Federal Reserve Bulletin, 1929-05

FEDERAL RESERVE BULLETIN MAY, 1929 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON ^Business Activity in First Quarter of 1929 Gold Holdings of Central Banks and Governments Annual Report of Austrian National Bank 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, Chair mail. 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. MCKINNEY, Vice President. District No. 12 (SAN FRANCISCO) F. L. LIPMAN. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Chairman Governor Deputy governor Cashier Boston Frederic H. Curtiss. W. P. G. Harding... W. W. Paddock W. Willett. Geo. L. Harrison J. H. Case J. W. Jones.i New York G. W. McGarrah... L. F. Sailer Ray M. Gidney.1 E. R. Kenzel J. E. Crane.* A. W. Gilbart W. B. Matteson.1 L. R. Rounds C.H. Coe.i Philadelphia R. L. Austin Geo. W. Norris..- Wm. H. Hutt C. A. Mcllhenny. W. G. McCreedy." Cleveland.. George DeCamp.. E. R. Fancher M. J. Fleming H. F. Strater. Frank J. Zurlinden... Richmond Wm. W. Hoxton,. George J. Seay C. A. Peple... Geo. H. Keesee. R. H. Broaddus John S. Walden, jr.* Atlanta _. Oscar Newton Eugene R. Black.. Hugh Foster M. W. Bell. Creed Taylor Chicago Wm. A. Heath.... J. B. McDougal— C. R. McKay W. C. Bachman.8 JohnH. Blair K. C. Childs.* J. H. Dillard.* D. A. Jones.> O. J. Netterstrom.1 St. Louis. Rolla Wells. Wm. McC. Martin 0. M. Attebery.. A. H. Haill.a F. N. Hall.3 S. F. Gilmore." G. 0. Hollocher.' C. A. SchachU Minneapolis j John R. Mitchell W. B. Geery B. V. Moore Gray Warren. Harry Yaeger. I Frank C. Dunlop.1 Kansas City- M.L. McClure W. J. Bailey C. A. Worthington i J. W. Helm. Dallas.. C.C. Walsh Lynn P. Talley R R . . R B . . C G o il l b em er a t n .._-__! W Fre . d D . H G ar e r n is tr . y.i San Francisco. Isaac B. Newton. Jno. U. Calkins Wm. A. Day Wm. M. Hale. Ira Clerk _ 1 Assistant deputy governor. . * Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch W. W. Schneckenburger. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch C. F. McCombs. Omaha branch __ L. H. Earhart. Pittsburgh branch J. C. Nevin. Denver branch _ J.E.Olson. Richmond: Oklahoma City branch _ C. E. Daniel. Baltimore branch A. H. Dudley. Dallas: Charlotte branch Hugh Leach. El Paso branch _ W. 0. Ford. Atlanta: Houston branch D. P. Reordan. New Orleans branch Marcus Walker. San Antonio branch M. Cramp. ^ Jacksonville branch W. S. McLarin, jr. San Francisco: Birmingham branch.. _ A. E. Walker. Los Angeles branch W. N. Ambrose. Nashville branch J. B. Fort, jr. Portland branch R. B. West. Chicago: Salt Lake City branch W. L. Partner. Detroit branch W. R. Cation. Seattle branch C. R. Shaw. St. Louis: Spokane branch D. L. Davis. Louisville branch W. P. Kincheloe. Memphis branch.__ W. H. Glasgow. Little Rock branch . A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN THE FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. m Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Business activity in the first quarter of 1929 311 Business and credit—Industrial production—Automobiles—Steel—Copper—Building. Annual report of the Austrian National Bank 331 National summary of business conditions 315 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, and member bank reserve balances 316, 317 Analysis of changes in monetary gold stock 317 Discount rates and money rates 319, 320 Member bank credit 321 Bankers' balances 322 Bankers' acceptances and commercial paper outstanding 322 Brokers' loans 322 Commodity prices, security prices, and security issues 323 Production, employment, and trade 324 Industrial production i 325 Factory employment and pay rolls 326 Building 327 Trade and distribution 328 Bank suspensions and commercial failures 330 Financial statistics for foreign countries: Gold holdings of central banks and Governments 339 Gold exports and imports 339 Condition of central banks 340 Condition of commercial banks _ 342 Discount rates of central banks 342 Money rates 343 Foreign exchange rates 344 Price movements 345-347 Rulings of the Federal Reserve Board: Reserves against outstanding travelers' checks 348 Changes in National and State bank membership 348 Fiduciary powers granted to national banks 349 Detailed banking statistics for the United States 350 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 15 MAY, 1929 No. 5 REVIEW OF THE MONTH The rapid rise in industrial output during the past 15 months, though it has been participated Industry and trade continued active in recent in by most of the country's industries, reflects weeks, and for the first quarter of 1929 the outchiefly the growth in certain leading indusput of factories and mines was tries—iron and steel, automobiles, copper, and Business and i ,-, petroleum. The production of cotton and dit. larger than m any previous cre wool textiles, and coal, which increased late in 3-month period. There was a 1928 and the first quarter of 1929, still remains continuous flow of commodities through the below the level of earlier years. Activity in channels of trade to the consumer, and invensome industries, notably building construction, tories, except in a few industries, showed has declined during the past few months. Outno evidence of unusual growth. Commodity put of lumber, leather and its products, and prices have shown relatively small fluctuations certain grades of paper has also been smaller in since late in 1928. Demand for bank credit to finance industry and trade has been reflected in a rapid growth of loans for commercial pur- 130 INDUSTRIAL PRODUt:TION t3O poses at member banks in leading cities, while 1923-25=100 120 120 security loans and investment holdings of these 110 A AA. 110 banks have declined. As a consequence of /\ considerable gold imports and some reduction 100 *\ 100 \ in member bank reserve requirements there has / 90 WV 90 been a decline in the volume of reserve bank / credit outstanding; reserve bank holdings of 80 80 A acceptances purchased in the open market con- 70 70 tinued to decline and at the end of April were in the smallest volume in four years, while dis- 60 60 1922 1923 1924- 1925 1926 1927 1928 1929 counts for member banks increased. Condi- Federal Reserve Board's index of industrial production, adjusted for tions in the money market remained firm and seasonal variations. Monthly average, 1923-1925=100 interest rates on most clasess of loans showed comparison with 1927 and the first part of 1928, further advances. and meat-packing plants have been somewhat Recent growth in industrial production has less active. been in continuation of a movement that began A more detailed discussion of developments toward the close of 1927 and in some of the principal industries is presented production. proceeded with little interrupin the following paragraphs. tion through 1928. In the first One of the chief factors in the rise of indusquarter of the present year the output of intrial production to its present high level has dustry was about 10 per cent above the level of the early months of 1928. The chart shows Automobiles. been the automobile industry, which in the first three months the course of industrial production since 1922, of the year produced more cars than in any preas reflected in the board's index, which is advious quarter. Output of automobiles was justed for usual seasonal changes. 311 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

312 FEDERAL RESERVE BULLETIN MAY, 1929 more than 50 per cent larger than in the first three months orders of cars totaled 41,000, quarter of 1928 and more than 25 per cent nearly as much as in the entire year 1928. larger than in the first quarter of any earlier Specifications for these orders reached the steel year. Production in March was proceeding at mills in large volume in April and were a factor a rate of over 24,000 cars a day, the largest out- in the recent high rate of activity. Another put ever reached in the industry. source of the demand for steel has been the Demand for automobiles by consumers, production of machine tools, which increased which throughout 1928 had kept pace with the in the past 15 months, reflecting a large dooutput, has continued to be large, but appears mestic demand for the installation of new not to have been sufficient to absorb currently industrial equipment. The manufacture of the larger production of the early months of agricultural implements was also active in this year, and there has been some increase in 1928 and the first quarter of 1929. the stocks of cars held by dealers. An increase Operation at a high rate has characterized in the last 15 months in the foreign demand all branches of the steel industry in recent for American cars, which now absorbs some- months. Steel ingots, which are one of the what more than 11 per cent of the total output, best indicators of production in the steel inhas been a factor of some importance to the dustry as a whole, have established new records industry. for volume of output in each month in 1929, Large output of automobiles has given rise and their daily rate of production in March was to a demand for many of the materials that estimated at more than 100 per cent of the enter into the construction of cars, and has rated capacity of the industry. Increased been felt particularly in the iron and steel, production in the iron and steel industry has textile, and rubber industries. The output of been accompanied during the past 12 months tires and tubes, after increasing materially in by continued growth in unfilled orders. Steel 1928, has grown even more rapidly since the production ordinarily reaches its seasonal peak beginning of the present year, and for the first in March, but up to the middle of April there three months of 1929 was 10 per cent above was little evidence of slackening in the rate the level of last year. Recently tire produc- of production. tion has increased more rapidly than ship- Prices in the steel industry have shown a ments, and stocks were larger at the end of gradual advance since the middle of 1928. March than a year ago. This rise followed a longer and more pro- Growth of steel output in recent months has nounced decline in the price of steel which been in response to increased activity in a wide began in 1923 and continued to the end of 1927. variety of industries. During In March of this year prices were approximately Steel. the first quarter of 1929 pro- 3 per cent higher than in the middle of 1928. duction of steel was the largest ever recorded Large production of steel has been accomand reflected, in addition to large demands panied by a growing output of pig iron, which from the automobile industry, increased orders in the first quarter of 1929 was in the largest from railroads and manufacturers of machine volume on record, the daily average output in tools and agricultural implements, as well as a March having been exceeded only twice in the fair demand for structural steel. history of the industry. During that month Buying of steel by railroad companies had blast furnaces were operating at 88 per cent declined steadily after 1925 and orders for new of capacity, an exceptionally high rate for the equipment were at a low ebb in 1928. After industry. Prices of pig iron were somewhat the turn of the year the railroads began to higher than early in 1928, and there has also place orders for equipment. During the first been a rise in the price of iron ore. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

313 MAY, 1929 FEDERAL RESERVE BULLETIN Activity in the copper industry in recent in the first quarter of this year, as compared months has been on a high level, in marked with a year ago, was in the New York district. contrast to the depression In the Atlanta Federal reserve district contracts Copper. which, except for a brief period have been below the corresponding period of in 1923, had prevailed almost continuously fol- the previous year since the third quarter of 1928, lowing the war period, when there was a great and both the Chicago and St. Louis districts expansion of capacity. In 1928, however, with showed large declines in the fourth quarter of increased industrial activity and a large demand last year. for copper for the electrical industries, stocks The accompanying chart shows fluctuations gradually decreased in the face of rapidly ex- in the value of building contracts awarded for panding production. In October stocks of various classes of building in the period 1925 refined copper were at the lowest point in post- to 1929. The figures charted are 3-month war years. As demand continued to increase, moving averages of actual figures, and the last and visible stocks declined further, prices ad- figure shown on the chart is the average for the vanced—slowly at first and after the first of the MILLIONS OF DOLLARS MILLIONS OF DOLLARS year with increased rapidity. At the end of 300 300 BUILDING CONTRACTS AWARDED December, 1928, copper was at about 16 cents a pound. Early in March it had reached 19 cents, and about three weeks later it had risen to 24 cents, the highest price since 1919. This rise appears to have been due principally to the fact that copper consumption had grown by the end of 1928 to a point where refineries found difficulty in meeting the demand for copper, but in part also to a shift on the part of copper consumers from a hand-to-mouth policy to one of forward buying. By the middle of 50 March, little copper was available for immediate delivery, and producers were selling for delivery in July. 1925 1926 1927 1928 1929 Figures are 3-month moving averages centered at second month; latest In the early part of April little copper was figure, given for February, is average for first quarter of 1929. Data sold and the price dropped from 24 to 18 cents from F. W. Dodge Corporation per pound in less than two weeks. Production first quarter of 1929. The chart shows that and shipments continued to increase, and stocks within recent months both residential building of refined copper were still at a low level at the and the construction of public utilities and end of March. public works have declined, the greatest decline Activity in the building industry has been having occurred in contracts for residential declining continuously since November of 1928, building, which usually constitute about oneand in the first quarter of 1929 half of all building contracts. Building. the value of building contracts The volume of residential building rose awarded w^as more than 15 per cent lower than rapidly in the postwar years, following a period in the first quarter of 1928. A decline in build- when building had been almost suspended, and ing has been reported for most of the Federal reached a high point in 1925. After that time reserve districts east of the Rocky Mountains, it declined somewhat, but in the first half of though small increases were shown for the 1928 increased once more and was larger than Cleveland, Richmond, Minneapolis, and Dallas in any previous year. By midsummer, howdistricts. The largest decline in total building ever, a drastic decline had begun, and in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

314 FEDERAL RESERVE BULLETIN MAY, 1929 last quarter of 1928 and in the first quarter of the end of the quarter was in larger volume the current year residential construction was than at any previous time. well below the same period in any of the three preceding years. Among the factors causing the recent decline Advance in Discount Rate in residential building was the gradual reduc- An advance in the discount rate from 4^ to tion in house rents in many of the larger cities. 5 per cent on all classes of paper of all maturi- The rise in money rates and the difficulty of ties was made at the Federal Reserve Bank of Kansas City, effective May 6, 1929. floating bonds in the past year has also been a retarding factor in the industry. Another factor was the rise throughout 1928 and the Changes in Central Bank Discount Rates early months of 1929 in the prices of building The following changes have been made since materials. Prices of lumber, metals, window the end of March in the discount rates of cenglass, and crushed stone rose somewhat, altral banks in foreign countries: April 11, Imthough the increases were in part offset late perial Bank of India from 8 to 7 per cent; in 1928 by a cut in the price of cement and since April 19, Bank of Poland from 8 to 9 per cent; the first of this year by a decline in the price April 24, Austrian National Bank from 63^ to 73^2 P^ cent, and National Bank of Hungary of brick. from 7 to 8 per cent; April 25, German Reichs- In contrast with the decline in residential bank from 6Yi to lYi per cent; May 3, National construction the volume of industrial and com- Bank of Rumania from 6 to 8 per cent. mercial building continued large in 1928 and within recent months has been higher than in Republication of Pamphlet on Accounting Methods the same period of the preceding two years and only slightly lower than in the peak year of 1926. In April, 1917, the Federal Reserve Board Awards for industrial building during the first printed in the FEDERAL RESERVE BULLETIN and separately in pamphlet form a memoranthree months of the year were 40 per cent larger dum on approved methods for the preparation than a year ago, reflecting a high rate of indusof balance sheet statements, the demand for trial activity. It is from industrial and commer- which has been such that approximately 65,000 cial building proj ects that has come the sustained copies of the pamphlet have been printed and demand for structural steel, the sales of which distributed. The suggestions in the pamphlet have now been before the public for more than have increased somewhat in comparison with 11 years and various criticisms and suggestions those in the first quarter of 1928, notwithstandfor minor changes have been made. These ing the decline in the total of building awards. criticisms and suggestions have been reviewed During the first half of April there was an by a special committee of the American Instiincrease in total building contracts, reflecting tute of Accountants appointed for the purpose and the institute has now furnished the board chiefly the award of a few large contracts in the with a revised edition. New York district. The board is impressed with the desirability This summary indicates that in some indus- from the standpoint of the general credit structries, particularly automobiles and steel, opera- ture of the country of having sound accounting tions during the first quarter have been at an principles followed in the preparation of financial statements. It has, therefore, had the exceptionally rapid rate, while in others, notarevised edition printed under the title " Verifibly building, there has been a recession. Taken cation of Financial Statements " and is prepared as a whole, industrial activity has shown a rapid to distribute the pamphlet to the public at 10 increase since the beginning of the year and at cents a copy. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1929 FEDERAL RESERVE BULLETIN 315 NATIONAL SUMMARY OF BUSINESS CONDITIONS Volume of industrial production and of parison with the same month a year ago sales trade increased in March, and wholesale prices of dry goods, meats, men's clothing, and hardadvanced somewhat. There was a growth of ware were larger, while smaller sales were recommercial loans of member banks in leading ported by firms selling groceries, boots and cities in March and the first half of April, while shoes, drugs, and furniture. Department-store investments and loans on securities of these sales showed a larger increase in March than is banks showed a reduction for the period. usual at this season, and were larger than in Production.—The output of manufactures the same month in the preceding year, partly reached a new high level in March. Automo- on account of the fact that Easter came in bile production was exceptionally large, and March this year. steel ingot output was reported to be above Prices.—Wholesale prices of commodities rated capacity. Output of refined copper, during March averaged slightly higher than in lumber, cotton and silk textiles, and sugar was February, according to the index of the United also large for the season. There was some States Bureau of Labor Statistics. There were seasonal recession from February in the produc- marked increases in prices of copper and lead, tion of wool textiles and leather, and a further and smaller advances in prices of iron and decline in production by meat-packing plants. steel and cotton goods, as well as of certain The volume of factory employment and pay agricultural products, particularly cotton, liverolls continued to increase during the month stock, meats, and hides. Prices of grain and and was substantially above the level of March, flour were lower during the month, and the 1928. price of leather declined, reflecting an earlier Production of minerals as a group declined decline in prices of hides. Silk and rayon texsharply, reflecting reduction in output of coal tiles and raw wool were also somewhat lower by more than the usual seasonal amount and in price. slightly lower daily petroleum production. In the middle of April prices of livestock and During the first part of April industrial ac- raw silk were higher than at the end of March, tivity continued at a high rate, although pre- while cotton and wool had declined in price. liminary reports indicated a slight slowing Among the nonagricultural products there down in certain branches of the steel industry, were marked declines in the prices of copper, and a smaller output of coal and petroleum. lead, tin, and zinc; a further decline in rubber The value of building contracts awarded in- and increases in pig iron and finished steel. creased seasonally during March and the first Bank credit.—Between March 20 and April two weeks in April, reflecting in part the award 17 there was a considerable decline in the of a few large contracts, chiefly commercial and volume of member bank loans to brokers and industrial. The total volume of building, how- in the bank's holdings of investments. Loans ever, continued smaller in March than a year chiefly for commercial and agricultural purago. Contracts for residential building and poses showed a rapid increase and at the end public works and utilities were substantially of the period were near the high level of last tnlow the level of March, 1928, while industrial autumn. and commercial building was in larger volume. During the same period the volume of reserve Distribution.—Railroad shipments of com- bank credit in use declined further as a consemodities declined somewhat in March but were quence of additions to the country's stock larger than in the same period of the preceding of monetary gold. A continued rapid reducyear. The decline from February reflected tion in holdings of acceptances carried the smaller shipments of coal and coke, grain total to the lowest point since the autumn of products, and livestock, all of which were also 1924. Security holdings also decreased somebelow March a year ago. Loadings of ore and what, while discounts for member banks miscellaneous freight increased substantially increased. over February and continued above 1928. Open-market rates on bankers' acceptances Sales by wholesale firms in all lines of trade and commercial paper increased further. Rates reporting to the Federal reserve system were on collateral loans increased sharply in the seasonally larger than in February. In com- latter part of March, but declined in April. 47441—29 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

316 FEDERAL RESERVE BULLETIN MAY, 1929 RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS MILLIONS OF DOLLARS 5km SkQQ 5200 5000 Member Bank Reserve Balances 1925 1926 1927 1928 1929 Based on weekly averages of daily figures; latest figures are for week ending April 27 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

317 MAY, 1929 FEDEKAL RESERVE BULLETIN 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 Monetary Money in bank Month or week gold stock circulation reserve vo T l o um tal e i Total 2 co B m u i e l n l m t s e b d d e i s f r - or bo B u il g ls ht se U S c n t u a i r t t i e e ti s d es I balances banks 1928—March 1,295 1,272 513 415 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 F M e a b r r c u h ary.- _ 1 1 , , 5 4 0 8 2 1 1 1, , 4 4 4 6 2 8 969 1 I I 3 2 8 6 5 5 1 1 8 9 4 7 4 4 , , 1 16 4 6 3 4 4 , , 6 70 8 9 6 2 2 , , 3 3 3 5 7 7 April 1,377 1,338 1,004 156 165 4,226 4,679 2,308 Week ending— Mar. 30 1, 451 1,413 1,020 217 170 4,179 4,702 2,317 Apr. 6 1,446 1,401 1,044 178 171 4,193 4,707 2,320 Apr. 13... 1,363 1, 330 991 159 171 4,220 4. 679 2,310 Apr. 20 1, 382 1,332 1,004 146 166 4, 236 4,676 2,314 Apr. 27... 1,347 1,312 142 156 4, 239 4,664 2,297 Increase or decrease of week ending Apr. 27 compared with week ending- Apr. 20— -34 -20 i -6 -4 -11 +3 -11 -18 Mar. 30 -104 -101 | -22 -74 -14 +60 -38 -20 Apr. 28, 1928 -50 -58 i +293 -219 -148 -28 -46 -85 1 Includes total bills and securities, amounts due from foreign banks, and reserve bank float. *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 stock ThroughThrough Through 1929 1928 Month at end net gold ear domestic mo o n f th Total im o p r ort m o a p r e k ra in - g pr t o io d n u , c- Januaryexport tions etc.i From or to— April i March March 1927—April 4,610 +12.9 +11.9 -1.0 +2.1 May. 4,608 -1.4 +31.7 2 -35. 5 +2.4 Im- Ex- Im- Ex- Im- Ex- June 4,587 -20.9 +12.8 2 -36. 7 +3.0 ports ports ports ports ports ports July 4,580 -7.5 +8.9 2 -23.1 +6.7 August 4,588 +8.5 +6.4 -2.5 +4.6 September . 4,571 -17.5 -11.5 -9.0 +3.0 Belgium October 4,541 -30.1 -8.6 -25.0 +3.4 England 9 29, 290 November. 4,451 -89.7 -53.2 -40.0 +3.5 France 11 38 December.. 4,379 -71.7 -67.4 -8.5 +4.2 Germany __ _ _ _15,000 16,487 221 16, 489 686 Total (12 mos.). -112.7 +6.2 -160.1 +41.2 I N ta e l t y herlands 4 2 4 1928— M F J e a a b n r u r c u a h r a y ry.. 4 4 4 , , , 3 3 3 7 6 0 3 2 5 - -5 1 -6 7 1 . . . 0 6 2 - - -9 1 1 4 3 1 . . . 9 8 1 + + + 3 2 5 5 . . . 9 5 8 + + -3 1 2 . . . 0 5 3 M C C a e e n n x a t i r c d a o a l Ame _ rica 4, 4 0 9 5 6 9 4 9 15 1 1 0 6 9 46 1, , 8 4 2 1 4 2 1 7 0 45 5 1 0 1 9 April 4,266 -38.7 -91.2 +45.7 +6.8 Argentina 6,000 4,500 5,250 May 4,180 -105.7 -81.7 -26.5 +2.5 Brazil June 4,109 -51.0 -79.9 +30.1 -1.2 Chile . 63 140 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 + + 6 3 . . 4 7 E C c o u lo a m do b r ia 12 2 1 9 3 2 5 3 6 3 September. 4,125 +2.1 +.5 -1.2 +2.8 Peru 148 525 October 4,142 +17.3 +13.3 +1.2 +2.8 Uruguay . _ _ November. 4,128 -14.0 +6.7 -25.0 +4.3 Venezuela 200 68 300 96 1,000 December- 4,141 +13.2 +23.3 -15.7 +5.6 British India 13 74 China and Hong Total (12 mos.). -237.9 -392.0 +119. 6 +34.5 Kong 338 1,047 Dutch East Indies 96 220 294 740 1929—January... 4,127 -14.4 +47.1 -65.0 +3.5 Japan __ . _ 62 62 February.. 4,153 +26.4 +25.5 +0.9 Philippine Islands 192 544 March 4,188 +34.4 +24.8 +7.5 +2.1 All other countries., 2 635 U,084 120 297 220 309 April3.... 4,259 +71.3 +20.4 +48.6 +2.3 Total 21, 653 1,284 26,470 1,635 101, 960 4,439 i 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 * April figures are preliminary—3 customs districts: New York, St. abroad by Federal reserve banks. Lawrence, and San Francisco. 8 Preliminary. 2 Includes all movements of unreported origin or destination. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

318 FEDERAL RESERVE BULLETIN MAY, 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 April 27 DISCOUNTS FOB MEMBER BANES MILL ONS OF DOLLARS MILLIONS OF DOLLARS [Monthly averages of weekly figures. In millions of dollars] 700 1700 DISCOUNTS FOR MEMBER BANKS Reporting member banks in leading cities Member 600 All banks mem- Other leading out- Month ba b n e k r s Total Y N C o e it r w y k cities Chi- c l s e i i i n t a d i g d e e - s Total cago 1927—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 1 362 75 287 25 127 April _. 637 ' 488 145 343 35 149 200 May _. 826 644 222 422 49 182 June _. 1,012 796 271 525 61 216 July 1,079 854 274 580 80 225 August 1,045 806 223 583 80 239 S O e c p to t b e e m r ber... 1,0 9 6 60 3 8 7 2 3 2 6 2 2 0 6 2 6 5 53 5 4 6 4 5 1 8 2 22 4 4 1 100 100 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 oL. M Ap a r r i c l h 9 9 7 9 8 1 7 72 4 5 0 1 16 6 2 6 5 5 6 7 3 4 1 4 2 6 1 2 2 3 6 8 6 1325 1926 1927 1928 1929 j Based on monthly averages of weekly figures Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

319 MAY, 1929 FEDERAL RESERVE BULLETIN PER CENT PER CENT MONEY RATES IN NEW YORK CITY - 1 1923 1924- 1925 1926 1927 1928 1929 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES RATES IN NEW YORK CITY DISCOUNT RATES [Rates on all classes and maturities of eligible paper] Prevailing rate on- Ave o ra n g — e rate Ave o ra n g — e yield B N Ph e o i w s l t a F o d Y e n e d o l . e r p . k . r h a i l a r . eserve bank j I e R f M fe a c a te t y o i 6 n 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 , t 1 1 a 1 9 9 b 9 2 2 l 2 8 8 i 8 s . . . . h .. ed Pre ra v t i e ous Month or week m m p P 4 c a r o e o t p i r n o m m c e t i r - 6 h e a , s l a P a b c d n e r a c a 9 i r c n e m s y 0 e p k ' s s e t - , - d l T o a i a 9 y m n 0 s s e s , N C e a w ll lo n a e R n w e s - i al T c u c n e a u r a o r . e n r t t t e a y i d e s f s s s i . , - - b T o u r n r e y d as s3 Cleveland Aug. 1, 1928.. 3 to 6 Richmond July 13, 1928.. months Atlanta July 14, 1928.. 1928 Chicago July 11, 1928.. St. Louis July 19, 1928.. April ! 4*4-4^' ZM-&A1 5.06 5.08 5 3.62 3.32 M K Da a i l n n l s n a a s e s a p C o i l t is y . . _ . M M Ap a a r y r . . 2 2 6 5 , , , 1 1 1 9 9 9 2 2 2 9 9 8 . . . . . J J M u u a n l y y e ' •-•'•••• 6 5 6 . . . 6 2 0 9 1 6 6 6 5 . . . 3 7 0 2 0 5 » « 3 3 4 . . . 9 9 1 0 2 2 3 3 3 . . . 3 4 5 5 0 0 San Francisco June 2, 1928.. August m 6 6.91 6.87 4 4 . . 5 3 7 6 JPS September 7.40 7.26 '4.57 -7M 7.12 4.70 "T55 BUYING RATES ON ACCEPTANCES N O o c v to e b m e b r. e - r &-7 6.86 6.67 . 4 4 .2 .2 6 4 3.48 [Buying rates at the Federal Reserve Bank of New York] December 7 -7H\ 8.86 8.60 4.35 3.53 Maturity e R f M f a e t a c e y t i o 6 n n Date established Pre ra v t i e ous J F M a e a n b r u r c u a h a 1 r 9 y r 2 y . 9 . . . . 594-6 5 5 U - -5 h H \i V 7H iW -S l I 9 7 6 . . 8 4 .9 7 0 4 7 7 9 . . . 0 0 1 5 6 0 . « 4 4 4 4 . . . . 6 6 7 6 3 4 9 6 3 3 3 . . . 6 7 5 6 6 9 ' * 4.80 April 5H 8^-9 j 9.46 . 4.84 3.67 1-15 days Mar. 25, 1929.. Week ending- 3 1 1 6 - -3 4 0 5 d d a a y y s s . . . d d o o. Apr. 6 594-6 5V2 9 10.12 10.00 ' . 4 4 . 4 8 . 5 82 3.75 46-60 days. do Apr. 13 6 8.48 8.00 4.79 3.70 9 6 1 1 - - 1 9 2 0 0 d d a a y y s. s. Mar d . o 21, 1929.. A A p p r r . . 2 2 0 7 6 6 Sy2-9 9 7 . . 9 9 5 1 8 7 . .9 0 0 0 4 4 . . 8 8 4 6 3 3 . . 6 6 2 2 112211--118800 ddaayyss ..... 5% MMaarr.. 2255,, 11992299.... 1 Stock exchange call loans; new and renewal rates. 2 Stock exchange 90-day time loans. NOTE.—Rates on prime bankers' acceptances. Higher rates may be * 3 issues—394, 4, and 4J4 per cent; yields calculated on basis of last charged for other classes of bills. redemption dates—1956, 1954, and 1952. 4 Change of issues on which yield is computed. « Maturities of 6 to 9 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

320 FEDERAL RESERVE BULLETIN MAY, 192Q 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 X 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 a s nm ., i , iaa(s! San C i F sc r o an Prime commercial loans 1928—April 4J4-4K' 4H-4H 4^-6 5 4H-6 4^-5 5 4/2-6 4^6 May— 4M-4U 4H-5 4^-5 4/2-6 4^-5 4^-6 4H-bH 4^-6 4H-5 June 4-K-5 4%-5 4%-5H 4%-6 bH-bH 5^-6 mH 4^6 July 5 -6 5 -bH 5H-5H 4H-6 bH 5 -6 5 -bH1 5 -6 5 -bH b -6 August bH-bH bH-bH 5*6-6 bH-bH bH-6 5 -b b -bH\ 5 -6 b -bH 4H~6 September- bH-6 bH 5^-5% 5H-6 bH bH-6 5 -bH bH-b%\ bH-bH bH 5 -6 N O o ct v o e b m er ber. . 5 5 H H - -6 6 bH-b b H H b b H tt- - G bH 5 bt ^ t- - G 6 b b H H - - 6 6 b b H H - - 6 6 bH HH - H bU b b H H ~ ~ b b % % \ \ b b H H - - 6 bH bH-6 bH 5 5^ ^ 4 - - 6 6 4H H - H 5H December. _ 5^-6 bH bH-6 bH-6 bH-6 bH-6 bH-6 bH-6 ; bH-6 bH-6 4H-bH 1929—January 5^-6 bU bH-bH bH~6 5M-6 bH-6 bH-6 bH-6 ! bH-bH °H~bH bH-6H bH-6 M Fe a b r r c u h ary... b\i-b 5 M /2 bH-b b % H 5 bH ^- - 6 6 b b H H - - 6 6 5^-53 b / H 4 b b H H - - 6 6 H H b b H H ~ -6 6 b b H H - - 6 6 i ! 5 b 5 H 4 - - 6 6 b b H H b b H H - - 6 7 b b H H - - 6 6 April btt-bH b% blA-Q bH-6 bH-bH bH-6 bH-6 53/4-6 ! 5H-6H bH-6 6 bH-6 Loans secured by prime stock-exchange collateral 1928—October bH-6 5^-6 5H-6 j 5/2-6 51^-6 bH-7 6 -6/2 51,4-6 ! 5H-6 5 -6 6 -7 5*4-6 November.. bH-6 5^-6 bH-6 5*4-6 5*2-6 bH~7 6 -6H 5/2-6*2 53,4-6 5 -6 ! 6 -8 5*4-6 December.. 6 -6H bH-6 bH-6 ' 53.4 -f:. bH-7 6 —7 6 j b%-6 5 -6 6 -7 5*4-6 1929—January.-... 6 -6H bH-6 5/2-6 5(|-6 b%-6 5/2-7 6 -7 5 34-6 5H-6 6 -7 bH~6 February 6 -6H 51/2-6 5J4-6 5H-6 6 51/2-7 6 -7 5M-6 bH-6 bH-6 6 -8 bH-6 A M p a r r i c l h .. . 6 6 - - 6 6 % /2 6 6 5 b U H - - 6 6 \ ; 5 5 3 3 / 4 4 - - 6 6 5*4-6 g 6 5 H- - 7 7 6 53/4 - - 7 7 5 6 3 /4 - - 6 6 * 4: ' 53/4- 6 6 m 5* - 4 Q -6 1 I 6 6 - - 7 8 6 6 Loans secured by warehouse receii 1928—October bH-6 6 6 6 bH-6 bH-6 514-6 bH-bH 5*£-6 November.. bH-6 6 6 6 bH-6 bH-6 5*4-6 bH-bH 51.2-6 6 -7 December. _ 5 -6 bH-6 6 6 6 bH-6 bH-6 6 bH-bH bH-6 1929—January 6 554-6 6 6 6 bH-6 5V£-6 bH-6 bH-bH bH-6 6 -7 February... 6 5?4-6 6 6 6 bH-6 5/2-6 bH-6 5/2-6 bH-6 6 March. 524-6 6 6 6 bH-6 *524_5/i bH-6 5%-6 bH-6 April 6 6 6 6 6 5?4-6 i/i bH-6 534-6 OV2-6 Interbank loans 1928—October bH bH-6 bH-bH 514-6 bH-bH bH-6 5 -6 5^-6 bH-6 bH-6 b -bH 5 -6 November.. bH-6 bH-6 bH-bH bH-6 5H-6 5/2-6 bH 5^-6 bH-6 bH-6 5 -6 5 -6 December. _ bH-6 5 -6 bH bH-6 5^-5% 5/2-6 5/2-6 5^-6 bH-6 bH-6 5 -6 5 -6 1929—January bH-6 5H-6 bH bH bU 5^-6 bH-6 5^-6 bH-6 bH-6 5 -bH 5 -6 February... bH bH-6 * 5/2-53/4 bH 5M-6 5/2-6 bH-6 5^-6 bH-6 5M-6 6 5 -6 M Ap a r r i c l h _. b 5 H H - - 6 6 5 b H H - - 6 6 * b 5 H H - b 5 H % b b H H - - 6 6 5 b% 34-6 5 5 ^ /- - 6 6 b 5% H - - 6 6 5 bH ^- - 6 6 b b H H - - 6 6 b b H H - - 6 6 * 5 5 ^ /2- - 6 6 5 5 - - 6 6 FEDERAL Prime commercial loans City Febru- March, April, ary, 1929 1929 1929 Buffalo bH-6 51/2-6 Cincinnati bH-6 *5H-6 Pittsburgh bH-6 51/4-6 Baltimore . _ bH-6 bH~6 Charlotte.. __ bH-6 5/2-6 Birmingham b -6 bH-6 Jacksonville. 5*S-6 bH-6 Nashville 6 6 N D e e w tro O it rleans b 51 H 4 - - 6 6 H * b 5 H H - - 6 6y2 Little Rock bH-6 434-6 Louisville 6 6 Helena 8 8 Denver . 5 -6 5*4.-7 Oklahoma City 6 6 Omaha 5/2-5% El Paso 8 6 -s' Houston 5 -6 6 San Antonio *6 -7 *6 -7 Los Angeles 6 -7 6 Portland. .. 6 6 Salt Lake City 6 6 Seattle _ 6 -7 bH-7 Spokane ... 6 -7 6 -7 CO CO CO CC RESERVE BRANCH CITIES Loans secured by prime Loans secured by warehouse stock-exchange collateral receipts Febru- March, April, Febru- March, ary, 1929 1929 1929 ary, 1929 1929 6 6 6 6 6 -7 6 -8 6 -7/2 6 -7 bH-6 bH-6 6 6 bH-6 bH-6 6 6 5/2-6 6 6 6 6 5/2-7 6 -8 bH-S 514-8 6 -7 6 6 6 -8 6 *5/2-7 6 6 -7 6 5 5 * * 4 ^ . - - 8 6 5H-6H 6 -6H 6H~7 6*4-7 6 -6H bH-6 bH-6 6 -6H 6 -6H 6 6 6 -7 6 -7 6 -7 bH-7 6 6 6 6 6 8 8 8 6 -8 6 6 -6H 6 -7 6 -7 6 -8 6 6 -7 6- 7 6 -7 6 -7 5/2-6 6 -7 6 -7 6 -7 6 -7 8 6 -8 6 -8 6 -8 7. -8 6 5 -6 bH-6 6 *6 -7 6 -7 6 -8 6 -8 6 -8 6 -8 6 6 -7 6- 7 6 -614 6 -7 6 6 -6H 6 -6*4 6 -7 6 -7 6 6 6 6 6 -6/2 6 -6H 6 -7 6 -7 6*4.-7 6 -7 6 -7 6 -7 7 CO CO l~- CO CC Interbank loans April, Febru- 1929 ary, 1929 6 5*4-6 6 -7 5*£-6 6 6 6 5 -6 6 6 6 *6 -7 6 -7 5 -6 6 -8 6 -8 6 bH-6 5^-6 5*4-6 6 -7 6 -7 5*4.-6 6 6 -6H 514-6 bH-7 6 6 6 bH 6 -8 6 -8 *6 -7 6 -8 6 -8 6 - fiU 6 -7 6 -7 6 -7 6 -7 7 -8 7 -8 *6 -7 6 -7 6 -8 6 -8 7 6 -7 6 -7 6 -7 7 6*4.-7 61/4-7 7 7 iOiOiO March, April, 1929 1929 5/2-6 514-6 bH-6 5J4-6 6 6 5 -6 bH-6 6 bH-6 51/S-7 6 |> 6 bH-6 5^-6 6 V 6 bH-6 [5/2-6 6 hi 6 5/2 bH *6 -7 re -7 6- 6*4 6 [6 -6H 6 *- 6 6 •6 -6H 51 £-6 5 -6 t[ 5 -66 5 -6 5 -6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 1 Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1929 FEDERAL RESERVE BULLETIN 321 MEMBER BANK CREDIT REPORTING MEMBER BANKS (REVISED SERIES) [In millions of dollars. Monthly data are averages of weekly figures] Loans and investments |! Loans and investments Bor- i Borrow- ! i row- Loans ings at: Loans Ings a Month Total Fed- Date Total I Fed- Total I Total sec O u n ri- All m v i e e n s n - t t - s e b s r a e a r n l v k r e e s - ; Total Total i I i j se O cu n ri- All m ve m e _ s n t t - s e b r a al n k r s eties other ij ties other Total: Total: 1928—April. _ 21,944 i 15,805 6,924 8,880 6,140 488 Jan. 30 22,174 16,121 |i 7,446 8.675 6,053 580 May 22,148 15,960 7,075 8,884 6,188 644 Feb. 6 22, 295 16,254 117,558 8,696 6,041 619 June 22, 063 15, 871 6,962 8,909 6,193 796 Feb. 13 22, 240 16,230 117,515 S, 715 6,010 689 July 22, 006 15, 892 6,955 8,937 6,114 854 Feb. 20 22,180 16,189 j! 7,444 8,745 5,991 I 637 \ugust 21, 809 15, 825 6,816 9,009 5,984 806 Feb. 27 22, 338 16,366 i| 8,793 5, 972 712 September. .. 21, 871 15, 898 6,840 9,059 5, 973 822 | Mar. 6 _ . 22, 383 16,425 II7^573 8,852 5, 958 756 October 21, 938 16,003 6,874 9,130 5,934 736 Mar. 13 22, 382 16.430 117,511 8,918 5,953 716 November... 21, 983 16, 096 7,082 9, 014 5,888 681 i Mar. 20 22, 581 16,552 |!7,642 8,910 6,028 711 December 22,189 16,253 7,198 9,055 5,936 799 | Mar. 27 22, 543 16,557 \[7,592 8,965 5,986 779 1929—January 22, 320 16, 300 7,504 8,796 6,021 663 | Apr. 3 22, 561 16,583 117, 516 9,068 5,977 766 February 22, 283 16, 260 7,522 8,737 6,004 659 ! Apr. 10 22, 393 16,455 i;7,380 9,076 5,938 I 706 March 22,472 16, 491 7,580 8, 911 5,981 740 I Apr. 17 22, 340 16.431 ! 7, 353 9,078 5,909 I 729 April . _ _22, 388 16,484 7,396 9,069 5,924 725 ! Apr. 24 22, 259 16,388 i!7,335 9,052 5,871 I New York City: New York City: 1928—April 7,152 5,303 ! 2,675 2,628 1,849 145 ! Jan. 30 7,148 5,234 |i2, 795 2,439 j 1,915 ! 128 May 7,282 5,408 ! 2,787 2,621 1,874 222 ! Feb. 6 7,227 5,321 |!2, 857 2,464 ! 1,905 I 114 June 7,166 5,248 2,613 2,635 1,918 271 ! Feb. 13 7,187 5,304 (!2,817 2, 487 | 1,883 174 July. . . . 7,170 5,270 2, 626 2,644 1,900 274 I Feb. 20 7,109 5,229 i|2,743 2,486 | 1,880 103 August... . . 6,962 i 5,186 2,518 2,668 1,777 223 i Feb. 27 7,239 5,369 i |2, 863 2,506 1, 870 134 September. _. 7,022 1 5,221 12,544 2,678 1,801 266 ; Mar. 6 7,270 5,416 !|2, 859 2. 557 1,854 196 October 7,013 5,209 i 2, 559 2,650 1, 803 202 S Mar. 13 7,209 5,348 112,749 2, 599 | 1, 860 139 November 7, 056 5,255 I 2,694 2,562 1,800 157 i Mar. 20 7,340 5,449 !!2, 833 2,616 I 1,892 126 December 7,152 5,339 2,747 2.592 1,812 221 ! Mar. 27 7, 366 5,484 |!2, 852 2,632 i 1,881 204 1929—January 7, 262 5,378 2,904 2,473 1,884 190 ! Apr. 3 5 521 i!2,819 2, 702 ! 1,884 135 February 7,190 5, 306 2, 820 2,486 1,885 131 i Apr. 10 7,276 5,421 |!2, 708 2, 713 1,854 158 March 7,296 5,424 ; 2, 823 2,601 1,872 168 1 Apr. 17 7, 252 5,398 {!2, 682 2,716 1, 854 179 April 7,297 5,437 2,729 2,708 1,859 162 | Apr. 24 .. 7,253 5,410 | 2,707 2,702 1,844 177 Other leading cities: Other leading cities: 1928—April 14, 793 10,502 4,249 6,252 4,291 343 ' Jan.30 15,025 10,887 l 4, 651 6,236 4,139 452 May . 14,865 10, 552 4,288 6,263 4,313 422 ! Feb.-6 15,088 10,932 | 4,700 6,232 4.136 504 June 14,897 10,623 4,349 6, 274 4,275 525 ! Feb. 13 15,053 10,926 4, 699 6,228 4,127 495 July 14,837 10,622 4,330 6, 293 4,214 580 I Feb. 20 15, 071 10,960 4,701 6,259 4,111 534 August 14,846 10,639 4,298 6,341 4,207 583 ! Feb. 27 15, 099 10,997 4,710! 6,287 4,102 579 September ... 14,849 10, 677 4,296 6,381 4,172 556 ! Mar. 6 15,114 11,010 4,714 6,296 4,104 580 October . .__ 14,925 10, 794 4,314 6,480 4,131 534 Mar. 13 15,174 11,081 | 4, 762 6,319 4,092 578 November. __ 14,928 10,840 4,388 6, 452 4,087 524 ! Mar. 20 15, 240 11,104 ! 4,809I 6,294 4,137 585 December 15, 037 10,913 : 4, 450 6,463 4,124 578 Mar. 27 15,177 11,073 | 4,740i 6,333 4,105 575 1929—January 15.058 10,922 I 4,600 6,323 4,136 473 Apr. 3____ 15,156 11,063 | 4, 697! 6,365 4,093 631 M A Fe p a b r r i r c l u h ary 1 1 1 5 5 5 , ; , 1 0 0 7 9 7 6 2 3 1 1 1 1 1 0 , , , 9 0 0 5 6 2 4 7 7 i ! 4 4 4 , , , 6 7 7 8 0 5 7 2 6 6 6 6 , , , 3 2 3 1 5 6 0 1 0 4 4 4 , , , 1 1 0 1 0 6 9 9 5 5 5 5 2 7 6 8 4 3 A A A p p p r r r . . . 1 2 1 0 4 7 1 1 1 5 5 5 , , , 1 0 0 1 8 0 8 8 4 1 1 1 1 0 1 , . , 0 9 0 3 7 3 4 8 3 ! ! | 4 4 4, , , 6 6 6 2 7 7 8 1 1 i 6 6 6 , , , 3 3 3 5 6 6 0 2 3 4 4 4 , , , 0 0 0 8 2 5 4 7 5 5 5 5 2 4 5 1 9 0 City of Chicago: City of Chicago: j 1928—April 2,010 1,502 832 671 508 35 Jan. 30 2, 049 1,601 ! 721 448 65 May 2,072 1,556 859 697 516 49 Feb. 6 2.066 1,613 i 889 724 453 77 June 2, 074 1,573 j 874 698 502 61 Feb. 13 2,076 1,617 I 899 718 459 81 July 2,040 1,550 854 696 489 80 Feb. 20 2,099 1,646 j 912 735 453 104 August 2,050 1,577 848 729 473 80 Feb. 27. 2,141 1,688 { 943 745 453 121 September. 2,034 1,572 850 722 462 41 Mar. 6 2,141 1,691 949 741 450 121 October 2,061 1,604 854 751 456 58 Mar. 13. 2,140 1,693 ! 959 | 734 447 130 November. 2,083 1,604 869 735 459 67 Mar. 20 2,142 1,678 972 706 464 146 December.. 2,083 1, 632 889 742 452 91 Mar. 27 2,096 1,643 919 724 453 86 1929—January 2,065 1,613 i 887 726 452 71 Apr. 3 2,068 1,631 914 717 437 99 February ... 2,096 1,641 ; 911 731 455 96 Apr. 10 2,050 1. 599 907 692 451 40 March 2,130 1,676 950 726 454 121 Apr. 17 2,036 1,600 908 692 436 25 April.. 2,045 1,606 j 905 701 440 46 Apr. 24 2, 027 1, 593 890 704 434 20 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

322 FEDERAL RESERVE BULLETIN MAY, 1929 BANKERS' BALANCES ACCEPTANCES AND COMMERCIAL PAPER [Monthly averages of weekly figures for reporting member banks in leading cities. In millions of dollars] [In millions of dollars] Due to banks Bankers' acceptances Commercial paper out- Other leading outstanding l J standing2 Month Total New York City cities End of month f 1928 | 1929 |! 1928 1929 j 1928 1929 1927 1928 1929 1927 1928 ! 1929 January | 3.484 1,012 2,347 i 2,062 ! January ; 774 ; 058 I 1,279 551 577 I 407 Febr 3.: 949 2,276 ! 1,969 ; February ! 785 056 I 1, 228 577 567 411 March. ! 3. Lfci1 '\ *{l 1,OSM I 91! 2,203 I 1,945 March 809 ; 085 I 1,205 606 570 387 April i 3, liO7 2,709 1,0.".* ! 874 2,154 i 1,835 i April 811 071 | 599 571 ! May i 3,064 \ :• 1.020 i 2,044 i j! M 775 ' 041 ! 582 541 ! June 2,897; |: ' 933 ! June, 751 026 ! 579 503 | Julv 2.936 ! !: 957 '< i 1,979 ! I; Julv 741 : 978 ! 569 483 August j 2,801 ! !: 901 j \ 1,900 ji August.. 782 952 i 591 458 ! September ___ 2,948 ! ji 934 ! I 2,014 j || September \ 864 ! 1,004 i_ 600 430 ! October. 3,073 '' \\ 992 i I 2,081 ] |i October j 975 i 1,123 L 611 427 November 3,040 i || 981 ! ! 2.059 I; November j 1.029 ' 1,200 . 603 421 December j 3,011 ! |l 956 '< ! 2,055 !. ii December I 1,081 i 1,284 ;_ 555 383 1 Figures collected and compiled by American Acceptance Council. 2 Paper maturing within 7 months. Figures reported by about 24 dealers to the Federal Reserve Bank of New York. BROKERS' LOANS BROKERS' BORROWINGS ON COLLATERAL, IN NEW YORK CITY, REPORTED BY THE NEW YORK STOCK EXCHANGE [Net borrowings on demand and on time. In millions of dollars] Total : Fr a o n m d t N ru ew st Y co o m rk p a b n a i n es ks F fo ro re m ig n p r b iv a a n t k e i n b g a n a k g s e , n c b i r e o s k , e e r t s c , . End of month 1926 1927 1928 1929 1926 1927 1928 1929 1926 1927 1928 1«29 January 3,513 3,139 4,420 6,735 3, 043 2,670 3,805 5,664 470 469 615 1,071 February . - 3,536 3,256 4,323 6,679 ! 3,080 2,757 3,737 5,619 455 499 585 1,060 March 3,000 3,290 4,640 6,804 i 2,553 2,790 3.947 5, 713 447 500 693 1,091 April 2,836 3,341 4,908 16, 775 2,468 2,865 4,246 5,580 367 476 662 1,194 May 2,767 3, 458 5, 274 ! 2,392 2,968 4,568 375 490 i 707 June 2,926 3,569 4,898 2, 509 3,065 4,169 417 504 730 July 2 998 3,642 4,837 2, 583 3,145 4,150 415 497 687 August 3,142 3,674 5,051 2, 698 3,170 4,260 444 504 791 September 3,219 3, 915 5,514 ! 2,745 3,340 4,647 474 575 866 October 3,111 3,946 5,880 i 2,668 3,363 4,994 444 583 886 November 3,129 4,092 6, 392 2, 636 3,519 5,412 493 ! 573 979 December 3,293 4,433 6,440 i 2,804 3,812 5,401 489 ! 621 1,039 i Call loans, $6,204,000,000; time loans, $571,000,000. LOANS TO BROKERS AND DEALERS IN SECURITIES MADE BY REPORTING MEMBER BANKS IN NEW YORK CITY [In millions of dollars. Monthly data are averages of weekly figures] Total For banks For others Month or date Total ! In New York Outside New City i York City 2 1926 1927 1928 1929 1928 1929 1928 1929 1928 1929 1928 1929 Month: January 3,126 2,778 3,802 5,408 2,812 2,974 1,342 1,173 1,470 1,801 990 2,434 February 3,119 2,733 3,784 5, 555 i 2, 667 2,899 1,167 ! 1,082 1,500 1,817 1,117 2,656 March 2,800 2.816 3,761 5,679 2,514 2,800 1, 064 1, 071 1,450 1,729 L, 247 2,879 April _ _.- 2,467 2,866 4,062 3 5, 477 j 2,809 2.583 1,193 934 1,616 1,649 L, 252 2,893 M^ay 2 452 2 933 4.414 2,900 i 1,272 1,628 L, 514 June 2,517 3,115 4,360 2,616 1 1,048 1,568 ,744 July 2 607 3 096 4,232 2 472 i 929 ! 1,543 ,760 August 2,720 3,181 4,239 i 2,357 - - 835 1,522 ,881 September 2, 783 3,261 4,417 2,494 ! 887 1,607 .924 October 2 698 3 392 4,701 I 2,653 933 1,720 2,048 November 2, 615 3,441 5,102 2,854 1,105 1 749 2 248 December 2,698 3,621 5,193 2,874 1,114 1,760 2,319 Date:4 Jan.30 3, 816 5,559 • 2,764 2,944 i 1,267 1,091 1,497 1,853 1,052 2, 615 Feb. 6 3.835 5,669 i 2,725 3,047 i 1.171 1,116 1,554 1,931 1,110 2,621 Feb. 13 ?,. 819 5, 568 i 2,683 2.956 ! 1,152 1,097 1,531 1,859 1,136 2,612 Feb. 20 3, 728 5,477 2, 589 2.809 1,094 1,023 1, 495 1,786 1,140 2,668 Feb. 27 3,722 5,507 I 2,573 2,783 1,149 1,090 1,424 1,693 1,149 2,724 Mar. 6 3,696 5,647 1 2,480 2,824 1,019 1,117 1, 461 1,707 1,215 2,823 Mar. 13 3,746 5,627 ' 2,536 2,765 1, 090 1,004 1,446 1,761 1,210 2,862 Mar 20 3,779 5,793 ! 2, 494 2, 859 1, 027 1,091 1,467 1, 768 1,285 2,934 Mar. 27 3,825 5,649 2,548 2,751 1,121 1,071 1,427 1,680 1,278 2,898 Apr 3 3,979 5,562 2, 765 2,673 : l, 265 1,021 1,500 1,652 1,215 2,889 Apr 10 3, 994 5, 427 2,793 2,546 ! 1,144 915 1,649 1,631 1,201 2,882 Apr. 17 4,129 5,425 2,867 2,539 i 1,164 877 1,703 1,662 1,263 2,886 Apr 24 4,144 5,492 2,814 2,576 1,200 924 1,614 1,652 1,331 2,916 1 Weekly reporting member banks in New York City. 3 Call loans, $5,064,000,000; time loans, $413,000,000. 2 Member and nonmember banks outside New York City (domestic 4 Dates for 1929; 1928 dates are two days later for January and February banks only); includes unknown amount for customers of these banks. and one for March and April. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1929 FEDERAL RESERVE BULLETIN 323 COMMODITY PRICES, SECURITY PRICES, AND SECURITY ISSUES WHOLESALE PRICES, BY COMMODITY GROUPS i [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 a in 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 e u a m g n s i d - ing goods Ianeous N c c o u o i m l t n t i a u m e g s r o a ri d l - - 1928—January 96.3 106.1 98.5 121.0 96.7 80.8 98.1 90.8 96.3 98.6 i 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 i 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 April 97.4 107.6 99.5 126.7 96.5 80.8 98.4 92.5 95.8 97.9 1 84.9 94.7 May 98.6 1 109.8 101.2 126.3 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 i 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 i 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 ^ March 97.5 107.1 98.1 108.3 96.1 80.6 106.4 97.8 95.6 96.5 80.0 919 1 Index of Bureau of Labor Statistics. PRICES OF FARM PRODUCTS AT THE FARM i SECURITY PRICES [August, 1909-July, 1914=100] Common stocks » (1926=100) Bonds: Month ! 3 m 0 i o t c i d e o s - m- | Grains t F v a a e r b n g u l d e e it s - an M im ea a t ls p D p o a r a u n o i d l d r t y - ry c C o s a o e t n t t e d t o d o n n - cl U f a ie s n d s - i- Month or week co s m t 4 o b 0 c i 7 k n s ed i t n r 3 d i 3 a u 9 l s s - 33 rails u p t u il 3 b i 5 t l i i e c s 4 A p 0 r v i i e c s r e s a u o g e f e s ucts 1927—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 February.- 135 128 153 139 144 141 90 A M p a r r i c l h 1 14 3 5 7 . . 9 9 1 1 4 4 1 9 . . 1 5 1 1 3 2 0 5 . . 7 9 1 1 4 34 2 . . 4 5 9 9 9 9 . . 1 2 8 0 March 137 136 174 139 137 147 89 May | 152.1 154. 9 133. 2 155. 3 98.79 J J A A M u u u p l a n y r g y e i u l st 1 1 1 1 1 3 4 4 4 4 9 8 5 5 0 1 1 1 1 1 2 4 4 5 6 0 2 4 2 0 1 1 1 1 1 5 3 6 7 8 6 7 8 9 1 1 1 1 1 1 6 5 4 5 5 2 0 2 7 1 1 1 1 1 1 3 3 3 3 3 6 4 4 2 4 1 1 1 1 1 5 6 5 7 6 3 2 4 0 6 8 8 8 8 8 7 7 8 5 6 J J A S O u u e u c n l p t y g e o t u e b s m e t r ber..! I i 1 1 1 1 1 5 5 4 4 4 6 9 8 4 5 . . . . . 1 1 2 3 3 1 1 1 1 1 6 6 5 4 4 1 6 2 7 8 . . . . . 2 6 2 8 6 1 1 1 1 1 2 2 2 2 2 8 6 9 4 6 . . . . . 7 6 5 2 7 1 1 1 1 1 5 4 5 4 4 5 7 4 5 8 . . . . . 9 5 3 1 2 9 9 9 9 9 6 6 5 6 7 . . . . . 5 5 8 4 3 6 8 2 7 8 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 j 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 1929 i A M p a r r i c l h i ; 1 1 8 8 6 9 . . 6 4 1 1 9 9 3 6 . . 4 1 1 1 3 4 8 0 . . 3 8 2 2 0 0 1 4. . 4 4 9 9 4 4 . . 8 5 2 8 January 133 i 115 109 146 149 148 92 Week ending— I February.. 136 123 111 .150 148 149 91 Apr. 6 ! 186.1 193. 0 138.0 199.8 94.22 March 140 124 112 160 144 155 90 Apr. 13 I 184.4 191.1 137.8 198.1 94.26 Aoril 138 120 110 164 138 152 88 Apr. 20 I 187. 3 194.6 137. 7 201.1 94.77 Apr. 27 J 188.6 194.9 139.5 206.4 95.08 1 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-March March, 1929 January-March 1929 1928 March, 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 Total 8.7 158.3 52.2 188.9 297. 7 115.2 New issue 8 7 158 3 45 7 186.9 222.7 104.4 Total. '59. 5 59. 9 2, 463.1 j 325. 8j 1, 404. 3731.3 Europe 2.4 23.6 14.6 103.5 76.0 Canada and Newfound- Corporate issues 661.8| 58.3 2,227.3; 321.21,041.3 708.0 land 3 22.1 .3 30.4 13.3 16.9 Bonds and notes- Latin America 8 4 20.4 2.2 98.3 2.5 Long term 222. 9 50.8 625.2; 185.0 628.5 542.6 United States insular pos- Short term 7.4j 3.3 37.6j 8.01 53.5 29.8 sessions 1.5 5.8 1.1 Stocks 431. 5| 4. 2 1, 564. 5 2182 82. 2 359. 31135.6 Miscellaneous. 133.9 133.9 6.5 9.0 Farm-loan issues 5.6: Refunding issues 2.0 75.0 10.7 Municipal issues 1.6 235.8 357.4 5.3 Total Government and Total new and recorporate. . .. 166.9 24] 412.9 funding 819. £ 2, 788. 9 2,117 47441—29- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

324 FEDERAL RESERVE BULLETIN MAY, 1929 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers of the Federal Reserve Board] Produc- Building contracts Wholesale dis- Department- Department- Year and month p I t n r t i o r o d i d n u a u l s i c - - t m t i u o f a r a n e n c s - u o x - f P m t r i a o o i l n n d s e ^ u o r c - f - e F m m ac p e t l o n o t r y y - Fa r p c o a t l y o ls ry Un a a w d- a r i ded A l d- F i l r n o c e g a a i s d g r ^ - ht Un tr a i d b - ution A * d- U s n t a o d re - sale A s d l - U st n o a r d e - stoc A k d s - * justed justed justed justed justed justed justed justed Mo. a?. 1923-1925 = 100 Mo. av. 1919=100 Monthly averages 1923-1925=100 ANNUAL INDEX 1919 83 84 77 100 100 64 84 111 78 79 1920 87 87 89 103 124 63 91 115 94 105 1921 67 67 70 82 84 57 79 87 87 89 1922 85 87 74 90 89 81 86 89 88 89 1923 . 101 101 105 104 113 84 100 100 98 1 98 1924 95 94 96 95 104 95 98 98 99 ! *101 1925 104 105 99 95 107 122 103 102 103 i *102 1926 108 108 108 96 109 130 107 101 106 103 1927 106 106 107 92 105 128 103 97 107 *103 1928 110 111 106 90 104 135 104 96 108 102 MONTHLY INDEX 1925 January 106 106 104 94 103 75 98 103 93 102 86 98 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 99 100 101 103 101 102 102 101 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 SeDtember 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 98 178 106 97 103 1926 January 107 109 92 96 107 111 143 102 95 104 88 105 93 105 February _ .. 107 109 95 97 112 106 145 104 96 103 81 104 98 104 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 10S 104 102 June 108 109 106 95 109 133 121 109 95 100 101 103 98 •101 July 108 108 107 93 104 126 124 108 95 100 79 105 93 100 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 •104 November . 108 107 118 95 109 119 130 109 101 101 121 106 117 103 December 106 104 119 94 108 131 142 107 87 98 184 110 96 102 1927 j January 107 105 116 92 102 94 120 105 88 95 89 106 *93 104 Februarv 109 107 118 94 109 98 131 109 91 97 83 107 *98 103 March 112 110 118 94 110 151 134 108 102 98 100 105 *107 103 April 109 109 106 93 108 147 127 108 92 95 111 105 107 *103 May 111 112 108 93 108 135 122 106 91 97 102 103 *104 *102 June 109 109 105 92 106 154 141 104 91 96 102 103 •98 *101 July 106 108 99 91 101 130 128 101 91 96 75 104 •95 •102 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 •108 •104 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 •104 December 100 99 102 89 102 116 126 95 85 95 186 111 96 •103 1928 January 105 106 103 88 98 104 133 100 88 96 88 104 93 105 February 109 110 102 89 104 113 153 102 93 99 86 105 99 104 March . 109 110 103 90 105 144 128 102 100 96 103 104 106 103 April 109 110 105 89 103 157 135 104 88 92 102 103 107i 103 May .. 109 110 105 89 104 163 148 105 93 99 108 103 104 102 June 109 111 101 90 104 158 145 102 89 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 98 102 114 115 107 91 105 143 140 106 111 96 107 119 105 101 October.... i 114 114 114 92 109 145 141 106 112 97 •124 105 114 103 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 •189 116 95 101 1929 January •117 •117 117 91 103 •100 128 104 93 101 91 *105 91 102 February 117 *117 120 93 110 88 119 107 90 96 85 •no •97 •102 March 2118 2 120 2106 94 1131 118 104 103 296 110 112 103 100 1 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. 2 Preliminary. • - * Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

325 MAY, 1929 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION INDEX OF INDUSTRIAL PRODUCTION PRODUCTION OF [Index numbers, adjusted for seasonal variations. As revised in Febru- MANUFACTURES AND MINERALS ary, 1929; see BULLETIN for March. 1923-1925 average=100] Month 1924 1925 1926 1927 1928 1929 January... 100 100 106 107 107 105 •117 February 100 102 105 107 109 109 117 March 101 105 108 112 109 119 April j 107 95 103 108 109 109 U18 May I 107 89 103 107 111 109 June __l 106 85 102 108 109 109 July.. I 104 84 104 108 106 110 August ! 102 89 103 111 107 112 80 September _ 100 94 102 112 105 114 October __ 99 95 105 111 103 114 November _ __! 98 97 107 108 99 112 December I 97 101 109 106 100 113 Annual index | 101 95 104 108 106 110 60 1926 1927 1928 1929 INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS I a r n o d n ( | Textnes/ - X ^ dc , ts pr P i a a n n p t e i d r ng Lumber m A o u W t l o e - si 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 a n u l - s s re P l f e e i u n tr m i o n - g Ru ti b re b s er T f m a o c a b tu n a r u c e c - s o 1928 January 107 107 103 115 92 93 114 100 135 124 119 February 113 108 110 116 93 101 103 117 108 139 135 120 March 114 107 105 118 94 111 102 112 108 141 134 120 April... 122 101 118 95 108 97 111 109 147 134 120 May 116 107 121 93 107 96 116 111 150 133 120 June 115 108 93 118 91 117 108 123 115 153 143 125 July 124 100 89 117 94 119 112 119 113 156 149 125 August 121 107 90 117 87 133 112 126 117 160 151 129 September 128 107 95 118 82 139 110 130 117 162 169 128 October 126 112 98 116 81 122 103 122 121 160 167 126 November.... 120 113 102 115 85 94 j 97 122 126 159 155 124 December .... 123 111 104 114 87 103 92 130 128 159 143 127 1929 J F M a e n a b r u r c u a h r a y ry 1 1 1 2 3 1 6 2 7 i ! | 1 1 1 1 1 1 6 3 6 1 1 9 0 0 6 1 3 U * 1 1 2 2 2 3 2 2 1 7 8 8 8 9 9 *1 1 1 5 6 5 5 3 4 • 9 9 9 5 7 7 1 1 1 2 2 3 2 3 4 •1 1 1 2 2 2 3 7 4 1 1 1 6 5 6 0 9 1 1 1 14 5 5 7 1 2 1 1 13 2 2 1 6 9 INDEX OF PRODUCTION OF MINERALS, BY PRODUCTS All min- Bitumi- An racite Crude Iron ore erals nous coal al petroleum shipments Zinc 1928 J A M F a e p a n b r r u i r c l a u h r a y ry .. - . 1 1 1 1 0 0 0 0 5 3 3 2 9 9 9 9 2 2 5 1 ! 1 8 8 8 0 9 8 0 7 1 1 1 1 2 2 1 2 1 0 9 1 1 1 1 10 0 0 0 3 4 2 2 J Ju u n ly e . _. 1 1 1 0 0 0 1 5 0 9 9 9 3 3 1 1 6 7 1 7 6 2 1 1 11 1 2 9 8 0 1 1 8 0 0 0 7 4 1 1 1 1 1 1 3 0 0 August 105 91 94 123 104 116 September.. 107 94 95 124 110 123 October 114 99 119 127 114 128 November.. 113 99 113 127 106 131 December.- 112 96 98 132 133 1929 F 1 M 9 e a 2 b r 9 r c — u h a J r a y nuary , » 1 1 1 2 0 1 6 0 7 1 1 8 0 0 8 9 3 1 1 7 1 1 5 0 0 1 1 1 3 3 3 4 8 8 1 1 1 2 3 3 9 6 5 1 1 1 0 0 1 6 0 2 •Revised. 1 Preliminary. N?TE'm?hese &blef ?°5tain' *0* 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 111 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

326 FEDERAL RESERVE BULLETIN MAY, 1929 PRODUCTION OF MANUFACTURES, BY INDIVIDUAL LINES» March, February, March, March, February, March, 1929 1929 1928 1929 1929 1928 Iron and steel: Leather and products: Pig iron 116 114 102 Leather, tanning- Steel ingots 134 *127 115 Sole leather« 85 92 95 Textiles: Upper leather- Cotton consumption 117 115 103 Cattle 3 73 *67 71 Wool- Calf and kip 3 84 *73 101 Consumption 100 101 92 I Goat and kid _ 3H2 *120 124 Machinery activity J 92 93 82 ! Boots and shoes __ 3103 *103 105 Carpet and rug loom activity >. 94 *91 93 !Stone, clay, and glass: Silk- Cement 99 115 101 Deliveries 152 135 152 Face brick __ 117 106 100 Loom activity 8 128 126 124 Plate glass _ _ 148 140 130 Food products: Nonferrous metals: Slaughtering and meat packing- Copper 140 *132 103 Hogs 104 117 Lead 96 *100 109 Cattle 90 87 91 Zinc 112 106 112 Calves.. 97 | 87 93 Tin' 128 134 118 Sheep 105 | 106 102 Chemicals and allied products: Flour _ 104 104 104 Petroleum refining— Sugar meltings 111 108 Gasoline J 187 188 159 Paper and printing: Kerosene 94 97 98 Wood pulp and paper- Fuel oil2 136 138 124 Newsprint _ 92 94 Lubricating oil > 123 116 121 Book paper 125 128 Coke production— Fine paper 114 117 By-product 142 139 125 Wrapping paper 104 109 Beehive 42 34 Paper board 138 i *135 119 Rubber tires and tubes: Wood pulp, mechanical _ 103 90 Tires, pneumatic. 156 | 157 137 Wood pulp, chemical 113 108 Inner tubes 118 116 110 Paper boxes _ 148 127 Tobacco products: Newsprint consumption 138 137 128 Cigars 93 95 92 Lumber: Cigarettes 153 159 143 Lumber, cut__ 78 Manufactured tobacco and snuff 91 : 89 92 Flooring _ 106 Transportation equipment: Automobiles. _ 163 *155 111 Locomotives 17 34 Shipbuilding 45 i As revised in February, 1929; see BULLETIN for March. » Without seasonal adjustment. 3 Preliminary. * Revised. FACTORY EMPLOYMENT AND PAY ROLLS [Index numbers without seasonal adjustment. Monthly average, 1919 = 100] Metals and products Textiles and products Lum- Rail- Paper Foods Leather Stone, To- Chem- Total Group s I a r t n e o d e n l Group Fabrics P u r c o t d s - p u a vo r n c , o oer d t d r s - v r c o e l a h e d s i- m A o u b t i o le - s p a r i n n in d g t- p u a r c n o t d d s - p u a r n c o d t d s - c g a l l n a a d y ss , b p u a r c c o t c d s o - p i u ac r c n o a t dl d s s - Employment: 1928—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 May 89.5 85.3 84.9 87.8 88.9 86.3 87 0 72.5 141.2 106.3 83.0 77.7 113.8 76.8 74.5 June 89.6 85.5 85.0 87.4 88 6 85.9 87.7 72.7 141.1 106.1 84.2 77.6 114.9 77 6 75.1 July 88.5 84.7 84.6 84.5 86.2 82.2 86 7 71 7 141.0 106.1 84.4 81.2 112.8 73.4 73.9 August 90.0 86.0 86.0 85.3 86.3 84.1 89.1 71.6 149.9 106.3 83.9 82.9 115.7 79.0 73.9 September- 91.2 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 00.8 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 March 93.8 94.0 94.3 92.7 93.8 91.3 85.9 71.4 166.6 108.9 84.9 80.2 101.7 76.8 80.8 Pay rolls: 1928—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 lll.fi December.. 106.6 1 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 March 112.9 108.2 107.9 105.9 105. 3 106.8 97.2 84.3 213.6 155.5 100.9 80.0 124. 6 78.0 114.1 NOTE.—This table contains for certain months general index numbers of employment and pay rolls, together with group indexes for important industrial components. The general index is a weighted average of relatives for 34 individual industries. The method of construction was described n 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

MAY, 1929 FEDERAL RESERVE BULLETIN 327 BUILDING BUILDING CONTRACTS AWARDED [Index numbers based on value of contracts. Monthly average, 1923-1925 = 100] Without seasonal With seasonal adjustadjustment ment * Month 1926 1927 I 1928 1929 1926 | 1927 1928 1929 January.. ! Ill 94 104 100 143 120 133 128 February.. J 106 96 113 145 131 153 119 March i 146 151 144 129 134 128 104 100 April.. 139 147 157 120 127 135 135 May 134 135 163 123 122 148 June 133 154 158 L... 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 1925 1926 1927 1928 1929 1 As revised in February; see BULLETIN for March. BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Value of contracts in thousands of dollars] Federal Reserve District Month Total Boston Y N o ew rk 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 M ap in ol n i e s K C an it s y as Dallas 1928 I March i 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.... -..I 668,097 56,097 188,687 49, 743 63,813 39,421 32,497 139,784 36,360 13,178 20,199 28,318 June 650,466 38, 519 178,448 48,698 69,605 46,227 28,600 128,607 44,225 11,042 28, 070 28,426 July 583,432 34,456 139,821 41,259 56,103 32,884 31,996 140,689 50,557 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 I 9,213 22,611 17,715 October 597,104 39, 521 189,696 46,098 57,118 40,329 36,097 110, 795 32,409 12,645 15,699 16,697 November.. 471,482 29,154 136,525 28,017 56,684 33,621 18,550 99,429 27,302 7,896 13,908 20,397 December... 432,756 26,405 140,159 32,082 31,755 29,973 23, 362 76,924 31,378 5,886 16,511 18,323 1929 | January I 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 I 361,274 25, 352 76,064 32, 369 36, 360 34,252 22,363 69,845 23, 372 4,757 12,874 23,665 March j 484,848 30, 044 113,466 35, 399 47, 078 32. 979 25, 398 107, 289 38, 795 8,343 22, 854 23, 204 BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING BUILDING PERMITS ISSUED, BY FEDERAL RESERVE IValue of contracts in thousands of dollars] DISTRICTS Public [Value of permits in thousands of dollars] Month de R n e t s i i a - l In t d ri u a s l - m C e o r m ci - al w aa o rn\r r a\ ks E ti d o u n c a a l - o A th l e l r public utilities Federal reserve district N of u c m it b ie e s r M 1 a 9 r 2 c 9 h, Feb 19 ru 29 ary, Ma 19 r 2 c 8 h, 1928 February. 238,985 34,881 57,695 59,980 18,651 55,139 United States. 168 352,637 219, 240 325,155 March 275,192 48,804 73,075 110,338 33,881 51,277 April 276,586 85,093 82,758 117,401 32,885 48,413 Boston 14 12,572 11,031 8,783 May 288,826 37,146 91,200 150,223 47,851 52,851 New York.... 22 188, 517 113,382 130,953 June... 258,084 63,537 93,942 130,852 46,135 57,917 Philadelphia.. 14 14,808 8,672 14,857 July... 228,703 31,400 95,697 137,075 36,926 53,632 Cleveland 12 16,104 12, 586 20,457 August.. 213, 705 42,607 58,911 118,890 35,713 47,144 September 202,807 114, 780 60,068 119,014 38,801 52,205 Richmond 15 13,013 9,437 13,894 October 239, 692 62,259 67,330 148,697 31,293 47,833 Atlanta 15 j 7,595 6,537 9,365 November 200,226 38,665 68,309 93,228 30,023 41,032 Chicago 19 44,279 19,801 63,350 December 178,323 38,248 66,773 80,194 25,370 43,849 St. Louis 5 5,952 4,426 7,693 1929 Minneapolis.. 2,545 1,494 3,349 January 138,069 63,109 100,378 66,522 17, 746 24,145 Kansas City.. 9,154 4,895 | 7,565 February 129,486 56,092 68, 265 57,593 22,577 27,261 Dallas 7,371 5,595 I 14,395 March 197,172 55, 837 75, 584 71, 508 37, 525 47, 221 San Francisco. 30, 729 21,385 I 30,495 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

328 FEDERAL RESERVE BULLETIN MAT, 1929 TRADE AND DISTRIBUTION FREIGHT-CAR LOADINGS, BY LINES [Index numbers, adjusted for seasonal variations. 1923-1925=100] Merchan- Grain dise Month Total p g a r r n o a d i d n - s L to iv c e k - Coal F p u o r c o r t e d s s - t m 1 a . i s n c c d . e 1 l- . ucts laneous 1928—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 90 110 June 102 89 86 92 89 107 July 102 109 80 89 90 109 75 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 1929— D M F J e e a a b n c r r e u c u m a h a r b y ry er 1 1 1 1 0 0 0 0 4 3 7 3 1 1 1 9 0 0 0 9 5 6 3 8 8 8 8 5 2 2 1 1 1 1 8 1 0 0 9 8 2 8 9 9 8 8 1 0 0 7 1 1 1 1 0 1 0 0 9 1 9 8 50 1925 1926 1927 1928 1929 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 96 92 95 95 96 91 93 | 90 March 103 94 100 101 98 96 196 108 98 105 106 102 100 ! »101 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 97 95 91 90 ' August . . - - - - - -- . 102 95 102 101 102 101 112 104 112 111 112 110 September 98 100 102 103 98 96 113 115 117 118 113 111 1 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 92 87 85 84 ! Annual average - - 100 98 102 101 97 96 i Preliminary. SALES IN INDIVIDUAL LINES OF WHOLESALE TRADE [Index numbers. Monthly average, 1923-1925 = 100] With seasonal adjustment Without seasonal adjustment Month c G er r i o e - s Meats g D oo ry ds M cl i o e n t n g h ' ^ s B ™ oo * t s T iH T aOTr . d /I - Drugs n F it u u r r - e c G e r r o ie - s Meats g D o r o y ds M cl i o n e t g n h ' - s B a o n o d ts H w a a r r d e - 1928 January 106 115 92 108 85 106 85 76 94 82 106 78 February... 113 110 93 110 96 85 108 89 128 87 82 101 96 March 97 109 96 91 110 95 95 105 87 131 111 95 121 107 April 93 112 94 86 111 87 88 105 70 75 99 88 113 88 May 99 109 113 94 117 92 96 109 75 57 . 114 97 110 87 June 94 112 82 92 110 94 97 114 71 39 77 96 104 83 July— 91 111 123 91 107 95 92 113 74 68 98 90 102 78 August 100 116 109 94 117 106 101 118 110 148 119 95 115 108 September- 92 122 90 92 112 112 100 130 105 137 110 100 119 126 October 95 111 87 97 116 112 108 125 99 123 108 108 134 133 November- 94 122 95 I 100 100 113 101 100 117 90 66 105 98 114 106 December-. 115 101 72 128 94 108 51 59 86 120 I 1929 i January _ 117 *119 ! 92 133 •91 117 74 82 131 ! *80 February- 95 119 83 107 | 87 114 91 113 114 84 76 105 91 March U22 198 195 ! 192 i 109 193 i 117 i 136 i 110 195 1 120 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

MAY, 1929 FEDERAL RESERVE BULLETIN 329 DEPARTMENT STORE SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers.^ Monthly average 1923-1925=100] Federal Reserve District United States B to os n - Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - la A n t t - a c Ch a i g - o2 L S ou t. is M ap in o n li e s - K C a i n t s y a ' s D la a s l- F c S r is a a c n n o - Sales'(unadjusted): I 1928—January... 94 75 85 81 , 85 90 82 72 80 February.. 86 89 •76 85 82 ! 91 92 85 72 77 92 March 103 102 •96 101 105 ! 110 109 105 91 93 109 110 1929—January 91 97 78 86 82 i 89 •97 81 77 83 106 February.. 85 76 •89 75 83 78 87 •95 85 •75 76 •85 91 March 110 101 110 105 114 | 113 119 110 101 102 115 115 Sales (adjusted): 1928—January... 104 108 108 •90 104 103 107 114 104 107 114 February.. 105 100 109 •90 103 105 i 108 113 101 94 106 115 March 104 98 106 •95 102 105 ! 113 113 105 95 109 110 1929—January... *105 102 107 89 102 100 i 108 •119 98 90 •104 119 February. *110 *102 •114 93 105 105 i 108 •123 106 •101 •107 •118 March 112 104 115 107 115 I 117 123 111 106 116 116 Stocks (unadjusted): 1928—January 93 93 89 89 92 95 98 75 98 February 99 97 97 ! •93 | 96 96 101 102 111 83 105 March.. 106 105 105 98 | 103 103 105 110 118 86 111 1929—January 91 88 97 78 84 89 98 101 71 •92 February *97 *91 •99 | •85 I 91 94 ' 105 122 79 •98 March _. 103 108 90 ! 97 100 101 112 122 83 •106 Stocks (adjusted): 1928—January __ 105 I 102 104 104 102 101 107 86 107 February- 104 103 104 101 101 ! 103 106 86 109 March 103 11 103 103 100 i 102 106 84 109 1929—January _.. 102 ' 97 106 101 : 96 110 82 •100 February. •102 96 107 99 ! •100 109 •82 •103 March 100 97 106 93 97 ! 108 80 •104 i For description of department store indexes given in this table see BULLETIN for February, 1928. »Revised in February, 1929; see BULLETIN for March. • Monthly average in 1925=100. • Revised. SALES OF CHAIN STORES AND MAIL-ORDER HOUSES I [Index numbers of sales. Monthly average 1923-25=100] Sales without seasonal Sales with seasonal adjust- Num- Number of stores adjustment ment ber of reportfi i r n m g s March, jFebruary, March, March, February, March, February, March, 1929 1929 1928 1929 1929 1928 1929 1929 1928 Chains: Grocery 30,388 30,407 28,823 235 229 227 229 240 213 5-and-10-cent. 3,383 I 3,265 2,965 156 122 133 167 157 142 Apparel 1,354 ! 1,295 1,129 241 147 200 266 224 224 Drug 1,189 i 1,141 957 196 170 163 197 183 158 Cigar 3,650 I 3,638 3,435 108 92 107 114 107 109 Shoe 703 694 650 159 88 117 161 127 119 Candy _ 309 ] 296 274 152 112 119 160 131 120 Mail-order houses 0) \ 0) U56 2 129 2 125 2 142 U43 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 counter." Changes in the volume of sales by these firms, therefore, no longer measure changes in sales through the mails. 1 Including sales made through branch stores. NOTE.—For description of indexes given in this table see BULLETIN for April, 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

330 FEDERAL RESERVE BULLETIN MAY, 1929 BANK SUSPENSIONS AND COMMERCIAL FAILURES BANE 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! NoK ba J n S k ? s ber Number Liabilities Month Num-Total de- Num-Total de- Num- Total deber posits * ber posits1 | ber ! posits1 Total M fa i c a n t n g u u r - -T i r n a g d- b A ro g et k e c n e . r ts s , , Total M fa i c a n t n g u u r - - T i r n a g d- b A ro g et k e c n e . t r s s , , 1927 January 133 32,038 11,555 106 20. 483 February.. 81 25,157 8,744 65 16,413 March 75 31,222 7,700 59 23, 522 1927 April 49 11, 750 5,462 39 January... 2,465j 501 1,842 122 51,290 19,996 24,530 6,764 J J S N A D M O u u e o e u c n a p l t c v g y e o y t e u e e b m . m s m e . t b . r b b . e e e r r r 4 3 4 4 3 2 4 4 1 6 4 7 7 7 3 9 1 1 1 1 1 1 1 0 8 3 7 2 1 , , , , , , , 1 4 3 1 2 5 7 9 6 7 6 1 4 8 8 4 6 2 0 2 4 6 2 8 3 3 5 1 1 , , , , , , , , 8 1 5 7 4 6 2 3 8 2 0 5 2 3 3 1 1 1 5 7 9 8 0 4 3 3 3 2 3 3 3 4 6 2 5 2 0 5 7 2 6 9 8 7 8 5 7 7 , , , , , , , , 7 8 1 4 1 7 5 2 3 1 0 6 8 6 2 6 1 3 5 6 3 3 4 4 J J A M A M F S O u u e e u p c a a n l p b y t r g y r e o i t r c u l e b u h s m e a t r r b y e . r . I ! j | 2 2 1 1 1 1 1 1 1 , , , , , , , , , 9 1 0 8 7 8 7 5 7 6 4 3 5 5 3 0 8 7 8 3 5 6 2 3 8 7 3 1 4 4 4 4 5 4 4 4 3 4 4 9 1 6 2 3 8 8 8 4 2 9 7 8 8 9 l | j 1 1 1 1 1 1 1 1 1 , , , , , , , , , 1 3 4 3 2 1 1 0 5 8 1 6 9 4 7 7 8 0 7 0 8 2 2 4 0 3 8 1 1 1 1 1 1 1 9 9 1 0 1 3 2 0 2 6 6 6 6 6 4 1 1 9 4 5 5 3 3 4 3 3 3 3 6 9 4 6 3 7 7 2 , , , , , , , . . 1 1 4 9 1 8 7 7 2 5 9 6 4 5 9 8 8 3 0 6 5 1 6 1 5 6 6 1 1 ! | 2 1 2 1 1 1 1 1 1 3 2 0 5 3 6 4 5 7 , , , , , , , , , 3 5 2 8 7 9 1 3 5 6 1 7 0 4 3 2 4 8 8 8 8 2 3 4 1 9 7 2 2 2 1 1 1 1 1 1 3 8 2 4 7 6 9 4 2 , , , , , , , , , 1 3 8 7 8 9 0 6 4 9 0 5 3 0 7 5 5 0 1 8 6 2 2 8 2 7 6 1 9 7 4 3 9 5 4 5 3 , , , , , , , , , 5 3 0 0 0 5 5 4 3 1 3 7 2 7 0 7 4 8 7 2 5 5 2 0 3 5 5 Total 662 193,891 124 66, 336 538 127, 555 N De o c v e e m m b b e e r r . • ! 2 1 , , 1 8 6 6 2 4 4 5 7 9 8 7 1 1, , 4 2 3 7 0 6 1 13 1 5 0 5 3 1 6 , . 0 1 6 4 2 7 1 1 2 1 9 2 , , 0 7 2 8 4 6 1 16 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 5,682 16,082 1,382520,104211,505 228,194 80,405 February... 18,352 9,373 8.979 M J J M A S N D A O u u e e o u c p a a n l p c t y v g y r r e o t e c e u i e b m h l m s m e . t b . r b b . e e e r r r 1 2 1 1 8 6 4 6 5 9 6 7 3 1 , , , , , , , , , , 9 1 0 3 1 4 3 8 0 7 5 1 9 9 4 7 9 6 8 8 3 1 6 0 6 7 8 8 4 4 1 3 2 1 2 3 1 1 1 , , , , , , , , 0 4 8 4 9 8 9 9 9 0 2 2 1 0 4 1 4 1 2 9 3 3 7 6 9 4 6 9 1 7 1 1 1 5 4 4 4 4 8 3 1 3 7 , , , , , , , , , . 8 7 9 4 2 9 2 1 6 7 9 4 5 0 6 2 5 6 0 7 1 7 4 5 3 7 7 3 7 8 J J J F M A A M S O a u u e e p u c a n a n l p b t y r g y r e o u t i 1 r c u l e 9 b a u h s m 2 e r a t 8 r y b r y . e . - r . I j 2 2 2 2 2 1 1 1 1 1 , , , , , , , , , , 1 8 2 6 8 9 7 6 0 0 1 5 4 7 2 3 3 4 0 2 8 2 7 6 3 5 6 3 8 3 4 5 5 4 4 4 4 5 4 5 6 5 4 7 5 3 9 5 2 1 8 3 6 0 0 2 3 4 8 3 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 5 9 5 2 1 2 3 0 3 4 8 4 6 6 4 7 2 7 6 0 1 6 6 1 1 6 5 3 9 7 1 1 1 1 1 1 1 1 1 1 4 2 2 3 0 0 1 1 1 2 4 4 7 1 9 8 0 2 8 6 4 4 5 3 3 2 3 3 2 5 7 5 4 6 7 9 4 3 9 8 , , , , , , , , , , 6 8 0 1 8 9 5 9 9 2 3 1 1 7 2 8 8 9 5 0 4 4 7 1 7 7 5 0 7 2| 2 1 1 1 1 1 1 1 1 1 2 0 4 4 6 2 6 2 3 4 , , , , , , , , , , 4 8 2 2 9 8 7 4 7 7 1 7 3 3 3 7 2 9 2 5 2 1 6 2 0 7 3 0 7 1 2 2 2 1 1 1 1 1 1 1 6 4 6 8 6 2 3 9 3 7 , , , , , , , , , , 4 9 1 9 0 8 7 0 5 2 4 5 8 0 4 9 8 9 6 6 6 2 6 0 9 9 1 6 7 8 2 6 8 7 2 3 5 3 4 5 2 , , , , , , , , , , 2 3 3 9 3 7 7 2 6 2 1 1 6 8 2 0 2 5 6 3 6 8 7 7 4 9 0 5 2 2 Total. 491 138,642 73 42, 240 418 i 96,402 N De o c v e e m m b b e e r r . 1 1 , , 9 8 4 3 3 8 1 1, , 3 2 2 0 4 2 1 12 1 1 7 4 40 0 , , 7 6 7 0 4 1 1 1 5 7 , , 4 7 4 8 6 3 1 1 7 8 , , 2 9 2 3 4 3 7 4 , , 9 0 3 5 2 9 January 1929 17,905 10,158 48 | 7,747 Total. .23,842 5,924 16,471 1,447489, 560'182.478 225,301 81,780 M Fe a b r r c u h ary 2 8 3 , , 3 49 4 8 0 14 4 2 , , 9 4 2 9 4 0 4 4 6 1 ! j 18 5 , , 8 5 5 7 0 4 Jan 1 u 9 a 2 r 9 y.. . 2,535 614 1,769 152 53,877 16,690 32,024 5,164 Total, 3 months.. 163 49, 743 17, 572 135 I 32,171 M Fe a b r r c u h ary! 1 1 , , 9 96 8 5 7 4 5 7 1 8 2 1 1, , 3 3 4 7 9 8 1 1 0 2 9 6 3 36 4 , , 0 35 3 6 6 ? 1 1 1 5 , , 8 0 9 0 1 1 1 1 7 7 , , 8 1 9 9 1 0 4 4 , , 1 2 6 5 5 5 BANK SUSPENSIONS! IN MARCH, 1929, BY DISTRICTS To m ta o l, s . 3 .. 1,604 4,496- 387124,2 43, 581 67,105 13, 583 [Amounts in thousands of dollars] Allbanks M ba e n m k b s e 8 r Non b m an e k m s ber COMMERCIAL FAILURES, BY DISTRICTS 1 Federal reserve district Num-Total de-Num-Total de-Num-Total de- [Amounts in thousands of dollars] ber posits 2 ber posits J ber posits * Boston Number Liabilities New York _ 1 240 240 Philadelphia Federal reserve Cleveland . . 1 333 1 333 district March, Feb., March, March, Feb., March, Richmond 3 376 3 376 1929 1929 1928 1929 1929 1928 Atlanta 18 2,846 3 928 515 1,918 Chicago 3 1,128 1 783 2 345 S D M K t a a . i l n n L l n s a o a s e u s a i p _ s C o _ i l t i _ y s ._ . . 1 5 7 1 2 1 , , 2 1 7 4 4 3 3 446 8 5 7 ( 1 1 4) , , 8 1 2 4 8 3 N B Ph o e i w s l t a o d Y n e o lp r h k i . a .. 3 2 1 0 7 0 0 7 2 3 3 9 7 2 8 8 4 2 1 4 4 2 3 1 6 3 7 1 , , , 0 5 2 1 8 2 7 6 4 2 4 9 , , , 1 5 2 5 9 5 1 0 6 9 5 2, , , 1 9 8 7 7 5 4 9 3 San Francisco Cleveland 194 166 183 4,141 2,891 8,434 Richmond _. 140 128 141 2,168 1,942 4,755 Total.. 49 8,340 8 2,490 41 5,850 A Ch tl i a c n ag ta o 3 1 6 0 6 1 2 1 9 0 7 7 3 1 4 4 8 7 2 6 , , 9 3 8 2 3 9 3 1 , , 7 7 0 1 8 1 5 7 , , 8 5 8 7 6 2 St. Louis 123 120 104 1,988 1,762 3,983 1 Banks closed to the public by order of supervisory authorities or by Minneapolis _ _ 39 47 83 541 1,362 997 the directors of the banks on account of financial difficulties. Kansas City... 119 121 83 1,707 1,505 1,696 2 Figures represent deposits for the latest available date prior to the Dallas... 49 40 66 559 552 945 suspensions and are subject to revision when information for the dates of San Francisco 269 231 271 4,113 2,605 2,540 suspension becomes available. 3 Includes 7 national banks with deposits of $2,320,000 and 1 State Total. 1,987 1,965 2, 236 36, 356 34,036 54, 814 member bank with deposits of $170,000. 4 Deposit figures not available. 5 Includes 12 private banks. J Figures furnished by R. O. Dun & Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1929 FEDERAL RESERVE BULLETIN 331 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE AUSTRIAN NATIONAL BANK The annual report of the National Bank of often proved disastrous in the past. It is clearly Austria for 1928 was submitted to the gen- to the credit of the United States of America eral meeting of shareholders on March 14, 1929. that it has recognized these tendencies and has Sections of the report dealing with financial opposed them through the universally acceptaand economic developments during the year ble formula of the Kellogg Pact. Even though are given herewith:x little practical importance attaches to the con- General conditions.—Following our estab- clusion of this treaty as a guaranty of interlished custom of introducing the report of the national peace, it has unquestionably indicated business operations of the Austrian National the correct method of diplomatic procedure, Bank with a brief review of economic condi- which had threatened to become involved in tions during the past year, we feel justified in serious errors. Principally through the Kellogg saying that the gradual and moderate progress Treaty, conditions during the last quarter of in economic development, which we could claim the year have again become favorable for taking for the year 1927, has on the whole continued up the question of revision of German reparaduring 1928. A survey of conditions in the tion payments with some hope of success. individual branches of industry will, it is true, Notwithstanding the great difficulties which show that many of the difficulties experi- stand in the way of a satisfactory solution of enced in the past have continued unabated; that this problem, which is so important for the some new hindrances and disturbances have whole European economy, there is hope of a arisen; and that as yet we can have no cer- fortunate outcome of the efforts of the comtainty that the economic foundations of our mittee of experts called together to work out young Republic are firmly assured; nor can a plan, and this hope is based chiefly on the fact we say that on the whole there has been any that America is represented on the committee decided turn for the better. Nevertheless, a by her foremost expert on the problem that review of the past year shows a satisfactory it is trying to settle and by her most eminent situation in Government finances, further im- financier. The acceptance of the chairmanship provement in currency conditions, and espe- by the American expert may perhaps be regardcially a higher level of production—facts which ed as an indication that the election of Mr. make the general situation seem more favorable Hoover to the Presidency of the United States and should strengthen the courage of the will result in no fundamental change of attitude Austrian nation to continue the struggle. toward European questions. As head of the Food Commission during the difficult years These favorable tendencies are all the more immediately following the war, Mr. Hoover has gratifying because external conditions which not only shown brilliant executive ability and have influenced the economic development of sound practical judgmeDt, but has also gained Austria have not tended especially to assist or an intimate knowledge of European conditions, to hasten her economic recovery. In 1927 the and he may be expected fully to understand check to further realization of the Locarno the absolute necessity for a final settlement of policy, by reason of the approaching elections the reparations question. in Germany and in France, was quite understandable. Unfortunately, however, even after Commercial agreements.—The prevailing unthe elections—although in both countries the certainty in regard to great political questions outcome was taken as giving indorsement to has influenced national commercial policies. the policy—there has been no effective renewal The urgent free-trade pronouncements of interof efforts to reach an understanding. Lack of national conferences have been quickly forprogress reported from time to time with gotten; protectionist tendencies have found reference to disarmament negotiations and to general acceptance, and the results of customs various efforts of the League of Nations seem and commercial agreements have in general to justify the fear that the spirit of reconcilia- remained inconsiderable. Austria, too, yieldtion and understanding is once more being ing to necessity, has, as is well known, adopted opposed by certain hidden forces which have a protectionist policy and sought during the past year to safeguard the interests of agriculi The full report, available in German, contains in addition sections ture especially by commercial agreements. dealing with bank operations, personnel, etc.; there is also an abridged report in English. For earlier reports see FEDERAL RESERVE BUL- This endeavor gave rise to important com- LETIN, June, 1928, 1927, July, 1926, etc. 47441—29 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

332 FEDEKAL RESERVE BULLETIN MAY, 1929 mercial agreements with Hungary and Yugo- negotiated in New York were in the amount of slavia. The treaty with France, containing only about $373,000,000 as compared with the "most-favored-nation" clause, may be of $1,053,000,000 during the first half of the year. considerable importance in assisting Austrian There was also a sharp advance in the cost of export trade. The treaties with Spain and short-term dollar credits, which play so imporsome of the countries of northern Europe, with tant a part in financing commerce and industry which our foreign trade has been in very small in central and eastern Europe. In many cases volume, are not expected to stimulate our the opening or renewal of these credits at the economic activity to any great extent. It is higher rates was no longer profitable, and yet much to be regretted, however, that the to dispense with foreign credits would have had negotiations with Poland, rendered necessary serious consequences. Fortunately, the more by that country's increase in customs rates, serious of these could be averted by using and likewise the negotiations with Germany, America's acceptance facilities, by resorting in which holds first place in our foreign trade, many cases to England and France instead of have come to a standstill. to the United States for short-term credits, and European currency stabilization.—More sat- by issuing securities in the smaller markets, isfactory progress than that recorded in the such as those of Holland and Switzerland, where field of commercial policy has been made conditions were more propitious. Therefore it during the past year in the recovery and sta- was very important that the Bank of England, bilization of European currencies. . . . by skillful manipulation of the money market There are left now only a few European and a liberal gold policy, should check any countries which have not yet carried out cur- marked tendencies to higher rates in the London rency reform. Inasmuch as even these coun- market, which would certainly have spread tries have achieved de facto stabilization, the from there to the continent of Europe; and that inconveniences experienced in international France, after the successful restoration of her trade as a result of the insecurity of European currency, should speedily acquire the financial currencies may for the most part be considered strength necessary to enable the Paris market over. to recover and develop its former position as an Conditions in the United States.—The eco- international financial center. nomic influence of the United States upon Capital loan.—In addition to the develop- Europe during the past year has been far less ments noted above, by which economic progress helpful than its political influence. The strong in our own and other countries was affected, and continued advance in business activity in the failure of the hoped-for capital loan was a America, and the boom on the New York stock bitter disappointment for Austria and undemarket, which to all appearances exceeded niably had unfortunate political and economic even the business movement and was interresults, even though grave consequences were rupted only by temporary and unimportant avoided by the prudence of our financial adrecessions, had, directly and indirectly, many ministration and by the continued favorable effects in Europe, and especially in Austria. situation in respect to public revenues. At- Especially marked was the influence of the tention has been called repeatedly in previous various attempts of the Federal reserve system years to the impossible situation of a country to stem.the tide of speculation—efforts which which is required to seek approval of a whole amounted in the end to adoption of an altoseries of constituted bodies through procedures gether new American gold and discount policy. extending over months to obtain assent to . . . Call money in New York repeatedly any single credit operation, especially when rose to 12 per cent, and other open-market that country is entirely dependent upon the rates rose gradually in the course of the year arbitrary decision of these bodies and upon the by about \Yi per cent. The official bank rate current political situation of each of the several in New York was raised three times in rather Governments concerned. These representarapid succession by one-half of 1 per cent each tions have unfortunately been of no avail, time, from 3JHz to 5 per cent. These sweeping with the result that our worst fears have been changes in the money market and the saturasurpassed by actual experience. By the end tion of the American loan market with foreign of 1928 a year and a quarter had elapsed since securities very shortly curtailed severely the the Austrian Government had laid the technipower of the New York market to absorb cally wholly unobj ectionable proj ect for a capital long-term loans. In fact, during the second loan before the first of these bodies, the comhalf of the year additional foreign loans Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

333 MAY, 1929 FEDERAL RESERVE BULLETIN mittee of control of the guarantor States of gradually eliminating the restrictions contained the League of Nations loan; and we have now in the rent laws will perhaps be more sucto face the discouraging fact that the matter cessfully handled than previouly. The is still unsettled, that there is as yet no pos- former matter had become rather urgent sibility of entering into binding negotiations owing to the unsatisfactory state of the finances with any financial groups, and that in the mean- of most of the Provinces and municipalities, time such a change has taken place in the con- with the exception of the city of Vienna and ditions of the international money markets the Vorarlberg Province. that the possibility of obtaining favorable Government finance.—The satisfactory state conditions for the loan would seem to be in- of the Government finances, to which reference definitely postponed. When one reflects that has already been made, is indicated by the folthe program for capital investment, which was lowing figures: The balance for 1927 showed a to be covered by the loan, embraces in part surplus of 110,700,000 schillings in current work which without doubt is urgently needed accounts, and capital expenditures of 195,700,for maintaining safety of travel on the State 000 schillings, resulting in a deficit of 85,000,000 railways and for modernizing the handling of schillings for the combined accounts. The international trade and commerce, and when balance in current accounts exceeded prelimione realizes from the reports of many indus- nary estimates chiefly as a result of increased tries, including among them those which are revenues from taxation, monopolies, and other most important, in hpw great a measure our administrative receipts. The capital expendiindustrial activity during the past year was due ture of 195,700,000 schillings was partly covered to the placing of orders by the Government, one by the balance of the League of Nations loan, can appreciate the serious consequences which amounting to 101,000,000 schillings, to which wT>uld have followed had the postponement of must be added 15,700,000 schillings—the rethe loan necessitated an interruption of the mainder of the credit for an electric-power cable Government's industrial program. This at carried over from the year 1926—making an least has been prevented; but there remains aggregate of 116,700,000 schillings. The figures the danger that the country will be burdened for che final balance for 1928 are not yet in the future by an increase in interest payments available, but on the basis of provisional stateon the capital loan. Apart from this there is ments for each month, January to December, the damage which has been done, and can now 1928, the current accounts for the year 1928 no longer be remedied, by the circumstance may be estimated to be as follows: that, as a result of the delay of the loan, the much needed alleviation of the burden of tax- [In millions of schillings] ation n production has had again to be postponed. Provi- Prelimsional inary Increase figure estimate It goes without saying that the severe disappointment over the failure of the loan has not Current accounts: contributed to lighten the tasks of the Govern- Expenditures 1,015.01 948.43 66.58 ment, or to mitigate political differences, the Receipts 1,141.81 982.30 159. 51 detrimental influence of which on our economic Surplus 126.80 33.87 92.93 Capital account 212. 58 205. 96 6.62 life were noted in our previous report. In general, these differences have continued un- Net deficit 85.78 172.09 86.31 abated, and from time to time have been even intensified by the unfortunate tendencies The favorable showing in comparison with toward radicalism displayed in political con- estimates is due to increased revenues especially tests. Moreover, during the greater part of from taxation (net increase 95,980,000 schil- 1928 political activity expended itself in unprof- lings), from the tobacco monopoly (increase itable controversies without realizing any 16,240,000 schillings), and from other adminpositive results of a worthwhile character. istrative receipts (increase 45,810,000 schil- Only toward the end of the year did a somewhat lings). Most of these latter administrative more conciliatory temper become manifest, receipts are extraordinary nonrecurrent rewhich made it possible to come to an agreement ceipts. Against the increase in revenue must on the important question of distribution of be set increased expenditure chiefly on account revenues between the Federal Government and of the special amortization of a portion of the the^Provinces, and also permitted the introduc- Government debt to the Austrian National tion of a plan under which the problem of Bank and special payments granted in Decem- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

334 FEDERAL RESERVE BULLETIN MAY, 1929 ber, 1928, to active employees and pensioners cities during recent years—with the exception of the Austrian Federation. Of the total of the city of Vienna and the Province of expenditure on capital accounts, amounting Vorarlberg—little improvement occurred durto 212,580,000 schillings, 161,470,000 schillings ing 1928. Consequently the demand for a represent expenditures by the railway and the change in the compact governing the apporpostal and telegraph administrations, which tionment of revenues between the Federal are to be covered by a loan. Since there was Government and the municipalities and Provonly a balance of 33,230,000 schillings available inces became increasingly urgent. In this for these purposes from the proceeds of the difficult question an agreement has finally been League of Nations loan, the remainder of reached in the negotiations conducted by the 128,240,000 schillings had to be defrayed pro- Government, that the municipality of Vienna visionally—owing to postponement of the shall continue to receive its quota of the taxes capital loan—out of surpluses in the ordinary hitherto apportioned, but will not participate revenues or out of cash reserves. The Federal in the proceeds of an increase in the Governbudget for 1929 shows a surplus on current ment tax on beer. accounts of 34,560,000 schillings and expen- Foreign loans.—Apart from the $30,000,000 diture on capital accounts of 218,490,000 loan of the city of Vienna, the proceeds of which schillings, giving on combined accounts a net became available for the most part before the deficit of 183,930,000 schillings. Of the total close of 1927, issues placed abroad during 1928 appropriation for capital investment, the sum by Austrian municipalities and private corpoof 184,160,000 schillings is allocated to rail- rations have been in small aggregate volume. ways, post, and telegraph, and according to The only instances that need be noted were the plans was to be obtained from the new capital issue in America by Upper Austria of 6 per cent loan. notes of about two years' maturity in the Closing of League of Nations loan.—For the aggregate amount of $3,500,000 to retire above-mentioned payment on the Government existing indebtedness, and a loan floated by the debt to the Austrian National Bank, which the Vorarlberg power plants in the amount of Finance Minister decided upon at the end of 7,000,000 Swiss francs. Short-term foreign 1928, an appropriation was made in the amount borrowing by Austria may on the whole be said of 50,000,000 schillings, which had been re- to have been reduced during the past year for served for this purpose by the finance com- the reasons already mentioned, although toward mittee of the League of Nations out of the the end of the year the demand for foreign proceeds of the League of Nations loan. This short-term credit seems to have become stronger payment has finally closed out the only balance again, so that the situation at the end of the remaining in the loan account under the con- year showed no material change as compared trol of the finance committee; with the excep- with a year ago. Reliable statistical data on tion of the amount earmarked as a guarantee this point are not yet at hand. deposit in favor of the trustees of the loan and Foreign trade.—Foreign trade statistics, aca small balance allocated to credits for devel- cording to preliminary information available, oping the dairy business, the proceeds of the indicate an excess of imports over exports for loan have now been completely utilized. As a 1928 of about 1,031,000,000 schillings, or result of this payment on the Federal debt to roughly 60,000,000 schillings less than for the the Austrian National Bank a reduction of the year before. Exports increased by about 5.73 interest rate to be paid on this debt by the per cent and imports by only about 1.88 per Government became effective in accordance cent. The distribution of our foreign trade with the agreement of April 22 and May 2, into the various large commodity groups shows 1927, made under the Federal law of March 31, no substantial changes in comparison with the 1927, between the Ministry of Finance and our previous year. The distribution according to institution. The rate of interest, which had countries shows that Germany stands first both previously been o n a 2^ per cent basis, but as to imports and exports and that Germany's which in recent years by agreement had proportion of our foreign trade has increased actually been only 2 per cent in view of the considerably, as has also that of Czechoslovakia distribution of dividends in excess of 10 per and of Poland. On the other hand, lower figcent, will hereafter be 2 per cent, and only 1 ures are shown for Hungary, Italy, Rumania, per cent in case dividends exceed 8 per cent. and Yugoslavia. Financial agreement between Federation Even though complete statistical material is and Provinces.—In the generally unsatisfac- not yet available, it can be safely said that the tory financial situation of the Provinces and tourist trade of Austria continued to show con- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

335 MAY, 1929 FEDERAL RESERVE BULLETIN siderabie gains during 1928. The musical festi- posits of the larger Viennese banks amounted val in particular attracted a great number of at the end of 1928 to 287,000,000 schillings, foreign—especially German—visitors to Vienna. which is about 30 per cent higher than the The satisfactory management of the problem of corresponding figure of the previous year. transportation and the housing accommoda- The amount of mortgage bonds and debentures tions provided for the tourists on this occasion in circulation at the end of the year was furnished an example of efficient organization 198,000,000 schillings, or 32 per cent more than which may be regarded with pride and satis- for the previous year. The number of bankfaction. But entirely aside from the musical ruptcies has shown a noteworthy decrease as festival, the tourist business showed a marked compared with 1927. increase. Figures thus far published for Vienna Production.—For the volume of production alone show an increase in the total number of only comparatively few figures are thus far visitors of about 745,000—about one-third. available; these, however, give in general a The to5al number of foreign visitors as com- fairly satisfactory picture. The output of pared with the previous year increased by abou+ lignite has risen by somewhat more than 6 per 42 per cent, or, if visitors from Germany are cent to about 3,268.000 tons, and amounted to not included, by about 16.6 per cent. 87.7 per cent of the total quanity—home Unemployment.—The '.rend of unemploy- output plus imports—made available for domesment figures up until autumn was somewhat tic consumption. The output, of anthracite more favorable than in the previous year. coal, which obviously supplies only a very Toward the end of the year, however, the small fraction of the demand, increased from number of unemployed rose to 202,659 persons, about 175,000 to some 202,000 tons. Steel or, if old-age pensioners are included, to production rose by 15.4 per cent—from 551,000 235,340, while at the end of 1927 the number, to 636,000 tons. The output of wood pulp rose including old-age pensioners, was 227,000. from 19,189 to 20,701 wagonloads, and that of Even though a certain proportion of the in- paper from 21,105 to 23,046 wagonloads. crease in unemployment may be attributed to Industry.—In general the situation of inthe continuing "rationalization" of business— dustry benefited by a certain improvement of apparently compensated to some extent by the domestic market; by the orders placed the increase in industrial activity and in any by the Federal Government and the city of case difficult to estimate—nevertheless the Vienna for their undertakings, and b}^ some figure quoted furnishes one of the clearest others of the larger municipalities, in an estiexamples of the great economic difficulties with mated total value of about 500,000,000 schilwhich we are still faced. lings; by the success of the measures for Prices.-—Fluctuations of the wholesale price rationalization; and last, by the further linkingindex were between 127 and 133—showing a up of Austrian undertakings with important narrower range than in 1927—and the index foreign concerns. On the other hand, the stood at its lowest level at the close of the year. commercial agreements have not fulfilled the Narrower fluctuations by three and two points, expectations of industry. The competition of respectively, were shown by the retail-price foreign countries—especially of Germany, whose index and the index of cost of living, but with domestic market showed a diminished pura general rising tendency. . . . chasing power—made itself more keenly felt Railways.—As to the revival of activity on in our foreign markets. As formerly, the lack the railways, from the increase of 10.73 per of capital, the increased cost of credits, the cent in carloadings as compared with the difficulties in the way of any reasonable financprevious year, one can make an approximate ing of necessary capital expenditure, and more calculation, which would indicate that un- especially the heavy burden imposed on enterfortunately transit shipments have shown a prises by taxes and social charges, have hindered very marked decline, whereas inland ship- effective development and discouraged enterments were increased. prise. Including insurance taxes, the social Savings.—Capital accumulation has undoubt- charges—which at the turn of the year were edly made notable advances, though these very considerably increased to a new high level are far from adequate in comparison with by amendment of the law governing insurance the demand. Savings deposits with the banks against sickness and unemployment—amounted and savings institutions have risen dur- on an average, according to the estimates of ing the past year by 24.5 per cent to about experts, to at least 18 or 19 per cent and in 1,536,000,000 schillings; while demand de- many instances to an even higher percentage of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

336 FEDERAL RESERVE BULLETIN MAY, 1929 total wages; the result is a still heavier burden, on the part of firms which may be trusted to because these social charges, like certain taxes, make a proper estimate of these conditions and have to be paid without regard to the success therefore to exercise a certain self-restraint in of the organization which has to pay them. exploiting the business advantages of the sys- According to such individual reports as are now tem. A great danger, however, lies in the fact available, conditions may be considered favor- that this type of business is frequently in the able in the following industries—coal, iron, hands of irresponsible agents, and so offers metals, automobiles, machines, paper, cement, opportunity for abuses of one sort or another. glass, breweries, chemicals, and to some extent If payment by installments is made too easy by leather; whereas conditions in the textile in- overlending and undue postponement of the dustry, especially the cotton section, and in the time of payment, and purchases of articles for shoe, lumber, and flour-milling industries are current use are encouraged, the economically less satisfactory. The situation of the sugar weaker elements of the community will be industry, which is being threatened at home by induced only too easily to indulge in overforeign competition as a result of price declines consumption and to assume commitments on the international market, requires special which in the long run they can not meet. treatment in respect to customs duties and Agriculture.—Satisfactory progress in agritaxation. The position of the building trade cultural production was maintained during the is unchanged; it might improve if the prospects, past year, even though in many cases the harwhich seemed favorable toward the end of vests fell short of the exceptionally favorable the year, for initiation of progressive with- yields of 1927. As a result of improvements drawal of rent restrictions should materialize. the area under cultivation has been increased. Trade with Russia.—The laws enacted during The wheat crop, and to an even greater degree the past year both by the Federal Government the barley crop, exceeded the yield of the preand the Vienna municipality in furtherance of vious year, whereas there was a decline in rye trade with Russia have not brought about the and oats. The potato harvest came up to expected revival of this branch of the export about three-quarters of the previous year's trade. In the first place many difficulties were record yield. Estimates of the maize harvest encountered in putting these laws into effect; are about 22 per cent lower than that of the in the second place the economic situation in year before. The crop of sugar beets this year Russia proved an obstacle to trade, more par- will probably not be much below that of 1927. ticularly as Russian orders were often not In the case of foodstuffs, the anticipated crops adapted to Austrian conditions; prices offered threatened during the year to be very unfavorwere often unacceptable, and every attempt able, but the actual yields, according to prewas made to exploit to the utmost the possi- liminary crop estimates, would not seem on the bilities of delayed payments. The volume of whole to be very much smaller than those of sales actually made to the end of the year in the previous year. accordance with the policy noted was far below The difficulties of obtaining agricultural anticipated amounts. Exports to Russia credit, which we noted in our last report, have totaled about 40,000,000 schillings, which, continued undiminished. In spite of this, according to our foreign trade statistics, is even according to the estimates of experts, agriculsomewhat below those of the previous year. tural credits have increased considerably during Installment buying.—In order to stimulate 1928 because, as a result of the international the domestic market, the practice of installment situation, various disturbances have taken place buying has been introduced in Austria to an in the market for agricultural products, and increasing extent. As is well known, the extra- because in Austria, as in other countries, the ordinary growth of this practice in America has decline of grain prices after the harvest caused met with very general approval and in Germany many embarrassments, partly among the proit has had an encouraging success. In Austria, ducers themselves and partly among the purhowever, a warning against undue recourse to chasing organizations. The movement to esthis practice seems in order—all the more so, tablish dairies seems not to have had in every as the anticipation of future purchasing power case the immediate success anticipated, because which it involves must arouse concern, espe- of faulty organization and lack of experience. cially in a country whose economic development Cooperative associations.—The central office in the immediate future shows no definite signs of Austrian cooperative associations, which of considerable and permanent improvement. began to function during the previous year, has No objection, of course, should be offered to a established relations with central cooperative reasonable development of installment business organizations in the several federated Prov- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1929 FEDERAL RESERVE BULLETIN 337 inces, and has endeavored, not without success, staff is required than before the war to handle to develop that understanding with individual the far more complicated business transactions, units which is the preliminary to the desired tax regulations, and salary system. The provoluntary union of provincial associations and portion of gross expenditure to gross profits provincial central treasuries with the central is, according to the 1927 balance sheets of the office serving the entire federation. More- five largest banks, between 60.4 and 83.8 per over, the central office has, so far as its means cent. Generally speaking, it can not be said permitted, applied itself to fostering the credit that the year 1928 has brought the improvebusiness of the cooperatives, and has assisted ment in banking business that had been expected also in getting through the necessary reforms. in some quarters, so that the question is again The Austrian National Bank has placed at the raised whether it is expedient to maintain all disposal of the central office a credit in the the existing banking facilities. Certainly, as amount of 2,000,000 schillings on favorable things stand at present, any further reduction terms and for a number of years, which should of the terms on which credit is granted is out enable it, by making advances against appro- of the question. There are no important priate security to the cooperative organizations, changes to be reported for Austrian banks to increase the productive capacity of the during 1928. The Mercur-Bank increased its latter and on such occasions to use its influence capital from 12,000,000 schillings to 20,000,000 for reforming the conduct of their business. schillings. At the same time the creation of an audit The Austrian Postal Savings Bank has made office was undertaken by the Austrian National satisfactory progress during the year. Besides Bank, to be charged with auditing the books of a very satisfactory increase in its check clearthe cooperative organizations and the examina- ings, an increase is to be noted in savings detion of their commercial and financial trans- posits from 56,100,000 schillings to 75,700,000 actions. schillings—an increase of 34.8 per cent. The Banking situation.—During the first five working arrangements between the Postal months of the year under review the Austrian Sayings Bank and the Austrian National Bank, banks enjoyed a moderate activity in their which were provided for in the new Postal current business, which unfortunately was not Savings Bank law of 1926, wTere duly put into fully maintained. The continued depression practice and further developed during the year. on the stock exchange restricted the volume Bank rate.—The bank rate was changed on of new capital issues and the promotion of only two occasions. On January 28, 1928, it new companies. The nominal capital of was reduced from 6K per cent to 6 per cent, newly organized joint-stock companies in 1928 and—after the last advance of the New York amounted to only 36,000,000 schillings, and discount rate—it was raised again on July 17 increases of share capital to only about to 6% per cent. Recourse to the bank for 87,000,000 schillings. Issues of industrial discounting was considerably greater throughbonds during the year were quite insignificant ! out the year, and especially during the second in amount. Companies had therefore to con- half, than in the previous year, which may tinue to bear the comparatively heavy cost be attributed chiefly to the reduction of shortof credit obtained from their bankers, who in term foreign credits. Calculated on 1he basis turn were confronted with further postpone- of the weekly returns, the average volume ment of the possibility of converting loans into of the bill portfolio amounted to 114,700,000 marketable securities. As a result of conditions schillings, compared with 82,700,000 schillings prevailing at home, Austrian banks have given in 1927. The funds at the disposal of the more attention than last year to the consolida- Austrian National Bank for employment in tion, and in some cases also to the extension of the bill market were on the average somewhat their foreign interests. . . . smaller than in the previous year. On the The burden of taxes and social charges is open market the discount rate, which was an even more serious matter for the banks 6Ke per cent at the beginning of January, than for industrial concerns. Any attempts declined gradually to 5Ke per cent by the to make corresponding reductions in working beginning of April, rose again to 6% per cent costs are certain to meet almost insurmountable at the end of July, remained at about this difficulties, owing to the situation created by level with very slight fluctuations until the the existing contractual agreements between the beginning of December, and at the close of the official representatives of banking staffs and year advanced again to 6/^6 per cent. During the association of banks. In any case a larger the second half of the year especially the rate Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

338 FEDERAL RESERVE BULLETIN MAY, 1S29 was almost nominal with few transactions. level of 1,374 in April and the highest level of Rates for 7-day and month-to-month money 1,469 in January and in December stood at followed a similar trend but at a somewhat 1,456. . . . Quotations at the end of the higher level. At the end of the year they year for 6, 7, and 8 per cent mortgage bonds stood at 7% and 8%, respectively. showed an average return of 7.38 per cent, Stock exchange.—Except on one or two while the average return on 6}^ and 7 per cent occasions the stock exchange remained lifeless. debentures was 7.27 per cent. The share index fluctuated between the lowest BALANCE SHEET OF THE AUSTRIAN NATIONAL BANK AS OF DECEMBER 31, 1928 [In thousands] Schillings Dollars RESOURCES LIABILITIES Cash F G : o o r l e d i g c n o i e n x a c n h d an b g u e l 1 lion 2 1 4 6 2 8 , , 6 7 9 5 2 2 3 23 4 , , 1 7 4 4 7 3 S S E h t x a a t t r r u e a t o o c r a r d y p i i n r t a e a s r l y e rv re e s e fu rv n e d fund.. 6 1 1 , , , 0 0 1 5 7 4 5 8 9 B F S o u il r b l e s s i i g d d T n i i s a o c e r t o y x a u l c c h n c o a t a e i n s n d g h s e not included in cash 2 4 3 2 1 8 0 1 5 1 8 , , , , 8 0 4 9 1 7 4 1 8 3 4 7 5 5 2 7 4 9 , , , 2 2 8 2 7 5 9 9 7 5 9 0 N S C P i e u o g n r t h e s r t i e s o n d i n c s e s y p f u u o r e n s e d i d s t e s rve 15 5 0 1 7 , , . , 1 3 9 3 7 4 4 6 8 8 6 9 Advances on security 413 58 Other liabilities: P G S E r e q o e c u v m u i e r p i r i s t m n i e e m s e s n e t nt debt 11 9 4 6 , , , 6 2 1 3 7 1 7 8 0 8 5 5 16 1 , . 5 3 3 9 9 4 2 5 3 5 0 it. S F F o u o r n r e e d i i g r g y n n a e c c x u c c r o h re u a n n n c g t y s e . . l p _ i e a r b i c li o t n ie t s ra 1 4 1 2 6 6 5 , , , 3 4 1 7 7 4 5 0 6 M Ma a t c e h r i i n a e ls r , y etc 3 45 8 6 0 6 5 4 3 Interes T t o c t a a r l r o ie t d h e f r o r li w a a b r i d li ti to es 1929 Other resources: Net profit Foreign exchange other than note cover 119,057 16, 751 Forward exchange 46, 370 6,524 Totalpiabilities.. Sundry accounts 134, 262 18, 891 Total other resources 299, 689 42,166 Total 1,438, 639 202, 417 1 Under art. 85 of the statutes of the bank. 2 Dollars and pounds only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1929 FEDERAL RESERVE BULLETIN 339 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD HOLDINGS OF CENTRAL BANKS AND GOVERNMENTS In millions of dollars Month t c T ri ( o o e 4 u s t 0 n ) a - l * U S n ta 2 i t t 3 e e s d g t A i 3 e n r n 4 a - - A l t i r u a a s 5 - - g B iu e m l- 6 B zi r l a " - a C d a a n 33 - l E a n n g d - 9 Fra 1 n 0 ce m G a e n r y - 3 In 3 d 1 i 1 a Italy3 p J a a n - i2 l N a e n e r d t - h s - 5 s R ia u s ' - 3 Spain n S la z w e n i r d t - - 3 c o tr o 2 t i h u 4 e e n s r - 1922-December ' 8,348 3,506 473 116 52 27 147 752 708 227 118 217 606 234 3 487 103 '572 1923-December-.._ ' 8, 605 3,834 466 121 52 49 127 754 709 111 109 216 600 234 45 488 104 '585 1924-December r 8, 938 4,090 444 121 53 54 151 757 710 181 109 218 586 203 73 489 98 r601 1925-December ' 8,912 3,985 451 128 53 54 157 703 711 288 109 219 576 178 94 490 90 "•627 1926-December r 9,185 4,083 451 107 86 56 158 735 711 436 109 221 562 166 85 493 91 J-634 1927-December ' 9, 536 3,977 529 105 100 101 152 742 954 444 119 239 542 161 97 502 100 '672 1928-June 9,749 3,732 622 109 111 140 104 838 1,136 496 119 259 542 175 80 503 86 694 July 9,810 3,737 622 110 112 140 98 857 1,173 524 119 263 542 175 85 503 86 694 August 9,879 3,749 621 110 112 143 101 856 1,190 536 119 263 542 175 75 503 87 698 September 9,938 3,752 633 107 112 143 106 843 1,200 571 119 266 542 175 76 504 90 699 October 9,944 3,769 611 107 113 146 108 803 1,207 603 119 266 542 175 82 504 91 701 November 9,991 3,754 610 107 115 148 133 778 1,239 625 120 266 542 175 92 494 91 702 December r10,000 3,746 607 108 126 149 114 750 1,254 650 124 266 541 175 92 494 103 r 702 1929-January ... _ P10,032 3,746 605 109 126 149 79 744 1,333 650 128 266 541 175 92 494 93 P702 A M Fe p a b r r i r c l u h a - r - y P P 1 1 0 0 , ,1 0 0 5 6 7 P 3 3 3 , , , 7 8 8 7 1 8 6 4 7 P P 6 60 05 5 1 1 1 0 0 9 1 1 2 2 6 6 P1 1 5 5 0 0 P7 7 8 8 P7 7 7 6 3 4 2 6 8 P 1 1 1 , , , 3 3 4 4 3 0 0 4 3 P4 6 6 5 3 5 1 9 0 1 1 2 2 8 8 2 27 6 0 6 5 54 4 2 1 1 17 7 0 5 9 9 2 2 4 4 9 9 4 4 9 9 3 3 P P7 7 0 0 7 3 1 All countries for which satisfactory figures are available; see explana- 8 Includes gold held by Government against Dominion notes and tion in Bulletin for April, 1929 (p. 263), where separate figures for each savings bank deposits, and such gold as is held by chartered banks in country are given by years back to 1913. The 16 countries for which the central reserve. figures are here shown separately by months include all those which 9 As of last Wednesday in month. Gold held by Bank of England have held gold in recent years to the amount of $90,000,000 or more. and, prior to 1925, gold held by exchequer in currency note reserve. 2 Treasury and Federal reserve banks. i° As of last Friday in month. 3 As of end of month. 11 Currency and gold standard reserves. 4 Government conversion fund and Bank of the Nation. 12 Domestic holdings of Bank of Japan (as of last Saturday in month) 5 As of last Monday in month. and the Japanese Government (as of end of month). 6 As of last Thursday in month. 13 Reported as of day after end of month. ' As of end of month for Bank of Brazil, last Saturday in month for 14 As of last Saturday in month. stabilization fund. p Preliminary, based on latest available figures. r Revised. GOLD MOVEMENTS [In thousands of dollars] South United States Germany Great Britain Netherlands Africa India Month p I o m rt - s p E o x rt - s Net p I o m rt - s p E o x rt - s Net p i o m r - ts p E o x rt - s Net p I o m rt - s p E o x rt - s Net Net Net 1928—January | 38,320! 52,086 — 13,766 1,113 704 409 20,042J 10,875 9,167 12, 725 8 12, 716 -12,834 8,590 February I 14.6861 25,806 -11,120 6,074 844 5,230 13,0261 19,257 -6, 231 227 1,147 -920 -21, 339i 6,952 March.... 2, 683; 97,536 -94, 853 9, 018 1,008 8,010| 6,289 78, 605-72, 316 192 7 185 — 18,303! 9,544 April.__ ! 5.319 96, 469 -91,150 29,834 822 29,012| 11,760j 2,943 8,816 19 47 —17,923i 8, 250 May | 1,968| 83,689 -81,721 1,175 688 487 18, 746j 5,498 13, 248 379 -222 —17, 339! 8,664 June.... 20,000! 99,932 -79,932 11,276 707 10, 569 39,672! 6,400 33, 263 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! 2,124 August 2,4451 1,698 747 14, 058 765 13, 293 24, 0551 20,180 3,875 12! 22 103 i -22.300! 2,990 September 4, 273! 3, 810 463 37,084 783 36,301 19,233 28, 247 -9, 014 389 3 386 -15,315! 1,688 October 14,3311 9921 13,339 34,146 844 33, 302 15,8241 45, 59'" -29, 773 856 36 820 • -12,847' 4.604 November 29,591) 22,916 6,676 23,261 943 22, 318 22, 261! 41,989 -19,728 414 23 392 -20,081! 6, 426 December 24, 950 1,636 23, 314 2fi, 923 802 26,1211 17, 792 25,502 -7, 710 170 65 5 -12,253' 9,839 1929—January 48, 677! 1,373; 47,199 1,250 577 672 11,844 27,891 -16,047 504 14 490 4,730 February. 26,913! 1,4251 25,488 i, 338; ' 764 r 574i 12.3471 21,383 -9, 030 1S1 6 175 7,700 March 26, 470 1, 635! 24, 835j | 804! 897! 25, 734j 7, 746 17, 987 133! 14,320-14,1871 r Revised. MOVEMENTS TO AND FROM GREAT BRITAIN MOVEMENTS TO AND FROM BRITISH INDIA [In thousands of dollars] [In thousands of dollars] 1929 1928 I 1929 I 1928~ From or to March Ja M n a u r a c r h y- Calendar year February F Ja e n b u ru a a ry ry - Calendar year From or to Im- Ex- | Im- Ex- Im- Ex- Im- Ex- Im- Ex- Im- Exports ports j ports ports ports ports ports ports ports ports ports ports France 89 I 313 i 702 928 912 97,178 England 1, 336 2, 348 11,071 N G e e t r h m e a rl n a y n . ds 14,368 j i 76 7 2 6 j | 14, 3 2 6 2 8 1, 7 7 1 3 2 3 2 1 5 4 8 5 10 7 2 , , 0 4 8 2 1 3 A U d n e it n e d a n S d t a d t e e p s enden- 22 22 4, 086 Russia. 18,582 cies 82 910 Spain and Canaries,. 18 30 9,733 199 Arabia 183 196 S 870 S U w ni it t z ed er l S a t n a d tes 25 367 ---~~64~ 29 4 , , 2 4 5 4 7 9 "327532" 3 1 2 3 , , 1 4 3 9 2 3 B B r a i h ti r s e h in O I c s e la a n n d ia s 32 2 9 7 59 4 1 6 I I 5, 2 0 8 6 5 7 South America 32 49 1,166 1,074 Ceylon 720 British India 1,212 4,283 10, 770 China 30 35 153 British Malaya 444 1,448 1,810 Mesopotamia 359 548 1, 543 Egypt.. 449 1,244 1,309 1,384 Straits Settlements.. 3 3 200 ! 48 Rhodesia 3 59 1085 5,280 Egypt 365 536 -..! 6,714 T W r e a s n t s A va f a ri l ca 10,5 2 3 8 0 6 — 32, 8 3 5 6 9 0 6 14 3 4 , , 3 4 8 8 4 2 16 N Al a l t a o l ther countries.. 4,963 2 7,938 2 I .. 1 . !' ! 44,387 "44 All other countries... 64 4,103 413 12, 929 14,803 26,978 Total 25,734 [ 7,746 ; 49,925 | 57,020 I232.H58 294. 539 Total. 7,700 12,434 76, 007 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

340 FEDERAL RESERVE BULLETIN MAT, 1929 CONDITION OF CENTRAL BANKS [Figures are for the last report date of month] 1929 1928 1929 1928 March Fe a b ry ru- Ja a n ry u- March i March Bank of England (millions of pounds National Bank of Belgium (millions sterling): of belgas): Issue department— Gold Gold coin and bullion 153.3 150.9 152.7 157.3 Foreign bills and balances in gold Notes issued 413.3 410.9 412.7 177.0 Domestic and foreign bills Banking department- Loans to State Gold and silver coin .4 .4 .3 Note circulation _ Bank notes 51.5 58.6 57.1 41.6 Deposits Government securities 50.6 43.0 50.5 30.8 D O i t s h c e o r u s n e t c s u a ri n ti d e s advances 1 13 7 . . 0 1 1 8 5. . 6 4 15 9 . . 7 9 / 1 56.9 Na o t f i o le n v a a l ): Bank of Bulgaria (millions Public deposits 19.7 14.0 19.2 1 13.6 Gold B O a th n e k r e r d s e d p e o p s o it s s i . ts 5 36 8 . . 4 2 3 5 6 7 . . 7 0 3 5 7 8 . . 9 2 / \ 98.2 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 Reserve ratio1 (per cent) 45.4 54.7 49.7 I 38.0 Loans and discounts Bank notes in circulation » 361.8 352.3 355.6 79.2 Government obligations Currency notes and certificates. 289.5 Note circulation Other sight liabilities Bank of France (millions of francs):! Gold-.. - 34,186 34,038 33, 995 Central Bank of Chile (millions of Sight balances abroad 10, 577 11,539 11, 789 Foreign bills 18,434 18,406 18, 738 Gold at home Loans and discounts 160 7,502 7,252 Deposits abroad Negotiable bonds 5,930 5; 930 5,930 Loans and discounts. Note circulation.- 64, 575 62,506 62,153 Note circulation Public deposits 11,617 12,300 12, 712 Deposits Other deposits 6,603 7,175 7,495 Bank of the Republic of Colombia German Reichsbank (millions of (thousands of pesos): reichsmarks): Gold at home,. 25,395 25, 260 25. 143 21,399 Gold reserve 2,553 2,643 2,729 1,845 !l Gold abroad 26, 554 34,197 36,279 28, 935 Gold abroad 130 86 86 88 || Loans and discounts 16,954 10,400 10,736 12, 583 Reserves in foreign exchange 36 90 152 189 || Note circulation 51,072 51, 395 51,781 45,427 Bills of exchange and checks 2,296 1,876 1,774 2,652 I Deposits... 9,360 10, 754 9,896 Deposits 478 526 423 533 I Reichsmarks in circulation 4,822 4,553 4,454 4,513 ICzechoslovak National Bank (mil- Rentenmarks in circulation 515 517 522 642 j lions of Czechoslovak crowns): Gold and silver _ 1,206 1,206 1,206 1,118 Bank of Italy (millions of lire): Foreign balances and currency. __ 1,781 1,841 I 2,010 1,827 Gold at home _ 5,126 5,059 5,052 4, 661 Loans and advances 527 196 184 250 Credits and balances abroad 5, 334 5,517 5,743 7,856 Assets of banking office in liqui Loans and discounts.— 5,214 5,205 4,810 3,853 dation 422 425 427 484 Total note circulation 16,396 16,197 16,590 17,265 11 Note circulation—_ 7, 333 7,063 7,115 Public deposits 300 300 300 181 ' Deposits 350 405 562 Other deposits 2,125 2,340 2,450 3,627 Danish National Bank (millions of ank of Japan (millions of yen): kroner): Gold — 1,063 1,061 1,082 1,063 Gold 173 Advances and discounts _ 793 798 827 873 Foreign bills, etc Government bonds 172 172 170 192 Loans and discounts Notes issued— 1,354 1,231 1,355 1,355 Note circulation Total deposits 770 919 786 875 Deposits Commonwealth Bank of Australia Bank of Danzig (thousands of Dan- (thousands of pounds sterling): zig gulden): Issue department- Balances with Bank of England.. 16, 069 14, 516 13, 204 14,292 Gold coin and bullion 22, 581 22, 481 22,481 21,851 Foreign bills, etc.. 13, 967 18, 267 18, 670 28,106 Securities 21,740 22, 741 23, 881 23,477 Loans and discounts 25, 329 21,194 22, 745 22, 724 Banking department- Note circulation 38, 739 36,923 36,344 36,184 Coin, bullion, and cash 1,524 1,436 1,536 1,571 Deposits 2,116 2,174 2,364 2,056 Money at short call in London .- 17,403 18, 638 17,353 10,120 Bank of Estonia (thousands of Loans and discounts 12, 552 12,187 12,885 13,504 krones): Securities 10,252 9,377 9,380 12,460 Gold 6,243 6,234 6,267 10,281 Deposits 42,083 41,144 42, 345 Net foreign exchange 22, 257 22,980 22,523 29, 247 Bank notes in circulation 39,635 40,763 41,749 40,831 Loans and discounts 31, 628 31,339 31,868 28,190 Note circulation 36, 259 35,760 35,133 38,826 Austrian National Bank (millions of Depositsschillings): Government 14, 594 16,313 I 17,311 14,090 Gold 169 117 Bankers 2,208 1,876 1,619 2,436 Foreign exchange of the reserve.. 210 209 199 308 Other 2,934 3,101 I 3,376 5,753 Other foreign exchange 357 361 366 271 Domestic bills . 188 164 165 107 1 Ratio of gold and notes in banking department to deposit liabilities. Government debt 110 116 116 168 1 Notes issued, less amounts held in banking department and in cur- Note circulation 1,004 977 965 944 rency note account. Deposits 33 45 53 31 3 New form of bank statement adopted in June, 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

341 MAY, 1929 FEDERAL RESERVE BULLETIN CONDITION OF CENTRAL BANKS—Continued (Figures are for the last report date of month] 1929 1928 Bank of Finland (millions of Fin- Bank of Poland (millions of zlotys): nish marks): Gold at home Gold Gold abroad Balances abroad and foreign Foreign exchange of the reserve... credits... Other foreign exchange _ Foreign bills.. Loans and discounts Domestic bills Note circulation Note circulation _ Current account of the treasury. _ Demand liabilities Other current accounts - Bank of Greece (millions of drach- Bank of Portugal (millions of escumae) : * dos): Gold Gold Net foreign exchange in reserve- Balances abroad Total foreign exchange- Bills — Loans and discounts -,- Note circulation Government obligations. Deposits Note circulation National Bank of Rumania (millions Other sight liabilities. of lei): Na li t o i G F L A N O o n n o s o o d o t h r a a l v t o e d e e l n a f i r s g n c p n a B c i a e r s e n a c n s b s e d n u g i t l l t k o s l a o d — s ) t i , : i t s o o e r c e f n t o c a u s n u t r s y . G G F N L O S D o t o o o o e t a h r a l l p t t e d d e e n e o i r s g s a c a d i n f t i b a t e o r s n r h c b e r o d e u o t x a i l m c g d d a h n i t e a i s o n c e n o g x e u c h n o a t f s n g th _ e e reserve.. 2 1 1 3 5 3 8 0 1 0 0 , , , , , , , , 0 1 6 0 1 5 9 0 3 5 9 5 8 5 6 2 1 3 1 5 0 1 4 1 j I 6 2 1 4 3 4 5 0 2 , ( ( , , , , , 6 6 0 0 1 2 3 O ) ) 0 0 7 6 8 0 i 4 4 4 5 l I i | I 6 5 5 1 1 2 2 3 5 0 0 1 ( ( , , , , , , 6 « 1 4 6 1 4 0 ) ) 7 0 7 7 3 7 7 9 0 3 5 7 6 « s 1 2 1 3 1 ( ( 0 1 1 4 , , , , , ) , 8 0 1 6 6 7 4 2 9 4 7 4 4 8 1 4 9 0 Deposits State Bank of Russia (thousands Miscellaneous liabilities of chervontsi): Loans and discounts J 356, 212 358,067 345,197 Bank of Java (millions of florins) Deposits.._ .1206,375 209,423 227, 546 Gold... Issue department- Foreign bills _ Gold -j 17,885 17,886 18,021 Loans and discounts. Other precious metals. J 4,340 4,319 2, 351 Note circulation Foreign exchange. -I 9,219 8, 259 5,362 Deposits Note circulation 108,365 106, 505 94,182 ank of Latvia (millions of lats): National Bank of the Kingdom of Gold.. Serbs, Croats, and Slovenes (mil- Foreign exchange reserve. lions of dinars): Bills Gold 92 91 91 90 Loans.._ Foreign notes and credits 192 185 199 283 Note circulation Loans and discounts 1,655 1,614 1,634 1, 609 Government deposits Advances to State 2,966 2,966 2,966 2,966 Other deposits Note circulation 5, 265 5,159 5,194 5,453 Deposits 729 750 761 894 Bank of Lithuania (millions of litas): j South African Reserve Bank (thou- Gold sands of pounds sterling): Foreign currency. Gold 8,206 7,757 7,840 7,418 Loans and discounts. Foreign bills 7,713 7,064 7,078 7,888 Note circulation Domestic bills 1,412 933 1,345 Deposits Note circulation 8,083 8,125 841 Deposits— 8,852 Netherlands Bank (millions of flor- Government __ 1,613 2,038 1,915 1,248 ins): Bankers 5,613 4,964 5,079 5.048 Gold Others 244 530 110 Foreign bills Bank of Spain (millions of pesetas): L N D o e o a p te n o s s c i a i t r s n c d u l d at i i s o c n ounts G S B i a o lv l l a d e n r ces abroad... 2,5 7 6 9 1 0 5 6 2, 7 5 9 5 1 3 3 9 2, 7 5 9 0 5 8 7 9 2,6 7 4 0 0 1 5 8 Loans and discounts 1,837 1,696 1,825 1,720 ank of Norway (millions of kroner): Note circulation 4,243 4,294 4,312 4,185 Gold _— Deposits 1,029 965 975 Foreign balances and bills. Domestic credits I Bank of Sweden (millions of kronor): Note circulation Gold 235 235 236 233 Foreign deposits Foreign bills, etc 189 199 199 186 Total deposits.. Loans and discounts 374 331 331 352 Note circulation 544 499 486 536 Reserve Bank of Peru (thousands of Deposits 174 186 201 167 libra): Swiss National Bank (millions of Gold francs): Gold against demand deposits Gold 481 482 482 432 Foreign exchange reserve. Foreign balances and bills 218 181 185 200 Bills... Loans and discounts 242 241 218 242 Note circulation Note circulation 886 843 840 859 Deposits Demand deposits 111 77 67 • Revised. • New form of bank statement adopted in May, 1928. • Foreign exchange not reported separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

342 FEDERAL RESERVE BULLETIN MAY.,1929 CONDITION OF COMMERCIAL BANKS [Figures are for the last report date of month except for London clearing banks, which are daily averages] 1929 1928 1929 1928 ! March Fe a b ry ru- Ja a n ry u- March r F u e a b ry Ja a n ry u - j De b c e e r m - r F u e a b ry - Nine London clearing banks (millions of pounds sterling): Joint-stock banks of Denmark (mil- I M A D n d e o v p v n e o a s e n s t y i m c t e s a e s t n c a ts a n l d l a d n is d c o sh u o n r t t s notice... i ! | 1 1 , , 1 1 7 2 3 9 4 3 4 5 4 9 1 1 , ,7 2 2 1 7 2 4 3 7 8 6 3 lio D D L D n o s e u u a p e e o n o f t f s s o r k i o a t r m s f n o o d a n r f e n e o d i r g d r i ) e s n : c i c g u o b n r u a r n b e n t n a k s t n s k a s ccounts. _. 1 1, , 9 1 7 4 9 6 2 0 4 6 3 1 1, , 9 7 1 1 0 8 5 1 4 6 9 1 1, , 9 7 1 1 1 8 3 5 6 6 0 I j ; I 2 1 , ,8 0 1 6 5 4 0 9 5 3 2 Six Berlin banks i (millions of reic'is marks): Joint-stock banks of Finland (mil- Bills and treasury notes 2, 644 lions of Finnish marks): Due from other banks 1,243 Loans and discounts ',638 9, 560 0, 525 8,514 Miscellaneous loans 6,957 Due from abroad 218 261 256 280 Deposits 10,404 Due to abroad 552 492 529 358 Acceptances 441 Deposits ,462 7, 563 7,380 7, 208 Tokyo banks (millions of yen): Three commercial banks of France Cash on hand. .1I 260 (millions of francs): Total loans | 2,097 Bills and national-defense bonds.. 20, 589 20.482 16,881 Total deposits | 2,140 Loans and advances 9,434 8,977 5,892 Total clearings.. _i 2, 231 Demand deposits 33, 635 33,332 26.105 Time deposits 573 527 440 1929 1928 Four private banks of Italy (millions of lire): Febru- Jan- Decem- Febru- Cash... 942 1,282 ary uary ber j ary Bills discounted 9,052 9,175 Due from correspondents 5,171 5, 090 Banks of Buenos Aires, Argentina Due to correspondents 13, 657 14,177 (millions of gold pesos): Deposits _ 3,010 2, 739 Gold- Bank of the Nation Joint-stock banks of Norway (mil- Other banks lions of kroner): Other cash- Loans and discounts 1.298 1, 297 1,318 1, 480 Bank of the Nation 123 Due from foreign banks ' 128 124 i 115 72 Other banks. 212 Due to foreign banks 82 83 | 92 123 Loans and discounts— Rediscounts 101 102 103 185 Bank of the Nation 517 Deposits 1, 588 1,587 1,601 1.655 Other banks 824 Deposits- i| Joint-stock banks of Poland (mil- i Bank of the Nation 769 ! | lions of zlotys): Other banks__ 1,000 Loans and discounts 3 791 617 Due from foreign banks 3 35 29 Chartered banks of Canada (mil- Due to foreign banks j 3 162 91 lions of dollars): Rediscounts I 3 152 118 Gold coin and bullion 2 64 61 68 I !| Deposits | 3 499 374 Current loans and discounts 1, 506 1,481 1,493 ! Ji !• Money at call and short notice._. 597 | 595 558 i || Joint-stock banks of Sweden (mil- j Public and railway securities 530 ] 530 525 j lions of kronor): j Note circulation 162 | 158 186 Loans and discounts j 4, 137 4, 106 Individual deposits 2,560 j 2,595 2,618 Foreign bills and credits abroad._| 266 299 Gold reserve against Dominion Due to foreign banks _ | 122 140 notes.. 59 I 59 Rediscounts _ 167 125 Dominion note circulation 192 ! 198 Deposits 3,527 3. o65 i With this issue of the FEDERAL RESERVE BULLETIN figures for the Reichskreditgesellschaft are included and those for the Mitteldeutsche Creditbank are excluded. The Mitteldeutsche Creditbank is in process of merger with the Commerz-und-Privatbank; its balance sheet is no longer published separately; and its accounts have not yet been combined with those of Commerz-und-Privatbank. * Not including gold held abroad. 3 Preliminary. DISCOUNT RATES OF 33 CENTRAL BANKS (Prevailing rates, with date of last change] Country Rate I s n i n e c f e f — ect Country Rate I I s n i n 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 Apr. 24,1929 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 May 3,1929 Bulgaria.. 9 Dec. 15,1928 France Jan. 19,1928 Latvia 6-7 Apr. 1,1928 Russia Mar. 22.1927 Chile 6 Oct. 22.1928 Germany _ Apr. 25,1929 Lithuania. _. 7 Feb. 1,1925 South Africa Jan. 9,1928 Colombia 8 Mar. 18,1929 Greece , ._ Nov. 30,1928 Netherlands Mar. 25,1929 Spain Dec. 19.1928 Czechoslovakia- 5 Mar. 8,1927 Hungary. _ Apr. 24,1929 Norway Mar. 27,1928 Sweden Aug. 24,1928 Danzig 6 June 21,1927 India Apr. 11,1929 Peru— Mar. 7,1929 Switzerland. Oct. 22,1925 Denmark 5 June 24,1926 Italy Mar. 14,1929 Poland Apr. 19,1929 Yugoslavia.. June 23,1922 Euglaud Feb. 7,1929 I Changes.—Imperial Bank of India from 8 to 7 per cent on April 11,1929; Bank of Poland from 8 to 9 per cent on Apr. 19, 1929; Austrian Nation; Bank from 6^ to 7^ per cent on Apr. 24, 1929; National Bank of Hungary from 7 to 8 per cent on Apr. 24, 1929; German Reichsbank from OH ' ll/i per cent on Apr. 25, 1929; National Bank of Rumania from 6 to 8 per cent on May 3, 1929. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1629 FEDERAL RESERVE BULLETIN 343 MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) j Netherlan d d am s ) ( Amster- j ! Sw la it n z d er- Month B a m a n a c o n c c e n k e s p t e h , t r 3 - s s' T m b re i o l a l n s s t , u h 3 r s y Da m I v n o t r o n ^ e - t d y av1 ii i ' n o a B n n l l a , o d l n f w e l k p n e a n o r n s s s i c i t: t e s s P di r s r i a c v t o e a u te nt M 1 o m ne o y n th fo r j ! Da m y o -t n o e -d y ay d P is r r c i a v o t a e u t n e t 1927 March... 4. 33 4.36 j 4.07 3 i 4.59 6.91 4.87 • 3.50 3.55 ! 2.98 April 4.04 4.04 3.64 3-2*6i 4.61 6.57 5.63 ; 3.47 3.72 i 3.13 May- 3.83 3.84 3.73 4,90 6.95 5.99 ! 3.46 3.76 3.19 June. ._. 4.34 4.36 3.43 2*6 5.39 7.73 5.79 i 3.57 3.87 I 3.42 July 4.33 4.33 3.50 2*4 5.90 8.49 7.06 i 3.53 3.25 I 3.47 August 4.33 4.35 3.61 2*6 5.82 8.38 5.81 ! 3.45 3.40 3.44 September 4.32 4.33 3.55 2*4| 5.90 8.30 6.00 I 3.56 3.82 3.39 October 4.32 4.33 3.57 2*6 6.69 8.72 7.19 4.11 4.29 ! 3.38 November 4.33 4.34 3.62 2H 6.76 8.72 6.03 4.50 4.73 I 3.39 December 4.31 4.31 3.44 2*6 6.87 9.10 7.24 4.49 4.85 3.40 1928 January 4.19 4.13 3.49 2*6 6.27 7.66 5.16 4.29 4.10 ! 3.29 February 4.18 4.18 3.63 2*4 6.20 7.30 6.66 3.97 3.80 I 3.12 March 4.12 4.07 3.63 2*4 6.72 7.51 6.81 3.97 3.89 3.20 April 4.02 4.01 3.57 2*4 6.71 7.57 6.64 4.18 3.93 3.29 May 3.97 3.95 3.58 2*4 6.66 7.80 7.00 4.27 4.17 3.32 June 3.82 3.80 3.26 2*4 6.59 8.08 6.37 4.18 4.11 3.40 July.... 3.99 3.97 3.27 2*4 6.74 8.18 7.74 4.10 3.84 ! 3.44 August 4.27 4.26 3.50 2*6 6.68 8.19 6.12 4.13 3.90 3.41 September... 4.23 4.19 3.55 2*4 6.65 8.58 6.65 4.39 4.35 3.38 October 4.35 4.37 3.80 2*6 6.57 8.26 6.70 4.40 4.42 3.38 November 4.38 4.30 3.64 2*6 6.28 8.15 6.70 4.44 4.74 3.35 December 4.37 4.37 3.22 2V 6.28 8.77 7.30 4.46 4.68 3.32 1929 January 4.32 i 4.29 3.41 2H 5.80 7.51 5.13 4.20 4.46 3.28 February 5.05 | 4.96 4.33 3H 5.80 7.07 6.33 *4.39 4.78 3.31 March 5.33 i 5.30 4.51 6.31 7.30 6.97 4.61 j 4.78 3.39 I 1 (B Be r l u g s i s u e m ls) F (P r a a r n i c s e ) (M It i a la ly n) Austria (Vienna) Hungary S ( h S w o t e o lm d c e k ) n - Japan (Tokyo) 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 t a e u t n e t M m fo o o r n n e t 1 h y c c i o a P m l r i p m m a e p e r e - r . Da m y- o t n o e d y ay I Lo? to ° s, 3 up Disc b o il u l n s ted ov m e C o rn a n l i e g l y ht months 1927 March 4.19 3.89 ; 9.25 4% -5*4 6*4-7% 6*4-7*4 n 4*6-6 5.84-7. 67 4. 38-6. 21 April 4.33 3.17 ! 9.25 5*6 6*6-7*6 6*4-7*4 594-6*4 4 -6 5. 84-8. 03 4. 38-5. 29 May 4.23 2.46: 8.50 596 -594 6*6-8 6*6-7*4 594-694 4 -6 6. 57-7. 67 4. 38-4. 75 J J u u n l e y... 4 3. . 8 1 4 7 2 2. . 1 2 3 5 ! ! 7 7. . 0 6 0 0 -en 6 7 * 6- - 7 m 94 7 7* 4 - - 7 8 % 6 5 94- - 6 7 94 4 4 - - 6 6 6 6 . . 5 2 7 1 - - 8 8 . . 4 7 0 6 4 3. . 6 3 5 8 - - 5 5 . . 1 1 1 1 August 3.84 2.04 ! 7.00 7*6-894 7*4-8*4 6 -794 4 -6 5.48-8. 03 3.65-4. 75 September- 3.75 2.01 6.81 7 -8*6 7*6-8*4 6 -7*4 4 -6 5.11-7. 67 2.19-4. 38 October 3.87 1.82 •! 6.5Q 7*6-894 7*4-8*4 6 -796 4 -6 4. 75-7. 30 2.19-4. 38 November... 4.09 2.75 I 6.27 -6*4 7*4-8*4 7 -8*4 594-796 4 -6 5.11-7. 30 2. 74-4.02 December... 4.15 2.95 I 6.00 694-894 7*4-8*6 5*4-796 4 -6 5.48-7. 67 2.19-5.84 1928 January 4.08 2.81 6.00 5% -6*6 7*4-8*6 5*6-7: -6 4. 38-7. 67 1.64-5.11 February 3.90 2.75 5.89 -5»He 6*4-7*4 796-8*6 5*4-7:. 4. 38-6. 21 1.46-4.02 March. 4.10 2.72 5.75 -59*6 6*4-7*4 7*4-8*4 5 -796 4.02-5. 84 2.92-4.02 April 4.25 2.62 5.49 5^ -5H 6*4-7*6 7*4-8*4 5H-7H -6 4. 75-5.84 2. 56-4. 02 May 4.25 2.62 5.25 5*6 -594 6*4-7*4 7*4-8*4 5*4-796 -6*4 4. 75-5. 84 1.46-4. 02 June 4.27 2.90 5.25 51M 1M 694-8*4 7*6-8*4 5*4-796 4 -6*6 4. 38-5.84 1.46-4. 02 July 4.02 3.12 5.25 594 -6*4 6%-8*4 7*6-8*4 5*4-796 4 -6*4 4. 38-5. 84 1.46-4. 02 August 4.00 3.23 5.25 7*4-8*4 7*4-8*4 5*4-796 4*6-6*6 4. 38-5. 84 2.92-4. 02 September. _ 3.96 3.26 5.25 I \ -6*4 7*4-8*4 7*4-8*4 5*4-796 4*6-6*4 4. 75-5. 84 2.37-4.02 N O D c o e t c v o e e b m m er b b e e r r . . . . . . 3 3 3 . . . 9 9 9 4 4 4 3 3 3 . . . 4 3 3 1 7 7 5 5 5 . . . 5 2 4 0 5 5 6*4 6*4 7 7 7 * J * 4 6 4 - - -8 8 8 * 9 M 4 6 7 7 7 J 9 9 4 4 6 - - 8 9 9 J6 6 6 6 * * * 4 4 6 - - - 8 8 8 * 9 9 4 6 6 4 4 4 * * * 4 4 4 - - - 6 6 6 * * * 4 4 6 4 4 4 . . . 9 7 7 3 5 5 - - - 6 6 6 . . . 9 4 2 7 1 5 2 2 1. . . 8 0 9 3 1 2 - - - 6 4 4 . . . 0 0 5 2 2 7 1929 1 January 3.94 3.50 I 5.83 I if 6-696 7*4-896 7H-8H 1.46-5.84 February 3.94 3. 39 6.00 2. 01-4. 02 March 3.94 3.37 ! 6.31 * 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

344 FEDERAL RESERVE BULLETIN MAY, 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 li r n 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 ro m n a e r ) k E (p n o g u la n n d d ) ( F m i a n r l k an ka d ) F (f r r a a n nc c ) e G ( m e re r a m ic rk h 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 (s) 26.80 486. 65 2.52 3.92 23.82 1.30 17.49 1928—April.. 14.0674 13.9641 .7211 2. 9624 26.8224 488. 2045 2. 5176 3.9363 23. 9154 1. 3158 17. 4608 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 1 3.9058 23.7218 1. 2920 17.4255 April 14.0467 13. 8847 .7212 2. 9600 26. 6527 485. 3225 2. 5160! 3.9070 23.7039 1.2924 17. 4239 I ( t li a r l a y ) N ( l f e a lo t n h r d i e n s r ) - N (k o r r o w 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 ro ed n e a n ) S ( w f l r a a i n t n z d c e ) r- ( Y s d l i u a n v g a i o a r - ) 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—April 5. 2764 40. 3091 26. 7390 11.1968 4. 2101 .6273 < 515. 0000 16. 7641 26. 8492 19. 2713 1. 7599 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— Jan uarv 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 4 515.0000 15.0656 26.7101 19. 2333 1. 7563 April 5. 2355 40.1409 26. 6644 11.1910 4.4645 .5955 4 515. 0000 14.7495 26. 7054 19. 2468 1. 7563 NORTH AMERICA SOUTH AMERICA Canada Cuba Mexico Argentina Bolivia 8 Brazil j Chile Colombia • Ecuador • Peru* Uruguay (dollar) (peso) (peso) (peso-gold) (boliviano) (milreis) (peso) (peso) (sucre) (libra) (peso) Par value 100.00 100.00 49.85 98.48 36.50 11.96 ' 12.17 97.33 20.00 486.65 103.42 1928—April 100. 0290 99. 9877 48. 7387 97.1915 34.8000 12. 0329 12. 2038 98. 2128 20.0000 397. 7600 103. 5345 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 i 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 - 36.5000 11.9171 | 12.0479 97. 0900 20. 0000 399. 7727 102. 6037 March 99.4030 100.0261 48.0515 95. 5624 36. 5000 11.8235 i 12.0645 96. 7669 20. 0000 400.0000 101.6177 April 99. 2394 99. 9721 48. 2419 95.5563 36. 5000 11.8348 • 12.0644 96. 3900 20. 0000 400.0000 99.1120 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 i l n ) g » a hai d ( C o Y h ll u i a n a r a n ) « (d H K o o l o l 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 t a t n l p t e s o - re ( T p T o u u u r r k n k e d is y ) h (E p g E o y g u p y n t p i d a t ) n dollar) Par value... 19.30 43.98 61.10 43.50 43.66 36.50 49.85 40.20 56.78 439. 65 494. 31 1928—April.... 19.2500 45. 7972 63. 2502 45. 4958 49.8658 36. 5647 47. 7136 40. 2228 56. 2508 51. 2023 500. 6343 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 48.7296 497.3430 February 19.2636 44. 7932 62.1973 44. 5558 48. 8849 36. 3629 45. 2103 39. 9218 55.9681 49.2150 497. 5544 March 19. 2500 44.8856 62. 2304 44.6205 48. 8437 36. 3623 44. 5203 39. 9396 56.0752 April 19. 2550 44. 2260 61. 2516 43.9S39 48. 6963 36. 3107 44. 6176 39.9896 55. 9615 * 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. * The National Bank of Czechoslovakia opened Apr. 1, 1926, under the obligation "to maintain the relation of the Czechoslovak crown to the undepreciated foreign gold currencies at the level of the last two years." During the period April, 1924, to March, 1926, inclusive, the range of the Czechoslovak crown was between 2.9193 cents and 3.0312 cents; the quotation on Mar. 31,1926, was 2.9616 cents. * Averages based on daily quotations of closing rates as published by New York Journal of Commerce. * Nominal. » Silver currency. The figure given for parity represents gold value of unit in April, 1929, computed by multiplying silver content of unit by New York average price of silver for April, 1929, which was $0.55980 per fine ounce. On the same basis, parity in April, 1928, for the Chinese Mexican dollar was 45.34 cents; for the Shanghai tael, 62.99 cents; for the Yuan dollar, 44.84 cents; and for the Hong Kong dollar, 45.01 cents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1929 FEDERAL BESERVE BULLETIN 345 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES EUROPE United Month r S L S t e i ( t t c a a B a a s u b t t u ) i o e o s - r s i - f b ( A t a g r u s o i i s a l s - d ) g B i e u l m - g B a u r l i - a Cz s e l c o- ho- m D a e r n k - (B E la o o n n a f g d r - d b ( l F a g a i s o n n i l d s - d ) S t t i a c t a i F l s r - an R F c e e e s d e e r r v a eS m ( t G e a F a r t e e a i n r d s l - y 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 l e a t n h d e s r- ( N w O o s a r l y o - ) Trade) Bureau Board cal Bureau) 1927 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 I 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.. Si 127 838 2,707 967 154 141 149 595 545 140 133 466 152 157 December... 127 841 2,739 975 154 140 148 604 567 140 135 463 152 156 1928 January 129 851 2,782 982 153 141 144 607 569 139 135 154 157 February. _. 128 848 2,826 985 152 140 143 609 569 138 134 461 151 157 March 129 848 2,839 978 153 141 144 623 587 139 135 464 153 157 April 131 847 2,891 984 154 143 145 619 601 140 136 464 153 156 May 131 844 2,906 987 155 144 143 632 617 141 135 465 152 156 June 133 844 2, 866 986 155 143 145 626 621 141 135 462 152 158 July__ 133 841 2,911 979 155 141 145 624 613 142 133 453 148 160 August 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 129 835 2,844 971 150 138 146 617 585 140 138 463 146 151 November.. 128 847 2,875 957 151 138 145 580 140 137 466 148 150 December... 127 855 2, S65 955 151 138 144 588 140 135 464 148 150 1929 January 128 867 2,869 953 151 138 630 591 139 134 461 116 149 February 865 2,945 950 159 138 638 591 139 137 463 146 150 March 869 964 154 640 140 461 150 April EUROPE—continued ASIA AND OCEANIA Month I land's 41 Russia2| Spain Sweden Sw l i a t n z d e r 3 - a C d a a n - * Peru t A ra u l s i - a ( C S h h h a a i i n n ) a g- D In E u d a t i s c e t h s c I ( u n C t d a t i l a - a ) J k ( a y T p o o a - ) n N l Z a e e n a w - d (C E a g i y r p o t ) A So fr u ic th a 1927 July 102 j 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 i 170 168 148 147 97 200 166 166 151 148 1G8 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 i 117 June.. 103 172 164 151 145 97 195 158 160 150 145 169 148 i 117 July._ 102 172 164 150 144 96 193 157 159 150 148 169 148 117 119 August 100 173 166 149 145 95 190 154 157 148 143 170 147 119 September.. 100 173 168 146 145 96 188 153 156 149 142 174 148 120 October 104 176 174 145 145 95 187 152 159 149 143 174 *149 126 120 November. _ 106 176 176 145 145 95 186 152 159 149 146 173 150 129 December... 100 177 175 145 144 95 185 154 160 149 145 174 149 126 1929 January 98 177 171 I 144 143 95 186 157 160 145 172 | 125 120 February. _. 177 175 I 145 143 96 185 156 162 144 171 122 March 178 144 142 96 189 164 171 123 April 185 I.. T » New index-1926 = 100. * First*of month figures. 1 New official index. *1927=100. ' Revised. 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

346 FEDERAL RESERVE BULLETIN MAY, 1929 WHOLESALE PRICES—Continued GROUPS OF COMMODITIES 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 - ; l c D b e e e m - r - v N b e o e m - r - Mar. March! r F u e a b r - y ! u Ja a n ry - c D b e e m e r - - | | v N b e e m o r - - ! j j March All commodities 138 138 138 138 141 All commodities 144 145 i 144 145 ! 145 Total food 149 148 148 149 152 Vegetable products 131 131 ! 129 130 ; 131 146 Cereals 142 140 140 143 153 Animal products. i 139 144 I 144 150 147: 136 Meat and fish 144 144 145 142 133 Fuels and oils 122 126 i 116 115 i 115 i 111 Other foods ..- 160 159 158 159 170 Raw materials for manu- Industrial products 133 133 133 132 135 facture in iron and metal Iron and steel _ ..- 113 113 112 112 113 industry 120 117 116 116 116 : 112 Other minerals and metals.. 118 116 115 114 112 161 161 161 162 i 1C0 ! 161 Cotton,. 159 162 164 161 164 Raw materials for manu- Other textiles 159 161 160 159 168 facture in leather indus- Miscellaneous . 137 139 138 138 144 try 132 131 135 141 ! 139 | 148 Raw and manufactured chemicals _. 165 165 165 165 ! 166 i 165 Raw materials 141 143 139 141 ! 140 I 145 FRANCE—STATISTICAL BUREAU Semifinished materials 143 143 142 145 i 144 | 150 Finished materials 146 146 147 148 ! 148 ! 150 Producers' goods. 137 135 137 j 136 i 140 All commodities 640 638 630 624 -626 623 Consumers' goods 151 151 153 j 152 157 All foods. 624 625 612 601 608 606 Animal foods. 603 614 604 602 604 571 Vegetable foods 648 637 623 597 608 615 CANADA—DOMINION BUREAU OF STATISTICS Sugar, coffee, cocoa 596 602 590 592 598 644 All industrial material. 653 650 645 642 641 637 Minerals 602 564 549 547 551 530 All commodities 96 96 95 95 95 Textiles 811 821 822 808 807 Vegetable products._ 89 90 87 87 88 Sundries 612 624 623 624 620 Animal products 111 108 107 109 111 107 Textiles.__ 93 93 93 93 92 93 Wood and paper products. 99 98 98 98 99 Iron and its products 93 93 93 93 93 94 GERMANY—FEDERAL STATISTICAL BUREAU Nonferrous metals. 102 96 94 92 91 Nonmetallic minerals 94 94 94 94 • 94 94 Chemicals 95 94 94 94 94 96 All commodities 140 139 139 140 140 139 Total agricultural products 134 134 132 134 135 131 Vegetable foods 133 132 130 126 127 146 AUSTRALIA—BUREAU OF CENSUS AND STATISTICS Cattle 123 120 118 118 119 100 Animal products 142 151 147 162 164 139 Fodder 142 140 138 137 139 148 All commodities 156 157 154 152 160 Provisions 128 125 124 125 128 134 Metals and coal « 174 172 172 172 174 Total industrial raw materials Textiles 160 159 160 154 176 and semifinished products 134 134 134 134 138 134 Agricultural products 159 167 161 155 160 Coal 138 139 138 137 135 131 Dairy products 155 156 149 146 137 Iron _ 128 128 128 128 128 127 Groceries and tobacco 166 163 164 165 166 Nonferrous metals 132 118 113 110 109 103 Meat 117 117 111 114 141 Textiles 150 149 153 154 152 162 B uilding materials 159 159 161 160 159 Hides and leather. 130 131 139 143 142 157 Chemicals 189 189 189 186 190 Chemicals 127 126 127 127 127 126 Artificial fertilizers._ 88 87 87 84 83 83 Technical oils and fats 126 126 127 128 129 112 INDIA (CALCUTTA)—DEPARTMENT OF STATISTICS Rubber 34 34 28 25 25 33 Paper materials and paper. _ 151 •151 151 151 152 149 Building material 157 157 157 158 159 158 1929 1928 Total industrial finished products. 158 158 159 160 160 157 P C r o o n d s u u c m er e s r ' s ' g g o o o o d d s s _ 1 17 3 4 7 1 1 3 7 8 4 1 17 3 5 8 1 17 3 6 8 1 17 3 6 9 1 1 3 7 6 3 r F u e a b r - y u J a an r - y c D b e e e m - r - v N b e e o m r - - O b c e to r - r F u e a b r - y ITALY—CHAMBER OF COMMERCE OF MILAN All commodities 144 145 145 146 143 144 Cereals 133 131 131 139 135 131 Pulses 166 171 181 183 164 151 All commodities ._ 499 498 496 497 495 491 Tea 157 165 157 143 133 169 Total food 570 569 559 560 563 553 Other foods 149 156 153 153 151 167 Vegetable foods _ 585 574 572 574 581 588 Oil seeds 150 149 152 151 148 136 • Animal foods 552 562 543 543 539 510 Raw jute 108 107 97 100 99 88 All industrial products 472 471 472 472 469 467 Jute manufactures 138 139 147 148 145 143 Textiles 440 440 445 450 447 456 Raw cotton _ 158 153 159 159 159 170 Chemicals 449 454 455 450 448 448 Cotton manufactures 162 163 160 160 161 157 Minerals and metals 456 450 442 439 438 422 Other textiles. 140 140 140 140 140 129 Building materials 541 541 536 529 525 522 Hides and skins _, 125 116 125 131 124 139 Other vegetable products 519 511 508 515 504 507 Metals _• 124 126 127 127 126 126 Sundries 522 527 547 555 554 554 Other articles 141 139 138 138 139 135 NOTE.—See footnotes on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1929 FEDERAL RESERVE BULLETIN 347 RETAIL PRICES FOOD AND COST OF LIVING RETAIL FOOD PRICES [Pre-war =^100] EUROPEAN COUNTRIES OTHER COUNTRIES United Month ( S 51 i t e a s t c ) e i s t- ! : ! ! A ( e t V r u n i s n a i - - a) g B iu e m l- 1 g B a u r l i - a S C l z o e v c a h k o i - a l E a n n g d - : n E i s a t o *« - . t ( r P a a n ri c s e ) many ' ! ' G ( e A n re s t e h ) c - e ! ( I I M a t n a i ) l - yN la e e n r t d - h s - N w o a r y - Rus- S l z a w e n r d i - t-' I j a C d a a n - -A t l u r i a s a - - ! ! ( I B n o b d r a i n y a - ) N la e n w d* S AA o frf u rici t n h aa 1927 May. 152 I 119 196 2,630 930 154 119 589 151 2,063 565 145 169 201 156 145 152 150 121 June 155 ! 122 201 2,699 949 154 120 580 153 2,063 541 145 172 199 157 146 153 I 151 120 July 150 122 205 I 2,653 I 962 159 122 557 156 2,059 524 I 144 175 199 156 147 152 119 August 149 120 202 2,625 j 914 156 118 539 150 2,044 518 ! 143175 199 156 147 155 118 September- 151 119 206 2,615 j 910 157 111 532 151 2,070 509 143 174 198 158 147 151 117 October-_. 153 120 210 2,626 907 161 112 520 152 2,071 509 146 173 198 158 148 148 119 November- 153 119 211 2,587 905 163 113 500 152 510 ! 148171 199 159 149 147 119 December. 153 118 212 2,618 913 163 113 523 153 2,101 513 I 148 171 200 159 149 119 1928 January 152 118 211 2,660 913 162 118 530 152 3 146 •140 148 170 201 158 151 151 119 February.. 149 117 207 2,701 910 159 118 522 151 3 144 « 141 149 170 202 157 149 146 118 March 148 116 201 2,713 902 155 122 524 151 8 143 « 141 150 171 203 156 147 142 118 April 149 117 202 2,766 905 155 126 532 152 8 144 8 141 150 171 203 156 146 140 119 May 151 117 197 2,778 908 156 126 546 151 •145 8 140 150 172 205 156 146 140 120 June 150 122 200 2,740 928 157 126 * 113 152 3 144 » 142 150 170 206 157 145 142 114 July 150 119 202 2, 783 943 156 130 »111 154 •138 8 140 150 173 211 157 146 143 116 August 151 120 205 2,667 943 156 129 » 111 156 > 134 » 138 150 170 211 156 149 142 115 September. 155 120 210 2,682 928 156 124 8 110 153 *132 8 140 148 164 210 157 150 141 115 October, __ 153 120 215 2,719 907 157 125 8 115 152 » 137 8 141 148 163 211 158 152 142 115 November. 154 120 223 •2,749 900 159 126 « 119 152 » 137 3 144 148 161 213 158 152 144 118 December. 153 119 222 ! 2,739 905 159 126 1 121 153 * 133 «145 148 161 215 158 152 145 115 1929 January. _. 151 i 221 i 2,742 911 159 153 3 133 147 158 216 j 157 152 I 161 146 149 115 February. _ 151 ! 221 I 156 156 3 135 147 ! 157 218 ! 157151 161 146 115 March 150 i 157 159 158 223 ' 152 146 April 154 145 COST OF LIVING [Pre-war=1001 EUROPEAN*COUNTRIES OTHER COUNTRIES Mas- Month sas c e h t u ts - g B iu e m l- 1s C lo z v ec a h k o ia - l E a n n g d - 2 l F a i n n d - F (P r a a r n i c s e )m G a e n r- y G ( e A r n e t s e h ) c - eH ga u r n y - I ( l t M a a n l i ) y - N la e e n r t d - h s - N w o a r y - la P n o d - * Spain S d w en e-'S l z a w e n r i d - t- a C d a a n - 2 A t l r u i a a s - - ( I b B n a o d y m i ) a A So fr u ic th a 1927 May 157 193 756 164 1,166 147 1,938 119 612 101 186 160 148 152 132 June 156 196 761 163 1,184 525 148 1,951 121 586 167 201 101 185 160 149 155 154 132 July 155 199 753 166 1,203 150 1,960 119 548 98 184 "169* 160 149 156 132 August 155 198 739 164 1,237 147 1,951 119 543 99 192 160 149 157 131 September- 155 202 736 165 1,230 507 147 1,955 119 537 167 197 99 187 161 149 157 154 131 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 1,964 120 536 103 188 162 150 150 132 December . 157 208 740 169 1,243 498 151 1,978 120 531 170 195 103 186 162 151 159 151 132 1928 January 157 210 741 168 1,216 151 8 155 121 8 145 102 178 171 161 151 154 132 February.. 156 207 739 166 1,206 151 8 154 120 8 145 100 165 161 150 148 131 M Ap a r r i c l h 1 1 5 5 5 5 2 2 0 0 4 5 7 7 3 4 7 1 1 1 6 6 4 4 1 1, , 2 2 1 1 4 2 507 1 1 5 5 1 1 8 8 1 1 5 5 3 3 1 11 2 9 1 8 8 1 1 4 4 5 5 169 193 1 1 0 0 1 2 1 1 7 7 5 6 -in" 1 1 6 6 0 0 1 1 4 4 9 9 157 1 1 4 4 5 4 1 1 3 3 2 3 May 156 202 743 164 1,207 151 8 153 121 8 144 103 171 160 149 147 133 June 155 204 741 165 1,219 8 105 151 8 152 121 8 145 170 193 103 172 161 148 157 146 132 July 157 205 753 165 1,236 153 8 148 121 8 143 104 173 173 161 148 146 131 A Se u p g t u e s m t ber. 1 15 5 8 7 2 2 1 0 1 7 7 75 6 6 1 1 1 6 6 5 5 1 1 , , 2 2 5 4 8 9 8 105 1 1 5 5 2 4 8 8 1 14 4 6 5 1 12 2 7 6 8 8 1 1 4 4 3 2 169 185 1 10 0 4 4 1 1 7 7 4 8 1 1 6 6 1 1 1 1 5 5 0 1 -ul- 1 1 4 4 6 5 1 1 3 3 1 1 October 157 215 735 166 1,254 152 8 148 126 3 144 104 179 "*172" 162 152 146 131 November. 157 220 730 167 1,262 152 8 148 125 8 146 106 181 162 152 147 132 December . 157 219 734 168 1,260 8 108 153 8 146 126 8 147 168 183 106 187 162 152 148 131 1929 January... 157 219 737 167 1,242 153 126 3 147 106 184 170 161 152 149 131 February. . 156 220 745 165 1,232 154 127 3 148 183 161 150 149 131 March 157 166 1,229 157 180 151 149 April 154 171 148 I I " 11921 = 100. 1 First of month figures. 8 Revised on a gold basis. < 1927=100. * Revised. NOTE.—Information as to the number of foods and items included, the original base periods, and sources may be found on page 276 of the April, 1925, issue of the BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

348 FEDERAL RESERVE BULLETIN MAY, 1929 RULINGS OF THE FEDERAL RESERVE BOARD Reserves against outstanding travelers' checks. ers' checks. This ruling held that under certain specified circumstances moneys paid in The question has been raised by a member bank whether funds held by it against American anticipation of the maturity of an acceptance Bankers' Association travelers' checks are de- would not be deemed a deposit within the posit liabilities against which reserves must be provisions of section 19 of the Federal reserve maintained. act. Money paid in anticipation of the maturity of an acceptance is not in all respects In the opinion of the Federal Reserve Board, funds held by a member bank against travel- analogous to funds held by a bank and repreers' checks issued in exchange for cash and senting outstanding travelers' checks. There outstanding are deposits within the meaning is, however, a later and more comprehensive of section 19 of the Federal reserve act, against ruling of the Federal Reserve Board with referwhich reserves must be carried. For the ence to the class of funds against which repurposes of this question there is little material serves must be maintained. In this ruling, difference between funds held by a bank published in the 1922 FEDERAL RESERVE BULagainst outstanding liabilities on travelers' LETIN, at page 572, the broad principle was checks and funds deposited in an ordinary laid down "that all funds received by a bank checking account. Inasmuch as they are paya- in the course of its commercial or fiduciary ble on demand, such deposits must be classified business must be treated either as deposits as demand deposits and not time deposits. against which reserves must be carried, or as The member bank raising this question relies trust funds subject to the ordinary restrictions upon a ruling published by the board in the and safeguards imposed upon the custody and 1921 FEDERAL RESERVE BULLETIN, at page use of trust funds." This ruling was intended 815, to support its contention that no reserves to modify any previous rulings in so far as they are required against funds held to meet travel- might be regarded as inconsistent therewith. Changes in State Bank Membership District No. 6 Citizens Bank, Metter, Ga. (absorbed -i by Bank of Candler The following list shows the changes affecting State County, Metter, Ga., a member).. $30, 000 $20,000 $280, 000 bank membership during the month ended April 21, Leesburg State Bank, Leesburg, Fla. 1929, on which date 1,191 State institutions were mem- (title changed to Leesburg State Bank & Trust Co.). bers of the system: Peoples Bank, Sardis, Ga. (closed).. 25, 000 6,000 121,496 ADMISSIONS District No. 7 Benton Harbor State Bank, Benton Capital Surplus Total d H r a a r w b a o l r ) , Mich, (voluntary with- 100, 000 75, 000 1, 940, 000 Schaller Savings Bank, Schaller, Iowa (voluntary withdrawal) 25,000 10, 000 405, 527 District No. 2 State Bank of Ellsworth, Ellsworth, Fleetwood Bank, Mount Vernon, Iowa (withdrawal) 35, 000 15, 000 265,136 P B l a N a n z . k a Y T o r f u C st o C m o m ., e N rc e e w in Y N or e k w , N Y . o Y rk _ , _!2 $ ,0 2 0 0 0 0 , , 0 0 0 0 0 0 I 1 $ ,0 1 0 0 0 0 , , 0 0 0 0 0 0 3 $ ,1 3 5 1 8 6 , , 0 1 9 58 9 N Fo i v l r e e d s r s t o e C n d i t S t y o t B a n t a a e n t i B k o , a n n N a k l i , l b e F a s n o , r k M d ) s i o c n h , , M (co ic n h - , 100, 000 50, 000 1, 880, 300 N. Y ._.25,000,000 140,000,000 730, 387,814 b (t o it r l n e , D ch e a a n r g b e o d rn t , o M B ic a h n . k ). of Dear- Central State Bank, Jackson, Mich, Interboro B D an is k tr i & ct T N r o u . s 3 t Co., Pros- (absorbed by a nonmember) 100, 000 26,000 1, 588, 738 pect Park, Pa_ 125,000 87,500 1,156, 745 District No. 8 Liberty Central Trust Co., St. Louis, District No. 5 I Mo. (consolidated with First Na- Broadway Bank & Trust Co., Rich- tional Bank in St. Louis) 3, 000, 000 500, 000 50, 698, 734 mond, Va__ _ 300,000 25,000 2, 430, 089 Fidelity Bank & Trust Co., Memphis, Tenn. (voluntary withdrawal). 500, 000 250,000 5, 846, 242 District No. 9 CHANGES Security Bank & Trust Co., Red Wing, Minn, (consolidated with 1 Red Wing State Bank, Red Wing, District No. 2 Minn., a nonmember).. _. 200, 000 50,000 1, 484,000 Bloomfield Trust Co., Bloomfield, N. J. (title changed to Bloomfield District No. 12 Bank & Trust Co.). American Exchange Bank, Portland, District No. 3 Oreg. (consolidated with Portland National Bank under title of Amer- West Philadelphia Title & Trust ican National Bank) 200,000 50,000 4,448,105 Co., Philadelphia, Pa. (consoli- Security Trust & Savings Bank, Los dated with Integrity Trust Co., Angeles, Calif, (consolidated with Philadelphia, Pa., a member) $500, 000 $900, 000 $12. 692, 000 Los Angeles-First National Trust Federal Trust Co., Philadelphia, Pa. & Savings Bank under title of Se- (consolidated with Bankers Trust curity-First National Bank of Los Co., Philadelphia, Pa., a non- Angeles) 12, 000, 000 3,000, 000 284, 365,000 member) _. 200, 000 450,000 7, 841, 225 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

349 MAY, 1929 FEDERAL RESERVE BULLETIN Fiduciary Powers Granted to National Banks Changes in National Bank Membership During the month ended April 20, 1929, the The Comptroller of the Currency reports the follow- Federal Reserve Board approved applications of the ing increases and reductions in the number and capital national banks listed below for permission to exercise of national banks during the period from March 23 one or more of the fiduciary powers named in section to April 19, 1929, inclusive: 11 (k) of the Federal reserve act as amended, as follows: (1) Trustee; (2) executor; (3) administrator; (4) registrar of stocks and bonds; (5) guardian of estates; (6) assignee; (7) receiver; (8) committee of Num- Amount of estates of lunatics; (9) in any other fiduciary capacity ber of capital banks in which State banks, trust companies, or other corporations which pome into competition with national banks are permitted to act under the laws of the State New charters issued 10 $2,175,000 in which the national bank is located. Restored to solvency 1 35.000 Increase of capital approved » 36 24, 326,000 Aggregate of new charters, banks, restored to solvency, and banks increasing capitaL 47 26, 536, 000 Dis- Location t N ri o c . t Name of bank g P r o a w nt e e r d s R Li e q d u u i c d i a n t g io c n a s pital * 2 4 8 28 1 , , 6 2 4 2 5 5 , , 0 0 0 0 0 0 Total liquidations and reductions of capital- 32 29,870, 000 New London, Conn.. 1 National Whaling Bank 1 to 9. Abington, Mass 1 Abington National Bank 1. Consolidation of national banks under act of Westfield, Mass 1 Hampden National Bank __ Ito7and9 Nov. 7, 19183 5 11, 000, 000 Exeter, N. H 1 Rockingham National Bank. 1, 2, and 4 Consolidation of a national bank and a State Lebanon, N. H ._ 1 National Bank of Lebanon- 1, 2, 4, 6, 7 bank under act of Feb. 25, 1927 3 41, 025, 000 and 9. Clifton, N. J—_ 2 Clifton National Bank. ... 1 to 9. Total consolidations _._. 8 52, 025, 000 Hackensack, N. J 2 City National Bank 1 to 9. Cazenovia, N. Y o Cazenovia National Bank_. 1 to 9. Aggregate increased capital for period 26, 536, 000 New York, N. Y 2 Lefcourt Normandie Na- 1 to 9. Reduction of capital owing to liquidations, etc 29, 870, 000 tional Bank. Sidney, N. Y... 2 Sidney National Bank Ito9. Net decrease. 3, 334,000 Waverly, N. Y 2 Citizens National Bank 1 to 9. Rock Hill, S. C 5 Peoples National Bank 1 to 9. Stanley, Va 5 Farmers & Merchants Na- 1 to 9. 1 Includes one increase in capital of $375,000 incident to a consolidation tional Bank. of two national banks and a State bank under the act of Nov. 7, 1918, as Bluefield, W. Va 5 Bluefield National Bank. _ Ito9. amended Feb. 25,1927, and two increases aggregating $17,250,000 incident Rome, Ga 6 First National Bank 1 to 9. to consolidations of State banks under act of Feb. 25, 1927. Chicago, 111 7 Peoples National Bank and 1 to 9. 2 Includes three reductions in capital aggregating $1,200,000 incident to Trust Co. consolidations under act of Nov. 7, 1918. Webster City, Iowa.. 7 Farmers National Bank 5 to 9.1 3 One of which also includes a State bank under sec. 3 of the act of Tipton, Iowa __. 7 Tipton National Bank. 1. Feb. 25, 1927. Niles, Mich_ 7 City National Bank and 1 to 9. Trust Co. Clinton, Kv. 8 First National Bank 1 to 9. Acceptances to 100 Per Cent St. Louis, Mo 8 St. Louis National Bank __ 1 to 9. Leavenworth, Kans.. 10 First National Bank 1. Genoa, Nebr 10 Genoa National Bank 1 to 9. The following member institution has been author- Amarillo, Tex 11 First National Bank 5 to 9.1 ized by the Federal Reserve Board to accept drafts Midland, Tex... 11 Midland National Bank 1 to 9. Smithville, Tex First National Bank 1 to 9. and bills of exchange up to 100 per cent of its capital 11 and surplus: Bank of Commerce in New York, New 1 Supplementary. York, N. Y. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

350 FEDEKAL RESERVE BULLETIN MAT, 1929 DETAILED BANKING STATISTICS FOR THE UNITED STATES FEDERAL RESERVE BANKS BILLS DISCOUNTED, AND DEPOSITS BY CLASS OF DEPOSIT [Monthly averages of daily figures. In millions of dollars] Federal Reserve Bank Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago. St. ^ 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—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 14.8 85.0 April 1.004.4 75.8 264.6 110.0 96.6 52.6 63.6 133.4 51.8 19.3 38.8 18.6 79.3 Total deposits: 1928—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 69.1 357.0 85.0 54.0 93.8 72.8 187.3 March 2.384.7 145.5 944.5 134. 9 188.2 69.5 68.9 349.8 81.8 54.1 93.0 70.9 183.6 April 2,367. 5 146.4 937.1 135.9 186.4 70.2 67.9 346.8 81.5 52.9 91.0 68.6 182.7 Member bank reserve balances: 1928-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 67.6 62.7 352.3 80.1 53.0 92.8 65.5 182.4 October 2, 332.2 152.5 889.7 134.8 187! 8 68.3 63.4 353.3 80.5 55.1 92.5 68.9 185.2 November 2,352.3 152.0 903.4 134.4 185.4 69.1 64.8 354.0 81.5 56.1 93.0 71.4 187.3 December _. 2,366. 8 148.6 923.4 134.5 183.4 69.6 67.5 353.0 83.4 55.1 93.0 72.2 183.2 1929—January 2, 386. 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 91.8 70.0 173.1 April. _ __ 2, 307. 9 144.1 915.2 133.2 183.4 67.2 66.2 341.6 77.8 51.6 89.2 66.8 171.7 Government deposits: 1928—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 j 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 .6 .7 .9 July 19.5 .7 3.7 1.3 1.0 2.2 1.4 1.8 1.1 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 I 3.2 September 17.6 1.6 4.2 1.3 1.3 1.7 I 1.6 1.2 .8 . .7 1.2 ! 1.1 October 18.7 1.7 3.3 1.2 .9 2.2 1.6 1.4 1.2 1.1 1.6 1.6 November 17.5 1.4 2.9 1.3 1.2 1.9 I 1.8 1.4 1.2 .9 1.4 1.3 December 18.8 1.4 4.6 1.6 1.2 1.7 i 1.7 1.5 .9 1.2 1.4 1929—January 18.2 1.2 3,7 1.3 .9 1.7 1.5 i 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 .8 1.3 .7 1.9 April.__ 24.8 1.6 6.5 1.9 1.2 2.6 1.3 3.2 l!l 1.1 1.6 1.9 All other deposits: 1928—April 26.9 .6 12.1 1.9 .5 .6 2.4 .6 .5 5.9 May 27.3 .6 13.1 1.6 .4 .6 2.3 .6 .4 .3 5.9 June 27.5 .7 12.1 2.1 .5 .4 2.8 .7 .5 .3 5.6 July 29.7 .9 13.4 1.1 2.3 .7 .5 2.7 .8 .5 .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 2.4 .5 .5 2.3 1.1 .5 .3 6.6 December 29.4 .6 11.1 1.6 .5 .4 2.7 1.0 .5 .3 9.4 1929—January 31.3 .6 13.2 2.2 .5 .4 2.3 .7 .5 .5 .3 9.3 February.. 28.5 1.2 10.0 1.8 .4 . .4 1.9 .8 .4 1.0 9,3 March 31.3 .6 13.7 1.5 .4 .4 1.9 2.4 .4 .2 8.6 April 34.8 .7 15.4 1.8 .5 .4 2.1 2.5 .5 .3 9.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

351 MAY, 1929 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES AT END OF MONTH [In thousands of dollars] 1929 1928 Apr. 30 Mar. 31 Apr. 30 RESOURCES Total gold reserves 2,791,490 2,700,977 2,698,199 Reserves other than gold.. _ 173,193 161,864 155,326 Total reserves 2,964, 683 2,862,841 2,853,525 Nonreserve cash _ . _. __ 71,966 64,805 57,445 Bills discounted _ 934,467 1,095,031 834,228 Bills bought: Outright 129, 242 183,906 325,873 Under resale agreement ._ _ __ 49, 327 15,797 31,073 Total bills bought _ 178. 569 199, 703 356,946 United States securities: Bought outright _ _ _ 140,121 165,663 281, 365 Under resale agreement _ 23, 250 6,238 14,656 Total United States securities 163, 371 171,901 296,021 Other securities _ 7,366 6,845 990 Foreign loans on gold _ _ 14, 899 Total bills and securities. _. _ .. . . 1, 298, 672 1, 473,480 1,488,185 Due from foreign banks 725 722 570 Reserve bank float1 _ . . . _ . . 27, 022 62,158 6,807 Total reserve bank credit outstanding.. _ 1, 326,419 1, 536, 360 1,495,562 Federal reserve notes of other reserve banks ... 13, 333 16, 624 15,113 Other uncollected items not included in float. _ . ._ __ _ 634, 338 564,670 534, 228 Bank premises 58,739 58,693 59,414 All other resources . . .. 7,305 7,971 9,600 Total resources. _ _ 5,076,783 | 5,111,964 5,024,887 LIABILITIES Federal reserve notes: Held by other Federal reserve banks 13, 333 16, 624 15,113 Outside Federal reserve banks _ _ 1,649,426 1,674,626 1,586,917 Total notes in circulation _ _ 1, 662, 759 1,691,250 1,602,030 Deposits: Member bank—reserve account . 2,281,607 2,356. 748 2,441, 636 Government __ ... 27.953 28,075 30,427 Foreign bank 8,980 20, 353 6,144 Other deposits _. 26,130 20, 212 23, 506 Total deposits 2,344,670 2,425, 388 2, 501. 713 Deferred availability items 634,338 i 564, 670 534, 228 Capital paid in _ _ 155,912 154,356 137, 586 Surplus. . . 254, 398 254,398 233,319 All other liabilities _ 24, 706 21,902 16,011 Total liabilities- 5,076, 783 5,111,964 5, 024, 887 Contingent liability on bills purchased for foreign correspondents 345,071 337,425 261,473 1 Uncollected items (exclusive of Federal reserve notes of other Federal reserve banks) in excess of deferred availability items. KINDS OF MONEY IN CIRCULATION [End of month figures. In thousands of dollars] Total G co o i l n d G ti o fi l c d a t c e e s r- d S s o t i a a l l r v l n d a e d r r s - c S c e i a r l t t v i e f e s i r - n T o 1 u r t 8 e e r 9 y a s 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 r F e n b e s o a d e t n e r e k r v s a e l t n b i N o o a n t n a e - a k s l 1928—Apr. 30.. 4,748,458 381,203 1,020, 267 46,154 377,946 1,306 276,089 110,306 293,119 1,585,904 4,096 652,068 May 31.. 4, 744,074 379,684 1,013,139 46, 228 379,604 1,305 277,404 110,921 296,189 1,586,975 4,072 648, 552 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.. 4, 747, 683 374, 255 937,247 ! 43, 921 390, 583 1,290 280, 655 113, 536 283,100 1,673,480 3,709 645, 908 Apr. 301 4, 676, 659 372, 615 905,602 I 43, 784 386, 241 1,287 281, 039 114,172 276, 227 1, 648, 369 3,679 643, 639 l Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

352 FEDERAL RESERVE BULLETIN MAY, 1929 FEDERAL RESERVE BANKS—AVERAGE DAILY RESERVES AND DEMAND LIABILITIES IN APRIL AND MARCH, 1929 [In thousands of dollars] Total cash reserves Fede in ra l c i r r e c s u e l r a v t e io n notes Reserve percentages Federal reserve bank April March April March Boston 194,933 614 146,369 145,498 133. 368 130, 408 69.7 70.9 New York 977,439 224 I 937,149 944, 547 297, 621 306, 296 79.2 79.0 Philadelphia.. 167,097 166,846 ! 135,926 134,903 143, 096 142, 828 59.9 60.1 Cleveland 276,072 288,854 186,372 ! 188,152 207, 752 207, 272 70.1 73.0 Richmond 84,309 92,568 70,247 69, 457 70, 240 73, 574 60.0 64,7 Atlanta 133,015 145,672 67, 890 68, 910 134, 773 137,915 65.6 70.4 Chicago 514,137 401,433 346, 794 349, 767 301, 674 283,388 79.3 63.4 St. Louis 83,944 74,733 ! 81,476 81, 826 57, 781 59, 603 60.3 52.8 Minneapolis 86,289 86,448 ! 52,891 j 54,102 64,189 63,473 73.7 73.5 Kansas City... 102, 392 109,994 | 91,023 I 92,973 66, 545 67, 021 65.0 68.7 Dallas 71,078 71,766 ! 68,643 i 70, 894 37,964 38, 588 66.7 65.6 San Francisco. 246, 203 226,434 | 182,739 I 183, 646 155,898 159, 393 72.7 66.0 Total. 2, 936, S 2,848,586 : 2,367,519 j 2,384,875 1, 670, 901 1, 669, 759 72.7 70.3 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS RESOURCES [In thousands of dollars] San Total Boston Y N o e r w k ; d P e h l i p la h - ia C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. i s I M ap i o n l n is e- K C a i n ty sas! Dallas Fran- Gold with Federal reserve agents Apr. 3 1,235,237 82, 559 281, 582 83, 887| 157,: 40, 674 99,195 182,391 16, 746 58, 293 25,427 154, 557 Apr. 10 1, 273,428 80, 696 281,458 87, 932j 138, 802 44, 444 98, 996 227,318 18, 2041 57, 634 51,661 24, 747 161, 536 Apr. 17 1, 288,060 78.636 281,344 86, 650 137, 324 38, 334 91,044 267, 246 17, 729 53, 634 50,964 24,216 160, 939 Apr. 24 1, 279,901 76, 925 281, 203 71, 271 154, 405 37,419 89,484 267, 246 19, 553 49,051 49, 664 23, 570 160,110 Gold redemption fund with United States Treasury: Apr. 3 64, 432 6,787 9,323 9,319 5,! 2, 647 3,043 9, 595 5,890 3,674 2,570 1,732 3,872 Apr. 10 67,075 8,113 13,168 6, 557 5,609 2,975 3,948 8,478 5,1 4,060 3,175 1,663 3, 360 Apr. 17 70, 573 9,714 12, 608 7, 635! 6,312 3, 274 4,181 7,601 6,123 3,782 3,564 1,984 3,795 Apr. 24 _ 68,466 6,043 12,037 8,9951 5,809 3, 514 3,648 7,021 4,164 4,628 2,034 3,587 Gold held exclusively against Federal reserve notes: Apr. 3 1, 299, 669 89,346 290,905 93, 206 163, 268 43, 321 102,238 191, 986 22, 636 61, 967 55, 208 27,159 158, 429 Apr. 10 1, 340, 503 294,626 94,489 144,411] 47,419 102,944 235, 796 24,173j 61> 694 54, 836 26,410 164, 896 Apr. 17 1, 358, 633 88,350 293,952 94,285 143,636 41, 608 95, 225 274,847 23,852 57,416 54, 528 26, 200 164, 734 Apr. 24 1, 348, 367 82,968 293,240 80,266 160, 214 40, 933 93,132 274, 232 26,574 53,215 54, 292 25, 604 163, 697 Gold settlement fund with Federal Reserve Board: Apr. 3 742, 785 72, 584 254, 35: 28, 599 50,006 19, 092 17,136 148,432 26,451 21, 792 37, 783 31, 650 34, 903 Apr. 10 706,899 68,380 193, 312 26, 328 52, 217! 15, 310 16,465 172,130 38, 903 16, 306 39, 763 30,956 36,829 Apr. 17 674,560 71,157 167, 376 27, 352 66, 561 12,193 16,704 154,598 37,058 15, 552 34,988 27,803 43, 218 Apr. 24 682, 613 74, 749 148, 267 33, 657 74, 058 18,181 16,461 155,723 41, 637 20, 865 34,27f 26, 545 38, 200 Gold and gold certificates held by banks: Apr. 3 676,758 21,047 423,304 37, 836 48, 735 14, 979 8,195 65,117 9,962 5,668 4,9781 10, 566 28, 371 Apr. 10 727,380| 23,907 457,542 40, 590 47, 994 15, 586 8,527 72, 925 10,382 5, 729 5, 252 10,617 28, 329 Apr. 17 746,290 I 23,864 469,035 43, 708 48, 743 15, 921 8,358 76, 805 10,316 5,657 5, 239 10,683 27, S61 Apr. 24 767,601 24, 659 473, 348 44, 067 i 52, 056 16, 645 8,398 87, 57: 10,877 5,841 5, 307 10, 669 28,162 Total gold reserves: Apr. 3 2. 719, 212! 182,977 968,566 159,641 260, 009 77,392| 127,569 405, 535 59,049 89,427 97,969 69, 375 221, 703 Apr. 10 2, 774, 782 181, 096 945,480 161,407 244, 622 78, 315| 127,936 480,851 73,458 83,729' 99,851 67, "~ 230, 054 Apr. 17 2, 779, 483 183, 371 930,363 165,345 258, 940 69,722! 120,287 506, 250 71, 226 78, 625] 94, 755 64, 235, 913 Apr. 24 2, 798, 5811182, 376 914,855 157,990 286, 3281 75, 759! 117,991 517, 527 79,088 79, 921! 93, 869 62,818 230, 059 Reserves other than gold: I Apr. 3 173, 309 16, 062 49,536 7,585 14, 465 7,444 9,046 23,371 14,811 2,598 5,692! 6, 867 15, 832 Apr. 10 175, 764 16,137 52,351 7,067 12, 575 8,228 8, 643 24,980| 14,403 2,889 5,657s 6,885 15, 949 Apr. 17 176, 490 15, 074 52, 977 7,193 14,165 8,243 8,758 25, 2261 13, 252] 2,669 5,769J 7,030 16,134 Apr. 24 174,835 14, 9411 52,170 7,478 12,973 8,194 8,664 25, 454! 13, 3641 2,819! 5,513 7,100 16,165 "L Total reserves: Apr. 3 2,892, 5211 199,039 1,018,102! 167,226 27'44,,447744 84,836 136,615 428,9061 73, 860i 92,025 103,6611 76,242 237,553 Apr. 10 _. 2, 950, 546! 197,233 997,8311 108,474 25.77,,11997; 86,543) 130,579; 505,831 87,8611 86,618; 105, 5081 74,868 246,003 Apr. 17 2,955,973 198,445 983,340 172,538 27'33,,110055 77,965 129,045 531,476; 84,478 81,2'94 100,524: 71, 716 252,047 Apr. 24 2,973,416 197,317 967,025; 165,468 29i99,,33001l| 83,953| 126,655' 542,981 92,452 82, 740i 99, 382' 69,918 246, 224 Nonreserve cash: Apr. 3 75,924 i 6,203 29,327i 2,477 6, 695 4,849| 4,515! 7,931 4,215 1,132! 1, 746 2,791 4,043 Apr. 10 80,463 ! 7,231} 31,763| 2,456 5,529 4,9881 5,093! 8,252j 4,736J 1,272| 2,063 3,106 3,974 Apr. 17 77,1Q2 I 6,329; 30, 7111 2, 386 5,733 4,930; 4.766J 8,134 4,089 1,436 11,66225, 2,809 4,154 Apr. 24 6, 579! 32, 319J 2, 356 3,982 5,273i 4,986j 8,121! 4,566! 1, 218! 2, 021 3,156 4,411 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

353 MAY, 1929 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands of dollars] San Total Boston | Y N o ew rk d P e h l i p l h a- ia C l l a e n v d e - m Ri o c n h d - AtlantajChicago! LOU'JS M a i p n o n li e s - j I K C a i n t s y a s ; Dallas F ci r s a c n o - Bills discounted: Secured by U. S. Government obligations- Apr. 3 610,41S 38,311; 160,135! 60,939 55,060 18, 580! 15,918 134,421 31, 7101 10, 593 10, 704! 7, 852 60,195 Apr. 10 540,454 37,9011 142, 569; 63,155 69,10' 17,378! 14,166 75,801 23,322 15, 720, 14,281! 7,424 59,630 Apr. 17. 533,992 36,259i 150. 882 61,869 52,990| 20, 557i 16,453 69,846 27,0S2| 16,403 10, 953! 11, 500 53,138 Apr. 24 541, 251 35, 766| 175, 218 66, 349 41,511 22,216! 15, r 60, 354 24, 560 16, 2701 16, 506| 11, 396 56, 021 Other bills discounted— Apr. 3 419,434 34,187J 75,393 43,921 34,868 30,976 43,674 70,334; 29,458 2,517! 21, 5791 6,873 25,654 Apr. 10 423,078 31,473' 104,166 41,249 41,038 30,109j 43,370 57,263i 24, 533 3,023; 21, 768! 6,651 18,435 Apr. 17 __. 460,304 40,249! 109,121 46,929 36,833 34,659; 49, 595! 48, 668| 26, 773 6,114! 23, 778; 9, 524 28,061 Apr. 24 433, 262 39, 660| 87, 651 47, 310 33, 567j 29,328 52,290 51,831 j 22, 542 7,9651 26,631! 10,746 23, 741 Total bills discounted: Apr. 3 1,029,852 72,' 235, 528 104,860 89,928 49, 550 59, 592204,755 61,168 13,110! 38,283 14,725 85,849 Apr. 10. _. 963, 532 69,374 246, 735 104,404 110,145 47,487! 57, 536133,064 47,855 18,743! 36,049! 14,075 78,065 Apr. 17 994,296 76,508 260,003 108,798 89,823 55,216! G6,048 118,514! 53,855 22,577! 40,731) 21,024 81,199 Apr. 24 974, 513 75, 426 262, 869 113, 659 75, 078 51,544 67,374 112,185 47,102 24, 235 43,137 22,142 79, 762 Bills bought in open market: Apr. 3 174,703 21,224 26,877 16,192 21,938 10,379 10.176 10,374; 6,837 6, 303 8,6121 13, 227 22, 504 Apr. 10 157,317 20, 661 20,408 13, 558 18,859 9,478! 10,000 8,8171 5,854 5, 940 8,6381 13,684 20,822 Apr. 17 141,027 21, 972 20,093 11,800 16,936 8,010 8.886 6,728; 4,480 5,421 7, 698 11,757 16,646 Apr. 24.. 141,175 22, 692 28, 599 12, 310 15, 726 7,940 8; 861 3,086 2,492 5,119 6, 71l| 11,126 16, 513 U.S. Government securities: Bonds- Apr. 3 51, 609 1,384 548 1,152 19,937! 7,125 4. 534 7, 755| 7,813 64 Apr. 10 51,612 1,384 58. 548 1,152 19,937) 7,125 4, 534 7, 755i 7,813 64 A A p p r. r .2 1 4 7 5 5 1 1 , ,6 6 2 0 9 2 1 1 , , 3 3 8 8 4 4J 5 5 8 8 5 5 5 5 4 4 8 8 l 1 1 ,1 5 5 2 2! 1 1 9 9 , , 9 9 3 3 7 7 ) 7 7 , , 1 1 2 2 5 5 4 4, , 5 5 3 3 4 4 7 7 , , 7 7 5 55 5 | 7 7 , , 8 8 2 1 9 3 6 6 4 4 Treasury notes- Apr. 3. 91,417 3,481 12, 727 10, 639 28,964 9031 3,677 6,959 4,815 902 4,581 13, 532 Apr. 10_. 91,951 3,481 13, 367 10, 639 28,964 903J 3,678 4,815| 602 4,581 13, 532 Apr. 17.. 91, 841 3,475 13,137 10, 639 28,958 961| 3,678 7,177 4,812 802 4,577 13, 525 Apr. 24 80, 326' 2,381 10, 239 9,614 27, 755 657! 3,314 5,090 4,260 902 3,812. 12, 297 Certificates of indebtedness- Apr. 3. 26, 032; 2,219 9,422 7, 961 301 307 1,822! 1,136 604 976 Apr. 10 22, 526 2,219 4,652 7,846 961 301 296 3,097 1,136 604 976 Apr. 17 17,959 1,350 5,010 7,02: 5 46 3, 385 1,136 Apr. 24.. 17, 854 1,350 5,450 7,027 5 41 2, 845 1,136 Total U. S. Government securities: Apr. 3 169, 058 6,389 23, 533 19, 070 30,473 2, 356 4,007 28,718 7,362 9,787 9,793{ 12,998 14, 572 Apr. 10 166,089 6,389 19, 403 19, 070 30,473 2,356 4,000 30,123 7,125 9,787 9,793! 12,998 14,572 Apr. 17 161, 429 5,514 19,531 18, 251 29,511 2,113 3,751 30, 499 7,125 9,346 9,793| 12, 406 13, 589 Apr. 24 149, 782 4,420 17,073 17, 226 1, 809 3,371 27, 872 7,125 8,794 9,7931 11,630 12, 361 Other securities: Apr. 3.. 6,845 2,095 2,000 1,500) 1,250 Apr. 10 6,845 2,095 2,000 1,500 1,250 Apr. 17 7,295! 1,495 300 2,000! 1, 500 1,250 750 Apr. 24 7, 3961 1,495 401 !, 000 1, 500 1, 250 750 Foreign loans on gold: Apr. 17 _ 6,115! 485 2,148 629 281 238 838 245 164 202 216 Apr. 24 7, 735: 613 2,717 796 846 356 302 1, 0601 309 207 255! 274 Total bills and securities: Apr. 3 1, 380, 458;100, 111 288,033 140,122 142,339 62, 291! 73, 775 243, 847 75,367 31, 260! 58,1 40,950 124,175 Apr. 10 1, 293, 783; 96, 424 288, 641 137,032 159,477 59,321 j 72,136 172,004 60,834 36,470! 55,978 40,757 114,709 Apr. 17 1, 310,162 104, 479 303, 270 139,778 136,939 66, 220! 78,923 156,579 65, 705 39, 508| 59,924 46,653: 112,184 Apr. 24 1, 280, 601 103,151 312, 753 144,392 119,958 61, 649! 79, 908 144,203 57, 028 40, 355j 61, 396 46,4221 109,386 Due from foreign banks: I Apr. 3... 7221 53 219 69 74 33 28 is! 24 24 52 Apr. 10 722! 53 219 69 74 33 28 99 29 18| 24i 24 52 Apr. 17 723' 53! 220 69 74 33i 28 99 29 18! 24 24 52 Apr. 24 724! 53 221 69 74 33| 28 99 29 18! 24 24 52 Uncollected items: I I 1 A A A A p p p p r r r r . . . . 3 2 1 1 4 7 0 .. _. 6 8 7 6 6 0 3 8 0 1 3 0 , , , , 1 6 2 4 7 9 3 1 4 3 4 7 1 ! ! | 7 6 7 6 7 2 4 8 , , , , . 3 5 5 6 6 8 5 8 7 2 2 1 1 2 1 7 8 7 0 6 5 , , , , 9 4 6 5 9 0 7 3 5 7 0 5 6 6 5 5 5 4 6 6 , , , , 0 7 6 7 6 5 4 0 2 3 1 0 6 6 7 6 6 2 5 8 , , , ,1 8 7 6 5 9 3 9 3 5 5 5 4 1 7 2 7 , , , , 9 9 1 4 4 2 3 1 4 5 1 9 J ! ' ) 2 2 2" 2 5 4 88 1 , , , , 11 5 2 6 33 9 1 6 66 9 7 9 1 9 8 8 0 0 2 0 1 , , , , 1 0 2 8 9 8 4 7 1 6 7 2 3 3 3 3 1 0 0 5 , , , , 3 4 2 5 4 9 7 9 2 0 5 1 1 1 1 1 2 2 3 5 , , , . 1 5 6 7 4 5 6 1 3 5 4 8 3 3 4 3 9 3 6 9 , , , ,9 7 8 8 1 2 9 3 3 4 5 0 . 2 3 2 3 0 7 , , , 7 7 2 9 9 2 3 4 3 3 8 6 6 7 , , , , 3 3 1 8 5 4 1 2 9 7 6 9 B Al a l n o k A A A A t p p p p h p r r r r e . . . . r e r m 3 2 H 1 r e 4 7 L i s _ s o _ e u s r : ces: _ 5 5 5 5 8 8 8 8 , , , , 6 7 7 7 9 3 2 3 9 3 3 9 i ! : ! ; 3 3 3 3 , , , , 7 7 7 7 0 0 0 0 2 2 2 2| 1 1 1 6 6 6 , , , , 0 0 0 8 8 8 7 7 7 1 1 1 1 , , , , 7 7 7 7 5 5 5 6 1 1 : ! 6 6 6 6 , , , , 5 5 5 5 3 3 3 3 ! ; ! 1 3 3 3 3 , , , , 5 5 5 5 7 7 7 7 5 5 5 5 1 ! 2 2 2 2 > , , , 7 7 7 7 4 4 4 4 4 4 4 4 8 8 8 8 , , , , 5 5 5 5 2 2 2 2 9 9 9 9 3 3 3 3 , , , , 9 8 9 9 2 9 2 2 9 3 9 8 2 2 2 2 , , . , 1 1 1 1 1 1 1 1 0 0 0 0 4 4 4 4 , , , , 1 1 1 1 4 4 4 4 0 0 0 0 ) ! ; | j 1 1 1 1 , , , , 9 9 9 9 2 2 2 2 2 2 2 2 3 3 3 3, , , , 7 7 7 7 0 0 0 0 4 4 4 4 Apr. 3 8, 483' 294 201 1,204 64o! 1,930 885 724 333! 520 491 Apr. 10 8, 576! 62 1,17' 148 1,236 546! 1,975 902 388 777 353! 528 484 Apr. 17 7, 700 68 920 189 1,256 517) 1,955 506 286 83' 315i 367 484 Apr. 24 7, 780 63 160 1~"~ 556) 1,92f 518 292 320! 374 499 Total resources: Apr. 3.. 5,146, 975!381, 970!1, 568, 639376, 900 498,10: 207,443| 244,906 780,444 188,091 139,933! 208,005 146,178 406, 359 Apr. 10 5,054,053 369,0701 1, 506, 388364, 572 492, 907 207,951) 243,1721 775,808 189,052 140,408| 207,961 149, 009407, 755 Apr. 17 5, 214, 086^390, 672|1,561,955 383, 479 499, 435 210,371 245,597 806,389 194, 005 140,758) 210,276 152,17: 418, 972 Apr. 24 5, 080, 665 379,452!1,515,846 370,907 499, 295 202,983j 237,813 787,323 188, 887 140, 046 204,113! 152, € 401, 392 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

354 FEDERAL RESERVE BULLETIN MAY, 1929 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued LIABILITIES [In thousands of dollars] Total Boston Y N o ew rk ! i 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 L S ou t. is I M ap in o n li e s - K C an it s y as Dallas F c S r i a s a c n n o - Federal reserve notes in circulation: Apr. 3. 1,663,649! 130, 557; 300,197! 138,927 203,925 71, 532 136, 216 296, 477 65, 239 67,138 38,114 157, 233 Apr. 10.-.. 1,657, 719| 131,1411 290,467} 140,131| 209,695 70, 270 134, 610 298, 917 57, 3661 64, 638 66, 740 37,906 155, 838 Apr. 17 1,653,228 133,401! 289,592; 140,411! 205,155 69,004 133, 709 300,921 57,65li 63,954 66,436 37, 637 155, 357 Apr. 24.... 1,652, 561 133,130! 289,096! 140,405! 209,344 68, 016 132, *"' 302, 818 57,120i 63,516 65, 775 37, 709 152, 836 Deposits: Member bank—reserve account- Apr. 3 2,335,304 144,041 939,102; 135,786 184, 778 68,362 65,339 336,784 78,177 51, 571 90,100 67,945 173, 319 Apr. 10 2, 301, 940 141, 937 913,503! 132,360 178,414 67,575 66,670 339, r~ 78,978! 52,297 90,115 69, 206 170, 995 Apr. 17.._ 2, 302, 392| 146, 573! 905,4791 136,626 177,078 66,098 65,896 343,422 77,171! 51, 293 90, 774 67, 637 174,345 Apr. 24 2, 290, 218 143, 715; 903, 642j 134,701 178,489 66, 276 65, 563 340,857 78, 080 52, 563 89, 071 66, 483 170, 778 Government— i Apr. 3__. 16,900 928 8,696! 707 817 306 824 1,947 953; 605! 347 449 321 Apr. 10 4,721 171 1,707' 2 244 57 107 1,020 185; 364J 3241 255 285 Apr. 17 45,455 2,687 14, 772 3, 707 1,092 2,386 2,307 6,136 1, 900! 859j 732; 2,942 5,935 Apr. 24 30,854 2,303 8,054 2, 5491 2,551 797 4,944 1, 399! 1, 388 1, 753 2, 504 1,706 Foreign bank— Apr. 3 10,558 903 2, 055! 1,171 1,244 561 476 1,671 305 403 403 878 Apr. 10 9,327! 429 5, 284 i 557 592 267 226 795 232 145 19lj 191 418 Apr. 17 10,163 429 6,120! 557| 592 267 226 795! 232 I45! 191 191 418 Apr. 24 9,856 429 5,813! 5571 592 267 226 795! 232 145j 191 191 418 Other deposits- Apr. 3.__ 19,715 65 7, 540 186' 732 135 700J 1,846 245 321! 23 7,810 Apr. 10 23,850 84 7, 757' 178! 816 155 8961 2,266! 242, 522 34 10,816 Apr. 17 21,764 243 7, 365; 90| 965 142 803! 2,117 236, 167 46 9,499 Apr. 24 _ 19,156 7,165! 29i 1,137 82 670 2,474 203 163 27 7,089 Total deposits: Apr. 3 2, 382,477 145, 937 957,393 137,8501 187,571 69,341 66, 774341,102 81., 464, 52,726 91,171 182, 328 Apr. 10 2, 339,838 142, 621 928, 251 133,097 180,066 67,983 67,158 342,601 °8"1 ,6n6n1i] 53,048 91,152 182,514 Apr. 17 2,379, 774i 149,932 933, 736 140,980! 179,727 68,842 68, 571 351,156 81,420! 52, 533 91,864 70,816 190,197 Apr. 24 2, 350, 084 146, 495 924, 674 137,836! 181,124 69,163 347, 266 82,185 54, 299 91,178 69, 205 179,991 Deferred availability items: Apr. 3 669, 514 74, 299 178,445 59,765 63,418 46, 768 24,450 82, 743 30,965 10,808 35, 582 25,475 36, 796 Apr. 10 624, 251 64,154 154,442 50,804 59,882 49, 868 23,889 74,18' 32,481 11, 545 35,914 27, 661 39,424 Apr. 17 748,167 76,132 205,161 61,466j 71, 220 52, 663 25, 767 94,142! 37,388 13,090 37,814 29, 963 43,381 Apr. 24. 643, 581 68, 514 168, 551 51,933! 65,003 45, 874 20, 723 76,998 32, 069 11, 030 32,929 31, 862 38, 095 Capital paid in: Apr. 3 154,307 10, 306 55,261 14,97 14,683 6,179 5,339 19, 351 5,508 3,099 4,293 4,439 10,872 Apr. 10 154,886 10,306 55, 676 15,133 14, 688 6,189 5,330 19, 352) 5, 508 3,097 4,292 4,440 10,875 Apr. 17 155,133 10,306 55, 830 15,133 14,688 6,173 5,334 19,448! 5, 520! 3,096 4,291 4,431 10,883 Apr. 24 155,851 10,306 55, 821 15,133 15, 076 6,176 5,331 19,471! 5,424 3,089 4,293 4,476 11, 255 Surplus: Apr. 3 254,398 19,619 71, 282 24,101 26, 345 12, 399 10, 554 36,442 10,820 7,082 9,086 8,690 17,978 Apr. 10 _ 254,398 19,619 71,282 24,101 26,345 12,399 10, 554 36,442! 10, 820; 7,082 8,690 17,978 Apr. 17 254,398 19,619 71, 282 24,101 26, 345 12, 399 10, 554 36,442! 10,820| 7,082 8,690 17, 978 Apr. 24 254,398 19,619 71, 282 24,101 26,345 12, 399 10, 554 36,442J 10,820 7,082 17,978 All other liabilities: Apr. 3 _ 22,630 1,252 6,061 1,280 2,165 1,224 1,573 4, 329! 1,240 979 735 640 1,152 Apr. 10 22,961 1,229 6,270 1,306 2,231 1,242 1,631 4,3091 1,2161 998 777 626 1,126 Apr. 17 23, 386 1,282 6,354 1, 3881 2,300 1,290 1,662 4, 280! 1, 226 1,003 785 640 1,176 Apr. 24 24,190| ir- 6,422 1, 499 2,403 1,355 1,741 4, 328' 1, 269r 1,030 852 1,237 Total liabilities: Apr. 3 5,146,975 381,970 1,568,639 376,900 498,1071 207,443 244,906 780,444! 188,091 139,933 208,005i 146,178 406,359 Apr. 10 5,054,053 369,070 1,506,388 364.572 492,907 207,951 243,172! 775,8081 189,052 140,408 207,961! 149,009 407, 755 Apr. 17 5,214,r 390,672 1,561,955 383,479 499,435; 210,371 245,597 806,389| 194,005 140, 758 210,276 152,177 418,972 Apr. 24.... 5,080, 665 379, 452 1,515,846 370,907 499,295 202,983 237,813 787,323i 188,887 140,046 204,113 152, r~ 401, 392 MEMORANDA Ratio of total reserves to Federal reserve note and deposit liabilities combined (per cent): Apr. 3 71.5 72.0 81.0 60.4 70.11 60.2 67.3! 67.3 52.9! 78.0 65.5 71.3 70.0 Apr. 10 73.8 72.0 81.9 61. 7j 66.0; 62.6 67. 7| 78.8^ 63.2 73.6 66.8 69. 6i 72.7 Apr. 17 _.. 73.3 70.0 80.4 61.3 71.0 56.6 63.8! 81. 5! 60. 7! 69.8 63. 5 66.1! 72.9 Apr. 24.... 74.3 70.6 79.7 59.5 76.7 61.2 63. 5| 83. 5! 66. 4i 70.2! 63.3' 65.4 74.0 Contingent liability on bills purchased for foreign correspondents: Apr. 3 338,287 24,969 103,102 32,393 34,417 15,521 13,160! 46,227; 13,497 8,436 11,135! 11,135! 24,295 Apr. 10 347,652 25,675 105,824| 33,308 35, 390 15, 960 13,531 47, 533; 13, r~ 8,674 11,449 11,449s 24,981 Apr. 17 347,390 25, 675 105,561| 33,308 35, 389 15, 960 13,531 47,533 13,878 8,674 11,450 11,450! 24,981 Apr. 24.. __, 345,317 25, 675 103,488! 33,308 35, 389 15, 960 13,531 47, 533; 13,878 8,674 11, 450 11, 450' 24,981 Own Federal reserve notes held by Federal reserve banks: Apr. 3.. 399, 957 26,024 109,742J 39,460! 36,945 18,070 31,419| 31,692 10,077 8, 356 10,427! 9, 617 68,128 Apr. 10 415,562i 25,07" 129,111! 38,60l| 31,830 18,741 31,225 34,561 11,063 8,298 10, 648 9, 905; 66, 502 Apr. 17. 414,813) 21, 207 124,627; 38,039! 37,291' 19,298 31,074 34,839 10,6231 8,982! 11,655 9, 993! 67,185 Apr. 24 409,091 24,567 121,438) 38,866| 31,184 19,370 31, 288 32,934^ 10, 737 8, 837! 11, 616 9, 376 68, 878 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1929 FEDERAL RESERVE BULLETIN 355 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o ew rk P a p d h h e i i l l a - - C l l a e n v d e- m R o ic n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - I K C s a i a t n s y - Dallas F c S i r s a a c n n o - Federal reserve notes received from comptroller: Apr. 3___ 2,859,913 222,406 767,655 211,287 269,220 110,313 221,294 80, 381 84,659 104,175 60,073 311,761 Apr. 10 2,852,048 220,543j 762,693 212,832 269,275 109,082 220,095 414,798 80,199 88,000 103,398 62,393 308,740 Apr. 17 2,835,968 221,483 745,334 211,150 269, 596108,373 220,143 414,380 80, 524 90,080 103,101 62,862 308,942 Apr. 24.... 2,818,819 219,772 734,649 211,171 270,478 107,457 219,644 413,872 80,147 89,497 101,801 62, 217308,114 Federal reserve notes held by Federal reserve agent: [ Apr. 3 796,307 65,825 357,716 32,900 28,350 20,711 53,659 88,520 12,210 11,064 26,610 12,342! 86,400 Apr. 10. 778, 767 64,325 343,115 34,100 27,750 20,071 54,260 81,320 11,770 15,064 26,010 14,582! 86,400 Apr. 17. 767,927 66,875 331,115 32,700 27,150 20,071 55,360 78,620 12,250 17,144 25,010 15,232j 86,400 Apr. 24.. 757,167 62,075 324,115 31,900 29,950 20,071 55,560 78,120 12,290 17,144 24,410 15,132 86,400 Federal reserve notes issued to Federal reserve bank: Apr. 3 2,063, 606 156, 581409,939 178, 387240,870 89,602 167,635 328,169 68,171 73, 595 77,565 47, 731225,361 Apr. 10. 2,073, 281 156,218 419, 578178,732 241, 525 89,011 165,835 333,478 68,429 72,936 77,388 47,811 222,340 Apr. 17 2,068,041 154,608 414,219 178,450 242,446 88,302 164, 783335, 760 68, 274 72, 936 78,091 47, 630222,542 Apr. 24 2,061,652 157, 697410, 534179, 271240, 528 87,386 164,084 335, 752 67,857 72, 353 77, 391 47,085 221,714 Collateral held as security for Federal reserve notes issued to Federal reserve bank: Gold and gold certificates- Apr. 3. _ 367, 595 35,300 171,880 4,400 50,000 6,690 27,350 8,050 14,167 14, 758 35,000 Apr. 10.._ 366,595 35,300 171,880 5,400 50,000 6,690 25,350 8,050 14,167 14, 758 35,000 Apr. 17. 366,995 35,300 171,880 5,800 50,000 6,690 25,350 8,050 14,167 14,758 35,000 Apr. 24 366,195 35,300 171.880 8,800 47,200 6,690 24, 350 8,050 14,167 14,758 35,000 Gold redemption fund- Apr. 3 95,491 14, 259 14, 702 12,330 12,288 4,984 7,345 1,391 2,696 3,126 4,278 4,669 13,423 Apr. 10 86, 965 12, 396 14, 578 9,875 13,802 3,754 6,146 1,318 2,154 2,467 3,301 13,185 Apr. 17 89, 649 10,336 14,464 13,193 12,324 7,644 5,194 1,246 1,679 2,467 4,604 3,458 13,040 Apr. 24 92, 793 18,625 14,323 11, 214 12,205 6,729 4,134 1,246 3,503 1,884 3,304 2,812 12,814 Gold fund- Apr. 3 772,151 33,000 95,000 67,157 95,000 29,000 64,500 181,000 6,000 41,000 48.360 6,000 106,134 Apr. 10 819,868 33,000 95,000 72,657 75,000 34,000 67,500 226,000 8,000 41,000 48,360 6,000 113,351 Apr. 17 831,416 33,000 95,000 67, 657 75,000 24,000 60, 500266,000 8,000 37,000 46,360 6,000j 112,899 Apr. 24 820, 913 23,000 95,000 51,25r 95,000 24,000 61,000 266,000 8,000 33,000 46, 360 6,000 112,296 Eligible paper- Apr. 3 _ 1,150, 767 93,645 232,803 103,071 111, 355 57, 786 69,211 214,840 67,409 19, 241 46, 200 27, 692107, 514 Apr. 10 1,074,128 89,957 244,346 101,346 126,830 54,706 67,479 141,605 53,021 24,506 44,358 27, 567 98, 407 Apr. 17 1,085, 927 98,403 259,768 102,388 105, 574 58, 092 74, 289124, 975 57, 702 27, 808 47, 885 32, 574 96,469 Apr. 24 1,070,905 98,039 272,169 108, 751 90,698 55, 777 75, 376114, 973 48, 675 29,150 49, 309 33,077 94,911 Total collateral: Apr. 3 2,386, 004 176,204| 514,385 186,958 268, 643 98, 460168, 406397, 231 84,155 77, 534 53,119 262,071 Apr. 10 2, 347, 556170,653! 525,804 189, 278265, 632 99,150 166,475 368,923 71, 225 82,140 96, 019 52,314 259, 943 Apr. 17 2,373,9871 177,039 541,112 189, 038242, 898 96, 426165, 333392, 221 75,431 81,442 98,849 56, 790257, 408 Apr. 24 2,350,806! 174,964! 553,372 180,022 245,103 93,196 164,860 382, 219 68, 228 78, 201 98, 973 56, 647255,021 MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS [In thousands of dollars] Total W 15 i d th a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 9 6 1 m da o y n s t h to s 6 m O o ve n r ths Bills discounted: Apr. 3 1,029,852 855,144 45,810 70,143 48,324 8,136 2,295 Apr. 10 963, 532 797, 619 44,841 65,934 43, 969 8,920 2,249 Apr. 17 994,296 830,046 40,490 68,164 41,955 10,403 3,238 Apr. 24.... 974, 513 803,341 45,367 67, 741 41, 501 12,703 3,860 Bills bought in open market: Apr. 3 174, 703 79, 288 41,937 27,855 23,489 2,134 Apr. 10 157,317 67,504 38.010 29,495 20,370 1,938 Apr. 17 141,027 62, 231 28,503 34, 736 13,048 2,509 Apr. 24 141,175 66, 626 28.011 34, 266 9,557 2,715 Certificates of indebtedness: Apr. 3 26,032 2,420 11, 670 11, 862 Apr. 10.... 22, 526 1,650 120 12,066 Apr. 17.. 17,959 5,010 930 8,555 3,458 Apr. 24 17, 854 5,450 290 8,650 3,464 Municipal warrants: Apr. 17 300 300 Apr. 24 402 102 300 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

356 FEDERAL RESERVE BULLETIN MAY, 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 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 - Lo S u t i . s M a i p n ol n i e s - K C an it s y as Dallas F S ra an ncisco Loans and investments: Apr. 3. 22, 561 1,520 8,656 1,260 2,217 3,343 724 381 682 495 1,947 Apr. 10...- 22,393 1,510 8,523 1,268 2,212 686 650 3,330 713 385 680 491 1,944 Apr. 17 22,310 1,506 8,511 1,261 2,197 680 647 3,319 710 381 685 503 1,94} Apr. 24.. - 22,259 1,499 8,514 1,258 2,191 675 647 3,296 699 375 679 485 1,940 Loans— Apr. 3 16, 583 1,132 6,445 932 1,530 530 513 2,614 531 254 448 358 1,297 Apr. 10 16,455 1,127 6,342 943 1, 529 528 515 2,587 528 258 445 357 1,2$6 Apr. 17 16,431 1,120 6,329 937 1,522 522 512 2,593 529 254 448 365 1,301 Apr. 24 __ 16,388 1,114 6,347 937 1,521 518 513 2,572 521 250 444 350 1,300 On securities- Apr. 3 7, 516 474 3,241 519 712 202 152 .1, 228 239 80 142 i 113 413 Apr. 10 7,380 472 3,126 515 710 200 151 1,227 237 82 144 i 105 412 All A A ot p p h r r . . e 2 r 1 - 7 4 — -- — 7 7 , , 3 3 5 3 3 5 471 3 3, , 1 1 3 0 9 6 5 5 1 1 9 9 I | 6 7 9 0 9 2 1 1 9 9 6 1 1 1 4 4 9 9 1 1 , , 2 20 3 1 0 2 2 3 3 7 2 8 8 2 1 1 1 4 4 5 0 : 1 1 0 0 5 2 4 4 1 1 3 2 Apr. 3 9,068 658 3,203 414 I 818 328 360 1,386 292 174 305 245 884 Apr. 10 9,076 655 3,216 428 i 819 327 364 1,361 291 176 301 252 884 Apr. 17- — -. 9,078 649 3,224 417 | 823 326 363 1,363 262 173 303 259 887 Apr. 24 9, 052 645 3,208 418 I 819 326 364 1,371 289 170 304 249 Investments— i Apr. 3.- 5,978 388 2,212 328 I 158 136 729 193 126 234 | 137 650 Apr. 10 5,938 383 2,181 325 | 682 158 135 743 185 127 236 ! 134 648 Apr. 17 5,909 386 2,181 325 676 158 135 726 181 127 237 135 643 U. S A . G pr o . v 2 e 4 r nment securities- 5, 871 385 2,167 321 I | 670 | 158 134 724 178 124 235 I 135 640 Apr. 3 3,075 192 1,208 105 330 ! 73 357 79 70 | 387 Apr. 10 3,024 189 1,188 105 328 73 65 339 74 70 113 i 385 Apr. 17. — — 3,020 187 1,191 105 325 73 65 342 71 69 113 382 Apr. 24.__ 3. 002 189 1,184 104 322 73 64 343 70 69 111 378 All other- Apr. 3.— 2,902 196 1,004 223 357 85 69 372 114 57 122 263 Apr. 10-_ 2,914 194 993 220 354 85 70 404 110 57 123 263 Apr. 17.. 2,890 198 9S0 220 350 70 385 109 58 124 260 Apr. 24 I 2,868 196 984 217 348 70 381 108 55 124 262 Reserve with Federal reserve bank: Apr. 3 1,688 96 128 39 244 45 24 5Q 106 Apr. 10.. 1,672 97 76 123 38 247 46 25 57 106 Apr. 17.- - 1,671 772 81 122 40 249 45 24 57 109 Apr. 24 1,658 767 76 122 40 243 46 26 55 107 Cash in vault: Apr. 3... 240 69 14 29 12 10 39 6 6 11 19 Apr. 10 238 68 14 28 12 10 38 6 6 11 19 Apr. 17.. 227 63 14 28 11 36 8 6 11 19 Apr. 24 235 67 14 30 11 37 6 6 11 19 Net demand deposits: Apr. 3.... ... 13,157 5,907 712 1,019 382 322 1,781 383 220 495 302 764 Apr. 10 13,052 881 5,780 711 995 361 332 1,824 385 219 494 301 769 Apr. 17 .. 13,118 901 5,804 710 1,019 353 329 1,844 380 215 492 302 770 Apr. 24 12,977 891 5,755 1,023 346 330 1,806 378 210 485 296 758 Time deposits: Apr. 3 _... 6,830 474 1,736 279 971 245 230 1,225 233 132 179 145 981 Apr. 10 6,789 466 1,718 277 970 244 230 1,226 233 132 179 140 975 Apr. 17 6,779 466 1,701 285 9G2 242 228 1,234 232 131 179 143 976 Apr. 24 6,775 461 1,706 276 241 228 1,239 231 131 180 142 975 Government deposits: Apr. 3... 289 13 128 14 I 14 35 3 2 20 | 28 Apr. 10... 258 11 113 13 ! 7 13 31 3 2 18 ! 25 Apr. 17 _ 165 7 72 5 20 2 1 2 11 i 16 Apr. 24. 148 64 4 18 2 1 2 10 i 14 Due from banks: 61 I Apr. 3 1,179 52 171 65 51 81 238 57 46 114 145 Apr. 10 1,151 46 161 58 92 48 79 260 55 46 107 58 143 Apr. 17 1,138 52 148 64 105 48 74 248 56 45 107 58 134 Apr. 24___. 1,076 47 135 62 48 74 222 55 49 107 55 124 Due to banks: Apr. 3 2,840 117 984 158 206 102 116 463 124 84 201 196 Apr. 10... 2,726 107 931 153 195 98 112 459 121 80 189 196 Apr. 17 _ 2,725 112 - 959 159 204 97 106 439 116 76 187 186 Apr. 24 2,542 106 845 151 197 93 431 111 74 184 167 Borrowings from Federal reserve banks: Apr. 3... J 766 180 72 40 171 45 10 74 Apr. 10.. j 706 193 92 102 32 15 68 Apr. 17 729 209 72 87 36 18 Apr. 24 698 211 70 57 81 28 20 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

357 MAY, 1929 FEDERAL RESERVE BULLETIN 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 Total l ( a 1 n 2 d b b an an k k s) s l J a o n i d n t b -s a t n o k ck s' Class of loan Mar. Feb. Jan. Dec. Mar. 30 28 31 31 31 1927 Mar. 31.. 1,765,365 1,109, 354 656, 011 Apr. 30-- 1, 732, 395 1,117,914 614, 481 Direct loans outstanding May31- 1, 741, 275 1,124, 055 617, 220 on- June 30.. 1, 738.165 1, 130, 648 607, 517 Cotton 20, 886 22, 668 22,753 23,100 11, 266 July 31.. 1, 742, 575 1,134, 896 607, 679 Tobacco 873 1,145 1,491 1,565 3,057 Aug. 31- 1,749,393 j 1,139, 502 609,891 Wheat 1,721 1,873 2,461 2,483 1,364 Sept. 30_. 1,752,665 I 1,143,130 609, 535 Canned fruits and vege- Oct. 31.. 1.757,185 I 1,147,135 610. 050 tables _ 1,260 1,557 1,863 2,118 630 Nov. 30.. 1,758,834 1,150,943 607, 891 Raisins 4,162 4, 653 4,672 4,679 5,549 Dec. 31- 1,765,121 I 1,155, 644 609,477 Wool 13 152 290 564 43 Jan. 31... 1928 1, 767, 515 1,158,717 608, 798 A Ri l c l e other.- 8 24 8 3 0 1,0 2 9 63 1 1,2 2 2 81 6 1,3 3 6 05 0 1,5 2 1 6 5 3 F M eb a . r . 2 3 9 1 . - . 1 1 , , 7 78 7 6 8 , , 3 8 3 6 8 2 1 1 , , 1 1 6 7 8 5 , . 8 3 5 5 8 4 6 6 0 1 9 1 , , 0 9 0 8 4 4 Total. 30, 038 33,402 35, 037 36,174 23, 687 Apr. 30-. 1. 791, 341 1,180, 420 610,921 Rediscounts outstanding May 31- 1,793,035 1.183, 672 60*», 363 for— June30._ 1, 794, 236 1.184, 6£6 609, 580 Agricultural credit cor- J A S N D O u e e u o c l c p y t g v . . t . . . 3 3 3 3 3 3 1 1 0 0 1 1 - . . . - _ , . . . 1 1 1 1 1 1 , , , , , , 7 7 7 7 7 7 9 9 9 9 9 9 9 7 7 3 6 7 , , , , , , 3 9 0 7 5 6 1 9 1 4 9 1 9 6 0 0 5 1 1 1 1 1 1 1 . . , . . , 1 1 1 1 1 1 9 8 9 9 8 8 0 9 1 3 5 7 , , , , , , 7 3 3 2 7 8 1 6 4 7 2 4 4 5 5 8 4 6 6 6 6 6 6 6 0 0 0 0 0 0 7 7 8 9 5 5 , , , , , , 1 8 4 6 2 5 9 5 9 2 3 9 9 1 6 6 2 5 N S L Sa t i a p n a v v t i o t e i i e e o n r s s a t g n b o t s a a i c o l n k b n k b a s s n a l n k o s a k n s a n c d o t m ru p s a t - _ 2 2 5 4 , . 4 6 5 0 0 4 2 6 6 5 9 2 2 0 4 , , 4 1 3 7 8 4 4 9 2 2 4 2 19 4 , ,1 2 8 4 6 5 7 7 8 2 5 2 2 3 0 , , 9 7 1 9 5 8 8 1 0 4 8 ! 2 2 1 8 , , 4 1 8 1 7 1 8 6 7 1 1929 companies 83 84 83 90 20 Jan. 31 1, 799,464 1,195,089 604,375 Feb. 28 -. 1, 803, 593 1,199, 766 603, 827 Total 50, 669 45,131 44,425 45,103 50, 432 Mar. 30 1, 8C6, 864 1, 202, 570 604, 294 i Number of banks, 1927: January-March, 55; April-May, 54; June- August, 53; September-November, 52; December, 51. 1928: January- April. 51; May-November, 50; December, 49. 1929: January to da»te, 49. PAR COLLECTION SYSTEM1 BANK DEBITS MEMBERSHIP, BY FEDERAL RESERVE DISTRICTS DEBITS TO INDIVIDUAL ACCOUNTS, BY FEDERAL RESERVE DISTRICTS [Number of banks at end of March] [In thousands of dollars] Member banks Nonmember banks Number of March, February, March, cen- 1929 1929 1928 On par list Not onpar list ters 1929 1928 1929 1928 1929 1928 New York City 1 55, 424, 978 46, 288, 750 44, 786, 293 Outside New York City... 140 28,131, 415 24, 515,182 25,847, 279 Federal reserve district: United States 8,758 8,971 12, 466 13,035 3,901 3,910 N Bo ew st o Y n ork 1 7 1 56 3 , , 0 4 3 7 2 2, , 1 2 3 0 1 5 4 2 7 , , 1 6 4 7 5 4 , , 7 3 1 4 8 6 45 2 , , 7 9 4 6 1 0 , , 1 1 3 2 2 1 N Bo ew st o Y n ork. 4 9 0 3 7 8 4 9 1 3 4 1 4 2 0 52 6 4 24 0 8 7 1 | P R A C h i l t e c l i a l v h a n e m d t l a a e o n l n p d d h ia _ 1 1 1 7 0 3 5 2 2 1 , , , 8 7 9 2 4 4 7 4 5 5 5 7 , , , , 4 8 3 6 3 9 3 1 4 0 5 3 2 2 1 , , , 1 6 5 7 1 9 3 4 2 6 5 0 , , , , 0 1 0 2 7 5 1 1 3 3 8 0 2 2 1 , , , 1 7 6 5 7 4 5 8 8 9 8 4 , , , , 9 2 6 2 7 8 4 2 1 9 1 6 R A P C h i l t e c l i a v h l n a e m d t l a a o e n n l d d p . hia.... 8 4 7 5 4 1 4 7 4 1 0 8 8 4 7 5 3 6 6 8 3 0 2 3 1,0 4 6 3 0 8 1 0 8 5 2 2 1,0 4 6 3 2 9 0 4 7 9 4 0 9 5 5 6 9 6 5 1 1,0 5 1 8 1 2 1 0 Chicago 21 7,650, 349 6, 504, 767 6,685,034 Chicago 1,239 1,274 3, 558 3,669 214 192 St. Louis 5 1,357, 520 1, 211, 752 1, 282,792 St. Louis.. 586 592 1,722 1,855 483 451 Minneapolis 9 745, 350 658, 729 734, 703 Minneapolis 712 729 638 728 1,132 1,134 Kansas City 15 1,452, 343 1, 260,128 1, 323,194 Kansas City 919 956 2,201 2,310 269 274 Dallas 10 769,170 686,819 676,091 Dallas 765 794 613 652 213 1£9 San Francisco... 18 4, 263, 053 3, 578, 219 4,059, 378 ban Francisco... 619 643 669 696 60 57 Total 141 83, 556, 393 70,803,932 70, 633, 572 1 Incorporated banks other th an mutual savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS 1 MINNEAPOLIS .„, DALLAS® So~J j ll TEXAS —«—*BOUNDARIES OF FEDERAL RESERVE DISTRICTS ....-BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis