Federal Reserve Bulletin, 1929-06

FEDERAL RESERVE BULLETIN JUNE, 1929 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON A Year of High Money Rates Condition of All Member Banks Annual Reports of Central Banks: Italy, Hungary, and Chile Worcester County National Bank Case UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1929 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD Ex officio members: ROY A. YOUNG, Governor. A. W. MELLON, EDMUND PLATT, Vice Governor. Secretary of the Treasury, Chairman. ADOLPH C. MILLER. CHARLES S. HAMLIN. J. W. POLE, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. J. C. NOELL, Assistant Secretary. E. A. GOLDENWEISER, Director, Division of Research E. M. MCCLELLAND, Assistant Secretary, and Statistics. W. M. IMLAY, Fiscal Agent. CARL E. PARRY, Assistant Director, Division of Re* J. F. HERSON, search and Statistics. Chief, Division of Examination, and Chief Federal Reserve Examiner. E. L. SMEAD, Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) ARTHUR M. HEARD. District No. 2 (NEW YORK) WM. C. POTTER. District No. 3 (PHILADELPHIA) L. L. RUE. District No. 4 (CLEVELAND) HARRIS CREECH. District No. 5 (RICHMOND) JOHN POOLE. District No. 6 (ATLANTA) J. P. BUTLER, Jr. District No. 7 (CHICAGO) FRANK O. WETMORE, President. District No. 8 (ST. LOUIS) W. W. SMITH. District No. 9 (MINNEAPOLIS) THEODORE WOLD. District No. 10 (KANSAS CITY) P. W. GOEBEL. District No. 11 (DALLAS) B. A. 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. Q. W. McGarrah... Geo. L. Harrison... J. H. Case J. W. Jones.* New York.. L. F. Sailer Ray M. Gidney.1 E. R. Kenzel J. E. Crane.* A. W. Gilbart—. W. B. Matteson.i L. R. Rounds C.H. Coe.i Philadelphia . R. L. Austin Geo. W. Norris. Wm. H. Hutt,... C. A. Mcllhenny. W. G. McCreedy.i 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.1 [ Atlanta Oscar Newton Eugene R. Black Hugh Foster M. W. Bell. Creed Taylor j Chicago Wm. A. Heath.... J. B. McDougal C. R. McKay W. C. Bachman.1 John H. Blair K. C. Childs.» J. H. Dillard.' D. A. Jones.8 O. J. Netterstrom.i St. Louis Rolla Wells Win. McC. Martin. 0. M. Attebery.. A. H. Haill." F. N. Hall.» S. F. Gilmore.* G. O. Hollocher.' C.A. SchachU Minneapolis.. John R. Mitchell. W. B. Geery. Harry Yaeger Gray Warren. H. I. Ziemer... Frank C. Dunlop.1 Kansas City.. M. L. McClure.. W. J. Bailey. C. A. Worthington J. W. Helm. Dallas C. C. Walsh Lynn P. Talley.. R. R. Gilbert Fred Harris. R. B. Coleman i W. D. Gentry.1 San Francisco . Isaac B. Newton. Jno. U. Calkins... Wm. A. Day j Wm. M. Hale. Ira Clerk I 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. i Helena branch R. E. Towle. 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. N&w Orleans branch Marcus Walker. San Antonio branch. M. Crump. Jacksonville branch W. S. McLarin, jr. San Francisco: Birmingham branch A. E. Walker. Los Angeles branch W. N. Ambrose Nashville branch ___ J. B. Fort, jr. Portland branch R. B. West. Chicago: Salt Lake City branch W. L. Partner. Detroit branch W. R. Cation. Seattle branch C. R. Shaw. St. Louis: Spokane branch D. L. Davis. Louisville branch W. P. Kincheloe. Memphis branch .,_ W. H. Glasgow. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN THE FEDERAL RISSERVE 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—A year of high money rates 359 Recent decline of bank credit—Course of money rates—Credit demand of secuiity market—System's firm money policy—Effect on growth of bank credit—Business continues active—Effect on money rates abroad. Condition of all member banks on March 27, 1929 363,422-425 Annual report of the Bank of Italy 380 Annual report of the National Bank of Hungary 385 Annual report of the Central Bank of Chile ° 392 National summary of business conditions 364 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, and member bank reserve balances 365-367 Analysis of changes in monetary gold stock 366 Discount rates and money rates 368 Member bank credit 370 Bankers' balances 371 Bankers' acceptances and commercial paper outstanding e 71 Brokers' loans 371 Commodity prices, security prices, and security issues 372 Production, employment, and trade 373 Industrial production 374 Factory employment and pay rolls 375 Building 376 Trade and distribution 377, 378 Bank suspensions and commercial failures 379 Financial statistics for foreign countries: Gold holdings of central banks and Governments 396 Gold exports and imports 396 Condition of central banks 397, 398 Condition of commercial banks ^ _ 399 Discount rates of central banks 399 Money rates 400 Foreign exchange rates 401 Price movements 402-404 Industrial statistics for England, France, Germany, and Canada 405, 406 Law department: Decision of Supreme Court re right of consolidated national bank to succeed to trust business of trust company 407 Changes in National and State bank membership 410 Fiduciary powers granted to national banks 411 Detailed banking statistics for the United States „ 412 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 15 JUNE, 1929 No. 6 REVIEW OF THE MONTH with average rates charged bank customers for the period since 1921: The volume of bank credit outstanding has continued to decline in recent weeks. Further ^ , ,. reductions in security loans of R b e a c n e k n t c d r e e c d l i i t n e a 1 . m lnvestm J ents oi / memb , er • . — .. A C C c o c a e m t/ p m M ta e o n r n c c e e ia y s l Paper Customers - banks in leading cities have been partly offset by a growth in loans for commercial purposes. The total volume of loans and investments of these banks at the end of May was $600,000,000 lower than in the middle of March and $160,000,000 below a year ago. During the same period reserve-bank credit outstanding also declined, owing chiefly to further additions to the 1922 1924 1925 1926 Figures for rates charged customers are weighted averages of prevailing country's stock of monetary gold. As comrates in Federal reserve bank and branch cities during week ending pared with a year ago, the volume of re- loth of month. Open-market rates are monthly averages of prevailing rates at New York City serve-bank credit in the latter part of May was smaller by about $200,000,000. While mem- It will be seen from the chart that since the ber-bank and reserve-bank credit, including beginning of 1928 rates on commercial paper indebtedness of the member banks at the and on acceptances have increased by about reserve banks, has declined, conditions in the 2 per cent and the rate on call loans by about money market have remained firm, and interest 5 per cent, while rates charged to customers rates on most classes of loans have advanced increased on the average by about 1 per cent. further. In the latter part of May, however, a In the case of all these rates the present level considerable liquidation of brokers7 loans was is higher than at any time since 1921. accompanied by a decline in rates on security The advance in money rates, wilieh has loans placed on call. carried them to the highest level in eight years, It is proposed in this review to present a began at the opening of 1928. Credit demand of survey of the existing level of money rates, securities market 011 the demand Slde the compared with those a year ago cipal factor in the rise of Course of money rates. and in other recent years, and money rates has been the continued and rapid to consider the factors that growth in the demand for credit in the securibrought about the present position. The fol- ties market. The extent of this growth is inlowing chart shows the course of monthly dicated in the following table, which brings toaverages of open-market rates on acceptances, gether changes during the past year in security loans by reporting member banks, and in loans commercial paper, and call loans, together 359 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

360 FEDERAL RESERVE BULLETIN JUNE, 1929 to brokers by others than banks, as shown in While the growth in the volume of stockthe reports to the Federal Reserve Board by exchange loans indicates the extent to which reporting member banks in New York City the growing demand for funds System's firm ^ and to the stock exchange by the borrowing hag feeen ft factor raisi money policy. . . ,° brokers: money rates, on the supply side GROWTH OF SECURITY LOANS an important factor in the situation has been [Monthly averages of weekly figures. In millions of dollars] Federal reserve credit policy. This policy began to be exerted in the direction of firmer Mayy,, i Mayy,, Increase money late in the autumn of 1927, when an 1929 1928 outward movement of gold set in and the Security loans of reporting member banks 7,075 7,218 143 Federal reserve system, beginning in Novem- Brokers' loans for "others" reported by member banks in New York City 1,514 2,965 1,451 ber, permitted this outflow of gold to have a Brokers' loans for "others" reported to the stock exchange *684 * 1,188 504 direct and immediate effect OL the credit situa- Total •_ 9,273 11,371 2,C tion. Prior to that time the Federal reserve banks had offset the effects of gold exports by * Average figures for end of April and end of May. purchasing United States Government secu- The growth in the aggregate of security rities. In November, however, when the peak loans included in the table has been in of the crop marketing season and of the presexcess of $2,000,000,000 and at a rapid sure on foreign exchanges was passed, the rate. This growth has been only to a minor Federal reserve banks, in view of the rapid extent in security loans of reporting member growth of loans on securities, discontinued the banks, and such increase as has occurred in purchase of securities. The growth of security these loans has not been in open-market loans loans by member banks continued after the to New York brokers, but in collateral loans turn of the year, and the reserve banks began to the banks' customers. Increase in the to sell United States securities out of their demand for credit to finance security operaportfolios, with the consequence that membertions, therefore, during the past year has not bank reserves were subjected to pressure not been met to any considerable extent by doonly by gold exports, but also by the openmestic banks, but by others, including foreign market policy of the reserve banks. Later in banks, individuals, and corporations having the season the reserve banks' holdings of acceptsurplus cash arising out of profits and out of ances were also rapidly reduced. As a consesecurities floated in the favorable market quence of the withdrawals of funds from the prevailing in recent years. Although the supmarket on all these accounts, the member ply of additional funds on which the security banks increased their borrowings at the reserve market has drawn during the past 12 months banks, and by June, 1928, these borrowings has not come from the banks, the demand for were in excess of $1,000,000,000 for the first these funds through its influence on rates has time in seven years. been nevertheless a powerful factor in the Indebtedness at the reserve banks makes banking and credit situation. As has been member banks less willing to expand their loans, pointed out, the rise in money rates has been and this more conservative attitude is usually greatest for that class of loans for which the reflected in a rise of money rates. The close demand has been strongest, namely, security relationship between the volume of discounts loans made on the stock exchange, but the for member banks and the level of money rates, competition of high rates offered for these as reflected in the rate for open-market comloans has exerted an influence on all classes mercial paper, is brought out by the chart. It of money rates, and the advance in rates has will be noted, however, that from the middle been general. of 1928 a slight downward tendency of dis- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

361 JUNE, 1929 FEDERAL RESERVE BULLETIN counts has been accompanied by a further rise Effects on bank credit of firm money condiin money rates. This development reflects tions and high interest rates, which have prethe unusual condition of the money market vailed during the past year, are since last autumn, when rates were forced up E fA e ^ V ° ,n clearly indicated in the changes growth of bank . J ? by a persistent demand for funds from the credit m the condition of reporting security market rather than by growing inmember banks during the year debtedness of member banks to the reserve ending in May, 1929, and during the preceding banks. The policy of the Federal reserve sysyear, shown in the following table: REPORTING MEMBER BANKS (REVISED SERIES) DISCOUNTS COMMERCIAL PAPER MILLIONS OF DOLLARS PER CEMT [Monthly averages of weekly figures. In millions of dollars] 1500 Increase between— 1000 May, May, May, 1927 1928 1929 May, May, 1927 1928 and and 1928 1929 Total loans and investments. 20, 273 22,148 22,113 1,875 •35 Security loans _ . _ 6,017 7,075 7,218 1,058 143 All other loans 8,649 8,884 9,059 235 175 Investments. . . 5,608 6,188 5,837 580 •351 1922 1923 192A- 1925 1926 1927 1928 1929 Monthly averages of daily figures * Decrease. tern in discouraging frequent or continuous As compared with a growth of $1,875,000,000 borrowing by member banks having a large during the year ending in May, 1928, loans and volume of security loans, a policy which has investments of reporting member banks showed been in effect since the establishment of the no growth during the past year. This absence Federal reserve system but has received of growth has been the net result of an increase special emphasis in recent months, has also in security loans and in all other loans, offset by been a factor in this situation. a decline of member bankin vestments. The fig- Growth of indebtedness of member banks to ures indicate that high money rates and Federal the reserve banks during the past 18 months reserve policy during the past year have resulted has reflected the Federal reserve system's gold in a halt in the rapid growth of bank credit which and open-market policy, and has been accom- had continued for a number of years, and in a liqpanied by a series of advances in discount rates, uidation of security holdings by member banks in which have made this indebtedness more an effort to meet the demand for loans out of their expensive. Discount rates, which at the own resources. The year was characterized also beginning of 1928 were 3% per cent at all the by a considerable decline in member bank deposreserve banks, were gradually advanced, and its, both time and demand, met largely through in July were established at 5 per cent at eight an increase in the banks' capital and surplus. of the banks and 4% per cent at the banks in High money rates, which thus had a restrainthe four western agricultural districts. In the ing effect on the growth of bank credit, have past three months the rates at these banks not, however, been reflected in Business conwere also advanced to 5 per cent. Buying rates a general slowing down of busitinues active. for bills have also advanced from a range of ness activity. Industrial pro- 3}s-3K per cent in January, 1928, to a range of duction was larger in volume during the first 5%-5% per cent at the present time. quarter of 1929 than in any previous three- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

362 FEDERAL RESERVE BULLETIN JUNE, 1929 month period, and factory pay rolls were also loans. High money rates have had the effect of at a high level in the spring of this year. arresting the growth of bank credit, but not There is no evidence, however, of overexpan- until recently the growth of funds used in the sion, except possibly in a few industries. The stock market. High money rates in the United absence of overexpansion during a period of States have brought about a reversal of the direcord activity may be ascribed in part to the rection of gold movements and have caused forrestraining influence of high money rates. The eign central banks to raise their discount rates principal line of activity in which there has in order to protect their reserves. In the dobeen a recession due in part to the influence mestic business situation the high level of of high money rates has been the building in- money rates appears to have been a conservadustry. Dear money has affected the construc- tive influence working against overexpansion tion industry chiefly through its unfavorable without having a generally unfavorable effect influence on the bond market, which has been on production and trade. inactive for a number of months. Unfavorable conditions in the bond market have also resulted in a drastic reduction in the Statement by Federal Advisory Council flotation of foreign securities The Federal Advisory Council at a regular Effect on ^i country. Reduced bor- meeting on Tuesday, May 21, made the followmoney rates m . s * «. • ing recommendation: abroad. rowings oi foreign countries in The Federal Advisory Council has reviewed carethe United States, together fully the credit situation. It continues to agree with with the attractiveness of short-term money the view of the Federal Reserve Board expressed in its statement of February 5, 1929, that "an excessive rates in New York, have caused a strain on the amount of the country's credit has been absorbed in foreign exchanges, a sale of dollars by many speculative security loans." The policy pursued by the Federal Reserve Board has had a beneficial effect due foreign central banks in the support of their largely to the loyal cooperation of the banks of the exchanges, and finally a movement of gold to country. The efforts in this direction should be continued. The council notes, however, that while the this country, first from England and Canada total amount of Federal reserve credit being used has and later from Germany and Argentina. The been reduced, "the amount of the country's credit absorbed in speculative security loans" has not been loss of gold and of dollar balances by the foreign substantially lowered. central banks has caused many of them to ad- Therefore, the council recommends to the Federal vance their discount rates. Since the first of Reserve Board that it now grant permission to raise the rediscount rates to 6 per cent to those Federal the year 13 banks of issue have raised their dis- reserve banks requesting it, thus bringing the rediscount rates, and some of them have had two count rates into closer relation with generally prevailing commercial money rates. The council believes that advances in rates since the beginning of 1929. improvement in financial conditions and a consequent Commercial money rates have also advanced reduction of the rate structure will thereby be brought about more quickly, thus best safeguarding commerce, abroad, reflecting the rise in central bank rates industry, and agriculture. and the general firmness of money conditions. To summarize, the rise in money rates in this Advances in Discount Rates country during the past year has been due on one side to the continuously growing demand Advances of discount rates from 4K to 5 per cent on all classes of paper of all maturities for funds to finance security transactions and on were made at the Federal Reserve Bank of the other side to the firm money policy of the Minneapolis, effective May 14, and at the Federal reserve system, adopted largely with a Federal Reserve Bank of San Francisco, view to restraining the rapid growth of security effective May 20. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

363 FEDERAL RESERVE BULLETIN JUNE, 1929 Changes in Central Bank Discount Rates first quarter of 1929 carried the total to The following changes have been made since $35,393,000,000 on March 27, as shown by the the end of April in the discount rates of central member bank call report for that date. The banks in foreign countries: April 30, Bank of accompanying chart shows the course of Danzig from 6 to 7 per cent; May 3, National member bank credit during the past nine Bank of Kumania from 6 to 8 per cent; May 9, years. Imperial Bank of India from 7 to 6 per cent; BILLIONS OF DOLLARS BILLIONS OF DOLLARS May 14, National Bank of Rumania from 8 to 9}i per cent. Annual Report of the Federal Reserve Board The complete edition of the Fifteenth Annual Report of the Federal Reserve Board, covering operation^ for the year 1928, is now available. It contains, in addition to the text of the report which was issued earlier in the year, tables relating to reserve bank credit, gold stock, money in circulation, discount and money rates, and banking and business conditions. It also gives the recommendations made by the Federal Advisory Council during 1928 and the regulations of the Federal Reserve Board. Revised series relating to reserve bank 10 credit outstanding on the basis of monthly averages of daily figures are given for the life of the Federal reserve system, and corresponding data on a weekly average basis are given for the period 1922-1928. Weekly and 1919 1920 1921 1922 1923 1924* 1925 1926 1927 1928 1929 monthly averages of gold stock and money in Figures are for dates on which member banks made call reports circulation are also shown for the entire periods Detailed figures of condition for all member for which these series are available. banks, based on required reports for March 27, are given on pages 422-425 of this issue of the Condition of All Member Banks on March 27, 1929 BULLETIN, and in greater detail by States, Decrease of $300,000,000 in the volume of cities, and class of bank in Member Bank Call member bank loans and investments during the Keport, No. 43. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

364 FEDERAL RESERVE BULLETIN JUNE, 1929 NATIONAL SUMMARY OF BUSINESS CONDITIONS Industrial activity continued at a High level reserve system showed increases. Departin April, and the volume of factory employ- ment-store sales were also smaller in April than ment and pay rolls increased further. Loans in March, but continued above the level of a and investments of member banks in leading year ago. cities continued to decline between the middle Prices.—Wholesale commodity prices averof April and the middle of May and were at aged slightly lower in April than in March, that time at approximately the same level as according to the index of the United States a year ago. Bureau of Labor Statistics, reflecting primarily Production.—Industrial activity increased in declines in prices of farm products and their April to the highest level on record. The iron manufactures. Prices of mineral and forest and steel and automobile industries continued products and their manufactures, on the exceptionally active during April. Activity in average, showed little change. There were copper refining, lumber, cement, silk and wool increases in the prices of iron and steel, and textiles, and the meat-packing industry in- sharp declines in copper, lead, and tin. Seacreased, and production of cotton textiles sonal declines occurred in prices of coal and showed a less than seasonal reduction. Fac- coke, while gasoline prices advanced. tory employment and pay rolls increased, con- Prices of farm products and their manufactrary to the seasonal trend. tures averaged lower in April than in March. Output of mines was also larger in April. Prices of grain, especially wheat, moved down- Copper and anthracite coal production in- ward more sharply, and wool and cotton concreased, and the seasonal decline in output of tinued to decline. Livestock and meat prices bituminous coal was smaller than usual. continued the upward movement of the previ- Petroleum production declined slightly. ous month, but at a slower rate; hides averaged Preliminary reports for the first half of slightly higher in price, and leather somewhat May indicate a continued high rate of opera- lower. Among imported raw materials, rubber, tion in the iron and steel industry. Output of sugar, and coffee showed marked price recessions. lumber and bituminous coal was somewhat Early in May cattle and wheat prices declined larger during the first part of May than at the sharply, and the price of rubber increased. end of April. Bank credit.—During the four weeks ending Building contracts awarded during the month May 15 loans and investments of member of April increased sharply and for the first time banks in leading cities showed a decrease of in five months approximated the total for the nearly $200,000,000, largely in loans on securicorresponding month in the preceding year. ties, together with some further decline in in- The increase was not continued, however, in vestments. All other loans, chiefly for comthe first part of May when awards averaged mercial and agricultural purposes, remained 20 per cent below the same period in May, unchanged at a relatively high level. 1928. During April most classes of building There was a further reduction in the average showed seasonal increases over March, the volume of reserve bank credit outstanding largest being in contracts for residential between the weeks ending April 24 and May 22, building and public works and utilities. owing largely to additions to the country's Distribution.—Shipments of commodities by monetary stock of gold. The decline was in rail increased during April and were the largest discounts for member banks; holdings of acceptfor this month in any recent year. The in- ances and of United States securities showed crease from March reflected larger loadings of practically no change. miscellaneous freight, lumber, livestock, and Open-market rates for commercial paper reore, During the first half of May shipments of mained unchanged, as did rates on prime freight continued to increase. bankers' acceptances, except for a temporary Sales at wholesale declined seasonally in decline at the end of April and the first week in April, except in the case of grocery and hard- May. In the first three weeks of May rates ware firms. In comparison with April, 1928, on collateral loans averaged considerably higher all lines of trade reporting to the Federal than in April. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1029 FEDERAL RESERVE BULLETIN 365 RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS MILLIONS OF DOLLARS 51,00 I 1 1 1 1 ' 1 1 1 1 1 r— j i j i | i ] i | 5i*00 Member Bank Reserve Balances 1925 1926 1927 1928 1929 Based on weekly averages of daily figures; latest figures are for week ending May 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

366 FEDERAL RESERVE BULLETIN JUNE, 1929 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 j Member Month or week Monetary , Money in bank i Total gold stock i circulation reserve j volume i co B u il n l t s e d d i s fo - r Bills United I i balances Total 2 member bought States banks securities 1928—April 1,405 1,371 | 661 358 351 4, 287 4,730 2,396 May 1,472 1,442 li 830 349 257 4,207 4,722 2.388 June 1,531 1,495 I 1.019 244 232 4,119 4,736 2, 355 July 1,531 ! 1,488 i 1, 090 185 213 4,113 4.746 2,324 August 1,485 1,449 ' 1,001 i 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, 830 2,332 November ,653 1,610 897 471 23S 4,151 4,800 2,352 December ,824 1,766 1,013 483 263 4,142 5,008 2,367 January ,613 1,570 i 859 473 229 4,115 j 4, 748 2,387 1929—February ,502 1,468 | 889 385 184 4,143 | 4, 680 2,357 March ,481 i 1,442 | 909 205 197 4,100 ! 4, 709 2,337 April ,3r 1,338 3,004 j 150 105 4,220 ! 4, 079 2, SOS May ., 303 950 I 1-15 153 4,292 I 4, <5S4 2, 290 Week ending- I Apr. 27 ,347 il 1,312 998 j 142 150 4. 239 i 4, 004 2. 297 May 4 1,333 9SS I 107 157 4; 202 4. MS!) 2,311 May 11 1,294 lft! > 150 4,2S0 ! 4,0X7 •) 3] 0 May 18 '.2<L> j! 1,247 93(i MS J.",(> 4,29S I 4.077 •']! 310 1, 229 IBS 134 152 4,300 i 4, 071 2; 279 Increase or doorcase of week ending May 25 j compared wilh week ending— .AFay IS... -19 -i i -14 — 0 -31 -85 !| -84 -04 ! —<i -\-~ -18 May 20, 192S. -210 I -218 +05 | -203 -S7 | +J20 — 3S -98 i Includes total bills and securities, amounts due from foreign banks, and reserve bank float. 3 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 j Gold month j stock j Through Through Through 1929 Month ! at end net gold domestic I month I Total i e m x o p p r o o r r t t m o t a p io r e k n r i a s n - g pr e t o i t o d c n 1 u , c- From or to— May i April Ja A nu p a ri r l y- ; j 1927—May i 4,60S ; -1.4 +31. 7 2 -35. 5 I +2.4 June j 4, 5S7 .. -20.9 +12.8 2 -30. 7 | +3.0 Im- Ex- Im- Ex- Im- Ex- July 4,580 j -7.5 +8.9 2 -23.1 +0.7 ports ports ports ports ports ports August. ! 4,5S8 I +8.5 +6.4 -2. 5 +4.6 September 4,571 i —17.5 -11.5 -9.0 +3.0 October 4,541 | -30.1 -8.0 -25.0 +3.4 Belgium November i 4,451 ; -89.7 -53.2 -40. 0 +3.5 England December 4,379 j -71.7 -07.4 -8. 5 +4.2 France :__ " . _• io ' -is Total (12mos.).. -112.7 +6.2 ; -160.1 j +41.2 I G ta e l r y m any 10,000 : ' : i M.ftSO i : 31.-009 1928— J J A M F M J u u e p a n l a a b n y r r e y i r u c l u a . h . a ry ry _ 8 3 3 2 1 1 1 G 0 7 0 0 1 0 2 3 5 9 3 0 « ! ! j | i I ! - - 1 - — - + 3 1 - 5 0 6 8 5 1 3 7 5 . 1 . . . . . 0 2 0 7 4 . 7 0 - - - - - - - 0 7 8 9 1 9 1 3 9 1 4 3 1 1 . . . . . . . 9 7 9 9 8 2 1 ' - i i ! ! , . + + + + -2 + + 3 0 4 3 6 2 5 5 0 5 0 . . . . . . .1 9 7 9 5 5 8 + + + + + - - 3 1 0 0 2 1 2 . . . . . . . 0 2 3 4 5 5 8 N A C M C C Br h a e r e e a g n n i t x z l h e t a e i i r e c n l d a o r t a l l i a n A n a m . d s e ri _ c _ a - .- _. 4 ,000 ; ' • : : \ : • f 2 ., , - . 1 r ? i 2 3 7 S 0 .7 7 < H 7 ) " > : ' . . : ._ -;:j -10,0 J 3 77 3 | . j 4f 9 1 t0 4 9 August- 123 ! + 10.3 +.7 i +5.9 +3.7 Colombia 11-1 :M7 :___ Sep tern her 125 ! +2.1 +.5; — 1.2 +2.8 Ecuador 93 449 j.- October. 142 : + 17.3 + 13.3 | +1.2 +2.8 Peru.. . 03 November 128 ; -14.0 +6.7 j -25. 0 +4.3 Uruguay . . December 141 i +13.2 +23.3 i -15.7 +5.6 Venezuela.. _ ' ! J.200 British India Total (12mos.). -237.9 -392.0 ! +119.0 +34.5 China and Hong 1929— F J e a b nu ru ar a y r y I 4 4 , . 1 1 5 2 3 7 , ; + -1 2 4 6. . 4 4 + + 2 4 5 7 . . 5 1 ! : -65.0 + +3 0 . . 9 5 J D j- u v K n t o a c n h n g East Indies..!. \ \ ] 90 f><) :•;•.*»; ' 7 0 9 2 0 March.." \ 4,1SS + 34.4 +24.8 ' +7.5 Philippine Islands..; ' -•>•! 7'.)7 :_ April j s. 200 +72. 4 +23. 1 : +48. 0 +0. 7 All other countries..I 220i 2300 ' 7L> 292 1 30S Mayp > 4.;soi +40.4 I + 19.9 +10.1 Total. 20,201 305 24,0S7 0,033 i For detailed explanation of Ibis figure, which is derived from preceding columns, see BULLETIN for December, 1928, p. 831. »Includes effect of earmarking operations connected with gold held 3 May figures are preliminary—3 customs districts: Zsew York, St. abroad by Federal reserve banks. Lawrence, and San Francisco. p Preliminary. 2 Includes all movements of unreported origin or destination. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNK, 1029 FEDERAL RESERVE BULLETIN 367 MILLIONS OF DOLLARS MILLIONS OF DOLLARS 2000 2000 RESERVE BANK CREDIT 1500 1500 1000 1000 500 500 1925 192S 1927 1928 1929 This chart is based on weekly averages of daily figures; latest figures are for week ending May 25 DISCOUNTS FOR MEMBER BANKS MILL ONS OF DOLLARS MILLIONS OF DOLLARS [Monthly averages of weekly figures. In millions of dollars] 1700 /001 DISCOUNTS FOR MEMBER BANKS ! I Reporting member banks in leading cities Member 600 600 All banks Month mem- Other eading outba b n er ks Total Y N o ew rk cities l s e i i n a d g d e - 500 500 City Chi- cities Total cago 400 1927—August 413 256 74 1S2 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 January 439 314 94 220 23 125 1928—February 463 338 78 260 13 125 March 489 362 75 287 25 127 April _. 637 488 145 343 35 149 May 826 644 222 422 49 182 June _.- 1, 012 796 271 525 61 216 July 1,079 854 274 580 80 225 August _ 1,045 806 223 583 80 239 September. __ 1,063 822 266 556 41 241 October 960 736 202 534 58 224 November 901 681 157 524 67 220 December 1,039 799 221 578 91 240 January 891 663 ! 190 473 71 228 929—February 893 659 ! 131 528 96 234 March 978 740 , 166 574 121 238 April 991 725 162 563 46 266 Mav 951 061 145 516 36 290 1925 1926 1927 1928 1929 Based on monthly averages of weekly figures Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

368 FEDERAL RESERVE BULLETIN JUNE, 1929 PER CENT MONEY RATES IN NEW YORK CITY 3 - - 3 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- Average rate Averageyield N Bo ew st o F Y n ed o e rk ral reserve bank e R J ff u a e n c te t e i o 5 5 1 n n J J D u u l l a y y t e 1 1 3 9 e , , s t 1 1 a 9 9 b 2 2 l 8 8 ished Pre ra v t i e ous Month or week m m p P 4 c a o e r o t i r p n o m m c e t i h - 6 r a e , s l a P a b c d n r a e c a 9 i c r 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 J , j i j N C e a w ll lo n a e R n w s e - a * l T c c 3 n U e u a r a o r e t . n t r t o t S e a y i d e f . s s s 6 i , - - b T o u r n e ry d as s « 8 Philadelphia.--.. 5 July 26, 1928 months Cleveland 5 Aug. 1, 1928- Richmond 5 July 13, 1928 Atlanta 5 July 14, 1928 1928 S M C K D S t a h a a . i n i n l n c L l n s a F a o a e s g r s u a o a p i n C s o c i . l t i i y s s co.. _ .. 5 5 5 5 5 5 J J M M M M u u a l a a a l y y y y y r . 1 1 2 6 2 1 9 1 0 , 4 , , , , , 1 1 1 1 9 9 1 1 9 9 2 2 9 9 2 2 2 2 9 9 8 8 9 9 J J M A S u u e u a n l p g y y e t u . e s m t ber 5 5 U- - 5 m 5 H H 4 4 H - - A 4 m M H 5 5 6 H- - - 5 5 6 6 H H H 6 6 5 6 7 . . . . . 0 6 2 9 4 6 9 1 1 0 6 5 6 6 7 . . . . . 0 3 7 8 2 5 2 0 7 6 • • < 3 3 4 4 4 4 . . . . . . 9 9 1 3 5 5 0 2 2 6 7 7 / \ 3 3 3 3 3 . . . . . 5 3 6 4 5 4 5 0 0 6 October 7 -7H 7.12 4.70 3.55 November 6^-7 6.86 6.67 4 4. . 2 2 4 6 3.48 BUYING RATES ON ACCEPTANCES December 5U-5H 7 -1% 8.86 8.60 4.35 3.63 1929 [Buying rates at the Federal Reserve Bank of New York] January 5H-5H 7% 6.94 7.05 \ M 4 . . 6 6 6 3 8.59 February 5 -5X 7.47 7.06 4.64 3.66 Rate in March 7%-S 9.80 9.10 4.79 3.76 Maturity ef J f u e n ct e o 1 n Date established Previous April 5W 9.46 8.89 I f <4 4 . . 8 8 0 4 3.67 May i 8H-9 8.79 8.91 5.04 3.67 Week ending- 1-15 days Mar. 25, 1929. M M a a y y 4 11 $ " H 1 1 1 1 . . 8 3 3 3 1 1 1 2 . . 4 4 0 0 4 4. . 9 9 8 2 3 3 . . 6 6 2 4 16-30 days.. do May 18 9.40 9.20 5.05 3.65 31-45 days.. do May 25 6.48 6.60 5.13 3.72 46-60 days.. do 61-90 days.. do._ 91-120 days. Mar. 21, 1929. 1 Stock exchange call loans; new and renewal rates. 121-180 days Mar. 25, 1929. 1 Stock exchange 90-day time loans. 1 3 issues—3%, 4, and 4K per cent; yields calculated on basis of last redemption dates—1956,1954, and 1952. NOTE.—Rates on prime bankers' acceptances. Higher rates may be * Change of issues on which yield is computed charged for other classes of bills. * Maturities of 6 to 9 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

369 JUNE, 1929 FEDERAL RESERVE BULLETIN PREVAILING RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES The rates shown are those at which the bulk of the loans of each class were made by representative banks during the week ending with the 15th of the month. Rates reported by about 200 banks with loans exceeding $7,500,000,000. FEDERAL RESERVE BANK CITIES Month Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Mia. *"££*' Prime commercial loans 1928—May 4*4-4?4 4*6-5 4*6-5 4*4-6 4*6-5 | 4*4-6 4*4-5 4*4-5 434-5*4 5 4^-6 43^-5 June 4K-5 4%-5 4%-5*4 4%-6 5*4-5*6 j 5*4-6 4%-5*4 4*6-5*6 5 4%-6 4^6 July 5 -6 5 -5*4 5*4-5*6 4%-6 5 -6 5 -5*4 5 -5*6 5 -6 6 -5H 5 -6 August 5*4-5*4 5*4-5*6 5*4-5*4 5*4-6 6*6-5% i 5*6-6 5 -5*6 5 -5*6 5 -6 5 -5H 4^-6 September. 5*4-6 5*4 5*6-5% 5*6-6 5*4; 5*4-6 5*4-5% 5*6-5% 5M-6W 5H 5 -6 October 5*4-6 5*6 5*6-5% 5*6-6 5*6-6 • 5*4-6 5*4-5% 5*6-5% 5^-6 53^-6 43^5H November. 5*4-6 5*4-5*6 5*6-6 5*6-6 5*6-6 i 5*4-6 5*4-5% 5*6-5% 5^-6 5H 5^-6 4*6-5*4 December.. 5*6-6 5*4 5*4-6 5*4-6 5*6-6 5*4-6 5*4-6 5*6-6 5M-6 5H-6 5H-6 1929—January.._ 5*6-6 5*4 5*6-5% 5*6-6 5^^66 !! 5*6-6 5*6-6 5*6-6 5^-5% 5H 5H-6H February- 5*4 5*4 5*6-6 5*6-6 5*6-5% 5*6-6*6 5*4-6 5*6-6 53/4-6 5J^-6 March 5H-5U 5*6-5% 5*4-6 5*6-6 5*6: 5*6-6*4 5*4-6 5*6-6 53/4-6 53^-7 April 5*6-5% 5% 5*4-6 5*4-6 5*6-5%j 5*4-6 5*4-6 5%-6 5H-6 6 May 5%-d 5%-6 5*4-6 5*4-6 5%-6 5*6-6*4 5*6-6 5%-6 534-6H 5^-6 6 53-2-6 Loans secured by prime stock-exchange collateral 1928—November. 53^-6 6 -6H 5?4-6 5 -6 6 -8 5H-6 December. 5H6 534-6 6 -7 5 -6 6 -7 53^-6 1929—January. __ 53^-6 -6 5H-7 6 -7 6 -7 5H-6 February.. 5*4-6 5H-6 5^-6 6 5H-7 6 -7 5M-6 534-6 6 -8 53^-6 March 6 5H-6 534-6 -6 5H-7 6 -7 5?46 534-6 53^-6 6 -8 6 April 6 5M-6 5M-6 6 6 -7 5?4-7 6 X 6 5H-6 6 -7 6 May 5%-6 534-7 ^7 6 -6 3/21 6 -634 534-6 6 -7 6 Loans secured by warehouse receipts 1928^November. 5*4-6 6 6 6 5*4-6 5*4-6 5*4-6 5*4-5% 5*4-6 6 -7 December.. 5 -6 5%-6 6 6 6 5*4-6 5*4-6 6 5*4-5% 6 1929—January. __ 6 5%-6 6 6 6 5*4-6 5*4-6 5*4-6 5*4-5% 5*4-6 6 -7 February.. 5%-6 6 6 6 5*4-6 5*4-6 5*4-6 5*4-6 5*4-6 6 March 5%-6 6 6 6 5*4-6 534-6*4 5%-6 5*4-6 6 April 6 6 6 6 6 5%-6*2 5?4-6 5%-6 5*4-6 6 -6*6 May 6 6 6 -7 6 -7 6 6 6 5*4-6 6 -7 Interbank loans 1928—November. 5^-6 53^-5?4 5H-6 5H-6 5^-6 5^ 5H-6 53^-6 5^-6 5 -6 5 -6 December. 5 -6 534-6 5H-6 5H-6 5H-6 5?4-6 5H-6 5 -6 5 -6 1929—January. __ 53^-6 5M-6 5^ 6^ m 5H-6 5H-6 53^-6 5H-6 5H-6 5 -53^ 5 -6 February.. 5H-6 5^-53/4 5^ 534-6 5^-6 53^-6 5H-6 53^-6 5H-6 6 5 -6 March 5H-6 5^-6 5H-534 5^-6 5%-6 5H-6 5^-6 5^-6 534-6 5^-6 5^-6 5 -6 April 5H-6 5H-6 5^-5% 5^-6 534 5^-6 53/4-6 53^-6 534-6 5H-G 5^-6 5 -6 May 5}^6 5H-6 5M 53^-6 554 5H-6H 53/4-6 534-6 6 6 53^-6 5 -6 FEDERAL RESERVE BRANCH CITIES Loans secured by prime Loans secured by warehouse Prime commercial loans stock-exchange collateral receipts Interbank loans City March, April, May, March, April, May, March, April, May, March, April, May, 1929 1929 1929 1929 1929 1929 1929 1929 1929 1929 1929 1929 Buffalo 53^-6 5*6-6 6 6 6 5*4-6 5*4-6 5*4-6 Cincinnati 534-6 6 6 6 -8 6 -7*4 6 -7 6 -7 5*4-6 5*4-6 5*4-6 Pittsburgh. 53^-6 6 5*4-6 5*4-6 6 6 6 6 6 Baltimore 5}6 53^-6 5*6-6 5*4-6 6 6 5 -6 5*4-6 5*4-6 Charlotte 5*4-6 6 6 6 6 5*4-6 6 6 Birmingham. _ 53^-6 51/4-7 5*4-7 ! 5*4-8 5*4-8 5*6-8 6 -7 6 -7 6 -7 5*4-6 5*4-7 5*4-6 Jacksonville 53^-6 6 6 i 5*4-7 6 -7 6 -7 6 -8 6 -8 6 -8 6 6 6 Nashville 6 6 : 6 6 6 5*6-6 5*4-6 5*4-6 5*4-6 5*4-6 5*4-6 New Orleans 5*4-6*6 5*4-6*41 6*4-7 6*4-7 6*4-7 I 6 -7 6 -7 6 -7 6 6 6 Detroit ^ 5*2-6 5*2-6 6 -6*4 6 -6*4 6 -6*4 6 6 -6*4 6 5*4-6 5*4-6 5*4-6 Little Rocck ! 4%-6 6 6 -7 6 -7 6 -7 5*4-7 5*4-7 5*4-8 6 6 6 LLouisivillei l l6 6 6 6 6 A 6 5*4 5*4 5*4-6 Helena 8 8 8 8 6 -8 6 -8 6 -8 6 -7 6 -7 6 -7 D O E O l e k m n l P a a v a h h e s a o o r m _ a City 5 5 6 3 3 ^ ^ - - - 5 8 7 6 34 51/4- 6 6 6 -6 6 6 *4 I i 6 6 6 6 - - - - 7 7 7 8 6 6 6 6 - - - - 7 7 7 8 6 6 6 6 - - - - 8 7 7 8 6 6 6 7 - - - - 8 7 7 8 6 6 6 7 _ - - - 8 7 8 7 6 6 6 7 - - - - 7 7 7 8 6 -6 6 *4 6 6 - - 6 6 6 6 * * 4 4 6 6 - - 6 6 6 6 * H 4 Houston 6 7 -8 ! 5*4-6 6 6 6 -7 6 -7 6 -7 5 -£ 5 -6 5 -6 San Antonio 6 -7 6 -7 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 5 -6 5*4-6 5*4-6 Los Angeles 6 6 6 -7 6 -6*4 6 -7 7 6 -7 7 6 Portland- 6 6 6 -6*4 6 -7 6 -7 6 -7 6 6 -7 6 Salt Lake City 6 6 6 6 7 7 7 6 Seattle... 5H-7 6 -6*2 6 -6*4' 6 -7 6 -7 6 -7 6*4-7 6*6-7 6*4-7 6 Spokane 6 -7 6 -7 6*4-7 6 -7 7 7 7 7 7 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

370 FEDERAL RESERVE BULLETIN JUNE, 1929 MEMBER BANK CREDIT REPORTING MEMBER BANKS (REVISED SERIES) [In millions of dollars. Monthly data are averages of weekly figures] Loans and investments Loans and investments Bor- Borrow- I row- Loans ings at I Loans ings at Date Total Fed- | Month Total Fedin- eral re- in- eral re- Total Total se t O c ie u n s ri- o A th l e l r m ve e s n t t - s b s a er n v k e s ! i Total Total se t c O ie u n s ri- o A th l e l r m ve e s n t t - s b s a e n rv k e s ii Total: Total: Mar. 6-__ .__. 22, 383 16, 425 7,573 8,852 5,958 756 1928—May 22,148 15,960 7,075 8,884 6,188 644 Mar. 13... ._ 22, 382 16, 430 7,511 5,953 716 June 22, 063 15, 871 6,962 8,909 6,193 796 Mar. 20 22, 581 16, 552 7,642 8,910 6,028 711 July 22, 006 15, 892 6,955 8,937 6,114 854 Mar. 27 22, 543 16, 557 7,592 8,965 5,986 779 j' August 21, 809 15, 825 6,816 9,009 5,984 806 Apr. 3 22, 561 16, 583 7,516 9,068 5,977 766 I September. _ 21,871 15, 898 6,840 9,059 5,973 822 Apr. 10 22, 393 16, 455 7,380 9,076 5,938 706 ! October 21, 938 16, 003 6,874 9,130 5,934 736 Apr. 17 22, 340 16, 431 7,353 9,078 5,909 729 ' November... 21, 983 16, 096 7,082 9,014 681 Apr. 24 22, 259 16, 388 7,335 9,052 5,871 698 December... 22,189 16, 253 7,198 9,055 5,936 799 May 1 22,313 16,438 7,371 9,067 5,875 703 1929—January 22, 320 16, 300 7,504 8,796 6,021 663 May 8 22, 094 16,257 7,241 9,016 5,836 684 February 22, 263 16,260 7,'522 8,737 6,004 659 May 15 22,156 16,301 7,221 9,079 5, 855 626 March. 22, 472 16,491 | 7,580 8,911 5,981 740 May 22 22, 005 16,187 7,144 9,043 5,818 614 April 22, 388 , 16,464 j7,392 9,073 5,924 725 May 29.. 22, 001 16, 202 7,112 9,090 5,799 680 May 22,114 | 16,277 i7 21£ 9,059 5,837 661 New York City: New York City: Mar. 6 7,270 5,416 2,859 2,557 1,854 196 1928—May 7,282 Ii5,408 2,787 2,621 1,874 222 Mar. 13 7,209 5,348 2,749 2,599 1,860 139 June 7,166 !!5,248 2,613 2,635 1,918 271 Mar. 20 7,340 5,449 2,833 2,616 1,892 126 July 7,170 j I5,270 2,626 2, 644 1,900 274 Mar. 27 7,366 5,484 2,852 2,632 1,881 204 August 6,962 I;5,186 2,518 2, 668 1,777 223 Apr. 3 7,405 5,521 2,819 2,702 1,884 135 September... 7,022 I 5,221 2, 544 1.678 1,801 266 Apr. 10 7,276 5,421 2,708 2,713 1,854 158 ! October 7,013 |!5,209 2,559 2,650 1,803 202 Apr. 17 7,252 5,398 2,682 2,716 1, 854 179 November... 7,056 115,255 2,694 2, o62 1,800 157 Apr. 24 7,253 5,410 2,707 2,702 1,844 177 December 7,152 5,339 2,747 2, 5*2 1,812 221 May 1 7,332 5,476 2,777 2,699 1,856 157 i 1929—January 7,262 5,378 2,904 2,471 1,884 190 MayS 7,165 5,314 2,647 2,667 1,852 189 February 7,190 5,306 2,820 2,486 1,885 131 May 15 7,194 5,337 2, 641 2,696 1,857 166 i March 7,296 5,424 2,823 2,601 :, 872 166 May 22 7,120 5,294 2,614 2,680 1,825 111 April _. 7,297 5,437 2,729 2,708 1/859 162 . May 29 7,100 5,299 2,585 2,714 1,801 103 May 7,182 5,344 2, 653 1,838 145 Other leading cities: Other leading cities: Mar. 6 15,114 11,010 4,714 6,296 4,104 560 | 1928—May 14, 865 10, 552 4,288 6,263 4,313 422 Mar. 13 15,174 11,081 4,762 6,319 4,092 578 June 14, 897 10, 623 4,349 6,274 4,275 525 Mar, 20 15, 240 11,104 4,809 6,294 4,137 585 July 14, 837 10, 622 4,330 6,293 4,214 580 Mar. 27 15,177 11,073 4,740 6,333 4,105 575 August 14,846 10, 639 4,298 6,341 4,207 583 Apr. 3 15,156 11,063 4,697 6,365 4,093 631 September... 14,849 10, 677 4,296 6,381 4,172 556 Apr. 10.. 15, 118 11,034 4,671 6,363 4,084 549 October 14,925 10, 794 4,314 6,480 4,131 534 Apr. 17 15, 088 11, 033 4,671 6,362 4,055 550 November... 14,928 10,840 4,388 6,452 4,087 524 Apr. 24 15, 004 10. 978 4,628 6, 350 4,027 521 i December 15, 037 10, 913 4,450 6,463 4,124 578 May 1 14, 981 10, 962 4,593 6, 369 4,019 546 1929—January 15,058 10, 922 4,600 6,323 4,136 473 MayS 14,932 10, 943 4,594 6,350 3,989 495 I February 15, 073 10, 954 4,702 6,251 4,119 528 May 15 14,961 10, 964 4, 581 6,382 3,998 460 I March 15,176 11,067 4,756 6,310 4,109 574 May22 14, 885 10, 892 4,530 6,363 3,993 503 ' April 15, 092 11,027 4,657 6,360 4,065 563 May 29 14, 901 10, 902 4,526 6,376 3,998 577 j May 14, 931 10, 933 4,565 6,368 3,998 516 City of Chicago: City of Chicago: Mar. 6 2,141 1,691 949 741 450 121 j 1928—May 2,072 1,556 859 516 Mar. 13. 2,140 1,693 959 734 447 130 | June 2, 074 1. 573 874 502 61 Mar. 20 2,142 1,678 972 706 464 146 ! July 2, 040 1,550 854 489 80 Mar. 27 2,096 1,643 919 724 453 August 2,050 1,577 848 729 473 80 Apr. 3 1,631 914 717 437 September. 2,034 1,572 850 722 462 41 Apr. 10.... _. 2,050 1,599 907 692 451 October 2,061 1,604 854 751 456 58 Apr. 17 2,036 1,600 692 436 November. 2,063 1,604 735 459 67 Apr. 24 2.027 1,593 704 434 December.. 2,083 1,632 742 452 91 May 1 2,030 1,601 897 703 429 1929—January.... 2, 065 1,613 887 726 452 71 May8. 2,001 1,588 695 413 February... 2,096 1,641 911 731 455 96 May 15 2,017 1, 594 699 423 March 2,130 1,676 950 726 454 121 May 22 2,009 1,593 697 416 April 2,045 1,606 905 701 440 46 May 29 2,017 1,602 905 j 697 415 May 2,015 1,596 897 698 ! 419 36 ! Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1929 FEDERAL RESERVE BULLETIN 371 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 outoutstanding * standing a End of month Month Total New York City Othe; c ^ it ? ie j s f ng 1927 1928 1929 1927 1928 1929 1928 1929 1928 1929 1928 1929 January 774 1,058 1,279 551 577 407 February 785 1,056 1,228 577 567 411 J J J A A F M M u u a e p u n n l a a b r y g r y e u i r c u l u a h s r a t y ry .. . . . 3 3 3 2 2 3 3 2 , , , , , , , , 8 3 0 2 8 9 4 2 9 7 6 0 3 0 8 9 7 6 4 4 7 1 4 2 2 2 3 2 2 , , , , , 5 7 0 9 8 0 4 7 1 6 9 5 8 4 1 1 1 1 1 1 , , , , , 9 9 9 0 0 0 0 1 0 3 5 5 8 2 9 3 1 3 7 3 9 0 8 7 1, 8 8 9 9 0 7 1 4 1 1 4 7 9 6 2 2 2 2 2 2 1 1 1 , , , , , , , , 9 9 1 0 2 3 2 9 6 0 5 4 7 4 0 7 4 0 4 4 6 7 3 9 1 1 2 1 1 , , , , , 8 7 9 9 0 3 2 6 4 6 5 8 9 5 2 J J A A S O M M u u e u c p n l a a p t y g r r o y e t i c u e l b m h s e t r . b ._ er _ 9 8 8 8 7 7 7 7 7 4 0 6 1 5 8 7 5 1 9 4 1 1 2 5 1 1 1 1 1 1 , , , , , , 9 9 1 0 0 0 0 0 2 4 0 7 5 2 7 8 8 2 3 1 4 6 1 5 1 1 , , 1 2 1 0 1 5 6 6 5 5 5 5 6 5 1 6 0 9 7 8 0 9 1 9 0 1 9 2 6 9 4 4 4 4 5 5 5 5 8 3 4 5 2 0 7 7 3 0 1 8 7 3 1 0 3 38 5 7 1 September. 2,948 934 2,014 November.. 1,029 1,200 603 421 October... 3,073 992 2,081 December 1,081 1,284 555 383 November. 3,040 981 2,059 December. 3,011 956 2,055 1 Figures collected and compiled by American Acceptance Council. 2 Paper maturing within 7 months. Figures reported by 24 dealers. 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 From New York banks From private banks, brokers, and trust companies foreign banking agencies, etc. End of month 1926 1927 1928 1929 1926 1927 1928 1929 1926 January... 3,513 3,139 4,420 6,735 3,043 2,670 3,805 5,664 February.. 3,536 3,256 4,323 6,679 3,080 2,757 3,737 5,619 March 3,000 3,290 4,640 6,804 2,553 2,790 3,947 5, 713 April 2,836 3,341 4,908 6,775 2,468 2,865 4,246 5,580 May 2,767 3,458 5, 274 16, 665 2,392 2,968 4,568 6,483 June 2,926 3,569 4,898 2,509 3,065 4,169 July 2,998 3,642 4,837 2, 583 3,145 4,150 August 3,142 3,674 5,051 2,698 3,170 4,260 September 3,219 3,915 5,514 2,745 3,340 4,647 October... 3,111 3,946 5,880 2,668 3,363 4,994 November. 3,129 4,092 6,392 2,636 3,519 5,412 December. 3,293 4,433 6,440 2,804 3,812 5,401 i Call loans, $6,099,920,000; time loans, $565,217,000. 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 Date or month Total In N C e i w ty Y 2 ork O Y u o t r s k id e C i N ty e w 3 1928 1929 1928 1929 1928 1929 1928 1929 1928 1929 Date:1 Mar. 6...... 3,696 5,647 2,480 2,824 1019 1,117 1,461 1,707 1,215 2,823 Mar. 13 3,746 5, 627 2,536 2,765 1090 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 1,265 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 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 May 1 4,282 5,532 2,915 2,656 1, 329 979 1,586 1,676 1,366 2,876 May 8 4,361 5,551 2,936 2,598 1,252 864 1,684 1,734 1,425 2,953 May 15 4, 502 5,565 2,967 2,585 1,312 860 1,656 1,725 1,535 2,979 May 22 4,456 5,520 2,855 2,478 1.247 827 1,607 1,651 1,602 3,042 May 29 4, 469 5,288 2,827 2,313 1)219 773 1,608 1,540 1,642 2,975 Month: January 3,802 5,408 2,812 2,974 1,342 ! 1,173 1,470 1,801 990 2,434 February... 3, 784 5,555 2,667 2,899 1,167 ! 1,082 1,500 1,817 1,117 2,656 March.. 3,761 5,679 2,514 2,800 1,064 ' 1,071 1, 450 1,729 1,247 2,879 April.. 4,062 5,477 2,809 2,583 : 1,193 934 1,616 1,649 1,252 2,893 May 4.414 * 5,491 2,900 2,526 1,272 861 1,628 1,665 1,514 2,965 June 4,360 2,616 1,048 1, 568 1,744 July 4, 232 2,472 929 1,543 1,760 August 4,239 2,357 835 1,522 1,881 September.. 4,417 2,494 887 1,607 j. 1,924 October 4,701 2,653 933 1,720 ' 2,048 November.. 5,102 2,854 1,105 1,749 2,248 December _ 5,193 2,874 1,114 1,760 2,319 1 Dates for 1929; corresponding dates for 1928 are slightly later. 3 Member and nonmember banks outside New York City (domestic 2 Weekly reporting member banks in New York City. banks only); includes unknown amount for customers of these banks. * Call loans, $5,134,000,000; time loans, $357,000,000. 52985—29 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

372 FEDERAL RESERVE BULLETIN JUKE, 1929 COMMODITY PRICES, SECURITY PRICES, AND SECURITY ISSUES WHOLESALE PRICES, BY COMMODITY GROUPS » [1926=100] Month m Al o l d c i o ti m es - pr F o a d r u m cts Foods p l r H e o a a i d n t d h u d e e c s r ts p T ro e d x u ti c le ts F li u g e h l t i a n n g d p M r m o a e d e n t u t d a a c l l s ts m Bu at i e ld ri i a n l g s c C a d l h r s u e m a g n s i d - i f n H u g r o n g u i o s s o e h d - - s l M an is e c o e u l s - N c c o u o i m l n t t i a u m e g s r o a ri d l - - 1928—February 96.4 104.5 98.7 124.1 96.6 81.2 98.3 91.0 95.8 98.4 87.3 94.2 March 96.0 103.5 98.0 124.0 96.5 80.8 98.4 91.0 95.6 98.3 86.8 94.0 April 97.4 107.6 99.5 126.7 96.5 80.8 98.4 92.5 95.8 97.9 84.9 94.7 May 98.6 109.8 101.2 126.3 96.6 81.8 98.6 93.5 95.3 97.8 85.1 95.6 June 97.6 106.7 100.3 123.7 96.3 82.1 98.7 93.9 94.9 97.0 82.2 95.2 July 98.3 107.1 102.3 124.2 96.8 82.8 98.6 94.4 94.5 96.9 80.8 95.9 August 98.9 107.0 104.1 121.0 96.3 84.6 100.4 94.6 94.7 97.2 79.3 96.7 September- 100.1 108.8 106.9 120.7 95.6 85.1 100.5 94.7 95.1 97.2 79.7 97.8 October 97.8 103.5 102.3 117.5 96.1 84.9 101.0 95.0 95.6 96.5 80.3 96.4 November.. _ 96.7 101.6 100.1 115.5 96.1 84.4 101.7 96.0 96.0 96.4 80.0 95.4 December... 96.7 103.6 98.0 115.7 96.1 83.5 102.9 96.8 96.1 96.4 80.1 94.8 1929—January 97.2 105.9 98.8 113.6 96.4 82.5 103.6 96.6 95.9 96.6 80.5 94.9 February 96.7 105.4 98.1 109.0 96.1 81.3 104.4 97.5 96.1 96.6 80.4 94.3 March 97.5 107.1 98.1 108.3 96.1 80.6 106.4 '98.8 95.6 96.5 80.0 94.9 April 96.8 104.9 97.7 107.9 95.5 80.6 106.4 97.9 94.9 96.7 79.2 94.7 * Index of Bureau of Labor Statistics. r Revised. PRICES OF FARM PRODUCTS AT THE FARM * SECURITY PRICES [August, 1909-July, 1914=100] Common stocks i (1926=100) Bonds: Month 3 m 0 it i o c e d o s - m- Grains t F v a a e r b n g u l d e e it s - a M nim ea a t ls p D p o u a r a u c n o i l t d d r t s y r - y C co s a o e t n t t e t o d d o n n - cl U f a ie s n s d - i- Month or week co s m t 4 o b 0 c 6 i k n s ed i t n r 3 d i 3 a u 8 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 1928—January 134.4 137.4 125.3 129.5 99.35 February 132.3 134.8 121.6 130.9 99.31 1928 A M p a r r i c l h 1 1 3 4 7 5 . . 9 9 1 14 4 9 1 . . 5 1 1 1 2 3 5 0 . . 9 7 1 1 3 4 4 2 . . 4 5 9 9 9 9 . . 2 1 0 8 March 137 136 174 139 137 147 89 May 152.1 154.9 133.2 155.3 98.79 April 140 144 179 142 134 154 85 June 145.3 148.2 126.7 148.1 97.38 May 148 160 181 151 134 166 86 July 144.2 147.8 124.6 145.3 96.56 June. 145 152 168 150 132 162 87 August 148.3 152.6 126.5 147.9 95.82 July 145 142 156 157 134 170 88 September.. 156.1 161.6 129.7 155.2 96.47 August 139 120 137 162 136 153 87 October 159.1 166.2 128.2 154.5 96.58 September . 141 117 127 174 145 142 85 November.. 169.2 177.1 133.7 165.5 96.90 October 137 116 114 160 150 147 83 December... 172.9 180.0 135.9 174.7 96.24 November. 134 110 109 150 155 146 86 1929—January 183.6 191.4 141.0 188.3 96.12 December.. 134 112 108 143 159 148 90 February 188.8 192.4 142.3 203.1 95.60 March 189.4 196.1 140.8 204.4 94.82 1929 April 186.6 193.4 138.3 201.4 94.58 January 133 115 109 146 149 148 02 May 189.7 195.2 138.7 213.2 94.46 February. _ 136 123 111 150 148 149 91 Week ending- March 140 124 112 160 144 155 90 May 4_ 192.0 198.8 139.5 211.0 94.92 April 138 120 110 164 138 152 88 May 11 191.0 196.7 139.0 214.4 94.64 May 136 113 119 164 137 148 86 May 18__ 190.6 196.0 137.7 216.0 94.34 May25_ 185.2 189.1 138.4 211.5 93.93 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 January-April [In millions of dollars] April, 1929 January-April 1929 1928 April, Class of issue 1929 1929 1928 Gov- Cor- Gov- Cor- Gov- Cor- Class of issue ern- po- ern- po- ern- poment rate ment rate ment rate Re- Re- Re- New fund- New fund- New funding ing ing Total. 3.0 7.4 55.3 196.4 389.0 161.6 New issue .3 7.4 46.1 194.4 302.0 137.9 Total. 661.1 134.8 3,124. 2 406. 6 1,973.0 1,033. 6 Europe 23.6 14.7 171.2 88.4 Canada and Newfound- Corporate issues 576.1 134.2 2,803.4 455.4 1,485.9 1, 022. 3 land .3 4.9 .6 35.4 13.3 26.2 Bonds and notes- Latin America 20.4 2.2 109.9 4.4 Long term 160.1 86.0 785.3 271.0 856.1 782.9 United States insular pos- Short term 29.5 12.0 67.1 20.0 66.3 29.8 1.3 1.5 7.0 1.1 Stocks 386.5 36.2 1,951.0 164.4 563.5 209.6 Miscellaneous ___ 1.3 135.2 6.5 18.9 Farm-loan issues 6.0 Refunding issues 2.7 9.2 2.0 87.0 23.7 Municipal issues 85.0 320.8 5.2 481.1 11.3 Total Government and Total new and recorporate 10.4 251.6 550.6 funding 795.9 3,584.8 3,006.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1929 FEDERAL RESERVE BULLETIN 373 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers of the Federal Reserve Board] Produc- Building contracts Wholesale dis- Department- Depart ment- Indus- tion of Produc- Factory Factory awarded 1 Freight tribution 1 store sales l store stocks 1 trial manu- tion of employ- pa; car Year and month p t r i o o d n u c i - tu f r a e c s - * m a i l n s e i r- ment ro»llls Unad- Ad- i l n oa g d s1 - Unad- Ad- Unad- Ad- Unad- Adjusted justed justed justed justed justed justed justed Mo. av. 1923-1925=100 Mo. av. 1919=100 Monthly averages 1923-1925 = 100 ANNUAL INDEX 1919 83 84 77 100 100 64 84 111 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 98 1924 95 94 96 95 104 95 98 98 99 101 1925 104 105 99 95 107 122 103 102 103 102 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 ' 101 MONTHLY INDEX 1925 J J J M A F A M N S D O a u u e e p u o e c n a a n l p b y c t r g v y r e u o t i r e c u e l e a u b m h s m m r e a t y b r r b b y e e e r r r 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 5 6 3 5 4 3 3 5 2 7 2 9 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 6 6 6 4 4 2 9 3 2 4 8 1 « 1 1 1 1 1 8 9 9 9 9 9 9 0 0 0 0 0 9 9 9 5 0 4 3 1 4 7 4 4 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 1 0 0 0 0 1 0 1 1 9 3 5 1 7 2 5 7 0 4 2 2 1 1 1 1 1 1 1 1 1 1 7 7 3 4 2 2 3 3 1 2 2 3 6 5 8 9 9 0 3 7 6 4 9 8 1 1 1 1 1 1 1 1 1 1 1 9 1 2 1 0 2 0 3 2 4 2 3 8 3 8 3 7 8 4 5 5 5 7 5 1 1 1 1 1 1 1 1 1 1 1 9 0 0 0 0 0 0 0 0 0 0 0 9 1 1 3 5 4 4 6 3 5 2 0 1 1 1 1 1 9 9 9 9 9 9 9 0 2 1 0 1 7 3 5 3 7 5 2 5 3 7 2 2 1 1 1 1 1 1 1 1 1 1 9 9 0 0 0 0 0 0 0 0 0 0 9 8 2 0 6 0 0 2 2 2 2 2 1 1 1 1 1 8 9 8 9 9 7 7 0 3 1 0 7 0 4 6 5 9 5 8 6 0 4 0 8 1 1 1 1 1 1 1 1 1 1 1 9 0 0 0 1 0 0 0 0 0 0 0 8 1 3 1 1 3 1 2 0 4 6 2 1 1 1 1 1 1 9 9 9 9 9 9 0 0 1 0 0 1 4 0 6 8 8 7 5 3 5 6 7 2 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 3 2 2 2 2 1 3 2 1926 January 107 109 92 107 111 143 102 95 104 88 105 93 105 February 107 109 95 112 106 145 104 96 103 81 104 98 104 March 108 108 104 113 146 129 104 106 101 101 101 107 104 April 108 108 107 110 139 120 107 96 99 103 103 107 103 May 107 107 104 109 134 123 107 95 101 107 108 104 102 June 108 109 106 109 133 121 109 95 100 101 103 98 101 July. 108 108 107 104 126 124 108 95 100 79 105 93 100 August 111 111 109 108 148 133 108 111 101 83 107 97 101 September 112 112 110 108 137 134 109 118 103 101 109 107 102 October 111 111 114 112 126 122 109 111 96 123 109 114 104 November 108 107 118 109 119 130 109 101 101 121 106 117 103 December. 106 104 119 108 131 142 107 87 98 184 110 96 102 1927 January 107 105 116 102 94 120 105 88 95 89 106 93 104 February 109 107 118 109 96 131 109 91 97 83 107 98 103 March 112 110 118 110 151 134 108 102 98 100 105 107 103 April.. 109 109 106 108 147 127 108 92 95 111 105 107 103 May _ 111 112 108 108 135 122 106 91 97 102 103 104 102 June 109 109 105 106 154 141 104 91 96 102 103 98 101 July. 106 108 99 101 130 128 101 91 96 75 104 95 102 August 107 107 106 104 135 121 104 112 102 89 111 98 102 September 105 106 103 104 127 125 104 113 98 100 108 108 104 October 103 103 105 105 137 133 101 108 94 119 106 114 104 D N e o c v e e m m b b e e r r 1 Qy 0 Qy 0 Qy 9 Q» 9 1 1 0 0 1 2 1 1 0 0 1 2 1 1 1 1 6 4 1 12 2 6 5 9 9 7 5 8 9 5 7 9 9 5 7 1 18 2 6 2 1 1 1 0 1 7 1 9 1 6 7 1 1 0 0 4 3 1928 January 105 106 103 104 133 100 88 96 88 104 '92 '103 February 109 110 102 104 113 153 102 93 99 86 105 '98 ' 103 March 109 110 103 105 144 128 102 100 96 103 104 ' 105 '101 April 109 110 105 103 157 135 104 88 92 102 103 ' 106 ' 101 May 109 110 105 104 163 148 105 93 99 108 103 '102 '100 June 109 111 101 104 158 145 102 89 92 104 105 '96 '99 July 110 111 100 100 142 139 102 90 94 78 107 '93 '100 August 112 113 105 104 126 113 104 110 101 85 105 '97 '101 September 114 115 107 105 143 140 106 111 96 107 119 '103 '99 October 114 114 114 109 145 141 106 112 97 124 105 '112 '102 November 112 112 113 106 115 126 104 99 99 122 106 ' 115 '102 December 113 114 112 107 105 116 103 84 95 189 116 '94 '100 1929 January 117 117 117 103 100 128 104 93 101 '92 105 '89 '100 February 117 117 120 110 88 119 107 90 96 '86 110 '95 '100 March 119 120 107 113 118 104 103 101 96 110 rll3 '102 '99 April *122 *123 114 156 135 111 96 100 104 105 104 100 i As revised in February, 1929; see BULLETIN for March. The indexes of production and car loadings are adjusted to allow for seasonal variation; the indexes of building contracts, wholesale distribution, and department-store sales and stocks are shown both with and without seasonal adjustments. e Corrected »Preliminary. 'Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

374 FEDERAL RESERVE BULLETIN JUNE, 1929 INDUSTRIAL PRODUCTION INDEX OP INDUSTRIAL PRODUCTION [Index numbers, adjusted for seasonal variations. As revised in February, 1929; see BULLETIN for March. 1923-1925 average=100] Month 1923 1924 1925 1926 1927 1928 1929 January. . . 100 100 106 107 107 105 117 February 100 102 105 107 109 109 117 March . __ 103 101 105 108 112 109 119 April 107 95 103 108 109 109 May . 107 89 103 107 111 109 June... 106 85 102 108 109 109 July 104 84 104 108 106 110 August- 102 89 103 111 107 112 80 September... 100 94 102 112 105 114 October 99 95 105 111 103 114 November 98 97 107 108 99 112 December 97 101 109 106 100 113 Annual index 101 95 104 108 106 no 60 1925 1926 1927 1926 1929 INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS f m a a c A t n l u u l r - es s I a t r n e o e d n l Textilespr F o o d o u d cts pr P i a a n n p t d e in r g Lumber m A o u bi t l o e - s Le s a a h n t o d h e e s r a C n b e d r m i g e c l n k a , t s , s f m N e e r o t r n a o - l u s s r P e l e f e i t u n r i m o n - g Ru t b ir b e e s r T f m a o c a b tu n a r u c e c - s o 1928 January 106 107 107 103 115 92 93 99 114 100 135 124 119 February 110 113 108 110 116 93 101 103 117 108 139 135 120 March 110 114 107 105 118 94 111 102 112 108 141 134 120 April 110 122 101 98 118 95 108 97 111 109 147 134 120 May 110 116 107 96 121 93 107 96 116 111 150 133 120 June 111 115 108 93 118 91 117 108 123 115 153 143 125 July. 111 124 100 89 117 94 119 112 119 113 156 149 125 August 113 121 107 90 117 87 133 112 126 117 160 151 129 September 115 128 107 95 118 82 139 110 130 117 162 169 128 October 114 126 112 98 116 81 122 103 122 121 160 167 126 November... 112 120 113 102 115 85 94 97 122 126 159 155 124 December... 114 123 111 104 114 87 103 92 130 128 159 143 127 1929 January 117 117 116 103 122 89 154 95 134 124 159 147 131 February 117 126 113 101 '123 78 '152 '98 123 123 161 152 129 March 120 132 116 96 125 83 163 '98 ••135 '129 160 ••152 126 April P123 135 120 102 122 J>86 157 97 127 137 166 P161 142 INDEX OF PRODUCTION OF MINERALS, BY PRODUCTS All min- Bitumi- Anthracite Crude erals nous coal coal petroleum Zinc Lead Silver 1928 January 103 121 102 105 103 February 102 119 104 107 109 83 March 103 80 121 102 112 109 94 April 105 107 120 103 113 100 89 May 105 112 120 80 110 113 101 85 June 101 76 118 107 110 117 100 93 July 100 67 119 104 113 117 97 76 August 105 94 123 104 116 120 107 87 September 107 95 124 110 123 114 115 79 October 114 119 127 114 128 110 108 79 November 113 99 113 127 106 131 111 111 93 December... 112 132 133 106 112 '100 1929 1929—January _. 117 103 110 129 100 111 February 120 109 110 138 136 106 99 91 A M p a r r i c l h . ' 1 1 1 0 5 7 100 r77 1 1 3 3 4 3 1 14 3 1 5 1 1 1 1 6 2 •• 1 1 2 1 2 2 "1 ' 0 9 6 3 p Preliminary. r Revised. NOTE.—These tables contain, for certain months, index numbers of industrial production, together with group indexes for important components. The combined index of industrial production is computed from figures for 60 statistical series, 52 of manufactures, and 8 of minerals. Adjustments have been made in the different industries for the varying number of working days in each month and for customary seasonal variations, and the individual products and industries have been weighted in accordance with their relative importance. The sources of data and methods of construction were described in the BULLETIN for February and March, 1927. Revisions of figures from 1923 to 1928 were published in the BULLETIN for March, 1929, pp. 192-194; corrected annual figures for certain group components are given above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1929 FEDERAL RESERVE BULLETIN 375 PRODUCTION OF MANUFACTURES, BY INDIVIDUAL LINES 1 April March, April April March, April 1929 1929 1928 1929 1929 192S Iron and steel: Leather and products: Pig iron 117 116 102 Leather, tanning- Steel ingots 137 134 124 Sole leather« 88 85 105 Textiles: Upper leather- Cotton consumption 119 117 102 Cattle 76 73 73 Wool- Calf and kip 92 86 98 Consumption 107 100 87 Goat and kid 123 112 129 Machinery activityJ 97 92 80 Boots and shoes 99 104 94 Carpet and rug loom activity»_ 95 94 97 Stone, clay, and glass: Silk- Cement 109 99 108 Deliveries 159 152 127 Face brick 127 117 90 Loom activity *__ 159 128 112 Plate glass 144 148 126 Food products: Nonferrous metals: Slaughtering and meat packing- 147 140 106 Hogs 100 Lead... _ ____. 122 ' 112 101 Cattle.. 93 90 91 Zinc 116 112 113 Calves. _ _ 101 97 100 Tin» — 143 128 129 Sheep 119 105 101 Chemicals and allied products: Flour 107 104 109 Petroleum refining— Sugar meltings 111 111 94 Gasoline a 194 187 165 Paper and printing: Kerosene 93 94 106 Wood pulp and paper- Fuel oil2 141 136 127 Newsprint.- 92 Lubricating oil * 125 123 131 Book paper P127 132 127 Coke production- Fine paper 118 118 119 By-product 145 142 127 Wrapping paper _ 103 102 108 Beehive 41 42 34 Paper board _ 135 139 124 Rubber tires and tubes: Wood pulp, mechanical _ 91 96 87 Tires, pneumatic P166 '157 136 Wood pulp, chemical _. 115 114 108 Inner tubes * 126 118 115 Paper boxes. _... 153 159 131 Tobacco products: Newsprint consumption 132 138 126 Cigars _ _ 109 93 Lumber: Cigarettes... 173 153 141 Lumber, cut P86 84 94 Manufactured tobacco and snuff 95 91 95 Flooring 90 77 111 Transportation equipment: Automobiles 157 163 108 Locomotives. _ 53 28 29 Shipbuilding 57 i As revised in February, 1929; see BULLETIN for March. * Without seasonal adjustment. » Preliminary. r Revised. FACTORY EMPLOYMENT AND PAY ROLLS [Index numbers without seasonal adjustment. Monthly average, 1919=100] i Metals and products Textiles and products L b u e m r - Rail- Paper Foods Leather Stone, To- C i h ca e l m s - Total Group I s a r t n e o e d n l Group Fabrics P u r c o t d s - p u a r n c o d t d s - vr c oe l a e hd s i- m A o u b t i o l - es pa i r n nind g t- p u arn c od t 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 o c t c d s o - p u a a r - c n o n t A a d s - Employment: 1928—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 12.1 14l!l 106! 1 84.2 77! 6 114! 9 77. 5 75! 1 July 88.5 84.7 84.6 84.5 86.2 82.2 86 7 71 7 141.0 106 1 84.4 81.2 112.8 73 4 73.9 August 90.0 86.0 86.0 85.3 86.3 84.1 89! 1 71.6 149.9 106! 3 83! 9 82! 9 115! 7 79! 0 73! 9 September- 91.2 87.2 87.2 86.8 87.0 86.6 89.6 71.2 154.2 106.7 86.8 83.1 114.6 80.6 77.0 October. .. 92.0 88.2 88.2 89.4 90.8 87.6 89.5 70.6 152.1 108.1 88 7 81.8 112.1 82.6 78.4 November. 91.6 89.2 89.1 90.2 92.9 86.8 89.7 70.5 138.4 109.5 88.3 77.1 109.3 82.4 79.1 December— 91.3 89.4 89.4 90.6 93.8 86.4 87.4 70.4 136.6 109.5 88.5 76.6 106.2 79.8 79.0 1929—January 91.0 90.1 90.3 90.0 93.2 85.9 85.1 69.6 150.4 108.3 85.8 79.4 99.3 70.2 79.0 February. _ 93.0 92.4 92.6 91.8 94.0 88.9 85.2 70.7 164.5 109.2 85.9 81.3 98.6 76.7 81.6 March r93.9 '94.4 '94.6 92.7 93.8 91.3 85.9 71.4 166.6 108.9 84.9 80.2 101.7 76.8 80.8 April 94.2 95.8 96.3 91.7 93.0 89.9 87.2 72.8 167.0 108.3 83.6 78.4 107.2 76.1 80.5 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 14l!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 lOl! 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 8l!6 104! 0 September. 105.0 94.3 93.5 94.4 93.3 95.7 102.6 75.7 185.8 146.8 103.4 87.2 139.6 85.4 105.7 October 109.3 99.6 98.7 100.5 100.5 100.6 105.5 80.2 193.3 149.6 105.6 84.0 140.8 87.6 112.3 November- 105.9 99.2 98.4 97.9 100.7 94.3 104.2 79.7 165.0 149.6 104.3 70.2 135.4 86.5 111.6 December.. 106.6 99.9 99.0 101.0 104.3 96.9 100.7 79.6 161.9 153.0 105.5 75.2 131.7 86.7 111.2 1929—January 103.0 98.2 97.9 97.2 99.5 94.2 92.3 73.5 165.0 150.1 101.3 78.9 116.6 70.6 109.5 February.. 110.5 104.9 104.4 103.3 104.1 102.3 95.0 80.9 212.3 152.2 101.8 82.7 118.4 76.1 115.2 March 112.9 '108.4 107.9 105.9 105.3 106.8 97.2 84.3 213.6 155.5 100.9 80.0 124.6 78.0 114.1 April 113.5 110.3 110.3 102.5 104.8 99.7 99.2 86.6 218.9 153.0 100.0 77.1 132.6 79.6 114.9 r Revised. NOTE.—This table contains for certain months general index numbers of employment and pay rolls, together with group indexes for important industrial components. The general index is a weighted average of relatives for 34 individual industries. The method of construction was described in detail and indexes for the above groups since January, 1919, were published in the BULLETIN for May, 1925. See also p. 668 of BULLETIN for September, 1925, for certain revisions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

376 FEDERAL RESERVE BULLETIN JUNE, 1929 BUILDING BUILDING CONTRACTS AWARDED [Index numbers based on value of contracts. Monthly average, 1923-1925 = 100] Without seasonal With seasonal adjustadjustment ment l Month 1926 1927 1928 1929 1926 1927 1928 1929 January.. _. 111 94 104 100 143 120 133 128 February 106 96 113 88 145 131 153 119 100 March 146 151 144 118 129 134 128 104 April . .. 139 147 157 156 120 127 135 135 May 134 135 163 143 123 122 148 130 June 133 154 158 121 141 145 July 126 130 142 124 128 139 August 148 135 126 133 121 113 50 September.. 137 127 143 134 125 140 October 126 137 145 122 133 141 BUILDING CONTRACTS AWARDED N D o ec v e e m m b b e e r r .. _ 1 1 1 3 9 1 1 1 1 1 4 6 1 1 1 0 5 5 1 14 3 2 0 1 12 2 6 5 1 11 2 6 6 mmm With Seasonal Adjustment — Without Adjustment Annual index 130 128 135 | | i 1925 1926 1927 1928 1929 1 As revised in February; see BULLETIN for March. BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS Value of contracts in thousands of dollars] Federal Reserve District Month Total New Phila- Cleve- Rich- Minne- Kansas Boston York delphia land mond Atlanta Chicago St. Louis apolis City Dallas 1928 April 643,137 42,957 154,369 60,982 70,184 66, 591 24,371 128,643 43,818 10,249 20,658 20,315 May 668,097 56,097 188,687 49, 743 63,813 39,421 32,497 139,784 36,360 13,178 20,199 28,318 June 650,466 38,519 178,448 69,605 46,227 28,600 128,60> 44,225 11,042 28, 070 28,426 July 583,432 34,456 139,821 41,259 56,103 32,884 31,996 140,689 50,557 11,088 23,807 20, 771 August 516,970 36,370 129.524 33,967 50,408 30,172 28,548 108,306 40,706 12,944 26,177 19,847 September.. 587,674 69,918 156, 588 45,634 67, 748 39,843 25,989 99,176 33,241 9,213 22,611 17,715 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 16, 511 18,323 1929 January 409, 968 26, 556 104,447 26,306 54, 680 28,748 25,745 77,439 25,479 7,466 15, 668 17,435 February 361,274 25, 352 76, 064 32, 369 36, 360 34, 252 22, 363 69,845 23,372 4,757 12,874 23, 665 March 484, 848 30, 044 113,466 35, 399 47, 078 32.979 25, 398 107, 289 38, 795 8,343 22,854 23, 204 April 642,061 38,459 171, 551 67,064 51,469 52,139 37,387 108,181 54,363 14,735 22, 365 24, 346 BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING BUILDING PERMITS ISSUED, BY FEDERAL RESERVE [Value of contracts in thousands of dollars] DISTRICTS Public [Value of permits in thousands of dollars] Month d R en e t s i i a - l In tr d i u a s l - m C e o rc m ia - l p w a u o n b r d l k i s c E ti d o u n c a a l - o A th l e l r utilities Federal reserve district Number April, March, April, of cities 1929 1929 1928 1928 March... 275,192 48,804 73,075 110,338 33,881 51,277 United States. 168 458, 302 352,637 276,520 April 276,586 85,093 82, 758 117,401 32,885 48,413 May 288,826 37,146 91,200 150,223 47,851 52,851 Boston 14 12,017 12,572 10,197 June 258,084 63,537 9b,942 130,852 46,135 57,917 New York 22 270, 252 188,517 103,121 July... 228,703 31,400 95,697 137,075 36,926 53,632 Philadelphia.. 14 13,362 14,808 14,642 August.- 213, 705 42,607 58,911 118,890 35, 713 47,144 Cleveland 12 16,030 16,104 25,126 September 202,807 114, 780 60,068 119. 014 38,801 52,205 October 239,692 62,259 67,330 148,697 31,293 47,833 Richmond 15 11, 476 13, 013 9,810 November 200,226 38,665 68,309 93,228 30,023 41,032 Atlanta 15 7,980 7,595 7,951 December 178,323 38,248 66,773 80,194 25,370 43,849 Chicago 19 51, 905 44,279 53,532 St. Louis 5 7,381 5,952 8,397 1929 January 138,069 63,109 100,378 66, 522 17,746 24,145 Minneapolis.. 9 10, 659 2,545 3,262 February 129,486 56,092 68,265 57, 593 22, 577 27, 261 Kansas City_. 14 10, 568 9,154 8,076 March 197,172 55,837 75, 584 71, 508 37, 525 47, 221 Dallas... 9 18, 659 7,371 6,057 April 256, 780 68, 230 77,988 152,127 29, 857 57,079 San Francisco. 20 28, 014 30,729 26,350 NOTE.—Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Adjustedjndexes 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

FEDERAL RESERVE BULLETIN 377 JUNE, 1929 TRADE AND DISTRIBUTION FREIGHT-CAR LOADINGS, BY LINES [Index numbers, adjusted for seasonal variations. 1923-1925=100] PER CENT PER CENT Mer- 1251 [125 chan- Grain dise Month Total p g a r r n o a d i d n - s L t i o v c e k - Coal F p u o r c o re t d s s - t m 1. a i s n c c . d e 1 l- . ucts laneous 100 100 Total 1928—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 August 104 102 81 96 91 109 75 75 September 106 109 93 100 90 111 October 106 107 91 102 91 111 November 104 108 82 105 92 107 December 103 105 85 102 91 108 RAILROAD FREIGHT CAR LOADINGS 1929—January 104 99 82 108 90 109 February 107 106 82 118 80 109 M Ap a r r i c l h _ 1 1 1 0 1 3 1 9 0 8 3 8 9 1 0 1 8 0 9 2 8 9 7 4 1 11 1 4 1 50 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 I 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 96 108 98 105 106 102 100 101 April 100 98 100 99 95 92 100 97 95 97 96 92 88 96 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 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 SALES IN INDIVIDUAL LINES OF WHOLESALE TRADE [Index numbers. Monthly average, 1923-1925=100] With seasonal adjustment Without seasonal adjustment Month c G e r r o ie - s Meats g D oo ry ds M cl i o e n t g n h ' - s B s a h o n o o d e t s s H w a a r r d e - Drugs n F it u u r r - e ! c G er ro ie - s Meats g D oo ry ds M cl i o e n t g n h ' - s B s a h o n o o d e t s s H w a a r r d e - Drugs n F it u u r r - e 1928 February 98 113 88 99 110 93 110 96 i 85 108 89 128 87 82 101 96 97 109 83 94 96 91 110 95 1 95 105 87 131 111 95 121 107 April 93 112 78 77 94 86 111 87 i 88 105 70 75 99 88 113 88 May . 99 109 86 96 113 94 117 92 i 96 109 75 57 114 97 110 87 94 112 79 76 82 92 110 94 I 97 114 71 39 77 96 104 83 July 91 111 80 79 123 91 107 95 1 92 113 74 68 98 90 102 78 August - •- 100 116 90 90 109 94 117 106 i 101 118 110 148 119 95 115 108 September . 92 122 84 89 90 92 112 112 100 130 105 137 110 100 119 126 October - .. 95 111 85 99 87 97 116 112 ! 108 125 99 123 108 108 134 133 November 94 122 91 95 100 100 113 101 ! 100 117 90 66 105 98 114 106 December 89 115 86 101 72 93 128 94 | 88 108 69 51 59 86 120 89 1929 January. _ 99 117 88 96 119 92 133 91 91 117 84 74 98 82 131 80 February 95 119 83 88 107 '86 114 91 ! 83 113 84 114 84 76 105 91 March .- 91 122 88 98 95 92 108 93 ! 89 117 92 136 110 95 119 105 April 123 90 88 95 97 116 P100 P91 115 80 85 100 99 119 P101 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

378 FEDERAL RESERVE BULLETIN JUNE, 1929 DEPARTMENT STORE SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers.1 Monthly average 1923-1925=100] Federal Restsrve District United States B to os n - Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - la A n t t - a c C ag hi o - 2 L S ou t. is M ap i o n l n is e- K C a it n y s a 3 s Dallas F c S r is a a c n n o - Sales (unadjusted): 1928—February 86 78 89 76 85 82 91 92 85 72 77 88 92 March 103 96 102 96 101 105 110 109 105 91 93 109 110 April., 102 99 103 91 101 99 102 109 99 82 93 102 114 1929—February __ '86 76 '90 75 83 78 87 95 85 75 76 85 91 March 110 101 ' 111 99 105 114 113 ' 120 110 101 102 115 115 April. 104 97 108 90 105 102 104 110 99 93 99 105 111 Sales (adjusted) : 1928—February 105 100 109 90 103 105 108 113 101 94 106 115 March 104 98 106 95 102 105 113 113 105 95 109 110 April _ 103 97 106 92 100 102 103 108 100 78 108 121 1929—February 110 102 ' 115 93 105 105 108 123 106 101 107 118 March .. _ ' 113 104 ' 116 98 107 115 117 ' 125 111 106 116 116 April- _ 105 95 110 91 102 103 104 109 99 87 110 117 Stocks (unadjusted): 1928—February '98 97 97 93 96 96 101 102 93 85 111 83 105 March___ '105 I 105 105 98 103 103 105 110 96 88 118 86 111 April '106 I 107 108 97 103 104 108 112 98 89 116 87 111 1929—February '95 91 99 85 91 94 98 '106 86 75 122 79 98 March _ ' 102 99 ' 107 90 97 100 101 ' 113 91 78 122 83 106 April 104 102 110 90 100 102 103 114 93 78 124 84 107 Stocks (adjusted): 1928—February . _ _ _ ' 103 i 103 104 98 101 101 103 106 99 88 86 109 March ' 101 103 103 93 99 100 102 106 94 85 84 109 April ' 101 103 104 93 96 99 103 107 94 86 83 106 1929—February _ '100 '97 ' 106 90 96 99 100 ' 110 92 '78 82 103 March '99 97 '105 85 93 97 99 '109 90 75 80 104 April 100 99 106 86 93 97 98 108 88 75 80 102 1 For description of department store indexes given in this table see BULLETIN for February, 1928. 2 Revised in February, 1929; see BULLETIN for March. 3 Monthly average in 1925=100. r Revised. SALES OF CHAIN STORES AND MAIL-ORDER HOUSES i [Index numbers of sales. Monthly average 1923-1925=100] Num- Number of stores Sales a w d i j t u h s o t u m t e s n e t a 2 sonal Sales with m se e a n so t2 na1 adjustber of reporting firms April, March, April, April, March, April, April, March, April, 1929 1929 1928 1929 1929 1928 1929 1929 1928 Chains: Grocery 34 30,247 * 30, 284 28,875 232 '237 202 224 '231 203 5-and-10-cent 14 3,408 3,383 2,975 142 156 135 153 167 147 Apparel 5 1,382 1,354 1,156 220 241 195 233 266 205 Drug 13 1,199 1,189 977 186 196 155 187 197 161 Cigar 4 (3) 3,650 3,470 (4) 108 100 (4) 114 105 Shoe . 7 704 703 653 123 159 130 103 161 109 Candy 4 315 309 282 121 152 130 113 160 125 Mail-order houses * 4 (3) (3) (3) (4) »156 •115 (4) M42 •117 1 It is to be noted that some of the reporting mail-order houses have been establishing throughout 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. 2 Figures relate to reporting firms—with no adjustment to eliminate the influence of increase in the number of stores operated; thus indexes given reflect the full growth of the business of the reporting companies. 3 Figures for number of stores not available. * Computation of index discontinued, basic data available having become unsuitable. 5 Including sales made through branch stores. * Revised. NOTE.—For description of indexes given in this table see BULLETIN for April, 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE,.1929 FEDERAL RESERVE BULLETIN 379 BANK SUSPENSIONS AND COMMERCIAL FAILURES BANK SUSPENSIONS,! BY CLASS OF BANK COMMERCIAL FAILURES, BY CLASS OF ENTERPRISE i [Amounts in thousands of dollars] [Amounts in thousands of dollars) Nonmember All banks Member banks banks Number Liabilities Month Num-Total de- Num-Total de- Num- Total deber posits* ber posits * ber posits * Total M fa i c a n t n g u u r - - Tr i a n d g -b A ro g et k e c n e . r ts s , , Total M fa i c a n t n u g u r- - T i r n a g d- b A r g o et e k c n . e t r s s , , 1927 January __ 133 32,038 11,555 106 20,483 J J F M A M A D S N O u u e e e o u c p a a n l p b c t y v g r y r e o t r e i c e u e l b u m h m . m s e a t b r r b . b y e e e r r r 4 4 4 4 4 8 4 3 2 3 7 4 9 1 3 9 1 7 7 7 6 5 3 2 1 1 1 1 1 1 1 1 0 8 1 5 2 3 7 1 1 , , , , , , , , , , 4 1 3 1 2 2 5 1 7 7 7 9 6 5 1 2 4 6 5 8 6 8 4 7 0 2 2 2 0 4 3 8 6 8 3 7 5 5 2 1 1 , , , , , , , , , , , 3 1 8 7 5 4 7 7 6 4 2 1 0 8 2 2 3 0 4 3 6 5 0 5 1 1 9 4 0 4 8 2 7 6 5 5 9 2 1 3 9 6 6 7 8 7 8 7 5 6 , , , , , , , , , , , 1 1 5 7 8 7 2 4 2 4 5 0 6 3 1 2 6 8 8 1 6 2 5 6 1 3 4 4 8 3 3 3 2 J J A J A F M M S O u a u e e p u c a n n l a p b t y r g r e y u o i t 1 r u c l e . b 9 a u h s m 2 e r t a 7 y r b r . y e _ r - _ 2 2 2 1 1 1 1 1 1 1 , , , , , , , , , , 9 7 8 7 7 4 8 5 1 0 6 0 5 5 8 3 7 4 6 3 8 8 2 6 7 3 3 3 5 5 4 4 5 4 4 5 4 4 3 4 1 0 4 9 6 3 8 8 2 4 1 1 4 2 9 8 9 8 7 8 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 8 5 1 3 2 3 4 1 1 0 4 7 0 4 9 1 6 8 7 8 2 4 8 2 2 0 8 7 0 3 1 1 1 1 1 1 1 1 3 2 9 9 1 0 1 0 2 2 4 2 6 6 6 6 1 6 1 9 4 5 3 4 5 5 3 3 3 3 7 6 3 3 7 9 2 1 4 6 , , , , , , , , , , 9 1 8 1 7 2 4 1 2 7 4 5 9 9 8 9 6 3 5 8 1 6 1 6 6 0 5 6 0 5 2 2 1 1 1 1 1 1 1 1 5 3 4 2 9 0 3 5 7 6 , , , , , , , , , , 9 1 9 3 5 8 3 7 2 2 5 3 9 6 1 0 4 4 7 8 1 6 4 8 8 2 3 9 8 7 1 ! | ! 2 2 2 1 1 1 1 1 14 4 2 3 8 9 6 4 7 , , , , , , , , , 5 0 8 7 4 1 9 8 3 5 6 3 0 0 5 9 7 0 5 2 6 2 2 6 8 1 7 1 s ! ! | ! 1 6 4 9 5 3 9 4 7 5 3 , , , , , , , , , , 7 0 5 5 4 3 5 0 0 3 6 0 7 7 8 4 1 7 2 3 7 4 5 3 5 5 5 0 2 2 Total.. 662 193,891 124 66,336 538 127, 555 D N e o c v e e m m b b e e r r . 2 1 , ,8 1 6 6 4 2 4 5 7 9 8 7 1 1 , , 4 2 3 7 0 6 1 13 1 5 0 3 5 6 1 , , 1 0 4 6 7 2 2 1 9 2 , , 0 7 2 86 4| 1 16 6 , ,9 7 4 3 9 3 6 5 , , 4 3 1 0 2 5 1928 January _ 53 10,983 2,552 8,431 Total .. 23,146 5,682 16,082 1,382520,104211,505 228,194 80,405 F M J J A M A S N D O u u e e p u o e c a a l n p b y t c r g v y r e o t i r e c u e l e b u m h m s m e a t b r b b r e y e e r r r . .... ..! j s ] i | 5 2 6 4 2 2 4 7 2 2 4 0 9 6 4 8 4 3 2 0 1 1 1 1 1 2 1 8 4 8 6 5 6 6 7 9 3 1 , , , , , , , , , , , 1 1 3 9 0 3 4 8 0 3 7 9 4 5 9 9 1 6 8 7 5 8 0 7 3 6 1 4 8 6 8 2 4 1 9 3 2 1 1 2 3 1 1 , , , , , , , , , 8 9 3 4 0 9 4 8 9 9 0 1 2 4 7 1 1 2 4 0 9 2 9 7 4 3 9 3 3 6 6 1 7 34 1 1 1 8 4 4 5 4 4 8 3 1 7 3 , , , , , , , , , , , 9 4 9 7 2 9 6 8 2 1 7 6 5 7 4 2 7 0 9 5 0 6 7 5 7 7 9 3 4 1 7 3 8 J A J J F M M A S O a u u e e p u c a n a n l p b r g t y y r u e i 1 t o r c u l . e . 9 a u h b s m 2 r a t e 8 y b r r™ y . e . - r . 2 2 2 2 1 2 1 1 1 1 , , , , , , , , , , 1 8 9 6 8 2 7 6 0 0 1 4 7 5 3 2 4 3 0 2 8 7 6 2 ; 3 3 6 8 3 4 5 4 4 5 4 4 4 5 5 5 6 3 4 7 9 5 1 5 2 3 8 2 6 0 3 4 3 0 8 •1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 9 2 5 5 2 0 3 4 3 1 4 7 6 8 4 7 2 6 6 0 6 6 6 1 1 3 5 9 1 ' 1 1 1 1 1 1 1 1 1 1 4 2 1 3 2 0 1 0 1 2 4 7 0 1 4 9 8 8 2 6 4 4 3 5 3 2 3 3 2 5 5 7 4 7 3 9 4 6 9 8 , , , , , , , , , , 9 0 6 9 8 1 8 2 9 5 5 7 3 8 1 1 2 0 9 8 ' 1 4 5 4 7 7 2 0 7 2 1 1 1 1 1 1 1 1 1 4 6 0 4 2 6 2 2 4 3 , , , , , , , , , , 4 8 8 7 7 9 7 4 2 2 1 7 7 5 3 2 2 9 3 3 2 7 1 1 2 7 3 0 6 0 | | 2 2 2 1 1 1 1 1 1 1 3 6 9 4 3 7 6 6 8 2 , , , , , , , , , , 4 1 9 0 8 9 2 7 5 0 4 8 4 5 9 0 8 6 6 9 6 6 9 2 9 0 1 8 7 6 22 6 7 8 2 5 3 3 5 4 , , , , , , , , , , 3 2 3 9 3 7 7 6 2 2 1 1 6 8 2 5 0 6 3 2 8 6 7 7 4 5 0 2 2 9 Total. 491 138,642 42, 240 418 96,402 N D o ec v e e m m b b e e r r . 1 1 , ,838 4 5 9 1 8 9 1 1 , , 3 2 2 0 4 2 1 12 1 1 7 4 40 0 , , 6 7 0 7 1 4 1 1 7 5 , ,4 7 4 8 6 3 1 18 7 , , 9 2 3 2 3 4 4 7 , , 0 9 5 3 9 2 January.. 1929 17, 905 10,158 7,747 Total. .23,842 5,924 16, 471 1,447489, 560182, 478 225,301 81,780 F M A e p a b r r i r c l u h a r r _ y _ . _ 2 8 3 9 , , , 1 4 4 6 9 4 2 8 9 4 2 1 , , ,9 9 4 2 2 9 2 4 0 1 5 7 8 , , , 9 5 2 7 5 4 4 9 0 J F a e n b 1 u r 9 a u 2 r a 9 y ry .. . . 2 1 , ,9 5 6 3 5 5 4 61 7 4 8 _ :,7 3 6 7 9 8 1 10 5 9 2 3 5 4 3 , , 0 8 3 7 6 ' 1 11 6 , , 8 6 9 9 1 0 3 1 2 7 , , 0 89 2 1 4 4 5, , 1 2 6 5 4 5 March 1,987 512 1,349 126 36,356 15,001 17,190 4,165 Total, 4 months I 194 1 59,014 32 19,494 162 39, 520 April 2, 021 499 1,388 134 35,270! 10,423j 19,102 5,745 r Revised figures. Total, 4 mos.__ 8,508 103 5,884 521159, 538 j 54,0041 86,20719, 328 BANK SUSPENSIONS i IN APRIL, 1929, BY DISTRICTS [Amounts in thousands of dollars] COMMERCIAL FAILURES, BY DISTRICTS i All banks M ba e n m k b s e 8 r Non b m an e k m s ber [Amounts in thousands of dollars] Federal reserve district Num-lTotalde-Num-Total de-Num-Total deber posits2 ber posits * ber posits 2 Number Liabilities Boston. _ _ Federal reserve N Ph e i w la Y de o l r p k hia-.. district April, March, April, April, March, April, Cleveland-. 3 1, 358 1 687 2 671 1929 1929 1928 1929 1929 1928 Richmond 2 2,632 2 2,632 Atlanta _ _ 4 365 1 38 3 327 Chicago 4 1,132 4 1,132 Boston 223 200 143 3,904 3,017 2,385 St. Louis. 4 686 4 68G New York 328 310 305 8,847 7,226 6,436 Minneapolis 7 861 1 101 6 760 Philadelphia 90 77 76 2, 015 1,584 2,005 Kansas City 2 619 2 619 Cleveland. 158 194 125 2,539 4,141 7,055 Dallas 1 1,096 1 1,096 Richmond 132 140 106 2,573 2,168 2,317 San Francisco 2 413 2 413 Atlanta 94 101 156 2,076 2,983 3,407 Chicago 295 366 279 4,984 6,329 5,531 Total _ 4 29 9,162 4 1,922 25 7,240 St. Louis _ 126 123 97 1,993 1,988 1,208 Minneapolis 81 39 88 718 541 853 1 Banks closed to the public by order of supervisory authorities or by D K a a l n l s a a s s City _. 12 5 8 1 11 4 9 9 10 4 6 6 1,2 5 7 15 2 1,7 5 0 59 7 1 1 , , 0 28 7 4 6 the 2 F d i i g re u c r t e o s r s r e o p f r e th s e e n b t a d n e k p s o o s n it s a c f c o o r u t n h t e o l f a t f e i s n t a n a c v i a a i l la d b if le fi c d u a l t t e ie s p . rior to the San Francisco 315 269 291 3,833 4,113 4,428 s s u u s s p p e e n n s s i i o o n n s b a e n c d o m ar e e s s a u v b a je il c a t b t l o e . revision when information for the dates of Total,- 2,021 1,987 1,818 35,270 36, 356 37,985 a Includes 3 national banks with deposits of $1,884,000 and 1 State me 4 m In b c e l r u d b e a s n k 1 w pr it i h v a d te e p b o a s n it k s f o o f r $ w 38 h , i 0 c 0 h 0 . deposit figures are not available. i Figures furnished by R. G. Dun & Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

380 FEDERAL RESERVE BULLETIN JUNE, 1929 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE BANK OF ITALY The annual report of the Bank of Italy for Debts, the actual amount of bonds in circula- 1928, presented to the regular general meeting tion has undergone appreciable reduction. It of shareholders on March 28, 1929, contains should be noted, however, that at the beginning the following sections dealing with financial of the current fiscal year the Minister of Finance and economic conditions during the past reformed the accounting system of the Royal year:l Treasury for the purpose of rendering it more Italian finance.—The situation in Italy comprehensive and complete. This reform during the year 1928 may be said to have resulted in adding to the items grouped as progressed satisfactorily on the whole. We floating debt of the State several liabilities of must consider, however, that 1928 was the first the Treasury not originally included, such as year after monetary reform and was preceded, current interest-bearing accounts. Thus, total as is generally known, by a period of effective public obligations, consolidated, redeemable and extensive currency revaluation which was and floating, of 86,423,000,000 lire ($4,545,not without influence upon the prices of com- 850,000) in 1927, rose to 86,446,000,000 lire modities and consequently upon their pro- ($4,547,060,000) on June 30, 1928, and to duction and the revenue therefrom. 87,006,000,000 lire ($4,576,516,000) on De- The accounts of the State for the fiscal year cember 31. 1927-28 were finally closed with a favorable The floating debt items still include those balance of 497,000,000 lire ($26,142,000), State notes which have not yet been withdrawn resulting from a surplus of 5,211,000,000 lire and replaced by silver coin. By December 31, ($274,099,000) in ordinary revenues over ex- 1928, these notes had been reduced to the almost penses, which more than compensated for the nominal sum of 161,000,000 lire ($8,469,000). deficiency of 4,714,000,000 lire ($247,956,000) With regard to monetary circulation, it should in extraordinary revenues. For a better ap- perhaps be stated that the total amount of preciation of this result, it should be remem- State notes and silver coin declined during the bered that during this fiscal year the special tax year from 1,810,300,000 lire ($95,222,000) to reductions decreed in connection with the mon- 1,424,800,000 lire ($74,944,000)—a decrease of etary reform and mentioned in our last report 21 per cent. became operative. Quotations of Government bonds advanced For the current fiscal year of 1928-29, during 1928, although the year closed with estimated cash revenues are 17,643,000,000 quotations lower than the maximum reached in lire ($928,022,000), and expenditures 17,372,the first half of the year. Consolidated 5 per 000,000 lire ($913,767,000), or a surplus of cent bonds rose from an average of 79.40 in 271,000,000 lire ($14,255,000). For the first December, 1927, to 85.17 in May and then fell eight months of this fiscal year, including last to 80.85 in November, finishing the year at February, the total cash revenue, ordinary and 81.17. Similarly, the Rendita bonds (3^s) extraordinary, amounted to 12,507,200,000 rose from 69.44 to 74.62 (May), and were lire ($657,879,000), while expenses incurred quoted at 70.08 to 70.12 during the last two were 12,403,700,000 lire ($652,435,000), leaving months of 1928. a surplus of 103,500,000 lire ($5,444,000). The weakening in quotations of consolidated The continued existence of a surplus is, at all bonds during the second half of the year events, well assured and the value of a wise probably can be attributed to the recent tendfinancial policy will be amply proved. ency of our markets to absorb other fixed As regards the public debts of the State, it is interest bonds, especially industrials. This hardly necessary to say that there were no tendency led to the floating of a number of bond material increases during the year. On the issues, which were easily absorbed as a result of contrary, owing to the operation of the Autonincreased Italian savings deposits. omous Amortization Office for Internal Public The general index of stock prices makes a 1 The full report, available in Italian, contains in addition sections more favorable showing for the past year— dealing with the international financial situation, with individual industries, with the classification and examination of banks, with the due not so much to a general movement of operations of the various financial institutes, and with the operations and personnel of the Bank of Italy and other matters of detail. prices as to the movement of particular groups For earlier reports see FEDERAL RESERVE BULLETIN, July, 1928, and of securities favored by the public. August, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

381 JUNE, 1929 FEDERAL RESERVE BULLETIN Italian exchange operations with foreign the centers of consumption. For the first countries in 1928, with few exceptions, were car- six months of 1928 imports were, in fact, ried on within the gold points.1 These operations smaller than in the corresponding period of fall into two periods—a period of steady down- the year before; but in the second half of the ward pressure from the beginning of the year year they increased, exceeding the 1927 figures until the autumn, followed by a period of mod- by approximately 28 per cent. Exports deerate improvement until the close of the year. clined steadily, on a half-yearly basis, from the The dollar rose from its lowest average of beginning of 1927 until the end of June, 1928; 18.89 lire per dollar in February until it they rose considerably, however, in the secreached its highest point of 19.12 in September ond half of the year, almost reaching the and then declined to 19.09 in December. The figures shown for the second half of 1927. pound sterling, from an average quotation of At present the general situation shows a more 92.08 lire, rose to a maximum of 92.83 in July; satisfactory trend which should continue durit declined to 92.57 in November and stood at ing the current year. 92.65 at the end of the year. A similar Thus the entire deficit in our trade balance movement was noted in the case of Swiss and for 1928 appears to be the result of excep- French exchange, the average quotations of tionally heavy imports, rather than of unusuwhich fluctuated between 368.11 and 363.40 ally light Italian exports. The growth in our lire per 100 Swiss francs, and 74.75 and 74.25 imports is chiefly due to the following two lire per 100 French francs. factors: First, larger requirements for food- The moderate range of these fluctuations stuffs—for although agriculture enjoyed a reflects the influence of our currency reform. good year, and the world production of grain Within a period of little more than one year increased, Italian harvests were deficient; after this memorable step it is a matter of secondly, replenishment of our stocks of raw record that Italian exchange has remained materials, which had been reduced during the generally stable in the face of disturbed previous year because of the revaluation conditions in international money markets and process which both preceded and followed an adverse balance of Italian foreign trade. stabilization of the lira—the purchases abroad Balance of international payments.—Our of raw material coming after the 1927 crisis. foreign trade balance was less favorable for These increased purchases, however, indicate 1928 than for the preceding year; total imports a genuine recovery in the country's industrial of 22,041,000,000 lire ($1,159,357,000) com- activity. The decline in exports may be pared with total exports of 14,527,000,000 lire attributed to a greater domestic demand for ($764,120,000) resulting in a deficit of 7,514,- Italian products, accompanied, as has been 000,000 lire ($395,236,000), whereas in 1927 stated, by a marked decrease of exportable imports were less by 1,666,000,000 lire ($87,- agricultural commodities.3 632,000) and exports were greater by 1,205,- Furthermore, the change which has taken 000,000 lire ($63,383,000).2 place in emigration and in the situation of These figures in themselves have no great Italians in foreign countries has diminished value as indicating the character of the trade the former abundant flow of remittances to movement during 1928, because of the changed Italy. The improvement in our foreign exconditions of industry and trade during the change quotations also contributed indirectly past two years. During 1927 the revalua- to this result, because it removed a potential tion of the lira culminating in the currency source of exchange profits which those making reform reacted on the manufacturing indus- remittances to Italy formerly enjoyed. In tries which, under the influence of unstable addition to cutting down the flow of emiprices, made greater efforts to dispose of their grants7 remittances, decreased emigration, by stocks of commodities than to procure new leading to enlargement of population of the supplies of raw material. Imports did not State and therefore to increased consumption, show the influence of the greater domestic has reacted adversely on the balance of trade demand for foodstuffs to any great extent. with foreign countries. Later on, however, in 1928, this demand in- The present status of our balance of paycreased in volume because of reduced agri- ments may perhaps be attributed to a relative cultural production in the districts close to excess of expenditures on our part outside Italy 1 The royal decree of February 26, 1928, fixes the gold points at 3 Imports of foodstuffs and animal products were larger than in 1927 19,10 lire and 18.90 lire to the dollar. by about 670,000,000 lire ($35,242,000), while exports were less by 2 The figures for exports are not so reliable as those for imports, exports 520,000,000 lire ($27,352,000). Hence the deficit in the balance of trade being less under the control of the financial authorities. Probably export on account of foodstuffs was greater in 1928 by some 1,200,000,000 lire ifigures larger by at least 10 per cent would be nearer the reality. ($63,120,000). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

382 FEDERAL RESERVE BULLETIN JUNE, 1929 and a relatively large volume of foreign debts demand liabilities of the bank of issue, so that incurred by us.4 Probably also investment of with a legal minimum of 40 per cent against Italian capital outside of Italy in foreign issues these liabilities there is still an available surhas not been without its unfavorable influence plus reserve of about 3,000,000,000 lire ($158,on exchange quotations. Operations of this 000,000)—provided, of course, that we control sort have led directly and indirectly to an in- the volume of notes in circulation and exercise crease in transfers abroad and have influenced prudence in the use of bank credits. the balance of payments. During the past fiscal year the average vol- To improve this state of affairs it is neces- ume of ordinary transactions of the Bank of sary to pursue a conservative policy as regards Italy declined altogether by more than 2,000,note circulation; to institute strict measures to 000,000 lire ($105,000,000). This fact, tocheck excessive bank loans, even if this should gether with a- decline in deposits in current involve a relatively high discount rate; to account, explains the reduced note circulation hinder in every possible way the flight from and also the maintenance of the favorable Italy of capital which is needed at home; and reserve ratio, notwithstanding the employment to check excessive spending. of foreign exchange reserves as described above. Analysis of the invisible items in the inter- General progress of industry.—Italian innational balance of payments is not easy. dustry has made rapid progress in 1928. One There is no reason to believe, however, that year from the date on which the lira was these items during recent months have in- legally stabilized at a new par value—an creased sufficiently to cover in full the consid- event which enabled industry to eliminate erable deficit, which is shown by a comparison from production all speculative factors resultof commodity imports with exports. The ing from fluctuations in the value of the curtrade deficit, accordingly, will have to be met rency—it may be said that the difficult work in part by the use of foreign exchange reserves of adapting production to the new monetary as temporary cover for the payment of Italy's system has been almost completely achieved. adverse balance with foreign countries. During this laborious period of recovery our We must bear in mind, however, that a not industrial leaders have completely reorganized unimportant portion of these foreign exchange the productive capacity of their various organreserves had originated, prior to the stabiliza- izations by constant, painstaking effort along tion of the lira, against the issue of bank notes, the lines of technical improvement and finanall of which could not remain in circulation cial reconstruction. As a result, there has under the changed conditions obtaining in the been notable progress in the efficiency of domestic market as a result of the monetary industrial firms—progress which is being acreform. It is well known that such part of the tively furthered by the reorganization and State debt as was represented by bank notes better utilization of plant, by the elimination was liquidated by using for this purpose the of unnecessary factories or those operating on surplus values created in the metallic reserves an unprofitable basis, and by the coordination by revaluation, the notes issued on behalf of and amalgamation of similar concerns. Briefly, the State being charged to the bank. The efforts have been made to "rationalize77 prolatter could not, however, maintain indefinitely duction to a greater extent in order to cut down in circulation a volume of currency out of pro- production costs, to adjust prices to the income portion to the normal volume of business of the consumer, and to produce Italian comtransactions. Accordingly, a reduction of the modities which can be sold on foreign markets large reserve of foreign exchange at the Bank in the face of an increasingly severe interof Italy was inevitable in the absence of a quite national competition. unexpected shift in our commercial relations Signs of industrial recovery, noticeable here with other countries such as to turn the balance and there toward the end of 1927, became more of international payments in our favor. numerous the following year. Although during That is the explanation of the gradual decline the first half of 1928 the need was still apparent in foreign exchange reserves, shown in the of efforts to overcome the difficulties resulting table [omitted]. This table shows that the from the revaluation and stabilization of the ratio between the aggregate of all forms of lira, during the second half of the year, and reserve at the end of the last fiscal year especially in the most recent months, various amounted to about 56 per cent of the total important branches of industry have given evidence of a quickened activity. * It is estimated that, including the $100,000,000 Morgan loan, the debts Some of the significant indications of this incurred abroad up to and including February, 1929, amount to a total state of affairs are a notable increase in imports nominal sum of approximately $375,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1929 FEDERAL RESERVE BULLETIN 383 of raw materials needed by industry; a general not less than 40 per cent of the notes outstandimprovement in employment in spite of the ing and all other demand liabilities (demand unavoidable reduction of personnel caused by drafts outstanding, ordinary Treasury accounts, technical and administrative reorganization and and other demand deposits), the first article the increasing efficiency of hand labor; a con- stipulates that whenever the ratio between the siderable increase in the use of hydroelectric reserve and note circulation, after setting aside power; larger capital investments for industrial from the reserve an amount equivalent to purposes; the recovery of railway and maritime 40 per cent of the other demand liabilities as traffic; and a greater stability in the prices of provided for by law, should fall below 40 per raw materials. cent, but not below 30 per cent, a special tax Labor conditions everywhere have been shall be levied on notes not legally covered and orderly and peaceful, controlled by organized shall be equal to the rate of discount increased bodies. During the past year collective labor by one-tenth. For each additional 10 per cent contracts on a national basis were entered into decline in the ratio between reserve and notes more frequently. The organization of industry in circulation, the aforesaid special tax levied by syndicates, which has been extended and on uncovered notes shall be increased by an strengthened, is proving a useful element of additional one-tenth of the official discount rate. cooperation among the various classes of pro- When the bank reserve exceeds the legal ratio ducers. of 40 per cent of the aggregate of notes in circu- This does not mean, however, that all lation and other demand liabilities, there will troubles and difficulties have been overcome. be a margin of issue equal to the volume of While in some branches the improvement is notes which can be put in circulation before marked, in others the recovery is slower and the 40 per cent reserve ratio against demand less certain. Difficulties are frequently en- liabilities shall again have been reached. But countered because the demand for certain it is evident that even within this margin the goods is in excess of manufacturing capacity; bank of issue, which is the final regulator of or prices of commodities are out of line with the market, must carefully control its note circost of production; or the credit of customers culation; that is to say, the bank must not is uncertain—a factor which increases risk, increase the circulation in such manner as to creates lack of confidence, and discourages exert an unfavorable influence on the money enterprise. We can not, however, fail to market. recognize the important results achieved by Article 3 provides that the bank-note circumuch patience and hard work during a year lation, in excess of the legal reserves remaining which may be regarded by Italian manufac- after 40 per cent against other demand liabilituring interests as a period of genuine con- ties has been set aside, shall be subject to an solidation and efficient preparation for future annual circulation tax of 1.50 per mille. The increase in production. In the restoration of tax is computed on the 6-month average of initiative and in the increase of business activity note circulation, less the average amount of the accompanied by national order and peace, we reserves in gold and gold exchange. can discern the signs of a prosperous future for By authority of article 7 the bank may, Italian industry. whenever it appears desirable, convert into [A section is here omitted in which the situa- actual gold a part of its gold exchange reserve. tion in a large number of individual industries This authorization is given because of the disis described.] proportionate volume of gold exchange in the Legislative provisions.—It will be recalled reserve of the bank as originally built up in that Royal decree No. 1377 of June 17, 1928, anticipation of the monetary reform. The gave legal status to the agreements entered bank is also authorised to reduce its note circuinto between the Royal Treasury and the bank lation when such action is warranted by the on May 5, 1928, for the purpose of reorganizing general situation of the market, even if this the bank of issue in accordance with the basic course necessitates the sale of foreign exchange principles of the monetary reform. Although in its reserve. these agreements were fully explained at the All earlier provisions relative to loans to the last special general meeting which approved State have been abolished by article 4, which them unanimously, it does not seem out of confers on the Royal Treasury the right to place to give a brief summary of the principal request, and on the bank the right to grant, provisions. only temporary loans up to a total of 450,000,000 After restating the obligation of the bank to lire ($23,670,000) at an interest rate of 2 per maintain a reserve in gold or gold exchange of cent net per annum. Bank notes put into Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

384 FEDERAL RESERVE BULLETIN JUNE, 1929 circulation as a result of these loans are, as in Protection of deposits.—The necessity of the past, exempt from the circulation tax. giving legal effect to the basic principles of They must, however, be covered by a 40 per credit regulation became more urgent as a cent reserve in gold or gold exchange. result of the changes which took place, during Services to the Royal Treasury in the Prov- and after the war, in the credit situation in inces are to be rendered by the Bank of Italy Italy. without its having to give security (art. 6). The ease with which deposits could be The Government bonds deposited as security secured during the period of currency inflation therefore become part of the resources of the led to the establishment of many banks not bank. The expenses incurred by this service adequately provided with capital and perhaps are to be adjusted from time to time between not efficiently managed. Old as well as new the State and the bank. firms expanded their activities without limit, As cash balance for regular Treasury service, a establishing costly branches in order to acquire permanent fundof 50,000,000lire($2,630,000), in deposits of every type, even at very high rates place of the 30,000,000 lire ($1,578,000) formerly of interest. Consequently in a number of set aside for this purpose, has been deposited communities large sums flowed into the vaults with the bank. When the funds at the disposal of banks and bankers. These sums were of the Treasury amount to more than 50,000,000 invested in speculative operations, with the lire ($2,630,000), or fall below that sum, the result that capital was immobilized, and not^ Treasury or the bank, as the case may be, infrequently other interests were prejudiced. shall be charged net interest at the rate of 1% Under such conditions decrees No. 1511 of per cent per annum on the difference. Ordi- September 7, 1926, and No. 1830 of November nary deposits in the Treasury fund for account 6, 1926, could not fail of wide application, notof the State up to a total of 300,000,000 lire withstanding the fact that the legislature, ($15,780,000) constitute a demand deposit prompted by the desire to proceed gradually, and must, therefore, be covered to at least had restricted itself to considering only such 40 per cent by a gold or gold exchange reserve. matters as were most in need of regulation. The Royal Treasury may also have a fixed At any rate the situation was considerably imdeposit which shall not require a gold or gold proved, the acceptance of deposits and their exchange reserve in the bank. When the employment being so regulated as to eliminate total credit of the State for the Treasury the worst developments. service (that is, the amount of the demand Through the extensive organization at its deposits plus the fixed deposits) exceeds service the Bank of Italy has scrupulously 500,000,000 lire ($26,300,000), interest shall performed the duties assigned to it. It has be paid by the bank on the excess at the rate succeeded in systematizing this difficult work of 3 per cent per annum, as formerly. and in making it effective in practice. It has In respect to the relations between the bank prevented the establishment of new concerns and the Istituto di Liquidazioni, Article 9 of an undesirable type, as well as ill-advised states that the provisions of the decree law of expansions; it has moderated credit demands; September 27, 1923, shall remain in force, it has examined balance sheets and semiaccording to which, until the end of 1930, the monthly statements, has made inspections and portion of the annual profits of the bank dis- warned the various institutions to carry on no tributed to the shareholders and the State irregular practices, and has urged managements shall not exceed the amount thus distributed to introduce various desirable measures. All for the fiscal year 1922. All surpluses shall be these complicated and unceasing activities, applied to liquidation of the credit extended initiated at the end of 1926, are gradually by the bank to the Istituto. Likewise, three- assuming a more concrete form and are confourths of the annual proceeds of the new vincing the public that control is being exercirculation tax of 1.5 per mille (as well as any cised at all times and in all places, and that special taxes) shall be thus applied, as was done institutions which have not given proof of their previous to the monetary reform in the case ability to handle the funds of others properly of revenues derived from the former special will not be permitted to carry on credit transtax equivalent to the full rate of discount. actions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

385 JUNE, 1929 FEDERAL RESERVE BULLETIN BALANCE SHEET OF THE BANK OF ITALY AS OF DECEMBER 31, 1928 th L o i u r s e a n (i d n s) D (i s n o a l n t l h d a s o r ) s u l - th L ou ir s e a ( n i d n s) ( D i s n o a l n t l d h a s r o s ) u 1 - RESOURCES—continued Reserve: Gold at hortie- 5, 051, 944 265, 732 Bank premises __ 140,463 7,388 Unpaid capital.. 60,000 3,156 Other gold assets- Other resources. 642, 693 33,806 Balances abroad 4, 383,184 230, 555 Foreign Treasury bills _ 1, 635, 721 86, 039 Total resources.. 22,143,471 1,164, 747 6, 018, 905 316, 594 LIABILITIES Total reserve 11, 070, 849 582, 327 Notes in circulation 17, 295, 393 909, 738 State debt to the bank on account of gold < Demand drafts outstanding 716,086 37, 666 posited as collateral abroad 1, 836,187 96,583 Public deposits (Treasury accounts). 300, 000 15, 780 Other cash 102, 322 5,382 Other demand deposits _ 1, 525, 213 80, 226 Domestic bills 3, 720, 305 195, 688 Items for collection 36,413 1,915 19, 836, 693 1,043,410 Advances to customers. 1, 761, 897 92,676 Government securities 1, 080, 357 56, 827 Capital ._ 240, 000 12, 624 Statutory reserve 48,000 2,525 Due from domestic banks: Extraordinary reserve 12, 025 633 Clearing houses 173, 676 9,135 Undivided profits (net for the year) 57, 366 3,017 Others.. 81, 315 4,277 Current accounts 70,709 3,719 Fixed Treasury deposits 824, 775 43, 383 254, £ 13,413 Treasury deposit for account of "Instituto di Liquidazioni" 60,000 3,156 Interest due from Treasury for account of Other liabilities-._ 993, 902 52, 279 "Istituto di Liquidazioni" 14,569 Credit with "Istituto di Liquidazioni" 1,160, 012 61,017 Total liabilities. 22,143, 471 1,164, 747 1 Conversion at par: 1 lira=$0.0526. ANNUAL REPORT OF THE NATIONAL BANK OF HUNGARY The annual report of the National Bank of The undoubtedly great achievements of the Hungary for 1928, as presented to the meeting postwar period have not been accomplished of shareholders on February 4, 1929, contains without interruption. More and less favorable the following sections dealing with financial years have succeeded one another, and in order and economic conditions during the past year:* to get a true perspective for the whole period International situation.—During 1928 the one has to look back over several years. This restoration and legal reestablishment of cur- must be borne in mind in reviewing the events rency values based on the gold standard was of 1928 which, in comparison with the preput into effect in several additional countries as ceding year, hardly present a favorable picture. a prerequisite for regulated economic activities. Dark clouds hang in the horizon of inter- Of chief importance was the stabilization of the national politics, where negotiations are in French franc, since it largely influenced the process aimed at the solution of problems international flow of gold. Owing to our growing out of the World War and still awaitgeographical location, however, it is essential ing adjustment. On the great international for us to note particularly the steps of similar exchanges waves of speculation have risen character taken by some of the Balkan coun- once more, and the consequent demand for tries, which have either already adopted meas- funds has increased the difficulties of furnishures, as Bulgaria and Greece, or have indicated ing credit to those countries which depend for that they are about to introduce them. their supply of capital upon foreign nations. The growth of western European markets, The greatest economic accomplishment of especially England and France, has not been the first decade following the World War has sufficient to offset the refusal of American been the almost world-wide stabilization of capital to undertake further engagements in currency values. Primarily as a result of this Europe. As a natural consequence some deachievement interrupted international ecocline has been perceptible in the business nomic relations are being once more resumed activity of those countries whose requirements, on a sound basis, and speculation is giving owing to the insufficient supply of domestic place to honest work. capital, must be met largely from foreign sources. In all this the increasing dependence 1 The full report, available in German and in official English transla- of the economy of nations with limited capital tion as well as in Hungarian, contains in addition sections dealing with bank operations, personnel, etc. For earlier reports see FEDERAL upon foreign investment becomes apparent. RESERVE BULLETIN, August, 1928, June, 1926, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

386 FEDERAL RESERVE BULLETIN JUNE, 1929 General features of Hungary's economic tive figures, amounts to 366,000,000 pengos situation.—The cardinal problem of our eco- ($64,013,000), and is therefore larger than in nomic life, therefore, as is being recognized 1927. Since, however, other items in our more and more clearly, is that of building up balance of payments, although they are of domestic capital. Its solution can be brought smaller importance, tend nevertheless to inabout only through the greatest possible increase crease the debit total, the amount by which in the production of actual values, by sacrificing our outstanding debits increased, or our outthe gratification of present wants, and through standing credits decreased during the year the employment of the greatest possible por- 1928, may be estimated at approximately tion of such values produced and saved for the 500,000,000 pengos ($87,450,000). promotion of future welfare, or, in other words, It is evident that the keen competition offered for purposes of further production. While by foreign industries, of greater financial chief responsibility in this connection must power and producing in some instances at lower rest with industry which must develop a higher costs, has been a factor in bringing about the degree of initiative, we can not refrain from conditions described. Money is dear or unrenewing our appeal, addressed in last year's available altogether, with the result that trade report to the proper authorities, that freer is restricted to the use of mercantile credits in scope be given to private enterprise. Our tax the granting of which domestic manufacturers system is in urgent need of reform in various find difficulty in competing with foreign indusrespects. The budget surpluses of past fiscal tries. The increase in pur imports maybe years could be set aside as a reserve for such attributed partly to this circumstance. In possible losses in revenue as might be incidental their struggle for foreign markets the difficulties to such reform. Salutary effects in the direc- of Hungarian industries, particularly of agrition indicated would be obtained through a culture, have been aggravated by lack of more precise definition of the scope of govern- opportunity to sell at a profit. The undoubtmental functions and, following administrative edly heavy losses from which our agricultural and fiscal reforms at the earliest possible mo- industry suffered, in consequence of the fact ment, fixation of the legal ba,sis of commerce that grain stocks could not be marketed at and industry, since confidence in the permanent the opportune time, must also be greatly character of legal regulation is a most vital deplored from the point of view of the general prerequisite for the free development of public, because the purchasing power of the economic activity. country was thereby diminished. From a statistical point of view the economic While the rural communities have been deoutcome of the year 1928 can not be regarded pressed by the farmers' difficulties, the urban as unfavorable. Compared with the preceding population has complained of restricted means year the figures for total production show no of earning a livelihood. These phenomena, substantial changes either in agriculture or in which doubtless merit serious consideration, industry. Examination of the indexes of con- are, however, overestimated by our easily sumption, although these figures are of some- influenced public opinion, which inclines to what doubtful reliability, might justify the as- pessimism. This mass psychology, which is sumption that there has been an increase in pros- an essential factor in economic development, perity. Traffic figures also indicate progress. can not be disregarded. Superficial encourage- In considering apparently favorable figures, ment will not cure it; there is no way out, however, we must not lose sight of those except to weather the storm. We refer to the phenomena which can be expressed in figures inadequacy of our capital resources, to the either not at all or with difficulty, and which deficiencies in competitive power of our indusgive to the economic history of Hungary for tries, and to the lack of judgment displayed in 1928 a somewhat more gloomy aspect. the marketing of our commodities, only for There has been no improvement in the un- the purpose of pointing out the sources of our favorable status of our international balance of difficulties. We, may, however, derive compayments. Owing to the continued importa- fort and encouragement from the fact that not tion of foreign capital our interest charges have one of these conditions is of such a nature that increased from year to year; during the past it could not be remedied by our own efforts year we may estimate that they have reached through the exercise of determination and a the amount of approximately 120,000,000 spirit of public service. peaces ($20,988,000). The unfavorable bal- Agriculture.—Taking up the separate factors ance of our foreign trade, according to tenta- of our economic life, we may note that the hopes Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

387 JUNE, 1929 FEDERAL RESERVE BULLETIN which the farmers were justified in entertaining tained regarding a revival in exportation of during the spring months have materialized farm products as a result of recently concluded both in the volume and the quality of crops. commercial treaties have not materialized. There was little inducement for sales, however, The sale of our grain requires the conclusion owing to the decline of wheat prices caused by of preferential tariff agreements; our cattle exthe exceptionally abundant world crop; con- ports are declining, and removal of the obstacles sequently, liquidation of grain stocks was causing this decline is one of the most important extremely slow, and this, owing to the farmers' tasks of our commercial policy. The policy of lack of working capital, necessitated an in- adjacent industrial countries aims avowedly at creased resort to the use of credit. Thus, the an expansion of their agricultural production to profits expected by the farmers from an increase such a degree as to make them self-sufficient. in the harvest have been in large measure Sooner or later, therefore, we shall be comoffset on the one hand by interest charges, pelled to take our products to more remote which as the year advanced tended to become markets, although in these markets it will be heavier, and on the other by the constant even more difficult to compete with overseas recession of grain prices. The cattle raising nations, whose industries, free of regulation, industry has offered no compensation for this. are better able to take advantage of technical The drought during the summer months progress and are constantly lowering their manuaffected several ground vegetables and fodder, facturing costs. Greater attention must, thereso that the keeping of cattle became more fore, be given to the development of such an difficult, and cattle prices did not keep pace adaptable foreign-trade policy as will enable us with the rising prices of fodder. Measures to meet the constantly changing demand, and taken by the Government—including modifica- will supply consumers with our marketable tions of the sales tax and of railroad freight goods in the quickest and least expensive way. rates, introduction of the import permit Industries.—Among the several branches of system, and extension on favorable terms of production our manufactures present the most credits for fattening cattle—and favorable favorable picture. Our textile industry, as is autumn weather, while affording some relief, true of this industry in most foreign countries, did not offer a permanent solution of the must look back on a year which has been, in problem of rendering cattle raising profitable. comparison with previous years, less successful. Under the conditions described, it was not In the other branches of industry, however, surprising that the indebtedness of Hungarian with few exceptions, no substantial change is farmers, who suffer under the burden of pro- to be noted over the year; in some instances, duction costs which have handicapped them in especially toward the end of the year, a distinct world competition and in many instances have improvement was perceptible. In particular consumed all the profits of their work, should the gradual increase in the production and conhave increased rather rapidly. It should be sumption of coal indicates that our industrial noted, however, that this indebtedness, as may activity continues to be a material factor in the be seen from the official real-estate register, has economic reconstruction of the country. The until now amounted on the average to barely 8 process of concentration continued, especially per cent of realty values. On the other hand, in the iron and machinery industries, in the the fact that, compared with the preceding year, chemical industry, and also in the brick industhe consumption of artificial fertilizers has in- try; from these developments, as well as from creased by 12 per cent, while the import of trac- the formation of new companies in the textile, tors has almost tripled since the autumn of 1926, chemical, and paper industries, a further inis reassuring since these facts seem to prove that crease in the value of industrial production— in agriculture scientific methods are being used a factor of constantly increasing significance in in the struggle for prosperity. Further encour- our national income—may be expected. Exagement may be derived from enactment of ports of Hungarian manufactures, furthermore, laws and regulations which are intended to showed a gratifying increase of 33 per cent for bring into effect, as well as to regulate financially the first nine months of 1928, compared with the agrarian reform, and which will enable the the corresponding period of the preceding year. farming industry to obtain a substantial amount The fact, however, must not be overlooked of capital from abroad. that, in this field also, we are still in the initial How to secure for our agricultural surplus an stages of the work to be done, since the possioutlet abroad has become a matter of increas- bilities of export for our industrial products ing concern. The hopes which had been enter- have not yet been properly developed. 52985—29 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

388 FEDERAL RESERVE BULLETIN JUNE, 1929 Mercantile business.—It can not fairly be than the 1 per cent official increase in the bank said that 1928 was a good year for trade. That rate, so that interest rates generally quoted at stratum of society which, through the opera- the end of 1928 were only one-fourth to onetion of the peace treaty, wTas dislodged from its half per cent higher than at the close of the preformer position, can only gradually accommo- ceding year. Although the total volume of date itself to the changed conditions. The capital accumulation showed no increase for difficulties of finding suitable employment for the year, credit requirements were met without the intellectual classes tend to force individuals more than temporary strain. This was due in constantly increasing number into the mer- partly to the liberal credit policy pursued by cantile business. Lack of operating capital the bank of issue as to the eligibility of the induces overextension of mercantile credits; paper accepted, under the statutory requirethe lack of purchasing power, as well as the ments. Adoption of this policy was the more relatively large volume of stocks on hand, necessary for furnishing an adequate supply of causes an increasing number of commercial funds because foreign capital was used on a failures in Hungary. The number of such more limited scale during 1928 than during cases where arrangements with creditors were the preceding year. made during 1928 exceeded the number of the The stringency in foreign money markets, preceding year by 42 per cent, and for total particularly in the United States, increased liabilities involved the excess amounted to 80 steadily throughout the year and was especially per cent. Of the different branches of busi- noticeable in the case of short-term credits. ness, failures are still most numerous in the Increase in the amount of such credits—not textile trade, about 50 per cent of the total counting mercantile credits—may be estimated number of insolvencies occurring in that at approximately 100,000,000 pengos ($17,branch of mercantile business. 490,000)—that is, hardly more than half the The credit situation.—In respect to the amount of the year before. The volume of supply of credit, conditions in the first half of short-term foreign loans, however, would the year differed greatly from those prevailing probably not have been much larger even if later on. During the first few months money foreign money rates had been more favorable, was distinctly easier and money rates declined since any considerable increase would have by one-fourth to one-half per cent. This may been contrary to sound business principles be attributed partly to the usual seasonal de- and to that policy of caution which has estabcline in the demand for credit during the first lished the reputation enjoyed abroad by our months of the year, and partly to the circum- leading financial institutions that specialize in stance that the inflow of foreign credits, in- short-term credit. cluding long-term and short-term credits, con- During the year under review the granting tinued unabated until the end of the spring of long-term credits also was effected largely season. The increase of rates in the American with the aid of foreign capital. While foreign market, causing dollar credits to become dearer funds contribute in large measure to the inall over central Europe, was felt more keenly in creases of capital of our corporations, they are the early summer months. In the domestic predominantly important in the arranging of market the effect of these higher rates was long-term loans, for which domestic credit apparent in the rates on "Lombard77 credits sources are of but minor importance. The as early as July. On the discount market and nominal total sum of our foreign bond issues in fixing interest rates for provincial credits, may be estimated at approximately 280,000,000 the effect of this factor was for a time compen- pengos ($48,972,000), about equal to the volsated by the bank, which in order to lower ume of the preceding year. As to the distrirates for credits in the provinces, temporarily bution of these loans, however, an essential extended the credit facilities of the provincial change is to be noted in comparison with the banks. At the beginning of autumn, how- previous year, inasmuch as approximately 90 ever, the interruption of the inflow of foreign per cent of the loans went into private hands. capital, as well as the demand for credits Mortgage loans amounted to almost 120,000,000 resulting from the accumulation of our grain pengos ($20,988,000), as compared with only stocks, began to be increasingly felt. The 100,000,000 pengos ($17,490,000) the year bebank was unable to avoid raising the discount fore. As to bond issues for industrial purposes, rate—we shall come back to this point later— their nominal value—including the loan for the as a result of which interest rates in general construction of the trans-Danubian electric rose, although by an amount less on the whole power station—may be estimated at nearly Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1929 FEDERAL RESERVE BULLETIN 389 130,000,000 pengos ($22,737,000), while in the mestic account were in relatively small amount, preceding year no issues at all were floated the situation of the stock exchange throughout for industrial purposes. the year was depressed, and prices gradually From these figures it is evident that no declined. change has taken place in the willingness of Prices.—Our price indexes were on the whole foreign nations to furnish our country with above the level of the preceding year. The credit. Unfortunately, however, the develop- drought in the summer caused a sharp advance ment of the situation in the money and invest- in prices of foodstuffs, under the influence of ment markets is reflected in the prices of our which retail prices as well as indexes of the cost earlier bond issues, as well as in the terms of of living increased, reaching their peak in Seprecent flotations. Also the terms on which our tember. Some alleviation of the cost of living industries can obtain such loans through the was undoubtedly afforded by a measure taken respective sources have become more burden- by the Government providing, in contrast to some. From the point of view of the competi- the original plan, for a delay in the gradual tive power of Hungarian agriculture, handi- advance of house rents. As a result of this capped as it is by the lack of operating capital, measure, house rents during the year show an such an increase in the actual interest and advance of only about 15 per cent. sinking fund charges is to be the more regretted, Statistics of the development of trade—esas measures were taken during the year to pecially as reflected in clearings—indicate a make long-term credits available in more ample further growth which, however, is relatively volume to the owners of small farms. less than that of the previous year. For a Our financial institutions showed signs of proper interpretation of the statistics of clearcontinued healthy development. The increase ings we must take into consideration not merely of deposits in Budapest has generally been the natural tendency of trade to increase— equal to that of the preceding year, while in which must similarly be considered in the insome places in the Provinces, especially during terpretation of other economic statistics—but the second half of the year, the growth of also the fundamental changes in the nature of deposits came to a standstill. It was un- clearings, since payments other than in form fortunate that the slowness with which capital of actual cash are of growing importance. accumulated through the building-up of deposits As regards steamship traffic on the Danube, frequently led to excessive competition and to the opening of the free port at Csepel is an overexpansion of rediscount credits. . . . event worthy of note. It is to be hoped that In connection with the outline of our credit the capital invested in this large-scale entersituation mention should be made of some of prise may lead to a revival of the Danube the more important legislative measures steamship service, which has shown but slight enacted—first of all the law dealing with the activity since the war. revaluation of certain private debts, and those Public finance.—In contrasc with the incommeasures which provided for the assistance of pleteness of economic recovery, financial reconwar-loan bond holders with small incomes struction has made great progress. Surplus who had subscribed to these bonds in con- revenues amounted to approximately 95,000,siderable amounts. There was some further 000 pengos ($16,616,000) in the fiscal year legislation providing for the organization of an 1927-28, thus raising the total surplus realized institution for the granting of long-term mort- since the beginning of the reform to nearly gage loans. These laws modify the previous 400,000,000 pengos ($69,960,000) This showlegislation for the safeguarding of mortgage ing justified a liberalization of our tax policy bonds and debentures and provide for the which previously had to be determined entirely possibility of an issue of industrial mortgage by our urgent fiscal needs. This change of bonds. policy has already been put into effect in the Stock exchange.—With the accumulation of easing of certain sales and building taxes. . . . domestic capital so inadequate, increased ac- Condition of the bank, metal and foreign tivity on the stock exchange was to be expected exchange reserve.—The factors influencing our only in case foreign capital were attracted to credit situation have also brought about our securities. But, as foreign funds were at- changes in the condition of the bank. As tracted rather to other countries by the greater has been noted, during the first half of the opportunities for profit and the higher interest year our industries were provided with forrates obtainable on stock-exchange loans, and eign capital without difficulty. Our trade balas domestic capital was also invested in foreign ance ran parallel with that of the preceding securities, while sales effected abroad for do- year. Under these circumstances the changes Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

390 FEDERAL RESERVE BULLETIN JUNE, 1929 in our metallic and foreign exchange reserve increased nearly to the 400,000,000 pengos were in accordance with expectations. Con- ($69,960,000) mark. From the character of sistently with the agricultural character of this the holdings of discounted bills and of the country, exports customarily decline during reserve, as described, it became apparent that the first half of the year, so that the decrease while on the one hand the use of bank credit of the metallic and foreign exchange reserve in proportion to the domestic demand for during this period may be characterized as a credit was excessively large, on the other hand, regularly recurrent phenomenon. As against the inducement of the higher interest rates 317,500,000 pengos ($55,531,000) shown for the prevailing in foreign markets not only reduced end of 1927, the metallic reserve gradually fell the supply of available foreign short-term funds off to 263,100,000 pengos ($46,016,000) on but also affected adversely the inflow to the July 23. While there was a moderate reaction bank of foreign exchange resulting from exin August, it was only temporary. Our exports ports, and actively stimulated investment of of manufactures could not be increased. The domestic funds abroad. Under these circumadvance of 1 to 1% per cent in interest rates on stances the board of directors of the bank at foreign credits as against rates prevailing at its meeting on October 1 concluded that a 1 the beginning of the year reversed the direction per cent increase in the bank rate—from 6 to of flow for funds seeking short-term invest- 7 per cent—was unavoidable, as it became ments. In August and September the foreign clear that it was more important to correct placing of our long-term loans came to an the financial situation than to give domestic almost complete standstill, so that in Septem- trade the benefit of lower interest rates, even ber our metallic and foreign exchange reserve though they would reduce production costs. began to sink once more, reaching its lowest During the period following the increase of point of 252,100,000 pengos ($44,092,000) on the bank rate holdings of discounted bills September 30. Owing to the persistent reces- continued on the whole in normal amount, sion of grain prices and the failure of our trade reaching a high point for the year of balance to improve, the increase in the bank 417,400,000 pengos ($73,003,000) on the last rate had, during the remaining months of the day. This figure represents an increase of year, only a limited effect upon the metallic 19,000,000 pengos ($3,323,000) over the total reserve. During the last three months of the at the end of September, while the increase in year our reserve fluctuated generally between the corresponding period of the preceding 260,000,000 ($45,474,000) and 270,000,000 pen- year had amounted to 22,400,000 pengos gos ($47,223,000), and at the end of the year '($3,918,000). amounted to 263,600,000 pengos ($46,104,000). A notable development in the use of bank The holding of gold in our reserve showed a credit has been the evergrowing importance of further moderate increase, amounting on Debills discounted for the provinces and bills of cember 31 to 201,100,000 pengos ($35,172,000), agricultural origin. While the share contriband giving a cover of 39.1 per cent even to our reluted by the provinces in 1926 amounted, on atively high bank-note circulation on that date. an average for the year, to 48.7 per cent of the Increase in the discount rate.—Holdings of entire volume of bills, this ratio increased in discounted bills and warehouse receipts from 1927 to as much as 51.9 per cent, and in 1928 the beginning of the year were considerably to 53.8 per cent. One development connected above the level of the corresponding period in with the warehousing of grain stocks is found 1927. During the first three months of the in the relative increase in volume of warehouse year this increase—as figured from monthly receipts. While the amount of such paper at averages of weekly statements—exceeded 50 the close of the previous year has risen to per cent. . .. As a consequence of the slightly less than 4,400,000 pengos ($770,000), decline in the inflow of foreign capital around it amounted at the close of 1928 to as much as the middle of the year, and of the decrease in 7,900,000 pengos ($1,382,000). It is worthy exports, the greater demand for money during of note also that, during the second half of the the autumn months was reflected in an inyear, the demand for liquid funds at the end of creasing use of bank credit. After the end of each month was on the whole covered by the July the holdings of discounted bills continued discounting of bills at the bank of issue to a materially in excess of the volume of the premuch greater extent than during the preceding ceding year, September figures being 25.6 per two years. Our discounted bills were throughcent above those of the year before. At the out the year of prime character, as shown by end of September holdings of discounted bill the fact that the bank has not suffered any Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

391 JUNE, 1929 FEDERAL RESERVE BULLETIN loss from its discount transactions. This is in per cent. For the aggregate of bank-note ciritself the best sort of evidence of the efficiency culation and all other demand liabilities, thereof our examiners and of their thorough-going fore, the relative increase was smaller than for work, meriting the appreciation of stockholders the bank-note circulation alone, the average and management alike. annual increase amounting to 3.7 per cent. Note circulation.—In our note circulation Owing to change in the volume of State credit during the past year the underlying tendency balances, the downward tendency in the total of natural growth was again reflected. The amount of the note circulation became still annual average calculated from our weekly more pronounced toward the close of the year. statements shows that the actual note circula- While during the first three months of the year tion in 1928 was 5.3 per cent greater than in the aggregate note circulation was 11.6 per cent 1927. This underlying tendency, however, higher than in the previous year, the amount was less noticeable during the second half of from September on declined below the level of the year. While the average monthly note the preceding year, the December average circulation was higher, in March by 7.9 per being 5.4 per cent lower than in the correspondcent and in June by 7.3 per cent, than in the ing month of 1927. corresponding months of the preceding year, The seasonal diminution of the note cirbeginning with August the average exceeded culation at the beginning of the year was again that of the corresponding month in the observable in 1928. As in the preceding year preceding year by only 3.7 to 4.4 per cent. the note circulation attained its lowest point As token coins were only gradually put into on April 23 at 383,900,000 pengos ($67,144,000). circulation during the first quarter of 1927, a The aggregate volume of note circulation and fairer comparison is for combined totals of the demand liabilities however—owing to the detwo kinds of actual money in circulation, creasing trend of State credit balances—atnamely, bank notes and token coins. In this tained its low point on July 23, at 663,300,000 comparison the tendency toward a slower pengos ($116,011,000). rate of increase during the closing months State debt to the bank—Reserve ratio.—The of the year, as outlined above, becomes more increase in the note circulation and the decrease obvious, inasmuch as, while the average in the metal and foreign exchange reserve was aggregate circulation in January shows an reflected in the decline of the reserve ratio preincrease of 8.8 per cent as compared with scribed by the statutes. To a certain extent January, 1927, the rate of increase slowed this effect was intensified by the circumstance down to from 3 to 3.7 per cent for the period that the amount of the State debt to the bank— August-December. The average aggregate cir- under the agreement concluded between the culation was 5.1 per cent higher than the aver- State and the bank regarding amortizations— age for 1927. shows a further substantial decrease for the We get a slightly different picture if we take year, figuring in the balance sheet of the bank into account also the volume of demand de- at 97,200,000 pengos ($17,000,000), as against posits (current accounts) which, although sub- 111,400,000 pengos ($19,484,000) the year beject to the same reserve requirements as bank fore. Reflecting a substantial decrease in the notes, are less important from the point of view note circulation, the reserve ratio, as compared of purchasing power. In our discussion of with the ratio at the end of 1927 when it stood public finance we have already noted that the at 46.41 per cent, moved on a higher level durbalances in our favor in the State accounts de- ing the first half of the year, the highest point clined in the second half of the year below the of 49.46 per cent being attained on March 23. level of the preceding year. Since, however, In the second half of the year, however, the these balances during the first half of the year ratio fell off gradually and reached its low were at their highest level, the average annual points of 40.09 and 40.11 per cent on October amount of State credit balances exceeded 31 and December 31, respectively. somewhat—by 0.5 per cent—the average of the Cooperation among banks of issue.—During preceding year. The so-called " other" de- the past year we have taken a more active part mand deposits, much smaller in amount (pri- in the cooperation of banks of issue. Particuvate credit balances on current account), show lar mention should be made of the conference an average annual volume greater by 16 per of directors of research bureaus of central cent than in the preceding year, so that the banks, which was held in Paris last spring and total amount of demand liabilities (including devoted its attention to developing and making those of the State and others) exceeded the more useful the statistical and other informaannual average of the preceding year by 1.4 tion services. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

392 FEDERAL RESERVE BULLETIN JUNE, 1929 BALANCE SHEET OF THE NATIONAL BANK OF HUNGAKY AS OF DECEMBER 31, 1928 Pengos Dollars * Pengos Dollars » (in thou- (in thou- (in thou- (in thousands) sands) sands) sands) RESOURCES LIABILITIES Metallic reserve: Capital 34,756 6,079 Gold coin and bullion, foreign and commer- Surplus _ 6,951 1,216 cial gold coin (1 kilogram of fine gold=3,794 Note circulation: pengos) 201,083 35,169 Pengo notes 511,172 89. 404 Foreign bills of exchange and curriencies in- Crown notes - 2,288 400 cluded under art. 85 of the bank statutes 54.003 9,445 Silver ._„ _ 792 139 Total note circulation _ _ 513,460 89,804 Token coin..- 7,674 1,342 Current accounts, deposits and other liabilities payable on demand: Total metallic reserve __ 263, 552 46,095 Public - 209,698 36, 676 Domestic bills, warrants, securities 417,411 73,005 Private 31,116 5,442 Advances on securities _ _. 47 8 Total 240,814 42,118 State debt 97, 244 17,008 Bank premises _ 6,170 1,079 Other liabilities-__ .-. 66,942 11,708 Other resources __ _ 94,172 16,471 Profits carried forward to 1929._ __ 2,553 447 N"pfr nrofit5? for 1928 13,119 2,295 Total resources 878, 596 153,666 Total liabilities 878, 596 153, 666 i Conversion at par: 1 pengo=$0.1749. ANNUAL REPORT OF THE CENTRAL BANK OF.CHILE The third annual report of the Banco Cen- banks, interest rates have been showing a contral de Chile, covering the year 1928, was sub- stant tendency to decline to lower levels. mitted to the superintendent of banks on It was also felt that it would be advisable March 15, 1929. Sections of the report deal- to take advantage of the ease in the money ing with financial and economic developments market to put the discount rates of the Banco during the year are given herewith:l Central on a lower basis, so that if later it General situation.—The year 1928 showed becomes necessary to raise them in order to steady progress in the commercial situation of correct an unfavorable situation, such as a Chile, the principal products, nitrate and crisis or a period of excessive speculation, the copper, have considerably increased their pro- basic point would be lower, thus avoiding a duction, agriculture has had a satisfactory rise to a rate injurious to the business interests year, extensive building is going on in many of the country. parts of the country, and the Government Interest rates on deposits.—For a long time finances are in good condition. Interest rates past the banks of Chile have been paying exhave fallen and money is plentiful for all cessively high rates of interest on deposits of sound business needs. The outlook for 1929all classes, and these rates did not decline in is good. harmony with the general decrease in interest Discount rates.—Until October 22 the dis-rates in the country. A number of efforts were count rates fixed by the bank on December 12, made to obtain an agreement among the banks 1927—6^ per cent for operations with banks for a reduction of the rates of interest paid on a,nd 7J^ per cent for operations with the pub- deposits, but without success. lic—remained unchanged. On that date these In view of the failure to obtain an agreement rates were reduced to 6 and 7 per cent, respec- on this subject, Congress passed a law authortively, and they continued at those points izing the Banco Central and the banking superuntil the end of the year. intendent, acting jointly, tof ixm aximum rates The board of directors reduced the rates of which the banks can pay. The Banco Central discount in October in order to adjust the rates and the banking superintendent issued a joint of the Banco Central to the prevailing interest circular fixing these rates . . . rates for high-grade paper. Due to the steady Exchange.—. . . Exchange rates have reincrease in the deposits in the commercial mained very steady at all times. The lowest point for 90-day sterling drafts during the 1 Taken with minor textual revisions from the full report, available year was 39.38 and the highest 39.708 pesos in official English translation published by the bank; it contains in addi- to the pound, the difference of about 33 points tion sections dealing with bank operations, personnel, etc. For earlier reports, see FEDERAL RESERVE BULLETIN, June, 1928, and September, being less than 1 per cent. 1927. Exchange ruled fairly low during the first half of the year, reaching its low point in March, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1929 FEDERAL RESERVE BULLETIN 393 was firmer during the last half of the year. Operations with the Government.—The This is due to the greater offering of nitrate Banco Central has continued to serve the drafts during the first part of the year, corre- Government in every way in its power, and the sponding to the active season in this industry. relations have continued completely harmo- Several times during the year the Banco nious and entirely satisfactory to both parties. Central has entered the market as a seller at No new loans were made to the Govern- 39.70 to prevent rates going too close to the ment during the year, and the holdings of gold export point. The bank has also pur- Government bonds have only varied slightly. chased large amounts of foreign currencies from The total of Government obligations has althe Government in connection with foreign ways been well within the limits set by the loan issues. law, and it is worthy of note that the Govern- Transfers.—The Banco Central effects trans- ment deposits in the bank are almost always fers between its offices free of charge. This considerably in excess of the bank's holding of service has been of great benefit to the banks Government paper. and business interests of the country, as it During the first part of the year the Governfacilitates the transfer of funds to the section ment closed its branch fiscal office in London, of the country where they are needed, thus preand since then all the financial transactions venting shortages of currency at some points of the Government abroad have been carried and excess accumulations at others, with reout through the agency of the Banco Central. sulting premiums or discounts for the paper currency of the country. It has also a tendency Old Government note issues.—The amount to bring interest rates to nearly the same level of the old Government note issues outstandin all sections. . . . With the opening of ing at the first of the year was about 44,000,000 new offices of the Banco Central these facilities pesos ($5,334,800). This has been reduced will have a more extensive application. during the year to below 17,000,000 pesos ($2,068,900). Clearing houses.—The Banco Central has The responsibility for the payment of all continued to operate clearing houses for the these issues was assumed by the Banco Central benefit of the banks in the cities where it has when it opened for business, and the original offices—that is, in Santiago, Antofagasta, Valamount of about 405,000,000 pesos ($49,488,paraiso, and Valdivia. By this means the 500) has been reduced until it is now under banks are enabled to collect with the utmost 17,000,000 pesos ($2,068,900). facility the checks on other banks received by The greater part of these old issues now them, the balances being settled by debits or outstanding are probably lost or destroyed, credits on the books of the Banco Central, thus and Congress therefore passed a law providing avoiding the handling of money in effecting the that after September 1 next the Banco Central settlement of such balances. The volume of would be relieved from the obligation to redeem business passing through these clearing houses the notes then outstanding and this obligahas increased considerably. . . . tion would, from that date, be assumed by The statistics of the clearings are very interthe national Government. The Banco Central esting as showing the volume of business activwill, on that date, return to the Government ity of the country, but they are incomplete, as an amount of money equal to the amount of many checks do not pass through the clearing the gold Government notes then outstanding. house, being deposited in the bank on which they are drawn. The banking superintendent and the general statistical office therefore requested the banks to submit figures each Silver coins.—During the past year Congress week showing the totals of their debits to de- passed a law changing the form of the silver posit accounts during the week. These figures and nickel coins of the country, with the are sent to the Banco Central and are com- object of making the silver coins smaller and piled and published by us and by the general more convenient. The nickel coins will be of statistical office. They reflect much better about the same size as at present but will be than the figures of the clearing houses the perforated to distinguish them from the silver business activity of the country. . . . coins. The gathering of these figures was only be- The new coins will be put in circulation as gun on July 1, and so far covers only the banks soon as the mint can coin a stock sufficient for in cities where the Banco Central maintains an the needs of the country. The Banco Central office—Santiago, Antofagasta, Valparaiso, and will cooperate with the Government in effecting Valdivia. the exchange. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

394 FEDERAL RESERVE BULLETIN JUNE, 1929 The new silver coins will be of 1 and 2 pesos, The changes are due to new issues or transfer 720 fine, weighing 6 and 12 grams. The new of shares because of increases or changes in the nickel coins will be of 5, 10, and 20 centavos. amount of the capital and reserves of the Section of economic research.—A committee member banks. All the banks in the country of the board of directors has been named to must readjust their share holdings in the Banco organize and direct a department of the bank Central so as to hold shares amounting to to be devoted to economic research. exactly 10 per cent par value of their capital This department is to accumulate statistics and reserves as of June 30 each year. regarding the business and economic condition In making these readjustments the banks of the country to guide the administration of having an excess number of shares can sell the bank in its work, to make such investiga- such excess in the market or can transfer such tions regarding the commercial and financial excess shares to shares of class D and continue situation of the country as may be useful to the to hold them if the total amount does not exceed bank, to study new theories and trends of 5 per cent of the member bank's capital and thought throughout the world concerning cen- surplus. tral banks, and to attend to the publications If the member bank has to purchase shares of the bank. in connection with this readjustment it can purchase the number needed of class D in the open market and have them exchanged for the same number of shares of the class needed, or Branches.—No new branches have been it can buy the shares from the Banco Central. opened by the Banco Central during the year, In this latter case the price is either the book but properties have been purchased in Iquique value or the average price in the market during and Concepcion, and work is well advanced on the previous year, whichever is higher. buildings in those cities, and it is expected that offices will be opened in those cities early in 1929. Profits.—Article 99 of the bank law provides that 20 per cent of the net profits of the bank shall be passed to surplus account until it is During the year the agencies of the bank equal to one-half the paid-in capital; also have continued to perform their functions to the 5 per cent to a special fund for the benefit of entire satisfaction of the public and the adminthe employees, and from the balance a dividend istration of the bank. of 8 per cent. Building.—On December 17 the bank opened The profits for the six months ending June for business in its new building . . . which 30 and December 31 of last year left a considhas been under construction for almost two erable excess after making these distributions. years. The cost of the new building, including Therefore, in conformity with the law cited land, up to December 31, 1928, was somewhat above, this excess was used to pay to the Govmore than 8,666,000 pesos ($1,053,000), but this ernment a special tax of 4 per cent of the paidwill increase somewhat as there is still work to in capital of the bank, and an equal fund was do to finish the building entirely. used to pay an additional dividend to the shareholders and to increase the special surplus fund. The board of directors has continued its policy Capital.—The number of shares outstanding of assuring the shareholders a regular dividend at the beginning and end of 1928 are shown of 10 per cent per annum, and to this end did below: not pay out all the above-mentioned amount as dividend but paid an extra dividend of only 2 Dec. 31, Dec. 31, per cent, using the balance to increase the 1927 1928 special surplus fund, which was begun in 1926 and which is destined to insure regular divi- Class A 20,000 20,000 dends. Class B 37, 002 37, 739 Class C __ 22, 807 22,260 In the second six months of 1928 there still Class D 9,704 10, 626 remained some undistributed profits, which, in Total 89, 513 90, 625 conformity with the law, were distributed 75 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1929 FEDERAL RESERVE BULLETIN 395 per cent to the Government and the other 25 with such comments on the statistics and the per cent to increase the special surplus fund. general business situation of the country as The surplus fund of the bank has also grown might be of interest and assistance to those by reason of the premium charged for the desiring to be informed regarding the commershares of classes B and C, which the banks are cial and banking situation of the country. required to purchase from time to time to ad- This bulletin is published in Spanish and Engjust their holdings of stock in the Banco Cen- lish and is circulated widely both in Chile and tral to exactly 10 per cent of their capital and abroad. surplus funds. BALANCE SHEET OF THE CENTRAL BANK OF CHILE AS OF DECEMBER 31, 1928 Publication of balance sheets, etc.—Each week the bank has submitted to the banking superintendent a report in the form prescribed Dollars * (in (in by him and showing details as required by law. thousands) thousands) These weekly reports have been published in the Diario Oficial, as well as in the principal RESOURCES papers of the country, and copies have also Gold ... 60, 204 7,327 Foreign gold coins 296 36 been sent to the various central banks abroad Silver and nickel 8,013 975 as well as to financial publications and im- Deposits abroad 476,836 58, 031 Checks on other banks 3,339 406 portant banks in all parts of the world. Government loans 1,997 243 Bills discounted 22, 408 2,727 Foreign bills purchased___ _ 2,232 272 Deposits with banking superintendent. 49 6 On June 30 and December 31 semiannual Branches and agencies 17 2 balance sheets have been prepared, and in Real estate 10, 574 1,287 Government bonds - 9,303 1,132 accordance with them the profits have been Interest receivable 1,706 208 Suspense accounts 435 53 distributed as provided by law. Paper for bank notes _._ 593 72 On March 3, May 5, September 1, and Octo- Total resources 598, 003 72, 777 ber 31 special reports were called for by the LIABILITIES banking superintendent, which were furnished Bank notes 334, 836 40, 750 in the form required by him and published in Government issues _ 16, 875 2,054 Demand deposits 104, 001 12, 657 the papers of Santiago and Valparaiso. Other deposits _ ._- 650 79 The second annual report of the bank was Time drafts outstanding _ 32, 653 3,974 Dividends unpaid... 3,537 430 published both in Spanish and English and Interest received but not earned 174 21 Suspense accounts 2 extensively circulated both in the country Capital paid in_ _ 90, 625 11,029 and in foreign countries. Surplus 10, 265 1,249 Reserve for future dividends 4,385 534 In January the bank began the publication Total liabilities 598, 003 72, 777 of a monthly bulletin giving certain statistics relating to business and finance in Chile, together ^Conversion at par: 1 peso=$0.1217. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

396 FEDERAL RESERVE BULLETIN JUNE, 1929 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD HOLDINGS OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Month t T c ri ( o o 4 e u s t 0 n a ) l - i U S n ta i t t e e s d g ti e n n a - A l t i r u a a s * - - g B iu e m l- 6 B zi r l a 7 - a C d a a n ^ - l E a n n g d - » Fra 1 n 0 ce m G a e n r- y3 In 3 d 1 i 1 a Italy; p J a a n - 1 l N a e n e r t d - h s - 5 s R i u a s " - Spainli S la z w n e i r d t - - a c o tr o 2 t i h u e 4 e n s r - 1922-December 8,348 3,506 473 116 52 27 147 752 708 227 118 217 234 487 103 572 1923-December f 8,607 3,834 466 121 52 49 127 754 709 111 109 216 234 488 104 585 1924-December 8,938 4,090 444 121 53 54 151 757 710 181 109 218 586 203 489 98 601 1925-December 8,912 3,985 451 128 53 54 157 703 711 288 109 219 576 178 490 90 627 1926-December 9,185 4,083 451 107 86 56 158 735 711 436 109 221 562 166 493 91 634 1927-December 9,536 3,977 529 105 100 101 152 742 954 444 119 239 542 161 502 100 672 1928-June 9,749 3,732 622 109 111 140 104 838 1,136 496 119 259 542 175 503 86 694 July 9,840 3,737 622 110 112 140 98 857 1,173 524 119 263 542 175 503 86 August 9,879 3,749 621 110 112 143 101 1,190 536 119 263 542 175 503 87 September-._ 9,938 3,752 633 107 112 143 106 1,200 571 119 266 542 175 504 90 October 9,944 3,769 611 107 113 146 108 803 1,207 603 119 266 542 175 504 91 701 November. __ 9,991 3,754 610 107 115 148 133 778 1,239 625 120 266 542 175 494 91 702 December 10,000 3,746 607 108 126 149 114 750 1,254 650 124 541 175 494 103 702 1929-January 10,032 3,746 605 109 126 149 79 744 1,333 650 128 541 175 494 93 702 February 10,054 3,776 603 109 126 150 78 736 1,334 650 128 266 541 175 494 93 703 A M p a r r i c l h P P 1 1 0 0 , , 0 0 5 8 7 5 3 3 , , 8 8 1 8 4 9 P5 5 8 8 5 5 1 1 1 1 0 0 1 13 2 4 6 P1 1 5 5 0 0 P7 7 8 8 748 1 1, , 3 4 4 0 0 3 4 6 5 3 1 9 1 1 2 2 8 8 2 2 7 7 0 0 5 5 4 4 2 2 1 1 7 7 4 0 4 4 9 9 4 4 9 9 3 5 P P 7 7 0 0 1 7 May 3, 931 1.435 i P420 p Preliminary, based on latest available figures. 7 As of end of month for Bank of Brazil, last Saturday in month for r Revised. stabilization fund. 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 8 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. u Currency and gold standard reserves. * Figures for December as of end of month; for other months figures 12 Domestic holdings of Bank of Japan and the Japanese Government. of Bank of the Nation are as of end of month; figures of Government Figures are as of end of month, except that in 1928 figures for holdings conversion fund as of last Wednesday in the month. of the bank are as of last Saturday in month. No figure for December 6 As of last Monday in month. 1924, is available, the figure given being that for January, 1925. 6 As of last Thursday in month. 13 Reported as of day after end of month, u As of last Saturday in month. GOLD MOVEMENTS [In thousands of dollars] United States Germany Great Britain Netherlands South India Africa 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 rt - s p E o x r - ts Net p I o m rt - s p E o x rt - s Net • Net Net 1928—April 5,319 96,469 -91,150 29,834 822 29,012 11,760 2,943 8,816 66 19 47 -17,923 8,250 May 1,968 83,689 -81,721 1,175 688 487 18,746 5,498 13,248 157 379 -222 -17,339 8,664 June 20,000 99,932 -79,932 11,276 707 10,569 39,672 6,409 33,263 89 38 51 -21,028 6,238 July 10,331 74,190 -63,859 28,024 632 27,392 23,958 9,436 14,522 107 31 76 -16,919 2,124 August 2,445 1,698 747 14,058 765 13,293 24,055 20,180 3,875 125 22 103 -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 14,331 992 13,339 34,146 844 33,302 15,824 45,597-29, 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 26, 923 802 26,121 17,792 25,502 -7,710 170 65 5 -12,253 9,839 1929—January 48, 577 1,378 47,199 1,250 577 672 11,844 27,891-16,047 504 14 490 -16,607 4,730 February 26,913 1,425 25,488 1,338 764 574 12,347 21,383 -9,036 181 6 175 7,700 March _ 26, 470 1,635 24,835 1,701 804 897 25, 734 7,746 17,987 133 14,3201-14,187 13,063 April __ 24,687 1,594 23, 093 1,768 223, 247 -221,480 16,144 3, 714 12,430 165 2! 163 MOVEMENTS TO AND FROM GREAT BRITAIN MOVEMENTS TO AND FROM BRITISH INDIA [In thousands of dollars] [In thousands of dollars] 1929 1928 1929 i 1928 April January- Calendar year March JZT Calendar year From or to— April From or to— Im- Ex- Im- Ex- Im- Ex- Im- Ex- Im- Ex- 1 Im- Exports ports ports ports ports ports ports ports ports ports ports ports France _ 101 308 803 1, 236 912 97,178 England __ 2,318 4,666 11,071 Germany 19 1,102 42 2,834 258 102,423 United States 22 4,086 Netherlands _ _ 97 14, 368 810 145 7,081 Aden and dependen- Russia 18,582 cies __ . 99 267 910 Spain and Canaries 3 32 9,733 199 Arabia 164 360 870 Switzerland- 723 4,980 13,493 British Oceania 303 894 _ __ 5,067 United States 64 29,449 32,532 32,132 Bahrein Islands. _ 15 61 285 South America 1,003 1,052 1,166 1,074 Ceylon 243 243 720 British India ""956" 5,239 10,770 China 15 50 153 British Malaya 2 1,450 71 1,810 Mesopotamia _ _ 176 724 ...! 1,543 Egypt 58 1,303 1,309 1,384 Straits Settlements._ 12 3 14 200 48 Rhodesia 342 1,427 5,280 Egypt 470 1,006 : 6 714 Transvaal 14, 277 46,637 144,482 Natal 9,268 17,206 • 44,387 West Africa 330 1,188 6 3,384 16 All other countries.. 5 44 All other countries... 73 465 486 13, 394 14,803 26,978 Total 13,075 12 25, 509 15 ; 76,007 99 Total. 16,144 3,714 66, 069 60,733232, 658 294, 539 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1929 FEDEKAL KESERVE BULLETIN 397 CONDITION OF CENTRAL BANKS [Figures are for the last report date of month] 1929 1928 1929 1928 April March Fe a b ry ru- April April March Fe a b ry ru- April Bank of England (millions of pounds National Bank of Belgium (millions sterling): of belgas): Issue department- Gold 962 906 760 Gold coin and bullion 156.0 153.3 150.9 159.2 Foreign bills and balances in gold. 456 488 490 472 Notes issued 416.0 413.3 410.9 178.9 Domestic and foreign bills 764 746 738 557 Banking department- Loans to State 345 345 344 392 Gold and silver coin .5 .4 .4 1.3 Note circulation 2,431 2,412 2,432 2,106 Bank notes 58.8 51.5 58.6 44.2 Deposits 123 124 110 133 Government securities 44.3 50.6 43.0 29.1 Other securities 15.6 17.1 15.6 55.9 National Bank of Bulgaria (millions Discounts and advances 11.0 13.0 8.4 of leva): Public deposits 18.3 19.7 14.0 18.0 Gold 1,351 1,342 1,332 1,291 Bankers deposits 58.4 58.2 57.0 94.8 Net foreign exchange 1,750 1,836 1,934 Other deposits 35.7 36.4 36.7 Total foreign exchange 2,308 2,953 3,000 435 Reserve ratio1 (per cent) 52.7 45.4 54.7 40.3 Loans and discounts 1,471 1,485 1,377 881 Bank notes in circulation J 357.3 361.8 352.3 78.5 Government obligations 3,685 3,685 3,685 4,471 292.0 Note circulation 4,366 4,101 3,894 3, 797 Currency notes and certificates- Other sight liabilities 2,711 3,082 3,210 1,056 Bank of France (millions of francs): • 35, 788 34,186 34,038 Central Bank of Chile (millions of Gold 8,544 10, 577 11, 539 pesos): Sight balances abroad 18, 539 18,434 18,406 Gold at home 61 61 61 62 Foreign bills 8,737 9,160 7,502 Deposits abroad 463 413 423 513 Loans and discounts 5, 930 5,930 5,930 Loans and discounts 92 67 19 Negotiable bonds 62, 848 64,575 62,506 Note circulation 366 366 345 306 Note circulation 11, 876 11,617 12,300 Deposits 180 114 131 173 Public deposits 7,283 7,175 Other deposits Bank of the Republic of Colombia German Reichsbank (millions of (thousands of pesos): reichsmarks): Gold at home 25, 59" 25,395 25, 260 21,421 Gold reserve 1,719 2,553 2,643 1,955 Gold abroad 26,14: 26,554 34,197 34,124 Gold abroad 173 130 86 86 Loans and discounts 15, 273 16,954 10,400 8,620 Reserves in foreign exchange 99 36 90 168 Note circulation 48, 302 51,072 51,395 46,148 Bills of exchange and checks 2,790 2,296 1,876 2,493 Deposits 9.596 9,360 10, 754 9,307 Deposits _ 585 478 526 558 Reichsmarks in circulation 4,631 4,822 4,553 4,409 Czechoslovak National Bank (mil- Rentenmarks in circulation 498 515 517 626 lions of Czechoslovak crowns): Gold and silver 1,207 1,206 1,206 1,119 Bank of Italy (millions of lire): Foreign balances and currency. __ 1,688 1,781 1,841 1,669 Gold at home 5,125 5,126 5,059 4,772 Loans and advances 653 527 196 188 Credits and balances abroad 4,879 5,334 5,517 7,739 Assets of banking office in liqui- Loans and discounts 5,523 5,214 5,205 4,066 dation 411 422 425 479 Total note circulation 16,274 16,396 16,197 17,124 Note circulation 7,133 7,333 7,063 7,098 Public deposits 300 300 300 300 Deposits 466 350 405 310 Other deposits 1,844 2,125 2,340 3,365 Danish National Bank (millions of Bank of Japan (millions of yen): kroner): Gold 1,064 1,063 1,061 1,063 Gold 173 173 173 182 Advances and discounts 792 793 798 929 Foreign bills, etc._ 89 88 102 104 G N To o o t t v a e e l s r d n is e m s p u e o e n s d t i t . s b . onds 1, 7 2 1 4 8 7 9 7 5 1, 7 3 1 5 7 7 0 4 2 1, 9 2 1 3 1 7 9 1 2 1, 9 3 1 1 4 7 8 8 8 N D Lo e o a p te n o s s c i i a t r s n c d u l d at i i s o c n ounts. 35 7 3 9 5 3 35 7 2 7 1 7 3 6 3 4 4 0 2 3 3 7 5 1 0 2 Commonwealth Bank of Australia Bank of Danzig (thousands of Dan- (thousands of pounds sterling): zig gulden): Issue department- Balances with Bank of England.. 13,407 16,069 14,516 14,078 Gold coin and bullion 22, 578 22, 581 22,481 22,000 Foreign bills, etc 16, 032 13,967 18, 267 25,951 Securities 20, 340 21, 740 22, 741 22, 723 Loans and discounts 24, 228 25,329 21,194 23,146 Banking department- Note circulation 37,402 38, 739 36,923 35,404 Coin, bullion, and cash 1,728 1,524 1,436 1,582 Deposits 2,107 2,116 2,174 3,275 Money at short call in London 15, 460 17,403 18,638 10, 498 Bank of Estonia (thousands of Loans and discounts.. __. 11, 733 12, 552 12,187 12,943 krones): Securities _ 11,448 10, 252 9,377 12, 901 Gold.... 6,271 6,243 6,234 10, 281 Deposits _ 39, 649 42,083 41,144 39, 271 Net foreign exchange 19, 803 22,257 22,980 28,012 Bank notes in circulation 38, 841 39, 635 40, 763 40, 524 Loans and discounts 30, 048 31, 628 31, 339 28, 327 Note circulation 34, 728 36,259 35,760 39,033 Austrian National Bank (millions of Depositsschillings): Government 12,044 14,594 16,313 14,897 Gold 169 169 169 117 Bankers 3, 705 2,208 1,876 1,852 Foreign exchange of the reserve.. 197 210 209 298 Other 2,702 2,934 3,101 4,396 Other foreign exchange 346 357 361 275 Domestic bills 207 188 164 125 1 Ratio of gold and notes in banking department to deposit liabilities. Government debt 110 110 116 168 1 Notes issued, less amounts held in banking department and in cur- Note circulation 995 1,004 977 947 rency note account. Deposits 38 33 45 38 3 New form of bank statement adopted in June, 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

398 FEDERAL RESERVE BULLETIN JUNE, 192» CONDITION OF CENTRAL BANKS—Continued [Figures are for the last report date of month] 1929 1928 1929 1928 April March Fe a b ry ru- April April March Fe a b ry ru- April Bank of Finland (millions of Fin- Bank of Poland (millions of zlotys): nish marks): Gold at home 428 427 426 380 Gold. 302 302 313 Gold abroad 195 195 195 182 Balances abroad and foreign Foreign exchange of the reserve... 483 530 544 568 credits..- 661 706 935 Other foreign exchange 94 129 154 212 Foreign bills 8 11 14 26 Loans and discounts 783 790 745 550 Domestic bills 1,323 1,355 1,360 866 Note circulation 1,274 1,333 1,249 1,126 Note circulation 1,556 1,596 1,523 1,619 Current account of the treasury. _ 338 270 387 343 Demand liabilities 217 265 376 217 Other current accounts 153 242 206 205 Bank of Greece (millions of drach- Bank of Portugal (millions of escumae) : * dos): Gold 570 565 560 Gold 9 9 Net foreign exchange in reserve- 3,470 3,472 3,446 Balances abroad 314 326 329 202 Total foreign exchange 4,893 4,588 4,605 Bills _ 278 280 280 228 Loans and discounts 108 123 127 Note circulation 1,798 1,852 1,880 1,825 Government obligations 3,656 3,790 3,790 Deposits 70 72 72 77 Note circulation 5,617 5,488 5,465 National Bank of Rumania (millions Other sight liabilities 1,856 2,122 2,136 of lei): Gold at home 5,049 5,021 5,011 5 4,920 National Bank of Hungary (mil- Gold abroad 3,592 3,591 3,264 s 3, 644r lio G A F L N O n o o s o d o t h r a l v t o e d e e n a f i r s g n c p n a c i a e r s e n n c b s s d u e g i l t t l o l d s o _ a s s i t , ) s i t : o r e c e n o t a c u s . n u ts ry.- 4 1 3 9 8 7 7 3 5 2 5 7 0 3 9 2 3 4 8 0 4 2 9 5 6 4 5 2 2 8 2 4 3 1 4 5 9 0 1 1 3 1 2 4 4 4 4 3 1 1 1 7 8 2 9 9 0 9 5 0 5 7 6 F N L D S O o t o o e t a r h a p t t e e n e e o i r s g s c d i n f i a t e o r s n c b e r d e u t x i l c g d a h n t i a i s o n c e n _ g o x e u c h n o a t f s n t g h _ e e re _ _ se _ rve.. 1 2 9 9 7 6 , , , , , 5 4 6 5 3 9 2 2 7 6 8 6 0 7 2 0 7 8 2 1 1 3 8 0 0 1 0 , , , , , , 0 6 9 1 1 0 5 5 6 3 5 8 1 4 5 1 3 0 2 1 4 4 0 2 ( ( , , , , 0 3 0 6 ) 1 ) 0 7 8 0 0 4 5 4 6 2 1 1 ( ( 1 1 0 2 6 ) , , , ) , 0 6 2 1 2 7 4 2 7 9 8 1 Deposits 154 216 255 State Bank of Russia (thousands Miscellaneous liabilities 66 75 142 of chervontsi): Loans and discounts 358, 006 358, 006 356, 212 315,175 Bank of Java (millions of florins): Deposits 206,156 206,156 206,375 189,199 Gold 167 169 174 Issue department— Foreign bills 28 37 22 Gold. 17,883 17, 883 17, 885 15, 808 Loans and discounts.. 82 81 Other precious metals 4,359 4,359 4,340 2,871 Note circulation 304 300 304 Foreign exchange__ 9,165 9,165 9,219 7,557 Deposits 42 50 47 Note circulation- 110, 212 110, 212 108,365 95, 768 Bank of Latvia (millions of lats): National Bank of the Kingdom of Gold. _ 24 24 24 Serbs, Croats, and Slovenes (mil- Foreign exchange reserve 57 71 73 lions of dinars): Bills.-. __ 86 82 82 Gold 92 92 91 90 Loans 54 47 43 Foreign notes and credits 192 192 185 263 Note circulation 45 44 40 Loans and discounts 1,619 1,655 1,614 1,520 Government deposits. 105 102 117 Advances to State 2,966 2,966 2,966 2,96& Other deposits 75 59 Note circulation 5,212 5,265 5,159 5,325 Deposits 891 729 750 875 Bank of Lithuania (millions of litas): South African Reserve Bank (thou- Gold sands of pounds sterling): Foreign currency _ Gold 8,049 8,206 7,757 8, 026 Loans and discounts.._ Foreign bills 7,706 7,713 7,064 8,513 Note circulation 93 Domestic bills 1,431 1,412 933 804 Deposits 70 Note circulation 8,755 8,684 Deposits- Netherlands Bank (millions of flor- Government 2,392 1,613 1,679 ins): Bankers 5,140 5,613 4,964 5,036 Gold _ 432 423 435 435 Others 311 244 263 234 Foreign bills... 42 167 190 Bank of Spain (millions of pesetas): Loans and discounts 252 172 219 Gold 2,560 2,560 2,559 Note circulation... 840 783 776 853 Silver 720 716 713 704 Deposits... 27 10 32 32 Balances abroad.. 96 95 93 41 Loans and discounts 1,719 1,837 1,696 1,731 Bank of Norway (millions of kroner): Note circulation 4,258 4,243 4,294 4,250 Gold 147 147 147 147 Deposits 1,070 980 1,029 1,020 Foreign balances and bills 56 49 36 49 D N Fo o o r m t e e i e g c s n i t r i c c d u e c l p a r o e ti s d o i i n t t s s 3 2 0 7 8 1 3 3 2 1 7 2 2 4 3 2 0 6 2 1 6 3 2 2 9 2 1 3 Bank G F o o o r l f e d S ig w n e b d i e ll n s , ( e m tc illions of kronor): 2 1 3 8 5 6 2 1 3 8 5 9 2 1 3 9 5 9 2 13 3 7 2 Total deposits... 114 91 125 N Lo o a te n s c i a r n c d u l d at i i s o c n ounts 3 5 6 1 4 8 3 5 7 4 4 4 4 3 9 3 9 1 3 5 9 0 5 1 Reserve Bank of Peru (thousands of Deposits 174 186 196 libra): Swiss National Bank (millions of Gold 4,169 4,215 4,266 4,111 francs): Gold against demand deposits.... 247 201 150 305 Gold 493 481 482 435 Foreign exchange reserve 827 790 815 965 Foreign balances and bills 247 218 181 211 Bills.. 1,793 1,717 1,574 1,625 Loans and discounts 201 242 241 220 Note circulation 6,046 6,075 6,021 5,913 Note circulation 875 886 843 845 Deposits... 493 401 300 610 Demand deposits 112 111 77 72 * New form of bank statement adopted in May, 1928. fi Converted into the terms of the leu adopted Feb. 7, 1929. 6 Foreign exchange not reported separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1929 FEDERAL RESERVE BULLETIN 399 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 April March Fe a b ry ru- April March r F u e a b r - y J a a r n y u- March Nine London clearing banks (millions of pounds sterling): Joint-stock banks of Denmark (mil- I M A D n d e v o p v e n o a s e n s t y i m c t e s a e s t n a c ts a n l d l a d n is d c o sh u o n r ts t notice.. 1 1 , , 1 7 2 1 7 4 4 4 8 3 4 3 1 1 , , 1 7 2 1 9 3 4 3 5 9 4 4 1 1 , , 2 7 2 1 2 7 4 3 8 7 6 3 1 1 , , 1 6 2 1 3 9 5 3 2 0 3 2 lio L D D D n o s u u e a p e e o n o f f t s s o r k i o a t r m s f n o o d n a r f e n e o d i d r g r i ) e s n : c i c g u o b n r u a r n e b n t n a k s t n s k a s ccounts. _. 1 1 , , 7 9 1 3 2 9 6 9 2 0 9 1 1 , , 7 9 1 2 4 6 9 3 0 6 4 1 1 , ,9 7 1 8 1 0 5 6 1 4 9 2 1 , ,8 0 7 5 9 7 7 0 6 1 Six Berlin banks 1 (millions of reichsmarks): Joint-stock banks of Finland (mil- B A M D D i c e u i l c s p l e s c e o e f p a s r l t i o n l a t a m d s n n c e t o e r o e s t u h a s s e u r l o r b y a a n n n s o ks tes _ 10 2 1 6 , , , , 2 9 3 4 0 0 0 6 5 3 9 4 3 9 6 1 2 7 1 0 , , , , 2 1 6 4 4 4 8 4 0 4 3 9 4 4 1 1 2 6 1 0 , , , , 0 8 9 1 4 9 1 6 8 3 4 9 3 4 5 2 5 8 , , , 1 9 4 9 3 1 5 2 4 9 3 1 4 3 7 lio L D D D n o s e u u a p e e o n o f f t s s o r F i o a t i a m s n n b d n r a o i d b s a h i r d s o c m a o d u a n rk ts s): 9 7 , , 7 6 2 5 8 2 8 0 2 5 7 1 7,4 2 5 6 5 1 2 2 8 9 7 , , 4 2 5 5 6 6 9 6 1 3 2 0 2 38 4 0 4 Tokyo banks (millions of yen): Three commercial banks of France T T T C o o o as t t t a a a h l l l o l d c o n l e e a p h a n o r a s i s n n i d t g s s _ _ 2 2 2 , , , 1 0 4 2 0 5 5 6 9 6 7 3 2 2 2 , , , 1 2 0 2 4 3 9 6 0 1 7 0 2 2 2 , , , 0 1 2 3 7 0 4 8 1 8 4 3 2 2 1, , , 9 5 2 9 1 5 9 5 5 (m B T L D il o i i e l l m i a l m o s n e n a s a s n d n a d e d o n p f d n d o f a e s a r t i p a d i t o o s n v s n c a i s a n t ) s l c : -d e e s fense bonds.. 2 3 1 0 3 0 , , , 9 2 3 7 7 2 5 0 2 6 7 3 2 3 0 9 3 , , , 6 5 4 5 7 3 3 8 3 5 4 9 j 2 1 6 5 7 , , 4 , 8 4 5 9 7 4 3 4 0 1 8 1929 1928 Four private banks of Italy (millions of lire): March Fe a b ry ru- u Ja a n ry - March C Bi a ll s s h d .. i . s counted _ 8 1 , , 9 16 3 3 8 3 3 1 9 , ,1 2 7 8 5 2 Due from correspondents 5,091 3 5, 090 Banks of Buenos Aires, Argentina Due to correspondents 13,523 3 14,177 (millions of gold pesos): Deposits 3,045 3 2,739 Gold- Bank of the Nation 125 125 125 123 Joint-stock banks of Norway (mil- Other banks 12 12 12 11 lions of kroner): Other cash- Loans and discounts 1,294 1,298 1,297 1,451 Bank of the Nation 125 144 148 139 Due from foreign banks 116 128 124 72 Other banks 190 197 202 213 Due to foreign banks 86 82 83 135 Loans and discounts- Rediscounts 102 101 102 176 Bank of the Nation 531 525 511 493 Deposits _ 1,568 1,588 | 1,587 1,649 Other banks. 870 862 851 755 Deposits- Joint-stock banks of Peland (mil- Bank of the Nation 772 780 734 lions of zlotys): Other banks 1,027 1,011 1,018 940 Loans and discounts P 809 796 I 783 623 Due from foreign banks P34 36 I 43 30 Chartered banks of Canada (mil- Due to foreign banks P 178 165 155 101 lions of dollars): Rediscounts _. P 147 152 155 125 Gold coin and bullion 2 63 64 64 Deposits _ P509 505 i 493 410 Current loans and discounts 1,560 1,506 1,481 1,439 Money at call and short notice... 560 597 595 468 Joint-stock banks of Sweden (mil- Public and railway securities 524 530 530 544 lions of kronor): Note circulation 189 162 158 177 Loans and discounts _ 4,130 4,137 4,119 4,111 Individual deposits 2,560 2,560 2,595 2,500 Foreign bills and credits abroad.. 265 266 274 271 Gold reserve against Dominion Due to foreign banks 151 122 126 156 notes ___ 58 59 59 93 Rediscounts _ 230 167 165 192 Dominion note circulation 205 192 198 189 Deposits 3,540 3,527 3,530 3,518 i The merger of the accounts of the Mitteldeutsche Creditbank with those of the Commerz-und-Privatbank, which was begun in March, 1929, .has now been completed. 1 Not including gold held abroad. 3 Figures are for February, 1928. p 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 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 England Feb. 7,1929 Japan 5.48 Oct. 10,1927 Portugal 8 July 27,1926 Belgium 4 June 30,1928 Estonia Jan. 2,1928 Java Feb. 25,1929 Rumania. _. May 14,1929 Bulgaria 9 Dec. 15,1928 Finland... Nov. 16,1928 Latvia 6-7 Apr. 1,1928 Russia 8 2 Mar. 22,1927 Chile. 6 Oct. 22,1928 France 3^ Jan. 19,1928 Lithuania... 7 Feb. 1,1925 South Africa Jan. 9,1928 Colombia 8 Mar. 18,1929 Germany. Apr. 25,1929 Netherlands Mar. 25,1929 Spain Dec. 19,1928 Czechoslovakia- 5 Mar. 8,1927 Greece 9 2 Nov. 30,1928 Norway Mar. 27,1928 Sweden Aug. 24,1928 Danzig.. 7 Apr. 30,1929 Hungary.. 8 Apr. 24,1929 Peru.- 7 Mar. 7,1929 Switzerland- Oct. 22,1925 Denmark 5 June 24,1926 India 6 May 9,1929 Poland 9 Apr. 19,1929 Yugoslavia.. 6 2 June 23,1922 Ecuador 8 June 26,1928 Italy 7 Mar. 14,1929 Changes.—Bank of Danzig from 6 to 7 per cent on April 30, 1929; Imperial Bank of India from 7 to 6 per cent on May 9, 1929; National Bank .of Rumania from 8 to 9H per cent on May 14, 1929. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

400 FEDERAL RESERVE BULLETIN JUNE, 1929 MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) Netherlands (Amster- Switzerdam) land Month B a m a n a c o n c c n e k e s t p e h , r t 3 s - s' T m b re i o l a l n s s t , u h 3 r s y Da m y- o t n o e -d y ay o a B n l l a d o n e w k p a e o n r s c s i ' e ts d P is r r i c a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y- o t n o e -d y ay d P is r r i c a v o t a e u t n e t M 1 o m ne o y n t f h or d P is r r i c a v o t a e u t n e t 1927 April - - 4.04 4.04 3.64 3-234 4.61 6.57 5.63 3.47 3.72 3 13 3VIay 3.88 3.84 3.73 234 4.90 6.95 5.99 3.46 3.76 3.19 June 4.34 4.36 3.43 2tt 5.39 7.73 5.79 3.57 3.87 3 42 July 4.33 4.33 3.50 234 5.90 8.49 7.06 3.53 3.25 3 47 A usfust 4.33 4.35 3.61 Wi 5.82 8.38 5.81 3.45 3.40 8.44 September _ - 4; 32 4.33 3.55 234 5.90 8.30 6.00 3.56 3.82 3.39 October 4.32 4.33 3.57 234 6.69 8.72 7.19 4.11 4.29 3.38 November 4.33 4.34 3.62 234 6.76 8.72 6.03 4.50 4.73 3 39 December 4.31 4.31 3.44 2te 6.87 9.10 7.24 4.49 4.85 3.40 1928 Janu&rv 4.19 4.13 3.49 2H 6.27 7.66 5.16 4.29 4.10 3 29 February 4.18 4.18 3.63 2H 6.20 7.30 6.66 3.97 3.80 3.12 March _ 4.12 4.07 3.63 2H 6.72 7.51 6.81 3.97 3.89 3.20 April - 4.02 4.01 3.57 2H 6.71 7.57 6.64 4.18 3.93 3.29 May 3.97 3.95 3.58 2H 6.66 7.80 7.00 4.27 4.17 3.82 3.80 3.26 2H 6.59 8.08 6.37 4.18 4.11 3.40 July 3.99 3.97 3.27 234 6.74 8.18 7.74 4.10 3.84 3.44 August 4,27 4.26 3.50 2H 6.68 8.19 6.12 4.13 3.90 3 41 September 4.23 4.19 3.55 2H 6.65 8.58 6.65 4.39 4.35 3.38 October 4.35 4.37 3.80 2H 6.57 8.26 6.70 4.40 4.42 3.38 November 4.38 4.30 3.64 234 6.28 8.15 6.70 4.44 4.74 3.35 December 4.37 4.37 3.22 2\i 6.28 8.77 7.30 4.46 4.68 3.32 1929 January 4.32 4.29 3.41 2H 5.80 7.51 5.13 4.20 4.46 3.28 February 5.05 4.96 4.33 5.80 7.07 6.33 4.39 4.78 3.31 5.33 5.30 4.51 6.31 7.30 6.97 T4.64 r5.05 3.39 April 5.21 5.18 4.43 3H 6.63 7.57 6.85 5.32 5.80 3.45 Belgium France Italy Sweden (Brussels) (Paris) (Milan) Austria (Vienna) Hungary ( h S o to lm ck ) - 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 e 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 t e 1 h y c c i o a P l m r i p m m a e p e r e - r Da m y- o t n o e -d y ay L m oa t o o n n s t 3 h u s p Disc b o il u ls nted ov m e C o rn a n l i e l g y ht 1927 April 4.33 3.17 9.25 5H -5H 6^-7^ 63^-73^ 5^-6^ 4 -6 5.84-& 03 4.38-5. 29 May 4.23 2.46 8.50 634-8 6J^-7^ 5U-6H 4 -6 6. 57-7. 67 4. 38-4. 75 June - 4.17 2.25 7.60 5H -5^8 6H-7% 7 -7% 4 -6 6. 57-8. 76 4. 38-5.11 July 3.84 2.13 7.00 m -en 7 -&A 7H-8 6 -7 4 -6 6. 21-8.40 3. 65-5.11 Aucust 3.84 2.04 7.00 634 -6H 7}i-SU 7H-8H 6 -7Y4 4 -6 5.48-8. 03 3. 65-4. 75 September 3.75 2.01 6.81 634 -6Me 7 -8H 7^-8H 6 -7H 4 -6 5.11-7. 67 2.19-4. 38 October - - 3.87 1.82 6.50 6H -6M« 734-8% 7J^-8J^ 6 -7% 4 -6 4. 75-7. 30 2.19-4. 38 November 4.09 2.75 6.27 6H -6J4 734-8^ 7 -83^ 5H-7H 4 -6 5.11-7. 30 2. 74-4. 02 December 4.15 2.95 6.00 6H -6Me 7H-&H 5H-7H 4 -6 5.48-7. 67 2.19-5. 84 1928 January 4.08 2.81 6.00 6^-8 7H-SH 5fc-7H 4 -6 4. 38-7. 67 1.64-5.11 February 3.90 2.75 5.89 55,£ -5lHe 634-734 796-8H 534-7H 4 -6 4. 38-6. 21 1. 46-4. 02 March 4.10 2.72 5.75 5% -5^8 634-7H 734-83^ 5 -7H 4 -6 4.02-5. 84 2.92-4.02 4.25 2.62 5.49 5He -5H 6J4-734 734-8H 534-7^ 4 -6 4. 75-5. 84 2. 56-4. 02 May 4.25 2.62 5.25 534 -5% 634-734 7H-8H 534-7% 4 -6H 4. 75-5. 84 1. 46-4. 02 June 4.27 2.90 5.25 51Me-51M6 6M-834 7HSH 5fc-7% 4 -6H 4. 38-5. 84 1. 46-4. 02 July 4.02 3.12 5.25 5% -6J4 6%-834 7H-8H 5H-7H 4 -6H 4. 38-5. 84 1. 46-4.02 August 4.00 3.23 5.25 694 e -8J4 734-834 73-4-83^ hVi-7% 434-634 4. 38-5. 84 2. 92-4. 02 September 3.96 3.26 5.25 6Me -6)4 734-834 734-8H 53^-7^ 434-634 4. 75-5. 84 2. 37-4.02 October _ 3.94 3.37 5.25 6M 734-834 7H-9 6^-8H 434-634 4. 75-6. 21 2.92-4. 02 November 3.94 3.37 5.45 6^ 7ysn 7%-9 6H-8H 434-634 4. 75-6. 75 2. 01-4. 02 December 3.94 3.41 5.50 6H -6H 7H2-8H 7Ji-8% 6^-8H 434-6^ 4.93-6.94 1.83-6. 57 1929 January 3.94 3.50 5.83 6Me-63^ 7U-m 7H-8^ 4V4-6*4 1.46-5.84 Fpbruarv 3.94 3.39 6.00 6Me-6Me 7U-8H 7^-83^ 6X-8X 43^-63^ 2 01-4 02 ]Vtarch 3.94 3.37 6.31 634 -6% 734-834 7H-8^ 6>i-834 434-634 2.19-4. 02 April 3.94 3.44 6.75 6M6-7K 7H-m 4^-6^ r 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

JUNE, 1929 FEDERAL RESERVE BULLETIN 401 FOREIGN EXCHANGE RATES [Monthly averages of daily quotations.1 In cents per unit of foreign currency] (s A ch u i s l t l r in ia g) B ( e b l e g lg iu a m ) Bu (l l e g v a ) ria C ( z c v e r a c o k h w i o a n sl ) o- D ( e k n 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 a k nd a) 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 (*) 26.80 486.65 2.52 3.92 23.82 1.30 17.49 1928—May 14. 0656 13.9597 .7191 2. 9624 26.8245 488.1594 2. 5174 3. 9359 23. 9292 1. 3036 17. 4589 October 14. 6079 13.8959 . 7203 % 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 13.89-14 .7202 2.9604 26. 6664 485. 2140 2. 5169 3. 9057 23. 7306 1. 2915 17.4278 March 14.0522 13.8836 .7206 2.9610 26.6493 485. 2626 2. 5165 3.9058 23.7218 1. 2920 17.4255 April 14. 0467 13. 8847 .7212 2. 9600 26.6527 485. 3225 2. 5160 3. 9070 23.7039 1. 2924 17.4239 May 14.0468 13. 8826 .7210 2.9599 26. 6473 485.0785 2. 5155 3. 9071 23. 7570 1. 2924 17. 4269 I ( t li a r l a y ) N ( l f e a lo t n h r d i e n s r ) - N (k o r r o w ne a ) y P (z o l l o a t n y d ) P (e o s r c t u u d g o a ) l Ru ( m 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—May 5. 2688 40. 3473 26. 7829 11.2133 4.2207 .6194 « 515. 0000 16. 7309 26.8300 19. 2724 L. 7602 October 5. 2365 40. 0908 26.6543 11.2012 4.4993 .6072 * 515.0000 16.1798 26. 7378 19. 2447 L. 7591 November... 5. 2385 40.1374 26. 6511 11.1985 4.4708 .6042 < 515.0000 16.1201 26. 7278 19. 2494 L. 7581 December 5. 2369 40.1748 26. 6728 11.1913 4.4082 .6005 « 515.0000 16. 2348 26. 7633 19. 2729 L. 7587 1929—January 5.2337 40.1096 26.6560 11.1883 4.4281 .6018 « 515. 0000 16.2954 26. 7392 19.2405 L. 7580 February 5. 2343 40.0490 26. 6633 11.1942 4.4069 .6001 * 515.0000 15. 5587 26.7275 19. 2318 L 7573 March 5. 2351 40. 0535 26.6609 11.1923 4.4495 .5964 * 515. 0000 15.0656 26.7101 19.2333 L. 7563 April 5. 2355 40.1409 26. 6644 11.1910 4.4645 .5955 * 515.0000 14.7495 26.7054 19. 2468 L. 7563 May 5. 2357 40.1984 26. 6550 11.1859 4. 4738 .5946 * 515. 0000 14. 2245 26. 7181 19. 2572 I. 7570 NORTH AMERICA SOUTH AMERICA Canada Cuba Mexico Argentina Bolivia • Brazil 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 96.48 36.50 11.96 12.17 97.33 20.00 486.65 103.42 1928—May.. 99.9117 99. 9615 48.5588 97.2008 34.8000 12.0327 12.1910 98.1923 20. 0000 399.2692 102.9908 October 99.9667 99.9270 47.5742 95.5933 36.4900 11.9477 12.0843 97. 6146 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 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 May__ 99. 3012 100. 0101 47. 9715 95. 5184 36. 5000 11. 8634 12. 0423 96. 3900 20.0000 400. 0000 97. 7018 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 r c a ) a « n (S C t h a a h e n i l) n g a « hai d ( C o Y h l u l i a n a r a n ) « (d H K o o o ll n n a g g r)» (r I u n p d e ia e) J ( a y p e a n n ) ( J f a lo v r a in * ) (Si S m n e g e t a t n l p t e s o - re ( T p T o u u u r r k n k e d is y ) h (E p g E o y g u p y n t p i d a t ) ndollar) Par value 19.30 47.26 59.42 42.30 42.46 36.50 49.85 40.20 56.78 439. 65 494. 31 1928—May 19.2500 47.7899 66.4450 47.2948 51.0168 36. 5913 46.6097 40. 2446 56.1362 51. 2023 500. 5540 October 19. 2500 46.5591 64.0374 46.1963 49.9471 36.4541 46. 2019 40.1161 56. 3404 50.8354 497.4003 November... 19. 2839 46. 5538 64.0020 46.1675 49.9763 36.4563 46.3503 40.1226 56.4409 50. 0867 497. 2970 December 19.3800 46.0455 63. 5510 45. 6808 49.7879 36.4653 45. 8940 40.1396 56. 2488 49. 2924 497. 6198 1929—January. 19.3400 45. 6837 63.1168 45. 4070 49.8161 36.4487 45. 5102 40. 0623 56. 0027 48.7286 497.3430 February 19. 2636 44. 7932 62.1973 44. 5558 48. 8849 36. 3629 45. 2103 39. 9218 55. 9681 49. 2150 497. 5544 March _ 19. 2500 44. 8856 62. 2304 44. 6205 48. 8437 36. 3623 44.5203 39.9396 56.0752 48. 9973 497. 6292 April 19. 2550 44. 2260 61. 2516 43.9839 48. 6963 36. 3107 44.6176 39. 9896 55.9615 May__ 19. 3300 j 43.2824 59. 6191 42. 8005 48. 3424 36.1817 44. 6460 40.1000 55. 9824 i Based oa 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 provisioQS of sec. 522 of the tariff act of 1922. For back figures see BULLETIN for January. 1928, and January, 1929. 1 The National Bank of Czechoslovakia opened Apr. 1, 1926, under the obligation "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. a Silver currency. The figure given for parity represents gold value of unit in May, 1929, computed by multiplying silver content of unit by New York average price of silver for May, 1929, which was $0.54435 per fine ounce. On the same basis, parity in May, 1928, for the Chinese Mexican dollar was 47.62 cents; for the Shanghai tael, 66.16 cents; for the Yuan dollar, 47.10 cents; and for the Hong Kong dollar, 47.28 cents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

402 FEDERAL RESERVE BULLETIN JUNE, 1929 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES EUROPE United States France Ger- (Bu- Eng- many Month r S L t e i t c a a a s t u b i ) s o o - i r f b ( A t a g r u s o i i s a l s - d ) g B iu e m l- g B a u ri l a - C v z a s e l k c o i h - a o- m D a e r n k - T (B l r a a o o n d f a d e rd ) b ( a l F g a s i o n i n s l d - ) d i B S t t u i a c r t a e is l a - u R F B e e o s d e a e r r r v d a e l S c ( a t e F a l r t e a i B d s l u t - i - - b H ( g a g a u s o r i n l y s d - ) (B It a a c ly hi) N la e n th d e s r- ( N O w s o a l r y o - ) reau) 1927 August _ 95 133 850 2,745 983 153 141 102 618 578 138 134 465 149 161 September. _„ 97 130 837 2,736 975 153 142 101 601 574 140 133 465 150 158 October 97 129 839 2,747 966 154 141 101 587 554 140 133 468 150 157 November.. 97 127 838 2,707 967 154 141 103 595 545 140 133 466 152 157 December 97 127 841 2,739 975 154 140 103 604 567 140 135 463 152 156 1928 January 96 129 851 2,782 982 153 141 102 607 569 139 135 463 154 157 February 96 128 848 2,826 985 152 140 102 609 569 138 134 461 151 157 March 96 129 848 2,839 978 153 141 103 623 587 139 135 464 153 157 April 97 131 847 2,891 984 154 143 103 619 601 140 136 464 153 156 May 99 131 844 2,906 987 155 144 103 632 617 141 135 465 152 156 June 98 133 844 2,866 986 155 143 103 626 621 141 135 462 152 158 July 98 133 841 2,911 979 155 141 103 624 613 142 133 453 148 160 August 99 133 831 2,790 996 154 139 103 616 607 142 134 456 145 153 September. . 100 131 830 2,805 986 151 138 101 620 598 140 137 458 146 153 October 98 129 835 2,844 971 150 138 101 617 585 140 138 463 146 151 November__ . 97 128 847 2,875 957 151 138 101 626 580 140 137 466 148 150 December. 97 127 855 2,865 955 151 138 101 624 588 140 135 464 148 150 1929 January __ 97 128 867 2,869 953 151 138 100 630 591 139 134 461 146 149 February 97 130 865 2,945 950 159 138 100 638 r599 139 137 463 146 150 March 98 133 869 2,974 964 154 140 100 640 140 138 461 147 150 April 97 134 862 963 150 139 99 627 137 138 460 148 May 136 E UROPE—continued ASIA ANDOCEANIA AFRICA Month lan P d o - 3 < Russia2 Spain Sweden S l w an it d z e * r- a C d a a n - i Peru t A ra u l s i - a ( C S h h h a a i n i n ) g a - D In E u d a t i s c e t h s c I ( u n C t d a t i a l a - ) J k ( a T y p o o a ) - n N l Z a e e n a w d - (C Eg ai y ro p ) t A So fr u ic th a 1927 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 WJ 152 147 170 14-i 118 I >~i November 102 170 168 148 147 97 200 166 iti6 151 148 168 147 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 IIP April 105 171 166 151 146 98 197 162 163 150 146 170 147 r-Hj £2! May 103 171 164 152 145 98 195 159 165 151 147 171 148 117 June 103 172 164 151 145 97 195 158 160 150 145 189 148 117 July__ ... 102 172 164 150 144 96 193 157 159 150 148 169 148 117 119 August 100 173 166 149 145 95 190 154 157 148 143 170 147 119 September. 100 173 168 146 145 96 188 153 156 149 142 174 148 120 October * 100 176 174 145 145 95 187 152 159 149 143 174 149 126 120 November '100 176 176 145 145 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. 98 177 171 144 143 95 186 157 160 150 145 172 147 125 120 February. 99 177 * 173 145 143 96 r 186 156 182 150 144 171 146 122 March 99 178 174 144 142 96 189 157 164 143 171 123 April 99 179 141 140 185 181 170 120 May 186 iNewindex-1926=100. 1 First of month figures. »New official index. * 1927 = 100. r 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

JUNE, 1929 FEDERAL RESERVE BULLETIN 403 WHOLESALE PRICES—Continued GROUPS OF COMMODITIES ENGLAND-BOARD OF TRADE SWEDEN—BOARD OF TRADE 1929 1928 1929 1928 Apr. Mar. Feb. Jan. Dec. Apr. Apr. Mar. Feb. Jan. Dec. Apr. All commodities 139 140 138 138 138 143 All commodities 141 144 145 144 145 151 Total food 148 150 149 148 148 159 Vegetable products 128 131 131 129 130 151 Cereals ,.._ 137 140 142 140 140 156 Animal products 136 139 144 144 150 134 Meat and fish _ 146 145 144 144 145 139 Fuels and oils 117 122 126 116 115 112 Other foods 160 165 160 159 158 182 Raw materials for manu- Industrial products 134 135 133 133 133 135 facture in iron and metal Iron and steel. 114 113 113 113 112 113 industry 120 120 117 116 lid 113 Other minerals and metals. _ 125 126 118 116 115 111 Paper pulp and paper 162 161 161 161 162 161 Cotton 159 162 159 162 164 169 Raw materials for manu- Other textiles 156 158 159 161 160 170 facture in leather indus- Miscellaneous 135 136 137 139 138 142 try 130 132 131 135 141 151 Raw and manufactured chemicals . 153 155 165 165 165 165 FRANCE—STATISTICAL BUREAU Raw materials 136 141 143 139 141 148 Semifinished materials 142 143 143 142 145 154 Finished materials 143 145 146 147 148 151 Producers' goods 135 137 137 135 137 143 All commodities 627 640 638 630 624 619 Consumers' goods 146 150 151 151 153 158 All foods.- 623 624 625 612 601 601 Animal foods 624 603 614 604 602 536 V Su e g g a e r t , a b c l o e f fe fo e o , d c s ocoa- 6 59 2 1 9 6 59 4 6 8 6 6 0 3 2 7 6 5 2 9 3 0 5 59 9 2 7 6 6 5 3 3 3 CANADA—DOMINION BUREAU OF STATISTICS All industrial material.. 631 653 650 645 642 641 M T Su e i n x n d t e i r r l a i e e l s s s . . . ._ 7 6 5 8 0 6 3 5 0 6 8 6 1 0 1 1 2 2 6 8 5 2 2 6 4 1 4 8 6 5 2 2 4 3 2 9 8 5 6 0 2 4 8 4 7 5 8 6 3 2 2 0 5 3 A V A l e n l g i m c e o t a a m b l l m p e r o o p d d r i o u ti d c e t u s s c ts _ Ill 1 9 0 0 8 1 9 8 0 5 7 7 1 9 8 0 5 7 9 1 1 0 0 4 2 Textiles.. 93 93 93 93 94 Wood and paper products. 99 98 98 98 99 GERMANY—FEDERAL STATISTICAL BUREAU Iron and its products 93 93 93 93 94 Nonferrous metals 102 96 94 92 89 Nonmetallic minerals 94 94 I 94 94 94 All commodities _ _ 137 140 139 139 140 140 Chemicals 95 94 94 94 95 Total agricultural products rf_ 128 134 134 132 134 134 Vegetable foods 130 133 132 130 126 154 Cattle _ 122 123 120 118 118 100 AUSTRALIA-BUREAU OF CENSUS AND STATISTICS Animal products _ 127 142 151 147 162 133 Fodder.... _ 140 142 140 138 137 158 Provisions _ 127 128 125 124 125 136 All commodities 157 156 157 154 162 Total industrial raw materials Metals and coal 174 174 172 172 174 and semifinished products 133 134 134 134 134 134 Textiles 157 160 159 160 176 Coal 136 138 139 138 137 128 Agricultural products. 150 159 167 161 163 Iron 128 128 128 128 128 126 Dairy products 152 155 156 149 146 Nonferrous metals._ 127 132 118 113 110 104 Groceries and tobacco. 166 166 163 164 166 Textiles 148 150 149 153 154 165 Meat 118 117 117 111 139 Hides and leather 129 130 131 139 143 160 Building materials 159 159 159 161 159 Chemicals 126 127 126 127 127 126 Chemicals 189 189 189 189 188 Artificial fertilizers 88 88 87 87 84 83 Technical oils and fats 126 126 126 127 128 115 Rubber _ 29 34 34 28 25 25 INDIA (CALCUTTA)—DEPARTMENT OF STATISTICS Paper materials and paper.. 150 151 151 151 151 148 Building material 157 157 157 157 158 158 Total industrial finished products 158 158 158 159 160 158 1929 1928 Producers' goods 138 137 138 138 138 136 Consumers' goods 173 174 174 175 176 174 Mar. Feb. Jan. Dec. Nov. Mar. ITALY—CHAMBER OF COMMERCE OF MILAN All commodities 144 145 145 146 144 Cereals 133 131 131 139 130 Pulses 166 171 181 183 146 All commodities 493 499 498 496 497 493 Tea 157 165 157 143 169 Total food _ 562 570 569 559 560 557 Other foods 149 156 153 153 163 Vegetable foods 569 585 574 572 574 599 Oilseeds 150 149 152 151 136 Animal foods 552 552 562 543 543 505 Raw jute 108 107 97 100 95 All industrial products. 466 472 471 472 472 468 Jute manufactures 138 139 147 148 147 Textiles 433 440 440 445 450 460 Raw cotton 158 153 159 159 168 Chemicals 446 449 454 455 450 448 Cotton manufactures.. 162 163 160 160 155 Minerals and metals 452 456 450 442 439 423 Other textiles 140 140 140 140 137 Building materials 541 541 541 536 529 522 Hides and skins 125 116 125 131 147 Other vegetable products. _. 501 519 511 508 515 512 Metals 124 126 127 127 125 Sundries 516 522 527 547 555 555 Other articles 141 139 138 138 137 NOTE.—See footnotes on preceding page. 52985—29 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

404 FEDERAL RESERVE BULLETIN JUNE, 1929 RETAIL PRICES FOOD AND COST OF LIVING RETAIL FOOD PRICES [Pre-war -100] EUROPEAN COUNTRIES OTHER COUNTRIES United Month ( S S t i I e a s t c e ) i s t- e A ( t n r V u n ia s i a - - ) g B iu e m l- 1 g B a u ri l a - s C lo z v e a c k ho ia - l E a n n g d - ' n E i s a to " -F (P ra a n ri c s e )m G a e n r- y G ( e A r n e t s e h ) c - e I ( l t M a a n l i ) y - N la e e n r t d - h s - 4 N w o ay r- R si u a s ) - S l z a w e n r d i - t- a C d a a n - - A t l r i u a a s - - ( I b B n a o d y m i ) a - N Z la e e n a w d - S A o fr u ic th a 1927 May 152 119 196 2,630 930 154 119 589 151 2,063 565 169 201 156 145 152 150 145 121 June 155 122 201 2,699 949 154 120 580 153 2,063 541 163 172 199 157 146 153 151 144 120 July 150 122 205 2,653 962 159 122 557 156 2,059 524 175 199 156 147 152 154 144 119 August 149 120 202 2,625 914 156 118 539 150 2,044 §18 175 199 156 147 155 155 143 118 September. 151 119 206 2,615 910 157 111 532 151 2,070 509 163 174 198 158 147 157 151 143 117 October. __ 153 120 210 2,626 907 161 112 520 152 2,071 509 173 198 158 148 159 148 143 119 November. 153 119 211 2,587 905 163 113 500 152 2,086 510 171 199 159 149 157 147 144 119 December. 153 118 212 2,618 913 163 113 523 153 2,101 513 167 171 200 159 151 155 149 146 119 1928 January... 152 118 211 2,660 913 162 118 530 152 3 146 *140 170 201 158 151 154 151 147 119 Februay... 149 117 207 2,701 910 159 118 522 151 •144 * 141 170 202 157 149 152 146 145 118 March 148 116 201 2,713 902 155 122 524 151 «143 » 141 166 171 203 156 147 153 142 145 118 April 149 117 202 2,766 905 155 126 532 152 »144 * 141 171 203 156 146 154 140 144 119 May 151 117 197 2,778 908 156 126 546 151 »145 »140 172 205 156 146 154 140 146 120 June 150 122 200 2,740 928 157 126 »113 152 «144 »142 169 170 206 157 145 154 142 147 114 July 150 119 202 2,783 943 156 130 •111 154 »138 •140 173 211 157 146 152 143 147 116 August 151 120 205 2,667 943 156 129 •111 156 •134 •138 170 211 156 149 150 142 146 115 September. 155 120 210 2,682 928 156 124 « 110 153 •132 •140 166 164 210 157 150 150 141 147 115 October 153 120 215 2,719 907 157 125 •115 152 «137 » 141 163 211 158 152 149 142 149 115 November. 154 120 223 2,749 900 159 126 1119 152 »137 3 144 161 213 158 152 150 144 150 118 December. 153 119 222 2,739 905 '160 '125 •121 153 »133 •145 164 161 215 158 152 152 145 152 115 1929 January... 151 120 221 2,742 '900 159 133 3 121 153 U33 3 147 158 216 157 152 161 146 149 115 February.. 151 123 221 2,816 911 156 138 •122 156 3 135 3 147 157 218 157 '150 161 146 148 115 March 150 121 215 2,843 913 157 142 3123 159 3 155 163 158 223 156 '151 160 146 117 April 149 119 150 »124 154 3 151 156 230 148 145 May 154 143 COST OF LIVING [Pre-war-1001 EUROPEANCOUNTRIES OTHER COUNTRIES Mas- Month sas c e h t u ts - g B iu e m l- 1s C lo z v ec a h k o ia - l E an n d g * - l F a i n n d - F (P ra a n ri c s e )m G a e n r y - G ( e A r n e t s e h ) c - e H ga u r n y - I ( l t a M 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 1 - A t l r i u 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 1,956 120 536 101 189 161 150 151 132 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 •155 121 •145 102 178 171 161 151 154 132 February . 156 207 739 166 1,206 151 •154 120 •145 100 165 161 150 148 131 March 155 204 737 164 1,214 507 151 •153 119 •145 169 193 101 176 160 149 157 145 132 April 155 205 741 164 1,212 151 •153 121 •145 102 175 "in 160 149 144 133 May 156 202 743 164 1,207 151 •153 121 •144 103 171 160 149 147 133 June..._.__ 155 204 741 165 1,219 • 105 151 •152 121 •145 170 193 103 172 161 148 157 146 132 July , 157 205 753 165 1,236 153 •148 121 •143 104 173 173 161 148 146 131 August 157 207 761 165 1,258 154 •146 126 • 142 104 174 161 150 146 131 September. 158 211 756 165 1,249 •105 152 •145 127 •143 169 185 104 178 161 151 155 145 131 October . 157 215 735 166 1,254 152 » 148 126 •144 104 179 "*172" 162 152 146 131 November 157 220 730 167 1,262 152 •148 125 » 146 106 181 162 152 147 132 December . 157 219 734 168 1,260 •108 153 •146 126 •147 168 183 106 187 162 152 155 148 131 1929 January 157 219 737 167 1,242 153 8 148 126 3 147 106 184 170 161 152 149 131 February 156 220 745 165 1,232 154 3150 127 3 148 108 183 161 '151 149 131 March 157 21. 754 166 1,229 3111 157 8 149 127 3 153 169 180 106 184 161 '152 149 132 April 157 162 1,219 154 3150 106 "In" 150 148 May - 154 147 11921=100. « First of month figures. » Revised on a gold basis. * Amsterdam only. 1911-1913=100. '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

JUNE, 1929 FEDERAL RESERVE BULLETIN 405 INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA ENGLAND PRODUCTION TRANSPORTATION Raw Unem- Coal i P r i o g n i S c i n a t a g n n s e o g d t e t s - l s i s F s t h i e n e e d - l s v c u i o p s t p i t b o ly l n e i m t u s I a u t r f n e a r a o e d e n c n s l - - Coal m t u C u t f o a o r a n e n c t- s - - w W ti o a s o r s n o s u d l t e e e s n d R c to o a n t w - w R o aw ol r C u r b u b d e e r h R w id a e w e t s c c S l w a e h r a i g i t r p h o e s d 2 r F B e r t r c e r i e a i t g i i i s p n h h t t s - r F ai t r t r l e r a w a i f g i f a n h i y c t s -i a n p m m s l u o e o r n y n e t - g d Thousand long tons T b h a o le u s s. T lo h n o g u t s $ a r n a d s s M q l i . i l y o d - n .1 T sq h . o y u d s . . M po i u ll n io d n s T p h o o u u n sa d n s d T t h o o n u s s. T £ h li s o n t u g er s - . M m t i o l i l l n i e o - s n, c P e e n r t 1928 January 20, 045 561 626 567 1,061 332 3,905 340 16,919 102 24, 754 6,665 4,! 8,600 1,504 10.7 February.. 20,119 551 764 614 1,070 317 4,008 319 14,458 130 119 19,851 6,930 4,753 8,766 1,385 10.4 March 3 25,194 593 793 674 1,065 409 4,111 401 15,119 142 135 6,399 5, 382 9,502 1,528 9.6 April 17,679 563 644 530 1,080 344 3,722 317 9,970 134 92 20, 287 6,860 4,859 8,129 1,275 '9.5 May 19,191 592 753 615 1,057 359 4,487 292 11, 789 127 99 12,860 6,172 5,499 8,668 1,364 9.9 June 3 21,056 564 709 614 973 366 4,346 281 14, 682 114 52 19, 077 5,850 8,338 1,327 10.8 July 16, 902 538 667 549 892 333 4,163 342 17,954 84 28 18, 473 5,853 5,491 8,219 1,313 11.7 August 16,199 519 643 540 818 370 4,274 344 19, 395 84 27 17, 500 7,696 5,972 8,411 1,360 11.7 September. 3 23, 275 504 719 572 737 295 3,995 301 12, 773 52 19 23, 079 6,688 5,466 8,515 1,396 11.5 October 18, 519 544 756 '632 809 377 4,630 337 12, 712 109 21 16, 501 5,546 5,721 9,361 1,491 11.8 November. 19, 213 544 763 628 1, 070! 399 4,231 335 12,492 216 34 12,146 6,074 5,487 9,033 1,433 12.2 December.. 3 23,310 540 683 546 1, 255! 359 4,184 293 12,406 225 53 34. 921 6,860 5,159 1,353 11.2 1929 January 19, 778 564 765 1,277 4,473 383 18, 563 241 103 42,005 5,808 • 5,407 9,132 1,497 12.3 February.. 21, 326 520 775 1,326 3,890 329 14, 587 128 100 20, 374 3,622 4,617 8,239 ir~~ 12.2 March 3 26,992 591 860 1,268 350 4,763 337 12, 061J 144 85 30, 237 4*947 5,510 10.1 April 19, 462 611 809 340 4,756 353 9,513! 118 119 28,387 6,437 5,514 9.9 ^End-of-month figures. 2 Includes Irish Free State. 3 5 weeks. r Revised. FRANCE EX- PRODUCTION PORTS TRANSPORTATION Unem- Coali i P ro ig n C s r te u e d l e C y o a t r t n on C c o lo tt t o h n v T ol o u t m al e v T ol o u t m al e f c s o R u o t r i m t a o c t w n o o p n n - - I f s o R u t r s i m i a o c l w k n o p n - - f s o C u t r i m o o c n a o p l n - - c S c l w e a h a r i i t g r p h e o s d Fr l i o e c n i a a g g d r s h - t- I o R p f e a w p c l a r e r i y a i n p s i c l t - i s - i n p r P n a e i l g i a o c c d r e i y m i p i s i e v n a u d 2 - l - u B n f r a u e e i s s l s - s i 3 - Thousand metric tons T g k h r i a o l m o u - s s . o m P f i e e 1 t c , e 0 e r 0 s s 0 m T e h t o ri u c s a to n n d s Metric tons T m t h o e o t n r u s i s c . T t h o o n u s s. A nu d v m a e i r l b a y g er e T fr h a o n u cs s. N b u e m r - N b u e m r - 1928 January 5,541 809 750 12,204 27,784 ' 3,031 ' 3,543 39,056 415 1,299 3,148 60,426 917,976 14,012 188 February, _. 5,283 785 738 9,241 26,994 «• 3,447' 3,621 28,924 598 1,349 3,113 64,792 968,577 12,989 161 March 5,763 858 804 12,231 29, 744 3,314 4,086 28,179 677 1,540 3,850 65,446 * 1,064, 286 10,483 146 April. _. 5,129 834 738 10,937 26, 598 3,422 4,328 27, 748 584 1,552 3,913 61,265 1,098,175 5,796 184 May 5,245 871 794 11,530 28,423 3,262 4,161 21,494 452 1,658 4,029 60, 680 1,103, 660 2,978 184 June 5,527 844 797 11,347 26, 745 3,576 4,153 30,153 772 1,425 3,364 61, 535 * 1,400, 342 1,227 199 July 5,360 836 757 10, 746 25, 615 3,367 3,926 19,006 526 1,326 4,067 59, 763 1,083,826 796 145 August 5,589 857 793 11, 295 26, 225 3,738 4,238 21,888 303 1,592 3,994 61, 696 1,175,462 732 158 September.. 5,331 821 759 11,321 25, 243 3,846 4,234 15,184 1,169 1,223 3,951 66,186 * 1, 561,466 474 106 October 5,899 857 834 11,994 29,518 3,329 4,355 30, 248 750 1,557 3,958 66,534 1,228,445 365 116 November.. 5,562 850 800 11,043 28,063 3,353 4,212 36, 684 933 1,369 3,973 67,861 1,150,061 395 171 December... 5,263 '882 828 12,137 26, 820 3,262 4,240 45,854 622 1,386 4,050 62,805 « 1,428,406 723 197 1929 January 5,485 904 841 3,006 4,316 44,154 439 1,516 3,534 59, 984 1,023,011 1,403 February. _ 5,227 781 742 3,273 4,288 39, 988 437 1,703 3,236 61,193 1,055,466 3,291 March 5,803 880 4,035 65,185 1,162, 258 852 April 1,480,393 513 t 1 Coal and lignite, including Lorraine and the Saar. 4 5 weeks. 2 End-of-month figures. 'Revised 3 Number of failures in the Department of the Seine. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

406 FEDERAL RESERVE BULLETIN JUNE, 1929 INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA—Continued GERMANY TRANSPORTA- UNEMPLOY- PRODUCTION TION MENT Coal L n i i g te - Pig C s r te u e d l e P as o h t- m t I i a u f r r a a n o r o c n e d n - n u s - c t h p e s M r a i u l i l n n e i c p a e c e d a - - s r - l y s D d a tu y n y e f d e f - s s Coal w Ra o w ol R c p o a e p w r - C to o n t- I o ro re n A H a b v s l r u s i a e e r n s m r l i - s o g v f - - F l r i o c n e a a i g g d r s h - t p T u u m l b n r o n a e e e y i m d r o m e s e n d - - - p U r p S e e l a i n c o r t n i s a e e y d g o t i m e v e n d - - s B u n fa r e u i e s s l s - s i- Thous. net Thous. Per- Thousand metric tons Metric tons w o a n g s - cent Number tons 1928 January. __ .-, .-. 14, 222 1,181 1,469 363, 02648, 81012, 458 2,272,99518,084 20, 566 37, 032 1,183, 213 1,835 3,541 11.2J1333,115 766 February- 2,92613,4191,122 1,323 133 390, 77650, 44911, "2,229,956 25,260!18, 563 36,839 1,146,188j 1,564 3,584 10. 4il 237, 504 699 March ' — ., 170|1,422 132 434,798 54, 78815, 7992, 250, 616,21, 43322, 9411 28, 001 1,407, 989! 1,767 4,069 9.21 010, 763 791 April 15 12, 263 1,045 1,161 412,810 57,102 14,318 2,115,161 22, 33320,443| 30, 772 1, 275,088! 1,849 3,439 6.9 729, 321 614 May 932 12,964 1, 0441,248 398,470 56,516 14,645 1, 665,48119, 31219,2141 31, 045 1, 053, 621 1, i 3, 727 6.3 629, 470 692 June 83113,2411,021 1,295 111 453, 23153,880 14, 6131,420,802J16,473 19, 362J 29,989 1, 279, 688 1,819 3,844 6.2 610, 687 702 July, 483 13, 531 1, 035|1,311 113 466, 07953,194 13,411 1, 841,9628,403 21, 809 23, 861 1, 282, 767 1,791 3,917 6.3 564,064 655 August 02114,330 1,03111,329 123 505, 85752, 39313,602 1, 850, 5777,958 20, 642 19, 357 i,5i6,r 1,926 4,983 6.5 574, 475 552 September.12,157 13, 616 985' 1,190 113 480, 64774, 00613, 3871, 829, 5565,274 17,144 16, 730 1, 394, 715 1,749 4,036 6.6 577, 093 530 October. _. 13, 31115,226 1,016 1,306 128 415, 69064,163 12, 9592, 019,177 16, 650 33, 662 1, 552,182 r 1,715 4,375 7.3 670, 997 685 November. 12,14114, 548 267 357 130 410,171 54, 01414, 33"2, 278, 5545,818 14, 089 49, 662 1,157, 891 r 1, 760 3,957 9.51,029, 658 674 December. 11, 819 14,,105 883 1,091 118 298,890 63,846 14, 3532,120, 291 11, 68215, 560 44, 645 615, 630 ' 1, 752 3,404 16. 7 1,702, 342 624 '1929 January... 13, 490 14, 817 1, 1,470 419,589 61, 386 14, 9751, 909, 65'17, 786 15,660 54,282 1, 312, 346J 1, 679 3,37i 19. 4 2, 246, 278 832 February.. 12, 1,270 341,312 63, 239 11,639 1, 307, 227~ ~2>0,2,94 12,227 31,893 496,159 1,307 3,072 22. 3 2, 460, 760 775 March 13, 502 14, 727 1, 061 1,314 34_6.,,_ _2_6 258,463 13,585 2, 240, 475 19, 18,490i 28,900 1,090,958. 3, 733 16. 9 1, 889,125 930 April 13,407 14, 226 1,105 1,415 619, 4601 68,159 16,469 2, 355, 068 24, 54421,349 32,933 1, 588, 607 L 1,125,0*° I CANADA Re- Receipts at ceipts stock- Index PRODUCTION of yards in EXPORTS IMPORTS of Con- wheat Toronto and Total in- struc- at Winnipeg reve- Index Busidus- tion Fort nue of ness trial con- Wil- car em- failpro- tracts liam load- ploy- ures2 d ti u o c n - Coal N p e ri w n s t - Flour aw e a d rd- P a A o n r d r - t C tl a e t- Hogs b P o l a a a n n r d d k s s W pu o l o p d Wheat Coal C p le e r u t u r m d o e - R c to o a n w t- c M e h r i a y n - - ings ment ! thur 1 1 9 9 1 2 0 1 4 9 0 = - T sh h o o r u t s t a o n n d s Th b re a o l r u s - s.Th d l o a o r u l s - s. T b h u e o l s s u h s - . Number M l f i e o i e l n - t Th lb o s u . s.T b h u e o s ls u h s - .T t h o o n u s s.T g h a o l u s. s.Th lb o s u . s.Th d la o o r l u s - s. N b u e m r - 1 1 92 0 6 0 ' = N b u er m r - 1928 January 160.3 L, 698 187 1,579 20, 480 21, 095 44, 311 71, 535 111113, 297 15,201 1,226 ' 56,453 19, 635 3,904 265,487 100.7 197 February... 166.1 1,406 190 1,464 25, 875 9,545 33, 889 63, 286 117 128, 606 18, 372 1,235 '45,871 11, 854 3, 858 267,131 102.0 188 March 168.2 , 404 198 1,617 22,946 3,251 31, 374 47,733 150 182, 229 18,655 1, 350 ' 80, 654 12, 239 5,720 285, 567 102.6 164 April. 160.6 146 913 1,304 56, 346 879 37, 306 50, 000 99 113,220 8,361 930 23, 876 7,100 4,058 252,131 102.3 138 May 187.9 , ?63 20 1,541 70, 684 17,61839, 898 50, 458 151 148. 272 30, 282 1,288 75, 670 6,910 5,204 300, 295 106.8 148 June._ 176.2 , 331 192 1,359 59, 926 20,146 32, 806 44, 047 178146. 917 21, 960 1,176 95, 725 8,469 5,402 294,451 113.8 133 July.... 172.9 ,309 184 1,458 38, 360 14, 393 57, 553 43, 262 182146,184 32,426 1,168 80,434 7,462 5,125 290, 677 117.7 139 August 181.6 L, 535 201 1,158 39,441 3,538 73, 233 32 598 161137,829 25, 057 '1,612 88,164 7,300 4,790 312, 816 119.3 142 September- 171.7 ,396 185 1,892 45,439 39,132 71,487 24, 873 140134,440 26, 923 r 1,478107, 297 4,971 4,552 361, 247 119.1 165 October 187.2 ,702 217 2,130 44, 584 81, 361 81, 599 39,178 153162, 286 43, 687 1, 779 100, 023 13, 842 4,884 420, 263 118.8 200 November. . 175.9 L, 695 224 2,175 29, 038 72, 861 60, 806 38,484 158155,448 75, 417 1,637 86, 014 16, 955 4,963 380,405 118.9 193 December.. 165.3 L, 519 208 1,672 18, 905 51, 633 36, 941 47,316 124158, 875 49, 089 1,639 79, 939 17,481 4,682 275, 678 116.7 230 1929 January 209.0 :,537 212 1,698 41, 963 10, 971 39, 459 60, 978 111136, 365 20, 831 1,344 60, 753 18,485 5,004 252, 217 ' 109.1 252 February. . 203.1 :,611 187 1,600 28,426 2,918 27, 507 42, 226 94 112, 273 15, 220 1,409 49,162 13, 089 4,675 261,410 110.5 197 March 200.1 ij 370 218 27,125 5,223 32,101 38, 597 145 142. 909 21, 207 1,651 76,397 16, 671 6,922 282, 315 111.4 176 April ] 393 9,691 42, 003 47, 464 110.4 i First of month. 2 Total number of firms failing during the month. r Revised. 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407 JUNE, 1929 FEDERAL RESERVE BULLETIN LAW DEPARTMENT Right of consolidated national bank to succeed to trust $1,875,000, that the consolidation had been approved business of constituent trust company and that pursuant to the Federal Reserve Act, enacted December 23, 1913, § 11 (k), c. 6, 38 Stat. 251, 262, the There is published below a recent decision consolidated bank had permission to act as executo . of the Supreme Court of the United States in He further reported that many estates were being the case Ex parte Worcester County National administered by the consolidated bank under a claim Bank of Worcester, with reference to the right of right where the Fitchburg Bank had been appointed administrator, executor or in some other fiduciary of a national bank, with which a State trust capacity, and no new appointment of the consolidated company has consolidated under the provisions bank in place of the Fitchburg Bank had been made of the act of Congress approved February 25, by decree of the Probate Court. 1927, to succeed to the trusteeships, executor- He concluded the report as follows: " Without action upon said account, I report the ships, and other fiduciary appointments preabove facts and the question of law involved, for the viously held by the trust company. consideration and determination of the Full Court, as to whether the petitioner is entitled to render said SUPREME COURT OF THE UNITED STATES account. "Fredk. H. Chamberlain, No. 469.—October Term, 1928 Judge of Probate Court." After a hearing on the report, a rescript of the Ex parte Worcester County National Bank of Wor- Supreme Judicial Court was as follows: cester, Appellant. Appeal from the Probate Court " Ordered that the register of probate and insolvency for Worcester County, State of Massachusetts in said county make the following entry under said case in the docket of said court, viz: The question [May 13, 1929] reported, namely, ' Whether the petitioner is entitled to render said account', is answered in the negative. Mr. Chief Justice TAFT delivered the opinion of the Probate Court instructed accordingly." Court. Following the rescript, the Probate Court made the The Worcester County National Bank is a consoli- following entry: date'd banking corporation formed by uniting, on June "The foregoing account having been presented for 27, 1927, the Fitchburg Bank & Trust Company, a allowance, after rescript from the Supreme Judicial State institution of Massachusetts, and the Merchants Court (Full Court) and pursuant to the terms of said National Bank of Worcester, a national bank of Wor- rescript, it appearing that the Worcester County cester County, Massachusetts, under the Act of Con- National Bank of Worcester, the accountant and pegress of February 25, 1927, c. 91, 44 Stat. 1224, amend- titioner in this case, has not succeeded the Fitchburg ing the Act of November 7, 1918, c. 209, 40 Stat. 1044. Bank & Trust Company as executor of the will of The amendment added a new section, 3, and this case said testatrix and is not entitled to render this account, turns cniefly on the construction, effect and validity of this petition for the allowance of the same is hereby that new section. dismissed." The consolidated bank filed in the Probate Court of A petition for appeal to this Court, with an assign- Worcester County a first and final account of the Fitch- ment of errors, was filed, and an appeal was allowed burg Bank & Trust Company, executor of the last will under Section 237 (a) of the Judicial Code, as amended and testament of Julia A. Legnard, late of Fitchburg by the Act of February 13, 1925, c. 229, 43 Stat. in the county of Worcester. The account was for the 936, 937. period beginning April 21, 1926, and ending February 9, The Supreme Judicial Court stated its reasons for 1928. The account was rendered by the Worcester the conclusion reached in an elaborate opinion. 162 County National Bank for the Fitchburg Bank & N. E. 217. Trust "Company to June 27, 1927, and thereafter as its The court began with a statement of the substance own account. of Section 3 of the Act of February 25, 1927, c. 91, 44 The Fitchburg Bank & Trust Company had been Stat. 1224, 1225, providing that any bank, including a appointed by the Probate Court executor of the will trust company incorporated under the laws of any of Julia A. Legnard on April 21, 1926, and qualified by State, may be consolidated with a national bank giving bond approved on that day. located in the same county under the charter of the The consolidated bank claimed that in view of the national bank, on such terms and conditions as may proceedings, its right and duty wTas to render the lawfully be agreed upon in the manner specified; that account presented for allowance, and as all the parties all the rights, franchises, and interests of the State bank interested had assented to it, that it should be allowed in and to every species of property, real, personal and by the Court. mixed, and choses in action thereto belonging, shall be The Probate Court found that the account was in deemed to be transferred to and vested in such national proper form for allowance and should be allowed as bank into which it is consolidated, without any deed rendered, if the said Worcester County National Bank, or transfer; and that the national bank shall hold and as successor or otherwise, was executor of said will or enjoy all this property, franchises and interests, includhad the right to render the account. ing the right of succession as trustee, executor, or in any The Probate Judge reported a certificate from the other fiduciary capacity, in the same manner and to the Comptroller of the Currency that the two banks had same extent as was held and enjoyed by the State bank. complied with all the provisions of the Acts of Congress The section closes with the limitation: "No such conand had been consolidated under the charter of the solidation shall be in contravention of the law of the Merchants National Bank with the capital stock of State under which such bank is incorporated." 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408 FEDERAL RESERVE BULLETIN JUNE, 1929 The court examined the question whether there was Court. The trust involved was highly personal. The any statute of Massachusetts or any policy declared court said: in its statutes which prevented or forbade such con- "To treat the national banking association into solidation, and found that there was none, but pointed which the State trust company has been consolidated out that there was a provision in the General Laws of as preserving the identity of the trust company in this Massachusetts, c. 172, Sec. 44, as amended by Stat. particular would be contrary to the juridical conception 1922, c. 292, which should be regarded as a limitation and practice touching the appointment of such fiduciupon such consolidation, as follows: aries under the law of this Commonwealth." "The charter of a trust company, the business of. The third question the court discussed and decided which shall, on or after July 1, 1922, be consolidated or was the validity and binding effect on courts of Massamerged with, or absorbed by, another bank or trust chusetts of the declaration in Section 3 of the Act of company, shall be void except for the purpose of dis- Congress that the right of succession as trustee, execucharging existing obligations and liabilities." tor or in any other fiduciary capacity, would follow With this qualification, the court found the field to be to the same extent as it was held and enjoyed by such left open, under Massachusetts law, to the exercise by State bank. It first inquired what was its meaning, Congress of whatever power it possessed over the and held that it meant that the original appointment subject. The court then considered the Congressional of the State bank was to continue wholly unaffected power, and cited the case of Casey v. Galli, 94 U. S. 673b,y the fact that the State bank had ceased to be, and to show that under Section 44 of the Banking Act of that another and different corporation, whose credit, Congress, c. 106, 13 Stat. 99, 112, a State bank could standing and competency had never been the subject change its organization into that of a national bank of judicial inquiry for this purpose must be substituted without any authority given by the State in its by virtue of Section 3. The court found that this result charter or otherwise to make the change. The was in contravention of the law of the Commonwealth Supreme Judicial Court could not find any distinction and contrary to the State and Federal Constitutions. between the power of Congress to authorize the con- The court found, however, that this provision was version of a State bank into a national bank and its not the dominant part of Section 3, that the clause power to authorize the consolidation of a State bank was separable and distinct, that the rest of the section with a national bank under the charter of the National could stand independently and that there was no such Bank, and concluded that if no State legislation was connection between the two as to indicate that Connecessary to accomplish the conversion, there wa,s no gress would not have enacted the valid part without legislation necessary to accomplish consolidation, and the other. that the consolidation of a Massachusetts trust com- The court, therefore, held that the Worcester County pany with a national bank under the Section 3 of the National Bank of Worcester, the accountant and Act of Congress of February 25, 1927, was permissible petitioner in the case at bar, had not succeeded the and valid. Fitchburg Bank & Trust Company as executor of the The court then considered what was the legal effect will of the testatrix and was not entitled to render an of the consolidation on the Trust Company and the account as such executor, that it could only account as National Bank, and emphasized the explicit provision executor de son tort, and that the question of the of Section 3 that the consolidation was to be under the Probate Court must be answered in the negative. charter of the National Bank. It referred again to In passing on this appeal, we must observe that in the provision of the State law that upon the consoli- determining the policy of a State from its statutes and dation, the charter of the Trust Company should be their construction, we of course follow the opinion of "void except for the purpose of discharging existing the State court except as it may be affected by the obligations and liabilities." It held that the word Federal Constitution. When, therefore, the State "franchises" directed to be transferred to the National court holds that an executor to act as such in the State, Bank by virtue of Section 3 did not mean its charter must be appointed by the Probate Court, this Court or its right to be a corporation, for that would be in must respect that conclusion and act accordingly. contravention of the law of the Commonwealth; that But when the question arises as to what is the proper it was only the National Bank that retained its corpor- interpretation and construction of Federal legislation, ate identity; that the certificate of the Comptroller this Court adopts its own view. did not constitute a charter, but only his approval of It is very clear to us that Congress in the enactment the consolidation; that the Trust Company had gone of Section 3 of the Act of February 25, 1927, was anxious out of existence and all its property had become the even to the point of repetition to show that it wished property of the consolidated bank; and that the latter to avoid any provision in contravention of the law of was not a newly-created organization, but an enlarge- the State in which the State trust company and the ment of the continuously existing National Bank. national bank to be consolidated were located. So Thus the court found that the identity of the Trust strongly manifest is this purpose that we do not hesitate Company had not been continued in a national bank, to construe the effect of Section 3 in Massachusetts to but had been extinguished. The court distinguished be only to transfer the property and estate from the this case from cases of union where contract obligations trust company to the national bank to be managed iiad been held to pass from one of the uniting corpora- and preserved as the State law provides, for administions to the other. Such cases were held not to be tration of estates, and not to transfer the office of ^applicable to sustain the view that positions of trust executor from the State trust company to the succeedlike executor, administrator and other fiduciaries could ing national bank. As this requires another judicial Jbe transferred to the National Bank by the mere con- appointment by a probate court, it would become the solidation under Massachusetts law. duty of a consolidated national bank, after the union, The court then set put at some length the reasons immediately to apply for the appointment of itself as why under the Constitution and practice of Massa- executor, subject to the examination and approval of chusetts the appointment of an executor was a judicial the proper probate court. Because of the interest of act and that in the case before the court no one could the National Bank in all of the assets of the Trust succeed to the void and defunct State Trust Company Company, including the estate at bar; transferred to its as executor except by appointment by the Probate custody, the Bank would seem to have a right to make Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1929 FEDERAL RESERVE BULLETIN 409 such an application to the Probate Court and await The court in both Commonwealth-Atlantic Bank the action of that court. If, on the other hand, it cases accepted the effect of the decisions in First assumed improperly that it was made an executor" by National Bank of Bay City v. Fellows, 244 U. S. 416, the mere consolidation, and held the transferred prop- and Burnes National Bank of St. Joseph v. Duncan, erty as such, it must be held to have become an executor 265 U. S. 17, the latter holding that national banks de son tort and should bring the assets before the may act as executors in a State where State trust Probate Court and proceed by proper application to companies have that privilege. The court in 249 Mass, secure the appointment of a legal executor by the court, said, "We accept, as we are bound to accept, that as pointed out by the Supreme Judicial Court in this principle in all its amplitude and with all its implicacase and in Commonwealth-Atlantic National Bank,tions", but said that "that principle does not reach to 261 Mass. 217, and Commonwealth-Atlantic Nationatlhe facts here presented." There was similar language Bank, 249 Mass. 440. in 261 Mass. The Supreme Judicial Court did not These views lead us to agree with the conclusions then hold and has not held that a Probate Court of of the Supreme Judicial Court in respect to the legality Massachusetts may not appoint a national bank, of the consolidation of the Trust Company and the otherwise qualified, to be executor, administrator or National Bank and only to differ from it in its construc- trustee, if it approves one as such. In construing tion of Section 3, by which it would hold that section Section 3, we think it to be in conformity therewith for unconstitutional under the Constitution of Massachu- the national bank after consolidation to apply to the setts, and so under the Constitution of the United Massachusetts Probate Court for appointment as a States. succeeding fiduciary to carry on the duties. In the We think Section 3 enjoins upon the National Bank present case, no such appointment has been made by complete conformity with the Massachusetts law in its the Probate Court. conduct of estates of deceased persons when acting as Under the Massachusetts authorities as already trustee or administrator thereof. cited the Bank in attempting in this case to act as The Supreme Judicial Court refers in its opinion in executor has become an executor de son tort, and that this case to that of Commonwealth-Atlantic Nationaslituation must be disposed of in accordance with the Bank of Boston, 261 Mass. 217, as showing that the laws applicable in Massachusetts to such a situation. consolidated bank in this case could not act as executor. Clabborn v. Phillips, 245 Mass. 47. When the executor In that case a State trust company was appointed by de son tort has been released, it would seem that applithe probate court as trustee under wills in two cases cation might be made to the Probate Court for appointand as conservator of property in a third. It qualified ment of the National Bank as executor to close the by giving bond and for some time held and admin- estate. It seems to us that our construction of Secistered the property as fiduciary. Thereafter it was tion 3 of the Act of 1927 in differing from that of the converted into a national bank, which still later was Supreme Judicial Court of Massachusetts makes it consolidated with another national bank. No new possible by the appointment of the Probate Judge, if appointment as trustee was made by the probate court. he approves, to enforce the requirements which the laws The consolidated national bank petitioned for allowance of that State impose in the execution of such trusts, and of accounts as fiduciary. The court held that while still preserve the constitutional effectiveness of Section 3. the accounts were accurate and complete, the consoli- This result requires us to affirm the dismissal of the dated bank was not a duly appointed fiduciary merely petition of the Worcester County National Bank in by virtue of the original appointment of the State seeking to render the first and final account of the trust company, and could only account de son tort. Fitchburg Bank & Trust Company as executor of the The court relied on Commonwealth-Atlantic Nationallast will and testament of Julia A. Legnard, deceased, Bank of Boston, 249 Mass. 440. There a State trust and its own account as executor of her will, but to company was named as executor in a will. Thereafter remand the cause to the Probate Court for a proceedit became converted into a national bank, which still ing by the petitioner as executor de son tort, and for later was consolidated with another national bank. such further proceedings as it may be advised and as The testator having died, the consolidated national are permissible by the laws of Massachusetts and the bank petitioned for the issuance of letters testamentary statutes of the United States not inconsistent with to it as the executor named in the will. The court held this opinion. that it was not the executor named therein, and that And it is so ordered. the designation of the State trust company as executor A true copy. did not confer on it a property right passing to its Test: successor, the consolidated national bank. Clerk, Supreme Court, U. S. 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410 FEDERAL RESERVE BULLETIN JUNE, 1929 Changes in State Bank Membership CHANGES—Continued The following list shows the changes affecting Total State bank membership during the month ended May Capital Surplus resources 21, 1929, on which date 1,188 State institutions were members of the system. District No. #—Continued ADMISSIONS Hanover Bank of the City of New York (merged with Central Union Trust Co. under title of Central Hanover Bank & Trust Capital Surplus re T so o u t r a c l es Co.i a member) _ $10,000,000 $15,000,000 $320, 273,000 District No. 4 District No. 2 Antwerp Exchange Bank Co., Antwerp, Ohio (voluntary Hanover Bank of the City of New withdrawal) __ 25,000 9,500 623, 780 Ch Y e o m r i k c , a N l B . Y ank & Trust Co., New $10,000,000 $15,000,000 $320,273,000 District No. 5 J. Y H or e k n , r y N . S Y chroder Trust Co., 10,000,000 15,000,000 252,888,000 Savings Bank of Richmond, Va. New York, N. Y 700,000 350, 000 1,050,000 (title changed to Savings Bank & Trust Co.). District No. 4 District No. 6 Peoples Savings & Trust Co., Pittsburgh, Pa 4,000,000 9,000,000 54,264,931 Ch T a r t u ta s n t o C o o g . a , C S ha av tt i a n n g o s o g B a, a n T k e n & n. District No. 8 (consolidated with and under title of First National Bank of University City Bank & Trust Chattanooga) 1,000,000 500, 000 9,154, 232 Co., University City, Mo 100, 000 26, 200 ,053, 305 Peoples Bank, Sardis, Ga. (closed) 25, 000 6,000 121, 496 Mercantile-Commerce Bank & Trust Co., St. Louis, Mo 10, 000, 000 5, 000, 000 , 666, 288 District No. 7 District No. 10 American State Bank, Fort Madison, Iowa (closed) 100,000 22, 000 846, 06Q Park County Bank, Powell, Central State Bank, Des Moines, Wyo 25, 000 2,500 171, 605 I N o a w ti a o n ( a c l o n B v a e n r k te d & T in r t u o s t C C e o n .) t - r a — l 250, 000 250,000 9, 081, 008 Old Kent Bank, Grand Rapids, Mich., member, has absorbed CHANGES the following: Old National Bank, Grand Rapids, Mich 800, 000 800, 000 17, 312, 570 Second Security Bank, Chicago, District No. 2 111. (voluntary withdrawal) 350, 000 350, 000 6, 820, 582 Claremont Bank of Jersey City, N. J. (merged with Trust Co. District No. 8 of New Jersey, Jersey City, N. J., nonmember). $200,000 $400, 000 $12, 063, 950 M M er o c . an ( t s i u le c c T ee r d u e s d t b C y o . M , S e t r . c L an o t u il i e s - , Fi c rs u t s e T , r N us . t Y & . , D m ep e o m s b it e r C , o h ., a S s y a r b a - - Commerce Bank & Trust Co., sorbed the following: a member) 3,000, 000 7,000, 000 72, 773,442 Li T b r e u rt s y t C N o. a , t S io y n r a a l c us B e, a n N k . Y & __ 300,000 75,000 5, 602, 940 District No. 9 Th c i u r s d e , N N a . t i Y onal Bank, Syra- 300,000 300,000 5, 702,000 Sw so if n t , C M o i u n n n t . y , h B a a s n k a , b s I o n r c be ., d B t e h n e - Bl B oo lo m o f m ie f l i d e ld B , a N n . k J ., & m T em ru b s e t r, C h o a . s , Farmers & Merchants State absorbed the following: Bank, De Graff, Minn., a non- Bloomfield National Bank, member 25,000 10,000 268, 290 Bloomfield, N. J 300,000 300, 000 7,451, 650 District No. 10 Municipal Bank & Trust Co., a B n r d o ok u l n y d n e , r N . t i Y tl . e (m of e rg B ed a nk w it o h f First Security Bank, Rock United States, New York, Springs, Wyo. (voluntary with- N. Y., a member) 5,000,000 6,000,000 81,850,937 drawal) 100,000 100,000 2,115,274- Bank of Commerce in New York, District No. 12 N.Y. (merged with and under title of the Guaranty Trust Co., Co N rn ew E x Y c o h r a k n , g e N B . Y an ., k , a N m e e w m Y b o e r r k ) , .. 25,000,000 40,000,000 730,387,814 Bi U ng ta h h a m ( t S it t l a e te c h B a a n n g k e , d B t i o n gh F a ir m st , N. Y. (title changed to Corn Security Bank of Bingham). Exchange Bank Trust Co.). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

411 JUNE, 1929 FEDERAL RESERVE BULLETIN Fiduciary Powers Granted to National Banks Changes in National Bank Membership During the month ended May 21, 1929, the Federal The Comptroller of the Currency reports the follow- Reserve Board approved applications of the national ing increases and reductions in the number and capital banks listed below for permission to exercise one or of national banks during the period from April 20 to more of the fiduciary powers named in section 11 (k) May 24, 1929, inclusive: 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; Num- Amount of (6) assignee; (7) receiver; (8) committee of estates of ber of capital banks lunatics; (9) in any other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition with national banks are New charters issued « __ 17 $5,390,000.00 permitted to act under the laws of the State in which Restored to solvency 0 0 Increase of capital approved i 29 15, 222, 591. 67 the national bank is located. Aggregate of new charters, banks, restored to solvency, and banks increasing capital- 46 20, 612, 591. 67 Dis- Location t N ri o ct . Name of bank g P r o a w nt e e r d s L R i e q d u u i c d i a n t g io c n a s pital2 30 3 21 9 , , 2 7 1 5 0 0 , , 0 0 0 0 0 0 . . 0 0 0 0 Callicoon, N. Y 2 Callicoon National Bank 1 to 9. Total liquidations and reductions of capital- 33 30, 960, 000. 00 New York, N. Y 2 Brooklyn National Bank Ito9. Consolidation of national banks under act of New York, N. Y 2 Br T o r a u d s w t a C y o N . ational Bank & 1 to 9. Co N n o s v o . l id 7 a , t 1 io 91 n 8 of a national bank and a State 3 34, 640, 925. 00 Pleasantville, N. Y._. 2 First National Bank Ito9. bank under act of Feb. 25, 1927 1 200, 000. 00 Roslyn, N. Y. 2 Roslvn National Bank & 1 to 9. Trust Co. Total consolidations 4 34, 840, 925. 00 Point Pleasant Beach, 3 Point Pleasant Beach Na- Ito9. N. J. tional Bank. Aggregate increased capital for period 20, 612, 591. 67 Lewistown, Pa 3 Mifflin County National Ito9. Reduction of capital owing to liquidations, etc 30, 960, 000. 00 Painesville, Ohio 4 Painesville National Bank Ito7. Net decrease 10, 347,408. 33 & Trust Co. Culpeper, Va 5 Second National Bank 1 to 9. Bluffton, Ind 7 Old National Bank 1 to 9. 1 Includes one increase in capital of $8,640,925 incident to a consolida- Charlotte, Mich 7 First National Bank 2, 3, 5, and tion under the act of Nov. 7, 1918, and one increase of $200,000 incident Q to a consolidation of a State bank under act of Feb. 25, 1927. Des Moines, Iowa 7 Central National Bank & Ito9. 2 Includes one reduction in capital of $50,000 incident to a consolida- Trust Co. tion under act of Nov. 7, 1918. Wyandotte, Mich 7 First National Bank 1 to 9. Carrollton, Ky 8 First National Bank Ito9. Duluth, Minn 9 First and American Na- 9.i Acceptances to 100 Per Cent tional Bank. Fargo, N. Dak 9 Merchants National Bank Ito9. The following member institutions have been author- & Trust Co. Shawnee, Okla 10 Federal National Bank 1 to 9. ized by the Federal Reserve Board to accept drafts Lubbock, Tex 11 First National Bank 1 to 9. and bills of exchange up to 100 per cent of their capital: Stockton, Calif 12 First National Bank 4, 8, and 9.* and surplus: Chemical Bank & Trust Co., New York,, 1 Supplemental. N. Y.; First National Bank, Lake Charles, La. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

412 FEDERAL RESERVE BULLETIN JUNE, 1929 DETAILED BANKING STATISTICS FOR THE UNITED STATES FEDERAL RESERVE BANKS BILLS DISCOUNTED, AND DEPOSITS BY CLASS OF DEPOSIT [Monthly averages of daily figures. In millions of dollars] Federal Reserve Bank Total Boston Y N o ew rk - d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is M ap in o n li e s - K C a i n t s y as Dallas F S ra an ncisco Bills discounted: 1928—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 Ausust 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—J anuarv 859.2 60.4 245.9 73.1 79.7 40.7 58.5 142.7 37.4 12.0 66. 6 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 79.3 956.3 96.5 234.5 86.7 93.8 58.1 73.4 109.8 48.7 18.1 49.1 23.1 64.4 Total deposits: 1928—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 May 2, 350.9 143.5 932.6 136.7 187.0 68.3 66.1 346.9 80.3 51.5 89.0 66.5 182.6 Member bank reserve balances: 1928—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 May - 2,296.4 141.9 914.7 133.8 184.1 65.6 64.5 340.8 76.6 50.2 87.5 65.1 171.6 Government deposits: 1928—May 23.8 1.6 5.3 1.6 1.6 2.3 2.0 2.8 1.3 1.1 1.4 1.1 1.9 June . 12.8 .6 4.1 .8 .8 1.2 .8 1.1 .7 .6 .6 .7 .9 July 19.5 .7 3.7 1.3 1.0 2.2 1.4 1.8 1.1 .9 1.2 1.5 2.7 August. 27.9 1.6 6.9 1.4 1.2 2.7 2.2 2.7 1.2 1.4 1.4 2.0 3.2 September 17.6 1.6 4.2 1.3 1.3 1.7 1.6 1.2 .8 .8 .7 1.2 1.1 October 18.7 1.7 3.3 1.2 .9 2.2 1.6 1.4 1.2 .9 1.1 1.6 1 6 November 17.5 1.4 2.9 1.3 1.2 1.9 1.8 1.4 1.2 .9 .9 1.4 1.3 December 18.8 1.4 4.6 1.6 1.2 1.7 1.7 1.5 .9 .8 .8 1.2 1.4 1929—January 18.2 1.2 3.7 1.3 .9 1.7 1.5 1.6 1.1 1.0 1.2 1.3 1.8 February 20.9 1.3 4.7 1.1 1.3 2.1 1.1 2.3 1.3 1.1 1.3 1.1 2.0 March 16.8 .6 6.3 .8 1.1 1.5 .8 1.3 .7 .6 .6 1.9 April 24.8 1.6 6.5 1.9 1.2 2.6 1.3 3.2 1.1 .9 1.1 1.6 1.9 May 22.5 .9 4.6 2.1 1.4 2.3 1.1 3.9 1.2 .9 1.2 1.1 1 7 All other deposits: 1928—May 27.3 .6 13.1 .8 1.6 .4 .6 2.3 .6 .4 .9 .3 5.9 June 27.5 .7 12.1 .9 2.1 .5 .4 2.8 .7 .5 .9 .3 5.6 July 29.7 .9 13.4 1.1 2.3 .7 .5 2.7 .8 .5 .8 .4 5.7 August 28.4 .9 10.8 1.0 2.3 .7 .6 3.1 1.0 .5 1.0 .4 6.0 September 38.2 1.4 10.4 1.7 4.2 1.5 1.0 3.5 2.8 1.2 4.0 .5 6.1 October 29.7 .7 9.9 1 0 2.1 .8 .8 3.0 1.7 1.0 2.1 .3 6 3 November 31.8 1.3 14.6 .8 2.4 .5 .5 2.3 1.1 .5 .9 .3 6.6 December 29.4 .6 11.1 .8 1.6 .5 .4 2.7 1.0 .5 .6 .3 9.4 1929—January 31.3 .6 13.2 .8 2.2 .5 .4 2 3 .7 .5 .5 .3 9.3 February 28.5 1.2 10.0 .7 1.8 .4 .4 1.9 .8 .4 .6 1.0 9.3 March 31.3 .6 13.7 .7 1.5 .4 .4 1.9 2.4 .4 .5 .2 8.6 \pril 34.8 .7 15.4 .9 1.8 .5 .4 2.1 2.5 .5 . 7 .3 9 1 May 32.0 .6 13.3 .8 1.5 .4 .5 2.1 2.5 •4 .4 .3 9.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1929 FEDERAL RESERVE BULLETIN 413 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES AT END OF MONTH [In thousand^ of dollars] 1929 1928 May 31 April 30 May 31 RESOURCES Total gold reserves 2,813,403 2, 791,490 2, 594, 650 Keserves other than gold. 137, 320 173,193 147, 552 Total reserves.. 2,950,723 I 2, 964, 683 2, 742, 202 Nonreserve cash 71, 262 71, 966 56,143 Bills discounted 1,067, 867 ' 934,468 1,021, 352 Bills bought: Outright _ 104,448 129, 242 271, 088 Under resale agreement. 12, 331 49, 327 20, 528 Total bills bought.. 116,779 178, 569 291, 616 United States securities: Bought outright 137,209 140,121 204, 352 Under resale agreement. 5,785 23, 250 15, 535 Total United States securities. 142, 994 163, 371 219, 878 Other securities 7,816 7,368 1,090 Foreign loans on gold 14,899 Total bills and securities. 1, 335,456 f 1, 298, 673 1, 533,945 Due from foreign banks 727 725 573 Heserve bank float * 24, 060 ' 27,024 13, 600 Total reserve bank credit outstanding... 1,360,243 ' 1, 326,422 1, 548,118 Federal reserve notes of other reserve banks__. 16.378 13, 333 18, 219 Other uncollected items not included in float. 602, 724 634,338 599,459 Bank premises . 58,581 58, 739 60,013 All other resources 7,947 r 7, 302 9,165 Total resources.. 5, 067,858 5, 076, 783 5,033,319 LIABILITIES .Federal reserve notes: Held by other Federal reserve banks. 16, 378 13, 333 18, 219 Outside Federal reserve banks 1,655,863 ' 1,649, 518 1, 588, 278 Total notes in circulation. 1,672,241 ' 1, 662, 851 1, 606,497 Deposits: Member bank—reserve account.. 2,288,192 ' 2, 281, 605 2,371, 265 Government 32,126 27,953 39,914 Foreign bank _ 7,742 8,980 5,673 Other deposits _ 25,198 '- 26,132 19, 026 Total deposits 2, 353, 258 2, 344, 670 2,435, 878 Deferred availability items. 602, 724 634, 338 599,459 Capital paid in 157, 600 155, 912 139,614 -Surplus 254, 398 254, 398 233,319 All other liabilities 27,637 24, 614 18, 552 Total liabilities 5, 067, 858 5,076,783 | 5, 033, 319 Contingent liability on bills purchased for foreign correspondents.. 388,891 345, 071 267, 536 r Revised. i Uncollected items (exclusive of Federal reserve notes of other Federal reserve banks) in excess of deferred availability items. KINDS OF MONEY IN CIRCULATION [End of month figures. In thousands of dollars] Total G co o i l n d G ti o fi l c d a c te e s r- d S s o t i a a l l r v l n d a e d r r s - c S c e i a r l t t v i e f e s i r - n T o 1 u r t 8 e e r 9 y a s 0 s o - f S s u i i a l b v r s y e id r - M c i o n i o n r U S n n t o a i t t t e e e s s d F re n e s o d e t e r e r v s a e l F re n b e s o a d e t n e r e k r v s a e l t n b i N o o a n t n a e - a k s l 1928—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 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 I 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 Oct. 31 4,806,230 373, 202 9 >y, 652 46,298 i 394, 328 1,296 285,350 113,427 300, 659 1, 689,171 3,880 638,965 Nov. 30.._ 4, 990,114 374, 306 1,030,54b 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 j 410,334 1,294 291,314 115, 613 294,199 1,808,053 3,820 615, 761 1929—Jan. 31 4,656.617 3X0. 952 923, 193 44,458 j 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, 4-18 44,075 j 385,389 1,291 280, 736 113, 692 283, 603 1, 646, 523 3,747 626,344 Mar. 31- 44,774477,66**33 374.255 937, 247 43,921 ! 390, 583 1,290 280,655 113.536 283,100 1,673,480 3,709 645,908 Apr. 30. 4.675,647 371, 623 905, 513 43,727 386, 241 1,288 281,229 114, 085 276, 227 1, 648,392 3,680 643, 639 May 31 P ! 4,739,822 370,15$ 944, * 53 45,250 ; 392,408 1,286 283,141 114,644 288,214 1, 654, 794 3,649 642, 220 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

414 FEDERAL RESERVE BULLETIN JUNE, 1929* L, 1929 [In thousands of dollars] Federal reserve notes Total cash reserves Total deposits in circulation Reserve percentages Federal reserve bank May- April May April May April May April Boston 172,675 194,933 143, 464 146, 369 138, 536 133, 368 61.2 69.7 New York 987, 419 977, 439 932, 550 937,149 284,480 297, 621 81.1 79.2 Philadelphia.. 196, 789 167, 097 136, 669 135,926 144,182 143, 096 70.1 59.9 Cleveland 288, 704 276, 072 186,995 186, 372 207, 346 207, 752 73.2 70.1 Richmond 78, 285 ' 84, 315 68, 303 70, 247 67, 526 ' 70, 247 57.6 60.0 Atlanta 120, 359 133, 015 66,149 67.890 132, 714 134, 773 60.5 65.6 Chicago 542, 543 ' 514,141 346,855 346, 794 307, 225 ' 301, 679 82.9 79.3 St. Louis 84,419 r 83,939 80, 347 81, 476 58. 060 r 57, 775 61.0 60.3 Minneapolis.. 88, 553 r 86, 287 51, 539 52.891 63; 423 ' 64,187 77.0 73.7 Kansas City.. 93, 825 ' 102,417 89,035 91, 023 66,384 r 66, 543 60.4 65.0 Dallas. 66,196 r 71, 077 66, 461 68, 643 37, 561 T 37, 965 63.6 66.7 San Francisco. 267, 717 246, 203 182, 560 182, 739 156, 067 155, 898 79.1 72.7 Total... 2,987,484 ' 2, 936, 935 2, 350,927 2, 367, 519 1, 663, 504i? 670, 904 74.4 72.7 «• Revised. FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS RESOURCES [In thousands of dollars] Total Boston Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t is i i Dallas F c S r is a a c n n o - Gold with Federal reserve agents: Mayl 1, 317,449 75,185 281, 203i 93, 538 154, 518 39, 582 83,072 267,103 24, 089 54,122 48, 759 23,107 173,171 May 8_. 1, 309, 905 71, 7361 281,1271 98,889 154,684 38, 740 82, 050 267, 044 23,481 54,122 43,117 22,395 172, 520> May 15 1, 329,117 68, 698 261,0341 117,299 154, 284 37, 525 80, 280276, 943 22,374 60, 276 42, 033 22,034! 186,337 May 22 1, 318, 551 66, 042 261,0341 116,148 154,474 31, 874 80, 890276, 944 21, 697 61,915 40, 435 21, 500! 185,598- May 29 1, 315,181 62, 852 265,927 114,533 150, 679 33, 758 86, 943 279, 8"" 21, 308 56,122 38, 629 21,055 183,498 Gold redemption fund with U. S. Treasury: Mayl 61,172 7, 322! 11, 556 5,241 5, 014 3,840 3,817 6,276 7, 037! 2,955 2,803 1,869 3, 442 May 8 62, 060 5,418 11,154) 6,417 6, 286! 4,101 4,299 5,626 7, 362! 2,756 3,166 2,031 3,444 May 15 65, 071 7,936 10, 6641 7,358 6, 052! 4,693 4,975 5,052 5,175 j 3,464 4,046 1,919 3,737 May 22 61,196 9,878 10,117| 8,058 5, 242 3,132, 4,242 4,393 5,562 1,658 3,441 1,866 3,607 May 29 66, 969 12, 590| 9, 694 9,226 4,993 3,535 4-"! 6,746 5,665 2,218 2,477 1, 775 3, 58£ Gold held exclusively against i Federal reserve notes: Mayl 1, 378, 621 82, 507 292, 759! 98, 779 159, 532 43,422 86,889 273,379 31,126 57, 077 51, 562 24,976 176,613 May 8 1, 371, 965 77,154 292, 2811 105,306 160, 970 42,841 86,349 272,670 30, 843 56, 878 46, 283 24,426 175,964 May 15 1, 394,188 76, 634 271,698! 124,657 160, 336 42, 218 85,255! 281,995 27, 549 63, 740 46,079 23,953 190,074r May 22 1, 379, 747 75, 920i 271,1511 124,206 159, 716 35, 006 85,132J 281,337 27, 259 63, 573 43, 876 23,366 189,205 May 29 1, 382,150 75, 442| 275,621! 123,759 155, 672 37, 293 91,404: 286,623 26,973 58, 340 41,106! 22,830 187,087 Gold settlement fund with Federal Reserve Board: May 1 671,114 55, 709 186,451 49,194 67,147 13, 826 15, 810 143,894 33, 865 20, 296 28,178 26,114 30, 630 May 8 678, 058 61, 248i 138, 333 60, 291 66, 094 14, 750 16, 900145,422 34,942 26, 870 42, 286 27,104 43, 818 May 15 654, 848 51, 752 156, 248 47, 645 66, 243 11, 927 20, 681 132, 584 33, 326 16, 820 41,121 25, 291 51, 210 May 22 652, 404 50, 342 190, 111 42, 424 69, 249 11,911 18, 835 119, 843 30, 999 16,116 37, 953! 25, 871 38, 750 May 29 663, 795 56, 237 247,192 32,954 72,142 14,476 14, 685 72, 340 37,237 22,130 33, 749 23, 765 36,888: Gold and gold certificates held by banks: May 1 762, 295 26,688 474, 950 24,356 51, 781 16, 643 7,413 101, 677 10, 081 5,620 5,263 10, 753 27, 070 May 8. 790, 924 27, 262 488,332j 26,651' 51,857 16, 387 7,323 113,159 10, 548 5,703 5,;""" 10, 908 27, 396 May 15 789,0871 27,495 486,300 25,120 49,902 16,901 6,704 116, 775 10, 261 5,664 5,395 10, 917 27, 653 May22._ 809, 751 26, 750 505,125 26,107 50, 002 17,364 6,249 117,647 10, 371 5,812 5,536 10, 968 27,820* May 29 777,836 23,995 479, 859 25, 525 50, 605 17,405 6,531 114,165 10,091 5,912 5,396 10, 966 27,386 Total gold reserves: May 1 _ _ 2, 812,030 164,904 954,160 172,329 278,460 73, 891 110,112 518,950 75, 072 82,993 85,003 61,843 234,313 May 8__ _._ 2, 840,947 165, 664 918,946 192,248! 278,921 73,978 110, 572531,251 76,333 89,451 93,967 62,438 247,178 May 15__ _ 2,838,123] 155, 881 914, 246 197,4221 276,481 71,046 112, 640531,354 71,136 86, 224 92,595 60,161 268,937 May 22 - 2, 841, 902 153,012 966, 387 192,737] 278,967 64, 281 110, 216518,827 85, 501 87, 365 60, 205 255, 775> May 29 2,823, 781 155, 6741,002, 672182,238 278,419 69, 747112, 620473,128 74,301 86,382 80, 251 57, 561 251,361 Reserves other than gold: Mayl - 173, 732 14,174 52,194 7,' 13, 553 8,745 8,548 26, 397 11,81 2,465 5, 679J 6,979 15,604 May 8 171, 332 14, 253 52,103 7,964 12, 544 8,075 8,336 26,484 11, 545 2,403 5,404 6,941 15, 280 May 15... 173,400 13, 680 50, 293 8,567 14,151 8,376 28, 349 11,108 2,593 5,768 7,068 15,049 May22.._ 166, 229 12, 769 47,672 8,420 12,645 8,355 7,593 28,144 10,989 2,519 5,668 6,889 14, 566 May 29 _ 146,1771 11, 539 41,484 6,881 10, 271 7,462 7,268 25,86" 8,901 2,436 4,802 5,152 14,114 Total reserves: Mayl 2, 985, 762179,078 1,006, 354 179,825 292,013 82,636 118, 545, 34' 86,971 85,458 90, 682 68,822 249,917 May 8. - - 3, 012, 279179,917 971,049 200, 212291,465 82,053! 118,908 557, 735 87,878j 91,854 99, 371 69, 379 262,458 May 15 3,011, 523 169,561 964, 539 205,989 290, 632 79,4221 121,038 559, 703 82, 2441 88, 817 98, 363 67, 229 283,986'- May 22 _„_ 3, 008,131 165, 7811,014,059 201,157 291, 612 72,636! 117,809 546,971 79,6181 88,020 93,033 67, 094 270, 341 May 29 2,969,958 167,213 1,044,156 189,1191 288,690 76,636J 119,888 83,202 88,818 85,053 62, 713 265,475. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1929 FEDERAL RESERVE BULLETIN 415 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS-Continued RESOURCES—Continued [In thousands of dollars] Total Boston Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C a i n t s y as Dallas F c S r is a a c n n o - Nonreserve cash: May 1 74, 287 6,456 30, 663 2,263 4,153 4,995 4,924 7,176 3,812 1,283 I,1 2,832 3,932 May 8 78, 317, 6,874 32, 740 2,309 3,159 5,242 6,156 7,948 4,024 1,159 1,805 3,003 3,898 May 15 83, 981! 7,389 36,895 2,276 4,105 5,252 6,049 8,149 3,957 1,206 1,820 3,146 3,737 May 22 85, 517| 7,213 40, 075 2,170 3,393 5,101 5,835 8,071 3,764 1,130 1,832 2,989 3,944 May 29. 82,473 6,195 39,350 2,052 2,964 4,992 5,679 7,670 3,762 1,392 1,739 2,900 3,778 13ills discounted: Secured by U. S. Government obligations—• May 1 547, 996 36, 358 169, 67' 62, 285 58, 246 20, 275 18, 089 65,190 24,922 14, 728 17, 016 12, 820 48, 390 May 8. __ 525, 814 44,863 173, 331 49,400 58,125 21, 048 17, 485 59, 552 22,166 9,464 15, 041 11, 379 43,960 May 15 512,837, 46, 466 171, 324 42, 691 60, 091 24,11 16, 814 57,133 25,400 8,603 14, 367 12, 307 33, 524 May 22 502, 558 50, 508 136,38" 46,039 56,016 25, 098 66,939 29,846 8, 679| 16,498 11, 579 35,981 May 29.. 536,177J 61, 074 130, 658 58, 871 60, 501 24, 016 15, 009 95,: 23, 989 4,071 19, 076 12,429 31, 275 Other bills discounted— May 1. _._. 437, 833' 47,450 77, 905 39, 577 33,101 34, 086 58, 422 45, 535 22, 411 7,642 29,105 9,905 32, 694 May8 436, 208 42, 087 103, 558 34, 855 33, 383 33, 408 57, 045 35, 766 22, 486 7,157 29, 459 11,128 25,876 May 15 401, 762 46, 697 83,048 33, 775 28,904 32, 414 55, 961 31,371 22, 300 7,766 30, 844 9,808 18, 874 May 22 401,868 51, 598 60,'~~ 30, 824 34,199 36,257 54, 208 31, 782 24,150 8,087 33, 521 11, 986 24,318 May 29 452,017 48, 285 63, 768 37, 906 35,143 33, 957 56, 389 54, 056 27,168 12, 767 37, 497 12, 054 33, 027 Total bills discounted: May 1 985, 829| 247, 582 101,862 91, 347 54, 361 76, 511 110,725 47, 333 22, 370 46,121 22, 725 81, 084 May 8 __ 962, 022 86, 950 276, 889 84, 255 91, 508 54, 456 74, 530 95, 318 44,652 16 621 44, 500 22, 507 69, 836 Bills M M M b a a a o y y y u g 2 2 1 h 2 9 5 t in open market: 9 9 1 0 4 4 , , 4 5 2 9 6 9 1 1 9 0 0 9 3 2 , , , 1 1 3 6 0 5 3 6 9 2 1 1 5 9 9 4 7 4 , , , 4 3 3 2 7 2 6 2 5 7 7 9 6 6 6 , , , 8 4 7 6 6 7 6 3 7 9 8 9 0 5 8 , , . 9 2 6 9 1 4 5 5 4 6 5 5 1 6 7 , , , 9 3 5 7 5 3 3 5 1 7 7 7 2 1 3 , , , 1 7 3 9 7 9 6 5 8 1 8 9 4 8 8 9 , , , 5 7 2 2 0 6 1 4 4 4 5 5 7 3 1 , , , 9 1 7 9 5 0 6 7 0 1 1 1 6 6 6 , , , 3 7 8 6 3 6 6 8 9 ! | 4 5 5 5 0 6 , , , 0 2 5 1 1 7 9 1 3 2 2 2 3 2 4 , , , 1 4 5 1 8 6 5 3 5 6 5 6 0 4 2 , , , 3 3 2 0 9 9 2 8 9 May 1 170,421 30, 072 56, 834 11,402 12,991 6,327 7,454 6,979 1,411 3,682! 5,891 10, 774 16, 604 May 8.. 157,181 29, 876 44, 004 12, 067 12, 655 5,509 7,995 8,449 1,191 3, 755j 5,542 10, 509 15,629 May 15 146,107 28,977 35,115 10,949 12,003 5,269 8,183 10, 646 1,152 3,651 5, 506 10,153 14,503 May 22 137,986 26, 065 27,441 11,597 11, 722 5,311 8,216 12, 734 1,142 3,403 6,129 10, 754 13,472 May 29 117,919 26,281 11, 649 10, 041 9,921 4,734 7,982 12,! 1,118 2,876! 5,892 10, 325 14,111 U.[S. Government securities: Bonds- May 1__ 50, 384 155 585 548 1,152 21 19,937 7,125 4, 540! 7,755 7,813 64 May 8 50,407 155 585 548 1,152 15 19,937 7,125 4,568 7, 756| 7,813 64 May 15 50,400 155 585 548 1,152 24 19, 93' 7,125 4,552 7, 756! 7,813 64 May 22 50, 386 155 585 548 1,152 17 19,937 7,125 4,545 7,756 7,813 64 May 29 50,384' 155 585 548 1,152 15 19, 937 7,125 4, 545J 7,756 7,813 64 Treasury notes- May 1 84,478! 2,066 11, 841 9,327 27,409 657 3,211 5,209 4,213 4,102| 902 3,598 11,943 May 8. _ 84,495 1,795 11, 734 9,081 27,112 657 3,123 4,763 7,213 3,9661. 3,411 11, 640 May 15... 90, 610 If'""" 17, 279 9,081 27,112 657 3,128 5,328 7,213 3,965j_ 3,411 11, 640 M M a a y y 2 29 2 - . _ . - .. 9 84 1 , , 8 9 3 6 9 5! 1 1 , , 7 7 9 9 4 4 1 12 8 , , 4 — 09 9 9 , , 0 0 8 8 1 1 2 2 7 7 , , 1 1 1 1 2 2 6 6 5 5 ' 7 3 3, , 1 1 2 2 4 3 4 6 , , ! 1 "" 43 6 6 , , 5 5 0 0 0 0 3 3 , , 9 9 6 6 9 4 ! ; . . 3 3, , 4 4 1 1 1 1 1 1 1 1 , , 6 6 4 4 0 0 Certificates of indebtedness- May 1—_ 15,868 1,396 5,170 7,027 1,085 23! 1,136 May 8 14, 586: 1,396 4,660 7,027 1, 400J. 52i May 15..- 14, 816 1,349 5,295 7,027 1,0351 86. May 22 11,062 1,350 2,120 7,027 520 May 29 9, 223; 1,350 495 7,027 285 Total TJ. S. Government securities: May 1 150, 730 4,151 17,166 16,939 27, 962 1,1 3,242 26, 231 11,338 8,665 9,793 11,427 12, 007 May 8 149,488; 3,880 16, 549 16, 693 27, 665 1,809 3,149 26,100 14, 338 8,586 7, 756! 11,259 11, 704 May 15- 155, 826 3,834 22, 729 16, 693 27, 665 ir~ 3,161 14, 338 8,603 7, 756J 11, 234 11, 704 May 22.. 153, 287 3,833 20,684 16, 693 27, 665 3,151 26, 600 13, 625 8,543 7,756 11, 224 11, 704 May 29 144, 572 3,833 13,449 16, 693 27, 665 3,141 25,105 13, 625 8,559 7,756 11,233 11, 704 Other securities: May 1 7,; 1,465 401 2,000 1,500 1,250 750 May 8 6,866 965 401 2,000 1,500 1,250 750 May 15 - 7,817 1,915 402 2,000 1,500 1, 250| 750 May 22 7,817 1,915 402 2,000 1,500 1, 250 750 May 29 - 7, 817 1,915 402 2,000 1,500 1, 250J 750 Foreign loans on gold: May 1 14,899 1,182 5,233 1,534 1,629 685 581 2,041 399 492 527L May 8- 6,355 504! 2,232 654 695 292 248 871 254 170 210 225 L May 15 May 22 May 29 Total bills and securities: May 1 1, 329, 245119, 213 328,280 132,138 133,929 63,182 87, 788| 145,976 60,678 37,116 63, 79: 46, 703 110,445 May 8. 1, 281,912 121, 210 340,639 114,070 132, 523 62,066 85,922 130, 738 60,435 31,132 59, 508 45, 750 97,919 May 15 1, 224, 349 125,974 314,131 104, 510 128, 663 63,609 84,119 125,450 63,190 30,623 59,973 44, 752 79, 355 May 22 1, 203,516 132,004 247, 365 105, 555 129,602 68,475 84, 563 138,055 68, 763 30, 712 65,404 46, 793 86, 225 May 29— 1, 258, 502139,473 221,439 123, 913 133, 230 64, 516 82, 521 187, 358 65,900 30, 273 71, 721 47, 291 90, 867 Due from foreign banks: May 1. - 725 54 220 70 74 29 18 24 24 52 May 8... 725 54 220 70 74 99 29 18 24 24 52 May 15 723 54! 217 70 74 100 29 18 24 24 52 May 22 726 54 220 70 74 100 29 1! 24 24 52 May 29 727 54 221 70 74 100 29 1! 24 24i 52 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

416 FEDERAL RESERVE BULLETIN JUNE, 1929 FEDERAL RESERVE BANKS-RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands of dollars] Total Boston Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C a i n t s y as Dallas F c S r is a a c n n o - I Uncollected items: May 1 707,771 71,078 202, 715 61,933 67, 727 49, 652 23,434 88,0511 28,834 12,858 38,453 24,028 39,008 May 8 657,596 65,887 180,486 53,080 47, 772 22, 241 82,6381 29,790 12,894 38,099 25,096 39,024 May 15 847,343 83,055 251,653 67,847 84,374 58, 261 26,198 106,923 39,101 15,179 43,092 28, 227 43,433 May 22 691,828 187,965 59,327 72,035 51,910 22,859 82,392' 30,467 13,176 37,153 23, 648 42, 533 May 29 655,928 66,076 180, 758 55,142 67,128 47,266 18, 838 8877,887711 2288, 775566 12,243 35,385 21, 259 35, 206 Bank premises: May 1 58,739 3,702 16,087 1,762 6,535 3,575 2,744 8,529 3,929 2,110 4,140 3,704 May 8 _.. 58, 739 3,702 16,087 1,762 6,535 3,575 2,744 8,529 3,929 2,110 4,140 3,704 May 15 58,761 3,702 16,087 1,762 6,535 3,575 2,744 8,529 3,951 2,110 4,140 3,704 May22.._ 58,761 3,702 16, 087 1,762 6,535 3,575 2,744 8,529 3,951 2,110 4,140 3,704 May 29 _.. 58, 761 3,702 16,087 1,762 6,535 3,575 2,744 8,529 3,951 2,110 4,140 3,704 All other resources Mayl 8,358 54 1,705 171 1,288 534 1,972 521 335 524 494 May 8 _. 7,997 1,306 192 1,309 505 1,964 540 361 521 501 May 15 8,361 1,326 202 520 2,130 599 370 540 522 May 22 8,319 1,306 216 1*342 497 2,118 581 378 547 528 May 29 8,543 1,349 251 1,365 495 2,090 590 381 531 570 Total resources: Mayl 5,164,887 379,635 1,586,024 378,162 505,719 204,607 239,550 795,6991 184,587 139,367 199, 250144,735 407,552 May8__ 5,097, 565 377, 7031, 542, 527371,695 495,654 201,246 237,963 788,227 186,446 139,688 203, 282145, 578407, 556 May 15 5,235,041 389, 7941, 584,848382,656 515, 707210,672 242, 306809,453 192,842 207, 744145,737 414, 789 May 22 5,056, 798 377,178 1, 507, 077370,257 504, 593202, 227235,956 784,699 186, 970135, 713201, 923142,878 407, 327 May 29 5,034,892 382, 7681,503,360 372,309 499,986 197, 513231, 788791,113 185,981 135,385 198,484 136, 553399, 652 LIABILITIES Federal reserve notes in circulation: Mayl 1,663,639 135,854 295,815 141, 357205,620 67,881 132,157 305,143 57, 558 63, 719 65,825 37, 547J 155,163 May 8 .. 1, 663,678138,026 288,490 141,589 206,675 68,035 132,693 306,035 57, 725 64,351 66, 593 38,154! 155,312 May 15 _.. _— 1,646,658 137,227 277,973 142,262 207,019 66, 542131,945 304, 599 57,886 63, 386 66,037 36,884 154,898 May 22 1, 639, 554137, 688 275,051 140, 646203,921 66,163 131,497 305,411 57, 788 63, 053 66,431 37,420, 154,485 May 29 ..... 1,653,685 142,314 274,542 146,550 208, 507 66,091 130, 569307,265 57,973 62,148 65, 936 36,526 155,264 Deposits: Member bank—reserve aa count— Mayl 2, 335,817 139,993 947, 320134,107 190,671 65,829 66,073 340,106 75, 958 51,925 84,174 66,778| 172,883 May 8 2, 330,033 142,521 940, 309136,775 184, 719 67, 243 64,951 339, 276 77,124 51,600 86,710 65,706, 173,099 May 15 2, 319,887 139,237 931,019 136, 200183, 338 65, 765 67,379 341, 717 76, 460 50,036 87, 452 65,287j 175,997 May 22. 2,275, 752 138,540 913,102 133,459 186, 729 64,938 63,612 330,831 76,102 48,897 86, 791 64,508 168,243 May 29 2,285,870 142,646 917,034 131, 831181,052 64,849 63,463 338, 535 78, 312 49, 740 85,940 63,641 168,827 Government- May 1_— 33,892 1,714 7,367 4,301 2,522 3,599 1,452 7,191 1,730 1,117 1,131 1,464 304 May8_ 28, 635 152 7,328 3,475 1,633 1,853 1,733 6,037 1,210 917 1,595 1,792 910 May 15 ___ 13,678 488 3,007 699 1,051 2,016 826 1,779 1,106 586 1,041 700 379 May 22. _ 19,291 1,255 3,202 828 1,443 1,325 1,636 3,189 1,341 735 1,388 1,468 1,481 May 29.. 15,366 251 1,749 789 1,443 2,421 1,247 2,409 1,074 973 97 400 2,513 Foreign bank— Mayl 8,340 665 2,081 862 916 413 350 1,230 359 225 296 296 647 May 8... 7,238 502 2,511 651 692 312 264 929 271 170 224 224 488 May 15 6,106 502 1,379 651 692 312 264 929 271 170 224 224 May 22 6,362 502 1,635 651 692 312 264 929 271 170 224 224 May 29 8,085 502 3,358 651 692 312 264 929 271 170 224 224 488 Other deposits- May 1 32, 309 52 17,462 65 1,029 96 1101 1,243 1,854 229 146 19 10,004 May8 23, 308 60 9,655 193 797 93 113 589 2,336 224 230 32 8,986 May 15.... 25,837 174 9,365 114 698 90 122 2,182 2,234 315 189 73 10,281 May 22. 23,106 113 8,741 196 495 87 766 2,407 199 133 19 9,857 May 29. 21,873 65 9,101 114 639 222 1,270 2,134 185 185 37 7,833 Total deposits: t | M Ma a y y l 8 .. 2 2 , ,3 4 8 1 9 0 , ,3 2 5 1 8 4 1 1 4 4 3 2 , , 4 2 2 3 4 5 9 9 7 5 4 9 , , 8 2 0 3 3 01 1 3 4 9 1 , , 0 3 9 3 4 51 1 9 8 5 7, , 8 1 4 3 1 8 6 69 9 , , 9 5 3 0 7 1 6 67 7 . , 0 9 6 8 1 5 3 3 4 4 9 6 , , 7 83 7 1 0 8 7 0 9 , , 9 9 4 0 1 1 5 5 3 2 , , 9 4 1 9 1 6 8 8 5 8 , , 7 7 5 4 9 7 6 6 8 7 , , 5 75 5 4 7 1 1 8 8 3 3 , , 8 48 3 3 8 May 15 2, 365, 508140,401 944, 770137, 664185, 779 68,183 68, 591346, 607 80,071 51,107 88, 906 66, 284187,145 May 22 2, 324, 511140,410 926, 680135,134 189, 359 66, 662 65, 605335, 715 80,121 50,001 88, 536 66, 219180,069 May 29 2,331,194 143,464 931, 242133,385 183,826 67,804 65.062 343,143 81, 791 51,068 86,446 64, 302 179,661 Deferred availability items: Mayl 656,462 69, 983 182,468 56, 736 61,155 46,864 21, 738 80, 612 29, 515 10, 969 33,419 24, 845 38,158 May 8 608,834 65,003 160,276 48,035 57, 218 43, 738 20,413 75,088 30,027 11, 269 33, 631 25, 828 38, 308 May 15 786,019 80, 629 227, 523 61, 728 78,899 55,903 23, 951 97,936 37,121 12, 826 38,463 28, 742 42, 298 May 22 655, 232 67,457 170, 704 53, 362 67, 245 49, 352 20,946 83,094 31,418 11,459 32, 552 25, 386 42, 257 May 29 611, 242 65, 203 162, 795 51,191 63,419 43, 548 18,131 79,951 28,495 10, 923 31, 604 21,816 34,166 Capital paid in: May 1 155, 958 10,384 55, 829 15,133 15,089 6,183 5,332 19,494 5.428 3,088 4,285 4,469 11, 244 May 8 156,179 10, 390 55, 969 15,289 15,089 6,176 5, 332 19,483 5,427 3,042 4,278 4,460 11, 244 May 15 156, 296 10, 389 56,048 15,289 15,100 6,176 5,333 19, 500 5,429 3,041 4,277 4,458 11,256 May 22 156, 279 10, 374 56, 202 15, 303 15,101 6,177 5,333 19, 528 5,231 3,053 4,279 4,457 11, 241 May 29... 156,446 10, 375 56, 264 15, 303 15,121 6.177 5,r" 19, 543 5,230 3,067 4,277 4,444 11,252 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1929 FEDERAL RESERVE BULLETIN 417 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued LIABILITIES—Continued [In thousands of dollars] Total Boston Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m R o ic n h d - la A n t t - a c C a h g i o - Lo S u t. is n M o e l a i i n p s - - K C an it s y as Dallas F c S i r s a a c n n o - Surplus: May 1 254,398 19, 619 71, 282 24,101 26,345 12, 399 10, 554 36,442 10,820 7,082 17,978 May 8 254, 398 19, 619 71, 282 24,101 26, 345 12, 399 10, 554 36,442 10,820 7,082 8,690 17,978 May 15 _._ 254, 398 19, 619 71,282 24,101 26, 345 12, 399 10, 554 36,442 10, 820 7,082 17,978 May 22.... .._. 254,398 19, 619 71,282 24,101 26,345 12, 399 10, 554 36,442 10,820 7,082 17, 978 May 29 254,398 19, 619 71,282 24,101 26,345 12, 399 10, 554 36,442 10, 820 7,082 8,690 17,978 All other liabilities: May 1 24,072 1,371 6,400 1,500 2,372 1,343 1, 784 4,238 1,365 1,013 627 1,171 May8_. 25,262 1,430 6,707 1,587 2,486 1,397 1,910 4,348 1,506 1,033 935 692! 1,231 May 15 26,162 1,529 7,252 1,612 2,565 1,469 1,932 4,: 1,515 1,051 975 679 j 1,214 May 22 26, 824 1,630 7,158 1,711 2,622 1,474 2,021 4,509 1,592 1,065 1,039 706 1,297 May 29 27,927 1,793 7,235 1, 779 2,768 1,494 2,079 4,769 1,672 1,097 1,135 775 1,331 Total liabilities: May 1 5,164,887 379, 6351, 586, 024378,162 505, 719204, 607239, 550795, 699184, 587139, 367199,250 144,735! 407,552 May 8 5,097, 565 377, 7031, 542, 527371, 695495, 654201, 246237, 963788, 227186,446 139, 688203,2821 145,578 407,556 May 15 5, 235,041 389, 7941, 584,848382, 656515, 707210, 672242, 306809,453 192,842 138,493 207,7441 145,737 414,789 May 22 5,056, 798 377,178 1, 507,077370, 257504, 593202, 227235,956 784, 699186,970 135, 713201,923 142,878! 407,327 May 29 5,034,8921 382, 7681, 503,360372, 309 197, 513231, 788791,113 185,981 135, 385198,484 136,5531 399,652 MEMORANDA Ratio of total reserves to Federal reserve note and deposit liabilities combined (per cent): May 1 — 73.3 64.4 79.2 64.1 72.9 60.0 59.3 83.3 63.3 72.9 59.8 64.9] 73.7 May 8. 74.3 64.0 77.8 70.8 73.9 59.7 59.5 85.4 63.4 78.3 64.0 65.5 77.5 May 15 , 75.1 61.1 78.9 73.6 74.0 58.9 60.4 85.9 59.6 77.6 63.5 65.2 83.0 May 22 75.9 59. 84.4 72.9 74.1 54.7 59.8 85.3 57.7 77.9 60.0 64. 7 80.8 May 29 74.5 58.5 86.6 67.6 73.6 57.2 61.3 76.7 59.5 78.5 55. 62.2 79.3 Contingent liability on bills purchased for foreign correspondents: May 1 349,257 25,535 108, 742 33,127 35,197 15,874 13,458 47,275 13,803 8,627 11, 387 11, 387 24,845 May 8 355,195 25,883 111, 405 33,578 35, 677 13,641 47, 919 13,991 8,744 11, 542 11, 542 25,184 May 15 367,498 26,724 115, 792 34, 668 36,835 16, 612 14,084 49,475 14,445 9,028 11,917 11,917 26,001 May 22.... 381, 751 27,195 125, 605 35,280 37,485 16, 905 14, 333 50, 347 14, 700 9,187 12,127 12,127 26,460 May 29 _ 385,754 28, 250 119, 673 36,648 38,939 17, 561 14,888 52, 299 15, 270 9,544 12, 598 12, 598 27,486 Own Federal reserve notes held by Federal reserve banks: May 1 394,488 23,303 110,835 38,181 34, 621 19,428 31,674 10,115 9,325 10,421 9,075 64,612 May 8 417,206 24, 532 136,865 37,300 35, 532 18,432 29,457 32,885 10, 201 8,693 10,461 9,036 63,812 May 15 418,265 22,293 137, 635 39,037 34,488 19, 530 28,495 34,062 9,153 8,812 11, 773 9,944 63,043 May 22 426, 510 22, 576 140,880 42,502 38,075 19, 259 29, 553 32,854 8,974 8,784 10, 781 8,875 63,397 May 29. 420,133 18,995 149, 729 36,003 32,035 18,115 31, 753 30, 736 8,900 10,056 11,370 10,483 61,958 MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS AND MUNICIPAL WARRANTS [In thousands of dollars] Within 15 16 to 30 31 to 60 61 to 90 91 days to Over 6 Total days days days days 6 months months Bills discounted: May 1 _ __ 806,106 44,024 75, 567 40,778 16,527 2,827 May 8 962,022 787,922 43,286 72,492 37,587 17,993 2,742 May 15 914, 599 739,927 47,440 68,185 35, 767 21,500 1,780 May 22 904,426 718,591 45, 644 71,402 42,694 24,125 1,970 May 29 988,194 762,915 52, 052 84, 852 57,418 29,136 1,821 Bills bought in open market: May 1 _ 170,421 94, 551 30,092 32,037 11,069 2,672 May 8 __ 157,181 80,073 35,597 28, 793 9,902 2,816 May 15 _ 146,107 75,980 33,176 25, 732 9,108 2,111 May 22 137,986 73,110 31,118 21, 621 10,265 1,872 May 29 117,919 54, 291 31,848 19, 506 10, 080 2,194 Certificates of indebtedness: May 1 15, 868 4,177 1,245 8,378 2,068 May8.._ 14,586 4,759 4 205 7,837 1,781 May 15... 14,816 4,695 25 617 7,913 1,566 May 22 _... 11,062 2,120 35 7,526 1,381 May 29 9,223 495 293 7,034 1,401 Municipal warrants: May 1 401 101 300 May 8 _ 401 101 300 May 15 402 102 300 May 22 402 102 300 May 29 402 102 300 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

418 FEDERAL RESERVE BULLETIN JUNE, 1929 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands 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 la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n is e - K C an it s y as Dallas F S ra a n n cisco Federal reserve notes received from comptroller: May 1 2,813,454 218,032 732, 605209,438 269,391 113,020 218,831 414,661 79,683 88,568 101,296 61, 754306,175 May 8___ _ 2,933,480 240,183 747,040 208,789 279,557 127,978} 229,369 427, 320 85,456 98,568! 110,654 61, 04f 317, 524 May 15 3,055,800 261,945 757,893 208,359! 289.657 132,763! 250,860 431,561 90,249 112,722! 122,770 66,680 330,341 May22._ _ —. 3,227, 661 779,016 209,2081 310,846 161,113 264,610 442, 265 92,552 125,161 138,172 70,147 349, 082 May 29— 3,432,180i 289,299 822,936 208,613 354,012 192,157 276,262 464, 081 96,583 142,368 143,566 74, 741367, 562 Federal reserve notes held by Federal reserve agent: May 1 755, 327 58,875 325,955 29, 900 29,150 25, 711: 55,000 76, 620 12,010 15, 524 25,050 15,132 86,400 May 8 852,596 77,625 321,685 29,900 37,350 41,511 67,219 88,400 17, 530 25, 524 13,852 98,400 May 15 990, 877 102,425 342,285 27,060 48,150 46, 691 90,420 92,900 23,210 40, 524 44,960 19, 852112,400 May22._. 1,161, 597 125,225 363, 085 26,060 68,850 75, 691103, 560104,000 25, 790 53, 324 60,960 23,852 131,200 May 29 - 1, 358, 362127,990 398, 665 26,060 113,470 107,951 113, 940126, 080 29,710 70,164 66, 260| 27, 732150, 340 Federal reserve notes issued to Federal reserve bank: May l.._ 2, 058,127 159,157 406, 650179, 538240, 241 87,309 163, 831338, 041 67, 673 73, 044 76, 246 46, 622219, 775 May 8 2, 080,884 162, 558425, 355178, r 242, 207 86,467 162,150 338,920 67,926 73, 044 77,054 47,190 219,124 M M M a a a y y y 2 2 1 2 9 5 2 2 2 , , . 0 0 0 6 7 6 4 3 6 , , , 0 9 8 6 2 1 4 3 8 1 1 1 6 6 5 1 0 9 , , , 3 2 5 0 6 2 9 4 0 4 4 4 2 1 1 4 5 5 , , , 9 6 2 3 7 0 1 1 8 1 1 1 8 8 8 2 1 3 , , , 1 2 5 4 5 9 8 3 9 2 2 2 4 4 4 1 0 1 , , , 9 5 5 9 4 0 6 2 7 8 8 8 5 4 6 , , , 0 4 2 7 0 2 2 6 2 1 1 16 6 6 2 0 1 , , , 3 4 0 2 5 4 2 0 03 3 33 3 3 8 8 8 , , , 0 6 2 0 6 6 1 1 5 6 6 6 6 6 7 , , , 0 8 7 3 7 6 9 3 2 7 7 7 2 1 2 , , , 2 8 1 0 3 9 4 7 8 7 7 7 7 7 7 , , , 8 3 2 1 0 1 0 6 2 4 4 4 6 6 7 , , , 0 8 2 0 9 2 9 5 82 2 21 1 1 7 7 7 , , , 8 9 2 8 4 2 2 1 2 Collateral held as security for Federal reserve notes issued to Federal reserve bank: Gold and gold certificates- May 1 381, 294 35, 300171, 880 31,000 47, 200 17, 250 8,050 14,167 14, 757 35,000 May 8 _.. 378, 295 35,300 171, 880 30, 000 47, 200 6,690 15, 250 8,050 14,167 14, 758 35,000 May 15.... 378,295 35,300 171,880 30, OOO! 47,200 6,690 15,250 8,050 14,167 14,758 35, 000 May 22 376, 295 35,300 171,880 30,000 47,200 13, 250 8,050 14,167 14,758 35,000 May 29.-.. 372, 895 35, 300 171, 880 30, 000 43,800 13, 250 8,050 14,167 14, 758 35,000 Gold redemption fund- May 1 94, 219 16,885 14, 323 9,481 12, 318 5,892 8,822 1,103 3,039 2,955 2,350 12,652 May 8 92,059 13,436 14, 247 12, 832 12,484 5,050 7,800 1,044 2,431 2,955 3,757 3,637 12,386 May 15._ 80,710 10,398 14,154 11,402 12,084 3,835 6,530 943 1,324 2,109 2,673 3,276 11,982 May 22 _ 102,211 17, 742 14,154 10, 251 12,274 8,184 5,640 2,944 2,647 3,748 3,075 2,742 18, 810 May 29 100, 092 14, 552 14, 047 13, 636 11,879 4"~ 2,877 2,258 2,955 3,269 4,297 18, 581 Gold fund- May 1 841,936 23,000 95,000 53,057 95,000 27,000 57,000 266, 000 13,000 37,000 44, 360 6,000 125, 519 May 8 839,551 23,000 95,000 56, 057 95, 000 27, 000 59,000 266,000 13,000 37,000 39, 360 4,000 125,134 May 15 870,112 23,000 75,000 75, 897 95,000 27,000 58, 500276,000 13,000 44,000 39,360 4,000 139,355 May 22 840,045 13,000 75,000 75,897 95,000 17,000 62,000 274,000 11,000 44,000 37,360 4,000 131, 788 May 29-__ 842,194 13, 000 80,000 70,897 95,000 20,000 69,000 277,000 11, 000 39,000 35, 360 2,000 129,937 Eligible paper- May 1 1,106,891 113,802 281, 314 96,845 103, 527 55,058 83,492 117,437 48,043 25,937 51, 595 33,370 96,471 May 8 1,076,961 116, 749299, 027 84, 520 103,373 55,500 82,101 103, 503 45,168 20,275 49, 595 32,877 84, 273 May 15 1,017,200 122,062 270,529 70,150 100,749 57,213 80,700 48,352 19,928 50,345 32,163 66,110 May22.__ 999,891 128,093 205,614 76,965 100,918 58,206 81,137 111, 205 54,645 20,088 55,886 34,183 72,951 May 29 1,057,853 135, 562188, 052 88, 208 104: 901 54, 326 79,029 161,995 51, 788 19, 621 62, 252 34, 608 77,511 Total collateral: May 1 2,424, 340 188,987 562, 51 190, 383258,045 94,640 166,564 384,540 72,132 80,059 100,354 56,477 269,642 May 8.. 2,386,866 188,485 580,154 183,409 258,057 94,240 164,151 370, 547 68,649 74,397 92,712 55,272 256,793 May 15 2, 346,317 190,760 531, 563187,449 255,033 94,738 160,980 375,842 70,726 80,204 92,378 54,197 252,447 May 22 .._ __. 2, 318,442 194,135 466,648 193,113 255, 392 90,080 162,027 388,149 76, 342 82,003 96,321 55, 683258, 549 May 29. 2, 373,034 198,414 453,979 202. 741255, 580 88,084 165,972 441, 872 73, 096 75, 743100, 881 55, 663261,009 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1929 FEDERAL RESERVE BULLETIN 419 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES BY WEEKS [In millions of dollars] Federal Reserve District Total New Phila- Cleve- Rich- At- Chi- St. Min- Kan- San Boston York del- land mond lanta cago Louis neap- sas Dallas Franphia olis City cisco Loans and investments: May 1 22,313 1,486 8,595 1,227 2,195 677 645 3,299 696 370 686 482 1,955 May 8 22, 094 1,485 8,415 1,219 2,192 675 649 3,276 697 368 683 481 1,954 May 15 22,156 1,486 8,444 1,211 2,181 676 652 3,306 701 368 687 483 1,961 May 22 22, 005 1,477 8.345 1,206 2,177 675 646 3,277 711 367 684 477 1,964 May 29 22,001 1,481 . 8, 326 1,208 2,170 644 3,283 732 377 682 475 1,953 Loans: May 1 16, 438 1,102 6,418 907 1,526 519 510 2,581 519 247 450 348 1,312 May 8 16,257 1,100 6,249 902 1,526 517 513 2,573 524 245 449 345 1,313 May 15 16,301 1,099 6,273 895 1,518 518 516 2,595 524 244 452 347 1,319 May 22 16,187 1,101 6,209 890 1,517 517 509 2, 574 516 242 450 342 1,321 May 29 _ __. 16, 202 1,104 6,217 891 1,508 510 512 2,582 520 252 448 342 1,316 On securities— May 1 _- _-_ 7,371 470 3,211 487 707 191 147 1,204 234 82 123 100 415 May 8 7,241 472 3,082 476 707 191 150 1,199 241 82 121 102 417 May 15... 7,221 465 3,074 466 699 188 150 1,209 241 82 123 103 422 May 22 7,144 464 3,024 460 694 190 148 1,199 238 82 122 99 424 May 29 7,112 467 2,995 459 687 187 147 1,210 239 91 120 98 413 All other- May 1... 9,067 632 3,206 420 328 363 1,376 286 164 327 248 897 May 8 9,016 628 3,167 426 819 326 363 1,374 283 163 327 243 896 May 15— 9,079 634 3,200 430 819 329 366 1,386 283 162 329 244 897 May 22 9,043 637 3,185 430 823 327 361 1,375 278 160 327 243 897 May 29._ 637 3,223 431 821 324 365 1,372 281 161 327 243 903 Investments: May 1 5,875 384 2,177 320 158 136 719 176 123 237 134 643 May 8 _ 5,836 385 2,165 317 665 159 135 703 173 123 235 135 641 May 15 5,855 386 I2,171 316 663 158 136 711 177 124 235 135 642 May22____ 5,818 376 2,136 316 660 159 136 703 195 125 234 135 643 May 29 5,799 377 2,109 317 662 159 132 702 212 125 234 134 637 U. S. Government securities— May 1 2,997 1,179 104 321 74 65 343 69 68 111 94 379 May 8 2,979 190 1,177 104 322 75 65 328 68 69 110 94 377 May 15 2,972 190 1,164 104 319 75 65 332 71 69 110 95 378 May 22 2,951 184 1,140 104 318 74 65 327 88 70 109 94 376 May 29 2,897 183 1,120 104 319 75 61 325 66 69 109 93 374 All other- May 1 2,878 195 216 84 70 376 107 55 125 41 264 May 8 ._ 2, 858 196 988 213 344 84 70 374 105 54 124 41 264 May 15.... 2,883 196 1,006 212 344 84 71 380 106 55 125 41 264 May 22 2,867 192 212 342 84 71 377 107 55 125 41 267 May 29 2,902 194 213 343 84 71 377 147 56 125 40 263 Eeserve with Federal reserve bank: May 1 1,702 94 811 76 132 39 247 44 26 51 35 107 May 8 1,682 94 792 79 128 39 245 44 25 53 34 108 May 15 1,682 95 790 78 125 41 248 45 23 54 34 110 May 22 1,647 93 767 77 129 40 246 43 23 54 34 105 May 29 1,617 95 740 76 125 39 245 45 24 54 33 105 Cash in vault: May 1 223 16 65 13 10 9 36 6 5 10 7 18 May 8. 237 16 69 14 12 10 37 7 6 11 8 19 May 15 _ _ 227 17 66 13 11 9 36 6 5 10 7 18 May. 22... 235 16 69 14 11 10 36 6 6 11 8 18 May 29 242 15 75 16 12 9 37 7 6 11 8 19 Net M de a m y a 1 nd deposits: 13, 234 913 i5,949 706 1,032 349 326 1,825 377 207 486 297 768 May 8 12, 986 5,752 721 1,015 351 328 1,819 377 211 481 296 755 May 15 _ 13,139 5, 803 723 1,027 354 332 1,850 377 209 487 302 785 May 22...-. 12, 810 5, 652 711 1,027 344 320 1,802 362 208 474 290 751 May 29 12, 791 857 5,710 705 1,012 342 315 1,765 368 215 472 286 743 Tim M e d ay ep 1 o sits: - 6,760 456 1,698 274 960 242 228 1,240 231 130 179 141 979 May 8 6,771 463 1,696 271 964 241 229 1,230 232 131 181 141 991 May 15 — 6,795 458 1,720 267 955 239 236 1,238 232 131 181 141 997 May 22. _„__ 6,789 460 1,708 265 951 240 239 1,238 233 130 181 140 1,004 May 29. — * —- 6,765 459 1,693 264 949 240 239 1,232 232 136 180 141 997 Gov M er a n y m e 1 n t d — eposits: 143 62 7 11 4 7 17 2 1 2 10 14 May 8 - 108 47 5 9 3 5 13 1 1 1 7 10 May 15 105 46 5 3 5 13 1 1 1 7 10 May 22 - 43 5 3 5 12 1 1 1 7 10 May 29 43 5 3 5 12 1 1 1 7 10 52985—29 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

420 FEDERAL RESERVE BULLETIN JUNE, 1929 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES—Continued PRINCIPAL RESOURCES AND LIABILITIES BY WEEKS—Continued [In millions of dollars] Federal Reserve District Total Boston Y N o e r w k P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - la A n t t - a C ca h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Due from banks: May 1 _ _ _. 1,157 154 71 106 49 75 i 248 58 43 105 57 131 May8.._ 1,038 51 116 64 87 46 70 191 56 48 105 60 143 May 15. 1,099 53 137 62 93 48 73 219 57 48 111 57 142 May 22 __. 1,014 47 131 56 88 46 66 198 54 44 102 51 130 May 29 1,012 50 141 59 85 43 66 195 47 46 100 50 131 Due to banks: May 1 2,717 116 158 200 96 98 454 112 74 184 80 177 May 8 __ 2,582 107 858 155 197 90 99 442 116 74 186 83 175 May 15. 2,594 110 878 158 201 95 100 436 110 ! 69 178 81 179 May 22. _._ 2,443 104 823 151 190 87 92 412 102 i 66 173 75 168 May 29 2,389 95 820 145 184 83 88 398 103 ; 66 169 71 166 Borrowings from Federal reserve banks: May 1 703 193 31 52 79 29 i 18 33 16 66 May 8 _. 684 223 29 50 66 28 12 33 15 56 May 15 626 197 30 47 62 20 ! 12 35 14 40 May 22 614 140 34 47 71 34 | 11 39 15 47 May 29 _. _ 134 30 43 120 32 I 11 45 15 51 1 This figure (and corresponding back figures) subject to correction. GOLD SETTLEMENT FUND—INTERBANK TRANSACTIONS FROM MARCH 21 TO APRIL 17, 1929, INCLUSIVE [In thousands of dollars] Federal reserve bank Tran m sf e e n rs t a fo c r c o G un ov t ern- Transit clearing Federa c l l e r a e r s i e n r g ve note o C f h f a e g r n o s l g d a e s n t h d in r c o l o u e w g a h r n i n e t r g r s a s h n i s p - B f a u la n n d c e a t in close of Debits Credits Debits Credits Debits Credits Decrease Increase period Boston _. 6,300 3,500 930,976 928,488 4,312 2,573 7,027 71,157 New York 24,400 42, 800 3, 563, 559 3, 468, 294 8,042 12,817 72,090 167,376 Philadelphia... i 6,000 fc 926,135 , 933,781 5,457 4,559 748 27.352 Cleveland. i 6,000 4,000 833, 968 827,740 7,569 3,539 , 12, 258 66,562 A Ri t c la h n m ta ond ' 11 8 , ,5 5 0 0 0 0 fcl 1 2 , , 9 0 0 00 0 k 3 7 3 1 5 4 , , 4 2 9 6 6 2 3 7 2 1 5 0 , , 4 2 2 7 3 0 3 2 , , 0 6 6 3 9 9 3 4, , 0 2 1 8 5 0 1 i 1 1 2 5 , , 8 7 5 2 1 7 1 1 2 6 , , 1 7 9 0 3 4 Chicago 6,000 &•* 7,900 1,450,876 1, 575,451 7,796 7,084 125, 763 154,599 St. Louis i\ 8,600 543, 931 547, 256 2,291 3,787 13,421 37,059 Minneapolis... fe.k 500 161, 586 155, 600 1,576 972 6,090 15, 552 Kansas City... 1,000 4,200 438,138 423, 587 2,197 2,475 11,073 34, 988 Dallas 7,000 cr. 300 352, 633 351, 767 1,360 1,650 7,276 27,804 San Francisco.. 4,000 5, 000 419,804 423,707 2,505 2,062 4,460 43, 218 Total four weeks ending- Apr. 17, 1929. 80, 700 80, 700 10, 671,364 10, 671, 364 48,813 48, 813 144, 392 144,392 Mar. 20, 1929___ 141,900 141, 900 10, 869,341 10, 869, 341 50, 990 50, 990 Apr. 18, 1928.. _ 65,900 65, 900 10, 296, 933 10, 296, 933 39, 841 39, 841 Mar. 21, 1928.. 179, 900 179, 900 10,491, 811 10, 491, 811 47, 537 47, 537 GOLD SETTLEMENT FUND—INTERBANK TRANSACTIONS FROM APRIL 18-MAY 22, 1929, INCLUSIVE [In thousands of dollars] Federal reserve bank Tran m sf e e n rs t a fo c r c o G u o n v t ern- Transit clearing • Federa c l l e r a e r s in er g ve note C of h g a f o n e l r g d s e s a t h n i r n d o u o c g w le h n a r e t i r r n a s g h n s i s p - B f a u la n n d c e a t in close of Debits Credits Debits Credits Debits Credits Decrease Increase period Boston 1,000 1,123,965 1,090,179 5,214 3,686 34,314 50,342 New York 16,000 6, 500 4, 048, 004 4, 074, 799 9,182 17,154 25,267 190, 111 Philadelphia 4,300 1, 008, 054 1, 036, 228 7,368 5,310 21,816 42,424 Cleveland _ 9,000 1, 033, 370 1, 048, 709 8,526 4,376 20,189 69, 249 Richmond.... 2,000 1,000 1, 010, 210 1, 004. 313 3,347 5,211 5,033 11,911 Atlanta. . 2,000 1,000 421, 384 415, 497 4,771 3,539 8,119 18,835 Chicago _ 29, 500 500 1,812, 083 1,817,319 10, 276 7,784 26,256 119,843 St. Louis _ _ 8,500 682, 418 667, 209 2,814 3,962 5,561 31, 000 Minneapolis 3, 500 203, 345 205, 292 1,968 2,582 6,061 16,115 Kansas City 12, 800 546,148 524,049 2,656 2,920 9,035 37.953 Dallas . 1,000 500 421,123 419. 535 1,753 1,907 1,934 25.871 San Francisco 500 11, 000 509,120 516, 095 3,454 2,898 16, 919 38, 750 Total five weeks ending- May 22, 1929 55, 300 55, 300 12,819, 224 12. 819, 224 61, 329 61, 329 90,252 90,252 652,404 Apr. 17, 1929 _ 197,400 197,400 13, 705, 670 13, 705, 670 60, 242 60, 242 674, 564 May 23, 1928 32, 700 32, 700 12, 745, 794 12, 745, 794 53,289 53, 289 814, 594 Apr. 18, 1928 211, 300 211, 300 13, 501, 357 13, 501, 357 53, 727 53, 727 773,029 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

421 JUNE, 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 dollars] Net amount of loans outstanding 1929 1928 Date Total ! j ! l ( a 1 F n 2 e d d b e a b r n a a k n l s k ) sl J a o n i d n t b -s a t n o k c s k i Class of loan Apr. Mar. Feb. Jan. Apr. 30 30 28 31 28 1927 Apr. 30... 395 ! 1,117,914 014,481 May 31.. 275 i 1,124, 055 617, 220 Direct loans outstanding i June 30.. 165 i 1.130,648 607, 517 on— I July 31.. 575 1. 134, 896 fiO7, 679 Cotton | 15, 5u3 20,886 22 668 ! 22753 8,4»2 Aug. 31- 393 1, 139, 502 609, S9J Tobacco,. . j 815 873 ~l' 145 1491 2,746 Sept. 30., 665 | 1,143,130 609, 535 Wheat | 1,289 1,721 1,873 ; 2,461 1,039 Oct. 31-. 185 i 1,147,135 610.050 Canned fruits and vege- j i Nov. 30.. 834 | 1,150, 943 007. 891 tables ..[ 809 1,260 1,557 863 493 Dec. 31.- 121 ! 1, 155, 644 600. 477 Raisins J 4,162 4,162 4,653 4 672 5,512 Wool ! 13 152 290 29 1928 Rice.. | 582 880 1,091 1226 1,302 Jan. 31 1,767,515 1,158,717 608. 798 All other. 279 243 263 281 141 Feb. 29 1,778,338 1,168, 354 609, 984 Mar. 31 ..__ 1, 786,862 1,175,868 611,004 Total... I 23,499 j 30,038 33,402 I 35,037 19,744 Apr. 30 -. 1,791,341 1,180, 420 610. 921 May 31 — 1,793,035 1,183,672 60P, 363 Rediscounts outstanding June 30 -- 1, 794. 236 1,184, fi5fi 609, 580 for— July 31 -. --.. 1,793.630 1,185,714 607,896 Agricultural credit cor- Aug. 31- 1, 796, 591 1,187, 365 609, 226 porations _. 28,065 ! 25, 606 20, 479 19, 875 30, 614 Sept. 30 -. 1,797,796 1,189, 345 608, 451 National banks. _ 147 ; 45 44 52 8 Oct. 31-_ 1,797,910 1,190, 278 607, 632 State banks 732 i 268 411 Nov. 30 - -- ' 1,797,319 1,191,724 605, 595 Livestock loan compa- I 406 342 Dec. 31 --I 1,799,045 1,193, 846 605,199 nies 25,160 j 24,147 21, 565 1929 Savings banks and trust 24, 529 24,182 Jan. 31 -.- 1,799,464 j 1,195, 089 604, 375 companies. 6 j Feb. 28 1,803,593 1,199, 766 603, 827 83 84 Mar. 30 «1,803, 691 ! 1, 202, 570 c 601,121 Total., 54,110 50, 45,131 44,425 52,606 Apr. 30_ 1,803,115 1, 203, 724 599, 391 « Corrected. 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 date, 49. BANK DEBITS PAR COLLECTION SYSTEM MEMBERSHIP, BY FEDERAL RESERVE DISTRICTS DEBITS TO INDIVIDUAL ACCOUNTS, BY FEDERAL RESERVE DISTRICTS [Number of banks at end of April] [In thousands of dollars] Member banks Nonmember banks Numc b e e n r t e o r f s A 1 p 92 ri 9 l, M 1 a 9 r 2 c 9 h, A 1 p 92 ri 3 l, Fede d r i a s l t r r i e ct serve On par list Not onpar list 1929 1928 1929 1928 1929 1928 New York City 1 47, 979,140 55, 424, 978 41, 777, 843 Outside New York City. 140 26, 802, 629 28,131, 415 25, 225, 418 United States 8,743 8,949 12,411 12,960 3,903 3,908 Federal reserve district: Boston ___ 11 2, 936, 281 3, 032,131 2, 994, 682 Boston 408 412 252 248 New York 49, 021, 257 56,472, 205 42, 674,874 New York 937 934 404 407 Philadelphia 2,899,341 2,845,430 2, 523, 698 Philadelphia _ 777 782 485 497 Cleveland 3, 111, 297 2, 945, 335 2,741,802 Cleveland 811 827 1,005 1,025 9 10 Richmond 792,186 777,894 759,400 Richmond 539 559 608 637 567 581 Atlanta 15 1,227,058 1, 245, 613 1,098, 607 Atlanta 442 459 295 304 958 1,013 Chicago 21 6, 931, 724 7, 650,349 6, 582, 238 Chicago 1,236 1,266 3,543 3,653 213 193 S M t. i n L n o e u a i p s olis 9 5 1, 7 2 3 9 8 9 , , 4 2 6 2 2 0 1, 7 3 4 5 5 7 , , 3 5 5 2 0 0 1, 7 2 0 3 9 6 , ,8 4 5 3 4 5 S M t. i n L n o e u a i p s olis 5 7 8 0 5 8 5 73 93 0 1,7 6 1 3 3 2 1,8 7 3 1 4 8 1,1 4 3 8 2 5 1,1 4 3 5 0 4 Kansas City 15 1,427, 976 1,452, 343 1, 254. 732 Kansas City 917 951 2,191 2,291 268 273 Dallas. 10 740, 748 769,170 631, 549 Dallas- 764 792 617 652 211 197 San Francisco 18 3,656,219 4, 263, 053 3,795, 390 San Francisco.. 619 644 666 694 60 57 Total... 141 74,781,769 83,556,393 67, 003,261 1 Incorporated banks other than mutual savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS CONDITION ON CALL DATES APRIL 12, 1926, TO MARCH 27, 1929 [Amounts in thousands of dollars] 1926 1927 1928 1929 Apr. 12 June 30 Dec. 31 Mar. 23 June 30 | Oct. 10 Dec. 31 Feb. 28 June 30 Oct. 3 Dec. 31 Mar. 27 RESOURCES Loans (including overdrafts) i _ 21, 785,018 22, 060,187 22,652,044 22,327, 037 22, 938, 207123, 226, 513!23.886,3;93 J23,098,936 24,302, 787 24, 325,010 25,155, 255 24,944,641 United States Government securities 3,805,467 3,744, 929 3,388,963 835,151 3, 796, 347 3, 856,1491 3, 977, ,5,57 4, 215, 822 4, 224, 7304,385,830 4,311, 7904,453,953 Other securities _ IIIIIII 5, 228, 564 5, 378,479 5, 600, 708 5, 786, 776 l,927| 6,103, H9i 6, 382, 962 6,373,630 6, 533, 6566, 218,1456, 216,8905,994,432 Total loans and investments 30,819,049 11,183, 595 31, 641, 715 31, 948, 964 32, 756,481 33,185, 781 34, 246. 912 33, 688, 383 35,061,173 34, 928,985 35,683, 935 35,393,026 Customers' liability on account of acceptances. 486, 259 4"3"1, "30 7 512, 945 500, 2~3~2~ 502, 024 576,223 699i 701 695,319 710,207 72—7, 258 92—9, 540— 836,028 Banking house, furniture, and fixtures.._ .. 955,563 969, 380 998 212 012,103 I, 036, 731 1,059,930 1,067,200 1,077.529 1,099,210 1,105, 558 1,107, 287 1,118,418 Other real estate owned. _ _._ i 173,906 172,986 173,' 727 178, 230 175, 829 180, 546 1—7 7,229i 180.511 184,109 178,443 177, 716 184,873 Cash in vault j 540,2611 534,120 522, 596 538, 3051 537, 856 539,137 523,370! 525,992 449,198 519,126 564,384 516, 742 Reserve with Federal reserve banks ._ _ J 2,135,948! 2, 236,172 2, 210, 048 321, 414I 280, 439 2, 319, 7362, 514,465 2, 36(3, 605 2, 342,0452 , _3,48 _,_0.1.8,._2,_ 4 0_,9_,. 3..6,7_2_,.338, 569 Items with Federal reserve banks in process of collection ! 722,0551 732,161 810, 250 673, 5l2j 740, 816 739, 871 784,391 686,881 680,492 S56,655| 967,838 841,606 Due from banks in United States i 1,933, 50l| 1,980,051 2, 065. 518 1,896, 383 j 1,968,326 2, 077, 4412, 209, 1,940, 619 1,897,231 2,026, 2592,124, 252 1, 741,478 Due from banks in foreign countries 2 '' 287,104! 275,887 255, 821 258, 269, 373 297, 535 291, 858 306, 950 292,018 Exchanges for clearing house and other checks on local banks ! 1,450,457 1, 762, 736 2,077,090! 1,222.670! 1,912,942 1, 564, 7961, 508, 1,311,817 1,447,219 1, 634, 6893,493,0611 2,486,203 Outside checks and other cash items | 142,939 137, 86f 181,593 101, 676! 177, 771 157, 841 200, 134, 916 217, 291 163, 527 203,884! -14'2", "39"5 Redemption fund and due from United States Treasurer _. J 32,879 32, 99- 32, 785 32, 480! 32, 891 33, 054 33, 32, 823 33, 025 33,001 32,995| 32, 761 Acceptances of other banks and bills of exchange or drafts sold • with indorsement _ j 221,290 207, 292 254, 508 205, 382J 210, 519 265,0071 431, 454, 958 436,488 433, 668 677,994' 475,155 Securities borrowed " """; 45,304 44,631 44, 3451 41, 521 i 33, 539 29, 4641 35, 29, 248 37, 733 j 36, 551 • 35,947j 48, 844 Other assets _ _ __ _ ._ I 3 416.029 3 419, 895 3 504, 314| 158, 488! 168,141 171,070| 197, 186, 677 198, 895 200,101 220, 498 224, 981 Total _ _ 40, 075, 440 40, 845,189 42, 029, 644[41, 118, 464112, 810,192 43,155, 718 44, 888,140 43, 581, 656 45, 091, 8491*5, 483, 697 48, 935, 64646, 673, 097 LIABILITIES Capital stock paid in 2,162,434 , 169, 4841 22,03, 44 2,248.210 2,273,737 2,304, 2, 337, 7802, 345, 5192, 415, 37i2, 453,859 2,474,223i 2,563,278 R U Su e n s r d p e i r l v u v i e s d s e d fo r p r d o i f v it i s d — en n d e s t , continge I n .I c ies, etc I.I___III I I . I I I I I I I I . I I I . I I I . I . I _ I I II .I I I . I 1,8 78 8 3 0 , ,6 0 2 1 0 1., 7 8 6 9 3 9 , , 1 56 5 5 6 ! | 1,9 7 5 8 5 5 , , 3 5 4 1 9 7 1,9 84 9 5 2 , , 1 5 7 9 4 6 | 2,0 8 3 4 0 3 , , 3 3 4 1 2 9 2, P 0 1 4 0 9 , ,3 50 2 5 5 1 j2,1 8 2 7 4 9 , , 4 0 8 2 0 0 2, 9 1 1 4 4 4 , , 1 1 1 8 4 2 2, 9 2 2 8 4 5 , , 0 5 1 3 2 6 f t 2 , 1 8 3 2 8 8 0 8 2 , , , 0 0 3 2 2 9 0 5 32,4 8 1 4 5 3 1 0 2 , , , 7 7 5 0 4 6 9 4 4 i ! | 2,5 9 1 4 1 4 8 8 4 , , , 1 1 2 5 4 4 5 5 2 til Reserves for interest, taxes, and other expenses accrued and unpaid. 132, 688 124, 4841 120, 386 139, 315 128,142J 152,53l! 128, 757 137, 34, 145,458 150,438 120, 6761 157,144 1 Due to Federal reserve banks 47, 893 45, 2141 51,44, 47, 221 53,043 54,402! 52, 073 45,360 49, 823 65, 379 56, 510! 51,433 Due to other banks in United States f3, 388,4413, 507, 732 3, 5671;93! 3.808,222 3, 495, 7223, 263, 4943,462, 3773,649,037 3,070,084 Due to banks in foreign countries 4_._ __ ], 801, 513 935,113 4,002, 995 451, 747 567,800 586,869! 745,691 643,372 613, 732 508, 571 543,2731 446 2,,649 Certified and officers' checks outstanding 863, 466 962,694 1,141.102 788, 522 1, 084, 605 977,944! 839,558 848, 064 787, 770 1, 041,1142,184,138! 1,739,947 Cash letters of credit and travelers' checks outstanding I.j 23, 266 38, 415 20, 499 25, 015 41,696 26,391 21,641 29, 015 43,177 2_7.,, „3_3 8 23,128| 27,385 Demand deposits i, 823,148 17,380,041117,638, 648 16, 830, 709 17, 735, 244 17, 347246,118,170,14017,', 304, 646il7, 606; 567,4 51071,,;430 18, 903, 658,17, 708, 269 Time deposits ), 954, 74 172, 8631114'3"9, 859 11, 817, 694112, 209, 834 12, 45294,8i 12, 764, 798 12, 9212,6,3813,438,585 13,, 440099,, 1608 13,453,31113,328, 712 United States deposits 379, 450 227, 647 234,116 406,850! 217,622 435475 266,981 86,032 256, 681 158, 761 261, 505 410, 867 Total deposits * !, 893,483 33,761, 987 34,528, 664 33, 756,19935, 397, 576 35 481948 36, 669,102 35i,, 374, 840 36, 059,82G 36,174, 578 39,074, 560 36, 799,346 Agreements to repurchase United States Government or other securities sold 15, 800 5,632 32, 53' 13, 248 17, 967 17, 845 32, 785 21, 375 18,103 95,161 134,084 102, 423 Bills payable and rediscounts 619, 568 611, 619 759, 866 546, 433 541, 248 528, 215 663, 475 580, 892 1, 209, 4371,153,916 1,162,178; 1,153,035 Acceptances of other banks and bills of exchange or drafts sold with indorsement 221, 290 207, 292 254, 508 205, 382 210, 519 265,007 431, 968 454, 958 436,486 433, 6651 677, 994 475,155 Acceptances executed for customers I.IIIIIII.I.III. 470,292 425, 751 515,046 505, 586 503, 595 575, 636 721, 473 705,001 716,270 717,931 928,329} 846,370 Acceptances executed by other banks for account of reporting banks. 55, 002 42, 054 35,917 29, 013 32, 042 26, 075 22, 318 26,008 28, 235 41,417 43,636 45,025 National-bank notes outstanding- 648, 954 650, 662 645, 956 642, 067 650, 445 649, 390 649, 877 646,162 648, 602 648, 046 649, 893 647,354 Securities borrowed 45,304 44,631 44, 34.5 41, 546 33, 564 29,471 35, 936 29, 352 37, 782 36, 556 35, 947 48, 844 Other liabilities * 146, 993 5 138, 872 8 148,108 153, 695 147, 696 135,062 191,169 201, 899 166.726 189, <— 209,109! 224, 581 Total... 40, 075, 440 40, 845,189 42, 029, 644 41,11.8, 464J42, 810,192 43,155, 718 44, 888,140 43, 581, 650 45, 091, 849 45, 483, 697 48,935, 646J46,673,097 Number of banks _ 9,412 >,375 9,260 9,144 9, 099! 9,C 9,034 8,983 8,929 8,837 8,755 1 Excludes "Acceptances of other banks and bills of exchange or drafts sold with indorsement," now shown separately. 7 Includes amounts due from own foreign branches. Prior to Mar. 23, 1927, amounts due from banks and branches in foreign countries are included ID "other assets." * Includes amounts due from banks and branches in foreign countries. * Beginning Mar. 23, 1927, includes amounts due to own foreign branches, which prior to that time are included in "other liabilities." 6 Includes amounts due to own foreign branches. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—CONDITION OF NATIONAL AND STATE MEMBERS ON MARCH 27, 1929, BY CLASSES OF BANKS [Amounts in thousands of dollars] All member banks National banks State bank members Central Other Central Other Central Other I Total re c s i e t r y ve re c s i e t r y ve C b o a u n n k t s ry Total re c s i e t r y ve re c se it r y ve C b o a u n n k t s ry Total re c s i e t r y ve re c s i e t r y v e i i C b o a u n n k t s ry banks banks banks banks banks banks > RESOURCES Loans (including overdrafts) 1 _ _. 24, 944, 641 7,210, 515 8, 732, 9249,001,202 14, 856, 362 ,3,111,904 5,046,155 6,698,303 10,088,279 4,098,611 3, 686, 769 12,302,899 United States Government securities 4,453,953 1,298,797 1, 731, 6061,423, 550 3,094, 307 ! 712,367 1,212,430 1,169,510 1,359, 646 586,430 519,176 ;| 254,040 Other securities _ 5, 994, 432 1, 010,085 1, 667, 9283,316,419 3, 970, 885 1 439,939 923, 847 2, 607,099 2,023, 547 570,146 744,081 ii 709,320 Total loans and investments 35,393,026 9,519,397 13,132,458 13,741,171 21,921,554 4,264,210 7,182,432 10,474,912 13,471,472 5,255,187 4,950,026 |!3,266,259 Customers' liability on account of acceptances 651, 638 170,496 13, 894 472,486 330,468 134,233 7,785 363, 542 321,170 36, 263 !! 6,109 Banking house, furniture, and fixtures 1,118,418 190, 799 407,911 519, 708 726, 083 78, 940 241, 634 405, 509 392,335 111,859 j 166, 277 ji 114,199 Other real estate owned 184, 873 8,445 62, 869 113, 559 126, 880 3,036 33,456 90,388 57, 993 5,409 | 29,413 j! 23,171 Cash in vault _. 516, 742 70, 699 149,157 296,886 362,458 31, 781 95,143 235, 534 154, 284 38,918 ! 54,014 ! 61,352 Reserve with Federal reserve banks 930,309 763, 767 644, 493 1,404, 528 434,218 475, 591 494, 719 934,041 496,091 i 288,176 j! 149,774 Items with Federal reserve banks in process of collection.. 841, 606 335, 218 394, 536 111,852 525, 681 183, 010 264, 718 77, 953 315, 925 152, 208 129,818 j| 33,899 D Du u e e f f r r o o m m b ba a n n k k s s i i n n f U or n e i i t g e n d c S o ta u t n e t s ries 2__ 1,7 2 4 92 1 , , 4 0 7 1 8 8 2 1 2 9 2 5 , , 1 6 1 1 0 1 76 6 6 5 , , 1 1 4 1 0 7 780 4 , , 2 2 9 2 0 8 1, 1 2 9 8 9 8, , 0 7 1 2 7 5 1 7 5 6 1 , , 1 9 9 2 3 3 56 4 0 4 , , 0 7 4 0 9 8 651 3 , , 1 7 1 5 6 3 45 93 2 , , 7 0 5 0 3 1 1 7 1 1 8 , , 4 1 1 8 8 7 20 2 6 0 , , 0 4 9 0 1 9 ! I| ! 1 1 2 , 8 1 ,4 7 7 4 5 Exchanges for clearing house and other checks on local banks 2,486, 203 2,139,303 286, 940 59, 960 1,473, 061 41,137 1,013,142 892, 834 101,485 I 18,823 Outside checks and other cash items __ 142, 395 66, 056 54, 260 22, 079 17, 006 70,142 44,196 i 20,873 | 5,073 Redemption fund and due from U. S. Treasurer- 32, 7G1 1,994 8,051 22, 716 22, 716 Acceptances of other banks and bills of exchange or drafts sold with indorsement 475,155 395,115 79, 355 685 62,862 336 227, 288 210,446 16,493 I 349 Securities borrowed _ 48, 844 15, 009 21, 061 12, 774 11, 066 9,179 13, 590 | 9,995 ! 3,595 Other assets _ _ 224, 981 101,179 76, 552 47, 250 43, 255 30,146 105, 940 55,539 33,297 i 17,104 Total 46, 673, 097 14,842,882 15,438,670 16,391,545 17, 665, 448 7,773,462 6,062,630 3,829,356 LIABILITIES Capital stock paid in 2, 563, 278 752,342 827,103 930, 882 408,192 308, 370 i 214, 320 Surplus 2, 548,155 933,355 ! 788,774 1, 020, 887 474, 650 356, 249 I 189,988 Undivided profits, net 918,145 283,707 | 265,545 379, 544 191,164 I 110, 620 | 77, 760 Reserves for dividends, contingencies, etc. 144, 242 69, 772 43, 845 77, 008 43,355 | 21,735 | 11,918 Reserves for interest, taxes, and other expenses accrued and unpaid _ 157,144 53, 219 60,126 76, 451 35,510 25, 687 15, 254 Due to Federal reserve banks 51, 433 12, 974 11, 744 2,090 9,654 Due to other banks in United States— 3,070, 084 1, 231,812 1, 464,134 892, 787 479, 234 343, 503 70, 050 Due to banks in foreign countries3 .. 462, 649 413, 642 46, 622 205, 384 193, 565 11, 210 589 Certified and officers' checks outstanding 1, 739, 947 1, 501, 989 153, 288 707, 343 624, 062 60,901 22, 380 Cash letters of credit and travelers' checks outstanding._ 27, 385 19, 788 7,065 15, 531 14,996 442 93 Demand deposits _ _.17, 708, 269 6,115,112 5, 761,147 6, 778, 623 3, 326, 735 2, 084, 062 1, 367,826 Time deposits 13, 328, 712 1, 721, 592 4, 780, 609 12,425,044 | 5,151,6785,164, 447 1,134, 049 2, 355, 565 1, 674,833 United States deposits - 410, 867 169,162 164, 940 ! 112,012 I 58,308 140, 656 69, 271 52, 928 18,457 Total deposits __. 36, 799, 346 11,173, 097 12, 390, 779 i7,480, 078 10,071,58813,916, 495 5,841, 912 4, 910, 701 3,163,882 Agreements to repurchase United States Government or other securities sold 102, 423 40, 610 54, 425 48,972 28,117 19, 565 1,290 Bills payable and rediscounts 1,153, 035 321, 392 471, 853 449,473 165,880 180, 038 103, 555 Acceptances of other banks and bills of exchange or drafts sold with indorsement __. 475,155 395,115 79, 355 336 227, 288 210,446 16,493 Acceptances executed for customers 846, 370 658, 247 176, 725 6, 472 372, 861 325,875 | 42,060 4,926 Acceptances executed by other banks for account of reporting banks 45, 025 27, 587 14,809 1,437 24,107 15, 325 1,192 National-bank notes outstanding 647. 354 38, 934 159, 203 449, 217 Securities borrowed - 48,844 15,009 21, 061 9,179 13, 590 9,995 3, 595 Other liabilities _ ._ 224, 581 80, 496 85, 067 17, 691 127, 890 33, 036 53. 527 41,327 Total..__ _ - 46, 673, 097 14. 842, 882 15, 438, 670 12, 562,18917, 665, 448 7, 773, 462 6, 062, 630 3,829,356 Number of banks _ _ 8,755 75 495 8,185 7.187 1,186 42 146 998 1 Excludes "Acceptances of other banks and bills of exchange or drafts sold with indorsement," now shown separately. 2 Includes amounts due from own foreign branches. > Includes amounts due to own foreign branches. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—CONDITION ON MARCH 27, 1929, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands 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 - Atlanta Chicago St. Louis M ap in o n li e s - Dallas 5a c n i s F c r o an- RESOURCES Loans (including overdrafts)1 24,944, 641 1,823, 340 8,139,496 1,813, 353 2, 352, 327 1,023, 816 3,776,730 944,686 563,858 799, 503 730,030 2,070,615 United States Government securities 4, 453,953 285,195 1, 393, 095 227, 898 450, 671 143, 695 132, 450 527,261 I159, 269 149,447 214,282 190,314 580, 376 Other securities 5,994,432 491, 500 1, 784, 592 672,433 674, 589 183, 718 151,938 768,155 j273,394 224,449 228, 422 79,188 462,054 Total loans and investments 35,393,026 2,600,035 11,317,183 2,713,684 3,477,587 1,351,229 1,191,275 5,072,146 1,377,349 937,754 1,242,207 999,532 3,113,045 Customers' liability on account of acceptances 836, 028 80,696 612,961 18,482 11,390 9,087 11,063 50,870 1,586 2,094 84 4,717 32,998 Banking house, furniture, and fixtures 1,118,418 70,484 258,404 97, 705 140, 664 60,821 61, 791 171, 788 40,815 23,140 45,850 43,983 102,973 Other real estate owned 184, 873 6, 858 21, 317 17,156 23, 722 16,947 14,116 26,015 9, 248 9,391 9,112 10, 794 20,197 Cash in vault 516, 742 38,127 111,929 42, 662 54, 898 27, 234 28, 262 78,912 21, 791 18,951 26,768 24,177 43,031 Reserve with Federal reserve banks 2, 338, 569 142, 396 930, 041 136,094 184, 871 66, 906 68, 951 340, 339 78, 333 54,923 92, 621 69,381 173,713 Items with Federal reserve banks in process of collection 841,606 68, 080 345,142 54, 600 77,153 39,712 I 24,576 97,097 j 32,191 6,985 34, 043 26,432 37,595 D D u u e e f f r r o o m m b b a a n n k k s s i i n n f U or n e i i t g e n d c S o t u at n e t s ries2 1, 2 7 9 4 2 1 , , 4 0 7 1 8 8 8 24 4 , , 8 6 7 8 3 3 2 21 2 0 0 , , 1 2 5 3 7 1 98 3 , , 8 9 3 4 5 0 149 3 , , 3 6 3 4 9 4 84, 5 58 1 1 6 125 2 , ,0 2 4 4 2 8 25 1 8 8 , ,9 5 6 3 4 8 ! 92 1 , ,3 1 8 8 8 5 88 1 , , 9 9 2 2 0 7 185 1 , , 9 6 2 4 2 0 129, 7 9 4 2 7 8 2 2 2 2 2 , , 4 81 3 7 1 Exchanges for clearing house and other checks on local banks 2, 486, 203 52, 724 2, 083, 630 59,111 32,093 15, 598 13, 655 118,856 i 16,007 7,957 17,672 9,586 I 59,314 Outside checks and other cash items 142, 395 4,316 8,361 2,447 7,148 44,956 2,041 3,715 3,733 3,460 j 17,659 Redemption fund and due from United States 7, 035 37, 524 Treasurer.. 32, 761 2,733 3,964 2,695 2,245 4,437 1,923 1,369 1,637 2,378 | 2,849 Acceptances of other banks and bills of exchange or 2,180 4,351 drafts sold with indorsement 475,155 5,163 9,673 3,869 2,295 3,779 1,055 160 377 566 24, 047 Securities borrowed 48, 844 32, 312 391,859 4, 723 9,768 2,651 1,779 20, 548 3,944 96 848 713 2,387 Other assets 224,981 135 1,252 13, 509 16, 832 4, 558 4,788 26,097 5,504 5, 773 4,325 2,297 18,165 Total 46,673,097 3, 21231,,0 2694716,615160,,100845 3, 272, 713 4, 203, 959 1,688,851 11,559,234 6,333,342 (1,685,360 1,163,155 1,666,839 1,328,691 3,893,221 LIABILITIES Capital stock paid in ,563,278 174,807 813,996 175, 578 223,875 114,535 I 103,980 366,061 |110,458 64,915 94, 363 96,642 224, 068 Surplus ,548,155 167, 926 1,019,109 330,569 264,986 88,998 | 71,102 276,158 I 65, 544 35, 891 44,421 47, 728 135, 723 Undivided profits, net 918,145 85,891 352, 780 85,931 77,318 33,086 28,967 97,305 i 33,188 15,391 22,430 25,829 60,029 Reserves for dividends, contingencies, etc 144, 242 9,627 53,881 9,062 15,798 4,516 | 3,110 35,126 j 2,723 ! 1,479 2, 524 1,888 4,508 Reserves for interest, taxes, and other expenses accrued and unpaid 157,144 11, 779 57, 582 8,333 16, 669 6,630 4,258 25,725 ! 4,065 ' 2, 855 3,858 2,803 12, 587 Due to Federal reserve banks 51, 433 7,348 20, 624 7,201 3,721 5,803 2,108 2,274 i 243 f 246 52 1,270 543 D D u u e e t t o o b ot a h n e k r s b i a n n f k o s r e i i n gn U c n o it u e n d t r S ie t s a t 3 es 0 4 7 6 0 2 , , 0 64 8 9 4 13 19 6 , , 4 3 6 3 5 2 4 9 0 9 0 3 , , 1 S 4 2 8 8 16 4 2 . , 6 0 5 1 1 0 212 3 , , 0 7 3 1 2 6 110, 7 9 4 8 2 8 13 2 6 , , 8 4 2 9 7 6 50 1 5 5 , , 8 2 8 3 7 8 152, 4 8 4 0 2 5 | 101 1 , , 2 2 0 2 9 4 227,0 2 7 3 4 8 11 1 8 , , 3 5 0 8 2 4 21 1 2 2 , , 8 6 0 8 8 7 Certified and officers' checks outstanding 739, 947 23, 229 1,488,178 32, 309 20, 524 11,315 8,381 60,122 9,484 9,496 I 17,370 14, 962 44, 577 Cash letters of credit and travelers' checks outstanding.__ 27, 385 476 17, 943 224 5,166 71 46 2,210 80 31 ! 116 59 963 Demand deposits. 708,269 1,308,090 6, 514,994 1,107,450 1,439,877 561, 489 573,207 2,383, 509 631, 611 406,626 811,339 685, 785 1,284,292 Time deposits 328, 712 970, 563 3,157,080 1,087, 755 1, 670, 439 596, 201 457,469 2,117, 596 533, 554 470, 838 372, 899 236,512 1,657,806 United States deposits 410,867 20,223 151,040 22, 243 30, 833 27,122 26,144 48,116 8,800 6,903 9,137 26,324 33,982 Total deposits 3 36,799,346 2,485,726 12,743,835 2,423,843 3,386,308 1,313,731 1,206,678 5,134,952 1,337,019 996,573 1,438,225 1,084,798 3,247,658 Agreements to repurchase U. S. Government or other securities sold _ 102,423 32, 710 44,221 9,778 1,280 517 2,474 7,890 1,246 51 870 824 562 Bills payable and rediscounts ., 153,035 79, 792 342, 651 125, 933 101, 605 55,183 60,800 201,092 58,460 15,101 22,953 13,093 76,372 Acceptances of other banks and bills of exchange or drafts sold with indorsement _. 475,155 32, 312 391, 859 5,163 9,673 3,869 2,295 3,779 1,055 | 160 377 566 24,047 Acceptances executed for customers 846, 370 81, 229 618,128 15, 771 11,404 9,209 17, 378 51, 262 1,590 ! 1,561 83 4,722 34, 033 Acceptances executed by other banks for account of reporting banks 45, 025 3,007 28, 315 3,593 524 52 7,329 629 3 675 1 6 891 National-bank notes outstanding 647,354 43,628 85,335 54,037 78,448 53,195 44, 540 88, 031 38,025 26, 924 32, 480 46, 836 55,875 Securities borrowed 48,844 135 1,252 4,723 9,768 2,651 1,779 20, 548 3,944 90 848 713 2,387 Other liabilities _ 224, 581 13,078 103,141 20, 399 6, 303 2,679 4,544 24,784 28,040 1,483 3,406 2,243 14, 481 Total. __ 46, 673.097|3, 221,647 116,656,085 3, 272, 713 4, 203, 959 1, 688, 851 1, 559, 234 6, 333, 342 1, 685, 360 1,163,155 1,666,839 1, 328, 691 3,893, 221 Number of banks 755 407 939 777 811 541 444 1,237 585 712 919 765 618 1 Excludes "Acceptances of other banks and bills of exchange or drafts sold with indorsement," now shown separately. 2 Includes amounts due from own foreign branches, s Includes amounts due to own foreign branches. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

425 JUNE, 1929 FEDERAL RESERVE BULLETIN ALL MEMBER BANKS—RESERVE POSITION ON MARCH 27, 1929 [Amounts in thousands of dollars] Reserves with Federal reserve Net demand deposits banks Ratio of required reserves Class r o e f s e b r a v n e k d a is n t d r ic F t ederal j b x d D a c e e n l p u m k o s s i a a v i n n t e s d d , of D ba u n e k t s o , Total de T p i os m i e ts p d d l e u e N p m s o e t a s t i n i m t d s e Required Held Excess 3 d t e t o p m i l m n u a e s e n t d Govern- net2 deposits ment (per cent) deposits 1 All member banks 17,708,269 1,124,892 18,833,161 13,328,712 32,161,873 2,307,432 2, 338, 569 31,137 7.2 Central reserve city banks. 6,115,112 618, 558 6, 733,670 1, 721, 592 8,455, 262 926, 811 930, 309 3,498 11.0 Reserve city banks... 5, 761,147 420, 274 6,181, 421 4, 780, 609 10, 962, 030 761,561 763, 767 2,206 6.9 Country banks 5, 832,010 86, 060 5, 918, 070 6,826,511 12, 744, 581 619, 060 644,493 25,433 4.9 All member banks: Boston 1, 308, 090 29, 900 1, 337,990 970, 563 2,308, 553 143,178 142,396 -782 6.2 New York 6, 514,994 458, 258 6,973, 252 3,157, 080 10,130, 332 925,438 930, 041 4,603 9.1 Philadelphia. _. 1,107, 450 44,152 1,151, 602 1,087, 755 2, 239, 357 132, 433 136, 094 3,661 5.9 Cleveland 1, 439,877 64,157 1, 504,034 1, 670,439 3,174,473 183,410 184, 871 1,461 5.8 Richmond 561.489 25,038 586, 527 596, 201 1,182, 728 66, 789 66,906 117 5.6 Atlanta 573, 207 34, 208 607,415 457, 469 1, 064, 884 65, 677 68, 951 3,274 6.2 Chicago __ 2, 383, 509" 227, 070 2, 610, 579 2,117, 596 4, 728,175 337, 892 340,339 2,447 7.1 St. Louis 631,611 58, 523 690,134 533, 554 1, 223, 688 76, 294 78, 333 2,039 6.2 Minneapolis 406,626 44, 975 451, 601 470,838 922,439 51, 375 54, 923 3,548 5.6 Kansas City... 811,339 67,178 878, 517 372, 899 1,251,416 87,820 92, 621 4,801 7.0 Dallas 685, 785 25, 528 711,313 236, 512 947, 825 65, 682 69,381 3,699 6.9 San Francisco.. 1, 284, 292 45, 605 1, 330,197 1,657,806 2, 988,003 171, 444 173, 713 2,269 5.7 Central reserve city banks: t New York | 5,122,575 441, 510 5, 564, 085 1, 290,020 6, 854,105 761,818 766,019 4,201 11.1 Chicago.. 992, 537 177,048 1,169, 585 431, 572 1,601,157 164,993 164, 290 -703 10.3 Reserve city banks: Boston 655, 936 24,115 680,051 272,204 952, 255 76,171 73, 772 -2,399 8.0 New York 288, 773 10,121 298,894 292, 722 591, 616 38, 671 36, 597 -2,074 6.5 Philadelphia 599, 020 40, 611 639, 631 234, 375 874,006 70, 994 70.837 -157 8.1 Cleveland 874, 207 59, 608 933,815 839, 238 1, 773,053 118, 559 117, 759 -800 6.7 Richmond _ 246,500 15,059 261, 559 170,117 431, 676 31,259 ! 31,071 -188 7.2 Atlanta 285.490 28, 948 314,438 202,486 516, 924 37,519 ! 38,813 1,294 7.3 Chicago 677,360 37, 568 714, 928 747,216 1,462,144 93,910 ! 93, 233 -677 6.4 St. Louis 355,286 43, 959 399, 245 240,969 640, 214 47,154 i 48,088 934 7.4 Minneapolis 148,815 39,136 187, 951 98,412 286,363 21,747 23,991 2,244 7.6 Kansas City 444,223 60, 322 504, 545 183,0G9 687, 554 55,945 57.838 1,893 8.1 Dallas 273, 775 19, 380 293,155 139, 340 432,495 33,496 I 35,356 1,860 7.7 San Francisco.._ 911,762 41, 447 953,209 1,360,521 2,313, 730 136,136 I 136,412 276 5.9 Country banks: Boston 652,154 5,785 657, 939 1, 356, 298 67,007 68, 624 1,617 4.9 New York 1,103, 646 6,627 1,110,273 1, 574, 338 2, 684,611 124,949 127,425 2,476 4.7 Philadelphia... 508,430 3,541 511.971 853, 380 1, 365,351 61,439 65,257 3,818 4.5 Cleveland 565, 670 4,549 570, 219 831, 201 1,401,420 64, 851 67,112 2,261 4.6 Richmond 314, 989 9,979 324, 968 426, 084 751, 052 35,530 ! 35,835 305 4.7 Atlanta 287, 717 5,260 292,977 254,983 547, 960 28,158 ! 30,138 1,980 5.1 Chicago 713, 612 12,454 726,066 938,808 1, 664,874 78,989 | 82, 816 3,827 4.7 St. Louis 276, 325 14, 564 290,889 292, 585 583,474 29,140 30, 245 1,105 5.0 Minneapolis 257,811 5,839 263, 650 372,426 636,076 29, 628 30,932 1,304 4.7 Kansas City... 367,116 6,856 373.972 189,890 563,862 31,875 i 34,783 5.7 Dallas 412,010 6,148 418,158 97,172 515,330 32,186 ! 34,025 1,839 6.2 San Francisco.. 372, 530 4,458 376,988 297,285 674, 273 35,308 37, 301 1,993 5.2 1 Exclusive also of certified and cashiers' or treasurers' checks outstanding and of letters of credit and travelers' checks sold for cash and outstanding. 2 Combined excess of amounts due to banks over amounts due from banks as shown by individual bank reports. When for a given bank, amounts due from banks exceed amounts due to banks, the excess due from can not be deducted in determining deposits on which reserves are computed, and for this reason amounts in this column do not agree with the difference between aggregate amounts due to banks and due from banks. In this calculation the amounts due to banks include due to Federal reserve banks, bankers, and trust companies, certified and cashiers' or treasurers' checks outstanding, and letters of credit and travelers' checks sold for cash and oustanding, while amounts due from banks include items with Federal reserve banks in process of collection, amounts due from banks and trust companies in United States, balances payable in dollars due from foreign branches of other American banks, and exchanges for clearing house and other checks on local banks. 3 Deficiencies in reserves indicated by a minus (—) sign. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS -— —JBOUNDARIES 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