i s - c B J a a n v k a of B E t a i N g o n a n y k - a p l o t f R A S b e f o a s r u e n ic r t k a h v : e 1913. 733,128 116,572 256,126 53, 202 10, 826 21,899 25,306 123,921 64, 963 10,027 10,381 39,905 1914. 670,906 i 99,126241, 539 26,601 1,330 13,483 38,932 27,739 i 80,127 64,062 12,418 21, 750 43, 799 1915. 745,144 126,545 238, 906 14, 598 1,330 22, 530 73,484 33,092 i 67,800 68,187 18,804 35,096 44, 772 1916. 844,445 131,558 265, 540 14, 598 1,330 33,251 78,351 36,012 i 78,180 113,411 28,984 29,164 34,066 1917. 1,025,120 139,823 288,020 14, 598 9,039 42,003 85,650 39,4191i 90,086 229,981 37,051 19, 278 30,172 1918. 1, 055,034129, 761304,466 15, 571 23,413 46, 7181 104,143 39, 419Ji 64,231 225,821 51,600 16,312 33, 579 1919. 1,319,278 129, 712336, 707 15, 571 24, 384 56, 756| 116, 796 38,932j i128,819 349,947 69,817 16,312 35, 525 1920. 1, 672, 712112,605 473,913 19,464 32, 893 57, 307115,336 37,472 116, 249 551,840 88, 214 16,807 50,612 1921. 1, 699, 621i 95,073472,415 25,303 34,025 59,494 113, 389 37,472i 118,341 610,663 58, 728 16,807 57, 911 1 1 1 1 1 1 1 9 9 9 9 9 9 9 2 2 2 2 2 2 2 3 2 4 7 6 8 5 . . . . 1 1 1 1 1 1 1 , , , , , , , 7 9 8 7 7 7 7 2 5 2 6 4 6 1 3 5 2 4 2 9 6 , , , , , , , 1 2 4 5 8 5 6 5 6 3 4 8 3 7 3 8 9 U 8 11 1 1 5 1 1 1 5 2 4 1 5 5 1 6 3 7 6 1 8 , , , , , , , 4 9 1 5 1 7 6 7 6 8 " 0 6 6 8 9 8 5 ' 8 ! 4 4 4 4 4 6 5 7 6 4 5 5 0 2 2 3 0 0 6 7 9 , , , , , , , 3 1 4 5 8 5 5 5 9 3 2 9 5 9 3 5 4 9 6 7 2 ! 1 1 1 0 4 2 5 5 5 4 8 0 7 3 6 4 8 , , , , , , , 7 4 5 6 7 3 3 4 0 5 6 9 0 2 6 5 1 5 9 0 5 3 3 3 3 1 4 4 4 7 7 4 0 , , , , , , , 0 0 4 0 3 3 0 2 2 1 2 0 6 2 5 5 1 5 1 3 5 1 2 1 1 4 4 9 6 1 6 , , , , , , 8 9 4 5 9 2 4 1 9 9 6 7 9 0 5 9 2 1 2 1 2 1 1 1 1 0 9 9 0 9 9 9 , , , , , , , 6 0 1 4 9 7 7 4 8 6 3 3 3 5 6 4 4 7 8 6 3 5 5 5 5 5 6 5 6 9 8 6 6 6 6 , , , , , , , 8 8 8 8 3 3 8 1 1 0 0 4 1 1 2 1 7 9 6 9 9 , ; , ! 1 1 1 1 1 1 1 1 2 2 2 0 0 0 6 1 1 7 5 6 8 , , , , , , , 4 0 1 2 9 8 4 9 8 2 7 0 3 3 9 8 1 5 0 8 0 3 3 3 3 3 3 3 8 7 7 5 8 8 8 , , , , , , , 3 0 2 6 5 6 0 0 2 9 6 8 1 8 7 7 4 7 1 9 0 ; | 1 1 1 1 1 1 1 1 0 0 0 0 2 1 8 8 8 8 8 3 9 , , , , , , , 6 9 0 3 6 6 6 0 8 9 4 0 0 0 9 9 7 1 9 9 9 6 6 5 5 5 5 5 0 8 0 4 4 6 7 5 1 1 5 0 1 5 , , , , , , , 6 1 8 7 7 7 2 7 9 1 6 3 3 1 8 4 0 8 8 9 8 6 6 5 7 7 6 7 3 3 9 8 1 2 1 , , , , , , , 3 8 6 3 2 7 2 0 6 4 9 2 6 7 6 9 0 4 6 4 8 i 1 1 1 1 1 1 1 6 6 6 6 6 7 8 , , , , , , , 6 5 5 5 5 5 1 1 1 3 1 1 1 9 0 9 8 0 0 0 8 5 5 4 5 4 3 3 0 6 9 1 3 2 0 , , , , , , , 8 4 5 0 7 7 2 3 4 9 3 8 0 7 8 1 4 2 2 3 3 1 Revised figures. 2 Treasury and Federal reserve banks. 3 Gold held by Bank of England in both issue and banking departments; the latter ($1,380,276 in 1928) includes some silver. Figures also include gold in currency note reserve, which prior to 1925 was held by exchequer. * Prior to 1926, banking office of Minister of Finance. 5 Austrian account only. 6 Prior to 1920, National Bank of Serbia. 7 Figures not available. 8 Includes gold held by Government against Dominion notes and savings bank deposits, and such gold as is held by chartered banks in the central reserve. 9 Government conversion fund and Bank of the Nation. io Prior to 1923, guaranty of currency fund; subsequently Bank of Brazil and Government stabilization fund. Ji Prior to 1926, Government conversion fund. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
264 FEDERAL RESERVE BULLETIN APRIL, 1929 ANNUAL REPORT OF THE NATIONAL BANK OF SWITZERLAND The annual report of the National Bank of period. Obviously gold has nowhere, up to Switzerland for 1928 was presented to the the present time, resumed its role as a circugeneral meeting of shareholders on January lating medium of payment, and even where the 23,1929. The portion dealing with the general necessary legal conditions permitting the cireconomic and financial situation is as follows:l culation of gold have been provided, a considerable time must elapse before the actual Since the conference of Locarno in the circulation of gold coins can be normally autumn of 1925, governments have shown an resumed; in fact, in many countries the setincreasing disposition to open negotiations with tlement of international debts has not yet one another for the solution of international proceeded far enough, and the difference from problems. Endeavors to open a way for ad- country to country between rates of interest, justment by pacific means of such differences not only in the short-term money market but as may arise find definite expression once also in the capital market, remains too great. again in the Kellogg pact; this treaty, pro- Further, the legal requirements governing meposed by the American Secretary of State, tallic reserves have in many cases been lowered; outlaws war and may well be considered a also the provisions in respect to cover have unfurther step in the direction of that world dergone fundamental changes. Thus notes, peace so ardently desired. It has been signed which have taken the place of gold in circulaby 57 Governments, and Switzerland expects tion, are to an increasing extent backed by nonto ratify; its universality assures it great moral metallic cover. The nonmetallic reserve, comweight. One must anticipate, also, that the posed in increasing volume of gold exchange contemplated revision of the Dawes plan will readily convertible into gold, serves prinmaterially affect the economic situation. Since cipally as a means of regulating exchange. the revision should fix definitely the total For this reason many central banks, as a measamount and the annuities of German repara- ure of currency reform, have been authorized tion obligations, it should have a profound and to include their gold exchange holdings in their lasting influence on German economic policy metallic reserve. and especially on her international trade; fur- Among authorities responsible for currency ther, it should promote definite consolidation administration a general opinion prevails that of the international exchange markets by makworld commerce will develop in much greater ing possible a mobilization of the German repavolume if the currencies of the several particirations debt in the international capital market. pating countries are established on a common The return to gold.—Ten years after the cesbasis-—gold. The banks of issue recognize sation of hostilities and following a period of this and endeavor, through their influence on collapse without precedent—not only in respect the production of gold and the distribution of to the number of Governments involved but in gold stocks, to aid the return of the different respect as well to the growing seriousness of the countries to an effective gold standard. consequences—order has finally reappeared in It is well known that the financial committee the monetary systems of most countries, with of the League of Nations is giving its close the result that a stable basis of accounting has attention to these problems and is deliberating been provided for international commerce. as to how the League of Nations may aid in Only a few Governments have not as yet stasolving them. bilized their currencies. All those which have Gold shipments.—In this connection a cerstabilized to date have followed the recommentain change in the trend of gold movements is dations of the economic conference at Geneva in to be noted. Because of the reorganization of 1922 and have linked their money to gold in one currency systems in a number of countries, way or another; it follows that the monetary such as Germany, France, Italy, and the Arsystems of a majority of the countries which gentine, the banks of issue in these countries carry on international trade are to-day rees- have felt themselves to be under the necessity tablished on the basis of gold. Present con- of increasing their metallic reserve by purchases ceptions of the gold standard, however, do not of gold; consequently there have been considerentirely correspond with those of the pre-war able movements of gold out of the large reserves accumulated in New York and London, or at 1 The official report, available in French and in German, contains in addition sections dealing with organization, personnel, and operations least a reduction in shipments of gold to these of the bank. For earlier reports see FEDERAL RESERVE BULLETIN, two centers. April, 1928, March, 1927, April, 1926, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL, 1929 FEDERAL RESERVE BULLETIN 265 Stabilization of foreign currencies.—Unques- Bank of Greece was succeeded by a new bank tionably the most important event in the field of issue, the Bank of Greece. of monetary reconstruction was the legal sta- The British currency and bank notes act, bilization of the French franc, of which the de which became effective on November 22, is of facto stabilization in relation to gold had been particular interest from the point of view of achieved as early as 1927. Under the new central bank policy. This law not only gave parity the French franc contains 65.5 milli- the Bank of England exclusive right of note grams of gold nine-tenths fine; that is to say, issue, but further prescribed that the 1-pound 5.895 grams of fine gold to 100 French francs; and 10-shilling notes of the Exchequer (curthe parity of the Swiss franc is accordingly rency notes), issued during the war, should be 20.305 Swiss francs to 100 French francs. amalgamated with the notes of the Bank* of Inconvertibility of notes has been discontinued, England, and should be secured by the same and the Bank of France is obligated to redeem legal reserve. In contrast to France, England its notes in gold coin or bullion at its discretion. will continue to have a fixed maximum for It is required to do this, however, only at its fiduciary note circulation. Gold reserves of head office and only for a minimum amount of the bank determine the ordinary note issue, 215,000 French francs. In contrast to pro- to which is added the fiduciary issue of visions adopted in other recent monetary re- £260,000,000. At the request of the bank, forms, the Bank of France is not authorized to however, the maximum amount of issue may redeem its notes in foreign exchange. Repeal be reduced at any time by Treasury decree of the provision fixing a legal maximum for for such period as seems advisable, or increased the note issue is also an important innovation; for a period not to exceed six months. Furtheron the other hand, during the past 80 years this more, any one who has in his possession more provision has had to be modified by Govern- than £10,000 in gold may be legally required ment decree many times, according to fluctua- on demand of the central bank to declare the tions in economic conditions. Notes in circu- same; the bank even has the right to acquire lation and demand liabilities of the bank must all or part of this gold at the legal buying price, be covered in the minimum ratio of 35 per that is to say, at its nominal value. Thus the cent, by gold coin or gold bullion. This legal principle that centralization of gold reserves stabilization in June was anticipated in Jan- is in the best interest of the whole country is uary by removal of the embargo on the export confirmed by law. of capital, a measure which reopened the inter- Following the example of Sweden, which was national money market to French funds. the first European country to reintroduce the In Italy, where currency stabilization was gold standard, April, 1924, and of Denmark, legally adopted at the end" of 1927, notes are which followed in January, 1927, the third redeemable, by decree of February 26, 1928, member of the Scandinavian Monetary Union, on the basis of 100 lire to 7.919913 grams of Norway, also reestablished its former parity fine gold, giving a par value of 100 lire to 27.227 on May 1, 1928, together with the gold con- Swiss francs; gold points in relation to the vertibility of notes. It is possible that the dollar are fixed at 19.10 lire per dollar for monetary convention formerly existing beexport point and 18.90 lire per dollar for import tween these three countries may be reestabpoint. The credit extended by central banks lished. On January 1, 1928, "Estonia also to the Bank of Italy, for defense of the lira adopted the Scandinavian crown as its currency in case of need, matured on December 20 unit. without having been drawn upon; in con- Bulgaria has just floated a loan under the sideration of the improved financial and eco- auspices of the League of Nations for the purnomic situation Italy elected not to renew pose of stabilizing; its currency; $1,500,000 was this credit. offered for subscription in Switzerland. Of former members of the Latin Monetary Rumania was carrying on negotiations Union, Greece was the last to undertake throughout almost the entire year with foreign monetary reform; this it effected with the aid Governments or banking consortiums for the of a loan floated under the auspices of the purpose of reorganizing not only its currency League of Nations; a portion of this loan in the system but also its finances. Not without some amount of $2,000,000 was floated in Switzer- difficulty it has succeeded in concluding an land. Stabilization was effected on the basis agreement for a loan with private banks; if was of 100 drachmas to 1.952634 grams of fine gold successful also in obtaining a stabilization or 6.726 Swiss francs. In addition the National credit from the more important banks of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
266 FEDERAL RESERVE BULLETIN APRIL, 1929 issue, similar to that previously extended in methods of modifying measures preventive or the case of Poland. The conditions prelimi- restrictive of international trade; their work nary to putting the Kumanian stabilization resumed during the summer of 1928, led to the program into effect encountered further delay conclusion of a supplementary convention. It at the last moment, so that the reform will not seems, however, that considerable difficulties become effective until some time during 1929. are encountered in giving effect to these agree- Confident that stabilization of the leu was as ments. So far as our own country is concerned, much to the interest of our own country as of all restrictions on export have been abolished international economy, the National Bank of since August 1. Among other international Switzerland agreed to participate in the credit conferences, mention should be made of those granted by the banks of issue; it took this de- whose objective has been improvement of ecocision only in the definite expectation that the nomic research, expansion of statistical matelegitimate claims of Swiss creditors in Rumania rial, and adoption of a uniform statistical would shortly receive satisfaction. technique, prevention of double taxation, and In Yugoslavia, also, preparations have been safeguarding-against the flight of capital. made for stabilization by reorganizing the Commercial accord with France.—During the central bank. year a number of commercial treaties have been Poland, whose currency reform took place in concluded; we shall limit ourselves to mention- 1927, requested more for psychological than ing the commercial accord consummated befor economic reasons that the credit extended tween France and Switzerland after long and by central banks be continued for still another tedious negotiations—signed on January 21 and year; the banks concerned granted this request. supplemented on March 11 by an additional To-day of all the more important European treaty. currencies only the peseta has not yet been Trade and industry.—Statistics of Switzerstabilized; it has been for a considerable time land's foreign trade, those of the labor market the victim of speculation. Spain, however, is and of the balance of payments, as well as of now about to remedy this state of things by Swiss transport companies, indicate that the reestablishing its currency at a new parity. curve of general economic activity reached a Outside of Europe, Bolivia and Ecuador have level in 1928 well above that of the preceding reorganized their currencies on a new and stable year. In the majority of our industries activbasis by adoption of the gold standard. ity was satisfactory. To this improvement International conferences.—Throughout the the metallurgical and the mechanical industries year the banks of issue did not confine endeavor contributed largely. After protracted efforts to the improvement of monetary conditions, to effect a satisfactory reorganization, the and if their activities have borne fruit also in watch-making industry is again prospering. On other directions, the interchange of views of the other hand, in eastern Switzerland embroiddirectors of some of these banks has con- ery workers are finding conditions by no means tributed in no small degree. We would call satisfactory. It is in agriculture, however, special attention to the international confer- that the crisis is most severe; after long debate ence of statisticians of central banks which was Parliament authorized the Confederation to held in Paris in the spring of 1928, in which the take certain temporary remedial measures. League of Nations collaborated. The tourist business, aided by continued good The year 1928 was distinguished by other in- weather, has brought about a definite revival ternational conferences aiming to facilitate and in those branches of industry which depend expand economic relations between the differ- upon it for their chief revenue, and has helped ent countries. Especial mention should be greatly to improve our balance of payments. made of the economic committee which was The financial situation.—Increasing prosappointed under resolutions adopted by the perity in Switzerland had its effect on the Economic Conference at Geneva in 1927 and financial situation of the Confederation; as a Which met in that city in May, 1928. Its pro- result of increase in customs revenues and revgram comprised a general survey of economic enues from stamp taxes, as well as in receipts problems; but it did not limit itself to the study collected by the postal and telegraph departof methods of applying the resolutions adopted ments, the accounts of the Government for by the Geneva Conference; it went a step fur- 1928 closed, not with a deficit as had been anticther and submitted proposals of its own and ipated, but with a surplus. On July 1, 1928, worked out a program for the future. In the the revision of the law governing stamp taxes autumn of 1927 an international conference of became effective; this new law provided among delegates from the several Governments studied other things a higher charge for the issue of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL, 1929 FEDERAL RESERVE BULLETIN 267 stamped paper, and also increased somewhat eral Chambers, were to be found primarily in the kinds of securities subject to the stamp the improvement of business conditions in the tax on coupons. The Cantons and communes country, the extraordinary growth in stock-exhave been able to strengthen their finances still change operations, the increasing foreign busifurther; during the year they very seldom came ness of our banks, and, to some extent also, in to the market with a demand for new funds. the autumn demand for credit. As a rise in The financial situation of the State railways, deposit rates is shortly followed by an advance which depends in large measure on the general in rates on mortgage loans—so long at least as level of prosperity, profited by the favorable borrowers on mortgage do not have access to economic conditions. Furthermore, as the first the long-term investment market—there is urand most urgent stage of the electrification of gent need for the creation of the mortgage bond the railways has come to an end, and as the (lettre de gage). The Government bill relating progress of this work will from now on be less to the mortgage bond is before the Chambers, rapid, the costs of construction in the next few but one should not cherish the illusion that the years will be considerably less. introduction of the mortgage bond will all at Money market conditions.—Notwithstanding once change the existing situation; rather it the sharp revival of business activity, demands will take considerable time before the desired in the Swiss capital market were in diminished end is attained. To provide a mortgage bond volume during 1928. Total issues of bonds which shall be effective and which may be isamounted to only 55,000,000 francs, as com- sued in sufficiently large denominations, and pared with 205,000,000 francs in 1927. The above all at times when the monetary situation Confederation had no need to resort to the capi- is favorable, it is necessary that the method of tal market; it was able to redeem the 4J^ per issue shall be uniform; only on this condition cent treasury bills of 1923, maturing on Sep- will it contribute to stabilization and probably tember 5 in the amount of 48,600,000 francs, to slight reduction of the mortgage rate. As out of its own revenues. In May the Swiss the mortgage business, which is by nature a Federal Railways floated a 4J^ per cent con- long-term loan business, has hitherto been reversion loan of 150,000,000 francs at 98, ma- lated less closely to the capital market than to turing in 16 years, for the liquidation of the the short-term money market, which is gov- 1918-19 5 per cent loan which matured in erned by the official discount rate, the bank of November. The success of the loan proved issue is much interested in the introduction of that the time chosen for its issue was favorable; the mortgage bond; it hopes that this innovain fact, while the great abundance of funds tion will give the bank greater freedom of action during the first half year influenced the capital in the money market. market to such an extent that the banks were Domestic stock issues absorbed somewhat able to reduce their rates on certificates of larger sums than during the previous year; deposit, toward the middle of the year there they amounted to 260,000,000 francs, compared came a decline in deposits and an advance in with 182,000,000 francs in 1927. This increase interest rates, which in August compelled the is due primarily to the fact that several of the larger banks to resume the 5 per cent rate on larger banks, with a view to expanding their certificates of deposit. Other banks found foreign business, decided to increase their share themselves compelled very shortly to follow capital in order to establish a better balance this example, and several local banks offered as between their capital and surplus and their much as 5 J^ per cent. Fluctuations of interest deposits. rates during the year were accordingly very Foreign loans floated in Switzerland during similar to those during 1927. This time also 1928 reached 90,000,000 francs, in round numthe increase in rates took place without any bers, scarcely half the volume of the preceding preliminary agreement among the banks, in year. For this reason the question of the excontrast to the course taken by the Association port of capital interested the public but little, of Swiss Bankers in 1924, in sending a circular although the international movement of funds letter to its members recommending such action continued to be large. This movement is reafter the fluctuations of interest rates had ex- flected particularly in the large investments of cited public opinion, and had given rise in Par- Swiss capital in financial companies with forliament to a " written question" by a member eign connections, and especially in the organiof the Federal Council. zation of many foreign holding and trust com- The causes of the rise in money rates in 1928, panies, as well as in the establishment in Switwhich again led to an interpellation in the Fed- zerland of branches of foreign companies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
268 FEDERAL RESERVE BULLETIN APRIL, 1929 At the beginning of the year the money- Switzerland has for the past three years enmarket was characterized by considerable ease, joyed the advantages of a rate not only stable but the abundance of liquid funds disappeared but very moderate. It is to the stability of our very shortly; the continued favorable situation low discount rate that the steady economic of commerce and industry, the many foreign progress of Switzerland is in great measure due. credit's floated, and especially the great activity In spite of the great activity of the stock marof the stock exchanges soon absorbed and im- kets, the official discount rate on security loans mobilized a large volume of funds. The pri- also remained unchanged at 4^ per cent vate discount rate—although it could not be throughout the year. The bank tried by other regarded as reflecting with any exactness the means to prevent excessive demands for secucondition of the domestic short-term market, rity loans; to this end it made every effort to because it was influenced from time to time by effect liquidation of long-term credits while at the international situation—was at no time the same time refusing to renew such credits. during 1928 precisely on a par with, although Our average official discount rate in comparinow and again it stood in close proximity to, son with averages for other principal markets the official rate. In the great international has been as follows: centers a feverish activity prevailed on the [Per cent] stock exchange; the New York stock market made one record after another in its volume of 1928 1927 1928 1927 business; the Swiss stock markets also showed great activity, which on several occasions took Switzerland _ 3.50 3.50 Australia.. 6.27 6.34 ail alarming turn. In Zurich the volume of France _ 3.52 5.22 Italy. 5.95 7.00 transactions, both on the stock exchange and E G n e g rm la a n n d y 4 7 . .0 5 0 0 4 5 . . 6 8 5 3 N Sp e a w in York. 4 5. . 0 5 2 1 3 5 . . 8 0 0 0 elsewhere, in those securities which were sub- Belgium 4.25 5.40 Sweden _._ 4.01 4.15 Netherlands. 4.50 3.72 ject to stamp tax amounted to 10,120,000,000 francs in 1928, compared with 9,450,000,000 The Swiss franc.—Throughout the year the francs and 5,290,000,000 francs in 1927 and level of the Swiss franc was greatly influenced 1926. The Swiss index of industrial shares by fluctuations in the money market. During rose from 154 in January, 1926, to 256 in Septhe first half year the bank was obliged fretember, 1928, and during the same period the quently to put bills of exchange at the disposal general index of shares rose from 145 to 213. of the market. On the other hand, during the But during the last months of the year the second half year, and especially in the last failure of two investment houses at Zurich proquarter, it was able to replenish its portfolio; duced a slight recession. These failures, howforeign bills came to the bank chiefly because ever regrettable in themselves, have had a commercial banks, wishing to improve the beneficial effect; they resulted in a general liquidity of their assets, were calling in the testing out of liquidity and, by way of strengthfunds which had been invested abroad. ening positions, a recall of funds placed abroad Throughout the year the Swiss franc was not at short term. Other funds previously tied up only held within the two gold points, but the in stock-market operations were set free and fluctuations between the highest and the lowest reappeared in the short-term money market, quotation of the dollar in Switzerland amounted which had thus placed at its disposal a great to only four-tenths of 1 per cent. As our exabundance of liquid funds. These financial change, in spite of moderate interest rates in events and their consequences led to serious the money market and a relatively low rate for discussion by the public and in Parliament; long-term loans, continued highly stable, we there was even some idea of official intervenmay conclude that our country has a contion. Even though one has doubts as to the sistently favorable balance of payments. possibility of remedying the situation by a Monetary policy.—The monetary policy folcloser corporate organization in each city of the lowed by the Swiss National Bank underwent houses which operate in the stock exchange and no important change in 1928. The Federal deal in securities and feels that special measures decree of July 30, 1914, which relieved the would be more successful, nevertheless these bank of the obligation to redeem its notes in latter could scarcely be effective if they were specie, is still in force. At the meeting of the • undertaken by the Cantons. council of the bank on July 20, 1928, the bank Since October 22, 1925, the National Bank declared its intention of continuing the same has maintained its discount rate unchanged at monetary policy which it had outlined in the 3^ Per cent; thus the national economy of official statement of the council under date of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
269 APRIL, 1929 FEDERAL RESERVE BULLETIN July 17, 1925, until such time as the revision solution of the Latin Monetary Union called of our monetary legislation, to which the bank for a fresh examination of the entire series of had given its best efforts for several years, problems raised by the reform of currency should become an accomplished fact. This legislation, and a detailed report was submitted policy is directed toward keeping the Swiss to the Federal Department of Finance in Octofranc within the gold points in relation to coun- ber, 1927. In June of 1928 the question raised tries having free gold markets, such as the in Parliament by M. Muralt, a member of the United States of America and England. Im- Federal Council, afforded the board of directors port and export of gold, as well as the minting a fresh opportunity of informing the Federal of gold coins for account of the public, are sub- Department of Finance as to its opinion on the ject to no restriction whatever in Switzerland. question of the issue of notes of small denomi- Inasmuch as our currency has for a long time nations. been practically on a gold basis, the bank au- The attitude of the board of directors rests thorities decided to indicate this fact on the on the generally admitted proposition that a weekly balance sheet. The item "Demand new monetary law should restore the gold funds abroad/' formerly regarded as a special standard, and that accordingly the 5-franc asset eligible for note cover, now, with inclu- piece should become subsidiary currency; the sion of foreign bills, constitutes the item " For- directors again took occasion to point out eign exchange on gold standard countries." expressly that the problems of the reform of our These foreign balances and bills comprise the monetary legislation and those involved in aggregate of such funds as are repayable in the reform of the laws governing the issue of countries whose currency legislation imposes bank notes were so intimately connected that on the bank of issue the obligation of ultimate they should be solved together. redemption of all liabilities in gold. In this connection we recall that in addition Note circulation and clearings.—The curve of to the proposal which Doctor Myer made to the our note circulation continued its upward move- Federal Council during its session last summer ment of last year. This should occasion no that the complete gold standard should be resurprise; it is a consequence of our increasing stored, the Department of Finance received in economic prosperity. Much larger, propor- June a petition from the Chamber of Commerce tionally, than the growth in note circulation at Zurich, and in November one from the Swiss was the increase in domestic settlements with- Chamber of Commerce. Mention should also out the use of currency—those effected through be made of the conclusions reached by the conthe National Bank clearing service and through ference on monetary circulation, which met at postal check accounts; on the other hand, the Berne on August 16 under the presidency of the activity of commercial bank clearing houses head of the Department of Finance. In this showed a slight recession. We should again conference, not only representatives of finance, note the expansion of the international clear- of commerce, of industry, and of the more imings service. portant business organizations took part, but Currency reform.—The reform of Swiss cur- also representatives of producers, of consumers, rency legislation is still in the stage of prelimi- and of the Government departments; some nary discussion. Questions to which it gives members of the Federal Council also particirise have been discussed in the press, in finan- pated. This advisory conference recommendcial bulletins, and by business organizations. ed the creation of a more convenient 5-franc The National Bank also has been studying piece, which should be struck from silver as these questions for a long time; in particular, heretofore; it saw no disadvantage in minting it helped to prepare the way for reform of the coins of lower denominations out of nickel. currency law by publishing two studies; one, When it came to a vote, the proposal to retain which appeared in 1925, entitled "The Mone- the 5-franc bank note received very little suptary System," was a complete study of Swiss port; while a good-sized minority favored inmonetary legislation; the other, which appeared troduction of the 10-franc note. in 1927, embodied the results of an inquiry There is no question to-day, now that the respecting the circulation of means of payment Latin Monetary Union has been dissolved, that in Switzerland. In 1925 the board of directors the indispensable conditions for restoration of submitted to the Federal Department of Fi- the gold standard have been met, as indicated nance the preliminary draft of a new monetary by the supply of gold coin minted by the Fedlaw which should serve as a basis for further eral mint and by the volume of gold and exdiscussion. At the beginning of 1927 the dis- change held by the bank. Reestablishment of 41603—29 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
270 FEDERAL RESERVE BULLETIN APRIL, 1929 the gold standard should be carried through in its way to the market. At the end of the year such a way that no coin except gold coin should the portfolio of the bank included no bills of be invested with unlimited power of legal the Confederation or of the State railways, tender. Thus, the silver 5-franc piece would with the exception of such as provided for the become subsidiary currency; a reduction in the retirement of foreign 5-franc coins. size of this coin is desirable for practical The condition of the bank at the end of 1928 reasons. It is important to determine, on a was as follows: per capita basis, the amount of subsidiary currency that may be issued. Swiss NATIONAL BANK In formulating the law governing the issue of BALANCE SHEET FOR DECEMBER 31, 1928 bank notes it is of prime importance to observe [In thousands of francs] the following points: (1) Notes of the National RESOURCES Unpaid capital 25,000 Bank should have the status not only of a Cash: medium of exchange but also of legal tender, Swiss gold coin. 193, 427 Foreign gold coin 135,063 which will require anyone to accept them Gold bars.. 152,888 to an unlimited amount in payment of debts; Swiss 5-franc pieces... 5,116 5-franc pieces of other countries of old Latin Union (2) the National Bank should be obligated (94,600,000 francs, at 43 per cent, by authority of art. 19 of the bank law) 40,678 to redeem its notes, but it remains to be Subsidiary coin.. 1,549 determined what kind of gold equivalent Other cash items _ 2 528, 723 should be used for their redemption; (3) pro-Gold earmarked abroad 51, 650 Foreign exchange on gold standard countries 253, 803 visions governing the issue of small notes Swiss portfolio: should remain unchanged; the bank should be Swiss bills 211,032 Other discounts 6,779 authorized by permission of the Federal 217, 811 Advances on security: Council to issue small notes when necessary. Eligible as cover for bank notes _ _ 82,915 The need for issuing notes of a denomination Other 82,915 lower than 20 francs will no doubt disappear Items for collection. _ 1,431 Due from Swiss correspondents 40, 565 with the introduction of a more convenient Foreign exchange other than gold exchange 4,767 5-franc coin. Postal accounts 1,103 Miscellaneous assets. ._ 3,169 The metallic cover for notes in circulation has Government obligations 18,995 Interest accrued on securities __ 443 fluctuated during the year between 56.72 per Coupons 588 Bank premises 5,400 cent and 67.81 per cent, compared with 59.23 Furniture and fixtures 0) per cent and 72.12 per cent in 1927; its average Total resources _ ___ 1,236,362 for the year was 61.89 per cent, as against LIABILITIES 65.06 per cent in 1927. The combined reserves Capital 50,000 of gold and gold exchange attained a maximum Surplus 2 8,441 Reserve for printing bank notes 1,000 ratio of 98.72 per cent and fell to a minimum Reserve for uninsured risks 1,000 Reserve for Federal war tax 1,004 ratio of 80.62 per cent, with an average for the Reserve for tax on bank stock. _. 563 year of 88.37 per cent. The average cover of Notes in circulation 952,645 Giro accounts. 141,472 gold and gold exchange against aggregate note Federal accounts 54,034 Other deposits 6,650 circulation and sight liabilities of the bank was Miscellaneous liabilities 10,375 78.62 per cent. Drafts and officers' checks . _, 666 Rediscounts 1,611 Demands made by the Confederation and the Dividends unpaid 4 Net profits 6,898 State railways during the past year as in the year preceding were inconsiderable. They were Total liabilities . 1,235,362 limited to the discount for only a few days at a 1 Carried at 1 franc. time of small amounts, no part of which found 2 After the transfer of 559,000 francs from the profits of the year 1928, the surplus will be 9,000,000 francs. ANNUAL REPORT OF THE NATIONAL BANK OF BELGIUM The annual report of the National Bank of to Belgium, together with convertibility of its Belgium for 1928 was submitted to the meeting note circulation into gold. The disturbances of stockholders on February 25, 1929.l The and the fears resulting from the confusion of text of the report is as follows: 2 the exchanges have been succeeded by economic and financial stability which is favorable to Two years have passed since the reform of October 25, 1926, brought currency stability the increase of our national wealth, and which rests on foundations so solid that to-day the * For earlier reports see FEDERAL RESERVE BULLETIN, April, 1928' public has almost ceased to be interested in the 1927, 1926, etc. 2 The official report, available in French, contains in addition a number monetary situation. The general policy folof tables; they relate in particular to the detailed operations of the bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
271 APRIL, 1929 FEDERAL RESERVE BULLETIN" lowed by the bank during 1928 has continued vember, 1926, to 4,517,068,000 francs on Deto be inspired b}^ the principles set forth in our cember 25, 1928—that is, an increase of 1,550,previous report. 781,000 francs. This strengthening of the Foreign exchange.—During the past year, gold reserve is the result of a policy which as has been the case ever since stabilization, is very easy to explain. It is in the highest the belga has generally been at a premium in degree important that the country should the exchange markets. On several occasions possess a quantity of gold sufficient to enable the gold import point was reached—a position it, in case of need, to rely solely on its own which we utilized to strengthen our metallic resources. Although the system of the "gold reserves. These exchange operations were exchange standard77 has not been without its always carried out easily, in a market amply uses, and although it may still be serviceable, provided with funds out of its own resources. one can not deny that it has certain disad- The bank intervened only in case of necessity, vantages. The pyramiding of credits which and the bills of exchange thus acquired by the results from the inclusion of gold exchange in bank were returned to the market as soon as the reserves of a number of banks of issue can possible or turned over to public and semi- not be disregarded. In the present circumpublic institutions which had accounts with stances it is obvious that under such a system the bank. Up until August these various the country would be paid for commodities operations almost balanced one another; there- and services abroad, not with similar values after the inflow of foreign bills considerably or with gold, but with credits. Such credits, exceeded the outflow. even though they were at sight or at short What are the causes that account for this term and offered every possible guarantee, strong inflow of foreign bills of exchange? should be kept within certain limits. In this There are many; among the more obvious connection it is well not to forget the essential causes are the expansion of exports, the repa- part which gold plays as an instrument for regtriation of capital which left the country during ulating the international movement of funds. the period of monetary disturbance, the in- Our new organic law requires the bank to difference of the Belgian public to securities maintain an actual gold reserve of 30 per cent with fixed yield and the purchase of these against its demand obligations. As a matter of securities by foreigners, and finally the floating fact, the reserve is more than 36 per cent, as of foreign loans, of which we shall speak later. compared with 32.86 per cent on December 25, Note circulation and reserves.—Although 1927, and with 30.90 per cent on December 25, the volume of our fiduciary circulation 1926. From now on the size of the metallic increased as a result of the movement described reserve and the currency policy of the bank of above, we did not make use of the opportunity issue will enable Belgium to take its place to expand credit on the basis of the foreign ex- among the countries which are on the goldchange which we received. These bills were bullion standard. used exclusively to strengthen our reserve in Discount rates.—As a result of the progresgold and gold exchange. On June 25, 1928, sive strengthening of the reserve, the bank notes in circulation amounted to 10,467,308,000 lowered its discount rate from 4^ to 4 per francs; and on December 25, 1928, they cent on July 1, 1928. This is the sixth reducamounted to 11,511,662,000 francs, an increase tion since stabilization. The accompanying of 1,044,354,000 francs. On the same dates chart [omitted] shows the course of the disthe total reserves were as follows: count rate since the currency reform. A study of the chart shows that, whereas the bank reduced its official discount rate several Gold e F x o c r h e a i n g g n e Total times during 1927, it was able to maintain it almost unchanged during 1928. Francs Francs Francs The great economic prosperity which pre- June 25, 1928 3,990,366,000 2,216, 674,000 6, 207,040,000 vailed in Belgium throughout 1928 brought Dec. 25, 1928 4, 517,068, 000 2, 707, 591,000 7, 224,660,000 about a very marked though moderate revival Increase 526,702,000 490,917,000 1,017,620, 000 of discount operations at the bank. These are still far from having regained, in actual The increase in notes, therefore, was accom- value, their pre-wrar importance. The busipanied by an almost equivalent increase in gold ness world, however, is gradually returning to or gold exchange reserves. the use of commercial bills, which it discon- Our actual gold reserve, it is interesting to tinued to some extent during the period of note, rose from 2,966,287,000 francs in No- monetary disturbances, in favor of credit by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
272 FEDERAL RESERVE BULLETIN APRIL, 1929 means of advances in current account. The circulation, even though it were adequately sebank has not failed to encourage this tendency. cured. In order to avoid such serious conse- The money market.—Abundance of avail- quences, the bank, ever since the currency able funds, improvement in industrial condi- reform, has advised the Government not to tions, necessity of building up working capital authorize the municipalities and industrial after stabilization, the necessity of improving enterprises to float loans abroad. Under plant and equipment in the Belgian Congo, the present circumstances every loan raised all stimulated activity in the money market. abroad for domestic needs tends to increase the From the accompanying table [omitted], which fiduciary circulation; for funds lent by foreign shows the issues of shares, one may see that countries can enter Belgium and be utilized the total issues of industrial and commercial there only as they are converted into bank notes organizations in Belgium rose from 6,000,000,- or into Belgian credits. Such operations are 000 francs in 1927 to more than 12,000,000,000 clearly inadvisable at a time when the bank of francs in 1928. No doubt these figures include issue is endeavoring by all the means at its certain duplications, some of them rather disposal—limited as they are—to neutralize the large. None the less, they reflect large finan- influx of foreign exchange by the creation of a cial operations, considerably in excess of the countermovement of capital exports. pre-war capacity of the Belgian money market. Moreover, the foreign debt of Belgium is In the capital market, conditions have been already sufficiently burdensome. There would difficult, and rates have been high for all types be serious danger in increasing it still further. of loans. As a matter of fact, loans floated abroad Speculation on the stock exchange, from result in a net loss to this country, for foreign which we have tried to guard the country's countries charge 5 or 6 per cent and even more savings, tended during the first months of the on subscriptions to Belgian issues, but pay year to divert the public from investing in only about 4 per cent on capital which the rentes and bonds. On the other hand, in the bank and other financial establishments reexcase of a number of shares, the average yield port out of surplus funds. declined to an extremely low level as the result We have noted with satisfaction that the of high prices. The inevitable reaction took Government, in continuance of the policy which place in June, when the abnormality of the it has adopted for the economic restoration situation was reflected in persistent tension of of the country, has decided to oppose in prinrates on security loans in the capital market, ciple the floating of foreign loans or the estaband in a considerable fall in quotations. A lishing of foreign credits by municipalities. general crisis was prevented by timely inter- This decision, which is in the public interest, is vention. Thereafter stock exchange brokers a matter for congratulation. Moreover, for and their customers generally showed more the encouragement of savings, it is highly moderation and prudence; the second part of desirable that the domestic market for securithe year closed in an atmosphere of calm ties with fixed yield should be built up as rapidly decidedly in contrast with the excitement at as possible. This end is the more certain of the outset. At present various indications, attainment because the Government has deternotably the strength of rentes, give ground for mined not to borrow in the foreign capital marhope that savings, because of the danger of ket, but to finance public undertakings solely speculative operations and the necessity of out of resources of the treasury. attaching more importance to yields, will Inasmuch as this country is creditor for conagain seek investment in fixed interest securi- siderable amounts in foreign markets, it would ties. It is cause for congratulation that the also be advisable to encourage the formation yield on these securities, which are so well suited abroad of enterprises for the expansion of Belfor investment because of their safety, has gian business, similar to those which were oragain become interesting to investors. ganized before the war. From the same point Foreign loans.—Undoubtedly the volume of of view, there is no longer any objection to-day issues put upon the market reduced the sur- to the listing of first-class international securiplus funds by which speculation was stimu- ties on the Belgian stock exchanges. lated, but floating capital soon began to accu- Government debt to the bank.—The liquidamulate again. The rise of industrial securities, tion of the debt of the Government to the bank furthermore, threatened to extend to other is being carried out regularly, from month to categories of commodities—if repeated recourse month, in accordance with the conventions to foreign loans should augment the inflow of agreed upon. From 2,000,000,000 francs on Deforeign exchange and tend to expand the note cember 15, 1927, this debt has been reduced to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL, 1929 FEDERAL RESERVE BULLETIN 273 1,730,000,000 francs on December 25, 1928— tion is in fact along the lines of our old tradian amortization of 270,000,000 francs. Part of tions of artistry, and would seem to have an the funds thus put at our disposal have been in- excellent future. vested in Belgian rentes; the other part has More general use of belga exchange.—Believfound even better use in the exchange market ing that in general the use of a foreign monetary and has enabled us to absorb foreign bills with- unit is no longer justified, now that our curout increasing our note circulation. rency has been stabilized, we have tried to Price indexes.—We have been watching the extend the use of belga exchange in our foreign growth of note circulation with closest atten- commerce. In particular, we have called the tion because of the influence it might have on attention of our larger firms to the advantages the movement of prices. We are glad to state which its adoption offers in their foreign relathat variations in the price index, reckoned in tions, not only from their own point of view, terms of gold, have been of slight importance but from the point of view of the general welduring 1928. The accompanying table [omit- fare. In every case the bank has met readited] will prove this. The wholesale price index ness to cooperate. Certain practical results showed inconsiderable fluctuations. As to the have been attained in the restoration of a bill retail price index, after having declined from market through which, before the w^ar, a conthe first of the year and having been below 117 siderable part of the imports coming from for six months, it rose thereafter to 122.8, a per- South America were financed in Antwerp in centage increase for the year 1928 of 4.78. For Belgian francs. This is only a beginning. It the period from November 15, 1926, to Decem- is probable that in a short time foreign exportber 15, 1927, the increase amounted to 11.9 ers can be induced to execute their acceptances per cent. in belgas in the great financial markets and to In spite of this moderate rise, the level use our exchange for quotation of their prices. of domestic prices is still below price levels For the sake of assisting the reestablishment abroad. The central position of the country, of former commerical habits of this character, the density and exceptional industry of its our bank rediscounts at the minimum rate population, the satisfactory output of its high- acceptances of Belgian banking institutions grade manufacturers, the moderate cost of trans- drawn by commercial houses in foreign counportation, and the low level of the customs tries whenever these are presented by our regutariff go far to explain this favorable situation. lar customers. On the whole, the bank neglects We must insist again on the fundamental im- no suitable opportunity to give all possible portance of this factor in our prosperity. It is accommodation to the Belgian money market necessary to safeguard against weakening it by both at home and abroad. excessive outlays or by a too great increase in Clearing-house operations.—For the purpose general expenditures and in costs of production. of keeping note issues within proper limits, This will safeguard the country's markets as we have endeavored to extend the practice well as benefit its workers, to whom the mod- of settling accounts through clearings. We erate cost of living is of the greatest advantage. have especially advised the use of this type of Foreign trade.—The foreign trade of the settlement on the Brussels Stock Exchange, Belgian-Luxembourg Economic Union con- which had been slow in adopting technical tinues to expand. The following table [omitted! improvements that had long been in use in shows the movement of imports and exports the great foreign markets. With our cooperasince 1926. Progress is seen to have been con- tion the former methods of settling in currency stant in spite of the disappearance of the ex- have been superseded. The new system, which change premium on exports. Not only is our was tried out at first in connection with the trade balance better than before the war, but term settlements, gave excellent results and manufactured articles hold a more important was not long in being extended by a great place than formerly in the total of our exports; number of our better exchange firms to the from 37.7 per cent in 1913 the proportion has cash market. In a short time the special servrisen to 58.1 per cent in 1928. ice provisionally rendered by the bank can be We have not failed on our part to assist the taken over and administered by the interested financing of foreign trade and to continue the parties themselves. The following tables policy which we have adopted of aiding the [omitted] give an idea of the volume of such export of de luxe articles which incorporate a operations in the Brussels stock market. Heregreat deal of hand work—lingerie, toilet arti- tofore settlements of this kind would have incles, furniture, lace, hosiery, carpets, articles volved the use of a large volume of bank notes. of morocco leather, etc. This kind of produc- As a matter of fact, they no longer require Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
274 FEDERAL RESERVE BULLETIN APRIL, 1929 more than a very slight movement of currency. monetary soundness except with the aid of large There is hardly need to insist upon the mani- financial groups, whose resources should correfold advantages which result from this. spond to the enormous needs of our present Subsidiary notes.—On several occasions we activity. Such is the fundamental idea which have noted that in some parts of the country led to the important amalgamations carried there is a dearth of small notes, which causes through by our great banks in the course of the much inconvenience in the payment of wages. past year. As there could be no question of raising the Industry.—The situation of industry has on limit of 750,000,000 francs fixed by Royal de- the whole been very satisfactory. Undoubtcree of October 26, 1926, to the circulation of edly the coal industry has caused its operators 5 and 20 franc notes issued by the State, the serious anxiety. Since the end of the English Government decided at our suggestion to com- strike the selling price of coal has declined plete the subsidiary currency system by the steadily and stocks have accumulated. Nevercreation of a new coin, having the value of 5 theless, beginning with the second half of the francs or 1 belga and being of a size interme- year the difficulties were somewhat lightened as diate between that of the 2-franc and that of a result of increased activity in the metallurgithe former 5-franc piece. The issue will be cal enterprises. On the other hand, our coal covered by a deposit of gold in the amount of operators, being resolved to combat the critical 40 per cent deposited with the bank by the situation, have adopted a program which opens public treasury. The maximum for this issue up new possibilities. This program, now under will be fixed at 150,000,000 francs and can not way, aims first of all at establishing closer colexceed this figure, except to the extent that laboration between coal mining and the chemithe circulation of subsidiary notes declines be- cal and electrical industries, which are already low its maximum limit of 750,000,000 francs. united by so many natural interests; it strives This plan, which has been adopted solely in also to secure, by the creation of special organithe public interest, is on the point of being zations, the marketing of the product at miniauthorized by the legislature. Its execution mum expense and at normal prices. The conwill create no new resources for the budget, struction of central coke ovens and factories for since the equivalent of the coins issued will be the recovery and manufacture of by-products, placed in the gold reserve mentioned above and and the pooling of sales, will make the coal inin the currency fund created by the law of dustry more profitable by securing new markets December 31, 1921. and by lowering costs of production. Without You will be interested to hear that the silver undue optimism it may be stated that the presreserve, which the State had purchased from us ent situation of the coal industry is promising. at the time of currency stabilization and which Metallurgical industries, on the other hand, was included among the assets used as cover have shown increasing activity. The producfor the 5 and 20 franc notes, has been sold by us tion of steel, of cast iron, and of zinc is making for account of the treasury at considerable steady advances. [Table omitted.] profit. Henceforward the reserve of 40 per Several plans, which had failed previously cent, which is composed exclusively of gold and because of too individualistic tendencies on gold exchange and which guarantees the circu- the part of their promoters, have been revived lation of the subsidiary notes, is secured against and have led to the creation of powerful groups fluctuations in the value of silver, which are of enterprises. The necessity of using the gas often very considerable. from the coke ovens and the blast furnaces led Banking reorganization.—Having rendered the iron and steel companies to become interaccount of our own activity during 1928, we ested in the production of electric power. In shall now pass to an examination of the general general, the situation of the metallurgical indussituation of the country during the past year. try is excellent. We may state that Belgium has made remarka- The prosperous situation of heavy industry ble progress toward reorganization and recov- has exerted a favorable influence on manuery, which was rendered possible by the cur- facturing industries. The steel w^orks, the rency reform and which made a brilliant begin- steel-molding factories, and the rolling mills ning in 1927. At present a twofold program of for sheet iron have been fully employed. reorganization and amalgamation is transform- Only factories making finished products seem ing our banking and industrial system. Our not to have reached a favorable condition and credit institutions have realized that the na- have been in a state of serious inactivity for a tional economy could not fully reap the fruits of long time. The chemical and the electrical Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
275 APRIL, 1929 FEDERAL RESERVE BULLETIN industries have become stronger and have car- conditions is passing, and that the manufacried on their reorganization with the aid of the turers are likely to find themselves face to face great banks with a view to further expansion. with problems similar to those which they have The glass factories have maintained the fav- previously had to solve. orable position which they have enjo}^ed for a There is little need to add that with the gennumber of years. This industry is handi- eral economic situation so favorable as we have capped by the increase in customs duties, but briefly described it, unemployment has been at it constantly improves its plant. As to the all times negligible. Wages have been conglass works using machinery, their markets siderably increased. Labor disputes have been were contracted at the beginning of the year rare and have generally been settled in an exas a result of conditions in the Far East. The cellent spirit of mutual conciliation. situation improved later on, and, in fact, may Shipping.—Earlier in the report we gave fignow be called highly satisfactory. In this ures for foreign trade, which has benefited field Belgium is gradually supplying almost the from the high level of economic activity. entire demand of several foreign countries, The movement of ships through the port of such as England, Holland, Sweden, Switzer- Antwerp is another indication of the economic land, Spain, etc. The expansion of demand is expansion of the country. [Table omitted.] keeping pace with the large expansion in plant. Movements of trains on our railways are indi- Cement works, the building industry, and cated by the accompanying table [omitted]. most of the stone quarries have shown con- Savings.—Finally, the accumulation of popusiderable activity. lar savings has continued at a normal rate. Agriculture.—Although agriculture is expe- The average monthly excess of deposits over riencing more or less serious difficulties in al- withdrawals at the General Savings and Penmost all European countries, Belgian agricul- sion Office, counting only those that are strictly ture has been able to avoid a crisis by carrying on individual savings account, has been as folon its plan of reorganization systematically and lows: 1926—3,538,000 francs; 1927—51,141,000 sensibly. Our farmers, our kitchen gardeners, francs; 1928—48,922,000 francs. and our breeders are interested to put out It is necessary to review the period which superior products, which will enable them to separates us from the Armistice—to remember compete on the international market; they are the innumerable obstacles which the country also striving to increase the yield per land has met and surmounted during these painful unit in order to reduce costs of production. years—in order to arrive at a just appreciation As a result of this spirit of initiative, the major- of the extent of the efforts whose results are ity of our agricultural undertakings have en- becoming apparent to-day. joyed a high degree of prosperity. Poultry To insure that these results shall be permaraising has likewise made further important nent, it is necessary to lighten the heavy burprogress. The same thing may be said of den of our foreign debt, which is due entirely vegetables and fruit. to the war and to the fact that, notwithstand- Sugar and textiles.—Only the sugar refin- ing solemn assurances, reparations paid to Beleries and the textiles are in a less satisfactory gium have always been far less than the damposition than the various branches of industry ages which she suffered. In this connection enumerated above. The depression which also it is necessary that the question of the these latter industries are experiencing grows German marks, which has been pending so out of general causes extending beyond the long, should be settled. On the other hand, domain of our national economy. the reduction of fiscal expenditures is necessary The weakness of the international sugar mar- in order to bring about the formation of fresh ket, due principally to the competition of pro- capital, which will enable the nation to make ducers in Cuba and in Java, has led to the full use of its capacity for work. In a small accumulation of large stocks. The production and overpopulated country like our own, this of 1927 was marketed later than usual, and the constitutes the most precious of its possessions rate of inflow into the Bank of Belgium of com- and the ultimate means of livelihood for all mercial drafts secured by sugar reflected the classes of people. Finally, it is well not to fordifficulties encountered by these enterprises. get that the conditions of international com- As to the textile industry, the fluctuations in petition are gradually becoming more severe to the price of cotton and of wool during 1928 the extent that other countries are recovering partly explain the depression which they are and ridding themselves of those handicaps experiencing. One can not deny that the which, for a time, rendered them less formidstimulus given to this industry by postwar able. Recent years bear witness to the extra- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
276 FEDERAL RESERVE BULLETIN APRIL 1929 ordinary effects of wise economic policy resting of New York. Mr. Strong was a powerful inon a solid monetary foundation. These prove fluence in the organization of the banking systhat it is necessary to persevere along the same tem of the United States and in the monetary lines. reconstruction of the world. We join most sin- * * * ** cerely in the mourning of the Federal Reserve Last October we learned with regret and sur- Bank, for Belgium lost in Mr. Benjamin Strong prise of the untimely death of Mr. Benjamin one who was a faithful friend during her saddest Strong, governor of the Federal Reserve Bank hours. ANNUAL REPORT OF THE BANK OF POLAND The annual report of the Bank of Poland for fertilizers increased during the year by 234 per 1928 was submitted to the meeting of share- cent and imports of foreign machinery by 177 holders on February 7, 1929.1 The portion of per cent. The factory for nitrogen compounds the report dealing with general economic and at Tarnow, which is now under construction, credit conditions is as follows:2 will tend to promote a more extensive use of chemical fertilizers in future without adversely General situation.—The marked improvement influencing the trade balance. The number of the Polish economic situation which has been and quality of cattle raised were above the prein evidence since the de facto stabilization of war level, while cattle are becoming a more the currency in August, 1926, continued and more important export. The limits of throughout the past year. The gold basis of agricultural credit have been considerably the zloty was strengthened through the proexpanded. ceeds of the stabilization loan, which assured From December 31, 1926, to September 30, stability of the currency, even though other 1928—that is to say, during seven quarters— conditions continued uncertain. The reserves short-term credit granted to agriculture by of the Bank of Poland showed a very slight private banks and by State banks increased decline, considering the amount of the adfrom 173,500,000 to 516,400,000 zlotys; longverse trade balance. The treasury allocated term credit from 420,700,000 to 697,500,000 a considerable part of the reserve funds at its zlotys. In order to facilitate the farmers' sale disposal to improving economic conditions. of cereals to best advantage, a law authorizing Production showed a more rapid improvement, the registration of grain as security for loans keeping pace with increasing consumption. was passed, and special funds were placed at The number of unemployed persons declined to the disposal of banking houses authorized to the lowest level reached since the currency remake loans on this type of security. form. In this generally favorable economic situation there must be noted as unfavorable The course of prices for agricultural products factors the large adverse trade balance and the was favorable until harvest time, in that the insufficiency of long-term credit. The stabili- disparity—so prejudicial for the farmers— zation loan undoubtedly tended to bring in a between prices of agricultural products and considerable volume of short-term credit, but those of industrial commodities narrowed. long-term credit has not increased to any con- Comparison of the price index of agricultural siderable extent. products and the index of industrial prices dur- Agriculture.—The condition of the crops ing the year is as follows: In January, 94.4 as seemed very unfavorable last spring. As sum- compared with 103.8; in April, 104 compared mer approached, however, the condition of with 105.3; in September, 95 compared with cereals improved so much that the harvest 103.9, and in December, 94.1 compared exceeded expectations, but weather conditions with 104.7. were unfavorable for sugar beets and hay. The most important consideration in the The table [omitted] shows average crops for the agricultural policy of Poland is the necessity five years preceding the war and crops during for producing crops adequate to the needs of the last five years. the country. A review of the period from The excellent results, which were achieved August 1, 1924, to July 31, 1928, shows that in spite of weather which delayed the ripening throughout these four years only the year of the crops, are due to a more general practice 1925-26 produced an exportable surplus. of intensive cultivation. Imports of chemical In addition to the inadequacy of the cereal crops, another unfavorable factor was the 19 1 2 7 F , o 1 r 9 2 e 6 a , r l e i t e c r . reports see FEDERAL RESERVE BULLETIN, May, 1928, excessive export of wheat in the autumn after 2 The official report, available in French, contains in addition account- the harvest, whereas in the spring wheat and ing and personnel details. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL, 1629 FEDERAL RESERVE BULLETIN 277 flour had to be imported at much higher prices, tion increased very considerably, after which a to the great detriment of the trade balance. It recession followed, which was reflected in a surbecame necessary to check this proceeding and plus of production, difficulties of payment, and to keep the price of wheat more or less stable. a crisis precipitated by the strike. Autumn A number of customs regulations, the building brought an improvement in the situation. up of reserves of wheat, the supervision of During 11 months of the year the numwheat elevators, the law mentioned above gov- ber of workers employed in industry increased erning loans against registered wheat, indicate by 123,200, or 15.2 per cent; the increase was the scope of the efforts made to effect a more approximately the same as during 1927. The prudent management of the stocks of wheat. number of unemployed declined during the Industrial improvement.—The industrial im- same period by 87,237 persons, a decline of 31 provement which began in 1926-27 was well per cent in comparison with 1927. maintained during 1928. In the important Commerce and transportation.—Domestic branches of mining and metallurgy the increase trade was by no means uniform throughout the in production continued at the same or at a year. Prices in general underwent no proslightly higher rate. [Table omitted.] nounced fluctuations. The index of wholesale Production of coal increased by about 6 per prices, taking the vear 1927 as the 100 basis, cent as compared with 1927, which may be con- stood at the end of 1928 at 99.9. sidered very encouraging, considering the diffi- Close examination of the general trend of culties of exporting coal. As a result of com- trade from the point of view of the total volume petition which prevented exporters from finding of freight carried by the railroads shows some outlets on foreign markets, conditions of export revival of trade. On the other hand, there are have been unsatisfactory. In spite of these some unfavorable signs to be noted in trade. difficulties, coal exports during 1928 amounted As a result of overproduction, manufacturers to 12,969,000 tons, compared with 11,095,000 were compelled to sell their merchandise against tons in 1927, an increase of 16.8 per cent. The securities having longer maturities than is cuspetroleum industry improved, owing to the tomary. In retail trade sales against partial drilling of new w^ells and to better selling condi- payments became more and more frequent. tions both on the domestic and foreign markets. The increase in activity of the port of Gdynia In comparison with 1926 the production of was remarkable. The movement of ships in potassium salts was doubled. The year was and from the port is clear proof of this. [Table favorable to the iron and steel industries, espe- omitted.] Compared with the year 1927 the cially as the result of a number of orders from number of ships entered and cleared and the the Government and of an increasing demand volume of reshipments showed an increase of on the domestic market chiefly for agricultural 100 per cent. Mention should be made also machinery and apparatus and also for building of the transportation of emigrants and of mermaterial. Production of zinc remained at the chandise directly between Poland and the level of 1927, because of unsatisfactory condi- countries of destination, resulting from direct tions on foreign markets. Considerable ac- maritime connections organized between Poland tivity was noted in manufacturing, owing to the and those countries with which commercial increase of domestic consumption. This is treaties have been made. reflected in the increase of hours worked from Trade balance.—The deficit in the trade 21,000,000 at the beginning of January to balance was the result of the inflow of foreign 26,900,000 at the end of December. capital consequent upon realization of the Although the consumption of sugar in Poland stabilization loan of 1927. has increased, the beet-sugar industry has under- Imports, which were subject to fluctuations, gone recession because of unfavorable conditions had a decisive influence on the amount of the on the foreign market, where prices declined to Polish trade balance. On the other hand, the the pre-war level. The approximate production growth of exports has been more even; in fact, of refined white sugar during the season which exports have shown a steady although rather began October 1 will reach about 670,000 tons, slight increase. of which 292,000 tons are intended for export— Except for the period of serious recession that is, about 44 per cent of the total product. caused by the decline of the zloty in 1926, im- During the previous season the production of ports have followed a definite upward trend, and refined white sugar amounted to 505,000 tons, in 1928 showed an increase of 32 per cent comof which 29.5 per cent was exported. pared with 1924 and of 16 per cent compared Conditions in the textile industry have been with 1927. Exports, on the other hand, inuneven. At the beginning of the year produc- creased by 15 per cent compared with 1924 and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
278 FEDERAL RESERVE BULLETIN APRIL, 1929 maintained the same level as during 1927, while Expendithe total volume of foreign trade increased by Fiscal year tures Receipts Surplus 24 per cent and by 8 per cent in comparison with 1924 and 1927, respectively. 1926-27 1, 972. 0 2,128. 0 +156.0 With the exception of the month of March, 1927-28 2,463.6 2,728.5 +264.9 during which there was a large increase of imports in anticipation of the advance in customs Budgetary estimates for the year 1928-29 duties, imports maintained a monthly average were fixed as follows: Receipts, 2,525,700,000 of 275,000,000 zlotys, while exports fluctuated zlotys; expenditures, 2,478,400,000 zlotys; anaround 200,000,000 zlotys. It was only during ticipated surplus, 47,300,000 zlotys. In the the last quarter—owing to the sale of crops, to latest budget, estimated revenues Jor the year the exports of sugar, and the increase of cus- 1928-29 exceeded actual revenues for the year toms duties on foods—that the trade balance 1927-28 by 3 per cent, and estimated expenditook a turn for the better, which reduced the tures for 1928-29 exceeded actual expenditures excess imports to 38,500,000 zlotys in October, for 1927-28 by 7.9 per cent. to 6,000,000 zlotys in November, and to The budget surplus, which amounted to 29,200,000 zlotys in December. The adverse 214,200,000 zlotys for the year from April 1, balance for the year amounted to 853,000,000 to December 31, 1927, declined during the corzlotys, of which 134,000,000 zlotys were ac- responding period of 1928 to 135,000,000 counted for by imports of grain. zlotys. This, however, had no untoward In the general trade movement with the two influence on the situation of the Treasury, great neighboring countries, Germany and which had at its disposal, thanks to the favor- Russia, no important change has taken place. able outcome of preceding budgets, a cash At the" end of the year the commercial treaty reserve of about 500,000,000 zlotys; there was with Germany was still unsigned. no occasion for any further increase of this A number of measures were taken for the reserve. Tariff bills submitted to Parliament purpose of improving the trade balance. during the autumn session will, as soon as they Under the decree of February 13, 1928, the have been voted, insure a better apportion- Government undertook to increase some of the ment of assessments and will increase fiscal customs duties and to revise some of its com- receipts. mercial treaties, created an institute of export, As indication of the improved condition of created a special commission in the ministry the Treasury it should be noted that the budget of agriculture to study the best methods to for the fiscal year 1928-29 anticipates an eximprove the trade balance, brought about the penditure of 500,000,000 zlotys in capital loans standardization of commodities for consump- for the economic improvement of the country— tion, organized export syndicates, and regulated a sum which represents about 20 per cent of the refrigerating storehouses. estimated expenditures. Government finance.—Prudent management The favorable situation of the Treasury has of the finances enabled the Government to improved the credit of the Government in the achieve satisfactory results and end the fiscal domestic market. The 4 per cent loan issued year with an excess of receipts in the amount in July in the amount of 50,000,000 zlotys w^as of 265,000,000 zlotys. Actual revenues ex- oversubscribed in the domestic market. ceeded estimates by 39 per cent without its Monetary circulation.—Changes which took having been necessary to increase taxes or to place in the money market reflected accurately create new^ sources of revenue. Expenditures the lines of the country's economic developincreased in smaller proportion and exceeded ment. As the demand for available funds was estimates by 26 per cent. Comparison of the fairly strong, the volume of monetary circularesults for the budget years 1926-27 and tion showed a considerable increase corre- 1927-28 shows that receipts for the fiscal year sponding to the heightened economic activity. 1927-28 were expanded more rapidly than ex- In the course of the summer two seasonal penditures, which enabled the reserves of the factors tended further to increase the demand— Treasury to be increased. the necessity of furnishing funds for the Expenditures and actual receipts of the harvests and for the building of houses. Treasury during the fiscal years 1926-27 and Mindful of the economic needs of the 1927-28 are given below, in millions of zlotys. country, the Bank of Poland assumed the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
279 APRIL, 1929 FEDERAL RESERVE BULLETIN task of supplying the money market by en- Aside from the long-term loans mentioned larging its credit operations, but was able to above, a considerable number of short-term do this only within such narrow limits as would credits were arranged by banking houses and avoid any harmful effect on the price level. by industrial and commercial enterprises, and In comparison with the end of 1927, the the proceeds of these credits also helped to circulation of bank notes has risen from strengthen the foreign exchange reserves of the 1,003,000,000 zlotys to 1,295,300,000 zlotys. bank. In addition, foreign countries extended The aggregate circulation of bank notes, to Polish importers large credits on commodi- Government notes, and subsidiary coin in- ties, which lessened the depressing effect of the creased in smaller proportion—by only 17.3 unfavorable trade balance on the position of per cent, as a result of the gradual redemption the Bank of Poland's reserve of gold and of Government notes. The proportion be- foreign exchange. tween circulation of Government notes and Gold and foreign exchange reserves.—Up bank notes was 167,000,000 zlotys against until September the gold and foreign exchange 1,003,000,000 zlotys at the end of "December, reserves declined in spite of the entry of long- 1927, and 98,900,000 zlotys against 1,295,- term loans originating abroad. It was only 300,000 zlotys at the end of December, 1928. during the last quarter that a larger supply of As a result of these developments the quality foreign bills was to be seen in the market. of the circulation is steadily improving. The bank profited by this favorable circum- The legitimate tendency to increase the stance and was able to strengthen its reserves circulation of bank notes was checked by the and to reduce the loss previously sustained. deficit in the trade balance, as well as by the The total of the reserve in gold and freely policy of the Treasury. The unfavorable available funds abroad used as note cover commercial balance caused a restriction in the showed a decline of scarcely more than 58,volume of circulation because foreign bills had 700,000 zlotys for the year. The cover of the to be bought in order to meet foreign obliga- note circulation and demand liabilities of the tions. The Government's policy of steadily bank, which was 72.61 per cent at the end of increasing the Treasury reserves had a similar December, 1927, declined to 63.13 per cent at effect. These two factors operated together the end of 1928, more because of the increase in to produce the effect of a slight deflation, the volume of circulation than because of the which, however, was counteracted by the decrease in the reserves of foreign exchange. expanding credit operations of the bank. Apart from the freely available funds abroad Although the monetary circulation reached used as cover, the Bank of Poland holds further only slightly higher figures, it approached the reserves in foreign bills not allocated to relevel suited to the economic capacity of the serves. These have been maintained throughcountry. During 1927 the bank-note cir- out the year at approximately 200,000,000 culation increased steadily from month to zlotys. month. During the past year the char- The foreign funds, to the extent that they acteristic expansion was shown toward the exceeded the amount needed to meet current end of each quarter; after these periods, part demands, were used under authority of article 51 of the notes flowed back into the bank, indi- of the bank statutes for the purchase of foreign cating a greater elasticity of the currency. bank acceptances or were deposited in first- Foreign credits.—The reserve in foreign class foreign banks for a maximum of 30 days. exchange, which was strengthened consider- These funds thus deposited abroad were inably in 1927 by the proceeds of the stabiliza- vested in January at the rate of 3 J^ to 4}^ per tion loan, was also built up during the past cent, and in December at the rate of 4^ to year in large amounts as the result of long-term 5}/2 per cent, as a result of the rising tendency foreign credits. During the first six months of interest rates in foreign markets during the of the year the following loans were floated second half of the year. The interest on these abroad: The 7 per cent loan of the city of deposits, allocated for the benefit of the bank, Warsaw in the amount of $10,000,000 placed reached the amount of 27,600,000 zlotys in the at 89; the 7 per cent loan of the city of Posen course of the year. in the amount of £500,000 at 87; and the In spite of the profit accruing from this 7 per cent loan of the Province of Silesia of source, and although as early as 1927 the gold $11,200,000 at 8934; all these loans mature in reserve had attained the statutory minimum of 30 years. Because of the credit stringency in 30 per cent, the bank undertook to increase its the New York market, which began in July, gold reserve, because it realized the advantages other loans were postponed. of holding a metallic cover, and realized also Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
280 FEDERAL RESERVE BULLETIN APRIL, 1929 the difficulties which might result in the inter- 5 to 8 per cent for 3-months deposits, and 6 to national market from having too large amounts 10 per cent for deposits at longer time. deposited with foreign banks of issue. The share of the bank in the total volume of First of all, the bank applied to the purchase short-term credit granted continued at approxiof gold part of the foreign exchange resulting mately the level of the previous year, or about from the loans of the city of Warsaw and of the 25 per cent. The soundness and liquidity of Province of Silesia, which were floated this last the commercial bills in the portfolio of the year, and, further, part of the surplus of foreign bank showed continuous improvement. exchange acquired during the last quarter as a Agriculture found itself in command of a result of the increased offer of foreign bills on new form of credit as a result of loans secured the domestic market. The gold reserve in- by the registry of wheat. Since the promulgacreased in the course of the past year by more tion of the law and the regulations putting it than 100,000,000 zlotys. As a result of these into effect, only a few months have passed, and purchases, the gold cover of the note circula- these advances have not yet had time to detion and demand liabilities of the bank in- velop. In respect to the importance of the creased during the year from 31.11 per cent to security to the creditor, represented by regis- 34.13 per cent, although the statutes require tered wheat, it is fair to anticipate that an only 30 per cent. abundance of domestic and foreign capital will Shipments of gold purchased in New York be supplied, and during the coming year will and in London were made when conditions bring about a great expansion of this form of in the foreign markets were particularly favor- credit, so beneficial to agriculture. able for this operation. During the year they Less satisfactory progress is noted in the inamounted to the sum of 70,000,000 zlotys. crease of joint-stock capital, although there At the end of the year the reserve in gold coin has been a slight improvement in this respect. and bullion at Warsaw was 425,600,000 zlotys, The number of new joint-stock companies orand the gold funds on deposit in the banks of ganized in 1927 was 36; the corresponding issue in New York, London, and Paris amounted number in 1928 was 68. An increase of share to 195,400,000 zlotys. capital took place during 1927 in 218 joint- The rate of the dollar was maintained on the stock companies in the amount of 189,000,000 Warsaw bourse throughout the year at the zlotys, while during the past year 167 comunchanged level of 8.90 zlotys per dollar for panies have increased their share capital in the checks on New York. It was found advisable total amount of 183,900,000 zlotys. to postpone the adoption of the practice gen- Long-term loans were in great demand for erally observed in gold standard countries of the economic improvement of the country, and permitting fluctuations of the rate of exchange for this reason it was impossible to prevent within the gold points. the conversion of some working capital into Although relations between the Polish money investments at more or less deferred maturities. markets and those abroad are steadily becom- Issues of mortgage bonds rose to 214,000,000 ing closer, they have not yet become close zlotys in 1927 and on September 30, 1928, stood enough for the slight fluctuations of our ex- at 264,800,000 zlotys, the demand for these change to be considered a regulating factor for securities in the market being very limited. the inflow and outflow of short-term foreign The sale of mortgage bonds on foreign markets credit. On the whole, economic conditions in presents certain difficulties. The plan of a Poland show that it is advisable to maintain central real estate credit bank, whose purpose absolute stability of the rate of the zloty in should be to create a uniform type of mortgage terms of the dollar, which is the foreign ex- bonds, is under consideration. change most used in this country. On the bourse at Warsaw the rate for public The credit market.—Bank deposits increased issues continued at a low level during the past throughout the year. The rapidity of their year. The quotation for Polish loans on the rise declined notably during the third quarter, New York Stock Exchange was not particularly while deposits in the Postal Savings Bank, in favorable, because of the general decline of the savings societies of the municipalities, and securities bearing a fixed rate of interest. in the cooperative credit societies showed an [Table omitted.] uninterrupted advance. The Bank of Poland tried to assist long-term The rate of interest on deposits underwent a credit by the purchase of public issues both for slight decline. Private banks paid their custom- its own account and for the account of special ers from 3 to 6 per cent for demand deposits, funds, within the limits prescribed by the bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL, 1929 FEDEKAL EESERVE BULLETIN 281 law. In the course of the year these purchases The portfolio of acceptances of foreign firms amounted to 36,000,000 zlotys, while the total rose from 23,900,000 zlotys to 48,100,000 zlotys value of public issues on the end-of-year at the end of December, which indicates a balance sheet amounted to 97,800,000 zlotys. much larger use of commercial bills in the The bank also made purchases of securities for export business. account of Government funds intended for the Admission to rediscount of good commercial economic development of the country. paper with the Bank of Poland or with first- In order to stimulate long-term credit the class commercial banks presents at present no Government invested part of the available serious difficulties. This is shown by the confunds of the Treasury in public issues, by siderable margin to be noted between credits authority of the decree of the President of the granted and credits utilized. If, in spite of Republic of February 26, 1928. These invest- this, there are complaints of the high cost of ments amounted to 71,200,000 zlotys, and their credit, these complaints apply especially to administration was intrusted to the Bank of long-term securities, to securities of a strictly Poland. The total volume of purchases of financial type, and to securities of doubtful public issues from these three sources was character. 164,700,000 zlotys in the course of the year. Execution of the stabilization plan.—De- Credit operations.—The strengthening of the tailed accounts concerning execution of the metallic reserves, the funds and deposits abroad stabilization plan are published each quarter resulting from the proceeds of the stabilization by Mr. Charles S. Dewey, foreign member of loan, tended to expand the credit operations of the board of the Bank of Poland and financial the Bank of Poland not only in respect to advisor to the Polish Government. The reports rediscounts but also in respect to advances on of the financial advisor are sent to all the finansecurity as shown below. [Table omitted.] cial centers of the world and aid greatly in sup- The bank began to make advances on trade plying foreign centers with authoritative inforbills when the commercial banks found them- mation concerning Poland. selves in possession of too large a volume of bills The greater part of the stabilization plan at more than three months, originating chiefly was carried through during the year previous, from the textile industry. These securities are as was explained in the annual report of the not eligible for rediscount at the Bank of bank for 1927. During the past year funds Poland, but can be used as guarantee for ad- accruing from the loan and allocated to the vances at three months, under article 63 of the development of Government enterprises and bank statutes. to the improvement of agriculture have con- The decline in our portfolio during the third tinued to be apportioned, and amounted to quarter was chiefly due to the repayment of 141,300,000 zlotys. seasonal credits previously taken up by State During the year the funds have been utilized banks. in the following increasing amounts: March 31, The number of commercial bills protested at 46,700,000 zlotys; June 30, 74,100,000 zlotj^s; maturity fluctuated in comparison with the September 30, 113,700,000 zlotys; December total volume of rediscounts between 1.82 per 31, 122,400,000 zlotys; which leaves an availcent and 2.87 per cent. able surplus of 18,900,000 zlotys. The official bank rate underwent no change In accordance with the stabilization plan, throughout the year. The discount rate re- the Treasury turned over to the Bank of Poland mained at 8 per cent, the rate on advances on the available funds in its cash reserves. The securities at 9 per cent. The question of special treasury reserve of 75,000,000 zlotys lowering the rediscount rate, which came up deposited with the Bank of Poland has not after the realization of the stabilization loan, been drawn upon during the year, for the has been under consideration many times by fiscal receipts were adequate not only to meet the banking authorities. Nevertheless, the current expenses but also to increase cash rapid advances in production and consumption, reserves. the enlarged demand for credit, the extensive The sum taken out of the fund of 90,000,000 improvements in plant and equipment requir- zlotys, intended for the minting of new silver ing new issues of securities, which could not coins, amounted at the end of the year to command a satisfactory price, finally, the large 10,000,000 zlotys. excess of imports in the trade balance and the The 5-zloty state notes will, in all probability, rising tendency of discount rates abroad—all be finally retired from circulation and exchanged these factors led the Bank of Poland to post- for silver coins during the course of the year pone reduction of its rate. 1929. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
282 FEDERAL RESERVE BULLETIN APRIL, 1929 ANNUAL REPORT OF THE BANK 01 JAPAN The annual report of the Bank of Japan for the shifting and concentration of funds, a 1928, presented to the meeting of shareholders tendency that developed since the financial dison February 16, 1929, contains the following turbances of the preceding year. Deposits sections dealing with financial and economic have piled up chiefly in the larger banks and development during the year: l trust companies and in the Post Office Savings Bank. The general business depression, how- Although the past year witnessed noticeable ever, brought little employment for the acprogress in the financial and business reorgan- cumulated funds that have, naturally, flooded ization and realignment after the severe finan- the market; the influx of funds raised abroad cial disturbances of the preceding year, business by such companies as the Nippon Electric in general remained in the same dull condition Power and the Tokyo Electric Light was an as before. Foreign exchange fluctuated rather additional factor, which caused an endless fall violently, and foreign trade proved unfavor- in money rates. During May and June overable. While money remained easy and there night loans often sank to the level of 1.5 per was a further decline in rates, the shrinkage of cent, and ordinary commercial bills were credit caused small and middle-class traders quoted at 6.2-6.6 per cent—that is, about to experience difficulty in obtaining necessary four-tenths of 1 per cent lower than at the accommodation. The contraction of purchas- beginning of the year. ing power was also reflected in business in rural The difference between the price of money communities. Thus, inactivity may be said to at home and abroad resulted, about this time, have prevailed in almost all branches of trade in a considerable outflow of funds in search of and industry. employment; but the bulk of the idle money Prices and production.—The price of rice, found its way into the security market, where, in particular, kept on the downward course as, supported by speculative buying, the prices of despite the Government purchases of stock bonds and debentures made sharp advances in and import restrictions, ample supplies weighed July, departing from the upward movement heavily on the market. Although the supply that continued from the preceding year. The of mw silk was brought more into harmony share market also showed temporary activity, with the demand through curtailment of spring until bullish sentiments were stunted toward reeling, the commodity displayed little activity. the middle of the month. Reaction in Govern- The market for cotton yarn was maintained ment bonds was followed bj a decline in shares, at rather high levels by limitation of produc- which dampened speculative activity and frustion on one hand and an advance in the cost trated plans for the flotation of debentures. of the raw material on the other, yet the export Nevertheless, issues of bonds and debentures in trade turned out to be in an even worse state the home market were so numerous that the than before. Other staple commodities, such total for the year reached 2,720,000,000 yen. as textile fabrics, wheat, sugar, and coal, re- The bulk of this large amount represented remained in a lifeless condition. Consequently funding operations, and success in the conthere was more or less curtailment of produc- version of high into low interest bearing loans tion and a heavy restriction of new enterprises; and debentures had the result of relieving inindustry may hardly be said to have recovered dustrial firms from their interest burden to no from the slump. The decline in industrial small extent. The issue of new debentures was earnings, however, called for a cutting down comparatively small, calls on shares did not of invested capital, mergers, or winding up of reach a large volume, and the demand for companies, measures that, coupled with in- working funds was limited. With an extremely creased efficiency in some directions, helped quiet condition of trade in general, the overreorganization and improvement in many abundance of money continued into and all industries. through the latter half of the year. Discount Money market and security market.—In the rates eased off to 5.8-6.2 per cent, and the money market, along with an increase in the short-loan market exhibited a weaker tone, volume of the bank's advances under the in- except during a few days near the end of the demnity act, there appeared an acceleration in year. Policy and operations of the bank.—The total * Official English version, published (in abridged form) by the Bank of advances made by this bank under the inof Japan. In addition to the passages quoted, which are from the address of Governor Hijikata, the report contains numerous tables showing the demnity act and the Taiwan relief measure of condition and operations of the bank. For earlier reports see FEDERAL 1927, which came to 366,000,000 yen by the end RESERVE BULLETIN, May, 1928, 1927, June, 1926, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL, 1929 FEDERAL RESERVE BULLETIN 283 of that year, rose to 879,000,000 yen at the end of the month. With the growth of special time of the expiration of the period for accom- advances, the volume of deposits swelled enormodations on May 8, last. These 879,000,000 mously, until Government deposits reached yen represent 687,000,000 yen advanced under 742,000,000 yen in April and private deposits the indemnity act and 191,000,000 yen under 538,000,000 yen in May. Subsequent heavy the Taiwan relief measure. Many of the closed withdrawals, however, reduced these figures to banks and others carrying large unliquidated 391,000,000 and 83,000,000 yen, respectively, loans effected a reorganization of affairs, either at the end of the year; but the decrease in priindependently or through mergers with other vate deposits merely represented a temporary banks, and were granted necessary accommo- phenomenon due to the season. Despite the dation under the indemnity act. Although increase of advances during the year, private effective in tiding the institutions over the deposits rarely fell below 300,000,000 yen financial panic and in promoting readjustments around the middle of the months, and the note in banking, these advances were not granted to issue maintained a level of from 1,100,000,000 meet actual requirements arising in the normal to 1,200,000,000 yen at these times. Toward run of business and, thus, had the effect of the end of the monthly periods, however, withcreating an abnormal overabundance of funds drawals of private deposits operated as the chief in the money market and of giving occasion to cause of an average increase of 200,000,000 yen, currency inflation. Our bank and the Govern- a movement very nearly normal. At the apment, accordingly, took notice of the situation proach of the year end extraordinarily heavy and kept vigilant watch upon developments. withdrawals of both Government and private Recognizing the necessity of withdrawing idle deposits, accompanied by increased advances, money from the market, the Government of- brought the note issue to such a high level as fered two new issues of bonds to public sub- that of 1,739,000,000 yen. scription, and the bank continued the sales, as The total issue of Government bonds during in the preceding year, of its holdings of Gov- the past year amounted to 879,000,000 yen, ernment bonds, according to the requirements excluding rice purchase notes; and the redempof the market. In this manner a net amount tion of 442,000,000 yen left a net increase in of 280,000,000 yen of bonds were disposed of by national debt of 437,000,000 yen. Only 130,the bank during the year; this will bring the 000,000 out of the 494,000,000 yen of new issues total sales since 1927 to 446,000,000 yen. were offered to the public. The balance rep- Taking into consideration the business condi- resents subscriptions by the Treasury Deposit tion of the debtor banks, the bank also en- Bureau and bonds delivered in connection with deavored to secure the execution of plans the earthquake bills, the Taiwan relief measure, designed to bring about the recovery of the •and other operations. The 384,000,000 yen of special advances; and we succeeded in recov- conversion issues include 210,000,000 yen made ering a total of 43,000,000 yen by the end of in advance of maturities, taking the condition the year, when the amount still outstanding of the money market into consideration. Rewas 644,000,000 yen. These figures do not demption by means of the sinking fund, include those advances, made in accordance amounting to 67,000,000 yen, was carried out with the provisions of the Taiwan relief meas- both by drawing and through purchase. ure, that were recognized as losses and com- Foreign trade and exchange.—Turning to pensated for by the issue of Government bonds conditions abroad, we find that the United to the bank. States has experienced abundant crops of Turning to a consideration of the condition staple products, prosperity in trade and of the bank's business, we find that advances, industry, unprecedented activity on the stock after fluctuating between 700,000,000 and 800,- market, and no small movement of funds 000,000 yen since the beginning of the year, abroad. These factors cooperated in bringing mounted, as a result of an increase in special about increasing money stringency that was advances made under Government promise of reflected, to a considerable extent, in our indemnity, to 1,057,000,000 yen on May 8. financial conditions as well as in our exchange. The writing off, in June, of the advances made While business was generally devoid of activity to the financial institutions in Taiwan, and good in European countries, steady progress was progress in the repayment of other loans, caused made in the stabilization of currencies, especithe outstanding balance to contract and fall to ally in France, where the return to the gold 768,000,000 yen in December; but a heavy de- standard seems to mark a forward step in the mand for funds for the year-end settlement financial recovery of Europe and to have had a brought an increase to 848,000,000 yen by the favorable effect upon our exports to this con- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
284 FEDERAL RESERVE BULLETIN APBIL, 1929 tinent. China, our immediate neighbor, has the Yokohama Specie Bank's quotation on set on foot the grand work of the unification of New York reached the $48 mark. Subsequent the country under the Nationalist Government, market weakness and violent fluctuations in a movement, which, coupled with a good rates were principally due to complications harvest and an advance in the price of silver, with China, inactivity in foreign trade, export has stimulated her foreign trade. Trade was of funds, and an advance in the price of silver. generally inactive in India on account of the The low level touched $44.75 in the middle of prevalence of severe strikes; and, in the South August; but there was a rally and, promoted Seas, the fall in the price of rubber and sugar by demands for the immediate removal of the made itself felt in the purchasing power of the gold embargo, the rate rose to $47.50 in Octopeople. These conditions, combined with anti- ber. The upward movement then lost its Japanese boycotts by the Chinese in South force, and the rate, taking the downward trend, China and the South Seas thwarted, in no fell to $45,875 toward the end of the year. small degree', the development of our trade in The currency situation.—The situation crethese regions. ated by the financial disturbances was stabi- The favorable outlook of our foreign trade lized by means of such measures as the indemin the early part of 1928 gradually receded, as nity act and the Taiwan relief measure, accomthe trade turned for the worse from about panied by cooperation on all sides. While ab- April or May; the excess of exports did not normal easiness of money was brought about appear until August, and in November an mainly by the immense advances made by this excess of imports was already in evidence. bank, the steps taken to withdraw superfluous Including returns for Taiwan and Chosen, funds from the market combined with a general imports of 2,372,000,000 yen against exports of contraction of credit to avert or prevent almost 2,038,000,000 yen left an unfavorable balance entirely such evils as currency inflation and the of 334,000,000 yen, representing an increase of outbreak of an empty boom. The spirit of en- 41,000,000 yen over the figures for the preceding- terprise, however, was at a low ebb; conditions year. Examining the staple exports, we find were unfavorable at home and abroad; and, some gain in paper, refined sugar, and flour, while headway was made in the reconstruction due to increased exports to China; but a fall after the panic, business remained in a backin the price of raw silk and a decrease in the ward condition. We should make further volume of exports of cotton yarn and fabrics to efforts to hasten the improvement of the situa- South China, the South Seas, and India caused tion, to promote sound business management, a decline in the value of these exports. The and to prepare the way for the development and net resnlt was decrease in total exports by expansion of our national resources by taking 27,000,000 yen in comparison with the figures advantage of every opportunity that may arise. for the preceding 3^ear. Material contraction The removal of the gold embargo should be, was also seen on the import side in the two among others, a goal in the attainment of this staples, cotton and rice, due to rather conserva- objective. As for the bank, we may say that tive purchases of old crop cotton for stock and the institution will do its best to secure in acto an abundant domestic rice crop coupled with cordance with the spirit of the law the repayimport restrictions. There was, on the other ment of advances made under the indemnity hand, a general increase in imports of wheat, act, and that in the future it will strictly refrain beans, iron and steel, wool, crude and fuel from making such advances as may be liable to oils, and machinery. Thus, the imports as a become frozen credits. We will endeavor in whole resulted in a net increase of 14,000,000 these ways to improve the currency situation, yen over the corresponding figures for the giving at the same time aid in meeting wholepreceding year. some financial requirements, and control and Reflecting the favorable trade outlook and regulate the money and credit situation in such anticipation of foreign loans by private con- a manner as to foster the recovery of business cerns, our exchange maintained a strong tone and to promote the economic welfare of the during the early part of the year, and in March country. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APBO, 1929 FEDEKAL RESERVE BULLETIN 285 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES CONDITION OF CENTRAL BANKS [Figures are for the last report date of month] 1929 1928 1929 1928 Febru- Janu- Decem- Febru- Febru- Jan- Decem- February ary ber ary ary ber ary Bank of England (millions of pounds National Bank of Belgium (millions sterling): of belgas): Issue department- Gold 905 903 743 Gold coin and bullion 150.9 152. 7 153. 8 156.4 Foreign bills and balances in gold. 490 537 567 454 Notes issued 410.9 412.7 413.8 176.2 Domestic and foreign bills 738 673 682 537 Banking department- Loans to State 344 350 358 386 Gold and silver coin .4 .3 .9 Note circulation 2,432 2,419 2,322 2,066 Bank notes _ 58.6 57.1 25.5 40.8 Deposits 110 107 231 110 Government securities 43.0 50.5 67.3 30.7 Other securities 15.6 15.9 18.9 National Bank of Bulgaria (millions Discounts and advances 8.4 9.7 25.9 54.6 of leva): Public deposits 14.0 19.2 13.0 10.1 Gold. 1,332 1,329 1,323 1,283 B O a th n e k r e r d s e p d o e s p i o ts sits 3 5 6 7 . . 7 0 3 5 7 8 . 9 2 6 3 9 7 . . 5 5 98.5 N To e t t a f l o f r o e r ig ei n g n e x e c x h c a h n a g n e ge 3 1 , , 0 9 0 3 0 4 2 2 , ,1 9 7 9 0 0 2 3 , , 2 2 5 6 8 7 513 Reserve ratio1 (per cent) 54.7 49.7 21.5 38.3 Loans and discounts 1,377 1,345 1,261 788 Bank notes in circulation J 352.3 355.6 388.2 79.1 Government obligations 3,6S5 3,685 3,781 4,471 Currency notes and certificates. 287.5 Note circulation 3,894 3,898 4,173 3,494 Other sight liabilities 3,210 3,399 3,425 1,147 Bank of France (millions of francs):a Gold _ 34,038 33,995 31,977 Central Bank of Chile (millions of Sight balances abroad 11,539 11, 789 13, 510 pesos): Foreign bills 18,406 18, 738 19,215 Gold at home 61 61 61 61 Loans and discounts 7,502 7,252 7,889 Deposits abroad 423 450 477 471 Negotiable bonds 5,930 5,930 5,930 Loans and discounts 67 56 49 36 Note circulation 62,506 62,153 63,916 Note circulation 345 ; 334 332 276 Public deposits 12, 300 12,712 12,214 Deposits 131 i 166 157 173 Other deposits 7,175 7,495 7,018 Bank of the Republic of Colombia German Reichsbank (millions of (thousands of pesos): reichsmarks) : Gold at home 25,260 25,143 24,937 21, 305 Gold reserve 2,643 2,729 2,644 1,803 Gold abroad 34,197 36,279 39, 721 26,724 Gold abroad _ 86 86 86 Loans and discounts 10,400 10, 736 11, 251 14,601 R B D i e e l s p ls e o r o s v i f e t s s e x i c n h f a o n r g ei e _ g n a n e d x c c h h a e n c g k e s 1,8 5 7 26 6 1, 4 7 1 2 7 5 3 4 2 2, 8 6 1 1 2 5 6 5 7 2,3 2 4 3 8 9 6 2 1 N De o p te o s c i i t r s culation 5 10 1 , , 7 3 5 9 4 5 51,781 5 10 6 , , 1 3 8 5 3 0 4 8 6 , , 6 0 5 9 1 2 Reichsmarks in circulation 4,553 4,454 4,930 4,268 Czechoslovak National Bank (mil- Rentenmarks in circulation 517 522 537 649 lions of Czechoslovak crowns): Gold and silver 1,206 1,206 1,199 1,118 Bank of Italy (millions of lire): Foreign balances and currency... 1,841 2,010 2,510 1,963 L T G C P O u o o r o th e b a t l a d d e n l l i r i s c a t n s d a t d o e n a h e t p e d n o p o d m o c d s s i i i b e r t i s s a t c c s l u o a l u n a n c ti e t o s s n abroad 1 5 5 5 2 6 , , , , , 0 2 3 5 3 1 5 0 0 1 4 9 9 0 5 7 7 0 1 5 5 4 6 2 , , , , , 7 8 0 3 4 5 4 1 5 0 5 9 3 0 0 2 0 0 17 6 5 5 2 , , , , , 0 3 2 4 0 2 1 4 0 8 5 9 9 0 1 2 2 5 17 4 4 7 3 , , , , , 5 0 9 6 3 2 4 5 2 5 5 7 7 3 7 3 2 0 A N L D o s o e d s a p t a e e n o t t s i s s c o i i a n t o r s n c f d u b l a a a d t n i v k o a n in n g c e o s ffice in liqui- 7,0 4 4 1 6 2 0 9 3 5 5 6 7, 4 1 5 1 1 2 6 8 7 5 2 4 8, 4 4 8 4 8 3 3 6 3 0 0 6 7, 8 4 0 1 9 7 3 1 5 Danish National Bank (millions of Bank of Japan (millions of yen): kroner): A G N T G o d o o o t l v t v d a e a e l s n r d n i c s e m e s p s u e o e a n d s n t i — t d s b o d n is d c s ounts 1 1 , , 9 0 2 7 1 6 3 1 9 7 9 1 1 8 2 1 1 , , 8 7 3 0 1 2 8 5 6 7 7 6 5 0 2 1 1 , , 9 5 7 1 0 7 7 4 9 6 8 5 3 8 2 1 1 , , 2 0 8 9 1 4 6 1 0 7 0 3 9 5 4 N L D G Fo o e o o r a p t e l e n o d i s g s c . i n i a . t r - s n c b d u i l l l d a s t i , i s o e c n t o c unts ~ 1 3 1 6 3 4 7 0 4 0 2 3 2 3 1 9 3 6 7 2 4 6 5 3 9 3 1 1 6 7 5 7 1 0 1 3 3 4 3 1 3 6 7 2 8 6 8 9 2 2 Commonwealth Bank of Australia I Bank of Danzig (thousands of Dan- (thousands of pounds sterling): zig gulden): Issue department— Balances with Bank of England- 14,516 13, 204 18,242 14,485 Gold coin and bullion 22,481 22,481 22,281 21,851 Foreign bills, etc.. 18, 267 18, 670 18,647 30, 452 Securities.. 22,741 23, 881 25,320 23,887 Loans and discounts 21,194 22,745 22, 512 21, 267 Banking department— Note circulation 36, 923 36,344 39,416 35,038 Coin, bullion, and cash 1,436 1,536 1,359 1,374 Deposits 2,174 2,364 3,636 2,389 Money at short call in London 18,638 17, 353 17,264 9,175 Bank of Estonia (thousands of Loans and discounts.. _. 12,187 12,885 12,617 14,183 krones): Securities 9,377 9,380 8,880 12,152 Gold- 6,234 6,267 6,380 10,281 Deposits 41,144 42,345 39,457 37, 775 Net foreign exchange 22,980 22,523 25, 067 29,822 Bank notes in circulation 40,763 41, 749 45,445 41, 732 Loans and discounts 31,339 31,868 31,853 28,862 Note circulation 35,760 35,133 36,433 38,529 Austrian National Bank (millions of Deposits— schillings): Government 16, 313 17, 311 16, 740 13,102 Gold. 169 169 169 117 Bankers 1,876 1,619 2,863 2,048 Foreigne exchange of the reserve. 209 199 243 314 Other 3,101 3,376 3,802 6,715 Other foreign exchange 361 366 386 262 Domestic bills 164 165 208 94 * Ratio of gold and notes in banking department to deposit liabilities. Government debt 116 116 116 173 8 Notes issued, less amounts held in banking department and in cur- Note circulation 977 965 1,067 917 rency note account. Deposits ! 45 53 56 44 3 New form of bank statement adopted in June, 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
286 FEDERAL RESERVE BULLETIN APRIL, 1929 CONDITION OF CENTRAL BANKS—Continued [Figures are for the last report date of month] 1929 1928 1929 1928 Febru- Janu- Decem- Febru- Febru- Janu- Decem- February ary ber ary ary ary ber ary Bank of Finland (millions of Fin- Bank of Poland (millions of zlotys): nish marks} * Gold at home 426 426 426 353 Gold 303 304 304 315 Gold abroad 195 195 195 173 Balances abroad and foreign Foreign exchange, etc.— credits . 682 719 732 1,202 Serving as note cover 544 527 527 646 Foreign bills 15 17 19 46 All other 154 158 187 206 Domestic bills 1 363 1,245 1,378 753 Loans and discounts 745 723 732 515 Note circulation 1,441 1,431 1,513 1,593 Note circulation 1,249 1,222 1,295 1,048 Demand liabilities 426 405 492 428 Current account of the treasury.. 387 363 287 400 Other current accounts 206 191 237 234 Bank of Greece (millions of drachmae):* Bank of Portugal (millions of escu- N Go et l d foreign exchange in reserve... 4 3 , ,4 6 5 4 0 6 6 5 0 4 3 , , 7 6 5 3 0 5 6 6 8 3 4 , , 6 5 5 8 9 5 7 2 4 do B s) a : lances abroad 329 Q 304 Q 292 173 Q Loans and discounts 127 116 109 Bills 280 254 249 225 Government obligations 3,790 3,790 3,790 Note circulation 1,880 1,944 1,976 1,820 Note circulation 5,465 5,514 5,690 Deposits 72 59 73 71 Other sight liabilities 2,136 2,239 2,129 National Bank of Rumania (millions of lei): National Bank of Hungary (mil- Gold «8,269 5 8,254 «8, 244 8 8, 534 lions of pengo): Loans and discounts 12,104 12,400 12, 553 8,966 Gold 204 205 201 197 Advances to State 4,000 10, 679 10, 679 10,679 Foreign bills, etc 43 46 54 105 Note circulation 20,074 20,135 21,211 21,026 Loans and discounts 314 358 417 304 Deposits 4,385 1,473 1,436 1,507 Advances to treasury 114 102 105 218 State Bank of Russia (thousands NOothtee r cairscseutlsa tion» -. 451 485 513 442 of chervontsi): Deposits 216 213 241 314 Loans and discounts 358,067 362,736 314,330 Miscellaneous liabilities 75 85 94 149 Deposits. 209,423 201,456 210,970 Issue department- Bank of Java (millions of florins): Gold 17,886 17,856 17, 745 Gold 169 170 174 Othfir nrficious mBtals 4,319 4,436 2,468 Foreign bills 39 39 29 8 259 8 121 7,252 Loans and discounts.__ 91 103 98 Note circulation _ 106, 505 112, 256 94,121 Note circulation— 300 311 309 National Bank of the Kingdom of Deposits 59 62 38 Serbs, Croats, and Slovenes (mil- Bank of Latvia (millions of lats): lions of dinars): Gold 24 24 24 24 Gold _ 91 91 91 89 Foreign exchange reserve 71 67 72 61 Foreign notes and credits 185 199 231 295 Bills 82 85 87 80 Loans and discounts 1,614 1,634 1,724 1,570 Loans 47 48 46 47 Advances to State 2,966 2,966 2,966 2,966 44 43 45 39 Note circulation . 5,159 5,194 5,528 5,397 Government deposits 102 104 108- 100 Deposits 750 761 812 950 Other deposits. 75 67 66 65 South African Reserve Bank (thou- Bank of Lithuania (millions of litas): sands of pounds sterling): L G Fo o o r a l e d n i s g n a n c d u r d r i e s n c c o y unts.- 8 3 3 2 4 8 3 4 8 4 3 2 4 9 3 4 1 4 3 5 7 4 7 8 D G Fo o o r m l e d i e . g s n t ic b i b ll i s lls.-- 7 7 , ,0 7 9 6 5 3 4 7 3 7 7 1, , , 3 8 0 4 4 7 5 0 8 8 8 2, , , 1 0 3 3 2 7 7 6 0 8 6 , , 6 9 6 8 3 0 6 8 2 Note circulation 85 84 85 100 Note circulation 8,083 8,125 9,487 7,638 Deposits 67 71 80 66 Deposits— 2 038 1 915 2,897 1 696 Netherlands Bank (millions of flor- Bankers - - 4,964 5,079 5,001 6,626 ins): Others 263 530 250 346 Gold. . . . 435 435 435 435 Bank of Spain (millions of pesetas): Foreign bills 167 203 220 182 Gold 2,559 2,559 2,559 2,606 Loans and discounts. __ 172 160 219 180 Silver 713 707 698 698 Ban D k e o p f o N si o t r s way (millions of kroner): 32 44 56 7 4 7 8 7 L B No a o l at a en n sc c ia e r s nc du a l b da r ti o iso a cn d ounts - - . 4 1 , ,6 2 9 9 9 6 4 3 4 1 , ,8 3 2 1 9 5 2 8 4 1, , 9 3 8 7 9 3 7 4 4 1 , ,7 1 0 7 4 3 0 3 Gold 147 147 147 147 Deposits 1,029 965 954 991 Foreign balances and bills 36 32 41 33 Bank of Sweden (millions of kronor): Domestic credits 266 268 272 314 Gold 235 236 236 233 Note circulation 397 299 316 314 Foreign bills etc 199 199 216 217 Foreign deposits 2 3 2 4 Loans and discounts 331 331 465 274 Total deposits 91 78 92 139 Note circulation 499 486 546 478 Reserve Bank of Peru (thousands of Deposits 186 201 285 179 libra): Swiss National Bank (millions of Gold 4,266 4,111 4 097 4 171 francs): Gold against demand deposits. _ 150 305 319 245 Gold 482 482 533 433 Foreign exchange reserve 815 1,185 1,350 806 Foreign balances and bills 181 185 254 6 24 Bills.!. 1.574 1,351 1 366 1 736 Loans and discounts 241 218 300 378 Note circulation 6,021 5,953 6,122 5,938 Note circulation 843 840 953 819 Deposits 300 610 639 490 Demand deDosits 77 67 196 * New form of bank statement adopted in May, 1928. 6 To render these figures comparable with those presented on the new balance sheet the figures for "gold on deposit abroad," formerly omitted, have been included; and the.new totals have been converted into terms of the leu adopted Feb. 7, 1929. 6 Foreign balances only. 7 Total deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APEIL, 1929 FEDERAL RESERVE BULLETIN 287 CONDITION OF COMMERCIAL BANKS [Figures are for the last report date of month except for London clearing banks, which are daily averages] 1929 1928 1929 1928 Febru- Janu- Decem- Febru- Janu- Decem-Novem- January ary ber ary ary ber ber ary Nine London clearing banks (millions of pounds sterling): Joint-stock banks of Denmark (mil- Money at call and short notice... 133 147 162 143 lions of kroner): Advances and discounts 1,228 1,231 1,204 1,142 Loans and discounts 1,704 1,716 1,701 1,872 Investments. 246 i 250 244 244 Due from foreign banks 159 130 157 59 Deposits. 1,777 | 1,809 1,806 1,698 Due to foreign banks 86 86 82 110 Deposits and current accounts._. 1,911 1,915 1,931 2,029 Six Berlin banks (millions of reiehsmarks): Joint-stock banks of Finland (mil- A B M D D i c e u i l c s p l e s c e o e p f a s r l t i o n l a t a m d s n n c e t e r o o s e t u h a * s s e u r lo r b a y a n n n s o k t s es i 1 2 6 1 0 , , , , 0 8 7 1 4 9 1 4 8 3 4 9 7 5 4 1 2 6 0 1 , , , , 4 2 6 0 2 2 6 6 7 5 6 3 9 0 0 2 5 7 , , , 0 4 7 4 9 2 3 3 0 2 2 9 5 7 0 lio D D L D n o s e u u a p e e o n o f f t s s r o F o i a t a i m s n n b d n r a o i d s b a i h r d s o c m o a u d ar n .. k ts s): 9 7 , , 5 5 4 2 6 6 9 6 3 0 2 1 9 7, , 3 5 5 2 8 2 2 5 0 5 9 6 9 7 , ,3 5 4 2 0 5 8 4 9 1 5 4 8 7 , , 2 1 4 3 8 7 6 0 7 9 4 5 Tokyo banks (millions of yen): Three commercial banks of France T T C T o o o as t t t a a a h l l l o l d c o n l e e a p h a n o r a s i s n n i d g t s s ... _ ... 2 2 2 . , , 0 3 1 2 4 7 0 8 4 1 8 3 2 2 2 , , , 1 0 2 4 6 0 7 0 0 2 9 0 2 2 2 , , , 2 7 0 0 0 1 9 9 3 6 6 3 2 2 1 , , ,5 2 1 2 4 1 9 8 8 0 1 2 (m B D T L il o i i e l l m a i l m o s n e n a s a s n d n a d e d o n p f d d n o f e a s r a t p i a d i t o o n s v s n c a i s a t n ) s l c : -d e e s fense bonds.. 3 2 8 3 0 , , , 9 4 3 5 7 8 3 2 2 7 2 7 3 1 8 9 2 , , , 7 5 5 8 5 4 0 5 4 1 0 6 2 1 5 6 6 , , , 9 2 3 4 7 3 9 3 1 5 6 0 1929 1928 Four private banks of Italy (millions of lire): Jan- De- No- Jan- Cash s 1,302 uary cember vember uary Bills discounted 3 9, 225 Due from correspondents 3 4,983 Banks of Buenos Aires, Argentina Due to correspondents »14,018 (millions of gold pesos): Deposits 3 2,617 Gold- Bank of the Nation 140 140 Joint-stock banks of Norway (mil- Other banks 12 12 lions of kroner): Other cash- Loans and discounts 1,383 1,46a Bank of the Nation 123 155 145 D ue from foreign banks 102 8ft Other banks 212 217 208 Due to foreign banks 89 148 Loans and discounts- Rediscounts 139 161 Bank of the Nation 517 501 510 Deposits , 1,562 1,669 Dep O o t s h i e ts r - banks 824 806 749 Joint-stock banks of Poland (mil- Bank of the Nation 783 731 lions of zlotys): Other banks 1,000 911 Loans and discounts , <758 769 600 Due from foreign banks <37 34 30 Chartered banks of Canada (mil- Due to foreign banks * 159 156 80 lio G ns o l o d f c d o o in ll a a r n s d ): bullion 2 64 68 67 ! 70 D Re e d p i o s s c i o ts unts < < 4 1 8 5 6 7 4 1 8 4 0 9 3 1 6 2 8 0 Current loans and discounts 1,481 1,493 1,477 j 1,356 Money at call and short notice... 595 558 527 480 Joint-stock banks of Sweden (mil- Public and railway securities 530 525 488 552 lions of kronor): Note circulation 158 186 187 162 Loans and discounts 4,119 4,060 4,155 4,096 Individual deposits _ 2,595 2,618 2,633 2,454 Foreign bills and credits abroad.. 274 291 313 30a Gold reserve against Dominion Due to foreign banks 126 121 139 13a notes 59 90 109 Rediscounts 165 276 138 111 D ominion note circulation 198 222 237 179 Deposits 3,530 3,431 3,511 3,541 * Checks formerly included under "Acceptances" are included under "Bills and treasury notes" beginning with the March, 1928, statement. 1 Not including gold held abroad. 3 FFiigguureess aaere foor December, 1927. << PPrelliimi inary. DISCOUNT RATES OF 33 CENTRAL BANKS [Prevailing rates, with date of last change] Country Rate I s n in e c f e f — ect Country Rate I s n in e c f e f — ect 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 July 17,1928 Estonia... Jan. 2,1928 Japan 5.48 Oct. 10,1927 Portugal July 27,1926- Belgium June 30,1928 Finland... Nov. 16,1928 Java Feb. 25,1929 Rumania. Sept. 4,1920* Bulgaria I Dec. 15,1928 France Jan. 19,1928 Latvia 6-7 Apr. 1,1928 Russia Mar. 22,1927 Chile , Oct. 22,1928 Germany. Jan. 12,1929 Lithuania... 7 Feb. 1,1925 South Africa Jan. 9,1928 D D C C o z a e e n l n o c z m m h ig o a b r s i k l a o vakia. I ! j 5 5 6 8 J J M M u u n n a a e e r r . . 2 2 1 8 4 1 8 , , , , 1 1 1 1 9 9 9 9 2 2 2 2 7 6 9 7 I I H G n ta r u d e l n i y e a c g e ary.. N F M Oc e o a t b v r . . . . 3 1 1 0 5 4 2 , , , , 1 1 1 1 9 9 9 9 2 2 2 2 8 9 9 8 N N P P o e o e r l t r a u h w n e d a r y lands M M M M a a a a y r r r . . . 2 2 1 5 7 7 3 , , , , 1 1 1 1 9 9 9 9 2 2 2 2 9 7 9 8 S S S Y w p w u a e g i i t d n o z e s e n l r a l v an ia d . . . J A D O u u e c n g t c e . . . 2 2 2 1 4 3 2 9 , , , , 1 1 1 1 9 9 9 9 2 2 2 2 5 8 2 8 England Feb. 7,1929 ] 1 Given erroneously in three preceding issues of BULLETIN as 8 per cent in effect since Jan. 5,1929. Changes.—Bank of Italy from 6 to 7 per cent on Mar. 15, 1929; Bank of the Republic of Colombia from 7 to 8 per cent on Mar. 18, 1929; Bank of Netherlands from 4J-& to 5}4 per cent on Mar. 25, 1929. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
288 FEDERAL RESERVE BULLETIN APEIL, 1929 MONEY RATES IN FOREIGN COUNTRIES Netherlands (Amster- Switzer- England (London) Germany (Berlin) dam) land Month B a m a n a c o n c c n e k e s t p e h , r t 3 - s 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 ll a o d n w e k p a e o n r s c s i e ' ts d P is r r i c a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y- o t n o e -d y ay d P is r r i c a v o t a e u t n e t M 1 o m ne o y n t f h or d P is r r i c a v o t a e u t n e t 1927 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 2H 4.90 6.95 5.99 3.46 3.76 3.19 June. 4.34 4.36 3.43 2H 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 2H 5.82 8.38 5.81 3.45 3.40 3.44 September 4.32 4.33 3.55 2H 5.90 8.30 6.00 3.56 3.82 3.39 October 4.32 4.33 3.57 2^ 6.69 8.72 7.19 4.11 4.29 3.38 November- 4.33 4.34 3.62 6.76 8.72 6.03 4.50 4.73 3.39 December... 4.31 4.31 3.44 6.87 9.10 7.24 4.49 4.85 3.40 1928 January 4.19 4.13 3.49 6.27 7.66 5.16 4.29 4.10 3.29 February 4.18 4.18 3.63 2\ 6.20 7.30 6.66 3.97 3.80 3.12 March 4.12 4.07 3.63 2\ 6.72 7.51 6.81 3.97 3.89 3.20 April 4.02 4.01 3.57 2\ 6.71 7.57 6.64 4.18 3.93 3.29 J M un ay e 3 3 . . 9 8 7 2 3 3. . 8 9 0 5 3 3. . 2 5 6 8 3 6 6 . . 6 5 6 9 8 7 . . 0 8 8 0 7 6. . 3 0 7 0 4 4 . . 2 1 7 8 4 4 . .1 1 7 1 3 3 . . 4 3 0 2 July 3.99 3.97 3.27 b.74 8.18 7.74 4.10 3.84 3.44 August 4.27 4.26 3.50 6.68 8.19 6.12 4.13 3.90 3.41 September- _ 4.23 4.19 3.55 I 6.65 8.58 6.65 4.39 4.35 3.38 October 4.35 4.37 3.80 6.57 8.26 6.70 4.40 4.42 3.38 November... 4.38 4.30 3.64 2\ 6.28 8.15 6.70 4.44 4.74 3.35 December... 4.37 4.37 3.22 2} 6.28 8.77 7.30 4.46 4.68 3.32 2H 1929 J F a e n b u r a u r a y ry 4 5 . . 3 0 2 5 4 4 . . 2 9 9 6 3 4 . . 4 3 1 3 2 2 H H 5 5 . . 8 8 0 0 7 7 . .0 5 7 1 5 6 . . 1 3 3 3 4 4 . . 2 3 0 6 4 4 . . 4 7 6 8 3 3 . . 2 3 8 1 (B B r e u lg s i s u e m ls) France (M Ita il l a y n) Austria (Vienna) Hungary S (S w t e o d c e k n - Japan (Tokyo) (Paris) holm) Month d P is r r c i a v o t a e u t n e t d P is r r i c a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o te a u t n e t M m f o o o n n rl e th y c c i o a P l m r p i m m ap e e r e - r Da m y o -t n o e -d y ay L m oa o to n n s t 3 h u s p Disc b o il u ls nted ov m e C o rn a n l i e l g y ht 1927 February 3.99 4.45 9.25 4% -5 6 -7\ 6H-7^ 4^-6 6.21-8.03 2.92-7. 30 March 4.19 3.89 9.25 4% -VA 8M-75 6 -6% 4^6 5.84-7.67 4.38-6. 21 April 4.33 3.17 9.25 bH -5U H)4 4 -6 5.84-8.03 4.38-5. 29 May.- 4.23 2.46 8.50 &A -5% 6^ H 4 -« 6. 57-7.67 4. 38-4. 75 J J u u n ly e 4 3 . .8 1 4 7 2 2 . . 2 1 5 3 7 7 . . 6 0 0 0 h 5% % - -6 5 H ^6 6 7 H - - 7 8 H % 7 -7 6 % -7 4 4 - - 6 6 6 6 . . 5 2 7 1 - - 8 8 . . 7 4 6 0 4 3 . . 3 6 8 5 - - 5 5 . . 1 1 1 1 August 3.84 2.04 7.00 6H ~G5A 7H-8H 6 -7 4 -6 5. 48-8. 03 3. 65-4. 75 September... 3.75 2.01 6.81 6H -6Me 7 -W 6 -7 4 -6 5.11-7.67 2.19-4. 38 October 3.87 1.82 6.50 6H -6Me 6 -7 4 -6 4. 75-7.30 2.19-4. 38 November... 4.09 2.75 6.27 6H -6H 7 -8H 5H-7 4 -6 5.11-7.30 2.74-4. 02 December 4.15 2.95 6.00 QH ~6M« 6%-8M 7H-SH 4 -6 5.48-7.67 2.19-5. 84 1928 January 4.08 2.81 6.00 6M-8 4 -6 4.38-7.67 1.64-5.11 February 3.90 2.75 5.89 6H-7V 5K7H 4 -6 4.38-6.21 1.46-4. 02 March 4.10 2.72 5.75 6M-7^ 4 -6 4.02-5.84 2.92-4.02 April 4.25 2.62 5.49 5 -7H 4 -6 4.75-5.84 2.56-4.02 May 4.25 2.62 5.25 5H-7H 4 -6} 4.75-5.84 1.46-4.02 J J u u n ly e 4 4. . 0 2 2 7 2 3. . 1 9 2 0 5 5 . . 2 2 5 5 -6H 5 5H U - - 7 7 ' H J5 4 4 . .3 3 8 8 - - 5 5 . . 8 8 4 4 1 1 . . 4 4 6 6 - - 4 4 . . 0 0 2 2 August 4.00 3.23 5.25 i-6H 5H7 4.38-5.84 2. 92-4. 02 September.. 3.96 3.26 5.25 4.75-5.84 2. 37-4. 02 October 3.94 3.37 5.25 4.75-6.21 2.92-4.02 November... 3.94 3.37 5.45 4. 75-6.75 2.01-4.02 December... 3.94 3.41 5.50 6H-8U 4H6H 4.93-6.94 •1.83-6. 57 1929 January 3.94 3.50 5.83 1.46-5. 84 February 3.94 3.39 6.00 * 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
APRIL, 1929 FEDERAL RESERVE BULLETIN 289 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 Net Net Net Net Net p I o m rt - s p E o x rt - s im or p e o x r - ts p I o m rt - s p E o x rt - s im o p r o p e r o t x r s - ts p I o m rt - s p E o x rt - s im o p r o p e r o t x r s - ts p I o m rt - s p E o x rt - s im o p r o p e r o t x r s - ts im o p r o p r o e t r x s t - s im o p r o p r o e t r x s t - s () 1927 January 59,355 14,890 44,465 14, 088 525 13,563 11,514 18,181 -6,667 1,303 74 1,228 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 6,894 632 488 39 449 -16,924 10, 041 April 14,503 2,592 11,911 935 666 269 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 -2,537 -16,923 7,122 July- 10, 738 1,803 705 685 20 13,071 6,061 7,010 202 4,623 -4, 421 -21,896 5,936 August 7,877 1,524 6,353 11,259 680 10,5791 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 8,381 7,637 744 125 47 78 -23,064 3,315 October 2,056 10,698 -8,642 969 699 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, 012 21, 709-6,696 433 102 331 -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 47,622 9,135 38,487j 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 -11,120! 6,074 844 5,230 13,026! 19,257 -6,231 227 1,147 j -920! -21,339 6,952 March 97,536 -94,853 9,018 1,008 8,010 6,289| 78,605 -72,316 192 185 -18,303 9,544 April 5,319 -91,150 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, 746 5,498 13, 248 157 379 -222 -17,339 8,664 June 20^ 000 99,932 -79,932 11,276 707 10,569 39,672 6,409 33,263 89 38 51 -21,028 6,238 July... 10, 331 74,190 -63,859 28,024 632 27,392 23,958 9,436 14,522 107 31 76 -16,919 2,128 August 2,445 1,698 747 14,058 765 13,293 24,055 20,180 3,875 125 22 103 -22, 300 2,994 September... 4,273 3,810 463 37,084 783 36.301 19,233 28,247 -9,014 389 3i 386 — 15,315 1,680 October 14,331 992 13,339 34,146 844 33.302 15,824 45,597 -29,773 856 36j -12,843 4,604 November... 29,591 22,916 6,676 23, 261 943 22,318 22,261 41,989 -19,728 414 23 -20,081 6,426 December f 24,950 1,636 * 23,314 26,923 802 26,121 17, 792 25,502 -7, 710 170 65 9,839 Total— 168,897 560, 759-391,872 221,986 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, 250| 577 * 672| 11,844 27,891 -16,047 504 14! 490 February 26, 913 1,425 25,488 1,337 709 12,347 21,383 -9,036 ' Revised. 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— February F Ja e n b u ru a a ry ry - Calendar year From or to— December D Ja e n c u em ar b y e - r Calendar year Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports France 214 282 613 615 912 97,178 Germany 379 22 971 258 102,423 England _ „ 738 11,071 13,780 Netherlands 47 636 145 7,081 United States 4,086 525 Russia 18,582 Aden and dependen- Spain and Canaries 4 12 9,733 199 cies 81 910 1,288 Switzerland 848 3,890 13,493 Arabia 134 870 6 1,089 United States 16,651 39 29,449 32,532 32,132 British Oceania 315 5,067 2,224 South America 6 17 1,166 1,074 Bahrein Islands 285 730 British India 1,611 3,071 10, 770 Ceylon 720 1,028 2 British Malaya 739 1,004 71 1,810 China 3 153 186 Egypt-. 549 795 1,309 1,384 Mesopotamia 144 1,543 1,160 Rhodesia 388 747 5,280 Straits Settlements I" 200 48" 375 Transvaal 11,371 21,829 144,482 Egypt 479 6,714 7,361 91 West Africa 302 3 572 6 3,384 16 Natal 7,949 44,387 29,486 All other countries 65 269 * 350 8,826 14,803 26,978 All other countries._ 44 49 11 Total-- 12,347 21,383 24,191 49, 274 232,658 294,539 Total-.. 9,844 5 76,007 99 59,280 104 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
290 FEDERAL RESERVE BULLETIN APRIL, 1929 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 ( e b l 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 sl ) o- D ( e k n r m on a e r ) k E (p n o g u la n n d d ) ( F m i a n r l k an k d a) F (f r r a an n c 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 0) 26.80 486.65 2.52 3.92 23.82 1.30 17.49 1928—March 14. 0728 13.9387 .7218 2.9622 26.7912 487.9944 2. 5176 3.9343 23. 9047 1.3237 17. 4685 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 March 14.0522 13.8836 .7206 2.9610 26. 6493 485. 2626 2. 5165 3. 9058 23.7218 1. 2920 17.4255 I (l t i 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 n a e 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 leu a ) nia R (c n u h e s e t s r z i v ) a o » - (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 i a t n n z d e c r ) - ( Y s d l i u a n v g a o i r a - ) Par value 5.26 40.20 26.80 11.22 108.05 0.60 514.60 19.30 26.80 19.30 19.30 1928—March 5. 2822 40.2501 26. 6634 11. 2255 4. 2572 .6185 515.0000 16.8212 26. 8388 19. 2561 1. 7596 August 5.2334 40.1056 26. 6881 11. 2053 4. 5260 .6110 515.0000 16.6101 26. 7619 19. 2521 1.7598 September... 5.2303 40.0946 26.6656 11. 2032 4.4966 .6098 515.0000 16. 5325 26. 7556 19. 2491 1. 7596 October 5.2365 40. 0908 26.6543 11.2012 4.4993 .6072 515.0000 16.1798 26. 7378 19. 2447 1. 7591 November... 5.2385 40.1374 26. 6511 11.1985 4. 4708 .6042 515.0000 16.1201 26. 7278 19. 2494 1. 7581 December 5. 2369 40.1748 26. 6728 11.1913 4. 4082 .6005 515.0000 16.2348 26.7633 19. 2729 1. 7587 1929—January 5.2337 40.1096 26.6560 11.1883 4.4281 .6018 515.0000 16.2954 26. 7392 19. 2405 1. 7580 February 5. 2343 40. 0490 26. 6633 11.1942 4.4069 .6001 515.0000 15. 5587 26. 7275 19. 2318 1.7573 March 5. 2351 40. 0535 26. 6609 11.1923 4.4495 .5964 515.0000 15. 0656 26.7101 19. 2333 1. 7563 NORTH AMERICA SOUTH AMERICA Canada Cuba Mexico Argentina Bolivia» Brazil Chile Colombia •; Ecuador 3 Peru* Uruguay (dollar) (peso) (peso) (peso-gold)(boliviano) (milreis) (peso) (peso) 1 (sucre) (libra) (peso) Par value 100.00 100.00 49.85 96.48 36.50 11.96 12.17 ! 97.33 j 20.00 486. 65 103. 42 1928—March 99. 9963 100. 0644 48. 7436 97. 2547 34. 8000 12. 0265 12. 2115 97.7944 19.9537 391.0925 103. 6775 August 90.9058 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 March 99.4030 100.0261 48.0515 95. 5624 36. 5000 11. 8235 12.0645 96.7669 ! 20.0000 400.0000 101. 6177 SOUTH AMERICA— ASIA AFRICA continued Straits (b z V o u e l e i n l v a e a - • r) (M d C o e h l x l i a i n c r a ) a « n (S C t h a a h e n l i ) n g a • hai d ( C Y o h l u l i a n a r a n )» (d H K o o o ll n n a g g r)« (r I u n p d e ia e) J ( a y p e a n n ) ( J fl a o v ri a n ' ) (Si S m n e g e tt a 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 a ) n dollar) Par value 19.30 44.51 61.84 44.03 44.19 36.50 49.85 40.20 56.78 439. 65 494.31 1928—March 19.2500 45. 6106 63. 0545 45. 3688 49. 8008 36. 5280 47.1463 40. 3498 56. 3469 50. 5000 500. 3780 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 48.7286 497.3430 February 19. 2636 44. 7932 62.1973 44. 5558 48.8849 36. 3629 45. 2103 39. 9218 55. 9681 March 19.2500 44. 8856 62. 2304 44.6205 48.8437 36. 3623 44.5203 39. 9396 56. 0752 * 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. 3 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. 5 Silver currency. The figure given for parity represents gold value of unit in March, 1929, computed by multiplying silver content of unit by" New York average price of silver for March, 1929, which was $0.56658 per fine ounce. On the same basis, parity in March, 1923, for the Chinese Mexican dollar was 45.52 cents; for the Shanghai tael, 62 82 cents; for the Yuan dollar, 44.73 cents; and for the Hong Kong dollar, 44.S9 cents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL, 1929 FEDERAL RESERVE BULLETIN 291 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES EUROPE United S ( t B at u e - s France Ger- Month r S L t e i t c a a a s u b t ) i o o s i r - f b ( A t a g r u s o i i a s 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 o n n d a f 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 is l a - u R F B e e o s d e a e r r r v d a e l S c m ( a t e a F l a r t e B a i n d s l y u t - i - - b H ( g a g a u s o r i n l y 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 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 97 128 867 953 151 138 630 139 134 149 Februarv 865 950 159 638 139 March EUROPE—continued ASIA ANDOCEANIA AFRICA Can- Month lan P d o - • * Russia2 Spain SwedenS l w a i n tz d e r 3 - ada * Peru t A ra u l s ia - ( C S h h h a a i n i n ) g a - D In E u d a t i s c e t h s c I ( u n C t d a t i a l a - ) J k ( a T y p o o a ) - n N l Z a e e n a w d - (C E a g i y ro p ) t A So fr u ic th a 1927 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 i 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 100 177 175 145 144 95 185 154 160 145 174 126 1929 January.. ._ _ _. 177 i 171 I 144 95 186 157 160 145 172 125 February i 177 | 96 185 156 162 144 122 March I 178 1 189 164 iNewindex-1926 8 First of month figures. 1 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
292 FEDERAL RESERVE BULLETIN APRIL, 1929 WHOLESALE PRICES—Continued GROUPS OF COMMODITIES [Pre-war=100] ENGLAND-BOARD OF TRADE SWEDEN-BOARD OF TRADE 1929 1928 1929 1928 r F u e a b r - y J a a r n y u- c D b e e e m - r - v N b e o e m - r - O b c e t r o- r F u e a b r - y r F u e a b r - y u Ja a n ry - c D b e e e m - r - v N b e e o m - r - O b c e t r o- r F u e a b r - y All commodities 138 138 138 138 138 140 All commodities 144 145 145 145 147 Total food 149 148 148 149 148 152 Vegetable products 129 130 131 131 142 Cereals 142 140 140 143 142 151 Animal products 144 150 147 144 137 Meat and fish 144 144 145 142 138 136 Fuels and oils 116 115 115 113 112 Other foods _ 160 159 158 159 165 167 Raw materials for manu- Industrial products . 133 133 133 132 132 134 facture in iron and metal Iron and steel 113 113 112 112 112 113 industry 116 116 116 115 112 Other minerals and metals.. 118 116 115 114 113 112 Paper pulp and paper 161 162 160 160 160 Cotton 159 162 164 161 160 157 Raw materials for manu- Other textiles 159 161 160 159 158 167 facture in leather indus- Miscellaneous-.. _ 137 139 138 138 141 146 try 135 141 139 141 146 Raw and manufactured chemicals.- 165 165 166 165 165 Raw materials 139 141 140 139 142 FRANCE—STATISTICAL BUREAU Semifinished materials 142 145 144 145 149 Finished materials 147 148 148 148 149 Producers' goods 135 137 136 136 138 All commodities 638 . 630 624 628 617 Consumers' goods 151 153 152 152 156 Allfoods.. 625 612 601 608 595 577 Animal foods 614 604 602 604 573 548 Vegetable foods 637 623 597 608 604 575 CANADA i-DOMINION BUREAU OF STATISTICS * Sugar, coffee, cocoa, 602 590 592 598 610 624 All industrial material. 650 645 642 641 635 636 Minerals 564 549 547 551 536 517 All commodities 96 95 95 95 95 97 Textiles 821 822 808 807 794 796 Vegetable products 90 87 87 88 88 95 Sundries 624 623 624 620 624 637 Animal products 108 107 109 111 112 106 Textiles 93 93 93 92 93 94 Wood and paper products. 98 98 98 99 99 99 Iron and its products 93 93 93 93 93 94 GERMANY—FEDERAL STATISTICAL BUREAU Nonferrous metals 96 94 92 91 91 89 Nonmetallic minerals 94 94 94 94 94 94 Chemicals 94 94 94 94 95 All commodities 139 139 140 140 140 138 Total agricultural products 134 132 134 135 135 130 Vegetable foods.. 132 130 126 127 132 141 AUSTRALIA—BUREAU OF CENSUS AND STATISTICS Cattle.. 120 118 118 119 119 103 P T r o a o t n v a I A N H F T C d l i r s o e o o o n i s i d x i d n a n i o e n m e t l d f n m i d s e e l s a u e r i r a l f s r s i n o t p n d r u r i i s s o a l h l d e m e a u d r t e c h a t t w p a e s r l r s o m du a c te ts rials _ 1 1 1 1 1 1 1 1 1 2 5 3 4 2 1 3 4 3 5 1 1 9 8 8 4 0 9 1 1 1 1 1 1 1 1 1 1 3 2 3 5 4 3 3 2 3 9 4 4 3 7 8 8 8 1 1 1 1 1 1 1 1 1 2 4 3 5 6 3 1 2 3 5 3 4 4 2 7 0 8 7 1 1 1 1 1 1 1 1 1 3 6 0 2 3 2 3 4 5 9 4 9 8 8 8 5 2 2 1 1 1 1 1 1 1 1 1 3 2 5 4 5 4 2 3 0 3 9 5 5 2 0 8 5 7 1 1 1 1 1 1 1 1 1 3 4 5 6 4 3 3 0 2 4 3 9 0 1 1 0 4 7 A T A D M M B C G h e l u g r a e e l e o x i r i t a m l c c r i t a d t c y i i e o l l i u c s r m e n i p l a s e g a t r m l . u s o n s m r o d a d a d u n a l c i c t d t o p e t i a s r e r to o l i s a b d l a u s c c c t _ s o * 1 1 1 1 1 1 1 1 5 5 5 7 6 6 8 1 1 5 9 6 9 4 0 6 9 7 5 1 1 1 1 1 1 1 1 1 5 8 6 5 5 6 5 1 7 9 9 7 9 6 3 7 7 2 1 1 1 1 1 1 1 1 1 6 1 4 6 8 6 6 5 7 1 1 9 4 9 1 0 4 2 1 1 1 1 1 1 1 1 1 5 6 1 4 6 7 8 5 5 4 5 4 6 0 2 6 5 2 1 1 1 1 1 1 1 1 1 4 7 6 5 6 5 8 1 5 6 4 1 8 4 2 6 2 2 1 1 1 1 1 1 1 1 1 6 7 6 6 3 7 4 5 9 6 5 6 0 6 0 0 7 0 Chemicals 126 127 127 127 127 126 Artificial fertilizers. _ 87 87 84 83 82 82 Technical oils and fats 126 127 128 129 127 113 INDIA (CALCUTTA)—DEPARTMENT OF STATISTICS Rubber 34 28 25 25 26 40 Paper materials and paper. _ 151 151 151 152 152 150 1929 1928 Building material 157 157 158 159 159 158 Total industrial finished products 158 159 160 160 160 157 P C r o o n d s u u c m er e s r ' s ' g g o o o o ds ds 1 1 3 7 8 4 1 1 7 3 5 8 1 17 3 6 8 1 17 3 6 9 1 17 3 6 9 1 1 3 7 5 3 u J a an r - y c D b e e e m - r - v N b e o e m - r - O b c e t r o- t S b e e e p m r - - u J a an r - y ITALY—CHAMBER OF COMMERCE OF MILAN All commodities . 145 145 146 143 142 145 Cereals 131 131 139 135 136 135 Pulses 171 181 183 164 159 149 All commodities.. 498 496 497 495 492 489 Tea 165 157 143 133 128 175 Total food 569 559 560 563 563 548 Other foods 156 153 153 151 152 165 Vegetable foods 574 572 574 581 587 579 Oil seeds . .. 149 152 151 148 147 139 Animal foods 562 543 543 539 532 509 Raw jute 107 97 100 99 94 89 All industrial products 471 472 472 469 465 466 Jute manufactures 139 147 148 145 145 143 Textiles.. _. 440 445 450 447 450 437 Raw cotton 153 159 •159 159 149 170 Chemicals 454 455 450 448 435 450 Cotton manufactures 163 160 160 161 161 158 Minerals and metals 450 442 439 438 432 426 Other textiles 140 140 140 140 133 131 Building materials 541 536 529 525 519 522 Hides and skins 116 125 131 124 121 153 Other vegetable products 511 508 515 504 504 509 Metals 126 127 127 126 124 125 Sundries 527 547 555 554 556 566 Other articles . 139 138 138 139 140 136 1 Canadian index revised in January; base changed from 1913 to 1926 and number of piece series from 236 to 602. * Eevised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL, 1929 FEDERAL RESERVE BULLETIN 293 RETAIL PRICES FOOD AND COST OF LIVING RETAIL FOOD PRICES [Pre-war=100] EUROPEAN COUNTRIES OTHER COUNTRIES United Month States Aus- (5 i 1 es c ) it- t (V ri i a - g B iu e m l- 1 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 i s a to ^ -F (P ra ar n i c s e )m G a e n r- y G ( e A r n e t s e h ) c - eI ( l t M a a n l i ) y - N la e e n r t d - h s - N w o a r y - R si u a s « - l S z a w e n r d i - t- a C d a a n - a A t l r i u a a s - - ( I b B n a o d y m i ) a - N Z la e e n a w d - S A o fr u ic th a enna) 1927 April 151 119 200 2,478 923 155 118 580 150 2,021 617 145 169 203 156 146 151 151 145 119 May 152 119 196 2,630 930 154 119 589 151 2,063 565 145 169 201 156 145 152 150 145 121 June 155 122 201 2,699 949 154 120 580 153 2,063 541 145 172 199 157 146 153 151 144 120 July 150 122 205 2,653 962 159 122 557 156 2- 059 524 144 175 199 156 147 152 154 144 119 August 149 120 202 2,625 914 156 118 539 150 2044 518 143 175 199 156 147 155 155 143 118 September. 151 119 206 2,615 910 157 111 532 151 2070 509 143 174 198 158 147 157 151 143 117 October 153 120 210 2,626 907 161 112 520 152 2,071 509 146 173 198 158 148 159 148 143 119 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 2,101 513 148 171 200 159 151 155 149 146 119 1928 January.._ 152 118 211 2,660 913 162 118 530 152 146 3 140 148 170 201 158 151 154 151 147 119 February.. 149 117 207 2,701 910 159 118 522 151 144 3 141 149 170 202 157 149 152 146 145 118 March 148 116 201 2,713 902 155 122 524 151 143 3 141 150 171 203 156 147 153 142 145 118 April 149 117 202 2,766 905 155 126 532 152 144 3 141 150 171 203 156 146 154 140 144 119 May 151 117 197 2,778 908 156 126 543 151 145 3 140 150 172 205 156 146 154 140 146 120 June 150 122 200 2,740 928 157 126 3 113 152 144 3 142 150 170 206 157 145 154 142 147 114 July 150 119 202 2,783 943 156 130 3 111 154 138 3 140 150 173 211 157 146 152 143 147 116 August 151 120 205 2,667 943 156 129 3 111 156 134 3 138 150 170 211 156 149 150 142 146 115 September. 155 120 210 2,682 928 156 124 3 110 153 132 3 140 148 164 210 157 150 150 141 147 115 October. __ 153 120 215 2,719 907 157 125 3 115 152 137 3 141 148 163 211 158 152 149 142 149 115 November. 154 120 223 2,692 900 126 8 119 152 137 3 144 148 161 213 158 152 150 144 150 118 December. 153 119 222 905 126 3 121 153 m 3 145 148 161 215 158 152 152 145 115 1929 January.. 151 153 158 216 152 161 146 115 February 156 218 146 March 223 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 ra a n ri c s e )m G a e n r- y G ( e A r n e t s e h ) c - e H 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 a r y - la P n o d - * Spain S d w e e n - 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 S A o fr u ic th a 1927 April -.- 156 195 749 165 1,173 146 1,911 119 651 100 191 170 158 148 153 131 Mav 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 99 187 161 149 157 154 131 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 ,964 120 536 103 188 162 150 150 132 December . 157 208 740 169 1,243 498 151 ,978 120 531 170 195 103 186 162 151 "l59" 151 132 1928 January 157 210 741 168 1,216 151 »155 121 3 145 102 178 171 161 151 154 132 February 156 207 739 166 1,206 151 » 154 120 3 145 100 165 161 150 148 131 March 155 204 737 164 1,214 507 151 »153 119 3 145 169 193 101 176 160 149 157 145 132 April 155 205 741 164 1,212 151 • 153 121 3 145 102 175 171~ 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 3 145 170 193 103 172 161 148 157 146 132 July 157 205 753 165 1,236 153 3 148 121 3 143 104 173 173 161 148 146 131 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 3 145 127 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 "I72" 162 152 146 131 November 157 220 730 1,262 152 3148 125 3 146 106 181 162 152 147 132 December . 157 219 734 1,260 3 108 153 3 146 126 3 147 168 183 106 187 162 152 148 131 1929 January ... 157 1,242 153 126 184 152 149 131 February. 154 149 March 11921=100. * First of month figures. 3 Revised on a gold basis. U927=100. NOTE.—Information as to the number of foods and items included, the original base periods, and sources may be found on page 276 of the April, 1925, issue of the BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
294 FEDEEAL RESERVE BULLETIN APRIL, 192$ RULINGS OF THE FEDERAL RESERVE BOARD—LAW DEPARTMENT Paper arising out of automobile installment sales in manner suggested would be unsound and unforeign countries as a basis for bankers' accept- desirable. ances The Federal Reserve Board, therefore, has The Federal Reserve Board has recently been decided not to approve the use of bankers' requested to make a ruling approving the use acceptances in refinancing advances made to of bankers' acceptances in refinancing advances retail dealers in foreign countries against inmade by a foreign banking institution orstallment paper taken by such dealers in the ganized in this country to retail automobile retail distribution of American goods abroad. dealers in foreign countries against installment paper taken by such dealers in the retail distribution of American automobiles abroad. Briefly stated, the paper arises in this way: Right of national bank having fiduciary authority to Automobiles are shipped by an American act as trustee in bankruptcy manufacturer to a dealer abroad. The dealer Under the terms of section 11 (k) of the resells the cars to customers on a deferred- Federal reserve act, the Federal Reserve Board payment plan, taking in payment installment is authorized to permit a national bank, when notes or acceptances and retaining title to the not in contravention of State or local law, to cars until the last installment is paid. Against act as trustee and to act in certain other fiduthe notes or acceptances arising in this way the ciary capacities. The question has been raised foreign banking institution makes advances whether a national bank having such authority aggregating 75 per cent of the face of the paper. from the board pursuant to this statute, may In order to refinance itself the foreign banking act as trustee in bankruptcy under the proviinstitution desires that the retail paper arising sions of the Federal bankruptcy act. in the manner stated should be considered a Trustees in bankruptcy are appointed by the proper basis for an acceptance credit to be creditors of the bankrupt or by the court to issued by member banks. take charge of the bankrupt's estate. The After a careful consideration of this question, trustees so appointed are vested by operation the Federal Reserve Board has reached the of law with title to the estate of the bankrupt conclusion that bankers7 acceptances should and are required to collect and reduce to money not be used for this purpose. Under this the property of the estate and to close up the proposal bankers7 acceptances would be utilized estate as expeditiously as is compatible with to refinance the foreigh banking institution in the best interests of the parties. The trustees furnishing credit to foreign retail merchants are also required to keep regular accounts and against paper taken by such merchants from pay dividends to the creditors of the estate as their customers. The Federal Reserve Board they are declared by a referee in bankruptcy in 1927 made a ruling, published in the FEDERAL and generally to have charge of the estate of RESERVE BULLETIN of that year at page 861, the bankrupt until it is distributed among holding that bankers' acceptances may be creditors of the bankrupt. considered as growing out of import or export The courts have held that a trustee in banktransactions when drawn for the purpose of ruptcy is a "trustee" within the usual meaning financing the sale and distribution on usual of that term. (McKeigue v. Chicago & North credit terms of imported or exported goods into Western Railway Co., (Wis.) 110 Northwestern the channels of trade. That ruling was intended 384, and In re Smith, 121 Federal 1014.) In to permit the use of acceptance credits in the the light of these authorities and. in view of the resale of imported or exported goods to manu- functions exercised by a trustee in bankruptcy, facturers or merchants, but it did not con- it is the opinion of the Federal Reserve Board template the financing of the sale of goods by that a trustee in bankruptcy is a trustee within retailers to consumers. The present plan the usual meaning of this term and within the involves material departures from the cus- meaning of this term as it is used in section tomary use of bankers' acceptance credits as 11 (k) of the Federal reserve act, and accordapproved by the Federal Reserve Board and is ingly that a national bank which has received inconsistent with the facilities afforded similar permission from the Federal Reserve Board to business in this country. The board believes act as trustee generally, may act as trustee in that the use of bankers' acceptances in the bankruptcy under the provisions of the Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL, 1929 FEDERAL RESERVE BULLETIN 295 bankruptcy act, if to do so is not in contraven- ADMISSIONS—Continued tion of the laws of the State in which such national bank is located. Capital Surplus Total resources District No. 8 Joint-stock land banks excepted from Clayton Antitrust Act. Peoples Trust Co., Little Rock, Ark.. $300,000 $100,000 $3, 873, 286 Midland Savings Bank, St. Louis Section 8 of the Clayton Antitrust Act, County, Mo 30,000 12, 500 85, 267 which prohibits interlocking directorates be- DistrictNo.il tween banking institutions of certain specified Mercantile Bank & Trust Co. of classes, was amended by act of Congress Texas, Dallas, Tex 2, 000,000 100,000 17, 316, 714 approved March 2, 1929, so as to exempt from District No. 12 its provisions joint-stock land banks organized First Security Bank, Boise, Idaho.__ 150,000 100,000 4,810,085 under the provisions of the Federal farm loan act and other banking institutions which do no CHANGES commercial banking business. The text of the recent amendment is as follows: District No. 4 Midland Bank, Cleveland, Ohio [PUBLIC—Xo. 1007—70TH CONGRESS] (succeeded by Midland Bank, member) _ $2,000,000 $1,000,000 i$28, 2S4,983 [S. 4039] District No. 6 AN ACT To exempt joint-stock land banks from the provisions of section 8 of the act entitled "An act to supplement existing laws Middle Georgia Bank, Eatonton, against unlawful restraints and monopolies, and for other purposes," Ga. (closed) 50,000 241, 000 approved October 15, 1914, as amended District No. 7 Be it enacted by the Senate and House of Representatives of the United States of America in Congress as- Illinois Merchants Trust Co., Chicago, 111. (succeeded by Contisembled, That the first proviso of the second paragraph nental Illinois Bank & Trust Co., of section 8 of the Act entitled "An Act to supplement Chicago, a member). 15, 000, 000 30,000,000 434,966,241 existing laws against unlawful restraints and monop- Austin State Bank, Chicago, 111. i olies, and for other purposes," approved October 15, Gr ( i v s o w l o u l n d t - a F ry ir s w t i S th ta d t r e a w B a a l n ) k, Detroit, 500, 000 150,000 i 7,115,650 1914, as amended (United States Code, title 15, Mich, (consolidated with National chapter 1, section 19), is amended to read as follows: Bank of Commerce, Detroit, 11 Provided, That nothing in this section shall apply Mich.)_ 2, 500, 000 52, 546,125 5, 000,000 to mutual savings banks not having a capital stock District No. 8 represented by shares, to joint-stock land banks or- Union & Planters Bank & Trust Co., ganized under the provisions of the Federal Farm Loan Memphis, Tenn. (succeeded by Act, or to other banking institutions which do no nonmember) 200,000 35,567,000 commercial banking business." 2, 500,000 District No. 11 Approved, March 2, 1929. Gray County State Bank, Pampa, Tex. (converted to Pampa National Bank) 50, 000 6,000 1, 219, 521 Texas State Bank & Trust Co., San Changes in State Bank Membership Antonio, Tex. (consolidated with nonmember) 300, 000 36,000 2, 702,000 The following list shows the changes affecting State District No. 1% bank membership during the month ended March 21, Farmers State Bank, Moro, Oreg. 1929, on which date 1,200 State institutions were (succeeded by nonmember) 45, 000 7,000 214,777 members of the system: Citizens Bank, Portland, Oreg. (converted to Citizens National Bank). 200, 000 30,000 4, 558, 529 ADMISSIONS , Fiduciary Powers Granted to National Banks Total Capital burpms resources During the month ended March 21, 1929, the Federal Reserve Board approved applications of tlie District No. 3 national banks listed below for permission to exercise one or more of the fiduciary powers named in section Integrity Trust Co., Philadelphia, Pa $1, 000, 000 $6, 000, 000 $32,129,174 11 (k) of the Federal reserve act as amended, as follows: (1) Trustee; (2) executor; (3) administrator; District No. 4 (4) registrar of stocks and bonds; (5) guardian of Midland Bank, Cleveland, Ohio estates; (6) assignee; (7) receiver; (8) committee of (succession to Midland Bank, estates of lunatics; (9) in any other fiduciary capacity member).-- __ 4,000,000 2, 000, 000 32,382,447 in which State banks, trust companies, or pther corpo- District No. 7 rations which come into competition with national banks are permitted to act under the laws of the State Continental Illinois Bank & Trust in which the national bank is located. Co., Chicago, 111 '5,000,000 165,000,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
296 FEDERAL RESERVE BULLETIN APRIL, 1929 Changes in National Bank Membership Dis- Location t N ri o c . t Name of bank g P r o a w nt e e r d s The Comptroller of the Currency reports the following increases and reductions in the number and capita] Athol, Mass 1 Millers River National 1 to 7 and 9. of national banks during the period from February 23 Bank. to March 22, 1929, inclusive: Newburyport, Mass__ 1 First and Ocean National Ito9. Bank. South Norwalk, 2 City National Bank 6 to 9.i Conn. G Pa le li n sa R de o s c k P , a N rk . , J N. J- 2 2 G Pa l B e li n a sa n R d k e o . s c k N Pa a r t k io na N l a B ti a o n n k a _ l _ I I t t o o 9 9 . . b N b a e u n r m k o s - f Am ca o p u i n ta t l of Baldwinsville, N. Y__ 2 First National Bank Ito9. Clyde, N. Y 2 Briggs National Bank Ito9. New York, N. Y o Sterling National Bank & Ito9. New charters issued 19 $4,975,000 Trust Co. Restored to solvency 0 0 Watervliet, N. Y 2 National Bank of Water- Ito9. Increase of capital approved i 31 7,162,500 vliet. Harrington, Del 3 First National Bank Ito9. Aggregate of new charters, banks, restored York, Pa 3 In W du e s s tr t i Y al o N rk a . tional Bank of 5 to 9.1 to solvency, and banks increasing capital- 50 12,137,500 Palmerton, Pa 3 First National Bank Ito9. Liquidations. 27 3,170,000 Pittsburgh, Pa 4 Monongahela National Ito3, Reducing capitala 3 34,310,000 Bank. 5 to 8.1 Orange, Va 5 National Bank of Orange Ito9. Total liquidations and reductions of capitaL 30 37,480,000 Des Plaines, HI 7 First National Bank 1 to 9. Dundee, 111 7 First National Bank Ito9. Consolidation of national banks under act of St. Charles, HI 7 St. Charles National Bank.. Ito9. Nov. 7, 1918 2 3,500,000 Shelby ville, Ind 7 Shelby National Bank Ito9. Consolidation of a national bank and a State West Point, Miss 8 First National Bank Ito9. bank under act of Feb. 25,1927 3 7,400,000 Huron, S. Dak 9 The National Bank of Hu- Ito9. ron. Total consolidations 5 10,900,000 Oklahoma City, Okla. 10 Fidelity National Bank 2,3,5to9. Del Rio, Tex 11 Del Rio National Bank Ito9. Aggregate increased capital for period 12,137,500 Houston, Tex 11 Guaranty National Bank Ito9. Reduction of capital owing to liquidations, etc __ 37,480,000 Kingsville, Tex 11 First National Bank Ito9. Stephen ville, Tex 11 Farmers-First National Ito9. Net decrease 25,342,500 Bank. San Diego, Calif. 12 La Jolla National Bank Ito9. Everett, Wash 12 Citizens National Bank & Ito9. i Includes one increase in capital of $700,000 incident to a consolidation Trust Co. under act of Nov. 7,1918, and 3 increases in capital aggregating $3,200,000 incident to consolidations of State banks under act of Feb. 25,1927. 8 Includes one reduction in capital of $800,000 incident to a consolida- * Supplemental. tion under act of Nov. 7, 1918. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL, 1929 FEDERAL RESERVE BULLETIN 297 DETAILED BANKING STATISTICS FOR THE UNITED STATES FEDERAL RESERVE BANKS BILLS DISCOUNTED, AND DEPOSITS2BY CLASS OF DEPOSIT [Monthly averages of daily figures. In millions of dollars] Federal Reserve Bank Total Boston Y N o ew rk P le 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 S ou t. is 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—March 513. 2 49.5 130.0 49.2 57.0 27.8 25.2 67.9 26.1 3.3 10.5 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 64.3 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 July 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 75.8 March 968.6 58.6 231.5 101.6 76.0 43.4 51.7 210.6 48.1 15.6 31.8 i 14.8 85.0 Total deposits: 1928—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 70.8 65.2 357.0 83.6 55.0 97.5 67.3 189.5 October 2,380. 6 155.0 902.9 137.0 190.9 71.3 65.8 357.7 83.5 57.0 95.7 70.8 193.1 November 2,401.6 154.7 920.9 136.4 188.9 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. 3 152.4 953.2 139.4 190.1 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. I 357.0 85.0 54.0 93.8 72.8 187.3 March 2,384. 7 145.5 944.5 134.9 188.2 69.5 68.9 81.8 54.1 93.0 70.9 183.6 Member bank reserve balances: 1928—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 64.9 180.3 June 2, 354. 5 149.3 925.9 136.2 185.9 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. 9 147.1 872.0 132.0 185.8 66.2 63.7 344.8 78.5 50.7 92.4 62.5 178.2 September 2, 314. 3 149.6 883.2 134.9 *90.3 67.6 62.7 352.3 80.1 53.0 i 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. 3 152.0 903.4 134.4 185.4 69.1 64.8 354.0 81.5 56.1 i 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. 7 150. 5 936.3 137.2 187.0 69.7 67.2 354.3 84.2 53.9 93.9 71.8 180.7 February.. 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 March 2, 336. 5 144.3 924.6 133.4 185.6 67.6 67.7 346.5 78.7 53.1 70.0 173.1 Government deposits: 1928—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 26.8 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 .7 .7 .9 July 19.5 .7 3.7 1.3 1.0 2.2 1.4 1.8 1.1 .9 1.2 1.5 2.7 August 27.9 1.6 6.9 1.4 1.2 2.7 2.2 2.7 1.2 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 1.4 2.9 1.3 1.2 1.9 1.8 1.4 1.2 .9 .9 1.4 1.3 December 18.8 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 February 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 March.. 16.8 .6 6.3 .8 1.1 1.5 1.3 .7 .6 .6 .7 1.9 All other deposits: 1928—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 May 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 .5 2.7 .8 .5 .8 .4 5.7 August.. 28.4 .9 10.8 1.0 2.3 .7 .6 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 December. _ 29.4 .6 11.1 .8 1.6 .5 .4 2.7 1.0 .5 .6 .3 9.4 1929—January 31.3 .6 13.2 .8 2.2 .5 .4 2.3 .7 .5 .5 .3 9.3 February 28.5 1.2 10.0 .7 1.8 .4 .4 1.9 .8 .4 .6 1.0 9.3 March 31.3 .6 13.7 . 7 1.5 .4 .4 1.9 2.4 .4 .5 8.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
298 FEDERAL RESERVE BULLETIN APRIL, 1929 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES AT END OF MONTH [In thousands of dollars] 1929 1928 Mar. 31 Feb. 28 Mar. 31 RESOURCES Total gold reserves 2,700, 977 2, 676.805 2, 729,107 Reserves other than gold_ 161,864 153, 549 162,110 Total reserves.. 2,862,841 2, 830, 354 2,891, 217 Nonreserve cash .. 64, 805 73, 930 56, 976 Bills discounted 1,095,031 972, 631 598, 681 Bills bought: Outright 184, 002 303,853 295, 786 Under resale agreement. . 15,701 25, 700 54, 394 Total bills bought.. 199,703 329, 553 350, ISO United States securities: Bought outright 165, 663 164, 984 386, 422 Under resale agreement. 6,238 3, 750 8,466 Total United States securities.. 171, 901 168, 734 394, 888 Other securities 6,845 10, 250 990 Total bills and securities. 1,473.480 ! 1, 481,168 1, 344, 739 Due from foreign banks 722 i 724 571 Reserve bank float * 62,158 i 27, 729 19, 449 Total reserve bank credit outstanding... 1,536,360 i 1, 509, 621 1, 364, 759 Federal reserve notes of other reserve banks... 16,624 I 17,076 13, 451 Other uncollected items not included in float- 564,670 i 648, 607 539, 539 Bank premises. 58,693 i 58, 660 59, 274 All other resources 7,971 | 7,907 9,939 Total resources- 5, 111, 964 5,146,155 4, 935,155 Federal reserve notes: Held by other Federal reserve banks. 16, 624 17, 076 13,451 Outside Federal reserve banks 1, 674, 626 1, 647,466 1, 589, 278 Total notes in circulation- 1, 691, 250 | 1, 664, 542 J 1, 602, 729 Deposits: Member bank—reserve account. 2,356, 748 2, 362, 358 2,366,127 Government __ 28,075 I 21, 260 21,112 Foreign bank__ 20,353 I 5, 849 6,236 Other deposits 20,212 i 19,130 16, 859 Total deposits 2,425,388 I 2, 408, 597 2, 410, 334 Deferred availability items.. 564,670 I 648, 607 539, 539 Capital paid in 154,356 ! 151, 480 135, 677 Surplus _ 254,398 I 254, 398 233,319 All other liabilities _... 21,902 ! 18, 531 13, 557 Total liabilities 5,111,964 | 5,146,155 4,935,155 Contingent liability on bills purchased for foreign correspondents.. 337,425 304,499 241, 629 I i 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] I Total G c o o l i d n 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 e i r l t v i e fi r - | I n T o 1 u r t 8 e e r 9 a s y 0 s o - f S s u i i a b lv r s y e id r - M co in in or U S n n t o a i t t t e e e s s d F re n e s o d e t e r e r v s a e l F re n b e s o a d e t n e r e k v r s a e l t n b i N o o a n t n a e - a k s l 1928—Mar. 31.. 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. 3O._. 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 June 30- 4, 796, 621 377,017 1,019,149 46, 223 384,577 1,304 278,174 111, 067 298,438 1, 626,433 4,029 650,212 July 31... 4, 700, 535 374,980 977,077 46,082 384,159 1,301 279, 072 111,400 293,235 1,592,137 3,985 637,109 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.. 4,846,198 372,909 977,673 46,411 397, 589 1,298 283, 296 112,431 303,110 1, 698,908 3,916 648, 656 Oct. 31... 4,806,230 373, 202 959, 652 46, 298 394,328 1,296 285,350 113,427 300, 659 1, 689,171 3,880 638,965 Nov. 30.. 4, 990.114 374, 306 1,030, 546 46,342 404,860 1,295 288,002 114, 641 306, 015 1, 770,184 3,848 650,077 Dec. 31_. 4,973,168 395,310 990,996 46,475 410, 334 1,294 291,314 115,613 294,199 1,808,053 3,820 615, 761 1929-Jan. 31... 4,656,617 380,952 923,193 44,456 381, 672 1,292 280,751 114,007 282,172 1,631,432 3,775 612,915 Feb. 28.. 4,698, 362 377, 512 935, 448 44, 075 385,389 1,291 280,736 113, 692 283, 603 1, 646, 523 3,747 626, 344 Mar. 31 i. 4, 747, 590 374, 253 937, 241 43,920 390,583 1,289 280, 543 113, 579 283, 094 1, 673, 468 3,708 645, 907 1 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
299 APRIL, 1929 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANKS—AVERAGE DAILY RESERVES AND DEMAND LIABILITIES IN MARCH AND FEBRUARY, 1929 [In thousands of dollars] Total cash reserves Total deposits Fede in ra l c i r r e c s u e l r a v ti e o n notes Reserve percentages Federal reserve bank March February March February March February March February Boston _ 195,614 173,813 145, 498 149,229 130, 408 129,810 70.9 62.3 New York 988, 224 991, 902 944, 547 943,161 306, 296 318, 571 79.0 78.6 Philadelphia _ 166, 846 174,187 134, 903 135, 384 142, 828 140,128 60.1 63.2 Cleveland 288,854 266, 226 188,152 188,741 207, 272 203, 358 73. 0 67.9 Richmond— _ - _ 92, 568 93, 785 69,457 71,101 73,574 76, 663 64.7 63.5 Atlanta 145, 672 126,182 68,910 69,113 137 915 130, 245 70 4 63.3 Chicago _ 401, 433 432,821 349, 767 357, 010 283, 388 277, 267 63.4 68.2 St. Louis 74,733 86, 321 81, 826 84, 955 59 603 60, 257 52 8 59 4 Minneapolis. _ ._ _ 86, 448 81,919 54,102 54, 036 63,473 61, 274 73.5 71.0 Kansas City 109,994 110, 710 92, 973 93, 787 67, 021 66, 639 68.7 69.0 Dallas 71, 766 64, 945 70, 894 72, 800 38, 588 40, 017 65 6 57 6 San Francisco 226,434 223, 859 183, 646 187, 334 159, 393 159, 263 66.0 64.6 Total _ 2, 848, 586 2,826, 670 2, 384, 675 2, 406, 651 1, 669, 759 1, 663, 492 70.3 69.4 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS RESOURCES [In thousands of dollars] Total B to o n s- Y N o e r w k d P el h p i h la i - a C la le n v d e- m Ri o c n h d - At t l a a n- c C a h g i o - L S ou t. is K s a a n s - i | Dallas F S r a a n n- City | cisco Gold with Federal reserve | agents: I Mar. 6 ! 1,183,910 69, 619 241,891 84,43' 157, 346 50,479 102,636 202,598 23,957 46,585! 54,489 22,096'! 127,777 Mar. 13 i 1,213,407 87, 861 241, 781 89, 329 158, 740 48, 825 107,737 202,564 23, 589 48,585; 53,677; 21,513; 129,206 Mar. 20 j 1,300,876 86,041 291, 683 87, 368 158, 773 110,745 202,458 19,464 49,566! 52,481; 26,734! 162,873 Mar. 27 I 1, 271,104 83, 825 281, 581 82, 401 157,048 5l| 479 109,897 182,391 18, 827 54,026 53,544! 26,154 169,931 Gold redemption fund with ! United States Treasury: j Mar. 6 ! 62,119 7,630 11,197 5,742 5,223 2,713 4, 091 9,427 4, C 2,447 2,297 2,478; 4,789 Mar. 13 ' 64,353 8,69r 14,414 6,642 4,303 1,748 3, 272j 8, 265 4, 565!2,231 2, 750 2,249) 5, 217 Mar. 20 ! 70,707 9,70' 12, 635 7,566 4,835 1,761 3, 872! 11, 9081 5,1571 2,930 3,522 2,322! 4,492 Mar. 27 j 66,785 11,222 10, 754 8, 59t 5, 249 1,741 2", 6"3 8"!' 10,673 5*, 2°59"!nl 3,180 2, 035: 1, 826| 3, 613 Gold held exclusively against \ Federal reserve notes: | Mar. 6 ! 1,246, 029 77, 249 253, 088 90,179 162, 569 53,192 106,727 212,025! 28,0421 49,032, 56, 786 24,574 132,566 Mar. 13 ! 1,277, 760 96, 558 256,195 95, 971 163,043 50,5731 111,009 210,829| 28,1541 50,816! 56, 427; 23, 762j 134,423 Mar. 20 I 1,371, 583 95, 748 304, 318 94,934 163, 608 54, 451114,6171 214, 368; 24, 6211 52,496 56,003 s 29, 056 167, 365 Mar. 27 j 1,337, 889 95, 047 292, 335 90, 996 162, 297 53, 220112,535 193,064 24,086| 57,206 55, 579! 27,980 173, 544 Gold settlement fund with j Federal Reserve Board: i Mar. 6 l 788,107! 79, 209 262, 886 37,144 81, 750 21,191 19,614 116,813 29,874 29, 524 42,963: 25, 305 41, 834 Mar. 13 i 767,446' 69,485 291, 984 24, 663 75, 571 19, 797 15,564| 108,724| 27,289 26, 588 43,112 27, 002 37, 667 Mar. 20 | 675, 996 68,185 252,108 20, 384 60,820 15,195 14, 672; 90, 237 21,138 25, 241 40,561 34, 278 33,177 Mar. 27 j 709,176, 55, 817 214, 217 30,08^ 61, 384 13, 453 16,527 167,188 17,836 27,407 45, 787! 32, 892 26, 581 Gold and gold certificates held by banks: Mar. 6 648,701 24,316 407, 38, 313 45, 071 14,107 6,759j 52,575 10,6161 5,22' 5,199 10, 536 28,102 Mar. 13 654, 919 24, 661 410,148 39, 449 45,104 14,395 7,309| 54,074 10,549! 5,217 5, 245! 10, 754 28, 014 Mar. 20 664, 434! 23, 927 417,811 40, 752 45, 363 14, 329 7,678! 54,783! 10,282: 5,551 5,128: 10, 6841 28,146 Mar. 27 ,_ 662,195! 23,145 414, 346 37, 025 46, 057 14, 652 8,140; 58, 618! 10, 564! 5, 504 5,475^ 10, 503; 28,166 Total gold reserves: ! || I Mar. 6 I 2,682,837;! 180,7741 923, 854 165, 636 88, 490 133, 100 381, 413; 68, 532 83, 783 104,948 60, 415! 202,502 Mar. 13 .. ! 2,700,125JJ 190,704 958, 327 160, 083 84,765 133,882 -373,627' 65,992j 82,621 104, 784! 61, 518; 200,104 Mar. 20 ! 2,712,013! 187,"" 974,237 156, 070 83,975! 136,967 359,386! 56,041; " 83,288 101, 692! 74,018| 228,688 Mar. 27. 2, 709, 260J i 174,009 920, 898 158,108 81,325 137,202 418,870j 52,486! 90,117 106,841| 71,375 228,201 Reserves other than gold: Mar. 6 152,755'! 16, 747 40, 335 7,041 8, 092' 8,492 15, 592; 15, 745! 2, 963 6, 243 7, 067! 14,, 750 Mar. 13 160, 264!! 16, 523 43,315 7,152 8,094! 10,401; 17,903 16, 0221 2, 764 5,719! 7,134! 14, 928 Mar. 20 165, 778|! 16, 747 45, 628 8,082 8,199: 9, 846 18, 632: 15, 710; 2,599 5, 509 6,954! 15,640 Mar. 27 169,755!! 16,128 48, 3881 7, 266 7,946! 9,331! 21,528; 15, 5251 2, 640 6,138' 7, 283! 15, 750 Total reserves: I Mar. 6 ! 2,835,592; 197,521 964,189! 172,677 299,078 96, 582; 141, 592 397, 005 84, 277; 111,191 67,482l 217, 252 Mar. 13 2,860, 389|j 207,227 1,001,642! 167,235! 294,02' 92, 859 144,283 391, 530 82, 0141 110, 503 68. 652'215,032 Mar. 20 • 2,877,7911 204,607 l,019,865! 164,152 282,023 92,174 146,813 378, 018 71,751: 107,201 80, 972244, 328 Mar. 27 ' 2,879,015; 190,13' 969,286 165,374 281,570 89, 27l! 146, 533!440,398! 68,011; 112,979: 78,658:244, 041 Nonreserve cash: ; 1 i 1 Mar. 6 _. 1 75,23lj! 6,790 30,112 2,491 4,809 5, 527! 3,470 7, 725: 3, 857; 1,913 2, 934! 4,583 Mar. 13 ' 78,312|! 7,196 29,95lj 2,472j 5,018 5, 3541 4, 745 8,137' 4, 322; 1,850 3, 318 4, 597 Mar. 2O._ ! 78, 367j 6,617 30,138 2,5181 6,509 5,354! 4,900 7, 577! 4, 426! 1,952 2,881; 4,387 Mar. 27 ; 77,510|| 6,862 29, 880; 2, 418J 5,101 4, 971: 5, 046 8, 121; 4.355! 2,040 3, 454 4,106 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
300 FEDERAL RESERVE BULLETIN APRIL, 1929 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands of dollars] Total B to o n s- Y N o ew rk d P el h p i h la i - a C la le n v d e - ! | m R o ic n h d - At t l a an- c C a h g i o - L S ou t. is M ap i o n l n is e- K C s a i a t n s y - Dallas F c S i r s a a c n n o - Bills discounted: Secured byU.S. Government obligations— Mar. 6 606,053 38,271 184,087! 60,351 38, 915 20,837 19, 615 120,243 20,602 12, 569 17,206 12, 799 60, 558 Mar. 13 583,135 35, 750 145,749! 63,680 51, 795 19,446 14, 744 124,492 23,34: 14,130 15, 289 10,216 64,502 Mar. 20. 34,504 141, 273| 63,926 48, 977i 17, 039 11,327 156, 210 27,803 14, 214 14, 336 6,212 52, 618 Mar. 27 621, 980 42,828 196,001! 67,180 54, 491 19, 836 12, 519 115, 448 28,033 11, 798 11,411 6,441 55,994 Other bills discounted— Mar. 6 383,119 20,213 86,523! 31,066 23, 219 20, 411 35, 755 89,406 20,184 2,027 15, 231 6,907 32,177 Mar. 13 372,488 15,374 78,9711 34,636 21,830 21,479 36, 824 89, 655 18,043 1,907 15, 910 5,699 32,160 Mar. 20 354, 298 14,886 66,863 33, 263 27, 925; 24, 687 37, 307 80, 963 22, 76f 3,321 19,394 3,253 19,674 Mar. 27 402,150 26, 554 103,172 29, 259 25, 078 37,421 69, 232 26,121 2,525 18,872 4,884 20, 407 Total bills discounted: Mar. 6 _. 989,172 58, 484 270, 610 91, 417 62,134! 41,248 55, 370 209, 649 40, 786 14, 596 32,437 19, 706 92, 735 M M M a a a r r r . . . 2 2 1 7 0 3 1,0 9 94 2 5 2 4 5 , , , 1 7 6 3 3 2 7 0 3 ! ! 6 4 5 9 9 1 , , , 3 1 3 8 2 9 2 4 0 2 2 2 9 0 2 9 8 4 , , , 1 1 7 7 3 2 3 6 0 1 1 9 9 0 7 8 5 , , , 1 3 8 8 1 0 9 6 5 8 7 7 3 6 3 , , , 6 7 9 2 5 0 5 2 0 ! j 4 4 4 1 0 4 , , , 9 9 7 2 1 2 5 4 6 4 4 5 8 1 9 , , , 9 6 5 4 3 6 0 4 8 2 23 1 7 4 , , 1 1 7 4 3 7 4 5 5 0 4 1 , , , 1 3 5 5 8 6 4 5 5 1 1 1 4 7 6 , , , 3 5 0 2 3 3 3 5 7 3 3 3 0 3 1 , , , 1 2 7 9 8 3 9 3 0 1 1 1 9 5 , , , 4 3 9 6 2 1 5 5 5 7 9 7 6 6 2 , , , 2 4 6 9 0 6 2 1 2 Bills bought in open market: I Mar. 6 304,644 36,073 65,685J 22,128 29,178| 13, 695 13, 932 33, 639 9,045 11,451 10, 025 16, 950 42, 843 Mar. 13 283,101 34,209 65, 276 21, 893 27,672; 12,483 12, 221 27, 872 8,853 9,702 9,521 16, 529 36, 870 Mar. 20 236,838!, 30, 692 43, 819 21, 712 24,882 10, 917 11, 685 21,148 8,372 8,121 9,891 15, 678 29, 921 Mar. 27 208,4271 26,095 35,821 18, 776 23, 378 11, 753 10, 410 14, 732 8,412 8, 3281 10, 325 14, 343 26, 054 U. S. Government securities: Bonds- Mar. 6.... 51, 594 1,384 585 548 1,152 19,937 7,121 4,519 7,755 7, 813 64 Mar. 13 -. 51,618 1,384 58; 548 1,152 19, 937 7,125 4,519 7,755 7,833 64 Mar. 20 51, 6111 1, 384 585 548! 1,152 25 19, 937 7,125 4,534 7,755 7,813 64 Mar. 27... 51,611 1,384 585 548 1,152 25 19, 937 7,125 4,534 7,755 7,813 Treasury notes— Mar. 6 90, 671 2,630 9,087 9,870 28, 023 903 3,403 5,418 11, 253 4,385 902 2,219 12, 578 Mar. 13 90, 502! 2,630 9,087 9,870 28, 023 903 3,403 5,293 11,253 4,385 902 2,175 12, 578 Mar. 20 90, 904! 2,534 8,880 9,779 27, 922! 903 3,372 5,136 11, 426 4,341 902 3,239 12, 470 Mar. 27 91,190| 2,534 9,195 9,779 27, 922 903 3,373 5,106 11, 426 4,341 902 3,239 12, 470 Certificates of indebtedness— Mar. 6 20, 699 1,772 3,167 8,061 990 301 304 2,241 585 438 1,106 706 1,028 Mar. 13 23,177 1,773 3,007 8,061 990 301 292 5,596 585 438 1,106 1,028 Mar. 20 __.. 42, 836i 2,114 25,904 7,747 845 301 264 1,561 512 382 1,136 1,215 855 Mar. 27. 27, 509! 2,114 9, 569; 7, 74r 845 301 378 2,431 512 382 1,136 1,239 855 Total U. S. Government securities: Mar. 6. 162,9641 5,091 13, 638 18, 516 29, 5611 2,356 3,730 27, 596 18,' 9,342 9,763 10, 738 13, 670 Mar. 13 165, 297[ 5, 092 13,478 18,516 29, 561 2, 356 3,722 30, 826; 18, 963 9,342 9,763 10,008 13, 670 Mar. 20.. 185, 3511 5,337 36,168| 18, 111 29, 315 2,356 3,661 26, 634 19, 063 9,257 9,793 12, 26^ 13, 389 Othe M r a s r e . c 2 u 7 rities: 170, 310! I 5,337 20,148: 18, 111 29, 315 2, 356 3,776 27, 474 19, 063 9,257 9,793 12, 291 13,389 Mar. 6 10, 250! 2,000i 1,500 6,000 750 Mar. 13 10, 250! 2,000 1,500 6,000 750 Mar. 20 6, 8451 2, 095 _ 2,000 1,500 1,250 Mar. 27 6, 845! 2,095;. 2,000 1,500 1,250 Foreign loans on gold: Mar. 13 7, 562; 600 2, 656 827 348 295 1,036 302 203 250 267 Total bills and securities: Mar. 6 1,467, 030! 99, 648 349,9331 132,061 120, 873 57, 299 73, 032 270, 884 68, 794 37, 389 53, 725 53, 394 149, 998 Mar. 13 1, 421, 833! 91,025 306,130' 139,503 131, 685 56,112 67, 806 273, 881 69, 503 37, 284 52, 233 48, 719 147, 952 Mar. 20.. 1,371, 7711 85, 419 290,218; 137,012 131, 099 54, 999 63, 980 284, 955 78, 000 36, 913 54, 914 37, 410 116, 852 Mar. 27 1,409, 7121 100,814 357,237 142,692 136, 443 59,023 64,126 oDft oofi 81,629 33,908 51, 901 37, 959 117, 094 Due from foreign banks: i Mar. 6 725! 54 220 74 18 24 24 52 Mar. 13 _ 724! 54 219 74 18 24 24| 52 Mar. 20 723! 54 218| 74 ' 18 24 24 52 Mar. 27 7231: 54 218; 70 74 18 24 24 52 Uncollected items: Bank M M M M a a p a a r r r r r . . . . e m 2 2 1 6 7 0 3 ises: 6 7 6 7 5 7 4 7 4 7 3 8 , , , , 4 6 7 6 8 8 8 9 3 9 6 0 (| 6 7 6 7 7 3 2 4 , , , , 1 2 4 3 8 3 5 9 3 4 0 4 1 1 1 1 9 9 7 9 7 9 4 4 , , , , 8 1 6 6 5 4 9 2 8 3 5 0 ! ! ' 5 5 6 6 6 4 1 2 , , , , 6 4 8 3 " 9 4 1 8 4 6 6 6 7 1 6 1 6 , , , , 0 5 4 9 8 0 7 9 3 6 6 9 4 5 5 5 6 0 6 5 , , , , 0 8 8 9 1 9 2 4 6 7 8 0 1 | 2 2 2 2 4 4 7 8 , , , , 9 6 0 6 4 3 0 6 9 0 0 0 8 8 9 9 7 2 6 6 , , , , 5 9 2 9 5 1 9 2 3 5 8 1 1 3 3 2 2 4 1 9 8 , , , , 9 9 1 8 7 1 6 5 2 8 7 3 1 1 1 1 11 3 3 3 , , , , 1 0 6 0 9 0 7 3 7 8 0 8 4 3 4 4 3 6 1 4 , , , , 1 5 3 6 7 8 8 9 3 3 0 4 3 3 3 2 2 1 3 3 , , , , 4 3 0 3 9 2 8 2 1 5 3 2 ! ! 3 4 3 4 7 4 8 8 , , , , 7 5 0 4 3 7 5 8 0 9 7 9 Mar. 6 58, 660 3, 702! 16,087 1, 752! 6, 535 3,575 2,744 8,527 3,862 2,110 4,140 1,922! 3, 704 Mar. 13 58, 691 3, 702 16,087i 1, 752 6,535 3,575 2,744 8,527 3,893 2,110 4,140 1,922| 3,704 Mar. 20 58, 691 3, 702 16,087 1, 752 6, 535 3,575 2,744 8,527 3,893 2,110 4,140 1,922; 3, 704 Mar. 27 58, 693 3,702 16,087; 1,752 6,535 3,575 2,744 8, 529 3,893 2,110 4,140 1,922 3, 704 All other resources: Mar. 6 8, 062! 676 316 1,245 515 1,670 897 508 783 557 434 Mar. 13 8,255 914 328 1,269 506 1,644 875 513 745 378 567 442 Mar. 20 8,010 823 126 1,166 505 1,831 961 418 820 338 502 446 Mar. 27 7,970 970 ]38 1,184 501 1,779 897 428 709 319 515 455 Total resources: Mar. 6 5,123, 783 375,023 1, 536,075 365,998' 494,120210, 359| 247,196 773,058 191,180 141,074 215, 553 159,635 414,512 Mar. 13 5,182,990 382, 672 1,554,638 374, 204' 505,607214,336! 249,199 779,964 195,186 140,091 212, 708 154,527 419,858 Mar. 20 5,143,043 372,923 1, 554,969 367,128; 498, 882212,656' 248,926 776,690 190,495 139,894 209,952 156,202 414,326 Mar. 27 5,107, 312 365, 827 1, 567, 821 367,142, 496, 990208,314! 244,256 767,228 186,512 142,328 208,097 145,615! 407,182 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL, 1929 FEDERAL RESERVE BULLETIN 301 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued LIABILITIES In thousands of dollars] Total B to os n - Y N o e r w k d P el h p i h la i - a C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i o - Lo S u t i . s apolis c sf t s y Dallas F c S r is a a c n n o - Federal reserve notes in circulation: Mar. 6 1,666,567 130,520 308,107 138,017 204, 518 74,118 138,155 281,345 60,303 63, 506| 67,446 39,124 161,408 Mar. 13 1,650,009 129,854 298,676 140,062 207,615 72, 774 137,671 277, 633 59, 251 62,912; 66,841 38,471 158,249 Mar. 20..._ 1,641, 577 130,096 298,540 137, 231 201, 544 71, 722 137,221 279,967 58,921 63, 574; 66,941 38,623 157,197 Mar. 27 1,652,879 129,653 295,027 145,489 208, 588 71, 742 135,726 284,987 58,301 63,875 66,176 37, 757 155,558 Deposits: Member bank—reserve account- Mar. 6 2, 350,497 147, 658 922, 237 135,417 188,035 70, 728 67, 257 348, 576 79,903 54,119 94,179 71,740 170, 648 Mar. 13 2,362, 567 149,053 931, 601 135,433 189, 295 66, 886 350,486 80,031 53, 268 92, 029 70,172 175, 227 Mar. 20 2, 339, 544 139,480 936, 582132, 284 183,972 66, 652 67,135 347,188 78,842 52,879 90,157 69,928 174,445 Mar. 27 2,332,181 140,174 938,78r 129,239 181, 313 65,627 67,983 340,962 78,000 55, 3231 92,836 69,086 172, 856 Government— Mar. 6 21, 577 246 4,512 1,139 566 1,584 2,246 1, 1,018 709 915 1,482 5,351 Mar. 13 7,773 144 2,997 190 886 435 198 274 648 563 101 355 982 Mar. 20.... 4,570 204 812 420 683 194 214 431 199 451 513 164 285 Mar. 27 23, 405 925 9,969 1,754 557 1,568 2,531 960 844 1,127 1,197 993 Foreign bank- Mar. 6. 9,766 433 5,689 562 597 228 801 234 146 193 193 421 Mar. 13 5,834 433 1,757 562 597 269 228 801 234 146 193 193 421 Mar. 20 6,047 433 1,970 562 597 269 228 801 234 j 146 193 193 421 Mar. 27 6,058 433 1,982 562 269 228 801 234 146 193! 193 421 Other deposits— Mar. 6 20, 704 95 7,352 64 122 93 2,274 368 461 41 7,867 Mar. 13 20, 611 78 8,023 99 764 95 151 867 2,123 249 260 35 7,867 Mar. 20 20,149 65 7,397 58 746 87 166 854 2,048 213 206 27 8,282 Mar. 27 21, 742 87 8,095 48 618 104 1,7 2,0371 231 16 8,484 Total deposits: Mar. 6 2,402, 544 148,432 939,790 137,182 190,166 72, 703 69,824 352,185 83,429 55,342 95, 748 73,456 184,287 Mar. 13 2,396,785 149, 708 944,378 136,284 191, 542 69,885 67,463 352, 428 83,036 54,226 92, 583 70,755 184,497 Mar. 20 2, 370,310 140,182 946, 761133,324 185,998 67,202 67, 743 349, 274 81, 323 53,689 91,069 70,312 183,433 Mar. 27 2, 383, 386 141, 619 131,603 183, 084 67, 568 69, 277 346, 062 81, 231 56, 544 94, 324 70,492 182,754 Deferred availability items: Mar. 6 628, 729 65,181 157,829 50,813 43, 794 21, 946 80,886 29,805 11,121 38,324 j33,329 39,168 Mar. 13 708,172 72,116 180,462 57,805 63,452 51,935 26,653 90,999 35,184 11,794 38,8901 31,547 47,335 Mar. 20 701, 967 71, 658 178, 607 56, 381 68,235 53, 937 26, 587 87,421 32,483 11,474 37,864 33, 528 43, 792 Mar. 27 640, 280| 63, 375 181, 890 49,808 62,134 49,241 21, 850 76,194 29,149 10,757 33,489j 23, 542 38,851 Capital paid in: Mar. 6. 152,118 10, 343 54,160 14,942 14, 682 6,224 5,282 18,435 5,493 3,081 4, 2931 4,442 10, 741 Mar. 13 152, 521 10.308 54,439 14, 970 14, 683 6,224 5,324 18,467 5,506 3,098 4,300 4,443 10, 759 Mar. 20 153, 730! 10.309 54, 550 14, 970 14,725 6,227 5,326 19,406 5,507 3,098 4,298 4,442 10,872 Mar. 27 154.310j 10,306 55, 229 14, 970 14, 683 6,178 5,344 19, 350 5,508 3,096 4,297 4,456 10,893 Surplus: Mar. 6. 254,398' 19, 619 71, 282 24,101 26,345 12,399 10, 554 36,442 10,820 7,082 9,C 17,978 Mar. 13 254,398 19,619 71,282 24,101 26,345 12, 399 10, 554 36,442 10,820 7,082 9,C 17, 978 Mar. 20 254, 398! 19, 619 71, 282 24,101 26, 345 12,399 10, 554 36, 442 10,820 7,082 9,086 17,978 Mar. 27 254, 398| 19,619 71, 282 24,101 26, 345 12, 399 10, 554 36,442 10,820 7,082 9, 8,690 17,978 All other liabilities: Mar. 6 19,427 4,907 943 1,876 1,121 1.435 3,765 1,330 942 656 594 Mar. 13 21,105 1,067 5.401 982 1,970 1,119 1,534 3,995 1,389 979 1,008 621 1,040 Mar. 20... 21,061 1,059 5,229 1,121 2,035 1,169 1,495 4,180 1,441 977 694 607 1,054 Mar. 27 22,059! 1,255 5,565 1,171 2,156 1,186 1,505 4,193 1,503 974 725 678 1,148 Total liabilities: M M a a r r . . 6 13 5 5 , , 1 1 8 23 2 , , 9 7 9 8 0 3 | i 3 3 8 7 2 5 , , 6 0 7 2 2 31 1, , 5 5 5 3 4 6 , , 0 6 7 3 5 83 3 7 6 4 5 , , 2 9 0 9 4 8 4 50 9 5 4 , ,1 6 2 0 0 7 2 2 1 1 4 0 , , 3 3 3 5 6 9 2 24 4 9 7 , , 1 1 9 9 9 6 7 7 7 7 9 3 , , 9 0 6 5 4 8 1 19 9 5 1 , , 1 1 8 8 6 0 1 1 4 4 0 1 , , 0 0 9 7 1 4 2 2 1 1 2 5 , , 7 5 0 5 8 31 1 5 5 9 4 , , 6 5 3 2 5 7 4 41 1 9 4 , , 8 5 5 1 8 2 Mar. 20—. 5,143,0431 372,923 1, 554,969367,128 498, 882 212, 656 248,926 190,495 139, 894209,952 156, 202414, 326 Mar. 27 5,107, 312 365, 8271, 567, 821367,14: 496,990 208, 314 244, 256 767, 228 186, 512142,328 208,097 145, 615407,182 MEMORANDA Eatio of total reserves to Federal reserve note and deposit liabilities combined (per cent) : Mar. 6.. 69.7 70.8 77.3 62.7 75.8 65.8 68.1 62. 7 58.6 73.0 68.1 59. 62.8 Mar. 13 70.7 74.1 80.6 60.5 73.71 65.1 70. 3 62.1 57.6 72.9 69. 3! 62.9 62.7 Mar. 20 71.7 75.7 81.9 60. 72. 8 66.3 71. 6 60.1 51.2 73.2 67. 8 74. 3 71.7 Mar. 27—. 71.3 70.1 77.3 59. 71.9! 64.1 71.5 6' 48. 77.0 70.4 72. 7 72.1 Contingent liability on bills purchased for foreign correspondents: Mar. 6—_ 303, 397 22, 533 91,161 29, 232 31,059 14,007 11,8: 41, 716 12,180 7, 613! 10, 048j 10,048 21,924 Mar. 13 306, 944 22,533 94, 708 29, 232 31, 059| 14, 007 11,876 41, 716 12,180 7, 613 10, 048! 10,048 21,924 Mar. 20— 329,194 24,311 100, 207 31, 539 33, 510| 15,113 12, 813 45,009 13,141 8, 213 10, 842! 10, 84223, 654 Mar. 27 332,165 24, 311 103,178 31, 539 33, 510! 15,113 12,813 45,009 13,141 8, 213 10,842| 10, 842 23, 654 Own Federal reserve notes held by Federal reserve banks: Mar. 6 400, 635 21,971 114,023 42,419 38,431 32, 390 31, 689 10,209 7,446 9,460 9, 236 66,373 Mar. 13 399, 232 20, 879 118,074 41,667 32, 627 16, 778 32,216 32,047 10,943 8,040 10,693 9,307 65,961 Mar. 20 407,939 21,616s 113,162 43, 536 37, 731 18,896 32,323 33,436 10, 508 6,359 12,307 9,185 68,880 Mar. 27—. 397,868 20, 594! 120, 320 32,912 30,562! 18, 664 32, 770 33, 839 10, 631 7,743 12,135 9, 521 68,177 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
302 FEDERAL RESERVE BULLETIN APRIL, 1929 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k P p h d i h e l i l a 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 Lo S u t. is ne M a li i p s n o - - C K s i a a t s n y - Dallas F c S i r s a a c n n o - Federal reserve notes received from comptroller: Mar. 6 2,890,834 226, 466767,005216, 816271,579 111,557 223,075 422, 054 83, 542 83,191 105,626 61,742 318,181 Mar. 13 2, 882, 693227, ^~ 766, 625214,709 272,872J 109.903 221,91 418, 200 83, 224 86,951 104, 814 61,160; 314,610 Mar. 20 2, 873, 578225, 887765, 417212, 747270,905 112,329 220,664 419,123 82,099 85.932 103, 618 60, 380| 314,477 Mar. 27 2, 867, 384223, 672764, 742212, 701270,180 111,117 222,256 419, 246 81/462 85, 392 104.681 59,800 312,135 Federal reserve notes held by Federal reserve a^ent: Mar. 6 823, 632 73, 975 36, 380 28, 630 20, 451 52, 530 109, 020 13,030 12, 239 28, 720 13, 382 90,400 Mar. 13 833,452 76,975 32,r •" 32, 630 20, 351 52,030 108, 520 13,030 15,999 27, 280 13,382 90, 400 Mar. 20 824.062 74,175 31,980 31,630 21,711 51,120 105, 720 12,670 15, 999 24, 370 12,572; 88,400 Mar. 27 816,637 73, 425 34, 300 31, 030! 20, 711 53, 760 100, 420 12, 530] 13. 774 26, 370 12, 522! 88, 400 Federal reserve notes issued to Federal reserve bank: Mar. 6 2,067, 202 152, 491422,130 180, 436242,949 91,106 170,545 313,034 70, 512 70,952 76,906 48,360| 227,781 M M a a r r . . 2 1 0 3 2 2, , 0 0 4 4 9 9 , , 5 2 1 4 6 11 15 5 1 0 , , 7 7 3 1 3 2 4 4 1 1 6 1 , , 7 7 0 5 2 0 1 1 8 8 0 1 , , 7 7 6 2 7 92 2243 4 09 0, ,, 2 22 4 47 2 25 ! ! 9 880 99 , .,5 655 152 82 1 1 166 6 99 9 ,, , 55 8 44 8 44 7 3 33 0 11 9 33 , ,, 6 44 8 00 0 33 7 69 0 , , 1 4 9 2 4 9! ! 7 6 0 9 , , 9 9 5 3 2 3 7 7 7 9 , , 5 2 3 4 4 8' i 4 47 7 , ,7 808 2 2 2 2 4 6 , , 0 2 7 1 7 0 Mar. 27 2, 050, 74' 150, 247415, 34; 178, 4012 23 3 9 9 , , 2 1 7 5 5 0' ' 9 SO 0 , . 6 4 1 0 8 6 116688 , 449966'' 331188 . 88226 68, 932 71, 618 78,311' 47, 278 223. 735 Collateral held as security for Federal reserve notes issued to Federal reserve bank: Gold and gold certificates- Mar. 6 362, 645! 35, 300 171,880 . 50, 000 6,690 27,350! 7,500 14,167 14, 758 35,000 Mar. 13 363,195! 35, 300 171, 880 . 50, 000 6, 690: 27,350 8,050, 14,167| 14,758 35,000 Mar. 20 363,195 35, 300171, 8801. 50,000 e.r 27,350 8,050 14,167 14, 758 35, 000 Gold M r a e r d . e 2 m 7 ption fund- 367,195 35, 300 171, 880; 4,000 50, 000 6,690 27,350 8,050 14,167 14, 758 35,000 Mar. 6 87,479 11,319 9,860 12, 346 4,7 5,786! 1,598 2,457 1,418 4,129 4, 338 14,428 Mar. 13 99, 244 19. 561 14,9011 12, 752 13, 740 8,135 4, 3S7i 1, 564 1,539 1,418 3, 317 3, 755 14,175 Mar. 20 97, 222 17, 741 14,803! 10, 791 13,773 7,000 2,8951 1,458 2,414 2,399 4,1211 5,976 13,851 Mar. 27 97, 659 15, 525 14, 70II 13, 744 12, 048 5,'"" 8, 547| 1, 391 1.777 1, 859 3,184! 5, 396 13, 698 Gold fund— Mar. 6 _... 733, 786 23, 000 55, OOOl 74, 577 95, 000 39, 000 69,500! 201,000 14, 000 31, 000 50,360 3,000 78, 349 Mar. 13 750, 968 33,000 55,0001 76,577 95, 000 34, f 76,000 201,000 14,000; 33,000 50, 360 3,000 80,031 Mar. 20 840,459 33,000 105, 003 76, 577 95, 000 39,i 80,500! 201,000 9,000, 33, 000 48, 360 6,000 114, 022 Mar. 27 806,250 33.000 95,000 64, 657 95, 000 39,000 74,000 181,000 9,000 38,000 50, 360 6,000 121, 233 Eligible paper- Mar. 6 1,256,975 94,481 321,171 101,234 50, 505 68, 551: 243,' 49, 533 25, 691 42,011 36, 550134, 451 Mar. 13 1,183, 273 85, 256259,559 103,011 100, 590 49, 569 62,905! 241,750 50,096 25, 481 40, 373 32, 284 132, 399 Mar. 20 1,130, 676j 80,005 228,636 102,155 100, 645 48, 944 59,463 257,263 58, 774 25,363 43, 316 24, 973 101,139 Mar. 27 1,178,876 95, 400308, 702 108. 533 104. 769 51, 32" 59.354 199,106 62, 262 22, 357 40, 253 25, 398 101, 415 Total collateral: Mar. 6 2,440, 164,100 563,062 185, 671 247,134 100,' 171,187 445,607 73,490 72, 276 96, 500 58, 646262,228 Mar. 13 173,117 501, 340 192, 340 259, 330 98, 394 170,642 444,314 73,685 74, 066 94, 050 53, 797261, 605 Mar. 20 2, 431, 552166, 046520, 319 189, 523 259, 418 101, 634 170,208 459,721 78, 238 74, 929 95, 797 51, 707264, 012 Mar. 27 2, 449. 179,225 590,283 190, 934 261,817 102, 806 169,251 381.497 81, 089 76, 383 93, 797 51, 552271, 346 MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS [In thousands of dollars] Total Within 15 16 to 30 31 to 60 61 to 90 91 days to Over 6 days days days days 6 months months Bills discounted: Mar. 6 989,172 818,385 43,094 70, 834 47, 483 6,580 2,796 Mar. 13 . 955, 623 787, 080 45, 414 69, 563 44,156 6,657 2,753 Mar. 20 942, 737 776, 069 42,865 73, 860 39, 763 7,443 2,737 Mar. 27 _ 1, 024,130 865,446 40, 319 65, 365 42, 679 7,331 2,990 Bilsl bought in open market: Mar. 6 304, 644 145, 352 81, 997 61, 864 11,504 3 927 Mar. 13 ._ _ 283,101 148, 860 64, 002 51, 249 14,613 4,377 Mar. 20 236, 838 124,186 54,169 36,423 19,123 2,937 Mar. 27 208, 427, 93, 984 52, 370 33,147 26,164 2,762 Certificates of indebtedness: Mar. 6 _ 20, 699 1,705 684 18, 310 Mar. 13 23,177 794 3,844 18,539 Mar. 20 42, 836; 19, 275 39 11,028 12,494 Mar. 27. . . .. 27, 509 2,940 128 8,000 16,441 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL, 1929 FEDERAL RESERVE BULLETIN 303 GOLD SETTLEMENT FUND—INTERBANK TRANSACTIONS FROM FEBRUARY 21, TO MARCH 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 F n e o d t e e r a c l le r a e r s i e n r g ve C of h f g a e o n rs l g d e a s t n h d i r n o c u o le g w a h n r i e t n r r g a s s h n i s p - B f a u la n n d c e a t in Federal reserve bank close of period Debits Credits Debits Credits Debits Credits Decrease Increase Boston 15,400 919,046 957, 320 5,138 2,656 20,392 68,184 New York 5,200 136, 700 3, 612, 731 3, 444, 890 7,898 16,161 28, 078 252,108 Philadelphia 27, 300 848, 930 865, 954 6,204 4,117 12, 363 20, 385 Cleveland _ _ 26, 000 821, 921 863, 378 7,693 3,636 11,400 60, 821 Richmond 12, 000 779, 071 793, 402 2,921 2,871 2,281 15,194 Atlanta.. . 10, 000 339, 085 368, 879 2,716 4,841 21, 919 14,672 Chicago 37, 000 1, 545, 203 1, 555, 383 8,450 6,293 28, 977 90, 237 St. Louis 1,000 700 562,899 551, 609 2,356 2,664 11, 282 21,138 Minneapolis 100 166,158 167,190 1,660 1,340 812 25, 242 Kansas City__ 2,000 450, 731 446, 826 2,230 1,730 6,405 40, 561 Dallas 1,000 4,200 360, 962 371, 290 1,323 1,723 13, 928 34, 279 San Francisco 5,000 200 462, 604 483, 220 2,401 2,958 16, 373 33,177 Total four weeks ending- Mar. 20, 1929 141, 900 141, 900 10, 869, 341 10, 869, 341 50, 990 50, 990 87,105 87,105 675, 998 Feb. 20, 1929 12, 500 12, 500 10, 372, 979 10, 372, 979 57,102 57,102 764, 090 Mar. 21, 1928 179, 900 179, 900 10,491,811 10, 491, 811 47, 537 47, 537 634, 562 Feb. 22, 1928 16, 500 16, 500 9, 218, 449 9, 218, 449 48, 751 48, 751 749,107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
304 FEDERAL RESERVE BULLETIN APRIL, 1929 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In millions of dollars] Federal Reserve District Total Boston Y N o e r w k P p d h h e i i l l - a 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 M ap i o n l n is e-K C an it s y as Dallas F c S r is a a c n n o - Loans and investments: Mar. 6 22,383 1,496 8,508 1,237 2,201 676 635 3,408 721 391 686 489 1,936 Mar. 13 22,382 1,494 8,447 1,243 2,204 681 645 3,417 723 391 692 489 1,956 Mar. 20 22, 581 1,516 8,589 1,247 2,220 680 648 3,437 722 389 687 497 1,949 Mar. 27 22, 543 1,511 8,612 1,253 2,226 683 648 3,372 720 385 683 499 1,952 Loans: Mar. 6 16,425 1,113 6,332 901 1,513 517 501 2,660 525 261 447 357 1,298 Mar. 13 16,430 1,111 6,267 911 1,520 526 511 2,672 529 261 454 358 1,309 Mar. 20 16, 552 1,121 6,375 916 1,529 521 511 2,674 528 262 449 360 1,306 Mar. 27 16, 557 1,125 6,411 925 1,540 523 513 2,619 529 257 449 359 1,308 On securities- Mar. 6 _.. 7,573 466 3,292 503 698 198 155 1,261 244 83 143 119 412 Mar. 13 7,511 463 3,180 506 703 202 158 1,279 245 84 148 118 425 Mar. 2O._ 7,642 469 3,271 513 714 201 154 1,306 243 85 143 118 426 Mar. 27 7,592 475 3,287 515 717 204 157 1,229 244 84 144 113 424 All other- Mar. 6 8,852 647 3,041 398 816 319 347 1,399 281 178 305 238 886 Mar. 13 8,918 647 3,087 405 817 324 353 1,394 284 177 306 240 884 Mar. 20 8,910 652 3,104 403 816 320 356 1,368 285 177 306 242 881 Mar. 27... ._ 8,965 650 3,124 410 823 320 355 1,390 286 173 305 246 885 Investments: Mar. 6... 5,958 383 2,176 337 687 159 134 748 195 130 239 132 638 Mar. 13..._ 5,953 383 2,179 332 684 154 134 744 195 130 239 131 647 Mar. 20 6,028 395 2,214 330 691 159 137 763 194 128 238 137 642 Mar. 27 5,986 386 2,201 328 686 160 135 753 191 128 234 140 643 U. S. Government securities— Mar. 6 3,058 183 1,208 107 333 72 65 351 78 74 116 91 379 Mar. 13 3,036 184 1,187 107 327 70 64 349 78 73 116 91 388 Mar. 20. 3,113 189 1,225 105 336 74 67 368 78 72 116 97 386 Mar. 27 3,086 189 1,211 103 331 74 66 362 78 72 112 99 388 Other securities- Mar. 6 2,901 199 967 230 355 87 69 397 117 56 122 41 260 Mar. 13 2,917 199 992 225 356 84 69 395 117 57 122 41 258 Mar. 20 2,915 206 989 225 355 85 70 394 116 56 123 40 257 Mar. 27 2,900 196 990 224 355 86 69 391 113 56 122 41 256 Reserve with Federal reserve bank: Mar 6 1,716 99 789 77 131 43 43 255 47 27 59 36 110 Mar. 13 . 1,726 100 800 78 132 42 41 257 47 26 57 35 112 Mar. 20... 1,715 93 807 76 128 40 37 257 46 26 56 36 113 Mar. 27 1,706 92 808 74 125 40 41 248 46 28 58 35 110 Cash in vault: Mar. 6 238 17 67 14 29 12 10 39 7 6 11 8 20 Mar. 13 245 18 70 15 29 11 10 40 7 6 11 8 21 Mar. 20 235 17 66 14 29 11 10 38 6 6 11 8 19 Mar. 27 243 17 70 16 28 13 10 38 7 6 12 8 20 Net demand deposits: Mar. 6 13,308 887 5,883 720 1,049 361 333 1,871 395 226 508 317 759 Mar. 13 13,398 908 5,858 727 1,042 368 345 1,893 400 229 518 317 793 Mar 20 13,281 872 5,894 704 1,027 357 331 1,884 385 224 502 312 789 Mar. 27 13,156 882 5,853 709 1,026 350 333 1,796 383 226 504 306 789 Time deposits: Mar. 6 6,871 481 1,702 284 978 244 231 1,275 239 132 179 143 980 Mar. 13 6,855 480 1,705 280 976 245 231 1,267 236 133 180 144 978 Mar. 20 . 6,805 477 1,696 280 977 244 231 1,244 235 132 180 144 965 Mar 27 6,827 474 1,720 277 977 244 231 1,241 235 132 181 147 969 Government deposits: Mar 6 6 2 1 1 2 Mar 13 6 2 1 1 2 Mar. 20 305 13 133 15 24 8 15 37 3 2 4 21 29 Mar 27 305 13 133 15 24 8 15 37 3 2 4 21 29 Due from banks: Mar 6 1,167 52 146 55 104 52 82 232 59 52 119 69 146 Mar. 13 . 1,147 46 134 56 104 51 84 238 59 49 118 63 144 Mar 20 1,179 46 181 55 102 50 82 235 58 45 116 63 145 Mar. 27 1,150 57 182 62 101 47 77 222 53 41 111 59 139 Due to banks: Mar. 6 2,970 106 1,010 159 214 103 122 482 136 93 226 112 206 Mar. 13 2,845 104 947 157 212 102 121 465 132 89 210 100 206 Mar 20 2,831 103 949 148 202 101 119 500 130 89 205 96 189 Mar. 27 2,796 111 980 146 199 96 114 461 122 89 200 88 190 Borrowings from Federal reserve banks: Mar 6 756 33 224 55 50 21 35 181 26 12 19 17 82 Mar. 13 716 25 176 63 61 20 30 184 28 14 18 13 86 Mar 20 711 26 160 63 64 23 29 208 35 15 19 7 61 Mar. 27 779 42 246 71 68 23 31 158 38 11 16 9 65 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL, 1929 FEDERAL RESERVE BULLETIN 305 LAND BANKS AND INTERMEDIATE CREDIT BANKS LOANS OF FEDERAL AND JOINT-STOCK LAND BANKS LOANS OF INTERMEDIATE CREDIT BANKS [In thousands of dollars] [In thousands of dollarsj Net amount of loans outstanding 1929 1928 Date Federal Joint-stock Total land banksland banks 1 Class of loan (12 banks) Feb. Jan. Dec. Nov. Feb. 28 31 31 30 25 1927 Jan. 31.. 1, 724,821 1,085,170 639,651 Feb. 28.. 1,745, 404 1,097,642 647, 762 Direct loans outstanding Mar. 31. 1, 765,365 1,109,354 656,011 on- Apr. 30. 1,732,395 1,117,914 614,481 Cotton 22, 668 22,753 23,100 19,549 13,663 May 31. 1,741, 275 1,124,055 617,220 Tobacco 1,145 1,491 1,565 1,676 3,636 June 30.. | 1,738,165 1,130, 648 607, 517 Wheat 1,873 2,461 2,483 2,519 1,965 July 31. 1,742, 575 1,134,896 607, 679 Canned fruits and vege- Aug. 31- 1, 749,393 1,139, 502 609, 891 tables 1,557 1,863 2,118 2,370 913 Sept. 30.. 1. 752, 665 1,143,130 609, 535 Raisins 4,653 4,672 4,679 4,696 5,820 Oct. 31 ._ 1, 757,185 1,147,135 610,050 Wool 152 290 564 663 158 Nov. 30.. 1, 758,834 1,150,943 607,891 Rice 1 091 1,226 1 360 1,397 1,579 Dec. 31.. 1,765,121 1,155, 644 609,477 Allother 263 281 305 259 835 1928 Jan. 31 1,767,515 1,158, 717 608, 798 Total 33,402 35, 037 36,174 33,129 28, 569 Feb. 29 1,778,338 1,168, 354 609,984 Mar. 31.... 1,786,862 1,175,858 611, 004 Rediscounts outstanding Apr. 30 1,791,341 1,180,420 610,921 for— May 31 1,793,035 1.183, 672 609,363 Agricultural credit cor- June 30 1,794,236 1.184, 656 609, 580 porations 20, 479 19, 875 20, 991 23, 745 24,168 July 31 1,793,610 1.185, 714 607, 896 National banks . _ 44 52 50 3 7 A S N D O e u e c o g c t p v . . . . t . 3 V 3 3 3 1 1 0 0 . , _ . . _ j j 1 1 1 1 1 , , , , , 7 7 7 7 7 9 9 9 9 9 6 9 7 7 7 , , , , , 0 9 3 7 5 4 1 1 9 9 5 0 9 6 1 1 1 1 1 1 , , . , . 1 1 1 1 1 9 8 9 9 8 3 7 0 1 9 , , , , ,3 3 8 2 7 4 6 4 7 2 5 5 6 8 4 6 6 6 6 6 0 0 0 0 0 8 9 5 5 7 , , , , , 1 6 4 2 5 9 3 5 2 9 9 2 1 6 5 L S Sa t i n c a v v o i t e i e e m n s s t g b o p s a c a n n k b k i a e s n l s o k a s n a n c d o m tru pa st - 24 3 1 8 4 8 4 2 2 24,1 2 4 6 8 7 3 8 23 7 1 8 9 8 0 4 8 21 4 1 1 8 9 3 2 1 5 21 8 2 2 9 2 0 6 1 1929 Total 45,131 44,425 45,103 45,556 46, 312 Jan. 31 1,799,464 1,195, 089 604, 375 Feb. 28 1, 803,593 1,199, 766 603, 827 i Number of banks, 1927: January-March, 55; April-May, 54; June- August, 53; September-November, 52; December, 51. 1928: January- PAR COLLECTION SYSTEM April. 51; May-November, 50; December, 49. 1929: January to date, 49 BANK DEBITS MEMBERSHIP, BY FEDERAL RESERVE DISTRICTS DEBITS TO INDIVIDUAL ACCOUNTS BY FEDERAL [Number of banks at end of February] RESERVE DISTRICTS fin thousands of dollars] Member banks Nonmember banks c N b e e n u r t m e o r - f s Feb 1 r 9 u 2 a 9 ry, Jan 1 u 92 a 9 ry, Feb 1 r 9 u 2 a 8 ry, Fed d er is a t l r i r c e t serve On par list Not on par list 1929 1928 1929 1928 1929 1928 New York City 1 46, 288, 750 54, 719, 288 32, 739, 886 Outside New York City.. 140 24, 515,182 28,126,466 21, 754, 528 Federal reserve district: United States ._ 8,777 8,986 12, 506 13,101 3,909 3,905 N A B P R S M C C K D S h a t o i e l t h a a . i c e l n i s w n n l i a l h v L l t c a n s a o n m e F a d o a e s Y t n l r g s u e a a a o a o n l o i p n n C p s r d o . d c k h . i l . i i i t s a s y c . o . . __ 2 1 1 1 1 1 1 1 5 9 7 7 1 0 3 5 8 1 5 0 47 2 2 6 3 2 1 1 1 , , , , , , , , , 1 1 6 6 6 5 2 6 5 5 7 2 4 1 1 9 8 5 7 0 7 3 4 6 1 5 2 5 6 8 4 8 4 6 0 0 , , , , , , , , , , , , 0 1 0 1 7 2 8 7 7 2 7 3 5 1 1 7 1 1 2 5 2 1 6 4 3 8 8 3 9 0 8 9 2 9 7 6 55 3 2 3 3 7 1 1 1 , , , , , , , , , 0 4 4 8 7 8 2 9 9 3 7 3 2 1 4 1 0 0 0 6 4 9 7 3 7 2 6 5 8 9 9 1 5 8 8 2 , , , , , , , , , , , , 7 3 1 1 1 5 6 7 4 5 6 5 1 6 0 2 7 9 6 7 4 9 5 6 0 7 0 7 0 1 8 5 1 1 0 4 3 * 3 3 2 2 2 5 1 1 1 , , , , , , , , , 0 1 4 1 6 5 6 6 4 3 0 3 4 5 6 6 0 3 8 1 1 9 4 7 3 4 4 2 1 2 3 5 9 9 2 5 , , , , , , , , , , , , 3 1 9 2 8 3 8 2 2 3 6 2 0 4 0 1 4 8 7 0 3 9 6 3 9 4 8 5 0 7 5 7 5 9 1 4 N A B R M D P S K S C C a h t o i h e l a t a . i c e l n i s i w l n n a l h v c l L t a n s a n o a m F e o a d s e Y g t n l r s u a a e a o o a o n i l p n C n p s r d o d k h c i l t i i i y s s a co... 1,2 4 9 7 8 4 9 7 7 5 5 6 4 7 0 1 4 1 1 4 6 1 8 4 4 9 7 4 6 9 7 0 7 7 5 2 1,2 4 4 9 7 8 5 5 9 6 7 7 7 6 3 7 3 4 9 6 6 1 3 9 6 0 4 9 4 9 3 0 2 3 2 4 3 2 1 1 , , , , 0 7 2 5 4 6 6 4 3 6 6 2 0 3 1 5 1 0 1 8 0 4 7 5 7 6 4 3 4 4 2 8 8 6 2 2 3 2 1 1 , , , , 8 0 3 6 4 3 5 6 7 6 2 7 7 3 2 7 0 0 4 3 5 0 4 0 4 0 7 3 7 8 8 3 2 1 7 1 1,1 9 5 4 2 2 2 3 5 8 6 7 1 1 5 3 9 3 7 8 4 4 3 8 1 1, , 1 0 5 4 2 2 1 3 1 4 7 0 5 7 1 9 6 1 7 5 5 9 1 0 1 Total 141 70, 803, 932 82, 845, 754 *54, 494,414 1 Incorporated banks other than mutual savings banks. •Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
306 FEDERAL RESERVE BULLETIN APRIL, 1929 CONDITION OF ALL BANKS IN THE UNITED STATES Table 1.—ALL BANKS IN THE UNITED STATES i—PRINCIPAL RESOURCES AND LIABILITIES, ON CALL DATES, BY FEDERAL RESERVE DISTRICTS [In millions of dollars. Figures for nonmtmber banks are for the dates indicated or nearest dates thereto for which figures are available] Total loa m ns e n a t n s dinvest- Loans 2 Investments Depo b s a i n t k s, d e e x p c o l s u i s ts i v 3 e of Red b i i s l c ls o u p n a t y s a ble and Federal reserve district and call date All Mem- Non- All Mem- Non- All Mem- Non- All I Mem- Non- All Mem- Nonbanks ber mem- banks ber mem- banks ber mem- banks ber mem- banks ber member ber ber ber ber All districts: 1926—Dec. 31 — 52,018 31,642 20,376 36,759 22, 652 14,106 15,260 8,990 6,269 50,029 30,474 19,555 •1,095 760 •335 1927—June 30— 53,750 32,756 20,994 37,360 22,938 14,421 16,391 9,818 6,573 51,662 31,269 20,393 816 541 275 Dec. 31__. 55, 450 34,247 21,204 38,407 23, 886 14, 521 17, 043 10, 361 6,683 52,909 32, 063 20, 846 894 663 230 1928—June 30—*57,265 35, 061 *22,204 *39,464 24, 303 •15,161 *17, 801 10, 758 *7, 043 *53, 398 32,133 •21,265 •1,570 1,209 *361 Boston: Dec. 31... 58, 266 35,684 22, 582 40, 763 25,155 15, 607 17, 504 10, 529 6,975 56,766 34, 826 21, 940 1,512 1,162 350 1926—Dec. 31 — 5,940 2,428 3,512 3,817 1,708 2,109 2,123 720 1,403 5,594 2,286 3,308 91 84 7 1927—June 30... 6,199 2,536 3,663 3,930 1,744 2,186 2,269 792 1,477 5,811 2,359 3,452 70 60 10 Dec. 31... 6,367 2,583 3,784 4,021 1,765 2,256 2,345 817 1, 528 6,009 2,444 3,565 40 32 8 1928—June 30... 6,644 2,642 4,002 4,226 1,849 2,377 2,418 793 1,626 6,106 2,351 3,755 108 92 16 Dec. 31 — 6,649 2,571 4,078 4,271 1,824 2,446 2,378 747 1,632 6,225 2,397 3,828 93 76 17 New i ork: 1926—Dec. 31... 15, 728 9,667 6,061 10, 793 6,861 3,932 4,935 2,806 2,129 15,168 9,701 5,467 253 212 41 1927—June 30... 16, 693 10,126 6,567 11, 388 7,026 4,362 5,305 3,100 2,205 16,264 10,002 6,262 136 113 23 Dec. 31... 17,502 10,947 6,555 12,166 7,789 4,377 5,336 3,158 2,178 16, 312 10, 021 6,291 328 314 14 1928—June 30...*18,202 11,098 •7,104 *12, 605 7,759 •4, 846 •o, 598 3,340 •2,258 *16, 614 9,982 •6, 632 523 481 42 Dec. 31 — 18, 776 11, 593 7,183 13,435 8,404 5,031 5,341 3,189 2,152 18, 915 12,140 6,776 542 499 43 Philadelphia: 1926—Dec. 31... 4,034 2,478 1,556 2,547 1,616 931 1,487 862 625 3,602 2,166 1,436 111 75 36 1927—June 30... 4,115 2,531 1,584 2,504 1,604 900 1,611 927 684 3,646 2,187 1,459 93 66 27 Dec. 31... 4,241 2,588 [, 653 2,592 1,616 976 1,650 972 678 3,787 2,243 1,543 101 73 29 1928—June 30... 4,365 2, 656 ,709 2,636 1,690 946 1,729 966 763 3,764 2,232 1,532 160 113 47 Dec. 31... 4,395 2,666 [,730 2,747 1,745 1,002 1,649 921 728 3,874 2,287 1,587 153 99 54 1926—Dec. 31... 4,481 3,133 ,348 3,067 2,144 923 1,414 989 425 4,146 2,883 1,263 120 91 29 1927—June 30... 4,635 3,267 [,368 3,098 2,179 919 1,538 1,089 449 4,332 3,035 1,297 69 49 20 Dec. 31... 4,689 3,296 [,393 3,100 2,162 939 1,588 1,135 454 4,355 3, 029 1,326 93 68 24 1928—June 30... •4, 898 3,448 *,450 *3,237 2,266 *972 *1, 660 1,182 *479 •4,498 3,139 *1, 359 •141 111 29 Dec. 31... 4,854 3,414 [,440 3,279 2,291 988 1,575 1,123 452 4,526 3,165 1,361 139 105 34 Richmond: 1926—Dec. 31... 2,395 1,275 [,120 1,865 1,011 854 530 264 266 2,222 1,164 1,058 73 37 36 1927—June 30— 2,423 1,311 L,112 1,841 1,014 827 582 297 285 2,244 1,193 1,051 67 35 32 Dec. 31... 2,517 1,362 L,155 1,871 1,028 843 646 334 312 2,378 1,242 1,136 47 31 16 1928—June 30... 2,531 1,344 [,187 1,881 1,021 861 650 324 326 2,284 1,188 1,096 107 69 38 Atlanta: Dec. 31... 2,522 1,338 1,183 1,879 1,022 857 643 317 326 2,351 1,214 1,137 74 49 25 1926—Dec. 31... 1,787 1,158 629 1,458 927 531 329 231 98 1,741 1,092 649 89 53 36 1927—June 30.._ 1,726 1,141 585 1,373 885 488 353 256 97 1,674 1,066 608 69 42 27 Dec. 31 — 1,754 1,165 589 1,369 888 481 384 276 108 1,736 1,104 632 56 34 22 1928—June 30— 1,753 1,173 579 1,378 910 '468 375 263 112 1,640 1,072 568 94 54 39 Chicago: Dec> 31"" 1,749 1,188 560 1,3*6 895 451 402 293 109 1,673 1,093 580 74 52 21 1926—Dec. 31... 7,174 4,543 2,631 5,497 3,388 2,109 1,676 1,154 522 6,972 4,318 2, 654 182 108 74 1927—June 30... 7,407 4,712 2,695 5,575 3,461 2,114 1,832 1,251 581 7,171 4,466 2,705 131 68 63 Dec. 31... 7,495 4,859 2,636 5,583 3,519 2,064 1,911 1,339 572 7,327 4,649 2,679 123 68 55 1928—June 30... 7,826 5,118 2,709 5,810 3,698 2,113 2,016 1.420 596 7,517 4,806 2,712 225 165 60 Dec. 31 — 7,904 5,163 2,741 5,933 3,812 2,121 1,971 1,350 620 7,667 4,914 2,752 234 164 71 St L1o9u2i6s—*Dec. 31... 2,059 1,313 746 1,541 946 595 517 366 151 1,965 1,186 779 67 36 31 1927—June 30... 2,096 1,337 759 1,537 930 607 558 406 152 1,976 1,187 789 63 38 25 Dec. 31... 2,128 1,377 752 1,546 953 592 583 423 159 2,053 1,250 803 47 21 26 1928—June 30... •2,141 1,384 *756 *1,535 942 *593 *605 442 *163 *2,002 1,215 *787 *110 65 *45 Dec. 31... 2,163 1,406 757 1,546 954 592 617 452 166 2,045 1,256 788 82 39 43 Minneapolis: 1926—Dec. 31... ,495 862 633 995 554 441 499 308 192 1,526 847 679 19 5 14 1927—June 30... [,485 851 634 956 531 425 528 320 209 1,507 842 665 18 5 13 Dec. 31... L,527 897 630 955 547 408 571 350 222 1,560 886 674 12 3 9 1929—June 30... L, 549 909 640 947 544 403 601 365 237 1,567 895 673 19 8 11 Dec. 31... L,555 933 622 951 560 391 605 373 232 1,596 929 666 13 5 8 Kansas City: 1926—Dec. 31... [,828 1,136 692 1,374 777 597 454 359 95 1,924 1,148 776 21 7 14 1927—June 30... [,832 1,154 678 1,355 776 579 476 377 99 1,916 1,158 758 27 12 15 Dec. 31... [,868 1,191 677 1,353 7S3 570 515 408 107 1,957 1,185 773 22 10 12 1928—June 30... [,893 1,224 669 1,336 789 547 557 436 122 1,962 1,208 755 29 19 9 Dallas: Dec. 31... 1, 929 1,250 679 1,332 803 530 596 447 149 2,028 1,241 787 34 22 12 1926—Dec. 31... 1,029 807 222 841 652 189 189 156 33 1,053 800 253 15 10 5 1927—June 30... 1,064 831 233 853 654 199 211 177 34 1,049 800 249 19 12 Dec. 31... 1,136 898 238 891 694 197 245 204 41 1,182 897 285 4 2 2 1928—June 30... 1,163 916 248 895 692 203 268 224 44 1,146 885 261 18 11 6 Dec. 31.._ 1,247 993 254 938 736 201 310 257 53 1,290 989 301 14 12 2 octn -T rdncibco. 1926—Dec. 31 — 4,U68 2,842 1,228 2, 962 2, 067 895 1,107 776 331 4,116 2,883 1,233 *55 42 •13 1927—June 30... 4,077 2,961 1,116 2,949 2,134 815 1,128 827 301 4,073 2,974 1,099 54 41 13 Dec. 31... 4,227 3,084 1,143 2,959 2,141 818 1,267 943 325 4,253 3,114 1,139 20 7 13 1928—June 30... 4,300 3,149 1,151 2,977 2,144 833 1,323 1,005 318 4,297 3,160 1,137 37 19 17 Dec. 31... 4.523 3,169 1,354 3,107 2,109 998 1.416 1,060 356 4,576 3, 200 1,376 59 39 20 1 Includes all national and State banks (including stock and mutual savings banks) and all private banks under State supervision. 2 Includes rediscounts and overdrafts; excludes acceptances of other banks and bills of exchange sold with indorsement. 3 Includes letters of credit and travelers' checks sold for cash and outstanding, which were not included in deposits in statements issued prior to Oct. 3, 1928. * Revised. Back figures.—See Tables 33, 34, and 77-80, annual report of Federal Reserve Board for 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APRIL, 1929 FEDERAL RESERVE BULLETIN 307 fable 2.—ALL BANKS IN THE UNITED STATES i—PRINCIPAL RESOURCES AND LIABILITIES ON DECEMBER 31 AND JUNE 30, 1928, BY STATES [Amounts in thousands of dollars] Loans and investments Total Loans 2 Investments D o e f p b o a s n i k ts , d e e x p c o l s u i s ts iv 3 e Re b d il i l s s c o p u a n y t a s b l a e nd N re u b p m a o n b rt k e i s r n g of State Decem- Decem- Decem- Decem- j Decem- Deber June ber June ber June ber i June ber ! June cem- June ber I New England: Maine 427,304 428.161 214,003 209,846 213, 301 218,315 396,290; 392, 705 8,561 9, 508^ 136 140 New Hampshire... 302,801 300,951 149, 265 147, 721 153, 536 153, 230 274, 952 270, 514 2, 929 * 3, 852| 124 123 Mid V M R d C l h o e e a r o n s m A d n sa e e o t c c l n I a h t t s i n u c l t a s u i n e c t t d : ts 4 1 , , 1 2 5 3 5 3 2 0 4 7 5 2 , , , , 0 1 0 3 5 6 7 3 4 7 0 0 4 1 , , 1 2 5 2 3 5 3 8 7 1 7 2 , , , , 1 4 7 3 0 0 9 1 3 6 3 4 2,8 2 7 1 4 6 8 5 4 4 9 8 , , . , 9 8 3 6 8 3 6 6 6 5 7 7 2, 2 8 7 1 8 3 3 5 5 1 8 6 , , , , 1 8 5 1 3 4 5 0 1 9 7 8 1, 2 5 2 9 3 4 8 5 8 7 0 , , , , 1 1 1 4 7 9 8 0 3 8 1 3 1, 2 5 3 5 4 9 0 2 3 5 5 , , , , 0 5 2 9 2 0 7 4 3 7 2 43 1 , , 8 2 5 2 0 4 7 1 5 1 1 4 , , , , 9 5 2 1 8 9 7 3 8 5 6 6 | ; 3 1 , , 1 2 5 7 7 0 3 9 6 4 6 5 , , , , 9 7 9 2 0 2 2 8 9 8 6 5 6 1 0 4 3 6 , , , , 4 9 8 6 9 2 2 4 6 3 0 7 1 ! ; ! 7 2 0 0 4 3 , , , , 3 5 2 9 4 3 8 4 0 6 0 7 ! ! 4 2 1 4 3 3 0 8 4 5 5 4 2 1 4 3 3 0 6 7 4 5 New York .6,437, 953 15, 880, 65311, 931, 57511,148,545 4, 506, 378! 4, 732,108 16, 703,877 14, 466,840 478, 906! 457.191! 1,145 1,146 New Jersey 2,463, 229 *2,451, 907 1,650,085 *1, 607,400 813,144 *844, 507 2,325,949 - *2, 264, 886 78, 6991 •76,113! 570 *572 Pennsylvania 5, 741,972 5, 742, 601 3, 433,081 3, 309, 6012, 308, 891 2,433,000 5,048,562 4,949,195 178,694 205,518! 1,617 1,628 East North Central: ! Ohio 2, 662,828 2, 684, 516 1, 985,600 1,968, 784 677, 228 715, 732 2, 565, 377 2, 551,820 84,940 71, 4531 1,035 1,048 Indiana 897, 280 890,194 664, 520 662, 539 232, 760 227, 655 855, 582 [ 843, 792 54, 245 48,413 1,005 1,028 Illinois 3, 918, 256 3,885,482 2, 902, 799 2, 831,8271,015,457 1, 053, 6553,751,340 3, 685,817 92,931 89,324 1,816 1,816 Michigan 2, 019,490 1,986,148 1,455, 682 1,424, 269 563,808 561, " 1,948,809 1,890, 397 62,879 73, 559 '51 748 Wisconsin 943,110 938, 502 657, 250 642, 752 285,860 295, 750 930,314 926,050 28, 329 i 20, 280 967 West North Central: Minnesota 915,329 926,679 538, 283! 539,018 377, 046' 387, 661 903, 483 897,384 9,063 14,731 1,100 1,134 Iowa _ 791, 388 787,990 670, 754 670.403 120, 634! 117,587 832. 631 827, 515 12, 399 5, 780! 1,298 1,328 Missouri 1, 276,008 1, 266,972 881, 372! 885,447 394, 636| 381, 525 1, 224, 365 1,180, 050 40,809 i 61,120 1,356 1,388 North Dakota 124,746 125,279 88, 613! 91,114 36,133 34,165 139,238 135, 567 933 1,762 470 489 South Dakota 136,657 131, 979 95, 780i 94, 278 40,877! 37, 701 152,624 150,046 1,174 1, 295 409 412 Nebraska 408,050 399, 619 312,918! 308.305 95,132! 91,314 411,543 416, 659 15,648 4,20l! 882 S04 Sout K h a A ns t a la s ntic: 417,368 407,106 298,3041 298,383 119,064; ! 108,723 431,453 427,337 5, '"" 6,111! j 1,1021 ! 1,114 Delaware __. 149,451 144, 039 98,216| 92,609 51,235! 51,430 136,809 124,454 4 4,005 4,346! - 47! 48 Maryland 834, 530 820,443 502,627| 484,364 331, 903 j 336, 079 788,713 763,086 14,168 15,631! 237 238 District of Columbia _. 253.145 254,495 190,827! 190,389 62, 318; 64,106 248, 878 248, 582 6,336 4,540! 41 42 Virginia.. _. 563, 568 562, 738 466,806 467, 581 96, 722 95,157 471,340 461, 588 25, 040 32,160! 488 494 West Virginia 360, 694 363, 794 294,391 294, 911 66,303 68,883 333, 284 331,708 12,149 15.431 325 330 North Carolina 408, 226 416,181 349,398' 358,869 58,828; 57,312 390,155 367,245 17,047 34,850 i 441 445 South Carolina 184, 527 195,947 138,815; 147, 569 45, .712 48, 378! 195, 250 188,381! 1,597 6,1021 244 262 Georgia 355, 731 371, 584 287,927! 312, 789 67, 8041 58, 795! 335, 343 326, 218! 13, 182 25,1701 434 454 Florida 334,890 357, 923 212, 9911 235,451 121,899; 122,4721 337,054 369,364; 9,151 4, 713| 283 302 East South Central: I Kentucky 546,551 *533, 73' 416,476! *404,412 130,0751 * 129,325' 456,273 *444,152J 30, 592 *29,096 579 *579 Tennessee.. 412.997 407,630 348,311; 343,764 64,6861 63,866 408,192 408,363 16,201 8,322J 507 Alabama 312,081! 301, 651 251,194J 243,694 60, 887j 57,957 290, 721 271,174 17,847 18,399! 357 357 Mississippi 220,170; 223,684 166,784j 172,169 53,386 51,515 237, 501 215,967; 5,013 17,092 321 325 Webt South Central: Arkansas. __ 202,406J 204, 749 160,207 167,623 42, 37,126 215,610 202,392! 1,177 8,615; 437 437 Louisiana 429,412i 402,048 340,144 330, 648 89,268 71,400 415,855 371,042 18,680 36,368; 228! 229 Oklahoma 404,821 395,219 255,418 255, 111 149,403 140,108; 444, 373 425,911! 1,016 6,63l! 661! 668 Texas 1,105,822 1,032,156 831,390 793,632 274,432 238,524 1,132,308 l,013,43ll 12,695 13,408; l,345l 1,372 Mountain: Montana 158, 911 147, 615 100,102 94, 536 58,809J 53, 079 175, 673 160, 598 245 569 201 202 Idaho 82,173 79,015 49, 503 48,000 32,670 31,015 93, 544 87,122 207 885; 139 140 Wyoming 59,703 55,333 40,265! 39,011 19,438 16,322 66,421 59,941 120 605! 86) 86 Colorado 272,607 266,070 173, 575 165,824 99,032 100,246 298, 510 3,741 2,120 284' 285 New Mexico 41,016 37, 513 26,162| 23, 849 14,854 13, 664| 46,999 40,334: 15 374 58; 58 Arizona 81,288 75,403 51, 754! 51,184 29, 534 24,219 94,900 86,1471 602 785j 46 45 Utah 160,159 152,349 123. 542 119,427 36, 61" 32, 922 142,638 129, 245J 2,154 105 105 Nevada 38,935 37, 734 29,807 28, 740 9,128 8,994 42, 744 40,159 . 35 35 Pacific: Washington 448, 598 439,803 278,462 j 275,843 170,136 163, 960 463,284 451,483 2,755 4,496 35l! 352 Oregon 263.146 262,197 145, 742j 147, 571 117,404 114, 626! 279,176 273,635 1,794 3,968 242 243 California 3,478,224 3,281,119 2,444,115! 2,322,639 1,034,109 958,480 3,494,641 3,259,911 53,133 24,299 459 496 Total 58, 266,361 *57,265, 299 40, 762,690;*39,464,08617,503,671*17,801,213 56, 765, 573 *53,397,872 1, 512, 224 *1, 570,443 25,576 *25,941 1 Includes all national and State banks and all private banks under State supervision. Figures for State institutions are taken from Table 4 and represent in some cases the condition of banks as of dates other than Dec. 31 and June 30, 1928. 2 Includes rediscounts and overdrafts; excludes acceptances of other banks and bills of exchange sold with indorsement. 3 Includes letters of credit and travelers' checks sold for cash and outstanding. The June figures of deposits given in this table exceed, in the case of a few States, those given in Tables 3 and 4, chiefly by reason of technical differences between reports to the board and reports to State banking authorities as regards letters of credit, etc. 4 Excess over figures shown in Tables 3 and 4 is chiefly due to technical differences between reports to the board and reports to State banking authorities. •Revised. Bad figures—See Tables 81-83, annual report of Federal Reserve Board for 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
308 FEDERAL RESERVE BULLETIN APRIL, 1929 Table 3.—NATIONAL BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON DECEMBER 31 AND JUNE 30, 1928, BY STATES [Amounts in thousands of dollars] Loans and investments Deposits, exclu- Rediscounts Number of sive of bank and bills reporting deposits 2 payable banks State Total Loans i Investments Decem- Decem- Decem- Decem- Decem- Decem- , ber June ber June ber June ber June ber June ber T New England: Maine.. 145,482 144, 773 77, 636 75,984 67,846 132, 286 129, 233 3,111 4,315 54 55 New Hampshire 72,135 70, 285 43, 233 41, 689 28, 902 28, 596 61,823 57, 385 2,929 3,804 56 55 Vermont 70, 667 68, 206 41, 654 39,412 29,013 28, 794 61, 556 58,123 1,733 2,321 46 46 Massachusetts , 158,1531, 200, 550 842, 879 861,381 315, 274 339,169 1,062, 2681, 038, 71744, 707 51, 008 154 152 Rhode Island 55,473 58,141 33, 790 34, 311 21,683 23, 830 44, 001 43, 697 1,640 2,600 11 13 Connecticut 276,434 277, 719 199, 532 194, 510 76, 902 83, 209 256,183 245, 329 6,648 11,191 65 65 Middle Atlantic: New York i, 161, 6795, 000, 6703, 573, 2643,373,721 1,588,415 1, 626, 9495, 257, 6414, 244, 437309, 845281,939 565 562 New Jersey 900, 789 872, 631 584, 906 549, 794 315, 883 322, 837 849, 862 813,947 34, 399 30, 303 299 299 Pennsylvania !, 642, 5025, 654, 022 1, 610,1671,579,745 1,032,338 1,074, 2772, 312, 3692, 245,192 81,200 111, 965 864 871 East North Central: Ohio... 723, 891 726,136 484, 413 477,142 239, 478 248, 994 670, 358 662,187 29,486 23, 746 328 331 Indiana 372,134 362, 033 252, 641 243, 845 119, 493 118,188| 349,718 336,409 8,133 5,123 224 227 Illinois , 643, 6211, 596, 8241, 221, 8271,173,396 421, 794 423,428 1,492,015 1,456,199 61,118 54, 310 488 484 Michigan 506, 774 508,169 345, 916 343, 791 160,858 164, 378 498, 893 483, 87215, 679 29,584 134 133 Wisconsin 431, 022 392,822 299, 622 262, 054 131, 400 130, 768 401, 845 371,408 19, 423 11, 026 156 157 West North Central: Minnesota 530, 231 524, 971 327, 424 317, 795 202, 807 207,176 506, 038 496, 549 3,126 6,099 278 279 Iowa . 279, 050 274,946 184, 280 182,386 94, 770 92, 560 268, 765 263, 928 5,432 1,364 269 270 Missouri 524, 206 518,842 373, 476 375, 952 150, 730 142, 890 449.169 411,611 12, 559 28,374 134 134 North Dakota 75, 058 73, 722 46, 249 46. 636 28, 809 27, 086 79, 730 76,044 449 783 133 136 South Dakota 62,889 61, 784 36, 064 36, 609 26, 825 25,175 67, 333 65, 433 428 422 96 97 Nebraska ._ 189,321 181,922 132, 084 128,769 57, 237 53,153 166, 769 165, 416 12,020 2, 357 156 158 Kansas 205, 016 199, 840 132, 309 132, 929 72, 707 66, 911 208, 632 203, 002 3,167 2,247 248 250 South Atlantic: Delaware 22,92s| 22, 65' 12, 431 12, 561 10, 492 10. 096 19, 655 19,100 664 751 18 Maryland 240, 660 237, 321 160, 045 152, 861 80, 615 84,460 217, 867 211, 550 10,281 10,173 84 District of Columbia... 129,168 130,434 95, 434 96, 275 33, 734 34,159 123,1631 124, 414 5,321 4, 095 12 13 Virginia 326, 312 332, 440 262, 768 269, 014 63, 544 63,426 278, 262 280, 752 12, 303 15, 960 165 166 West Virginia 165, 432 165, 410 128, 479 127.198 36, 953 38, 212 149, 090 146, 282 5,435 6,820 119 119 North Carolina 156, 959 162, 415 128,432 132', 400 28, 527 30,015 142, 969! 138, 240 7,023 12, 983 75 77 South Carolina 103, 519 109, 880 76, 732 78, 574 26, 78^ 31,306 102, 6191 102, 722 1,200 2,769 55 58 Georgia 208, 919 220, 541 164, 363 179, 751 44, 556 40, 790 202, 308i 198,168 2,444 11,916 81 81 Florida 185, 379 198, 927 107, 555 123, 598 77,824 75, 329 180, 447! 194, 724 3,880 2,245 62 63 East South Central: Kentucky 266,184 253,370 191, 535 179,471 74, 649 73, 899 223,432 211,311 15, 074 13, 578 140 140 Tennessee 217,122 209, 589 'i 176, 691 171,371 40,431 38, 218 195, 794 193,945 8,036 3,793 102 103 Alabama 203, 866 192,038! 154,924 145, 508 48,942 46, 530 181,6711 170,197 11, 264 10, 297 107 107 Mississippi 75, 240 76, 718 55, 038 56, 418 20, 202 20, 300 75,114 70, 240 2,196 6,280 36 36 West South Central: Arkansas 80, 573 79, 821 55, 57, 818 24, 708 22,003 78,005 76, 640 269 1,645 78 79 Louisiana _ 103, 433 95, 425 87, 272 80, 229 16,161 15,196 96, 799 85, 268 3,472 5,924 33 33 Oklahoma 336, 531 327, 750 209, 228 206, 642 127,303 121,108 359,423 346, 232 645 4,938 325 333 Texas. 880, 825 812,422 649,102 609, 641 231, 723 202, 781 865,329 780, 111 11,156 632 Mountain: Montana 85,910 76,18' 52, 94' 48, 881 32, 963 27, 306 93, 571 81,939 224 70 Idaho _ 41, 644 41,416 27, 203 26, 979 14, 441 14,437 46, 512 43,951 30 589 44 Wyoming 35, 698 32,303! 21, 800 20,888 13,898 11,415 36, 890 34,042 64 94 26 26 Colorado 211, 894 207,1521 129, 302 123,743 82, 592 83,409 232,341 222, 204 2,337 1,458 123 123 New Mexico 29,955 27, 200| 18,877 17,008 11, 078 10,192 33, 896 29, 214 15 276 28 29 Arizona 28,156 26,123! 16, 210 16,376 11,946 9,747 32,411 29, 380 494 15 15 Utah 48,300 45,3861 33, or 31, 836 15, 283 13, 550 44, 938 39, 667 184 324 20 20 Paci N fic e : vada 16, 986 16, 586 i 11, 684 11, 217 5,302 5,369 16,040 10 10 Washington 269,137 265, 948| 161, 432 160, 613 107, 705 105,335 277, 526 271, 271 1,511 2,260 110 109 Oregon 179, 878 176, 809 90, 518 90,156 89, 360 86, 653 186,417 182, 583 1,009 1,443 93 93 California L, 729, 6071, 751, 2941,162, 8941, 222, 295 566, 713 528, 9991, 716,4171, 739, 87021, 634 6,082 210 222 Total 22,406,740 22,062,570}15, 285,144 14, 921,1737,121, 5967,141,397 21, 407,109 19, 908, 291785, 059 801,185 7,629 ',685 1 Includes rediscounts and overdrafts; excludes acceptances of other banks and bills of exchange sold with indorsement. 2 Includes letters of credit and travelers' checks sold for cash and outstanding, which were not included in deposits prior to Oct. 3, 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
309 APRIL, 1929 FEDERAL RESERVE BULLETIN Table 4.—STATE BANKS i—PRINCIPAL RESOURCES AND LIABILITIES ON DECEMBER 31 AND JUNE 30, 1928, BY STATES [Amounts in thousands of dollars] Loans and investments Rediscounts Number of Deposits, exclusive and bills reporting Total Loans 2 Investments of bank deposits payable banks State De b c e e r m- June De b c e e r m- June De b c e e r m- June De b c e e r m- June c D b e e m e r - - June c D b e e m e r - - June New England: Maine 281,822 283,388 136, 367 133,862 145, 455 149, 526! 264,004 263,4721 5,450 5,193 82 N""e w H~ ampsh" i"re . 230,666 230,6661 106,032 106,032 124,634 124,634 213,129 213,129;. 68 Vermont 183,366 182,9251 117,181 116,696 66,185 66,229 180,432 178, 786! 1,914 1,626 59 59 Massachusetts. 2,966,917 2,937,243 2,001, 7881,970,468 965,129 966,775 2,809,327 2, 756, 563; 16,216 19,338 294 294 Rhode Island.. 481,694 479,262i 256,196 250,820 225,498 228,442 461,275 461,030! 5,180 1,680 23 24 Connecticut 1,026,106 1,004, 345; 564,835 544,047 461, 271 460,298 957, 953 931,597! 9,339 170 169 Middle Atlantic: New York. 11,276,274 10,879,983 8, 358,3117,774,824 ,917,963 3,105,15911,446,236,0,199,042: 169,061 175,252 580 584 New Jersey j 11 ,5E6C2O,4 A440f\*1 1, K5^7ft9 ,O277A6'11,006655,1177991*'11,005577,660066 497, 261 *521,670| 1,476,0871,450,700 44,300 *45, 810 271 *273 Pennsylvania. 3,099,467 3,088, 579 1,822,914 1,729,856 ,276, 5531,358,723 2,736,193 2, 703, 617i 97,494 93,553 753 757 East North Central: Ohio.. 1,938,937 1,958,380 1,501,187 1,491,642 437, 750 466,738 1,895, 0191,889,497i 3 55,454 3 47,707S 707 717 Indiana 525,146 528,161 411,879 418, 694 113,267 109,467 505,864 507,383! 46,112 43,290| 781 801 Illinois 2,274,635 2,288,658 1,680,972 1,658,431 630,227 2,259,325 2,229,403j 31,813 35,014 1,328 1,332 Michigan 1, 512, 7161,477,979 1,109, 7661,080,478 402,950 397,501 1,449,916 1,406,3681 47,200 43,975j er 615 Wisconsin 512,088 545, 680 357,628 380,698 154,460 164,982 528,469 554,642 8,906 9,254! 810 West North Central: 810 Minnesota 385,098 401,708 210,859 221,223 174,239 180,485 397,445 400,835 5,93' 8,632 822 855 Iowa 512,338 513,044 486,474 488,017 25,864 25,027 * 563,866 * 563,542 6,96' 4,416 1,029 1,056 Missouri 751,802 748,130 507,896 509,495 243,906 238,635 * 775,196 * 768,350 28,250 18,058 1,222 1,254 North Dakota 49,688 51, 557 42,364 44,478 7,324 7,079 59,508 59,523 484 979 33" 353 South Dakota.. 73,768 70,195 59, 716 57,669 14,052 12, 526 85,291 84,613 746 873 313 315 Nebraska | 218,729 217, 697 180, 834 179, 536 37,895 38,161 244,774 251,243 3,628 1,844 *726 «746 Kansas 212,352 207,266 165,995 165,454 46,357 41,812 * 222,821 * 224,335 2,641 3,864 854 864 South Atlantic: Delaware 126,528 121,382 85,785 80,048 40,743 41,334 117,154 105,336 1,659 3,595 30 30 Maryland 593,870 583,122 342, 582 331, 503 251,288 251,619 570,846 551, 503 3,887 5,458 154 154 District of Columbia. _. j 123,977 124,061 95,393 94,114 28,584 29,947 125, 715 124,168 1,015 445 29 29 Virginia... ! 237,256 230, 298 204,038 198, 567 33,218 31,731 193,078 180,833 12.737 16,200 323 328 West Virginia ! 195,262 198,384 165,912 167,713 29,350 30,671 184,194 185,426 6,71 8,611 206 211 North C arolina i 251,267 253, 766 220,966 226,469 30,301 27,297 247,186 229,005 10,024 21,867 366 368 S" outh Carol"in a ' 81,008 86,067 62,083 18,925 17,072 92, 631 85, 659 397 3,333 189 204 Georgia _ 146,812 151,043 123,564 133,038 23,248 18,005 133,035 128,050 10.738 13,254 353 373 Florida 149,511 158,996 105,436 111, 853 44,07f 47,143 156,607 174, 640 5,271 2,468 221 239 East South Central: Kentucky 280,36' 280, 367 224,941 224, 941 55,426 55.426 232, 841 232, 841 15, 518 15, 518 439 439 Wes T A M t e l S i a n s o b n s u i a e s t m s s h s i a e p C e p e i ntral: 1 1 1 9 0 4 5 8 4 , , , 2 9 8 1 3 7 5 0 5 1 1 1 9 0 4 9 6 8 , , ,0 6 9 4 6 1 1 6 3 1 1 9 1 7 1 6 1 , , , 6 2 7 2 7 4 0 0 6 1 1 9 7 1 8 2 5 , , , 1 3 7 8 9 5 6 3 1 2 3 1 4 3 1 , , , 1 9 2 4 8 5 5 4 5 2 3 1 1 5 1 , , . 6 4 2 4 2 1 8 7 5 * * 1 1 2 6 0 1 2 9 2 , , , 3 0 8 5 3 7 0 98* 4 1 1 2 4 0 1 5 0 4 , , , 9 4 7 3 1 2 0 8 7 8 6 2 , , , 1 8 5 6 1 8 7 5 3 ! 1 4 8 0 , , , 1 5 8 0 2 1 2 9 2 3 2 2 9 5 8 6 0 5 4 2 0 5 4 0 Arkansas 121,833 124,928 104, 342 109, 805 17,491 15,123 137,605 125, 75: 6,970 359 358 Louisiana 325,979 306, 623 252,872 250,419 73,107 56, 204 319,056 285, 766 15, 208j 30,444 195 196 Oklahoma 68,290 67,469 46,190 48,469 22,100 19,000 84,950 79, 679 37l| 1, 336 335 Texas 224,997 219, 734 182, 288 183,991 42, 709 35,743 266, 97S 233,320 1, 539; 4,515 71 734 Mountain: Montana 73,001 71,428 47,155 45,655 25,846 25, 773 82.102 78,65' 245! 34; 131 132 Idaho 40, 529 37,599 22,300 21,021 18,229 16, 578 47,032 43,171 177, 296 95 94 Wyoming- 24,005 23,030 18,465 18,123 5,540 4,907 29,53 25, 899 56 511 6C 60 Colorado.. 60, 713 58,918 44,273 42,08: 16,440 16,837" 66,16S 63, 633 1,404 662 16: 162 New Mexico. 11,061 10,313 7,285 6,841 3,776 3,472 13.103 11,120 98 3C 29 Arizona 53,132 49, 280 35, 544 34,808 17, 588 14,472 * 62,48£ * 56,651 6 222 6 291 3 30 Utah 111, 859 106,963 90, 525 87, 59: 21, 334 19, 372 97, 70C 89, 578 1, 85 85 Nevada 21,949 21,148 18,123 17, 522 3,826 3,625 25,75£ 24,119 25 25 Pacific- Washington.. 179,461 173, 855 117,030 115, 23C 62,431 58,625 185, 75* 180, 212 1, 244! 2, 236 243 Oregon 83, 268 85, 388 55,224 57,415 28,044 27,973 92, 75< 91,052 785 2,525 150 California 1, 748,6171, 529,825 1, 281, 2211,100,344 467, 396 429,481 1, 778, 22 1, 519, 52331,499| 18, 21" 274 Total !35,859,62135,202, 729 j25,477,546 24, 542,913 10,382,075 10, 659, 816 35,358,464 33,464,338 725,483, 754, 52127,94' 18, 256 1 Includes all State banks (including stock and mutual savings banks) and all private banks under State supervision. Figures relate to dates given or dates nearest thereto for which figures are available. 2 Includes rediscounts and overdrafts; excludes acceptances of other banks and bills of exchange sold with indorsement. 3 Includes bonds borrowed. 4 Includes due to banks. s Exclusive of banks operated by the Guaranty Fund Commission, e Includes all other liabilities. * Revised. NOTE.—All figures in the December columns are as of Dec. 31 except as follows: New Hampshire, June 30; Massachusetts, savings banks, Oct. 31; Missouri, Nov. 15; Kansas, Dec. 26; Kentucky, June 30; Tennessee, Nov. 24; Alabama, Nov. 16; Oklahoma, Dec. 28; Colorado, Nov. 9. All figures in the June columns are as of June 30, except as follows: Minnesota, June 25; Missouri, Apr. 12; Tennessee, Apr. 24; Alabama, June 29; Louisiana, July 6; Colorado, July 10. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE DISTRICTS U ' \ / / / . 1; V J Liitle*Rock/ ATLANg Birmingham ——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, March 31). Federal Reserve Bulletin, 1929-04. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_192904
@misc{wtfs_bulletin_192904,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1929-04},
year = {1929},
month = {Mar},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_192904},
note = {Retrieved via When the Fed Speaks corpus}
}