Federal Reserve Bulletin, 1929-10
FEDERAL RESERVE BULLETIN OCTOBER, 1929 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Crop Movement and the Credit Situation Condition of All Banks in the United States 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. YOUNGj$jGovernor. 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. EDDT, 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. WALTER LICHTENSTEIN, Secretary 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. New York G. W. McQarrah Qeo. L. Harrison J. H. Case J R . a W y . M Jo . n G es id .1 ney.1 LE.. FR.. SKaeilnezrel J. E. Crane.1 A. W. Gilbart W. B. Matteson.1 L. R. Rounds C. H. Coe.1 Philadelphia R. L. Austin Geo. W. Norris Wm. H. Hutt W C. . A G . . M M c c l C lh r e e n e n d y y . .1 Cleveland George DeCamp E. R. Fancher M. J. Fleming H. F. Strater. Richmond Wm. W. Hoxton George J. Seay C Fr . a A nk . P J e p Z le urlinden Geo. H. Keesee. R. H. Broaddus John S. Walden, jr.* Atlanta Oscar Newton Eugene R. Black Hugh Foster M. W. Bell. Creed Taylor Chicago Wm. A. Heath J. B. McDougal C. R. McKay W. C.Bachman.» John H Blair K. C. Childs.* J. H. Dillard.» D. A. Jones.* 0. J. Netterstrom.' St. Louis Rolla Wells Wm. McC. Martin 0. M. Attebery A. H. Haill.2 F N Hall 2 S. F. Gilmore.2 G. 0. Hollocher.2 C. A.Schacht.* Minneapolis John R. Mitchell W. B. Geery Harry Yaeger Gray Warren. H. I. Ziemer Frank C. Dunlop.* Kansas City M. L. McClure W. J. Bailey C. A. Worthington J. W. Helm. Dallas C.C.Walsh Lynn P. Talley R. R. Gilbert F W re d D H . G ar e r n is t . ry.1 San Francisco Isaac B. Newton Jno. U. Calkins Wm. A. Day Wm. M. Hale. Ira Clerk i 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 R. M. O'Hara. Helena branch R. E.Towle. Cleveland: Kansas City: Cincinnati branch C. F. McCombs. Omaha branch L. H. Earhart. Pittsburgh branch J. C. Nevin. Denver branch J. E. Olson. Richmond: Oklahoma City branch C. E. Daniel. Baltimore branch A. H. Dudley. Dallas: Charlotte branch Hugh Leach. El Paso branch W. 0. Ford. Atlanta: Houston branch D. P. Reordan. New Orleans branch Marcus Walker. San Antonio branch M. Crump. Jacksonville branch W. S. McLarin, jr. San Francisco: Birmingham branch A. E. Walker. Los Angeles branch W. N. Ambrose. Nashville branch J. B. Fort, jr. Portland branch R. B.West. Chicago: Salt Lake City branch W. L. Partner. Detroit branch W. R. Cation. Seattle branch C. R. Shaw. St. Louis: Spokane branch D. L. Davis. Louisville branch W. P. Kincheloe. Memphis branch W. H. Glasgow. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE OF CONTENTS Fag« Review of the month—Crop movement and the credit situation 657 Changes in reserve bank portfolio—Acceptances outstanding—Growth of member bank credit— Growth of commercial loans—Farm income. Condition of all banks in the United States on June 29, 1929 660, 698-701 National summary of business conditions 661 Financial, industrial, and commercial statistics: Reserve bank credit and factors in changes 662-664 Analysis of changes in monetary gold stock 663 Discount rates and money rates . 665, 666 Member bank credit 667 Bankers' balances . _ 668 Bankers' acceptances and commercial paper outstanding _ 668 Brokers' loans. __ 668 Commodity prices, security prices, and security issues 669 Production, employment, and trade 670 Industrial production 671 Factory employment and pay rolls 672 Building _._ 673 Trade and distribution 674 September crop report, by Federal reserve districts 675 Bank suspensions 697 Financial statistics for foreign countries: Gold holdings of central banks and Governments __ 676 Gold exports and imports ; 676 Condition of central banks _ 677, 678 Condition of commercial banks 679 Discount rates of central banks 679 Money rates -- 680 Foreign exchange rates 681 Price movements 682-684 Law department: Opinion of Attorney General relative to the establishment of branches in foreign countries by State member banks 685 Changes in National and State bank membership 687 Fiduciary powers granted to national banks 688 Detailed banking statistics for the United States 689-697 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN VOL. 15 OCTOBER, 1929 No. 10 REVIEW OF THE MONTH larger than on August 31, 1928, and more than $400,000,000 above the level for the correspond- Growth in the volume of reserve bank credit ing date in 1927. The greater part of this insince the early part of August has been in apcrease has occurred in dollar acceptances proximately the same volume as has been usual created to finance goods stored in or shipped Changes in re- ^or ^s season i*1 recent years. between foreign countries, which accounted serve bank port- Between the end of July and for a total of $315,000,000 at the end of August 0 10 the end of September the total this year as compared with $152,000,000 and increase in reserve bank credit outstanding was $72,000,000 on the same date in 1928 and 1927, about $100,000,000, an amount approximately respectively. There has also been an increase equal to the increase during the period in the as compared with recent years in the volume of demand for currency. The additional demand for reserve bank credit was met through the MILLIONS OF DOLLARS MILLIONS OF DOLLARS purchase by the reserve banks of acceptances AMERICAN BANKERS ACCEPTANCES OUTSTANDING in the open market. Following upon the reductions in July and August in the buying rates on bills, there was a rapid growth in offerings of 1200 1200 acceptances to the reserve banks, and bill holdings of these banks increased by more than $200,000,000 from the first of August to the last of September. There was also a further N 1928 1000 1000 inflow of about $30,000,000 of gold from abroad, bringing the total additions to the country's stock of monetary gold since the beginning of the year to about $230,000,000. As a result of 800 800 bill purchases by the reserve banks and the inflow of gold, member banks were in a position to meet the seasonal demands upon them without increasing their borrowings at the reserve (600 J600 banks; in fact, the total of discounts for mem- Jan. Feb. Mar. Apr. May June July Au§. Sept. Oct. Nov. Dec. ber banks decreased by about $120,000,000 End-of-month figures reported by American Acceptance Council during August and September. As a conse- bills created to finance export and import quence, the financial requirements of the crop- transactions and to furnish dollar exchange. moving season have been met with little increase Acceptances falling under the latter classificain rates charged to commercial borrowers. tion showed the largest relative increase for the Increased purchases of acceptances by the year. During previous years the volume of reserve banks in recent weeks coincided with a such bills averaged about $25,000,000, but growth in the total volume of on August 31 of the present year were outoutstanding1 CeS American bankers' acceptances standing in the amount of $63,000,000. The outstanding, which reached increase in this type of acceptances appears to $1,200,000,000 on August 31. This volume, as indicate a growing demand for dollar exchange is shown by the chart, is about $250,000,000 by such countries, mostly in South America, as 657 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
658 FEDERAL RESERVE BULLETIN OCTOBER, 1929 are permitted under the provisions of the however, represented entirely additions to Federal reserve act and the rulings of the funds loaned in the market by lenders other Federal Reserve Board to draw acceptances than domestic banks. on American banks for the purpose of obtaining A growth of bank loans for commercial and exchange. agricultural purposes is usual at this season The chart indicates that the increase in of the year, but this year it Growth of acceptances outstanding started earlier this commercial has been in somewhat larger loans year than in the two preceding years and up to volume than in the two prethe end of August was considerably larger than ceding years, as is shown by the chart. in those years. It appears, therefore, that The more rapid growth in commercial loans dollar exchange has financed a larger proportion this year than in other recent years may be of world trade this year than in other recent due in part to an earlier movement of wheat to years, with the consequence that foreign money market and an accumulation at the distributing markets have been relieved of a corresponding centers. Marketing of a large carry-over of demand for credit from this source. wheat on farms and of the new crops of winter During recent weeks there has also been a and spring wheat, at prices generally higher growth in loans and investments of member than prevailed a year ago, has been an impor- Growth of banks, as indicated by reports tant factor in the increased demand for commermember bank from banks in leading cities. cial loans. The following table, based on price cre !t The increase was largely in the data compiled by the Department of Agriculform of commercial loans, which increased by ture combined with estimates of the visible sup- $240,000,000 between August 7 and September ply, shows for the end of June, July, and August for the three most recent years the value of BILLIONS OF DOLLARS BILLIONS OF DOLLARS visible supplies of wheat: 10 10 MEMBER BANKS IN LEADING CITIES VALUE OF STOCKS OF WHEAT IN CENTRAL MARKETS ALL OTHER LOANS ( Largely Commercial ) 1927 1928 1929 End of— June $37,900,000 $57,500,000 $98, 800,000 July 52,100,000 69, 800, 000 185, 700, 000 August 98,100, 000 100,400,000 240, 500, 000 Throughout the summer the value of wheat carried at central markets this year has been much large than in the two preceding years, and at the end of August the increase over last year amounted to $140,000,000. Earlier marketing of wheat is indicated also by weekly figures of car loadings of grain and grain products. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. The cotton crop, which comes to market 18, while the banks continued to reduce their later than wheat and bulks larger in the total holdings of investments, and there was also a demand for credit in the autumn, is being marslight decrease in loans on securities. The keted earlier than last year's late crop, with demand for credit from the securities market prices at approximately the same level as a continued to increase rapidly, and brokers' year ago. Ginnings of the new growth prior to loans on September 25 were $800,000,000 above September 16 were 3,353,038 bales—852,257 their level at the end of July. This growth, bales more than last year and about the same Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBEB, 1929 FEDERAL RESERVE BULLETIN 659 as in 1927. Stocks of butter and poultry were now substantially above last year. Farm larger than usual at the end of August. Total prices of fruits and vegetables, notably potavalue of stocks of 14 agricultural commodities toes, are also higher than last September. in central markets was $700,000,000 at the end Prices of meat animals averaged during the of August, approximately $170,000,000 more first eight months of 1929 considerably above than in 1928 and somewhat higher than in any the corresponding 1928 period, but in Septemother August in the past six years. ber they were below the unusually high point Earlier marketing of principal crops and a of September, 1928. Quotations at the farm consequent larger return to farmers early in for cotton and dairy products are not greatly the autumn does not necessarily changed from last year. Farm income forecast a larger farm income On the basis of production figures and for the entire crop year, which is determined prevailing prices for the principal crops it by total production of crops and animal prod- would appear that the cash income of farmers ucts and the course of prices during the mar-from crops for the present season would be keting season. During the past five years the slightly higher than last year. Income from gross returns to farmers from agricultural pro- livestock raising and animal products during duction, eliminating duplication, have remained the first eight months of this year has been relatively constant at between $11,400,000,000 somewhat larger than a year ago. and $12,100,000,000, according to estimates of There are considerable differences between the Department of Agriculture. different sections of the country in respect to Output of farm products this year appears this year's returns to farmers. In the corn and to be somewhat smaller than last year, while winter wheat belt a good wheat crop at slightly prices are slightly higher. In the table below higher prices and better returns from hog prothis year's production of eight major crops is duction have resulted in improvement in the compared with last year's and with the average situation. In this section, however, there has for 1924-1928: been a considerable decline in the output of corn. In the spring-wheat region a short crop, PRODUCTION OF EIGHT LEADING CROPS even though sold at substantially higher prices, is likely to result in some curtailment of farm 1929, Sept. 1 1928 5-year average, income. In the Cotton Belt the prospect is estimate 1924-1928 of little change in the general situation, Corn (bushels). 2,456,000,000 2, 836,000,000 2,747,000,000 though the drought in Texas has resulted in a Winter wheat (bushels) _ _ 568,000,000 578,000,000 549,000,00C Spring wheat (bushels)... 217,000,000 324,000,000 260,000,00C reduction of the cotton crop in that region. Oats (bushels) 1, 205,000, 000 1,449,000,000 1,345,000,000 Cotton (bales) 14, 825,000 14,478,000 15, 028,00C On the Pacific coast the fruit crops have been Tame hay (tons) _ 93, 600,000 93,000,000 92,800, 00C White potatoes (bushels). 349,000,000 464,000,000 383,000,00C small, but prices have advanced. Tobacco (pounds) 1,462,000,000 1,378,000,000 1,331,000,000 For the country as a whole, present indica- The output of corn, spring wheat, oats, and tions are that there has been no substantial potatoes is smaller this year than in 1928,change from last year in the income of farmers, according to estimate on September 1 by the and that the reduction in output of crops has Department of Agriculture. Prices of grains not been reflected in curtailment of purchasing at the farm have advanced since June and arepower of agricultural communities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
660 FEDERAL RESERVE BULLETIN OCTOBER, 1929 CONDITION OF ALL BANKS IN THE UNITED The entire increase in bank loans and STATES ON JUNE 29 investments, both inside and outside the Loans and investments of all banks in the Federal reserve system, was in loans, as is United States—including national banks, State shown by the accompanying table, which gives commercial banks, trust companies, mutual separate figures for member and nonmemand stock savings banks, and private banks ber banks. The investment holdings of both under State supervision—increased during the classes of banks decreased, those of member year ending June 29, 1929, by $1,209,000,000, banks by 6.6 per cent and those of nonmember banks by 1.9 per cent. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 60 60 LOANS AND INVESTMENTS OF ALL BANKS IN THE UNITED STATES ALL BANKS IN THE UNITED STATES [Figures for end of June. Amounts in millions of dollars] 50 Increase or decrease 1929 1928 Per Amount cent Total loans and investments: 30 A M l e l m ba b n e k r s banks 3 5 5 8 , , 4 7 7 1 4 1 3 5 5 7 , ,2 0 6 6 5 1 +1 + ,2 6 0 5 9 0 + + 2 1. . 9 1 Nonmember banks 22, 763 22,204 +559 +2.5 Total loans: All banks _. 41, 512 39,464 +2,048 +5.2 Member banks 25,658 24,303 +1, 355 +5.6 20 Nonmember banks _ 15,853 15,161 +692 +4.6 Total investments: All banks 16,962 17,801 -839 -4.7 Member banks _ 10,052 10, 758 -706 -6.6 Nonmember banks 6,910 7,043 -133 -1.9 10 Changes in Foreign Central Bank Discount Rates The following changes have been made since 1919 1920 1921 1922 1923 1924- 1925 1926 1927 1928 1929 the 1st of September in the discount rates of Figures for end of June central banks in foreign countries: September or 2 per cent, to the level of $58,474,000,000. 2, 1929, Reserve Bank of Peru from 7 to 6 per The increase for member banks was $650,000,- cent; September 26, Bank of England from 5% 000 and for nonmember banks $559,000,000. to 6K per cent; September 27, Danish National The chart shows the course of loans and Bank, from 5 to 5K per cent; September 27, investments of all banks, member banks, and Bank of Norway from 5K to 6 per cent; Sepnonmember banks since 1919. Current figures tember 27, Bank of Sweden from 4% to 5% per are given in detail, by Federal reserve districts cent; and September 28, Austrian National and by States, on pages 698-701. Bank from 7% to 8K per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER, 1929 FEDERAL RESERVE BULLETIN 661 NATIONAL SUMMARY OF BUSINESS CONDITIONS Production in basic industries increased Distribution.—Freight-car loadings increased somewhat in August as compared with July, but seasonally in August, as a consequence of the increase was less than is usual at this season, larger shipments of all classes of freight except with the consequence that the board's index of grains, which moved in smaller volume than industrial production, which makes allowance in July, when shipments of wheat were unfor usual seasonal changes, showed a decline. usually large. In comparison with 1928, total Wholesale prices declined slightly. Credit car loadings showed an increase of 5 per cent. extended by member banks increased between Sales of department stores in leading cities the middle of August and the middle of Septem- were larger than in July and about 5 per cent ber, reflecting chiefly a growth in commercial above the total of August, 1928. loans. Prices.—Wholesale prices showed a slight Production.—During the month of August downward movement in August, according to there was a reduction in the output of iron and the index of the United States Bureau of Labor steel and copper and a slight decline in the pro- Statistics. This reflected chiefly declines in duction of automobiles. Meat-packing estab- the prices of farm products, especially grains lishments were also somewhat less active during and flour, and livestock and meats. Woolens the month, while seasonal increases were re- and worsteds also decreased in price, while ported in the production of textiles and shoes, raw silk prices were higher. There was a coal and cement, flour and sugar, and petroleum decline in prices of iron and steel and automooutput continued to expand. A slight increase biles and a further decrease in prices of petroin the number of workers employed in factories leum and its products, especially gasoline. was accompanied by a substantial increase in Coal prices advanced during the month. pay rolls. This increase was especially notable In the middle of September the prices of in industries manufacturing products for the grains, beef, raw sugar, silk, and coal were autumn retail trade, such as clothing and higher than at the end of August, while prices furniture. of hogs, pork, and cotton were somewhat lower. For the first two weeks of September reports Bank credit.—Between the middle of August indicate further decline in steel operations, and the middle of September there was a reduction in lumber output resulting in part further rapid increase in loans for commercial from the Labor Day holiday, and a continued and agricultural purposes at member banks in seasonal rise in coal production. leading cities. Security loans also increased, In the construction industry contracts while investments continued to decline. awarded in August were 25 per cent less than During the first half of September the in July, reflecting a sharp decline in the resi- volume of reserve bank credit outstanding was dental group as well as in contracts for public about $120,000,000 larger than in the middle works and utilities, which were unusually large of the year. The increase was for the most in July. As compared with last year, con- part in the reserve banks7 acceptance holdings tracts were 5 per cent lower in August, but in and reflected chiefly growth in the demand for the first two weeks of September they were in currency, partly seasonal in character. Disapproximately the same volume as in 1928* counts for member banks, following the increase The September report of the Department over the holiday period early in September, of Agriculture indicates a corn crop of 2,456,- declined at the time of the Treasury financial 000,000 bushels, 13 per cent less than in 1928, operations around the middle of the month, and 11 per cent under the 5-year average. and on September 18 were at a lower level than The estimated wheat crop of 786,000,000 at any time since last June. bushels is substantially below last year, but Open-market rates on prime commercial only slightly less than the 5-year average. paper increased from a range of 6-6% to a Cotton production, estimated on August 1 at prevailing level of 6% during the second week in 15,543,000 bales, is now expected to total September, while acceptance rates remained 14,825,000 bales, slightly above last year. unchanged. 71585—29 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
662 FEDERAL RESERVE BULLETIN OCTOBER, 1929 RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS MILLIONS OF DOLLARS 5JWJ0 5400 5200 Member Bank Reserve Balances 600 400 200 1925 1926 1927 1928 1929 Based on weekly averages of daily figures; latest figures are for week ending September 28 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
663 OCTOBER, 1929 FEDERAL RESERVE BULLETIN RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES fAverages of daily figures. In millions of dollars] Reserve bank credit outstanding Factors of decrease l Factors of increase l Month or week B co il u ls n t d e i d s- bo B u il g ls ht se U S c n t u a i r t t i e e ti s d es Total * g M ol o d n e st t o a c ry k o T c u u r t e r s r a t e s a n u n c r d y y - c M irc o u n l e a y ti o in n M re b e s a m e n r b v k e e r fa O ct t o h r e s r » ing balances 1928—July 185 213 1,531 4,113 1,782 4,746 2,324 356 August 178 210 1,485 4,118 1,774 4,743 2,274 360 September... 226 240 1,581 4,125 1,787 4,804 2,314 375 October 368 237 1,621 4,133 1,786 4,836 2,332 372 November... 471 238 1,653 4,151 1,787 4,860 2,352 379 December 483 263 1,824 4,142 1,790 5,008 2,367 381 1929—January 473 229 1,570 4,115 1,789 4,748 2,387 382 February 385 184 1,468 4,143 1,784 4,686 2,357 384 March 265 197 1,442 4,166 1,791 4,709 2,337 392 April 156 165 1,377 4,226 1,785 4,679 2,308 401 May 145 153 1,303 4,292 1,787 4,684 2,296 402 June 99 179 1,317 4,311 1,779 4,687 2,314 406 July 75 147 1,380 4,335 1,790 4,764 2,334 407 August 124 155 1,376 4,351 1,781 4,777 2,322 409 September... 229 165 1,427 4,368 1,766 4,811 2,335 415 Week ending— Aug. 31 _. ,006 162 150 1,366 4,358 1,786 4,790 2,311 409 Sept. 7... 042 183 149 1,435 4,361 1,779 4,841 2,323 411 Sept. 14.. 218 161 1,428 4,364 1,782 4,822 2,339 413 Sept. 21.. 923 240 193 1,424 4,369 1,773 4,798 2,350 418 Sept. 28.. 935 262 157 1,412 4,375 1,737 4,782 2,327 415 i For explanation see July BULLETIN, pp. 432-438. * Includes, in addition to bills and securities, amounts due from foreign banks and reserve bank float. • Nonmember clearing balances held in Federal reserve banks and unexpended capital funds of Federal reserve banks. 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 Gold month 1929 stock Month at end Through ThroughThrough mo o n f th Total n im et p g o o r l t d j m e a a r r k - ing d p o r m od e u s c ti - c From or to— September» August J A an u u g a u r s y t or I opera- tion, export j tions etc.* Im- Ex- Im- Ex- Im- Ex- 1927—September. 4,571 -17.5 -11.5 -9.0 +3.0 ports ports ports ports ports ports October 4,541 -30.1 -8.6 -25.0 +3.4 November. 4,451 -89.7 -53.2 -40.0 +3.5 December- 4,379 -71.7 -67.4 -8.5 +4.2 England 7,951 5,011 53,326 Total (12 mos.). -112.7 +6.2 -160.1 +41.2 France 5 74 Germany _ 46,761 1928—January 4,373 -6.0 -13.8 +5.5 +2.3 Italy --. 5 February 4,362 -11.2 -11.1 +2.9 -3.0 Netherlands 5 March 4,305 -57.6 -94.9 +35.8 +1.5 Canada 2,833 54 62,486 22$ April 4,266 -38.7 -91.2 +45.7 +6.8 Central America 79 568 70O May 4,160 -105.7 -81.7 -26.5 +2.5 Mexico 123 1,314 629 6,205 1,42$ June 4,109 -51.0 -79.9 +30.1 -1.2 West Indies-.. 5 324 3$ July 4,113 +3.4 -63.9 +60.9 +6.4 Argentina 2,500 8,450 59, 307 August 4,123 +10.3 +.7 +5.9 +3.7 Chile ._. 44 373 September.. 4,125 +2.1 +.5 -1.2 +2.8 Colombia 144 October 4,142 +17.3 +13.3 +1.2 +2.8 E cuador __ 239 1,027 November.. 4,128 -14.0 +6.7 -25.0 +4.3 Peru 165 1,235 December... 4,141 +13. 2 +23.3 -15.7 +5.6 Uruguay.. _ Total (12 mos.). -237,9 -392.0 +119. 6 +34.5 V Br e i n t e is z h u e I l n a d .. i _ a _.. 180 1,60 7 0 4 1929— A M J M F J u e p a a a n b n r y r e i u r c l u a h r a y ry 4 4 4 4 4 4 , , , , , , 3 1 1 1 2 3 2 2 5 8 0 6 7 4 3 8 1 0 + + + + - + 1 3 2 7 2 4 4 4 6 2 3 0 . . . . . . 4 4 4 4 4 6 + + + + + + 2 2 4 3 2 2 5 4 3 7 0 3 . . . . . . 5 6 8 1 2 1 - + + 6 + - 4 1 7 5 7 8 6 . . . . 0 . 5 5 6 1 + + + + + + 0 0 3 0 2 0 . . . . . . 9 7 5 9 1 7 J D C N P a h h u e K p i i w t a l n c o i n a h p n Z p g e E i . a n a _ a l e n . a s t d n I d s In la H d n i o e d n s s g . . _ . 1 2 5 6 2 7 1 4 2 73 1,8 2 7 6 0 3 1 4 9 5 1 7 2 1 , , 4 0 1 3 1 2 1 0 4 July 4,341 +16.3 +34.7 -22.0 +3.6 All other countries.. 2 4,587 »667 17 125 146 428 August 4,360 +18.9 +18.4 -1.0 +1.5 September * 4,370 +10.9 + 14.2 +3.3 Total. 15,038 790 19,271 881 236,304 8,738 1 For detailed explanation of this figure, which is derived from pre- i September figures are preliminary; 3 customs districts—New York, ceding columns, see BULLETIN for December, 1928, p. 831. St. Lawrence, and San Francisco, » Preliminary. i Includes all movements of unreported origin or destination. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
664 FEDERAL RESERVE BULLETIN OCTOBER, 1929 MILLIONS OF DOLLARS MILLIONS OF DOLLARS 2000 2000 RESERVE BANK CREDIT 1500 1500 1000 1000 500 500 1925 1926 1927 1928 1929 This chart is based on weekly averages of daily figures; latest figures are for week ending September 28 DISCOUNTS WITH FEDERAL RESERVE BANKS MILLIONS OF DOLLARS MILLIONS OF DOLLARS [Monthly averages of weekly figures. In millions of dollars] 7oor DISCOUNTS FOR MEMBER BANKS 1700 Reporting member banks in leading cities 600 600 All Month c T o d o u i t n s a - t l s New Othe c r i t l i e e a s ding o d th is e - r Total York counts 500 500 City Chi- Total cago 1927—December 532 388 127 261 21 143 1928—January 439 314 94 220 23 125 February 463 338 78 260 13 125 March 489 362 75 287 25 127 April 637 488 145 343 35 149 May 826 644 222 422 49 182 June 1,012 796 271 525 61 216 July 1,079 854 274 580 80 225 August 1,045 806 223 583 80 239 September.._ 1,063 822 266 556 41 241 October 960 736 202 534 58 224 November 901 681 157 524 67 220 December 1,039 799 221 578 91 240 1929—January .. 891 663 190 473 71 228 February 893 659 131 528 96 234 100 100 March 978 740 166 574 121 238 April 991 725 162 563 46 260 May 951 661 145 516 36 290 June 972 670 165 505 64 302 July 1,100 801 319 482 47 299 August 1,013 717 196 521 32 296 1925 1926 1927 1928 1929 September... 974 706 166 540 18 268 Based on monthly averages of weekly figures Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
665 OCTOBER 1929 FEDEKAL RESERVE BULLETIN PER CENT MONEY RATES IN NEW YORK CITY 5 - 3 - - 3 •4 1923 1924 1925 1926 1927 1928 1929 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES DISCOUNT RATES RATES IN NEW YORK CITY [Rates on all classes and maturities of eligible paper] Prevailing rate on— Average rate Average yield N B Ph o ew i s l t a o F d Y n e e o d l r p e k r h a i l a reserve bank e R f O f a e c c te t t . i o 1 6 5 5 n n J J A D u u u l l a y y g t . e 2 1 9 6 9 e , , , s 1 t 1 1 9 a 9 9 2 b 2 2 9 l 8 8 ished Pre ra v t i e o 5 us Month or week | m m p 4 o a e r p t n c o e t i h r a 6 , s l a P a b c d n e a r c a 9 i r c n e m s y 0 e p k ' s s t e - , - d l T o a i 9 a y m n 0 s s e , l N C e a w ll lo n a e R n w s e » - al c T c n 3 U e a u a r o r t e n . t r t o t S e a i y e d f s . s s i 6 , - - b T o u r n e ry d as s * 1 Cleveland 5 Aug. 1, 1928 months Richmond 5 July 13, 1928 A S C t h t . l i a c L n a o g t u a o i s » 5 5 5 J J J u u u l l l y y y 1 1 1 1 9 4 , , , 1 1 1 9 9 9 2 2 2 8 8 8 Septem 19 b 2 e 8 r ! | 7.40 7.26 / \« 4 4 . . 5 5 7 7 3.54 S M K D a a a i n l n n l s n a F a s e r s a a n p C c o i i l t s y i c s o .. _ 5 5 5 5 M M M M a a a a y y y r. 6 2 2 1 0 , , 4 , , 1 1 9 1 1 9 9 2 9 2 2 9 2 9 9 9 .. _ N D O o e ct c v o e e b m m e b r b e e r r j 7 7 - - 7H 6 8 7 . . . 8 1 8 6 2 6 6 6 8 . . . 6 9 6 7 8 0 / 1 4 44 4 4 . .. . . 2 2 3 7 4 6 5 0 3 3 3. . . 5 4 5 5 8 a - 1929 | January _. 4*4-5 1% 6.94 7.05 «4 4 . . 6 6 6 3 BUYING RATES ON ACCEPTANCES February I 5> 5 -5 7.47 7. 06 i 4. 64 3.66 [Buying rates at the Federal Reserve Bank of New York] March 5%-Q H 9.80 9 o . 1 o 0 n ! ! /« 4 4 . . 7 8 9 0 3.76 April i 6 9.46 11 4.84 3.67 Maturity e R f O f a e c c te t t . i o 1 n n Date established Pre ra v t i e ous J J M u u l n a y y e - ! ! 6 6 6 8 8 H - -9 8 9 8 7 . . . 4 7 8 1 3 9 8 9 7 . . . 2 7 9 3 0 1 I ' 5 4 4 4 . . . . 0 5 4 5 3 4 3 3 3 . . . 6 6 7 8 7 1 g 6& 8?4-9 8.15 8.23 4.59 3.72 SAeupgtuemst.ber _ 6H 8.62 8.50 I 4.53 3,70 1-15 days... Aug. 9, 1929. Week ending- 16-30 days.. ....do Sept. 7 8.65 9.00 I 4.50 3.69 31-45 days.. ....do Sept. 14 8H-9 8.09 8. 20 4. 51 3.70 46-60 days.. ....do Sept. 21 A 9 8.48 8. 40 4.48 3.69 61-90 days.. do Sept. 28 6H 9 -9M 9.03 8.40 4.59 3.72 91-120 days., do 121-180 days July 12, 1929 1 Stock exchange call loans; new and renewal rates. J Stock exchange 90-day time loans. 8 3 issues—dU, 4, and 4J4 per cent; yields calculated on basis of last NOTE.—Rates on prime bankers' acceptances. Higher rates may be redemption dates—1956,1954, and 1952. charged for other classes of bills. * Change of issues on which yield is computed* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
666 FEDERAL RESERVE BULLETIN OCTOBER, 1929 PREVAILING RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES The rates shown are those at which the bulk of the loans of each class were made by representative banks during the week ending with the 15th of the month. Rates reported by about 200 banks with loans exceeding $7,500,000,000. FEDERAL RESERVE BANE CITIES Month Boston Y N o ew rk d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Prime commercial loans 1928—September- 5*6-6 5*6-59* 5*6-6 5*6 5*6-6 i 5*4-594 5*6-594 5*4-5*6 5*6 5 -6 October 5*6-6 5*6-594 5*6-6 5*6-6 5*6-6 ! 5*4-594 5*6-594 5*6-594 5*6-6 5*6-6 November- 5*6-6 5*4-5*6 5*6-6 5*6-6 5*6-6 ; 5*4-594 5*6-5% 5*6-6 5*6 5*6-6 December.. 5*6-6 5*6 5*6-6 5*4-6 5*6-6 5*6-6 | 5*4-6 5*6-6 594-6 5*6-6 5H-6 .1929—January 5*6-6 5*6 5*6-594 5*6-6 5^-6 5*6-6 I 5*6-6 5*6-6 5*6-594 5*6 5^-6H February- 5*6 5*6 5*6-6 5*6-6 5*6-594 5*6-6 *6| 5*6-6 5*6-6 594-6 5*6 5^-6 March 5*6-594 5*6-594 5*6-6 5*6-6 5*6 5*6-6*6 [ 5*6-6 5*6-6 594-6 5*6 5^-7 April , 5*6-594 594 5*6-6 5*6-6 5*6-594 5*6-6 j 5*6-6 594-6 594-6)4 5*6-6 6 J M u a n y e , 5 5 9 9 4 ^ - - 6 6 5 59 H 4 - - 6 6 5 5* ^ 6 - - 6 6 5 5* ^ 6 - - 6 6 594-6 5^^*6-^^6*116 5 5* ^ 6 - - 6 6 5 5 9 ^ 4 - - 6 6 5 59 H 4 - - 6 6 H )4 6 - 6 6^ 5^-6 July m 5*£-6 5*6-6 594-6 5*6-6 *6j 5*6-6 594-6 594-6*4 5*6-6 6 -6H 594-6 August 5^4-6 6 594-6 5%-6 594-6 5*6 7 5M-6 594-6 6 5*6-6 6 -6# September. 6 6 594-6 594-6 594-6 6 -6*6 594-6*4 6 6 594-6 6 -6^ 594-6 Loans secured by prime stock-exchange collateral 1929—March 6 -6H 6 5H-6 594-6 5^-6 5H-7 6 -7 594-6 594-6 5*6-6 6 -8 April 6 -694 6 594-6 594-6 6 6 -7 594-7 6 -6* 6 5*6-6 6 -7 May 6 -7 6 594-6 594-6 6 594-7 6 -6* 6 -6*4 594-6 6 -7 6 June 6 -7 6 5H-6 6 6 6 -7 6-7 6 6 5*^-7 6 -7 6 -7 July 6 -7 6 6 5^-7 6 6 -7 6 -7 ; 6 6 -6*4 594-6 6 -8 6 -7 August 6 -7 6 6 6 -6H 6 6 -7 6 -7 6 6 -7 594-6 6 -8 6 -7 September,. 6H-7 6 6 6 6 6 -7 6 -7 i 6 -7 6 -6*6 6 -6*6 6 -8 6 -7 Loans secured by warehouse receipts 1929—March 594-6 6 5*6-6 594-6*6 594-6 594-6 5^-6 6 April 6 6 6 594-6*6 594-6 594-6 6 -6* May 6 6 -7 6 -7 6 6 6 6 -7 June 6 6 6 6 -7 6 6 6 5*4-6 6 -7 July 6 -7 6 6 6 -7 6 6 594-6 5*6-7 6 -7 *6 August 6 6 6 6 6 6 5*6-6 6 -7 6 -6*6 September. 6 6 6 -7 6 594-6 6 -7 6 -6*6 Interbank loans 1929—March 5*6-6 5*6-6 5*6-594 5*6-6 594-6 5*6-6 5*6-6 5*6-6 594-6 5*6-6 5*6-6 5 -6 April 5*6-6 5*6-6 5*6-594 5*6-6 5% 5*6-6 594-6 5*6-6 594-6 5*6-6 5*6-6 5 -6 May 5*6-6 594-6 594 5*6-6 594 5*6-6*6 594-6 594-6 6 6 5*6-6 5 -6 June 5*^-6 5^-6 5^ 5H-6 5^-6 5*f-6*4 6 5^-6 6 6 5H-6 July 5*6-6 594-6 594 5*6-6 6 5*6-6*6 5*6-6 594-6 6 6 5*6-6 5*6 August 6 6 5?4-6 5*6-6 594-6 6 594-6 6 6 6 6 5*6 September. 6 5*6-6 6 594-6 6 6 6 6 6 6 5*6 FEDERAL RESERVE BRANCH CITIES Prime commercial loans Lo s a to n c s k-e s x e c c h u a re n d g e c b o y l lat p er r a im l e Loans secu r r e e c d e i b p y t s warehouse Interbank loans City July, August, Septem- July, August, Septem- July, August, Septem- July, August, Septem- 1929 1929 ber, 1929 1929 1929 ber, 1929 1929 1929 ber, 1929 1929 1929 ber, 1929 594-6*6 6 -6*6 6 -7 5*6-7 6 6 6 6 6 5*6-6 6 6 Cincinnati 6 6 6 6 -8 6*6-8 6 -8 6 -7 6 -7 6 -7 5*6-6 594-7 5^-7 Pittsburgh 594-6 594-6 5^-6 6 594-6 6 6 6 6 6 594-6 6 Baltimore 5*6-6 594-6 5*3-6 6 j> 6 6 5*6-6 5*6-6 5H-6 Charlotte 6 6 6 6 6 6 -7 6 6 6 Birmingham 5*6-8 6 6 -7 5*6-8 6 -7 6 -7 6 -7 6 -7 6 -7 5*6-6 6 6 Jacksonville 6 6 6 -6*3 6 -7 6 -7 6 -8 6 -8 6 -8 6 -8 6 6 6 Nashville 6 6 6 6 6 6 5*6-6 5*6-6 5*6-6 5*6-6 5*3-6 New Orleans 5*6-6*6 6 -6*6 6 -7 6*6-7 6*6-7 6*3-7 6 -7 6 -7 6 -7 5*6-6*6 5*6-6*6 6 -6*3 Detroit 6 6 6 -6*3 6- 7 6 -6*6 6*3-7 6 6 -6*6 6 -7 5*6-6 6 g -6*3 Little Rock 6 6 6 -6*3 6 -7 6 -8 6 -8 5*6-8 6 -8 6 -8 6 6 6 —6*3 Louisville 6 6 6 6 6 6 6 6 6 6 6 6 Helena 8 8 8 8 8 8 6 -8 7 -8 7 -8 6 -8 6 -8 6 -8 Denver 6 6 -6*6 6 6 -7 6 -7 6*3-7 6 -8 6 -8 6 -8 6 -6*6 6 6 -6*3 Oklahoma City 6 6 -6*6 7 7 -8 7 -8 6 -7 6 -8 6 -8 6 6 6 Omaha 6 6 6 2 6 -7 6 -7 6M-7 6 -7 6 -7 6 -7 6 6 -6*3 El Paso 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 7 -8 8 7 -8 6 6 6 Houston 6 6 6 6 -6*6 6 -7 6*3-7 6 -7 6 -7 6*3 5*6-6 5*6-6 5*3-6 San Antonio 6 6 -7 6 -7 6 -8 6 -8 6 -8 6 -8 6 -8 7 -8 5*6-6 6 6 Los Angeles 6 6 6 6*6-7 6*6-7 6*3~7 6 -7 6 -7 6 -7 6 6 6 -7 Portland - - 6 6 6 6 -6*6 6 -7 6 —6*6 6 -7 6 -7 6 -7 6 6 -7 6 Salt Lake City 6 6*6 6 6 7 7 7 7 6 6 6 Seattle 6 -6*6 6 -6*6 6 6 -7 6 -7 6 -6*3 6*6-7 7 6*3-7 6 6 6 Spokane 6 -7 6*4-7 6 -7 7 6*6-7 6H-7 7 7 7 6 6 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
0C10BER , 1929 FEDERAL RESERVE BULLETIN 667 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- row- Loans ings at Loans ings at Date Total Fed- Month Total Fedin- eral re- in- eral re* Total Total se t c O i u e 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 Total Total se t c O i u e n s ri- o A th l e l r m v e es n t t - s b s a e n rv k e s Total: Total: July 3... 22,485 16,925 7,761 9,164 5,560 826 1928—August 21,809 15,825 6,816 9,009 5,984 806 July 1O._ 22,434 16,906 7,703 9,203 5,528 850 September.. 21,871 15,898 6,840 9,059 5,973 822 July 17.. 22,409 16,892 7,644 9,248 5,518 790 October 21,938 16,003 6,874 9,130 5,934 736 July 24.. 22,459 16,970 7,683 9,287 5,490 771 November.., 21,983 16,096 7,082 9,014 5,888 681 July 31.. 22,606 17,058 7,787 9,270 5,549 767 December... 22,189 16, 253 7,198 9,055 5,936 799 Aug. 7._ 22, 581 17,044 7, 715 9,329 5, 537 770 1929—January 22,320 16,300 7,504 8,796 6,021 668 Aug. 14 _. 22,450 16,943 7, 573 9, 370 5,507 726 February 22, 263 16, 260 7,522 8,737 6,004 659 Aug. 21 _. 22, 423 16, 938 7,510 9,428 5,485 March 22,472 16,491 7,580 8,911 5,981 740 Aug. 28 _. 22, 405 16,950 7, 515 9,434 5,456 April 22,388 16,464 7,392 9,073 5,924 725 Sept. 4... 22,591 17,150 7,632 9,518 5,441 761 May 22,113 16, 277 7,218 9,059 5,837 661 Sept. 11.. 22, 570 17,142 7,578 9,564 5,429 702 June 22, 231 16,480 7,332 9,149 5,751 670 Sept. 18.. 22, 742 17, 254 7,686 9,567 5,489 673 July 22. 479 16, 950 7,7!6 9,234 5,529 801 Sept. 25.. 22,682 17, 244 7,720 9,524 5,438 August 22,465 16,969 7,578 9,390 5, 496 717 September.., 22, 646 17,197 7,654 9,543 5,449 706 New York City: New York City: J S A S S J J A A S J J A u u u u u e e e e u u u u l l l l l p p p p g g g y y y g y y t t t t . . . . . . . . 2 3 3 1 1 2 2 7 1 4 2 1 1 4 1 7 0 _ 1 8 4 5 8 1 _ . . . . 7 7 7 7 7 7 7 7 7 7 7 7 7 , , , , , , , , , , , , , 5 4 5 3 4 3 4 3 5 4 5 5 5 4 6 8 4 6 7 8 5 1 0 7 2 1 6 7 1 2 1 4 3 4 7 2 5 5 2 5 5 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , , , 7 8 7 7 6 7 6 6 8 7 8 8 8 1 7 7 8 3 8 5 5 2 7 4 1 5 5 0 1 7 7 6 0 3 9 5 3 4 3 2 2 2 2 2 2 2 2 2 3 3 3 3 , , , . , , , , , , , , , 8 8 9 8 8 0 8 7 9 9 1 0 0 9 4 4 1 1 8 2 7 1 6 7 8 4 4 6 4 7 9 3 2 5 7 1 0 2 0 2 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , , 9 9 9 8 8 8 7 8 7 8 7 7 7 2 2 0 9 6 3 4 6 5 1 9 6 2 0 4 8 4 7 0 2 2 8 3 7 8 6 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , , 7 6 6 7 6 7 6 7 7 6 6 6 6 9 2 9 9 1 2 9 3 2 8 8 7 8 7 9 3 7 7 8 7 7 6 7 7 9 2 2 3 1 1 3 2 2 3 3 1 1 1 1 1 5 4 0 4 4 2 9 8 9 5 4 4 7 9 2 5 4 7 5 5 2 1 3 1 1 1 19 9 2 2 8 9 — — J J A A S M M N D F S O A u u J e e e p u e a c o a n a l u b p p n c y r t g y v r e g o i r t e u t c u l e u e u b e m a h s m s m e a m r t t b y r r b b y b e e r e e r r r . . . . . . . . . 7 7 7 7 7 7 7 7 7 7 6 7 7 7 , , , , , , , , , , , , , , 1 4 2 4 5 1 2 2 1 2 0 0 9 0 8 9 8 0 0 9 9 9 5 6 1 5 6 2 2 1 6 0 7 7 2 7 6 2 3 6 2 2 5 5 5 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , , , , 3 8 6 4 4 4 3 3 3 2 1 2 2 8 4 0 8 2 6 3 0 8 3 2 7 0 5 0 4 4 8 4 7 8 6 6 1 3 9 8 9 5 i | | 2 3 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , , , 0 7 8 6 8 7 9 8 8 7 5 6 5 5 4 4 4 9 2 5 0 2 2 4 9 4 5 1 9 5 2 9 3 5 4 0 3 4 4 7 9 8 2 2 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , , , 7 6 7 8 7 4 9 6 4 5 5 6 6 6 5 9 1 0 4 8 1 0 7 9 5 6 6 7 8 1 9 8 3 6 1 1 3 2 0 2 8 8 1 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , , , 7 7 8 8 8 6 8 8 8 8 8 8 8 7 0 5 2 3 9 1 8 8 0 7 0 1 0 7 4 9 0 8 2 2 5 4 1 2 3 2 0 7 3 2 1 1 1 2 2 1 2 1 1 1 1 1 1 6 2 4 6 9 6 3 6 0 6 5 2 9 9 6 1 5 5 6 6 1 6 2 2 7 3 0 Other leading cities: Other leading cities: 1928—August 14,846 10, 639 | 4,298 6,341 4,207 583 July 3... 14,960 11, 082 4,644 6,438 3,878 487 September... 14,849 10,677 ! 4,296 6,381 4,172 556 July 10 14,974 11,125 4,663 6,461 3,849 505 October 14,925 10,794 4,314 6,480 4,131 534 July 17 14,993 11,163 4,673 6,490 3,831 469 November. _. 14,928 10,840 4,388 6,452 4,087 524 July 24 14,957 11,155 4,665 6,490 3,802 465 December 15,037 10,913 4,450 6,463 4,124 578 July 31 15,031 11,208 4,705 6,502 3,823 4S6 1929—January 15,058 10,922 4,600 6,323 4,136 473 Aug. 7-._ 15, 070 11, 269 4,754 6,515 3,800 475 February 15,073 10,954 4,702 6,251 4,119 528 Aug. 14.. 15,070 11, 290 4,750 6, 540 3, 779 535 March 15,176 11,067 4,756 6,310 4,109 574 Aug. 21__ 15,069 11,301 4,735 6, 566 3,768 543 April 15,092 11,027 4.667 6,360 4,065 563 S S S S A e e e e u p p p p g t t t t . . . . . 2 4 2 1 1 8 5 8 1 . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 0 2 2 0 0 4 0 0 2 3 5 0 8 2 1 1 1 1 1 1 1 1 1 1 , , , , , 2 4 3 2 4 9 6 7 6 4 7 7 2 3 0 4 4 4 4 4 , , , , , 7 6 7 6 8 9 8 3 9 3 2 8 2 6 8 6 6 6 6 \ , , , , 6 6 6 6 5 4 0 4 2 6 1 9 8 7 9 3 3 3 3 3 , , , , , 7 7 7 7 7 3 6 4 4 5 1 0 8 1 8 5 5 5 5 5 4 4 3 3 4 4 2 1 2 0 J J M S A u u e u a n l p y g y e te u m st b . er 1 1 1 1 1 5 4 4 4 5 , , , , , 9 9 1 9 0 8 3 5 3 5 4 9 0 1 8 1 1 1 1 11 1 0 1 1 , , , , , 2 0 9 1 3 8 1 3 4 9 1 2 3 6 4 4 4 4 4 4 , , , , , 6 7 5 7 5 7 6 6 3 8 0 2 5 5 2 6 6 6 6 6 , , , , , 4 3 5 4 6 7 4 6 3 3 6 6 8 0 2 3 3 3 3 , , , , 9 7 7 8 7 9 4 3 6 8 5 7 4 5 5 5 5 8 1 0 2 4 2 6 5 1 0 City of Chicago: City of Chicago: 1928—August 2,050 1,577 848 729 473 80 July 3 2,002 1,586 902 684 416 September- 2,034 1,572 850 722 4fi2 41 July 10 1,998 1,585 898 687 412 October 2,061 1,604 854 751 456 58 July 17 2,001 1,591 893 698 410 November. 2,063 1,604 735 459 67 July 24 2,012 1,606 909 696 406 December.. 2,083 1,632 743 452 91 July 31 2,061 1,636 930 707 424 1929—January 2,065 1,613 887 726 452 71 Aug. 7 2,078 1,664 963 701 414 February 2,096 1,641 911 731 455 96 Aug. 14 2,068 1,662 948 714 406 March 2,130 1,676 950 726 454 121 Aug. 21 2,063 1,661 936 725 403 April 2,045 1,606 905 701 440 46 Aug. 28 2,046 1, 650 925 725 396 May 2,015 1,596 897 698 419 36 Sept. 4 2,037 1,643 910 733 394 June 2,033 1,616 | 910 706 417 64 Sept. 11 2,050 1,661 929 732 389 July 2,015 1,601 906 695 414 47 Sept. 18 2,048 1,662 929 733 386 August 2,064 1,659 943 716 405 32 Sept. 25 2,079 1,686 964 723 393 September . 2,054 1,663 933 730 391 18 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
668 FEDERAL RESERVE BULLETIN OCTOBER, 1929 BANKERS' BALANCES ACCEPTANCES AND COMMERCIAL PAPER [Monthly averages of weekly figures for reportingmember banks in leading cities. In millions of dollars [Amounts outstanding in millions of dollars. Figures for acceptances as compiled by American AcceDtance Council: for commercial Daner as Due to banks reported by 24 dealers] Month Total New York City Other leading Bankers' acceptances Commercial paper outcities End of month outstanding standing 1928 1929 1928 1929 1928 1929 1927 1928 1929 1927 1928 1929 January 3,484 3,074 1,137 1,012 2,347 2.062 January 774 1,058 1,279 551 577 407 February - - 3,374 2,918 1,098 949 2,276 1,969 February _. .. 785 1,056 1,228 577 567 411 March 3,292 2,861 1,089 916 2,203 1,945 March 809 1,085 1,205 606 570 387 April 3,207 2,709 1,053 874 2,154 ,835 April , . 811 1,071 1,111 599 571 351 May -_ 3,064 2,545 1,020 817 2,044 L, 728 May 775 1,041 1,107 582 541 304 June 2,897 2, 532 933 796 1,964 L, 736 1June 751 1,026 1,113 579 503 274 July .-. . .. 2,936 2,738 957 935 1,979 L, 803 July 741 978 1,127 569 483 265 August 2,801 2,604 901 827 1,900 L, 777 August 782 952 1,201 591 458 267 September - 2,948 2,718 934 887 2,014 L.830 September 864 1,004 600 430 October 3,073 992 2,081 October 975 1,123 611 427 November 3,040 981 2,059 November 1,029 1,200 603 421 December 3,011 956 2,055 December 1,081 1,284 555 383 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] 1 From New York banks From private banks, brokers, Total and trust companies foreign banking agencies, etc. End of month 1926 1927 1928 1929 1926 1927 1928 1929 1926 1927 1928 1929 January 3,513 3,139 4,420 6,735 3,043 2,670 3,805 5,664 470 469 615 1,071 February - .. 3,536 3,256 4,323 6,679 3,080 2,757 3,737 5,619 455 499 585 1,060- March 3,000 3,290 4,640 6,804 2, 553 2,790 3,947 5,713 447 500 693 1,091 April . 2,836 3,341 4,908 6.775 ! 2,468 2,865 4,246 5,580 367 476 662 1,194 May _ 2,767 3,458 5,274 6,665 2,392 2,968 4,568 6,482 375 490 707 1,183 June 2,926 3,569 4,898 7,071 2, 509 3,065 4,169 5,797 417 504 730 1,275 July 2,998 3,642 4,837 7,474 2, 583 3,145 4,150 6,154 415 497 687 1,320 August 3,142 3,674 5,051 7,882 2, 698 3,170 4,260 6,492 444 504 791 1,390 September . 3,219 3,915 5,514 18,549 2,745 3,340 4,647 7,077 474 575 866 1,472 October 3,111 3,946 5,880 2 668 3,363 4,994 444 583 886 November . «... . _« 3,129 4,092 6,392 2,fi36 3,519 5,412 493 573 979 December 3,293 4,433 6,440 : 2,804 3,812 5,401 489 621 1,039 i Call loans, $7,832,000,000; time loans, $717,000,000. LOANS TO BROKERS AND DEALERS IN SECURITIES MADE BY REPORTING MEMBER BANKS IN NEW YORK CITY* [In millions of dollars Monthly data are averages of weekly7 figures] Total li For banks For others In New York Outside New Date or month Total City « York City « 1928 1929 1928 1929 1928 1929 1928 1929 1928 1929 Date: * I July 3 -- 4,307 5,769 2.626 2,835 1,132 1,255 1,494 1,580 1,681 2,934 July 10 4,243 5, 755 2,496 2,825 942 1,201 1, 554 1,624 1,747 2, 930' July 17 4,194 5,813 2,407 2,812 820 1,136 1,587 1,676 1,787 3, 002 July 24 4,184 5, 908 2,361 2,873 824 1,193 1,537 1,680 1,724 3,034 July 31 4, 259 5,960 2, 405 2,901 928 1,205 1,477 1,696 1, 854 3,058 Aug. 7 4,274 6,020 ! 2,388 2,878 860 1,089 1,528 1,789 1,885 3,143 Aug. 14 - 4,223 5,952 2,342 2,775 783 965 1,559 1,810 1,881 3,178- Aug 21 4,201 6,085 2,322 2,713 809 926 1,513 1,787 1,880 3,372 Aug 28 4,235 6,217 2,328 2,749 793 992 1,535 1,756 1,907 3,468 Sept. 4 4,289 6,354 2,429 2,888 907 1,103 1,522 1,784 1,861 3,467 Sept 11 4, 385 6,474 2,464 2,858 865 1,017 1,599 1,841 1,921 3,616 Sept. 18 4,470 6,569 2, 559 2,944 925 1,046 1,634 1,897 1,911 3,626 Sept 25 4,525 6,761 2,524 2,900 850 1,024 1,674 1,876 2,001 3,860 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 5,383 2,616 2,443 1,048 895 1,568 1,548 1,744 2.940 July 4,232 5,841 2,472 2,849 929 1,198 1,543 1,651 1,760 2,992 August _ _ «_ -_ 4,239 6,069 2, 357 2,778 835 993 1,522 1,786 1,881 3,290 September 4,417 * 6, 540 2,494 2,898 887 1,048 1,607 1,850 1,924 3,642 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 i Dates for 1929; corresponding dates for 1928 are slightly later. 1 Member and nonmember banks outside New York City (domestic- 1 Weekly reporting member banks in New York City. bank? only); includes unknown amount for customers of these banks.. * Call loans, $6,182,000,000; time loans, $358,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER, 1929 FEDERAL RESERVE BULLETIN 669 COMMODITY PRICES, SECURITY PRICES, AND SECURITY ISSUES WHOLESALE PRICES, BY COMMODITY GROUPS 1 [1926 = 100] Hides Metals Nonagri- 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 e o a a d n th u d e c 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 pr m o a d e n t u d a c l ts m Bu at i e ld ri i a n l g s c C a d l h r s e u a m g n s i d - i f n B u g r o n g u i o s s o h e d - - s l M an is e c o e u l s - c c o u i m l t t i u e m s r o al d- 1928—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. a 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 May 95.8 102.2 97.7 106.8 94.2 81.1 105.2 96.8 94.2 96.7 79.6 94.1 June 96.4 103.3 98.9 108.0 93.3 83.3 105.1 96.4 93.4 96.6 80.4 94.9 July 98.0 107.6 102.8 109.2 92.8 82.0 105.0 96.7 93.4 97.2 81.3 95.5 August 97.7 107.1 103.1 109.7 93.1 80.9 104.3 96.7 93.7 97.1 81.3 94.3 1 Index of Bureau of Labor Statistics. PRICES OF FARM PRODUCTS AT THE FARM » SECURITY PRICES [August, 1909-July, 1914=100] Common stocks » (1926=100) Bonds: M onth 3 m 0 it i o c e o d s - m- Grains t F v a a e r b n g u l d e e it - s an M im ea a t ls p D p o u a r a u c n o i l t d d r t s y r - y c C o s a o e t n t t e o t d d o n n - cl f U a ie s n s d - i- Month or week co s m t 4 o 0 b c 5 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 4 t l i i e c s 4 A p 0 r v i i c e s e r s a u o g e f e s 1928—May........ 152.1 154.9 133.2 155.3 98.79 June.. 145.3 148.2 126.7 148.1 97. 38 J A u u ly g 1 u 9 s 2 t 8 1 1 3 4 9 5 1 1 2 4 0 2 1 1 5 3 6 7 1 1 6 5 2 7 1 1 3 3 4 6 1 1 5 7 3 0 8 8 7 8 J A S O u e u c l p t y g o t u b e s e m t r ber.. 1 1 1 1 5 5 4 4 9 6 4 8 . . . . 1 2 3 1 1 1 1 1 6 6 4 5 6 1 7 2 . . . . 2 6 8 6 1 1 1 1 2 2 2 2 8 4 9 6 . . . . 2 6 7 5 1 1 1 1 5 4 4 5 5 7 5 4 . . . . 2 9 3 5 9 9 9 9 6 6 6 5 . . . . 5 5 4 8 8 6 7 2 September. 141 117 127 174 145 142 85 November.. 169.2 177.1 133.7 165.5 96.90 October 137 116 114 160 150 147 83 December... 172.9 180.0 135.9 174.7 96.24 November. 134 110 109 150 155 146 86 1929—January 183.6 191.4 141.0 188.3 96.12 December.. 134 112 108 143 159 148 90 February... 186.8 192.4 142.3 203.1 95.60 March 189.4 196.1 140.8 204.4 94.82 1929 April 186.6 193.4 138.3 201.4 94.58 January 133 115 109 146 149 148 92 May 189.7 195.2 138.7 213.2 94.46 February._ 136 123 111 150 148 149 91 June 188.6 189.3 143.8 228.1 93.49 March 140 124 112 160 144 155 90 July 207.2 202.7 160.0 272.8 93.30 April 138 120 110 164 138 152 88 August 218.0 210.3 165.4 303.4 92.51 May 136 113 119 164 137 148 86 September.. 225.2 216.1 168.1 321.0 92.29 June ... _ 135 111 120 163 137 146 85 Week ending- J A u u ly gust 1 1 4 4 0 3 1 1 2 2 2 9 1 1 3 6 6 0 1 1 6 6 5 7 1 1 3 4 7 1 1 1 4 4 5 6 8 8 5 6 S S e e p p t t . . 7 14 2 2 2 2 4 4 . . 4 2 2 21 1 6 5 . . 9 8 1 1 6 7 7 0 . . 9 8 3 3 1 1 3 2 . . 4 4 9 9 2 2 . . 3 3 0 4 September. 141 131 160 156 146 146 85 Sept. 21 228.1 218.5 169.4 327.9 92.32 Sept. 28 224.2 213.3 164.4 330.4 92.18 1 Index numbers of Department of Agriculture. 1 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--Augus [In millions of dollars] August, 1929 January-August 1929 1928 Class of issue August, 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 fund, ing ing ing Total 14.0 25.2 223.8 401.0 660.1 447.7 New issue 14.0 25. 2 208.3 385.5 559.3 338.9 Total. 821.9 25.-26,470. 8 944. 3,806. 2 1, 367. 7 Europe 18.9 84. 1 75.9 269.0 172.3 Canada and Newfound- Corporate issues 744.9 25. 0 5, 664. 8 936. 3 2, 870. 2 1, 350. 4 land 63 3 92.4 33 3 76 2 Bonds and notes— Latin America 14.0 6.3 58.9 49.7 194.3 20.0 Long term 88.7 15. 6 1,388. 5 405. 5 1, 357. 6 936.6 United States insular Short term 6.6 127.7 43.9 38.3 possessions 2.0 7.7 6.1 Stocks 649.6 8. 5 4,148. 6 486. 9 1, 362. 1375. 5 Miscellaneous. _. 159.8 56.5 70.4 Farm-loan issues 38.1 Refunding issues _ 15.6 15.5 100.9 108.9 Municipal issues 806.0 8.4 897.9 17.3 Total Government and ^ Total new and recorporate. . -. 39 2 624.9 1,107.8 funding 7.415. 5 5,173. 9 71585—29 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
670 FEDERAL RESERVE BULLETIN OCTOBER, 1929 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers of the Federal Reserve Board] Produc- building contracts Wholesale dis- Department- Departmentp In r t o r d i d u a u l s c - - t m io f a a n n c - o u- f P m t r io o in n d e u o r c f - - e F m ac p t l o o r y y - Fa p c a t y ory awarded * F l r o c e a a i d r g - ht tribution * store sales i store stocks > Year and month tion i tures l als i ment rolls Unad- Ad- ings1 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 May 103 103 104 95 107 124 113 104 93 99 100 101 103 101 June 102 102 101 94 105 137 128 101 95 100 99 101 98 101 July 104 104 104 93 102 133 128 101 97 102 75 100 94 101 August. . 103 102 107 94 105 149 135 105 112 102 78 101 98 102 September 102 104 89 95 104 138 135 102 117 102 94 102 107 103 October 105 108 90 97 111 129 125 100 123 106 130 111 112 101 November 107 109 94 97 112 116 127 105 102 102 114 104 115 102 December 109 111 93 97 112 129 145 106 92 98 178 106 97 103 1926 January > 107 109 92 96 107 111 143 102 95 104 88 105 93 105 February 107 109 95 97 112 106 145 104 96 103 81 104 98 104 March 108 108 104 97 113 146 129 104 106 101 101 101 107 104 A pril 108 108 107 96 110 139 120 107 96 99 103 103 107 103 May , 107 107 104 96 109 134 123 107 95 101 107 108 104 102 June 108 109 106 95 109 133 121 109 95 100 101 103 98 101 July 108 108 107 93 104 126 124 108 95 100 79 105 93 100 August 111 111 109 94 108 148 133 108 111 101 83 107 97 101 September 112 112 110 96 108 137 134 109 118 103 101 109 107 102 October 111 111 114 96 112 126 122 109 111 96 123 109 114 104 November 108 107 118 95 109 119 130 109 101 101 121 106 117 103 December 106 104 119 94 108 131 142 107 87 98 184 110 96 102 1927 January 107 105 116 92 102 94 120 105 88 95 89 106 93 104 February 109 107 118 94 109 96 131 109 91 97 83 107 98 103 March .. 112 110 118 94 110 151 134 108 102 98 100 105 107 103 April 109 109 106 93 108 147 127 108 92 95 111 105 107 103 May 111 112 108 93 108 135 122 106 91 97 102 103 104 102 June 109 109 105 92 106 154 141 104 91 96 102 103 98 101 July 106 108 99 91 101 130 128 101 91 96 75 104 95 102 August 107 107 106 91 104 135 121 104 112 102 89 111 98 102 September 105 106 103 92 104 127 125 104 113 98 100 108 108 104 October _ ... 103 103 105 92 105 137 133 101 108 94 119 106 114 104 November 99 99 101 90 101 114 125 97 97 97 122 107 117 104 December 100 99 102 89 102 116 126 95 85 95 186 111 96 103 1928 January 105 106 103 88 98 104 133 100 88 96 88 104 92 103 February . . 109 110 102 89 104 113 153 102 93 99 105 98 103 March 109 110 103 90 105 144 128 102 100 96 103 104 105 • 101 April 109 110 105 89 103 157 135 104 88 92 102 103 106 101 May 109 110 105 89 104 163 148 105 93 99 108 103 102 100 June _. 109 111 101 90 104 158 145 102 89 92 104 105 96 99 July no 111 100 88 100 142 139 102 90 94 78 107 93 100 August _. 112 113 105 90 104 126 113 104 110 101 85 105 97 101 September 114 115 107 91 105 143 140 106 111 96 107 119 103 99 October . .. 114 114 114 92 109 145 141 106 112 97 124 105 112 102 November 112 112 113 92 106 115 126 104 99 99 122 106 115 102 December . 113 114 112 91 107 105 116 103 84 95 189 116 94 100 1929 January 117 117 117 91 103 100 128 104 93 101 92 105 89 100 February 117 117 120 93 110 88 119 107 90 96 86 110 95 100 March . _ 119 121 107 94 113 118 104 103 101 97 110 113 102 99 April 122 123 115 94 114 156 135 111 96 100 104 105 103 99 May . 123 124 116 95 113 143 130 111 96 102 110 10? 101 99 June 126 128 112 94 111 133 122 108 91 96 106 112 95 98 July 124 125 114 94 '106 159 156 108 96 '101 80 106 92 99 August. *>123 *124 p 115 95 110 119 107 109 P 113 P 103 89 112 96 100 iThe 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. v Preliminary. c Corrected. 'Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER, 1929 FEDERAL RESERVE BULLETIN 671 INDUSTRIAL PRODUCTION PER CENT INDEX OF INDUSTRIAL PRODUCTION [Index numbers, adjusted lor seasonal variations. 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 95 103 108 109 109 122 May. _ -. . 107 89 103 107 111 109 123 June 106 85 102 108 109 109 126 July - 104 84 104 108 106 110 124 August. 102 89 103 111 107 112 »123 September 100 94 102 112 105 114 October.._ 99 95 105 111 103 114 November 98 97 107 108 99 112 December - 97 101 109 106 100 113 Annual index.._ 101 95 104 108 106 110 1925 1926 1927 1926 1929 INDEX OP PRODUCTION OF MANUFACTURES, BY GROUPS I All Leather Cement, Non- I raanu- Lumber Auto- and brick, ferrous i factures mobiles shoes and glass metals 1928 April.. 110 122 101 95 108 97 111 109 May 110 116 107 93 107 96 116 111 June 111 115 108 91 117 108 123 115 July 111 124 100 94 119 112 119 113 August 113 121 107 87 133 112 126 117 September 115 128 107 82 139 110 130 117 October 114 126 112 81 122 103 122 121 November... 112 120 113 85 94 97 122 126 December 114 123 111 87 103 92 130 128 1929 January 117 117 | 116 89 154 95 134 124 February 117 126 113 78 152 98 123 123 March 121 132 i 116 83 163 99 135 129 April 123 135 ; 120 86 157 97 127 137 May 124 145 i 121 83 151 101 124 137 June 128 155 j 121 85 166 113 134 126 July 125 151 '118 87 146 113 138 '127 August 143 120 88 147 114 142 123 INDEX OF PRODUCTION OF MINERALS, BY PRODUCTS Al e l r m als in- n B o i u t s u m co i a - l Ant c h o r a a l cite pe C tr r o u le d u e m s I h r i o p n m o e r n e ts Copper Zinc Lead Silver 1928 April 105 91 107 120 103 113 100 89 May. 105 93 112 120 80 110 113 101 85 June 101 91 76 118 107 110 117 100 93 July 100 93 67 119 104 113 117 97 76 August 105 91 94 123 104 116 120 107 87 September 107 94 95 124 110 123 114 115 79 October. ._ 114 99 119 127 114 128 110 108 79 November 113 99 113 127 106 131 111 111 93 December - 112 96 98 132 133 106 109 100 1929 January 117 103 110 138 129 100 February 120 109 110 138 136 106 91 March 107 89 77 134 135 112 93 April. 115 100 95 133 141 116 103 May 116 102 86 135 143 139 120 122 93 June 112 100 76 - 136 126 124 122 112 '94 July 114 101 72 144 119 122 125 114 August P115 97 81 146 121 119 127 108 » Preliminary. ' Eevised. NOTE.—Those tables contain, for certain months, iniex numbers of industrial production, together with group indexes for important components. The combined index of iu iusirial production is computed from figures for 60 statistical series, 52 of manufactures, and 8 of minerals. Adjustments have been made in the diUBrent industries for the varying number of working days in each month and for customary seasonal variations, and the individual products and industries have baan weighted in accordance wit h 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
672 FEDERAL RESERVE BULLETIN OCTOBER, 1929 PRODUCTION OF MANUFACTURES, BY INDIVIDUAL LINES 1 August, July, August, August, July, August, 1929 1929 1928 1929 1929 1928 Iron and steel: Leather and products: Pig iron 128 131 107 Leather, tanning- Steel ingots __ 144 153 122 Sole leather» 101 Textiles: Upper leather- Cotton consumption __ 119 119 110 Cattle 75 77 Wool- Calf and kip._ 108 '111 96 Consumption 114 109 Goat and kid.. 136 158 138 Machinery activity l 86 85 79 Boots and shoes 121 119 117 Carpet and rug loom activity l 90 83 Stone, clay, and glass: Silk- Cement 123 117 123 Deliveries 161 155 134 Face brick 111 Loom activity J 130 127 114 Plate glass... 168 164 138 Food products: Nonferrous metals: Slaughtering and meat packing- Copp 126 133 122 94 78 108 ••114 107 Cattle 87 Zinc 127 125 120 Calves 85 90 92 Tin* 121 123 109 Sheep 126 124 115 Chemicals and allied products: Flour 100 99 Petroleum refining— Sugar meltings 94 104 Gasoline i •.. 209 205 185 Paper and printing: Kerosene 1C8 95 114 Wood pulp and paper- Fuel oil * 142 138 136 Newsprint 95 91 91 Lubricating oill 131 121 Book paper 129 126 Coke production- Fine paper.. 123 119 By-product _ 152 151 137 Wrapping paper 101 111 Beehive 63 72 33 Paper board 130 131 111 Rubber tires and tubes: Wood pulp, mechanical.. 104 104 Tires, pneumatic 145 155 Wood pulp, chemical 117 102 Inner tubes... 106 121 Paper boxes 160 '154 134 Tobacco products: Newsprint consumption 135 131 127 Cigars 97 Lumber: Cigarette? 163 160 155 Lumber, cut Manufactured tobacco and snuff. 94 93 Flooring 124 Transportation equipment: Automobiles. __ 147 146 133 Locomotives 55 20 Shipbuilding 116 1 Without seasonal adjustment. 2 Not available. r Revised. FACTORY EMPLOYMENT AND PAY ROLLS (Index numbers without seasonal adjustment. Monthly average, 1919=1001 Metals and products Textiles and products L b u e m r - Hail- Paper Foods Leather Stone, To- Chenilotai Group s I a r t n e o d e n l Group Fabrics P u r c o t d s - p u a r c n o t a d s - vr c oe l a e hd s i- mAo buitole-s pa i rn n ind g t- p u arn c od t d s - p u arn c od t d s - c g al l na a dy ss , bp u ar c co t cd s o- p u a_n r j c n o t a d s - Employment: 1928—August 90.0 86.0 86.0 85.3 86.3 84.1 89.0 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 1081 88 7 81.8 112.1 82.6 78.4 November. 91.6 89.1 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 ... 90.9 90.1 90.3 90.0 93.2 85.9 84.5 69.6 150.4 108.3 85.8 79.4 99.3 70.2 79.0 February. _ 92.9 92.4 92.6 91.8 94.0 88.9 84.6 70.7 164.5 109.2 85.9 81.3 98.6 76.7 81.6 March 93.8 94.4 94.6 92.7 93.8 91.3 85.4 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 86.9 72.8 167.0 108.3 83.6 78.4 107.2 76.1 80.5 May . 94.fi 97.1 97.8 91.0 92.9 88.4 88.2 73.2 165.1 108.7 84.4 77.9 111.0 75.4 78.4 June 94.3 97.6 98 5 90 5 92 2 88.3 88.7 73 3 153.2 109.0 86 0 77.3 112.2 76.3 77.9 July 94.3 99.7 100.9 88.0 89.9 85.5 89.6 73.2 149.6 109.5 86.2 81.8 110.0 75.5 77.2 August.-.. 94.6 99.1 100.3 88.7 89.6 87.6 90.6 73.7 146.0 109.9 86.2 84.8 111.7 77.5 78.6 1928—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 1433 81.6 104.0 September- 105.0 94.3 93.5 94.4 93.3 95.7 102.6 75.7 185.8 146.8 103.4 87.2 139.6 85.4 105.7 October 109.3 99.6 98.7 100.5 100.5 100.6 105.5 80.2 193.3 149.6 105.6 84.0 140.8 87.6 112.3 November. 105.9 99.2 98.4 97.9 100.7 94.3 104.1 79.7 165.0 149.6 104.3 70.2 135.4 86.5 111.5 December.. 106.7 99.9 99.0 101.0 104.3 96.9 100.8 79.6 161.9 153.0 105.5 75.2 131.7 86.7 111.2 1929—January 102.9 98.2 97.9 97.2 99.5 94.2 91.6 73.5 165.0 150.1 101.3 78.9 116.6 70.6 109.0 February. 110.4 104.8 104.4 103.3 104.1 102.3 94.4 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 96.6 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 99.0 86.6 218.9 153.0 100.0 77.1 132.6 79.6 114.9 May 113.3 109. 5 109.fi 100.7 104.1 96.fi 101.1 88.2 211.9 154. 6 102.6 77.2 137. 5 79.7 112.5 June 111. 1 107.fi 107.7 99.fi 101.2 97.6 100. fi 85.9 18H.fi 104.7 78.7 139.2 82.0 110.5 July «106.0 103.0 102.9 93.6 96.8 89.8 100.2 82.8 158.8 15(1 5 104.2 85.6 129.4 81.4 108.1 August 110.4 105.3 105.3 97.4 97.6 97.0 102.9 87.0 184.5 152.3 104.1 92.0 137.3 83.8 110.0 • Corrected. 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
FEDERAL RESERVE BULLETIN 673 OCTOBER, 1929 BUILDING BUILDING CONTRACTS AWARDED [Index numbers based on value of contracts. Monthly average, 1923-1925 = 100] Without seasonal With seasonal adjustadjustment ment Month 1926 1927 1928 1929 1926 1927 1928 1929 January 111 94 104 100 143 120 133 128 February 106 96 113 88 145 131 153 119 March 146 151 144 118 129 134 128 104 100 April 139 147 157 156 120 127 135 135 May 134 135 163 143 123 122 148 130 June 133 154 158 133 121 141 145 122 July 126 130 142 159 124 128 139 156 August 148 135 126 119 133 121 113 107 September 137 127 143 107 134 125 140 105 50 October 126 137 145 122 133 141 BUILDING CONTRACTS AWARDED November 119 114 115 130 125 126 December 131 116 105 142 126 116 •• With Seasonal Adjustment — Without Adjustment Annual index 130 128 135 I I I 1925 1926 1927 1928 1929 BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Value of contracts in thousands of dollars] Federal Reserve District Month Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago St. Louis M ap in ol n i e s - Ka Ci n i s y as Dallas 1928 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 46,098 57,118 40,329 36,097 110,795 32,409 12,645 15,699 16,697 November.. 471,482 29,154 136, 525 28,017 56, 684 33,621 18,550 99,429 27,302 7,896 13,908 20,397 December... 432,756 26,405 140,159 32,082 31,755 29,973 23,362 76,924 31,378 5,886 16, 511 18.323 1929 January 409,968 26, 556 104, 447 26,306 54,680 28, 748 25,745 77,439 25, 479 7,466 15, 668 17, 435 February... 361, 274 25,352 76, 064 32, 369 38, 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 May 587,766 41,095 125,125 37,809 64, 736 37,072 33, 578 141,450 41,020 17,309 23,955 24, 616 June 545,891 33,050 110,180 38, 327 53,011 34, 431 46,110 134, 832 41,848 11,835 19,654 22.614 July 652, 436 39,515 222, 993 33, 928 59, 937 51, 364 31,802 106,374 38, 682 11,667 24, 659 31,515 August 30,836 97,130 24,902 62, 111 29,414 46, 637 100, 433 39, 224 11,465 24,802 21, 929 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 de R n e t s i i a - l In tr d i u a s l - m C e o rc m ia - l w p 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 N of u m cit b ie e s r Au 1 g 92 u 9 st, J 1 u 9 l 2 y 9 , Au 19 g 2 u 8 st, 1928 July... 228, 703 31,400 95,697 137,075 36,926 53,632 United States. 199,120 224, 451 259,530 August... 213,705 42,607 58,911 118,890 35,713 47,144 September 202,807 114,780 60,068 119.014 38,801 52,205 Boston 11, 668 11,898 8,500 October 239,692 62,259 07,330 148,697 31,293 47,833 New York... 61, 626 70,856 106,932 November 200,226 38,665 68,309 93,228 30,023 41, 032 Philadelphia. 9,261 26,046 16, 690 December—...... 178,323 38,248 66,773 80,194 25,370 43,849 Cleveland 16, 742 16,214 21,519 1929 Richmond. 8,849 11,210 8,399 January 138,069 63,109 100, 378 66,522 17, 746 24,145 Atlanta 6,286 5,703 7,627 February. _. 129,486 .56,092 08,265 57, 593 22, 577 27, 261 Chicago 39,960 38,612 41,187 March 197,172 55,837 75, 584 71, 508 37, 525 47, 221 St. Louis... 5,009 5,645 7,790 April.. 256, 780 68,230 77,988 152,127 29,857 57,079 May 192.015 80. 769 86,471 139,388 38,195 50. 928 Minneapolis.-. 4,156 3,329 3,,591 June 189,809 70, 036 80,884 120,841 43, 417 40,904 Kansas City__. 8, 798 ! 7,017 7,,478 July 199,926 66, 604 91,348 194, 547 47,979 52,032 Dallas 7.353 I 5,497 7,261 August 146, 088 75, 265 71,955 119, 288 32, 349 43,937 San Francisco.. 20 19,412 | 22,424 22,,557 NOTE.—Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation- Adjusted indexes by months back to 1910 were published in the BULLETIN for August, 1927, p. 563. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
674 FEDERAL RESERVE BULLETIN OCTOBER, 1929 TRADE AND DISTRIBUTION FREIGHT-CAR LOADINGS, BY LINES INDEX OF WHOLESALE DISTRIBUTION—EIGHT LINES [Index numbers adjusted for seasonal variations. 1923-1925 = 100] [Monthly average, 1923-1925=100] Mer- Sales without seasonal Grain c d h i a s n e - Month adjustment Month Total p g u a r r n c o a d t i d s 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 I l . a a i e s n n . c d e e 1 - l . - January... 192 8 7 8 ous February 91 March 102 April 92 1928—August 104 102 81 96 91 109 May 91 September 106 109 93 100 90 111 June 91 October 106 107 91 102 91 111 July 91 November 104 108 82 105 92 107 August 112 December 103 105 85 102 91 108 September 113 1929—January. 104 99 82 108 90 109 October 108 February 107 106 82 118 80 109 November 97 March.._ 103 103 81 89 87 111 December April 111 98 90 102 94 114 May 111 99 86 103 98 114 Annual average June 108 113 79 98 92 112 July 108 132 80 94 92 112 August 109 109 78 100 94 113 DEPARTMENT STORE SALES AND STOCKS [Index numbers. Monthly average 1923-1925=100] Without seasonal With seasonal adjustment adjustment Num- Federal reserve ber of district stores 1929 1928 1929 1928 Aug. July Aug. Aug. July Aug. SALES United States.. 523 89 80 85 112 106 105 Boston 38 83 76 78 111 104 104 New York 64 82 80 • 78 117 112 111 Philadelphia 60 69 62 65 94 89 90 Cleveland 59 92 80 85 109 106 101 Richmond 29 81 76 78 113 105 109 Atlanta 44 85 75 86 110 100 110 Chicago 105 100 87 96 122 114 116 St Louis 19 87 76 83 113 108 108 Minneapolis 20 86 72 80 96 89 89 Kansas Citv 1 27 85 72 85 Dallas 22 85 74 80 116 103 110 San Francisco 36 120 100 116 122 120 119 STOCKS United States... 433 96 92 97 100 99 101 Boston 38 87 ••89 91 94 '98 98 New York 45 102 99 100 107 108 106 Philadelphia 47 79 79 86 84 87 92 Cleveland 53 90 88 95 95 95 98 Richmond 29 89 88 92 97 97 100 Atlanta .. __ 31 93 90 95 95 98 97 Chicago 81 113 103 105 115 112 107 St. Louis. . 19 90 84 93 90 90 93 Minneapolis 16 71 68 81 72 72 82 Kansas City 1 21 119 ••109 118 Dallas . 21 81 70 83 79 76 81 San Francisco 32 102 96 104 103 100 105 i Monthly average 1925=100. Revised. Index describe'3 in BULLETIN for February, 1928. 00 OC 1928 88 93 100 88 93 89 90 110 111 112 99 OO OC Sales with seasonal adjustment 1929 1927 1928 1929 93 95 96 101 90 97 99 96 101 98 96 97 96 95 92 100 96 97 99 102 91 96 92 96 96 96 94 '101 P113 102 101 P103 98 96 94 97 97 99 95 95 SALES IN INDIVIDUAL LINES OF WHOLESALE TRADE [Index numbers. Monthly average, 1923-1925=1001 Month gz p oooodabs | M c i l n o e g t n h" 's B s a h o n o o d e t s s wwaarree n F it u u r r - e Without seasonal adjustment 1928 August 101 118 110 148 119 95 115 108 September. 100 130 105 137 110 100 119 126 October... 108 125 99 123 108 108 134 133 November. 100 117 90 66 105 98 114 106 December. 88 108 69 51 59 86 120 1929 January... 91 117 84 74 98 82 131 80 February.. 83 113 84 114 84 76 105 91 March 90 117 92 136 110 95 119 105 April 92 115 80 85 100 99 118 101 May 96 121 78 60 113 98 111 99 June. 95 122 70 49 90 97 105 93 July 99 123 74 69 110 95 111 87 August P101 *120 111 156 130 99 P 122 117 With seasonal adjustment 1928 August 100 116 90 109 94 117 106 September. 92 122 89 90 92 112 112 October... 95 111 99 87 97 116 112 November. 94 122 95 100 100 113 101 December. 89 115 101 72 93 128 94 1929 January... 99 117 96 119 92 133 91 February.. 95 119 88 107 86 114 91 M Ap a r r i c l h -i 9 9 1 6 1 1 2 2 3 2 9 8 8 8 9 9 5 5 9 9 2 7 1 1 1 0 6 8 1 9 0 3 0 May 99 121 101 112 96 118 104 June 93 120 96 96 93 112 105 July 98 121 80 138 97 117 107 August 100 P118 91 95 118 98 v 124 115 p Preliminary. 'Revised. Index described in BULLETIN for December, 1927. SALES OF CHAIN STORES [Ind x numbers of sales. Monthly average 1923-1925 = 100] Num- Sales without seasonal ad- Sales with seasonal adjustber of Number of stores justment i ment i Chains reporting August, July, August, August, July, August, August, July, August, firms 1929 1929 1928 1929 1929 1928 1929 1929 1928 Grocery 30,129 30, 034 29, 230 233 227 204 245 231 215 5-and-10 cent 3,503 3,479 3,083 161 146 136 174 162 147 Drug 1,278 1,263 1,019 211 204 169 200 201 169 Shoe.... 737 727 670 134 120 110 161 132 132 1 Figures relate to reporting firms—with no adjustment to eliminate the inausnee of increasa in the number of stores operated; thus indexes given reflect the full growth of the business of the reporting companies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBEE, 1929 FEDERAL RESERVE BULLETIN 675 SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates, by States, for Sept. 1 as made by the Department of Agriculture] [In thousands of units] Corn Total wheat Spring wheat Winter wheat Federal reserve distric Production, Estimate, Production, Estimate, Production, Estimate, Production, Estimate, 1928 Sept. 1,1929 1928 Sept. 1,1929 1928 Sept. 1,1929 1928 Sept. 1,1929 Bushels Bushels Bushels • Bushels Bushels Bushels Bushels Bushels Boston. 8,890 9,014 96 104 96 104 New York- _ 25,884 26, 280 5,508 5,622 173 120 5 333 5, 502 Philadelphia 45, 500 40, 322 16,140 18,756 85 66 16,055 18, 690 Cleveland __ ._ 174, 381 163, 372 13,167 38, 640 164 111 13, 003 38, 529 Richmond 139,133 135,144 25,880 26,352 25, 880 26,352 Atlanta 137, 350 166, 831 4 392 4 4C0 4 392 4 4^0 Chicago 1, 017, 822 866,177 42,993 62,919 6, 582 4,577 36, 411 58,342 St Louis 358,882 291, 983 30, 699 45, 780 724 422 29, 975 45, 358 Minneapolis _. 282,101 275, 352 279, 572 176, 421 263, 069 1C3,747 16, 503 12, 674 Kansas City __. 520, 235 376,157 334, 956 262,130 14, 716 13,167 320, 240 248,963 Dallas 114, 742 95, 627 23, 064 36, 014 188 314 22, 876 35,700 San Francisco 10, 758 9,738 125, 726 108, 528 38, 261 34,865 87, 465 73, 663 Total. 2,835, 678 2, 455, 997 902,191 785, 726 324, 058 217, 493 578,133 568, 233 Oats Tame hay Tobacco White potatoes Cotton Federal reserve district Production, Estimate, Production, Estimate, Production, Estimate, Production, Estimate, Production, Estimate. 1928 Sept. 1,1929 1928 Sept. 1,1929 1928 Sept. 1,1929 1928 Sept. 1, 1929 1928 Sept. 1,1929 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Bales Bales Boston. ___ 7,921 8, 692 4,996 4,483 38,915 35, 536 47, 672 51,842 New York 35, 050 25, 926 6,811 6,538 1,317 1,097 36,991 28, 309 Philadelphia 21, 770 19, C05 3,353 2,979 49, 580 46, 264 30, 208 21, 631 Cleveland 108, 377 63, 480 5,940 6,627 117,608 137, 976 23, 511 19, 388 Richmond.. _ 22,865 27, 299 4,426 4,079 713, 590 725, 419 48, 361 34,060 i,eo6 2,004 Atlanta 10, 746 14, 591 2,986 2,887 157, 057 176,908 14,843 11,176 2,758 3,114 Chicago 624, 072 494, 642 16, 781 20, 698 49 005 43 645 76 982 51 499 St. Louis 66, 278 46,877 7,573 8,137 243,978 289, 028 19, 510 13,020 i 2, 715 2 3, 035 Minneapolis 321,611 270, 571 12, 026 10, 301 4,141 3,634 75, 449 45, 488 Kansas City 158,774 150, 405 12, 381 11,881 2,948 2,814 40,120 30, 511 1,147 1,265 Dallas 37, 983 46, 057 1,281 1,246 3,747 3,194 5,946 5,034 San Francisco 35, 230 36,842 14, 429 13, 744 47, 089 38,994 306 373 Total . 1, 448, 677 1, 204, 987 92, 983 93, 600 1, 378,139 1, 462, 321 464, 483 349,112 14, 478 14,825 1 Includes 7,000 bales grown in miscellaneous territory. 2 Includes 10,000 bales grown in miscellaneous territory. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
676 FEDERAL RESERVE BULLETIN OCTOBER, 1929 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD HOLDINGS OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars. Figures for end of month or latest available preceding dat<y, see BULLETIN for June, p.396] Month t T c r ( i o o 4 e u 0 t s n a ) - l i U St n a i t t e e s d l t g A i e n r n a - - 3 A t l r u i a a s - - g B iu e m l- B zi r l a * - C ad a a n 8 - l E a n n g d - " France m G a e n r y - d I i n a - ^ Italy p J a a n - 8 N la e n e r t d - h s - R s u ia s- Spain S l z w a e n i r d t - - c o tr o t 2 i h u 4 e e n s r - 1925—December... 8,912 3,985 451 128 53 54 157 703 711 288 109 219 576 178 94 490 90 627 1926—December... 9,185 4,083 451 107 86 56 158 735 711 436 109 221 562 166 85 493 91 634 1927—December... 9,536 3,977 529 105 100 101 152 742 954 444 119 239 542 161 97 502 100 672 1928—June 9,748 3,732 622 109 111 140 104 838 1,136 496 119 259 541 175 80 503 86 694 July . 9,840 3,737 622 110 112 140 98 857 1,173 524 119 263 541 175 85 503 86 694 August 9,879 3,749 621 110 112 143 101 856 1,190 536 119 263 541 175 75 503 87 698 September.. 9,938 3,752 633 107 112 143 106 843 1,200 571 119 266 541 175 76 504 90 699 N Oc o t v o e b m er ber.. 9 9 , , 9 9 4 9 4 0 3 3, , 7 7 5 6 4 9 6 61 1 0 1 1 1 0 0 7 7 1 1 1 1 5 3 1 1 4 4 8 6 1 1 3 0 3 8 8 7 0 7 3 8 1 1 , , 2 2 0 3 7 9 6 6 0 2 3 5 1 1 2 1 0 9 2 2 6 6 6 6 5 5 4 4 1 1 1 17 7 5 5 9 8 2 2 4 5 9 0 4 4 9 9 1 1 7 7 0 0 2 1 December 9,999 3,746 607 108 126 149 114 750 1,254 650 124 266 541 175 92 494 103 702 1929—January 10,032 3,746 605 109 126 149 79 744 1,333 650 128 266 541 175 92 494 93 702 February ___ 10,054 3,776 603 109 126 150 78 736 1,334 650 128 266 541 175 92 494 93 703 March.. . 10,085 3,814 585 110 126 150 78 748 1,340 639 128 270 542 170 92 494 93 706 April 10,042 3,889 569 110 134 150 78 762 1,403 451 128 270 542 174 92 494 95 701 May .- 10,123 3,931 564 116 134 151 78 795 1,435 420 128 270 542 176 93 494 96 701 June 10 136 3 956 527 117 139 151 76 780 1,436 455 128 271 542 176 93 494 96 699 July 10,149 3,974 513 118 141 151 76 694 1,462 512 128 271 541 181 103 495 98 692 August P10,234 3,995 »507 123 141 P151 P76 670 1,526 520 128 P271 »541 178 119 495 98 P694 September-. P 4,007 P648 P 1,545 P527 132 p Preliminary, based on latest available figures. * Bank of Brazil and stabilization fund. * 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 • Gold held by Bank of England and, prior to 1925, gold held by exhave held gold in recent years to the amount of $90,000,000 or more. chequer in currency note reserve. 2 Treasury and Federal reserve banks. 7 Currency and gold standard reserves. 3 Government conversion fund and Bank of the Nation. s Domestic holdings of Bank of Japan and the Japanese Government. GOLD MOVEMENTS [In thousands of dollars] South United States Germany Great Britain Netherlands Africa India Month p I o m rt - s p E o x rt - s Net p I o m rt - s p E o x rt - s Net p I o m rt - s p E o x rt - s Net p I o m rt - s p E o x rt - s Net Net Net Total, 1928 168,897 560, 759 -391,872 221,986 9, 541 212,444 232,658! 294,539 -61,881 15,417 1,778 13,639 -208,479 75,908 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 -17,848 7,700 March 26,470 1,635 24,835 1,701 804 897 25, 734 7,746 17, 987 133 14, 320 -14,187 —21. 542 13, 063 April 24.687 1,594 23, 093 1,768 223, 247 -221,480 16,144 3,714 12,430 165 2 163 — 15,871 6. 580 May 24,097 467 23, 630 1,946 781 1,165 28, 284 4,652 23,632 4,338 23 4,315i -17,975 6,076 June.. 30,762 650 30,212 7,493 681 6,812 21,085| 40,001-18,917 190 17 173 -22,625 3,596 July... r 35, 525 '807 '34,718 47, 732 716j 47, 016 22, 578100,479-77,901 129 8 121 -14,816 4,164 August 19, 271 881 18, 390 27,752 879 26, 873 17, 226 59, 278-42,052 103 2,522 -2,419 I r Revised. MOVEMENTS TO AND FROM GREAT BRITAIN MOVEMENTS TO AND FROM I BRITISH INDIA [In thousands of dollars] [In thousands of dollars 1929 1928 1929 1928 August January-August Calendar year June January-June Calendar year From or to— From or to— p I o m rt - s p E o x rt - s p I o ra rt - s p E o x rt - s p I o m rt - s p E o x rt - s p I o ra rt - s p E o x rt - s p I o m rt - s p E o x rt - s p I o m rt - s p E o x rt - s France 89 41, 532 1,377 88,354 912 97,178 Germany . 8,534 3,194 80,581 258 102,423 England 521 7,098 11,071 Netherlands __ 52 14,382 1,311 145 7,081 United States 22 4 086 Russia __ _ 18,582 Aden and dependen- Spain and Canaries. 12 4 308 9,733 199 cies _ 74 522 910 Switzerland 531 7 236 13,493 Arabia . 76 594 870 6 United States 5,000 64 52 240 32,532 32 132 British Oceania 161 1,593 5,067 South America. 38 7,976 1,166 1,074 Bahrein Islands 14 91 285 British India ""355" ~~7~243" 10, 770 Ceylon 651 1,762 1 720 British Malaya. _ 329 1,779 71 1,810 China .__ 3 108 153 Egvpt 100 2,916 1,309 1,384 Mesopotamia 118 1,280 1, 543 Rhodesia 410 3 OfiO 5,280 Straits Settlements . 17 18 200 48 Transvaal 16,314 116, 692 144,482 Egypt 1,057 3,789 6,714 West Africa 314 2,720 8 3,384 16 Natal 923 24 895 44 387 All other countries.. 60 2,833 5,773 23,168 14,803 26,978 All other countries 1 5 15 44 Total _ 17,226 59,278 155,242 265,144 232,658 294,539 Total 3, 597 41, 779 33 76,007 99 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER, 1920 FEDERAL RESERVE BULLETIN 677 CONDITION OF CENTRAL BANKS [Figures are for the last report date of month] 1929 1928 1929 1928 August July June August August! July June August Bank of England (millions of pounds National Bank of Belgium (millions sterling): of belgas): Issue department- Gold 1,014 1,012 1,003 805 Gold coin and bullion.. 136. 4 141.4 159.1 173.2 Foreign bills and balances in gold. 566 451 460 496 Notes issued 396.4 401.4 419.1 192.9 Domestic and foreign bills 797 781 727 563 Banking department- Loans to State 348 347 343 381 Gold and silver coin 1.3 1.2 1.1 2.7 Note circulation 2,624 2,554 2,482 2,224 Bank notes 32.3 29.6 56.3 57.5 Deposits 159 100 108 97 Government securities 73.3 62.3 38.6 29.1 D O i t s h c e o r u s n e t c s u a ri n ti d e s advances 22 3. . 8 3 2 1 4 0 . . 2 0 2 2 3 7 . . 2 0 43.4 Na o t f i o le n v a a l ) B : ank of Bulgaria (millions Public deposits 20.5 11.1 24.7 19.2 Gold 1,387 1,379 1,368 1,308 B O a th n e k r e r d s e p d o e s p i o ts s its - I 5 36 8 . . 1 0 6 37 0 . . 7 3 6 3 7 6 . . 4 2 95.3 N To e t t a f l o f r o ei r g ei n g n e x e c x h c a h n a g n e ge 1 1 , , 1 6 1 3 1 8 1 1 , , 2 6 2 3 6 0 1 1 , , 4 8 3 9 6 4 Bank R e n s o e t r e v s e i r n a t c i i o r c i u ( l p a e ti r o n c e J nt) \ 3 2 6 9 4 . . 3 0 3 2 7 8 1 . . 2 8 3 4 6 4 2 . . 8 7 5 79 2 . . 2 5 L G o o a v n e s r n a m nd e n d t i s o c b o l u ig n a ts tions 3 1 , ,5 5 3 4 2 6 3 1, , 5 5 3 4 7 6 3 1 , ,6 5 3 7 4 8 4 1 , ,0 4 3 7 8 1 Currency notes and certificates.. 296.9 Note circulation 4,121 3,974 3,972 4,285 Other sight liabilities 2,164 2,309 2,729 2,102 Bank of France (millions of francs): Gold - .— 38,930 37, 300 36,625 30, 351 Central Bank of Chile (millions of Sight balances abroad 7,248 7,325 7,300 14, 242 ) Foreign bills 18, 587 18, 524 18,450 17, 721 Gold at home 63 62 62 61 Loans and discounts 11, 888 10, 782 10,497 4,083 Deposits abroad 384 430 440 476 Negotiable bonds 5, 612 5,769 5,769 5,930 Loans and discounts. 81 71 93 17 Note circulation 66, 468 64,135 64,921 62,184 Note circulation 341 352 366 314 Public deposits 13,444 12,179 11,041 10, 231 Deposits 120 146 164 131 Other deposits 6,175 7,420 7,075 5,751 Bank of the Republic of Colombia German Reichsbank (millions of (thousands of pesos): reichsmarks): Gold at home _ 26, 233 26,036 25,869 24, 542 Gold reserve - — 2,034 1,999 1,831 2,163 Gold abroad 24, 347 29,371 29.438 42,094 Gold abroad - 150 150 80 86 Loans and discounts 13, 867 11,316 14,753 4,501 Reserves in foreign exchange 308 334 361 195 Note circulation 43, 309 45, 485 48,656 49,443 Loans and discounts 2,834 2,798 3,196 2,737 Deposits... 10, 496 9.996 9,817 11,544 Deposits 434 516 631 565 Reichsmarks in circulation.. 4,897 4,726 4,839 4,673 Czechoslovak National Bank (mil- Rentenmarks in circulation. 440 443 465 579 lions of Czechoslovak crowns): Gold and silver 1, 205 1,207 1,206 1,158 ank of Italy (millions of lire): Foreign balances and currency... 1,757 1,696 1,781 1,990 Gold at home 5,159 5,159 5, 002 Loans and advances 953 918 861 Credits and balances abroad. 4,936 4,920 6,744 Assets of banking office in liqui- Loans and discounts 5,220 6,004 4,641 dation 396 397 405 456 Total note circulation 16,887 16,753 17,140 Note circulation 7,500 7,321 7,612 7,549 Public deposits 300 300 300 Deposits 345 425 415 547 Other deposits 1.772 1,529 3,019 Danish National Bank (millions of Bank of Japan (millions of yen): kroner): Gold - 1,062 1,062 1,064 1,063 Gold. 173 173 173 182 Advances and discounts 768 755 728 851 Foreign bills, etc _ 105 92 88 92 Government bonds 211 210 244 188 Loans and discounts.. 70 74 63 Notes issued— 1,334 1,266 1,462 1,270 Note circulation 361 351 366 341 Total deposits 808 691 956 Deposits _ _JLL 38 34 24 Commonwealth Bank of Australia Bank of Danzig (thousands of Dan- (thousands of pounds sterling): zig gulden): Issue department— Balances with Bank of England.. 16, 200 16,429 16, 732 16,100 Gold coin and bullion.. 23, 206 22,721 22,151 22, 546 Foreign bills, etc 13, 418 13, 263 12,612 24,978 Securities 18. 331 18,832 19,982 21, 345 Loans and discounts. 23,427 22,108 22,436 22, 473 Banking department— Note circulation 39, 688 38, 263 38,259 38,150 Coin, bullion, and cash __. 2,164 1,459| 1,897 I 1,669 Deposits 1,717 1,882 1,561 3,839 Money at short call in London 8, 538 10,053 15,813 20, 835 Bank of Estonia (thousands of Loans and discounts.. 12, 719 11,042 10,834 12,123 krones): Securities 15,125 14,375i 13,009 12,105 Gold. 6,338 6,328 6,315 10, 048 Deposits... -. 37, 258 35,224 41,113 46, 979 Net foreign exchange. 20, 808 19, 725 18,887 26, 888 Bank notes in circulation . 38, 005 37,528! 37,701 39, 579 Loans and discounts 26, 075 26,165 27, 552 25, 017 Note circulation 34,343 | 33, C 31, 594 38, 288 Austrian National Bank (millions of Depositsschillings): Government 10,117 I 9, 820 10,909 16,833 Gold 169 169 169 134 Bankers 3,959 I 4,187 3,763 1,329 Foreign exchange of the reserve.. 231 217 199 308 Other.. 1,657 1 2,054 2,863 4,681 D O G o t o h m v e e r e r s n f t o m i r c e e i b n g i t n l l d s e — e x b c h t. ange _ „ 2 3 1 2 8 1 6 3 0 2 3 1 4 6 1 7 5 0 ! ! 2 3 1 4 5 1 6 5 0 3 1 16 3 3 6 2 1 1 1 N Ra o t t i e o s o is f s g u o e l d d , a le n s d s n a o m te o s u i n n ts b h a e n l k d i n in g b d a e n p k ar in tm g e d n e t p t a o r t d m ep e o n s t it a n li d a b i i n l i c ti u e r s Note circulation 1,046 1,047 1,044 1,003 rency note account. Deposits. — 74 I 61 37 70 71585—29 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
678 FEDERAL RESERVE BULLETIN OCTOBER, 1929 CONDITION OF CENTRAL BANKS—Continued [Figures are for the last report date of month] 1929 1928 1929 1928 August July June August August July June August Bank of Finland (millions of Fin- ank of Poland (millions of zlotys): nish marks): Gold at home .. 432 432 431 408 Gold 301 301 301 309 Gold abroad --... 219 195 195 195 Balances abroad and foreign Foreign exchange of the reserve. ~ 441 444 438 480 credits. _ — ... 520 505 545 616 Other foreign exchange..._ 84 82 82 200 Foreign bills 20 10 7 74 Loans and discounts 796 782 833 708 Domestic bills.._ 1,352 1,369 1,375 1,122 Note circulation 1,359 1,293 1,298 1,207 Note circulation— 1,448 1,439 1,473 1,565 Current account of the treasury. _ 269 286 308 335 Demand liabilities.-- 178 194 199 154 Other current accounts 145 154 160 219 Bank of Portugal (millions of escu- Bank of Greece (millions of drach- dos): T G G N L o o o o e m t a t l v a a d n e e f l s o ) r : f n r a o e m n r ig e d e i n g n d n t e i x s o e c c b x h o l c a i u g h n n a a g t t n s e io g i n e n s . - r - eserve— 3 4 2, , , 8 5 6 1 7 7 1 2 9 5 9 1 1 7 8 3 2 5 , , , 6 8 1 0 5 9 0 4 9 9 5 7 2 2 7 3 3 5 , , , 5 6 4 2 1 5 9 3 4 4 4 6 1 9 2 3 3 3 , , , 7 9 0 5 9 4 3 3 0 5 7 3 D N B B G i a e o o l l p l l t a d s e o n s c c i i e t r s s c a u b l r a o ti a o d n... _ 1, 3 3 9 5 5 0 1 4 1 8 2 1,9 3 3 2 5 0 0 1 3 0 8 1,8 2 2 4 5 9 7 5 0 9 2 1 2 2 3 6 6 8 7 8 Note circulation 5,214 5,304 5,494 5, 258 National Bank of Rumania (millions Other sight liabilities 1,551 1,596 1,780 1,847 of lei): Gold at home 5,126 5,100 3 4, 997 National Bank of Hungary (mil- Gold abroad 3,592 3,592 3 3, 644 lions of pengos): Foreign exchange of the reserve.- 1,465 1,907 (4) Gold 163 163 177 197 Other foreign exchange 147 155 () Foreign bills, etc 40 37 17 67 Loans and discounts 10,009 9,598 13, 393 Loans and discounts 293 326 381 369 State debt _ 7,631 7,631 10, 679 Advances to treasury. 89 89 92 104 Note circulation 19,188 19,113 21, 052 Other assets 108 74 34 155 Deposits _ 7,356 . 7, 341 1,203 D N M e o i p s te c o e s c l i i l t r a s c n u e l o a u ti s o n liabilities 4 1 8 1 0 7 4 9 7 9 4 8 1 4 1 4 6 6 7 3 5 4 2 1 9 3 3 7 9 0 St o a f t e L c h o e a B r n a v s n o a k n n t d s o i f ) d : is R c u o s u s n i t a s (thousands 386, 876372,550 341, 329 Bank of Java (millions of florins): Deposits... 203, 706196,057 189, 077 Gold.... 148 161 173 Issue department- Foreign bills 36 28 31 Gold. 20,098 18,103 14, 653 Loans and discounts 124 114 105 Other precious metals 4,151 4,212 3,885 Note circulation 302 305 316 Foreign exchange._ 9,021 9,361 7,691 Deposits.. 50 46 53 Note circulation- 126, 983121,676 99, 633 National Bank of the Kingdom of Bank of Latvia (millions of lats): Serbs, Croats, and Slovenes (mil- Gold - 24 24 lions of dinars): F B L N G O o o i o t o l h r a t v l e e e n s e i . r s g r c n n d ir m e c e p e x u o n c l s a h t i t t a d i s n o e g n p e . o .. r s e i s ts e . rve 1 4 4 9 5 0 7 4 0 9 4 1 8 8 4 4 6 1 1 3 2 4 5 3 A G N D F L o o o d e o r a l p v t e d e n o a i s g s n c i n c a i t r s e n n c s d o u t t o d l e a i s S s t i c a t o a o n n t u d e . n . c . ts r edits _ 3 5 1 , , , 6 2 0 6 5 5 1 0 5 9 2 0 2 5 1 1 , , , , 9 2 2 0 5 9 6 6 4 2 9 4 1 6 9 0 9 5 2 1 , , , 1 9 7 5 1 6 9 0 1 7 4 6 6 8 1 2 5 1 , , , 6 9 5 2 6 6 6 9 6 4 6 2 0 8 Bank of Lithuania (millions of litas): j South African Reserve Bank (thou- Gold sands of pounds sterling): Foreign currency Gold 7,901 7,669 7,747 8,064 Loans and discounts Foreign bills 7,655 8,114 7,524 7,351 Note circulation Domestic bills... 1,600 748 1,211 697 Deposits Note circulation 9,533 8,460 9,636 9,124 Deposits— Ne in t s h G ): e o r l l d ands Bank (millions of flor- 443 449 437 458 B G O a t o h n v e k e r e r s n rs ment 4 1 , , 8 2 6 1 8 9 6 2 7 4 2 , , 6 8 2 3 2 7 4 2 2 4 1 , , 2 7 6 8 8 3 7 7 5 5 1, , 6 0 2 8 0 4 8 6 8 Foreign bills _ 154 178 176 202 Bank of Spain (millions of pesetas): Loans and discounts. __ _ 162 160 151 149 Gold 2,565 2,563 2,561 2,609 Note circulation... 801 812 779 792 Silver 719 720 723 706 Deposits 13 15 21 34 Balances abroad.. 90 96 93 39 Loans and discounts 2,086 1,952 2,017 1,893 Bank of Norway (millions of kroner): Note circulation _ 4,327 4,289 4,258 4,251 Gold 147 147 147 147 Deposits 938 931 932 977 T D N F F o o o o o r r t m t e e a e i i l e g g c s d n n i t e r i c c p d b u o a e c l l p s a r a i e o t n t i s d s o c i i e n t t s s s . and bills 2 3 4 8 5 1 2 1 2 9 5 2 3 3 6 1 9 3 5 1 3 2 9 4 1 7 7 6 8 5 2 2 3 1 3 1 8 0 3 9 8 2 2 Bank N L G F o o o o o r a f t l e e n d S i s g . c w . n i a r e n c b d d u i e l l d l n a s i t , s ( i o e m c t n o c i u ll n io ts ns of kronor): 3 2 2 5 4 4 0 4 6 9 5 2 ! ! 2 3 2 5 0 3 3 2 8 2 4 2 4 2 5 1 3 3 6 9 9 4 0 6 2 3 5 1 3 7 1 2 0 7 4 3 Reserve Bank of Peru (thousands of Deposits _ _ 149 157 215 145 libra): Swiss National Bank (millions of Gold 3,535 4,237 4,162 4,145 francs): Gold against demand deposits 880 178 254 271 Gold 507 507 496 449 Foreign exchange reserve 1,893 729 783 1. 265 Foreign balances and bills 210 217 265 227 Bills 2,178 2,337 2,127 1)366 Loans and discounts 209 218 215 224 Note circulation 6,447 6,606 6,327 6,091 Note circulation 911 900 898 864 Deposits 1,761 357 509 542 Demand deposits..- 51 67 101 81 1 Converted into the terms of the leu adopted Feb. 7, 1929. 4 Foreign exchange not reported separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER, 1929 FEDERAL RESERVE BULLETIN 679 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 I August July June August July June May July Nine London clearing banks (mil- Joint-stock banks of Denmark (millions of pounds sterling): lions of kroner): Money at call and short notice... 144 143 150 137 Loans and discounts 1,774 1,767 1,744 1,872 Advances and discounts 1,205 1,219 1,194 1,186 Due from foreign banks 138 143 143 118 Investments.... 242 242 244 237 Due to foreign banks _ 66 64 71 84 Deposits..... 1,759 1,778 1,770 1,732 Deposits and current accounts.._ 1,952 1,955 1,963 1, 975 Six Berlin banks (millions of reichs- I Joint-stock banks of Finland (milmarks): I lions of Finnish marks): j Bills and treasury notes | 2,498 2,365 2,365 2,085 Loans and discounts 9,931 10,047 9,941 9,458 Due from other banks I 1,219 1,189 1,228 949 Due from abroad _ 236 189 142 212 Miscellaneous loans _..| 7,035 7,098 6,956 6,269 Due to abroad _ 544 633 608 458 Deposits I 10,164 9,989 9,908 8, 599 Deposits 7,660 7,730 7,568 7,744 446 463 475 410 Four commercial banks of France» Tokyo banks (millions of yen): (millions of francs): Cash on hand 301 259 289 294 Bills and national-defense bonds.. 20, 664 19, 883 20,806 Total loans 2,086 2,087 2,126 2,083 Loans and advances 9,974 10, 317 8,434 Total deposits _. 2,106 2,090 2, 097 2,085 Demand deposits 33, 226 33, 279 33, 577 Total clearings 1,948 2,192 2, 184 2,720 Time deposits 798 767 614 Four private banks of Italy (millions 1929 1928 of C li a r s e h ): 1,138 3 1,175 Bills discounted._ 8,390 3 8,871 July June May Ju y D D u u e e f to ro c m o r c r o es rr p e o s n p d o e n n d t e s nts 13 5 , , 4 5 3 0 7 5 3 3 1 5 3, , 7 0 7 8 5 2 Deposits 3,061 3 2,868 Banks of Buenos Aires, Argentina Joint-stock banks of Norway (mil- (millions of gold pesos): lions of kroner): Gold- Loans and discounts 1,266 1,253 1,250 1,424 Bank of the Nation 67 102 140 Due from foreign banks 124 102 103 99 Other banks , 12 11 12 Due to foreign banks _ 83 78 83 101 Other cash— Rediscounts _ 97 100 100 145 Bank of the Nation 129 I 125 130 156 Deposits 1,557 1,557 1,558 1,610 Other banks 162 | 184 180 207 Loans and discounts- Joint-stock banks of Poland (mil- Bank of the Nation.. __. 561 ! 569 549 486 lions of zlotys): Other banks __ 883 | 873 877 753 Loans and discounts 826 824 715 Deposits- Due from foreign banks 31 31 33 Bank of the Nation 761 i 777 769 776 Due to foreign banks __ » 181 171 168 124 Other banks 1,007 i 1,015 1,012 945 Rediscounts P138 146 156 142 Deposits *534 522 518 473 Chartered banks of Canada (millions of dollars): Joint-stock banks of Sweden (mil- Gold coin and bullion i 62 61 64 68 lions of kronor): Current loans and discounts 1,572 1,566 1,559 1,421 Loans and discounts 4,179 4,130 4,117 4,142 Money at call and short notice... 577 594 594 . 538 Foreign bills and credits abroad.. 277 259 253 269 Public and railway securities 470 525 523 508 Due to foreign banks __ 117 112 119 119 Note circulation 170 ' 187 168 172 Rediscounts 191 262 231 187 Individual deposits 2,578 | 2, 559 2,560 2,521 Deposits _ 3,530 3,462 3,469 3, 567 Gold reserve against Dominion notes 59 ! 59 59 75 Dominion note circulation 196 ; 210 197 200 1 Not including gold held abroad. 2 Beginning with this issue figures of the Socie"te" Generate de Credit Industriel et Commercial have been added to those of the three banks previously reported. s Figgures are for June, 1928. PPrelliiiminary. DISCOUNT RATES OF 34 CENTRAL BANKS [Rate prevailing October 1, 1929, with date of latest changel Country I 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 I s n i n e c f e f — ect I s n i n e c f e f — ect Austria ( 8lA Sept. 28,1929 I England.. Sept. 26,1929 Japan 5.48 Oct. 10,1927 Portugal 27,1926 Belgium.. ! 5 July 31,1929 Estonia.. Jan. 2,1928 Java July 22,1929 Rumania 14,1929 Bulgaria ; 10 July 2,1929 Finland.. Nov. 16,1928 Latvia 6-7 Apr. 1,1928 Russia , 22,1927 Chile. ! 6 Oct. 22,1928 France... ZYL\ Jan. 19,1928 Lithuania... 7 Feb. 1,1925 South Africa 17,1929 Colombia i 7 Aug. 1,1929 Germany " Apr. 25,1929 Netherlands Mar. 25,1929 Spain 19,1928 Czechoslovakia.! 5 Mar. 8,1927 Greece... _ Nov. 30,1928 Norway Sept. 27,1929 Sweden . 27,1929 Danzig __.! 7 Apr. 30,1929 Hungary. Apr. 24,1929 Peru Sept. 2,1929 Switzerland. 22,1925 Denmark ' 5 Sept. 27,1929 India June 6,1929 Poland Apr. 19,1929 Yugoslavia.. 23,1922 Ecuador \ 10 May 15,1929 Italy 7 Mar. 14,1929 Changes.—Reserve Bank of Peru from 7 to 6 per cent on Sept. 2,1929; Bank of England from 5^ to 6^ per cent on Sept. 26,1929; Danish National Bank from 5 to hVi per cent on Sept. 27, 1929; Bank of Norway from hVz to 6 per cent on Sept. 27,1929; Bank of Sweden from 4^j to 5H per cent on Sept..27,J.929; Austrian National Bank from 7H to 8^ per cent on Sept. 28, 1929. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
680 FEDERAL RESERVE BULLETIN OCTOBEE 1929 MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) Netherla d n a d m s ) (Amster- Sw la i n tz d er- Month B a m a a n c o n c c n e k e s t p e h , t r s - 3 s' T m b re i o l a l n s s t , u h 3 r s y Da m y- o t n o e -d y ay o a n B l l a o d n w e k p a e o n r s c s i e ' ts d P is r r i c a v o t a e u t n e t M 1 o m ne o y n f th or Da m y- o t n o e - y day 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 f t o h r d P is r r c i a v o t a e u t n e t 1927 4.33 4.35 3.61 2*3 5.82 8.38 5.81 3.45 3.40 3.44 4.32 4.33 3.55 5.90 8.30 6.00 3.56 3.82 3.39 4.32 4.33 3.57 2*3 6.69 8.72 7.19 4.11 4.29 3.38 4.33 4.34 3.62 6.76 8.72 6.03 4.50 4.73 3.39 4.31 4.31 3.44 2*3 6.87 9.10 7.24 4.49 4.85 3.40 1928 4.19 4.13 3.49 6.27 7.66 5.16 4.29 4.10 3.29 4.18 4.18 3.63 2*3 6.20 7.30 6.66 3.97 3.80 3.12 4.12 4.07 3.63 2*3 6.72 7.51 6.81 3.97 3.89 3.20 April 4.02 4.01 3.57 2*3 6.71 7.57 6.64 4.18 3.93 3.29 3.97 3.95 3.58 2H 6.66 7.80 7.00 4.27 4.17 3.32 3.82 3.80 3.26 6.59 8.08 6.37 4.18 4.11 3.40 July 3.99 3.97 3.27 2*3 6.74 8.18 7.74 4.10 3.84 3.44 August 4.27 4.26 3.50 2*3 6.68 8.19 6.12 4.13 3.90 3.41 Sftntsmber 4.23 4.19 3.55 2H 6.65 8.58 6.65 4.39 4.35 3.38 4.35 4.37 3.80 6.57 8.26 6.70 4.40 4.42 3.38 N o VATO b©r 4.38 4.30 3.64 2*3 6.28 8.15 6.70 4.44 4.74 3.35 4.37 4.37 3.22 2*3 6.28 8.77 7.30 4.46 4.68 3.32 1929 4.32 4.29 3.41 5.80 7.51 5.13 4.20 4.46 3.28 5.05 4.96 4.33 2V£-3V£ 5.80 7.07 6.33 4.39 4.78 3.31 5.33 5.30 4.51 3*4 6.31 7.30 6.97 4.64 5.05 3.39 April 5.21 5.18 4.43 3*4 6.63 7.57 6.85 5.36 5.81 3.45 5.21 5.21 4.67 3*3 7.49 9.65 9.32 5.37 5.88 3.34 5.32 5.35 4.23 3*3 7.50 9.89 7.90 5.30 5.30 3.26 July 5.38 5.39 4.54 3V> 7.39 9.35 8.21 5.14 4.89 3. 19 August 5.47 5.48 4.35 3*3 7.18 9.43 7.42 5.01 4.70 3.33 (B Be ru lg s i s u e m ls) F (P ra a n ri c s e ) (M Ita il l a y n) Austria (Vienna) Hungary S ( h S w o t e o l d m c e k ) n - Japan (Tokyo) Month d P is r r c i a v o t a u e t n e t d P is r r i c a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P i r s r i c a v o t a e u t n e t M m f o o o n n rl t e 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 - y day L m oa t o o n n s 3 t h u s p Dis b c i o ll u s n 1 ted ov m e C o r a n n l i e l g y ht 1927 August 3.84 2.04 7.00 6*4 -696 7*6-894 6 -794 4 -6 3.65-4. 75 3.75 2.01 6.81 7 —8*3 7V<j-8*3 6 -7*3 4 -6 2.19-4. 38 October 3.87 1.82 6.50 gi^ -6Me 7*3-894 7*3-8*3 6 -796 4 -6 2.19-4. 38 November 4.09 2.75 6.27 6*6 -6*4 7 -8*3 594-796 4 -6 2. 74-4. 02 Deoflmber 4.15 2.95 6.00 694-894 4 -6 2 19-5 84 1928 January . 4.08 2.81 6.00 594 -6*6 4 -6 1.64-5.11 February 3.90 2.75 5.89 6*3-7*3 796-8*3 514-7^ 4 -6 1. 46-4. 02 March 4.10 2.72 5.75 596 -5M« 6*3-7*3 5 -796 4 -6 6.57-6.94 2. 92-4. 02 April .. 4.25 2.62 5.49 5^6 -5^6 6*3-7*3 7*4-8*3 5*4-7H 4 -e 6. 57-€. 75 2. 56-4. 02 ]Vlay 4.25 2.62 5.25 5*3 -594 6*3-7*3 4 -6*3 6. 39-6. 75 1.46-4. 02 June 4.27 2.90 5.25 7*6-8*3 5*3-796 4 -6*3 6. 39-6. 57 1. 46-4. 02 July 4.02 3.12 5.25 594 -6*4 6%-8*4 7*6-8*3 5*3-796 4 -6*3 6. 21-6. 57 1. 46-4. 02 August ._ 4.00 3.23 5.25 694o -6*4 7*4-8*3 7*4-8*3 5*3-796 4*3-6*3 6.21-6. 39 2.92-4. 02 September 3.96 3.26 5.25 5*3-796 6. 02-6. 39 2. 37-4. 02 October 3.94 3.37 5.25 6*4 7*3-8*3 794-9 4*3-6*3 6 21-6. 39 2. 92-4. 02 November. 3.94 3.37 5.45 7*3-8*£ 794-9 6*3-896 4*3-6*3 6 02-6 21 2. 01-4. 02 December 3.94 3.41 5.50 6*4 -696 7*3-8$6 4*3-6*3 5. 84-6.21 1.83-6.57 1929 mm January 3.94 3.50 5.83 7*4 896 6K-8K 4*3-4*3 5. 84-6. 21 1.46-5. 84 February 3.94 3.39 6.00 6946-6^46 7H-8H 7%-8\4> 6*^-8*^ 4L£_0L£ 5. 66-5.84 2. 01-4. 02 March _ 3.94 3.37 6.31 6*4 -696 796-8*3 4*3-6*3 5. 66-5. 84 2.19-4. 02 April 3.94 3.44 6.75 6M6-7H 796-894 8*|-9 7 -9 4*4-6 *£ 5. 48-5. 66 3.47-4. 02 May 3.94 3.49 6.83 7!,6 -7*4 8 -9 896-9*3 7 -9 4*3-6*3 5.48-5. 66 2. 56-4. 02 June - - 3.94 3.50 6.75 8*4-9 7 -9 4L£_gl£ 5. 48-5. 66 2. 56-4. 02 July 4.00 3.50 6.75 7i/4 -7H 8*4-9 894-10 7 -9 4l£_gL£ 5. 48-5. 66 2. 74-4. 02 A ufifUSt 4.93 3.50 6.85 7*4 -77AG 8*4-9 i Figures for the rate on discounted bills, as compiled by the Bank of Japan, have been completely revised by the bank from March, 1928, to date. The new series, which is based on more uniform quotations than the old, represents the range for the month of the rates prevailing daily. NOTE.—For sources used, methods of quotation, and back figures, see the FEDERAL RESERVE BULLETIN for November, 1926, and April, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
681 OCTOBER, 1929 FEDERAL RESERVE BULLETIN FOREIGN EXCHANGE RATES [Monthly averages of daily quotations.1 In cents per unit of foreign currency] EUROPE (s A ch u i s l t l r in ia g) B (b el e g lg iu a m ) Bu (l l e g v a ) ria C ( z c v e r a c o k h w o ia n sl ) o- D ( e k n r m on a e r ) k E (p n o g u la n n d d ) ( F m i a n r l k an k d a) F (f r r a an n c c ) e G ( m e r r e a m ic r h k a s n ) - y (d G ra r c e h ec m e a) H (p u e n n g g a o r ) y Par value 14.07 13.90 0.72 (») 26.80 486.65 2.52 3.92 23.82 1.30 17.49 1928—September.. _ 14. 0788 13.8988 .7213 2.9624 26. 6662 485. 0516 2. 5166 3. 9055 23. 8287 1. 2937 17.4251 lw29—February 14.0543 13. 8944 .7202 2.9604 26 6664 485. 2140 2. 5169 3. 9057 23. 7306 1.2915 17. 4278 March 14.0522 13.8836 .7206 2.9610 26.6493 485.2626 2. 5165 3.9058 23.7218 1.2920 17.4255 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 June 14.0465 13. 8832 .7218 2.9602 26. 6332 484.8230 2.5144 3.9098 23.8403 1. 2921 17.4280 July... 14. 0519 13. 8917 .7213 2. 9595 26. 6387 485.1018 2. 5147 3. 9158 23.8255 1. 2922 17. 4300 August 14. 0745 13.8995 .7217 2.9593 26. 6243 484. 8515 2. 5148 3.9134 23. 8140 1. 2918 17.4369 September. _. 14. 0731 13. 8967 .7220 2. 9601 26. 6237 484. 8206 2. 5155 3. 9135 23. 8085 1. 2917 17. 4403 I (l t i a r l a y ) N ( l f e a lo t n h r d i e n s r ) - N (k o r r o w n a e) y P (z o l l o a t n y d ) P (e o s r ^ t u u d g o a ) l Ru ( m leu a ) nia ( R c n u h e s e t s r z i v a ) o * - (p S e p s a e i t n a) S (k w r e o d n e a n ) S ( w f l r a i a t n n z d e c r ) - ( Y s d l i a u n v g a i o r a - ) Par value 5.26 40.20 26.80 11.22 108.05 0.60 514.60 19.30 26.80 19.30 19.30 1928—September... 5. 2303 40. 0946 26. 6656 11. 2032 4. 4966 .6098 < 515. 0000 16. 5325 26. 7556 19. 2491 1.7596 1929—February 5. 2343 40.0490 26. 6633 11.1942 4. 4069 .6001 * 515. 0000 15. 5587 26. 7275 19. 2318 1. 7573 March 5. 2351 40.0535 26.6609 11.1923 4.4495 .5964 * 515.0000 15. 0656 26. 7101 19. 2333 1. 7563 April 5.2355 40.1409 26. 6644 11.1910 4.4645 .5955 * 515.0000 14.7495 26. 7054 19. 2468 1. 7563 May 5. 2357 40.1984 26. 6550 11.1859 4. 4738 .5946 « 515. 0000 14. 2245 26. 7181 19. 2572 1. 7570 June 5. 2313 40.1512 26.6393 11.1858 4. 4854 .5935 « 515.0000 14.1315 26. 7623 19. 2409 1. 7568 July 5 2302 40.1362 26. 6471 11.1866 4.4822 . 5937 « 515. 0000 14.5070 26. 8020 19. 2347 1. 7559 August 5. 2286 40.0597 26. 6325 11. 2039 4. 4668 .5940 * 515. 0000 14. 6664 26. 7865 19. 2379 1. 7558 September. _. ' 5.2300 40. 0897 26. 0299 11.2011 4. 4809 .5937 4 515. 00C0 14. 7559 26. 7831 19. 2641 1.7563 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—September... 100. 0382 99. 9441 47. 8517 95. 6642 36.4900 11.9293 12. 0860 97. 2596 20. 0000 398.1250 102.1055 1929—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 June 99.1632 99.9522 47.8536 95. 2760 36. 5000 11.8553 12.0362 96.4320 20. 0000 400.0000 96.6934 July.... 99.4760 99.9083 48.0883 95. 3678 36. 5000 11.8579 12. 0448 96. 5712 20. 0000 400. 0000 97. 5731 August 99.4390 99. 9655 48. 5676 95. 3901 36. 0000 11. 8598 12. 0589 96. 3900 20. 0000 400. 0000 98. 5723 September 99. 2420 99. 9301 48. 4325 95. 3409 36. 0000 11. 8577 12. 0642 96. 3900 20. 0000 400. 0000 97. 8166 SOUTH AMERICA— ASIA AFRICA continued Straits (b z V o u l e e i n v la a e - r * ) (M d C o e h l x l i a i n c r a ) a « n (Sh C ta a h e n i l g n )« a hai d ( C Y o h l u l i a n a r a n )' (d H K o o o ll n n a g g r)« (r In up d e ia e) J ( a y p e a n n ) ( J fl a o v r a in » ) (Si S m n e g e t a t n l p t e s o - re ( T p T o u u u r r k n k e d is y ) h (E p E g o y g u p y n t p d i t ) an dollar) Par value 19.30 40.35 56.06 39.91 40.06 36.50 49.85 40.20 56.78 439.65 494.31 1928—September... 19. 2500 46.1813 63. 6945 45.9461 49. 7146 36. 3312 45. 7832 40. 0300 56. 0731 51. 6896 497. 4590 1929—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 49.0731 497.6630 May._ 19. 3300 43. 2824 59. 6191 42.8005 48. 3424 36.1817 44.6460 40.1000 55.9824 48.5304 497.4362 June 19 3800 42.1116 67.7650 41.4866 47.8613 36.0292 43.8830 40.0500 55.9284 47. 8000 497.1490 July 19. 3800 41. 6354 57. 8368 41. 5521 48.1230 35.9742 45. 5571 40. 0346 55.8775 47.9673 497.4293 August 19.3100 41.4362 57. 6873 41. 3649 47. 9432 35. 9714 46. 6928 39. 9600 55.8666 September 19. 2600 40. 2639 56. 0436 40. 0963 47. 7035 36. 0324 47. 2731 40. 0000 55. 9884 1 Based on noon buying rates for cable transfers in New York as certified to the Treasury by the Federal Reserve Bank of Naw York, in pursuance of the provisions of sec. 522 of the tariff act of 1922. For back figures see BULLETIN for January, 1928, and January, 1929. 2 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. 8 Averages based on daily quotations of closing rates as published by New York Journal of Commerce. «Nominal. » Silver currency. The figure given for parity represents gold value of unit in September, 1929, computed by multiplying silver content of unit by New York average price of silver for September, 1929, which was $0.51364 per fine ounce. On the same basis, parity in September, 1928, for the Chinese-Mexican dollar was 45.45 cents; for the Shanghai tael, 63.14 cents; for the Yuan dollar, 44.95 cents; and for the Hong Kong dollar, 45.12 cents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
682 FEDERAL RESERVE BULLETIN OCTOBER, 1929 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES EUROPE United States (Bu- France Qer Month r S L t e i t a a c a u s b t ) i o o s r i - f b ( A t g a r s o u i i a l s s d - ) g B iu e r l n g B a u ri l a - C v z a s e l k c o i h - a o- m D a e r n k - T (B E l r a a o o n n d a f g d e r - d ) b ( 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 i l s a - u F R B e e d o s e e a r r r a v d l eS c m t ( a a F e l a t r e i B a n s d l y t - u i - - b ( H g a g a u s o r i n l y s d - ) (B It a a c ly hi) N l e a t n h d e s r- (O N w s o a l r y o reau) 1927 December 97 127 841 2,739 975 154 140 103 604 567 140 135 463 152 159 1923 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 3 132 461 146 149 February 97 130 865 2,945 950 159 138 100 638 599 139 3 136 463 146 150 March . .. 98 133 869 2,974 964 154 140 100 640 616 140 3 136 461 14: 150 April 97 134 862 2,991 963 150 139 99 627 621 137 3 135 •455 144 148 May. 98 135 851 3,034 940 148 136 98 623 606 136 3 123 454 142 146 June 96 134 84S 4,101 917 146 136 98 611 598 135 3 122 447 141 147 July 98 132 858 3,061 922 149 137 97 613 593 138 3 119 440 141 149 August _._ 98 132 850 916 150 136 97 581 138 148 September EUROPE—continued ASIA AND OCEANIA AFRICA Month lan P d o - »• Russia1 Spain Sweden S l w a i n tz d e ' r- a C d a a n - * Peru t A ra u l s ia - ( C S h h h a a i i n n ) a g D In E u d a t i s c e t h s c I ( u n C t d a t i a l a - ) J k ( a T y p o o a ) - n N l Z a e e n a w d - (C E a g i y r p o t ) A So fr u ic th a 1927 December.. ._ 101 170 169 148 146 97 199 162 164 150 148 168 148 114 1928 January 100 171 166 148 145 97 199 163 163 150 145 169 150 114 120 February._ .. 99 171 166 147 144 97 195 160 164 149 144 169 147 114 March .. 102 171 165 149 145 98 193 160 163 149 144 169 147 116 April 105 171 166 151 146 98 197 162 163 150 146 170 147 126 121 May 103 171 164 152 145 98 195 159 165 151 147 171 148 117 June 103 172 164 151 145 97 195 158 160 150 145 169 148 117 July 102 172 164 150 144 96 193 157 159 150 148 169 148 117 119 August 100 173 166 149 144 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 99 177 175 145 143 96 186 156 162 150 144 171 146 122 March .. 99 178 174 144 142 96 189 157 164 151 143 171 146 123 April 98 179 174 141 140 94 185 158 161 149 140 170 146 120 117 May 99 ISO 171 140 139 92 186 156 162 150 139 169 147 114 June-. . 99 181 170 139 139 93 186 158 163 149 138 168 147 108 July 96 169 140 143 96 187 159 163 142 166 109 August 141 98 187 165 165 112 September i J New index-1926-100 2 First of month figures. ? New official index. « 1927-100. NOTE.—These indexes are in most cases published here on their original bases, usually 1913 or 1914, as determined by the various foreign statistical offices which compile the index numbers and furnish them to the Federal Reserve Board. In several cases, however, viz, France, Netherlands, Japan, New Zealand, and South Africa, they have been recomputed from original bases (1901-1910; 1901-1910; October, 1900; 1909-1913, 1910) to a 1913 base. Index numbers of commodity groups for most of the countries are also available in the office of the Division of Research and Statistics and may be had upon request. Further information as to base periods, sources, numbers of commodities, and the period of the month to which the figures refer may be found on pages 769-770 of the BULLETIN for November, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER , 1929 FEDERAL RESERVE BULLETIN 683 WHOLESALE PRICES—Continued GROUPS OF COMMODITIES ENGLAND—BOARD OF TRADE Aug. July All commodities 136 137 Total food 144 149 Cereals 146 143 Meat and fish 145 144 Other foods 144 158 Industrial products 131 131 Iron and steel 115 115 Other minerals and metals.. 119 Cotton 154 Other textiles .. 149 Miscellaneous 134 OC OCO SWEDEN—BOARD OF TRADE 1929 1928 1929 1928 June May Apr. Aug. Aug. July June May Apr. Aug. 136 136 139 139 All commodities 141 140 139 140 141 149 143 144 148 151 Vegetable products . . .. 130 129 125 126 128 140 132 133 137 145 Animal products 137 138 137 137 136 143 144 146 146 143 Fuels and oils 121 120 120 118 117 111 155 152 160 163 Raw materials for manu- 131 132 134 133 facture in iron and metal 115 115 114 112 industry 118 118 118 118 120 114 119 119 125 110 Paper pulp and paper 163 163 163 163 162 161 154 155 159 162 Raw materials for manu- 151 154 156 166 facture in leather indus- 136 134 134 135 143 try 125 124 128 126 130 146 Raw and manufactured chemicals 156 154 152 153 153 164 Raw materials.. 136 136 134 134 136 147 FRANCE—STATISTICAL BUREAU Semifinished materials 144 143 139 140 142 149 Finished materials 141 141 142 143 143 149 Producers'goods 134 134 133 133 135 141 All commodities. Consumers' goods 146 145 144 145 146 155 All foods Animal foods. Vegetable foods Sugar, coffee, cocoa. CANADA—DOMINION BUREAU OF STATISTICS All industrial material Minerals Textiles All commodities 88 96 93 92 94 95 Sundries Vegetable products 99 '96 82 82 84 88 Animal products 110 108 108 109 108 112 Textiles 91 92 92 92 92 94 Wood and paper products. 94 94 94 94 95 99 GERMANY—FEDERAL STATISTICAL BUREAU Iron and its products 94 94 94 94 94 Nonferrous metals 99 '99 r99 Nonmetallic minerals 94 93 93 | 92 92 92 All commodities 138 138 135 136 137 142 Chemicals 96 96 96 ! 95 95 95 Total agricultural products 133 132 125 126 128 138 Vegetable foods 130 131 120 125 130 145 Cattle _ 134 134 127 120 122 120 AUSTRALIA—BUREAU OF CENSUS AND STATISTICS Animal products 140 136 130 130 127 142 Fodder 123 127 122 133 140 149 P T r o a o t n v a I N T C H C A d l i r s e o o o h r i i s d x t i a n n e o e i n t e l f m f n m i d i s e l c s e i u r i i a c f r s a s i o a n l t n l u r d i s i f s s a e l h l e r m e t a i d r l e t i h a t z p a w e e l r r r s o s m du a c te ts rials 1 1 1 1 1 1 1 1 8 3 3 3 1 3 3 2 2 2 1 2 0 8 7 7 2 7 1 1 1 1 1 1 1 1 3 3 3 2 3 8 1 2 2 1 1 9 8 7 1 8 4 6 1 1 1 1 1 1 1 1 8 3 3 2 3 1 4 2 2 7 6 2 4 0 8 1 7 3 1 1 1 1 1 1 1 1 4 8 3 2 1 2 3 2 2 4 7 1 5 8 8 6 6 0 1 1 1 1 1 1 1 1 2 8 3 2 3 2 4 2 2 7 8 3 8 6 7 8 9 6 1 1 1 1 1 1 1 1 6 3 3 2 3 0 5 9 2 0 4 3 8 5 1 5 7 6 T A A D M M G B C e l u r a g h e e l x o i i r e t a l c t r c i a m t i y d c e o l l u i s r e m i n p l i s c e g a t r m a s u o n l r m o d d a s a d u . n l a . c i d c t t o p _ e t i a s r _ e t r l o o s i d a b l a u s c c . c ts o ...I i i I I 1 1 1 1 1 1 1 1 1 5 3 7 6 5 6 6 8 3 8 9 4 3 3 0 0 9 9 1 1 1 1 1 1 1 1 1 5 5 3 6 7 7 6 3 8 6 9 8 3 4 6 0 5 9 1 1 1 1 1 1 1 1 1 6 7 5 5 4 6 5 8 6 4 4 8 8 3 0 0 9 1 1 1 1 1 1 1 1 1 1 5 5 7 4 6 4 8 5 6 6 4 4 5 4 5 9 9 1 1 1 1 1 1 1 1 1 1 7 5 5 6 5 5 8 6 4 4 4 8 4 4 4 9 0 8 1 1 1 1 1 1 1 1 4 5 5 5 6 7 6 1 5 4 5 7 5 4 2 7 Technical oils and fats 129 127 125 126 126 124 Rubber... 29 31 30 30 29 28 Paper materials and paper.. 152 152 151 151 150 151 INDIA (CALCUTTA)—DEPARTMENT OF STATISTICS Building material 161 159 158. 157 157 160 Total industrial finished products 158 157 158 158 158 160 1929 ! 1928 Producers' goods. 140 139 138 138 138 138 Consumers' goods 171 171 172 172 173 176 July | June I May Apr. Mar. July ITALY—CHAMBER OF COMMERCE OF MILAN All commodities 142 138 139 140 143 148 Cereals 126 122 120 119 129 133 Pulses _ 150 143 141 147 146 155 All commodities 477 480 485 493 486 Tea 159 122 157 157 157 154 Total food... 538 550 555 562 543 Other foods _ 170 158 161 154 159 160 Vegetable foods 535 544 554 569 576 Oilseeds 152 140 142 148 148 139 Animal foods 541 558 555 552 502 Raw jute _ 95 94 95 97 106 112 All industrial products 454 454 458 466 464 Jute manufactures 122 120 124 125 139 166 Textiles 411 412 420 433 447 Raw cotton 141 144 148 152 lfil 180 Chemicals 438 437 441 446 435 Cotton manufactures 160 160 160 161 161 162 Minerals and metals 445 446 447 452 428 Other textiles 133 134 134 136 140 144 Building materials 543 543 541 541 517 Hides and skins.__ _. 102 111 109 120 130 115 Other vegetable products. 467 469 488 501 513 Metals 130 130 129 130 127 121 Sundries 506 502 501 516 556 Other articles 140 141 141 143 139 142 NOTE.—See footnotes on preceding page. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
684 FEDERAL RESERVE BULLETIN OCTOBER, 1920 RETAIL FOOD PRICES AND COST OF LIVING RETAIL FOOD PRICES [Pre-war=100] EUROPEAN COUNTRIES OTHER COUNTRIES United Month ( S 5 i 1 t e a s t c ) e i s t- e A ( t n V r u n ia i s a - - ) g B iu e m l- ^ g B a u ri l a - s C lo z v ec a h k o ia - l E a n n g d - 2 E ni s a t * o - 3 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 - eI ( l t a M a n l i ) y - l N an e e r d t - h s* - N w o a r y - R si u a s » - S l z a w e n r i d - t- a C d a a n - 2 A t l r i u a a s - -I ( b B n a d o y m ia ) - N Z la e e n a w d - A So fr u ic th a 1927 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 3 140 170 201 158 151 154 151 147 119 February., 149 117 207 2,701 910 159 118 522 151 8 144 3 141 170 202 157 149 152 146 145 118 March 148 116 201 2,713 902 155 122 524 151 3 143 3 141 166 171 203 156 147 153 142 145 118 April 149 117 202 2,766 905 155 126 532 152 3 144 3 141 171 -203 156 146 154 140 144 119 May 151 117 197 2,778 908 156 126 546 151 3 145 3 140 172 205 156 146 154 140 146 120 June 150 122 200 2,740 928 157 126 3 113 152 3144 3 142 169 170 206 157 145 154 142 147 114 July 150 119 202 2,783 943 156 130 » 111 154 3 138 3 140 173 211 157 146 152 143 147 116 August 151 120 205 2,667 943 156 129 3111 156 3 134 3 138 170 211 156 149 150 142 146 115 SeDtember. 155 120 210 2,682 928 156 124 3 110 153 3 132 3 140 166 164 210 157 150 150 141 147 115 October.-. 153 120 215 2,719 907 157 125 • 115 152 3 137 3 141 163 211 158 152 149 142 149 115 November- 154 120 223 2,749 900 159 126 3 119 152 3 137 3 144 161 213 158 152 150 144 150 118 December. 153 119 222 2,739 905 160 125 » 121 153 3 133 3 145 164 161 215 158 152 152 145 152 115 1929 January... 151 120 221 2,742 900 159 133 3 122 153 3 133 3 147 158 216 157 152 161 146 149 115 February.. 151 123 221 2,816 911 156 138 3 122 156 3 135 3 148 157 218 157 150 161 146 148 115 March 150 121 215 2,843 913 157 142 »123 159 3 135 3 155 163 158 223 156 151 160 146 146 117 April 149 119 212 2,860 901 150 137 3 125 154 8 136 3 151 156 230 155 148 162 145 147 115 May 150 120 211 2,900 906 149 136 a 127 154 3 147 156 154 147 160 143 147 115 June 152 124 210 3,759 907 147 139 3 127 154 3 148 156 156 147 161 133 147 115 July 156 123 215 2,926 925 149 3 123 156 157 148 160 145 116 August 157 153 155 161 157 161 146 September 154 146 COST OF LIVING EUROPEANCOUNTRIES OTHER COUNTRIES Mas- Month sas c e h t u ts - g B iu e m l- ' s C lo ze v c a h k o ia - l E a n n g d - * l F a i n n d - ( F P r a a r n i c s e ) m G a e n r- y G ( e A r n e t s e h ) c - eH ga u r n y - I ( t l M a a l n i y - ) l N a e n e r d t - h s - 4 N w o ay r- la P n o d - aSpain S d w en e- S l z a w e n r i d - t- a C d a a n * - A t l r u i a a s - - ( I b B n a o d y m i ) a -A So fr u ic th a 1927 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 1.956 120 536 101 189 172 161 150 151 132 November 157 208 735 169 1, 251 151 ,964 120 536 103 188 162 150 150 132 December. 157 208 740 169 1,243 498 151 ,978 120 531 170 195 103 186 162 151 159 151 132 1928 January... 157 210 741 168 1,216 151 » 155 121 3 145 102 178 171 161 151 154 132 February 156 207 739 166 1,206 151 i 154 120 145 100 175 161 150 148 131 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 i 152 121 145 170 193 103 172 161 148 160 146 132 July 157 205 753 165 1,236 153 3 148 121 143 104 173 ~~173~ 161 148 146 131 August 157 207 761 165 1,258 154 3 146 126 14? 104 174 161 150 146 131 September- 158 211 756 165 1,249 3 105 152 3 145 127 143 169 185 104 178 161 151 157 145 131 October 157 215 735 166 1,254 152 3 148 126 144 104 179 "~172~ 162 152 146 131 November- 157 220 730 167 1,262 152 3 148 125 146 106 181 162 152 147 132 December. 157 219 734 168 1,260 3 108 153 3 146 126 147 168 183 106 187 162 152 "157" 148 131 1929 January 157 219 737 167 1,242 153 3 148 126 148 106 184 170 161 152 149 131 February.. 156 220 745 165 1,232 154 3 150 127 148 108 183 161 151 149 131 March 157 217 754 166 1,229 * 111 157 3 149 127 153 169 180 106 184 161 152 "~164~ 149 132 April 157 215 746 162 1,219 154 3 148 125 150 106 184 ~"l7l" 159 150 148 131 May 157 215 744 161 1,210 154 126 « 148 106 182 160 151 147 136 June 156 215 744 160 1,215 153 126 3149 179 104 179 161 149 147 135 July. 157 218 761 161 1,223 154 124 105 177 161 150 148 131 August 159 163 1,232 154 105 155 149 September. 164 105 149 11921=100. 2 First of month figures. 3 Revised on a gold basis. < Amsterdam only. 1911-1913=100. »1927=100. NOTE.—Information as to the number of foods and items included, the original base periods, and sources may be found on page 276 of the April, 1925, issue of the BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER, 1929 FEDERAL RESERVE BULLETIN 685 LAW DEPARTMENT Foreign branches of State member banks of the may permit the applying bank to become a stock- Federal Reserve System. holder of such Federal reserve bank. There is published below an opinion rendered Any such State bank which, at the date of the recently by the Attorney General of the United approval of this act, has established and is operating a branch or branches in conformity with the States with reference to the establishment of State law, may retain and operate the same while branches in foreign countries by State member remaining or upon becoming a stockholder of such banks of the Federal reserve system. Federal reserve bank; but no such State bank may retain or acquire stock in a Federal reserve bank DEPARTMENT OF JUSTICE, except upon relinquishment of any branch or WASHINGTON, August 28, 1929. branches established after the date of the approval SIR: I have the honor to comply with your request of this act beyond the limits of the city, town, or of June 13, 1929, for an expression of my opinion in village in which the parent bank is situated. regard to the following questions submitted by you: The answers to your questions are found in the con- (1) Whether a State member bank of the Federal struction to be given to the second paragraph of the reserve system may, since February 25, 1927, esabove-quoted section. If that section has no relation tablish a branch in a foreign country and continue to the establishment of branches in foreign countries to hold stock in a Federal reserve bank; and by member banks, as contended by attorneys for the (2) Whether a State member bank of the Federal applying bank, then the request of the applicant may reserve system may acquire a branch in a foreign be granted. However, if the statute means what its country by consolidating with a State bank which language would ordinarily imply, then such State has absorbed or taken over a liquidating national member bank may not now establish a branch, or bank having such a foreign branch established since acquire a branch or branches, established subsequent February 25, 1927, in the manner described, and to February 25, 1927, beyond the limits of the city or continue to retain stock in the Federal reserve bank. town in which the parent bank is situated, and at the You state that the Federal Reserve Board is con- same time retain its stock in the Federal reserve bank. fronted with the question whether a State member bank Where the language of a statute is clear and unof the Federal reserve system, since February 25, 1927, ambiguous, it is the duty of a court to expound the may establish a branch in a foreign country, or may ac- statute as it stands, even if the consequence works a quire a branch which has been established since that hardship or injustice. United States v. Algar, 152 date, and at the same time continue to hold stock in a U. S. 384, 397; Hamilton v. Rathbone, 175 U. S. 414, Federal reserve bank. It is further stated that a cer- 421. tain State member bank of the Federal reserve system desires to establish or acquire a branch in a foreign In Lake County v. Rollins, 130 U. S. 662, 670, the country, and that the bank is authorized under the laws court said: of the State of its organization to establish a foreign * * * where a law is expressed in plain and branch. unambiguous terms, whether those terms are The applicable provision of the Federal reserve act general or limited, the legislature should be is contained in section 9 thereof, as amended by the act intended to mean what they have plainly exof February 25, 1927, c. 191, 44 Stat. 1224, 1229, which pressed, and consequently no room is left for provides: construction. Any bank incorporated by special law of any As stated by Mr. Justice Day, speaking for the court, State, or organized under the general laws of any in Adams Express Co. v. Kentucky, 238 U. S. 190, 199: State or of the United States, desiring to become It is elementary that the first resort, withj.a a member of the Federal reserve system, may make view to ascertaining the meaning of a statute, is application to the Federal Reserve Board, under to the language used. If that is plain there is an such rules and regulations as it may prescribe, for end to construction and the statute is to be taken the right to subscribe to the stock of the Federal to mean what it says. reserve bank organized within the district in which The language of the second paragraph of section 9 the applying bank is located. Such application of the Federal reserve act, as amended, supra, is shall be for the same amount of stock that the ap- plain and unambiguous, and under accepted rules of plying bank would be required to subscribe to as statutory construction it must be taken to mean what a national bank. The Federal Reserve Board, it says, that is, to restrict State member banks in the subject to the provisions of this act and to such establishment of branches to the limits of the city, conditions as it may prescribe pursuant thereto town, or village in which the parent bank is situated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
686 FEDERAL RESERVE BULLETIN OCTOBER, 1929 Section 7 of the McFadden Banking Act amending the act should not be so construed as in effect to include section 5155 of the Revised Statutes, relating to that provision. Pennsylvania R. R. Co. v. Internabranches of national banks, contained the following: tional Coal Mining Co., 230 U. S. 184, 198. (f) The term "branch" as used in this section In your second question you request to be advised shall be held to include any branch bank, branch whether a State member bank may acquire a branch office, branch agency, additional office, or any established in a foreign country since February 25, branch place of business located in any State or 1927, by consolidating with a State bank which has Territory of the United States or in the District of absorbed or taken over a liquidating national bank Columbia at which deposits are received, or checks having such foreign branch. To answer that question paid, or money lent. in the affirmative would be to hold that a State member It has been contended that this section shows that in bank may do indirectly that which it may not do dealing with branch banks Congress had in mind only directly. Section 9 of the Federal reserve act probranches or places within the United States, but the hibits such bank from acquiring or retaining stock in underlying words show that the subdivision only dealt a Federal reserve bank if it should establish or acquire with the word "branch" as used in that section and a foreign branch which has been established subsequent not as used elsewhere. to the date of said act. It is immaterial how the It is apparent also from the terms of the act of foreign branch is acquired. To acquire one by ac- February 25, 1927, supra, that Congress did consider quiring the assets of a national bank with a foreign the question of the establishment of foreign branches branch is as much within the ban of the statute as if because section 7(g) of that act provides: any other method of acquisition were used. This section shall not be construed to amend or It has also been urged that Congress could not have repeal section 25 of the Federal reserve act, as intended to discriminate against State member banks amended, authorizing the establishment by na- by denying them what is allowed to national banks, tional banking associations of branches in foreign and that no reason for such discrimination is apparent. countries, or dependencies, or insular possessions Section 25 of the Federal reserve act places limitaof the United States. tions and conditions on the right of national banks to Congress made no such specific exception in respect establish foreign branches, and to have allowed State to State member banks. member banks to establish foreign branches, subject Section 9 of bill H. R. 2, 69th Congress, 1st session, only to the provisions of State laws under which they known as the McFadden bill, which subsequently are organized, might have seemed to Congress objecbecame the act of February 25, 1927, as it passed the tionable. But, however that may be, the words of House of Representatives, contained an additional the statute are explicit, and if any oversight or misparagraph defining the term "branch or branches" take occurred in framing it, Congress must be looked as not including "any branch established in a foreign to for amendment. We can not disregard its plain country or dependency or insular possession of the provisions. » United States." This paragraph was stricken from I have the honor to advise you, therefore, that both the bill by the Senate Committee on Banking and Cur- of your questions must be answered in the negative. rency and the statute as finally enacted contained only Respectfully, the above-quoted exception respecting national banks. (s) WILLIAM D. MITCHELL, The rejection by Congress of a specific provision con- Attorney General. tained in the act as originally reported suggests that The honorable the SECRETARY OF THE TREASURY. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
687 OCTOBER, 1929 FEDERAL RESERVE BULLETIN CHANGES IN MEMBERSHIP NATIONAL BANK MEMBERSHIP The following list shows reported changes affecting STATE BANK MEMBERSHIP national bank membership, concerning which information became available between August 27 and Sep- The following list shows the changes affecting State tember 23, 1929: bank membership during the month ended September 21, 1929, on which date 1,157 State institutions were members of the system: Date Federal reserve district Capital No. 1—BOSTON Date Federal reserve district Capital 1929 Aug. 31 Pittsfield National Bank & Trust Co., Pittsfield, Mass ,_ $300,000 ADMISSIONS And Third National Bank, Pittsfield, Mass... 125,000 Consolidated under charter of Pittsfield No. 1—BOSTON National Bank & Trust Co. and under title 1929 of Pittsfield-Third National Bank & Trust Aug. 31 Bristol American Bank & Trust Co., Bristol, Co 450, 000 Conn __ $300,000 Consolidation of the Bristol American Bank No. 2—NEW YOKK & Trust Co., Bristol, Conn., a member.. 200,000 And the American Trust Co., Bristol, Conn., Aug. 31 Lefcourt Normandie National Bank, New York, a nonmember 100,000 NY 2, 000,000 And Claremont National Bank, New York, CHANGES NY 750,000 Consolidated under charter of Lefcourt Nor- No. 2—NEW YORK mandie National Bank of New York and under title of Lefcourt National Bank & Sept. 16 Seaboard Bank of the City of New York, N. Y__ 11,000,000 Trust Co 2,857, 200 Merged with and under the title of the Aug. 31 First National Bank, Baldwinsvilfe, N. Y., title Equitable Trust Co., a member 30,000,000 changed to First National Bank & Trust Co. Sept. 21 Erasmus State Bank, Brooklyn, N. Y 200,000 Sept. 3 First National Bank, Sayreville, N. J., primary Merged with Globe Exchange Bank, Brook- organization _ _ 100,000 lyn, N. Y., a member 1, 300, 000 Sept. 3 National Exchange Bank, Carthage, N. Y., title changed to National Exchange Bank & Trust No. 4—CLEVELAND Co. Aug. 31 National Bank of Niagara & Trust Co., Niagara Aug. 31 First Trust & Savings Bank, Akron, Ohio 1, 500, 000 Falls, N. Y_ 1, 200, 000 Merged with National City Bank, Akron, Absorbed by Niagara Falls Trust Co., Niagara Ohio 1, 000, 000 Falls, N. Y., a nonmember bank 800, 000 Under title of First City Trust & Savings Sept. 14 Second National Bank, Elmira, N. Y_ 400,000 Bank 3, 000, 000 And Merchants National Bank & Trust Co., Sept. 14 Peoples Savings and Trust Co., Pittsburgh, Pa. 4, 000, 000 Elmira, N. Y Pittsburgh Trust Co., Pittsburgh, Pa 2, 000,000 Consolidated under charter of Second Na- 250, 000 Above members consolidated under the title tional Bank of Elmira and title of First Naof Peoples-Pittsburgh Trust Co., a member 6, 000, 000 tional Bank & Trust Co. of Elmira 1, 237, 000 No. 7—CHICAGO No. 3—PHILADELPHIA Aug. 19 Home Bank & Trust Co., Chicago, 111 1, 000, 000 Sept. 3 Oakmont National Bank, Oakmont, Upper Merged with Hatterman & Glanz State Darby, Pa __ ._. 25,000 Bank, a nonmember 200, 000 Absorbed by 69th St. Terminal Title & Trust Aug. 31 Merchants Trust & Savings Bank, Battle Creek, Co., Upper Darby, Pa., a nonmember bank.. 375, 000 Mich 250, 000 Sept. 16 Third National Bank, Scranton, Pa., title Consolidated with Old National Bank & changed to Third National Bank & Trust Co. Trust Co 500,000 Under charter of Old National Bank & Trust No. 4—CLEVELAND Co. and title Old-Merchants National Bank & Trust Co 1, 000, 000 Sept. 5 Lawrence Park National Bank, Lawrence Park Sept. 6 Martinsville State Bank, Martinsville, 111., vol- (P. O., Erie), Pa., primary organization. 50, 000 untary withdrawal 50, 000 Aug. 31 National City Bank, Akron, Ohio 1,000, 000 Sept. 11 Sioux Center State Bank, Sioux Center, Iowa, Merged with First Trust & Savings Bank, voluntary withdrawal 25, 000 Akron, Ohio, a member bank 1, 500, 000 Sept. 16 Hopkins State Savings Bank, Hopkins, Mich., Under title of First-City Trust & Savings voluntary withdrawal 25, 000 Bank 3, 000, 000 Sept. 21 Bank of Wisconsin, Madison, Wis., title changed Sept. 10 Painesville National Bank, Painesville, Ohio 150, 000 to State Bank of Wisconsin. Succeeded by Painesville National Bank & Trust Co... 250, 000 No. 8—ST. LOUIS No. 5—RICHMOND Aug. 15 Citizens State & Trust Bank, Edwardsville, 111_ 100,000 Consolidated with Edwardsville National Sept. 2 First National Bank of Highland, at^Monterey, Bank __ 100,000 Va 25, 000 Under title of Edwardsville National Bank Absorbed by Citizens Bank of Highland, & Trust Co. 200,000 Monterey, Va., a nonmember bank.__ 20, 000 No. 11—DALLAS No. 6—ATLANTA Aug. 31 Guaranty State Bank, San Antonio, Tex., a Sept. 3 Florida National Bank, Lakeland, Fla., primary member _ _ 300, 000 organization. 100, 000 And City National Bank, San Antonio, Tex 1,000,000 Merged with Central Trust Co., a member., 250,000 No. 7—CHICAGO which changed its title to City Central Bank & Trust Co., a member 1, 300, 000 Aug. 31 Old National Bank & Trust Co., Battle Creek, Mich 500, 000 No. 12—SAN FRANCISCO And Merchants Trust & Savings Bank, Battle Creek, Mich., a member 250, 000 Sept. 19 Bank of Stan wood, Stanwood, Wash __. 50,000 Consolidated under charter of Old National, Converted into the Stanwood National Bank. Bank & Trust Co. and title Old-Merchants National Bank & Trust Co 1, 000, G03 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
688 FEDERAL RESERVE BULLETIN OCTOBER. 1929 NATIONAL BANK MEMBERSHIP—Continued The Comptroller of the Currency presents the following summary of increases and reductions in the number Date Federal reserve district Capital and capital of national banks during the period from August 24 to September 20, 1929, inclusive: Sep 19 t. 2 9 17 Hac A kl n e d y N U N a o n t . i i o o n n a 7 l — N B C a a H t n i I o k C n A a o G l f O M B — u a s C n k k o e n g ti o o n f n u , e d M M u ic s h k egon, j $400, 000 b b N e a u r n m k o s - f A c m a o p u it n a t l of Mich _ 400,000 New charters issued , $1,000,000 Consolidated under charter of Hackley Na- Restored to solvency 0 tional Bank and title of Hackley Union Increase of capital approved * , 12, 564. 000 National Bank _ 600,000 Sept. 9 Standard National Bank, Chicago, 111., primary Aggregate of new charters, banks restored organization. _ _ 300,000 to solvency, and banks increasing capital... 13, 564, 000 S S e e p p t t . . 1 3 3 A Ci d p t d i r z i i e m so n a n s r y N N o a a t r t i g i o o a n n n a i a l z l a B t B i a o a n n n k k , , Ch C i h c i a c g a o g , o 1 1 H 1 eights, 111., 2 2 0 0 0 0 , , 0 0 0 0 0 0 R Li e q d u u i c d i a n t g io c n a s pitala 4, 4 00 0 0 0 , ,0 00 0 0 0 Absorbed by Citizens State Bank, Chicago, Total liquidations and reductions of capital.. 4, 400, 000 111., anonmember bank 500,000 Consolidation of national banks under act of Aug. 27 First National Bank, Grundy Center, Iowa 50,000 Nov. 7, 1918 3 112, 269, 700 Succeeded by First Trust & Savings Bank, Consolidation of national banks and State banks Grundy Center, Iowa, a nonmember bank. 50,000 under act of Feb. 25, 1927 1,000,000 Sept.20 Iowa National Bank of Des Moines, Iowa 1, 200, 000 And Des Moines National Bank, Des Moines, Total consolidations 113, 269, 700 Iowa 1, 000, 000 Aggregate increased capital for period And Des Moines Saving Bank & Trust Co., a nonmember. 400, 000 Reduction of capital owing to liquidations, etc Consolidated under charter of Iowa National Net increase 9,164, 700 Bank and title of Iowa-Des Moines National Bank & Trust Co 2, 000, 000 1 Includes four increases in capital aggregating $10,719,700 incident to consolidations under act of Nov. 7, 1918, and one of $500,000 under act of No. 8—ST. LOUIS Feb. 25, 1927. 2 Includes one reduction in capital of $200,000 incident to a consolida- Aug. 15 Edwardsville National Bank, Edwardsville, 111... 100,000 tion under act of Nov. 7, 1918, and one of $200,000 under act of Nov. 7, And Citizens State & Trust Bank, Edwards- 1918, as amended Feb. 25, 1927. ville, 111., a member 100, 000 3 One of which also includes a State bank under section 3 of the act of Consolidated under title of Edwardsville Feb. 25, 1927. National Bank & Trust Co_- 200, 000 No. 9—MINNEAPOLIS Fiduciary Powers Granted to National Banks Aug. 15 Northfield National Bank, Northfield, Minn 100, 000 During the month ended September 21,1929, the Federal Succeeded by Northfield National Bank & Trust Co _ 100, 000 Reserve Board approved applications of the national Sept. 3 Aberdeen National Bank, Aberdeen, S. Dak , title banks listed below for permission to exercise one or more changed to Aberdeen National Bank & Trust of the fiduciary powers named in section 11 (k) of the Co. Sept. 7 First National Bank, Willmar, Minn 100,000 Federal reserve act as amended, as follows: (1) Trustee; Absorbed by Bank of Willmar, Minn., a non- (2) executor; (3) administrator; (4) registrar of stocks member bank 100,000 and bonds; (5) guardian of estates; (6) assignee; (7) rc- July 22 First National Bank, Underwood, N. Dak.. 25, 000 Absorbed by Security State Bank, Under- eeiver; (8) committee of estates of lunatics; (9) in any wood, N. Dak., a nonmember bank___ 20,000 other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition No. 10—KANSAS CITY with national banks are permitted to act under the laws July 19 First National Bank, Ryan, Okla.._ __ $50,000 of the State in which the national bank is located. Succeeded by First State Bank, Ryan, Okla., a nonmember bank „. 50,000 Aug. 5 Okla S h u o c m ce a e d N ed a ti b o y n a O l k B la a h n o k m , a S k F i i a r t s o t o N k, a t O io k n la al Bank, 25,000 Location t D ri i c s- t Name of bank g P r o a w nt e e r d s Skiatook, Okla _ 25,000 No. Aug. 29 First National Bank, Stillwater, Okla 75,000 East Rockaway, N. Y. East Rockaway National Ito9 And American National Bank, Stillwater, Bank. Okla 50,000 Hattiesburg, Miss First National Bank. 1 to 9 Co B n a s n o k li d o at f e d S t u il n lw de a r t e c r ha a r n t d er t o it f l e F i o rs f t A N m a e ti r o ic n a a n l Decherd, Tenn Fi F rs r t a nk N li a n t io C n o a u l nt B y. ank of 1, 3 to 9 First National Bank of Stillwater 125,000 Coon Rapids, Iowa._. First National Bank _. 14 to 9 Aug. 26 First National Bank, Spiro, Okla 25,000 Valley City, N. Dak. National Bank of Valley Ito9 Absorbed by Farmers State Bank, Spiro, City. Okla., anonmember bank__ _ 10,000 Arlington, S. Dak First National Bank Ito4 Sept. 16 W c e h s a t n S g i e d d e to N N at a i t o i n o a n l a l B C a i n ty k , B D an e k n v o e f r , D C en o v lo e . r , . title Omaha, Nebr 10 Un B i a te n d k . States National 1 1 to 3,5 to 6 Brownsville, Tex State National Bank. _. Ito9 No. 11—DALLAS Raymond, Wash First National Bank of Ray- Ito9 mond. Aug. 29 City National Bank, San Antonio, Tex 1,000,000 Merger with City Central Bank & Trust Co., 1 Supplemental. San Antonio, Tex., a member bank 1,300,000 No. 12—SAN FRANCISCO Authorized to Accept Drafts and Bills of Exchange up to 100 Per Cent of Capital and Surplus Aug. 28 Mechanics & Merchants National Bank, Vallejo, Calif., primary organization 100,000 Aug. 31 First National Bank, La Crescenta Valley at Ver- The following member institutions have been authordugo City, Los Angeles County, Calif., title ized by the Federal Reserve Board to accept drafts changed to Crescenta-Canada National Bank at and bills of exchange up to 100 per cent of their capital Montrose, Los Angeles County, Calif Sept.19 The Stanwood National Bank, Stanwood, Wash.. 50,000 and surplus: Conversion of Bank of Stanwood. Harriman National Bank & Trust Co., New York,. Sept.20'The First National Bank of Pacific Grove, Calif., N. Y. primary organization 100,000 First National Bank, Mobile, Ala. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1929 FEDERAL RESERVE BULLETIN 689 DETAILED BANKING STATISTICS FOR THE UNITED STATES FEDERAL RESERVE BANKS BILLS DISCOUNTED, AND DEPOSITS BY CLASS OF DEPOSIT [Monthly averages of daily figures. In millions of dollars] Federal Reserve Bank Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S o t u . is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Bills discounted: ' 1928—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 86.6 October 975.2 45.9 300.7 93.7 75.5 47.8 79.4 134.1 49.8 18.1 31.3 25.3 73.5 November 897.3 50.6 238.1 79.3 85.6 42.5 68.7 138.8 43.9 16.0 43.1 21.3 69.6 December 1, 013.0 65.0 298.7 91.3 108.0 40.8 57.8 178.9 39.6 10.4 44.2 17.9 60.3 1929—January _ 859.2 60.4 245.9 73.1 79.7 40.7 58.5 142.7 37 4 12.0 33.3 20.6 55.0 February 889.2 61.9 216.3 85.5 84.7 41.0 55.8 165.9 37.8 12.8 32.5 19.2 75.8 March. 968.6 58.6 231.5 101.6 76.0 43.4 51.7 210.6 48.1 15.6 31.8 14.8 85.0 April 1,004. 4 75.8 264.6 110.0 96.6 62.6 63.6 133.4 51.8 19.3 38.8 18.6 79.3 May 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 June 978.0 99.4 251.2 84.7 90.9 56.6 65.9 135.9 49.9 15.2 48.3 22.3 57.7 July 1, 095. 6 78.4 408.6 77.3 84.0 57.5 69.0 122.1 55.8 17.4 35.3 30.2 60.1 August._. 1, 043. 5 79.5 303.3 92.8 79.7 59.6 75.1 120.0 67.2 24.3 33.7 43.4 64.9 September... 969.0 71.3 230.9 90.6 78.8 60.1 69.6 103.9 72.7 34.4 38.8 41.3 76.4 Total deposits: 1928—September 2, 370.1 152.6 897.8 137.9 195.8 70.8 65.2 357.0 83.6 07 K 67.3 1S9.5 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 June - 2,374. 4 146.0 949.6 136.9 188.3 69.5 65.6 347.6 79.6 52.7 90.3 65.4 183.0 July 2, 385. 0 149. 5 948.0 137.4 190.2 68.3 64.0 352.0 79.1 54.0 93.7 64.2 184 6 August 2, 368. 4 147.8 932.5 136.2 191.7 68.4 62.0 357.4 78.4 53.9 95.2 62.3 182.6 September 2, 395. 4 149.6 953.5 137.0 190. 5 69.0 64.6 356.3 78.3 55. 0 92.9 64.9 183. 8 Member bank reserve balances: 1928—September 2, 314. 3 149.6 883.2 134.9 x90.3 67.6 62.7 352.3 80.1 53.0 92.8 65.5 182.4 October 2, 332. 2 152. 5 889.7 134.8 187.8 68.3 63.4 353.3 80.5 55.1 92.5 68.9 185.2 November 2, 352. 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. 7 150.5 137.2 187.0 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 June - 2,314.3 142.4 931.9 134.7 184.2 65.5 63.4 341.0 75.9 51.3 88.6 63.3 172.0 July 2. 333. 5 147.6 930.9 135.3 187.2 65.7 61.9 347.2 77.0 52.4 92.0 62.5 173.9 August __ 2, 322. 4 146.2 919.9 134.2 188.5 65.4 60.2 352. 7 76.7 52.5 92.8 61.2 172.1 September 2, 334. 5 147.5 930. 5 134.6 187.1 64.5 61.1 351. 2 76.7 53.3 91.2 62.8 174.1 Government deposits: 1928—September 17.6 1.6 4.2 1.3 1.3 1.7 1.6 1.2 .7 I 1.2 1.1 October 18.7 1.7 3.3 1.2 .9 2.2 1.6 1.4 1.2 1.1 I 1.6 1.6 November 17.5 1.4 2.9 1.3 1.2 1.9 1.8 1.4 1.2 1.4 1.3 December 18.8 1.4 4.6 1.6 1.2 1.7 1.7 1.5 .9 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 12 ! 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 j 1.1 2.0 March 16.8 .6 6.3 .8 1.1 1.5 .8 1.3 .7 .6 I .7 1.9 April 24.8 1.6 6.5 1.9 1.2 2.6 1.3 3.2 1.1 1.6 1.9 May 22.5 .9 4.6 2.1 1.4 2.3 1.1 3.9 1.2 1.1 1.7 June _._ 30.4 2.9 7.6 1.4 2.2 3.6 1.7 4.2 1.1 1.2 I 1.8 1.6 July 20.4 1.3 3.4 1.4 1.2 2.3 1.7 1.2 1.4 j 1.5 2.4 August 19.0 1.1 3.0 1.4 1.4 2.6 1.4 2^0 1.1 1.0 1.3 ! .9 1.6 September 33.3 j 1.7 12.1 1.6 1.6 4.2 3.0 2.3 1.2 1.3 ! 1.9 1.4 All other deposits: , 1928—September 38.2 1.4 I 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 I 14.6 2.4 .5 .5 2.3 1.1 .5 6.6 December 29.4 11.1 1.6 .5 .4 2.7 1.0 .5 .6 .3 9.4 1929—January 31.3 13.2 2.2 .5 .4 2.3 .7 .5 .5 .3 9.3 February 28.5 | 10.0 1.8 .4 .4 1.9 .8 .4 .6 1.0 9.3 March _ 31.3 13.7 1.5 .4 .4 1.9 2.4 .4 .5 .2 8.6 April 34.8 15.4 1.8 .5 .4 2.1 2.5 .5 .7 .3 9.1 May__ _ 32.0 13.3 1.5 .4 .5 2.1 2.5 .4 .4 .3 9.2 June 30 29.7 10,1 1.8 .5 .4 2.4 2.5 .4 .4 .3 9.4 July 31.0 13.7 1.8 .4 .4 3.2 1.0 .4 .4 .2 8.3 August 27.1 9.6 1.7 .4 .4 2.6 .5 .4 1.1 .2 8.9 September 27.5 10.9 1.8 .4 .4 2.8 .5 .4 .2 8.3 i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
690 FEDERAL RESERVE BULLETIN OCTOBER, 1929 FEDERAL RESERVE BANKS-RESOURCES AND LIABILITIES AT END OF MONTH [In thousands of dollars] 1929 1928 Sept. 30 Aug. 31 Sept. 30 RESOURCES Total gold reserves . .. . . 2,790,911 2,944,980 2, 608,652 Reserves other than gold 154, 789 175,376 130,771 Total reserves 3,125, 700 3,120, 356 2. 739,423 Nonreserve cash 61,170 50, 508 47, 265 Bills discounted 958, 290 1, 046, 306 1,070, 759 Bills bought: Outright 214, 017 114,616 223,479 Under resale agreement 78, 722 61,612 60,171 Total bills bought 292, 739 176, 228 283, 650 United States securities: Bought outright .. . . . .. 127, 428 126, 581 213, 807 Under resale agreement 38,810 23, 290 28, 837 Total United States securities 162, 238 149,871 242, 644 Other securities 15, 425 16,100 4,580 Total bills and securities 1, 428, 692 1, 388, 505 1, 601, 633 Due from foreign banks . .. . . . . . . . . .. . .. 787 724 571 Reserve bank float 1 _ 28,462 49, 713 38,437 Total reserve bank credit outstanding 1, 457,941 1,438, 942 1,640, 641 Federal reserve notes of other reserve banks. .. 22, 739 36, 218 18,720 Other uncollected items not included in float 600,387 563,475 614,677 Bank premises 58,903 58,860 60,318 All other resources 9,826 10, 213 8,655 Total resources _ 5, 336, 666 5, 278, 572 5.129, 699 LIABILITIES Federal reserve notes: Held by other Federal reserve banks . . 22, 739 36,218 ; 18,720 Outside Federal reserve banks _ _ 1, 840, 383 1,843,671 | 1.699,891 Total notes in circulation 1, 863,122 1,879,889 1, 718, 611 Deposits: Member bank—reserve account . . _ 2, 326,125 2, 336,809 2,334,197 Government 61, 050 20,276 I 17, 676 Foreign bank . . . . .. . .. 5,670 5,154 | 6,586 Other deposits 21,988 18,976 30,137 Total deposits . . . . _ ... 2, 414, 833 2, 381, 215 2,388, 596 Deferred availability items 600, 287 563,475 614,677 Capital paid in ^ 167,017 166, 747 145,618 Surplus . . . . . . . .. _ __ ___ 254, 398 254, 398 233,319 All other liabilities 36, 909 32,848 28,878 Total liabilities 5, 336, 666 5, 278, 572 5,129, 699 Contingent liability on bills purchased for foreign correspondents 449, 217 453, 015 265,411 i Uncollected items (exclusive of Federal reserve notes of other Federal reserve banks) in excess of deferred availability items. KINDS OF MONEY IN CIRCULATION, BY MONTHS [End of month figures. In thousands of dollars] Date Total G co o i l n d G ti o fi l c d a t c e e s r- d S s o t i a a l l r v l n d a e d r r s - c S c e i a r l t t v i e f e s i r - n T o 1 u r t 8 e e r 9 y a s 0 s o - f S s u i i a b lv r s y e id r - M co in in or U S n n t o a i t t t e e e s s d F n e o d t e e r s al I ! r F n e b e s o a d e t n r e e k v r s a e l t n b i N o o a n t n a e - a k s l 1928—Sept. 29.. 4,846,198 372,909 977,673 46,411 397, 589 1,298 283,296 112,431 303,110 1,698,908 3,916 648,656 Oct. 31..., 4,806,230 373,202 959, 652 46,298 394,328 1,296 285,350 113,427 300,659 1,689,171 3,880 Nov. 30... 4,990,114 374,306 1,030, 546 46,342 404,860 1,295 288,002 114,641 306,015 1,770,184 3,848 650,077 Dec. 31.... 4,973,168 395,310 990,996 46,475 410,334 1,294 291,314 115,613 294,199 1,808,053 3,820 615, 761 1929—Jan. 31.... 4,656,617 380,952 923,193 44,456 381,672 1,292 280,751 114,007 282,172 1,631,432 3,775 612,915 Feb. 28... 377,512 935,448 44,075 385,389 1,291 280,736 113,692 283,603 1,646,523 3,747 626,344 Mar. 31—. 4,747,683 374,255 937,247 43,921 390, 583 1,290 280,655 113,536 283,100 1,673,480 3,709 645,908 Apr. 30... 4,675,647 371,623 905,513 43,727 386, 241 1,288 281,229 114,085 276,227 1,648,392 643,639 May 31... 4, 737,636 369,997 944,058 43,651 392,411 1,286 282,936 114,454 288,216 1,654,757 3,650 642,221 June 30.... 4, 746,297 368,488 934,994 43,684 387,073 1,283 284,226 115,210 262,188 1,692,721 3,616 652,812 July 31..... 4,716,863 366,199 887, 897 43, 401 403,964 1,282 284,363 115,534 242,338 1,748,442 3,587 619,855 Aug.31.... 4,839,859 364,603 887,102 43,055 411,293 1,280 286, 270 115,985 248, 670 1,842, 547 3,539 635,515 Sept.30».. 4,819,317 363,829 849,659 42,959 417,556 1,277 116, 896 264,930 1, 839,125 3,500 630,490 p Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER, 1929 FEDERAL RESERVE BULLETIN 691 FEDERAL RESERVE BANKS-AVERAGE DAILY RESERVES AND DEMAND LIABILITIES IN SEPTEMBER AND AUGUST 1929 [In thousands of dollars] Total cash reserves Total deposits Fede in r a c l i r r e c s u e l r a v ti e o n notes Reserve percentages Federal reserve bank September August September August September August September August Boston 262,192 238, 901 149,637 147,761 193,114 172,896 76.5 74.5 New York.... 973,749 914,830 953,484 932,491 327,126 315,604 76.0 73.3 Philadelphia.. 201,112 210,157 136, 950 136,247 152,339 156,353 69.5 71.8 Cleveland 286,112 305,910 190,498 191, 678 188,406 195,495 75.5 79.0 Richmond 90, 903 r 93,359 69,030 r 68, 393 81,631 79,066 60.3 63.3 Atlanta 138,606 135,154 64,551 62, 044 157,480 153,412 62.4 62.7 Chicago 558,848 569, 471 356,303 357, 420 321, 571 332,072 82.4 82.6 St. Louis 82, 913 79, 684 78,329 78,365 68,414 62, 296 56.5 56.6 Minneapolis- 76,607 85, 546 55,000 53, 930 67,482 64, 768 62.5 72.1 Kansas City.. 126,676 138,128 92,919 95,192 79,836 77, 652 73.3 79.9 Pallas 66,685 57,839 64,879 62, 323 50,530 45,583 57.8 53.6 San Francisco. 271,491 288, 576 183,803 182, 586 181,847 175,847 74.2 80.5 Total... 3,135,894 ' 3,117, 555 2,395,383 ' 2, 368,430 1,869,776 1,831,044 73.5 74.2 r Revised. FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS RESOURCES [In thousands of dollars] Federal Reserve Bank Total Boston Y N o e r w k I 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 in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Gold with Federal reserve agents: Sept. 4 1, 540, 669 149,917 261, 296 124, 600149,400 46,656 104,500 329,564 20,800 54,167 71,248 21, 758 206,763 Sept. 11 1, 560,899 159, 917 285, 474 124, 600146,200 46,656 100,000 329, 564 20,800 49,167 70,000 21, 758 206,763 Sept. 18. 1, 546, 555 169,917 274,330 117,000 145,100 46,656 108,500 329, 564 21,800 45,167 70, 000 21, 758 196,763 Sept. 25- 1,529, 345 169, 917 274, 330 117, 000143,900 46,656 108,500 329,564 21, 800 45,157 70,000 25, 758 176,763 Gold redemption fund with U. S. Treasury: Sept. 4 67,109 18,162 4,412 3,753 3,125 4,278 7,269 7,411j 2,623 2,176 3,034 2,170 Sept. 11 71, 232 8,427 17, 294 8,256 3,971 3,561 4,958 5,662 6, 673 2, 207 3,508 3,704 3,011 Sept. 18 67,195 8,207 16, 552 7,440 3,395 4,673 3,949 4,091 6,111 3/ 3,014 3,638 2,327 Sept. 25 64,114 7,924 15,604 6,411 3,793 3,540 4,072 6, 424 3,489 2,517 2,645 4,997 Gold held exclusively against ^ Federal reserve notes: Sept. 4_.__ 1,607,778 158,613 279,458 129, 012153,153 49, 781 108, 778336, 833 28,211 56,790 73, 424 24, 792208,933 Sept. 11.. 1,632,131 168,344 302, 768132,856 150,171 50, 217 104,958 335, 226 27,473 51,374 73, 508 25, 462209,774 Sept. 18 1,613, 750, 178,124 290,882 124,440 148,495 51, 329 112,449 333, 655 27, 91l! 48, 965 73, 014 25, 396199,090 Sept. 25 1,593, 459 177,841 289,934 123,411 147, 693 50,196 112,572 332,262 28,224| 48, 646 72, 517 28,403 181,760 Gold settlement fund with Federal Reserve Board: Sept. 4 711, 637 50,874 164,433 35,482 106,982 29, 299 18, 719140,101 30, 940 18,156 47,299 24, 720 44, 632 Sept. 11.. 721,202; 46,681 215,824 30, 668 97,849 23,086 14,038 133,739 40,069 20,174 44,949 25,442 28,683 Sept. 18 730, 013! 56,444 240,850 37,041 83,427 23,181 16,149 104, 221 40, 924 20,682 46,861 38, 572 21, 661 Sept. 25 754, 882| 234,192 43,142 91,436 28,494 17,153 118, 641 46,185 18,247 44, 804 32,187 31,506 Gold and gold certificates held by banks: Sept. 4. 623,953 27,074 388,314 29, 784 34,441 7,156 3,065 77,879 7,674 5,674 4,728 9,066 29, 098 Sept. 11 618,402 29, 598 374, 573 30, 677 35,292 7,483 3,370 79, 981 7,609 5,614 5,731 9,085 29,389 Sept. 18 645, 637 31, 029 398,978 30,161 36,216 7,749 3,908 81,197 6,907 4,333 5,803 9,102 30,254 Sept. 25 649,226' 32, 010 402, 632 30,058 36,313 8,090 3,672 81,144 4,538 5,562 8,901 29, 610 Total gold reserves: Sept. 4 2,943,368 236,561 832, 205194,278 294,576 86,236 130, 562554,813 66,825 80,620 125,451 58, 578282, 663 Sept. 11 2,971, 735 244, 623 893,165 194, 201283,312 80, 786 122, 366548,946 75,151 77,162 124,188 267,846 Sept. 18 2,989,400 265, 597 930, 710191, 642268,138 82,259 132,506 519,073 75, 742 73,980 125,678 73,070 251,005 Sept. 25 2, 997,567 258, 746 926,758 196, 611275,442 86,780 133, 397532,047 81,105 71, 431 122,883 69,491 242,876 Reserves other than gold: Sept. 4 172,829' 15, 596 66, 285 8,569 9,180 6,509 8,858 23, 796 9,010 1,932 4,294 4,918 13,882 Sept. 11 174,491! 16,110 69, 340 8,928 8,489 7,152 9,218 21,731 9,304 1,946 4,382 4,848 13,043 Sept. 18 166, 731 15,818 63, 621 9,306 8,742 7,123 8,868 19, 754 8,824 1,660 4,142 4,996 13,877 Sept. 25 164,608 13, 095 64,423 9,742 7,95" 8,054 9,717 19,025 8,590 1,616 4,153 5,193 13,043 Total reserves: Sept. 4... 3,116,197 252,157 898,490 202,84! 303, 756 92, 745 139,420 578, 609 75,835 82, 552 129, 745 63,496 296, 545 Sept. 11 3,146,2261 260,733 962,505 203,129 291,801 87,938 131, 584570,677 84,455 79,108 128,570 64,837 280,889 Sept. 18 3,156,131 281,415 994,331 200,948 276,880 89,382 141,374 538,827 84, 566 75,640 129,820 78,066 264,882 Sept. 25 3,162,175 271,841 991,181 206, 353283,399 94,834 143,114 551,072 73,047 127,036 74,684 255,919 Nonreserve cash: Sept. 4 57,793 8,925 16,015 1,314 2,928 4,041 6,578 6,309 3,497 1,025 1,598 2,288 3,275 Sept. 11 9,756 18,703 1,082 3,010 4,603 8,323 6,592 4,475 1,673 2,401 2,647 3,724 Sept. 18 69,423 9,324 22,072 1,176 4,227 4,746 7,699 6,483 3,718 1,085 2,154 2,565 4,174 Sept. 25- 73, 617 10,199 24,347 1,288 3,177 5,504 7,851 7,525 3,453 1,262 2,128 3,001 3,882 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
692 FEDERAL RESERVE BULLETIN OCTOBER, 1929 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands of dollars] Federal Reserve Bank Total Boston Y Ne o w rk - d P e h l i p l h a- ia C la le n v d e- m Ri o c n h d - AtlantaChicago L S ou t. is M ap i o n l n is e- K C a i n t s y as Dallas c F S i r s a a c n n o - Bills discounted: Secured by U. S. Government obligations- Sept. 4. 541,074 37,946 213, 665 58, 332 42,312 19,808 14,932 48,778 23, 383 14, 699 18,953 16,082 32,184 Sept. 11 491,986 35, 557 161, 530 51, 784 48, 923 21,830 13, 444 52, 691 20,926 13, 969 14,065 13,420 43,847 Sept. 18 438, 358 28,113 137, 098 44, 471 41, 645 19, 436 8,523 59, 070 22, 203 13, 591 12, 957 11, 743 39, 508 Sept. 25 443,214 31,512 138,751 44, 062 47, 861 20, 624 5,24" 51, 833 23, 806 11, 571 15,281 9,844 42,822 Other bills discounted— Sept. 4 504, 942 40,877 89, 601 38,140 33,103 41, 374 61, 445 42,409 51,831 15, 441 24,909 32,813 32,999 Sept. 11 480,941 36, 240 78,415 37,904 29,334 38,958 60, 541 41,160 49, 388 18,130 25,395 33, 027 32,449 Sept. 18 495, 558 31, 059 83,045 42, 674 34,137 40, 063 53, 620 54, 349 20, 919 21, 390 23, 718 41,936 Sept. 25 _ 501,185 33, 839 94,192 35, 325 34,274 35, 385 56,916 50, 388 46, 749 25, 745 21,172 24,089 43, 111 Total bills discounted: Sept. 4- ~. 1,046,016: 78, 823 303, 266 96, 472 75,415 61,182 76, 37' 91,187 75, 214 30,140 43, 862! 48, 895 65,183 Sept. 11 - 972, 927 71, 797 239, 945 89, 688 78, 25" 60, 788 73, 985 93, 851 70, 314 32, 099 39,460 46,447 76, 296 Sept. 18 933, 916 59,172 220,143 87,145 75,782 59,499 62,143 113,419 70,851 34,510 34, 347, 35,461 81,444 Sept. 25 944, 399 65, 351 232, 943 79, 387 82,135 56, 009 62,163 102,221 70,555 37, 316 36,453 33,933 85,933 Bills bought in open market: Sept. 4 182, 916 20, 973 92, 922 9,546 6,709 2,956 8,179 13, 665 104 1,736 2, 966 5, 341 17,819 Sept. 11 222, 229 21, 251 96, 802 11, 327 12, 012 5, 619 12,884 22, 366 63 3,768 6, 425 7, 392 22, 320 Sept. 18 241,103 21, 310 102,147 12, 735 14, 343 6,800 15, 044 23, 339 63 4,496 7, 973 8, 321 24, 532 Sept. 25 .-_. 263, 934 20,1 113,527 13, 870 16,150 7,990 14,952 26, 376 42 5,137 8,275 9, 697 27, 023 U. S. Government securities: Bonds- Sept. 4 42, 722: 1,719 4,009 1,692 2,036 1,152 34: 21, 645 . 5,111 2,813 1,364 Sept. 11 42, 665 1,719 4,009 1,692 2,036 1,152 329 21,6451. 5,067 839 i 2,813 1,364 Sept. 18.__ -._ 42, 658 1,719 4,009 1,692 2,036 1,152 323 21,644'. 5,067 839 2,813 1,364 Sept. 25.__ 37, 660 875 853 786 818 1,152 31 20, 231|. 4,647 152 7,813 302 Treasury notes- Sept. 4 91,412 2,092 24,091 27,640 657 3,036 4, 555 . 4,150 465 3,223 12,055 Sept. ll.i 100, 697 2,092 33, 242 9,448 27, 640 657 3,034 4, 740 . 4,101 465 3,223 12, 055 Sept. 18___ 94, 983 1,945 29,129 9,308 27,479 593 2,991 4,031 4,028 468 3,121 11,890 Sept. 25_-_ 87, 050 1,445 25,195 8,832 26, 929 375 2,842 3, "• 3,781 468 2,774 11, 329 Certificates of indebtedness- Sept. 4._ 14, 846 1,055 6,290 7,038 1 1 340. 24 Sept. 11 15, 655 1,055 7,035 7,038 1 15 490L 9 Sept. 18 39, 968 2021 31,192 7,162 162 64 77 675 L 152 117 165 Sept. 25_._ 27, 349 1,082 11, 270 8,061 1,260 282 546 2,028L 630 310 675 1,205 Total U. S. Government securities: Sept. 4 148, 980 4,! 34, 390 18,178 29, 677 3,379 26, 540 9,358 1,304 6,060 13, 419 Sept. 11 159, 017 4,1 44, 286 18,178 29,677 3,378 26, 8751 9,180 1,304 6,045 13, 419 Sept. 18 177, 609 3,866 64, 330 18,162 29, 677 3,391 26, 350 9,247 1,307 6,051 13,419 Sept. 25 152, 059 3,402 37, 318 17, 679 29, 007 3,419 25, 339 9,058 930 11,262 12,836 Other securities: Sept. 4.-. - 16,100 12, 050 300 3,750 Sept. 11... - 16,100 12,050 300 3,750 Sept. 18.__ 15,050, 11, 000 300 5oo;_ 3,250 Sept. 25 15, 075 11, 000 325 500. 3,250 Total bills and securities: Sept. 4 1, 394,0121 104, 662 442, 628124,496 111,801 65, 947 87,935 131, 392 75, 318 44,984 48,132 60,296 96, 421 Sept. 11 1, 370, 273 97,914 393,083 119,493 119,946 68, 216 90, 247 143,092 70,377 48, 797 47,189 59, 884 112, 035 Sept. 18 1,367,678 84,348 397,620 118, 342119, 802 68,108 80, 578163, 608! 70,914 51, 503 43,627 49, 833 119,395 Sept. 25 1, 375,467 394, 7; 111,261 127,292 65, 808 80,534 154,436 70,597 54,761 45, 658 54,892 125, 792 Due from foreign banks: Sept. 4 __., 725 54! 220 70 74 33 28 99 29 18 24 24 52 Sept. 11 726 54j 221 70 74 33 28 99 29 18 24 24 52 Sept. 18 727 54; 222 70; 74 33 28 29 18 24 24 52 Sept. 25 769 54| 264 70 74 33 28 29 18 24 24 52 Uncollected items: Sept. 4___ 716,880 68, 785 205,901 55,2211 65,498 52,911 22,059 89,445 34, 461 14, 631 44, 817 27,342 35,809 Sept. 11..- 741, 285 73, 984i 203,486 60,755i 68,514 52,191 25, 288 94,759 35,081 15, 557 42, 675 27, 653 41,342 Sept. 18 910,962 92, 974 242,984 71,689 93,477 65, 771 27,937 130, 264 38, 353 18,591 48, 734 34,377 45,811 Sept. 25 750, 429 76, 784 208,402 62,321! 71, f 54, 370 24,992 96, 267 32, 831 16,431 40, 732 27,582 37,723 Bank premises: Sept. 4._ _ 58, 861 3, 7021 16,087 1, 762j 6, 535 3, 395 2,744 8, 529 3,989 2,110 4,140 1,922 3,946 Sept. 11 3,702j 16,087 1, 762j 6, 535 3,395 2,744 8,529 3,987 2,110 4,140 1,922 3,955 Sept. 18 3, 702 16,087 1, 762 6, 535 3,395 2,744 8,529 3,996 2,110 4,140 1,922 3,968 Sept. 25 58,903 3,702 16, 087 1,762 6,535 3,395 2,744 8, 529 3,997 2,110 4,140 1,922 3,980 All other resources: Sept. 4 10, 643 175 362 1,286 571 4,470 788 293 663 177 441 448 Sept. 11 10, 665 118 1,170 361 1,300 503 4,398 810 290 659 167 435 454 Sept. 18.__ 10, 079 71 1,040 145 1,198 519 4,328 843 288 607 155 425 460 Sept. 25 10, 061 74 989 127 1,217 529 4,153 882 320 222 47S 470 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER, 1929 FEDERAL RESERVE BULLETIN 693 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [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 a i n t s y as Dallas F c S i r s a a c n n o - Total resources: Sept. 4 5,355, 111 438,460 1, 580,310 386,072 491,878 219, 643 263,234 815,171 193,422 145,983 228,633 155,809 436,496 Sept. 11 5,395,032 446, 261 1, 595, 255 386, 652 491,180 216,879 262, 612 824, 558 147, 922 225,166 157,402 442,451 Sept. 18 5, 573,890 471,888 1, 674, 356 394,132 502,193 231,954 264, 688 848, 653 201,864 149, 554 228,654 167,212 438,742 Sept. 25 5,431,421 452, 302 1, 636,058 383,182 493, 688 224,473 263,416 818, 810 200,922 148,229 219,940 162,583 427,818 LIABILITIES Federal reserve notes in circulation: Sept. 4 , 1,883, 267 194,082 325,463 153,936 192,402 80,602 159,322 331, 529 64,761 68,260 79, 572 49,498 183,840 Sept. 11._ , 1,864,148 191,095 319,342 151,086 191,829 81,908 157,983 322,486 67,455! 80,229 50,143 184,403 Sept. 18.__ 1,847,427 191,222 321,6691 148,688 184, 078 81,225 156,102 317, 588 68,134 67,841; 79,831 50,486 180, 563 Sept. 25.._ , 1, 837, 899 193, 019 320,586 147,282 185,932 80,025 154,455 312, 324 70,571 66,923; 79,745 50,364 176, 673 Deposits: Member bank—reserve account- Sept. 4 , 2, 320,176 142, 638 930,056 133, 376186,450 60, 537337,159 76, 314 52,097 94, 512 63, 514176,855 Sept. 11 2,360, 265 148, 663 946, 324136, 301188,922 64, 543 61, 308351, 219 78,903 53,4011 90, 515 64,063 176,103 Sept. 18._ 2, 381, 364 155,049 965,416 137, 257190,087 68,415 61, 219341,377 76,781 53,038j 90,965 66,196 175,564 Sept. 25 2,364,434 148, 833 957,988 133,236 190, 511 64, 396 62, 027351, 825 75, 362 54,222 87, 703 65,355 172,976 Government- Sept. 4 28,703 1,280 5,910 2,854 864 3,875 2,272 1,265 1,186 604 1,647 2,453 Sept. 11 17,454 1,518 1,477 1,538 579 1,508 2,716 972 1,311 1,844 955 1,054 Sept. 18 13,449 'lO6 11,102 225 7 218 276 409 242 159 178 10 517 Sept. 25 _\ 55, 285 3,053 16,946 3,061 2,604 8,507 5,652 3,911 2,147 1,664 1,307 4,259 2,174 Foreign bank— Sept. 4 4,952 1,360 495 526 237 201 706 206 129 170 170 371 Sept. 11 6,622 381 3,030 495 526 237 201 706 206 129 170 170 371 Sept. 18 7,658 382 4,065 495 526 237 201 706 206 129 170 170 371 Sept. 25 7, 234 381 3,642 495 526 237 201 706 206 129 170 170 371 Other deposits— Sept. 4 _.._ 20,175 74 8,283 47 l,31l 76 124 1,183 215 279 552 26 8,005 Sept. 11 _ 19,638 112 6,789 23 1,274! 98 102 707 227 282 553 35 9,436 Sept. 18 25,979 86 6,584 73 1,194 193 296 7,786 454 700 736 78 7,799 Sept. 25 19, 207 65 7,206| 211 1,143 167 1,013 271 201 434 46 8,352 Total deposits: Sept. 4 2,374,006 144,373 945,609 138,411 191,141 67,845 64,737 341,320 78,000 53,691 95,838 65,357 187,684 Sept. 11 , 2,403,979 151,138 957,661 138,296 192,260 65,457 63,119| 355,348 80,308 55,123 93,082 65,223 186,964 Sept. 18 2,428,450 155,623 987,167 138,050 191,814 69,063 61,992, 350,278 77,683 54,026 92,049 66,454 184,251 Sept. 25 2,446,160 152, 332 985, 782137, 003194, 784| 73,238 68,047 357,455 77,986 56, 216 89, 614 69, 830183, 873 Deferred availability items: Sept. 4 642,529 67,283 163,342 50,931 63,4571 50,916 20,633 80,623 32,893 12,699 38,824 26,787 34,141 Sept. 11 670,624 71,199 172,374 54,390 62,157 49,215 22,813 84,799 34,400 13,917 37,410 27,792 40,158 Sept. 18_ 841,196 92,228 219,389 64,397 81,215 61,307 27,949 118,872 38,222 16,283 42,355 36,056 42,923 Sept. 25. 689, 263 73, 968 183,054 55, 802 67, 758| 50, 847 22, 294 87, or 34, 498 13, 608 36,118 28,150 36,149 Capital paid in: Sept. 4 166,754 10,716 64,154 16,452 15,4891 6,176 5,454 19,897 5,223 3,065 4,264 4,496 11,368 Sept. 11 166,733 10,716 64,106 16,452 15,425| 6,176 5,453 19,997 5,223 3,064 4,261 4,497 11,363 Sept. 18... 166,716 10,716 64,075 16,522 15,537i 6,174 5,434 19,859 5,223 3,056 4,260 4,497 11,363 Sept. 25 167,028 10, 800 64,409 16, 522 15, 5371 6,159 5,371 19, 832 5,221 3,054 4,259 4,498 11, 366 Surplus: Sept. 4 254, 398 19,619 71,282 24,101 26,345 12,399 10,554 36,442 10,820 7,082 9,086 8,690 17,978 Sept. 11 254,398 19,619 71,282 24,101 26,345 12,399 10,554 36,442 10,820 7,082 9,086 8,690 17,978 Sept. 18 254,398 19,619 71,282 24,101 26,345 12,399 10,554 36,442 10,820 7,082 8,690 17,978 Sept. 25 254, 398 19, 619 71, 282 24,101 26, 345 12, 399 10, 554 36,442 10, 820 7,082 17,978 All other liabilities: Sept. 4 34,157 2,387 10,460 2,241 3,044 1,705 2,534 5,360 1,725 1,186 1,049 1,485 Sept. 11 35,150 2,494 10,490 2,327 3,164 1,724 2,690 5,486 1,754 1,281 1,098 1,057 1,585 Sept. 18 35,703 2,480 10, 774 2,374 3,204 1,786 2,657 5,614 1,782 1,266 1,073 1,029 1,664 Sept. 25 36, 673 2,564 10,945 2,472 3,332 1,805 2,695 5,740 1,826 1,346 1,118 1,051 1,779 Total liabilities: Sept. 4 5,355,111 438,460 1, 580,310386,072 491,878 219,643 263,234815,171 193,422 145,983 228,633 155,809 436,496 Sept. 11 , 5,395,032 446,261 1, 595,255386,652 491,180 216,879 262,612 824, 558198,694 147,922 225,166 157,402 442,451 Sept. 18 5, 573,890471,888 1, 674,356394,132 502,1931 231,954 264,688848, 653201,864 149, 554228,654 167,212 438,742. Sept. 25 5,431,421 452, 3021, 636, 058383,182 493,688| 224,473 263,416 818, 810200, 922148, 229219,940 162, 583427,818 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
694 FEDERAL RESERVE BULLETIN OCTOBER, 1929 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued LIABILITIES—Continued [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 a i n t s y as Dallas F c S i r s a a c n n o - MEMORANDA Ratio of total reserves to Federal reserve note and deposit liabilities combined (per cent): Sept. 4 73.2 74.5 70.7 69.4 79.2 62.5 62.2 86.0 53.1 67.7 74.0 55.3 79. & Sept. 11 73.7 76.2 75.4 70.2 76.0 59.7 59.5 84.2 57.6 64.5 74.2 56.2 75. & Sept. 18 73.8 81.1 76.0 70.1 73.7 59.5 64.8 80.7 58.0 62.1 75.5 66.8 72. & Sept. 25 73.8 78. 75.9 72. 74.4 61.9 64.3 82.3 60.4 59.3 75.0 62.1 71.0 Contingent liability on bills purchased for foreign correspondents: Sept. 4 453,020 33, 523 137,268j 43,490 46,208 20,839 17,668 62,063 18,121 11,325 14,949 14,949 32,617 Sept. 11 446,973 33, 523 131,222| 43,490 46,208 20,837 17,668 62,063 18,121 11,326 14,949 14,949 32,617 Sept. 18_ 448, 503 33, 523 132,752 43,489 46,208 20,839 17,668 62,063 18,121 11,325 14,949 14,949 32,617" Sept. 25 _ 455, 776 33, 523 140, 025 43, 489 46, 208 20, 839 17, 668 62, 063 18,121 11, 325 14,949 14,949 32, 617 Own Federal reserve notes held by Federal reserve banks: Sept. 4 _ _. 473,322 52, 671 180,066 38,032 19,355 15,683 26, 552 34,642 13, 710 6,143 10, 567 9,792 66,109* Sept. 11 _ 492,822 51, 95" 191,139 39,036 19,838 13,703 27,913 37,301 13,770 6,742 11,185 9,668 70,57a Sept. 18 480,290 49,102 178,721 37,574 21,288 14,957 28,533 37,851 12,831 7,069 10,298 9,274 72,792 Sept. 25... 464,447 50,455 167,991 36, 385 18, 019 18,231 27,981 38, 228 12,982 6,010 9,743 10,484 67,938- 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 l i p l h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t i . s M ap in o n li e s - Ka C n i s t a y s Dallas F c S i r s a a c n n o - Federal reserve notes received from comptroller: Sept. 4 3, 783,478 336,718 945,929 273,317 291,727 177,209 302,944 593,651 119,341 146,932 136, 549 74,312 384,849* Sept. 11 3,805,088 353,892 954, 281266,871 288,167 176,234 303, 746596,067 119,269 146,176 134,924 79,588 385,875 Sept. 18 3, 781,086 351,364 964,800 260,011 281,791 174,306 301, 325585,119 119, 755145,804 133,939 78, 617384, 255 Sept. 25 3, 754, 811 343, 714 961,112 256, 016293,476 174, 610 299, 516576, 633121, 403143, 827131, 748 77, 245375, 511 Federal reserve notes held by Federal reserve agent: Sept. 4 1, 89,965 440,400 81, 349 79, 970 80,924 117,070 227,480 40,870 72,529 46,410 15,022 134,900' Sept. 11 __ 1,448,118 110,840 443,800 76, 749 76, 500 80, 623117,8501 236,280 39, 310 71,979 43,510 19, 777130,900 Sept. 18 1,453,369 111,040 464,410 73, 749 76,425 78,124 116,690 229,680 38, 790 70,894 43,810 18,857 130,900' Sept. 25 1,452,465 100, 240472, 535 72, 349 89, 525 76, 354117,080 226,081 37, 850 70, 894 42, 260 16, 397130,900 Federal reserve notes issued to Federal reserve bank: Sept. 4 2,356, 589 246, 753505, 529191,968 211, 757 96,285 185, 874366,171 78,471 74,403 90,139 59, 290249,949- Sept. 11 2, 356,970 243,052 510, 481190,122 211, 667 95, 611185,896 359, 787 79,959 74,197 91,414 59,811 254,973- Sept. 18 _ __.. 2,327, 717 240, 324500, 390186, 262 205,366 96,182 184,635 355,439 80,965 74,910 90,129 59, 760253, 355 Sept. 25 2, 302, 346 243, 474488, 577183, 667 203, 951 98, 256182,436 350, 552 83, 553 72, 933 89,488 60,848 244, 611 Collateral held as security for Federal reserve notes issued to Federal reserve bank: Gold and gold certificates- Sept. 4 406, 885 35, 300207,670 29,600 34,400 16,190 9,500 7,800 14,167 17,258 35,000 Sept. 11 427,863 35,300 231,848 29,600 31,200 16,190 9,500 7,800 14,167 17, 258 35,000 Sept. 18 415, 619 35,300 220, 704 29,600 30,100 16,190 9,500 7,800 14,167 17, 258 35,000 Sept. 25 414, 409 35, 300220, 704 29,600 28, 900 16,190 9,500 7,800 14,157 17, 258 35,000 Gold fund- Sept. 4 1,133, 784 114,617 53, 626 95,000 115,000 30, 466 95,000 329, 564 13,000 40, 000 71, 248 4,500 171, 763 Sept. 11 1,133,036 124,617 53, 626 95,000 115,000 30,466 90, 500329,564 13,000 35,000 70,000 4,500 171, 763 Sept. 18 1,130,936 134, 617 53, 620 87,400 115,000 30,466 99,000 329, 564 14,000 31,000 70,000 4,500 161,763 Sept. 25 1,114,936 134, 617 53, 626 87, 400 115, 000 30,466 99, 000329, 564 14,000 31,000 70,000 8,500 141, 763 Eligible paper— Sept. 4 1,144,105 98,883 353,801 76, 230 80, 759 58,421 84, 034103,074 75,175 31, 518 46,359 53,803 82,048- Sept. 11 1,113, 638 91, 754300,592 73,906 59, 290 86,149 113, 738 70, 238 35,387 45,246 53,181 97,329 Sept. 18 1,091, 297 79,188 281, 329 75, 562 87,447 58, 675 76,467 134, 278 70, 776 38, 535 41,654 43,080 104,306. Sept. 25 _ 1,123, 854 84,990 299,501 71, 733 96, 426 58,183 76,407 126,173 70,480 41,995 44,071 43, 045 110, 850 Total collateral: Sept. 4 _ 2,684, 774 248,800 615,097 200,830 230,159 105,077 188, 534432, 638 95,975 85,685 117,607 75, 561 288,811 Sept. 11 2, 674,537 251,671 586,066 198, 506 233,028 105, 946186,149 443,302 91,038 84, 554115, 246 74,939 304,092' Sept. 18 2, 637,852 249,105 555,659 192, 562 232, 547 105, 331184,967 463,842 92,576 83, 702111, 654 64,838 301,069' Sept. 25 _ 2, 653,199 254, 907573, 831188, 733 240, 326 104, 839184,907 455, 737 92, 280 87,152 114,071 68, 803 287,613- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER, 1929 FEDERAL RESERVE BULLETIN 695 MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS [In thousands of dollars] I Total Wi d th ay in s 15 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 9 6 1 m da o y n s t h t s o j m O o v n er t h 6 s Bills discounted: Sept. 4 1,046,016 799,892 110,573 66,910 5,556 i 86 Sept. 11 972,927 723, 599 68, 520 110,853 64, 555 5,320 | Sept. 18 933,916 693,117 65, 234 112, 035 57, 991 5,104 | 435 Sept. 25 944, 399 714, 584 66, 035 103, 521 54, 519 5,267 I 473 Bills bought in open market: Sept. 4 182,916 110, 010 22,490 28,484 19,448 2,484 | Sept. 11 222, 229 115,879 25, 521 41,635 36, 738 2,456 I Sept. 18 241,103 116,023 29, 202 45,435 48,410 2,033 I Sept. 25..- 263,934 123, 010 32,213 49, 948 57, 092 1,671 j Certificates of indebtedness: Sept. 4 14,846 14,444 24 229 | 149 Sept. 11 15, 655 14,151 10 1,291 | 203 Sept. 18 39,968 25, 245 540 5,125 I 9,058 Sept. 25 27, 349 5,092 848 | 14, 543 Municipal warrants: Sept. 4 300 300 Sept. 11 300 300 Sept. 18 300 300 Sept. 25 325 300 GOLD SETTLEMENT FUND—INTERBANK TRANSACTIONS FROM AUGUST 22^TO SEPTEMBER 18, 1929, INCLUSIVE [In thousands of dollars] Changes in ownership Tran m sf e e n rs t a fo c r c o G u o nt vern- Transit clearing Federa c l l e re a s ri e n r g ve note o tr f a nsf g e o rs ld and t hr c o le u a g r h - Balance in Federal reserve bank ings fund at close of period Debits Credits Debits Credits Debits Credits Decrease Increase Boston 2,500 4,100 842,078 877,102 6,925 5,522 35,221 56,445 New York 32,000 82,200 3,330,886 3,294,191 9,917 24,247 27,835 240,850 Philadelphia.. 19,200 831,857 853,315 9,922 6,186 1,478 37,041 Cleveland 18,000 1,000 824,003 827,366 10, 724 4,916 19,445 83,427 Richmond 11,500 767,660 776,956 3,642 3,283 2,563 23,180 Atlanta 5,500 4,200 297,354 308,158 3,218 3,847 10,133 16,149 Chicago 26,500 2,500 1,504,372 1,513, 930 13, 704 7,623 20,523 104,221 St. Louis 7,500 518,078 515,592 2,728 4,423 ~~6,~709" 40,924 Minneapolis... 2,000 1,000 192,123 184,539 1,857 3,566 6,875 20,683 Kansas City... 1,500 13,000 460,463 434,450 2,907 2,805 14,615 46,860 Dallas 1,000 8,200 338,150 352,338 1,567 1,764 21,585 38,572 San Francisco.. 8,500 4,500 432,546 401,633 3,636 2,565 35,984 21,661 Total 4 weeks ending— Sept. 18, 1929 128,200 128, 200 10,339, 570 10,339,570 70, 747 70,747 101,483 I 101,483 730,013 Aug. 21, 1929 7,000 7,000 10,320,630 10,320,630 61,190 61,190 716,863 Sept. 19, 1928 _. 193,000 193,000 9,164,441 9,164,441 57,021 57,021 720,345 Aug. 22, 1928. 19,700 19, 700 8,753,839 8,753,839 56, 111 56,111 715,242 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
696 FEDERAL RESERVE BULLETIN OCTOBER, 1929 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In millions of dollars] Federal Reserve District Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - AtlantaChicago L S ou t. is M ap i o n l n is e- K C a i n t s y as Dallas F c S i r s a a c n n o - l | Loans and investments: Sept. 4 22,591 1,512 8,788 1,237 2,185 672 643 3,341 694 400 704 478 1.937 Sept. 11 22,570 1,511 8,712 1,231 2,183 678 648 3,369 700 408 703 482 ,94*1 Sept. 18 22, 742 1,530 8,799 1,250 2,197 679 650 3,372 697 413 703 4S0 Sept 25 22, 682 1,540 8,726 1,242 2,197 682 653 3,380 695 411 699 491 L, 965 Loans: Sept 4 17,150 1,174 6,799 931 1,556 514 517 2,669 531 278 468 357 Sept. 11 17,142 1,173 6,720 925 1,557 521 523 2,703 540 286 469 362 ,364 Sept 18 17,253 1,185 6,767 940 1,567 519 523 2,710 539 290 475 365 1,373 Sept 25 17, 244 1,202 6,727 935 1,568 523 527 2,715 538 289 471 369 ^7Q On securities- Sept. 4 7,632 489 3,374 481 727 198 150 1,239 238 89 133 95 418 Sept.11 7,578 490 3,269 478 729 201 152 1,272 240 90 133 102 421 Sept 18 - 7,684 506 3,325 486 743 200 156 1,274 238 86 142 103 427 Sept 25 7,720 522 3,312 487 742 204 161 1,291 235 87 135 102 441 All other- Sept. 4 - -- 9,518 685 3,426 450 829 316 367 1,430 293 189 335 262 936 Sept 11 .- 9,564 683 3,451 447 828 320 371 1,431 299 196 335 260 943 Sept. 18 .- 9,569 679 3,442 454 824 319 368 1,436 301 204 333 261 946 Sept 25 9,524 679 3,415 448 826 319 367 1,424 303 202 337 266 938 Investments: Sept 4 5,441 338 1,989 306 629 157 126 671 163 122 236 121 582 Sept. 11 5,429 338 1,992 306 626 158 125 666 161 121 234 119 581 Sept 18 5,489 345 2,032 310 630 160 126 662 157 124 228 125 589 Sept 25 5,438 338 1,999 307 628 160 125 664 157 123 228 122 586 U. S. Government securities- Sept 4 2,699 171 1,045 94 302 73 59 307 53 68 111 79 337 Sept. 11 - 2,694 172 1,047 94 301 73 59 306 51 68 108 78 337 Sept 18 2,719 176 1,052 98 306 75 59 306 48 69 103 83 343 Sept 25 2,680 173 1,029 96 305 75 59 305 48 69 103 79. 341 All other- Sept. 4 2,741 167 944 212 327 84 67 365 110 54 124 42 245 Sept 11 . . 2,735 166 945 212 325 84 66 360 109 53 126 42 245 Sept. 18 2,770 169 979 212 324 85 67 356 109 55 125 42 246 Sept 25 2,757 166 970 211 324 85 66 359 109 54 125 43 245 Reserve with Federal reserve bank: Sept 4 ' - -- 1,675 95 781 75 128 40 38 245 43 27 61 34 108 Sept. 11 1,707 99 797 77 129 39 39 257 44 27 56 33 109 Sept. 18 1,721 105 816 78 129 41 39 248 42 25 56 34 108 Sept 25 . 1,708 100 805 74 130 40 39 258 41 27 53 34 106 Cash in vault: Sept 4 240 18 67 14 30 12 10 39 7 6 11 8 20 Sept. 11 246 19 69 15 29 13 10 39 7 6 12 8 20 Sept. 18 236 17 65 15 29 12 10 39 6 6 11 8 19 Sept 25 236 16 66 14 28 13 10 37 6 6 12 8 19 Net demand deposits: Sept. 4 13,184 902 5,822 704 1,056 345 317 1,886 363 232 504 279 772 Sept 11 13,283 913 5,812 705 1,055 350 324 1,937 373 236 507 289 783 Sept. 18 13,179 916 5,793 704 1,035 344 318 1,899 361 237 509 289 774 Sept 25 13, 072 912 5,721 693 1,031 347 317 1,902 356 234 500 283 776 Time deposits: Sept. 4 6,808 464 1,741 265 945 244 234 1,270 225 132 184 143 963 Sept. 11 6,799 468 1,745 261 951 244 233 1,252 224 132 183 142 964 Sept 18 6,805 470 1,765 266 948 244 234 1,242 224 132 184 142 955 Sept 25 6,829 469 1,783 268 947 244 234 1,250 224 132 184 142 954 Government deposits: Sept. 4 11 1 3 1 1 1 1 1 2 Sept. 11 I Sept. 18 227 13 70 23 26 8 16 23 4 3 18 23 Sept. 25 227 13 70 23 27 8 16 22 4 1 3 18 23 Due from banks: Sept. 4 1,115 52 127 60 90 49 74 231 50 55 117 58 152 Sept. 11 1,116 59 137 56 96 49 71 205 50 53 119 60 160 Sept. 18 1,156 55 162 63 97 47 78 210 53 54 118 60 160 Sept. 25 1,112 50 163 55 90 48 75 201 56 54 112 57 152 Due to banks: Sept. 4 2,722 115 942 158 207 93 96 443 102 83 211 83 188 Sept. 11 2,712 116 950 157 201 91 99 437 104 83 199 86 191 Sept. 18 2,747 118 944 161 205 94 102 452 109 84 201 89 188 Sept. 25_ 2,690 111 942 156 195 93 99 428 111 82 196 91 187 Borrowings from Federal reserve banks: Sept. 4 761 52 255 54 54 30 52 61 53 25 34 34 58 Sept. 11 702 46 192 49 58 29 53 66 50 27 29 32 70 Sept. 18 673 37 172 51 52 30 45 85 49 30 24 22 74 Sept. 25 688 41 188 43 61 29 44 72 49 33 26 22 79 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER, 1&29 FEDERAL RESERVE BULLETIN 697 LAND BANKS AND INTERMEDIATE CREDIT BANK SUSPENSIONS1 IN AUGUST, 1929 BANKS [Amounts in thousands of dollars] LOANS OF FEDERAL AND JOINT-STOCK LAND BANKS All banks M ba e n m k b s e 3 r Non b m an e k m s ber [In thousands of dollars] Federal reserve district Num-Total de-Num-Total de-Num-Totallde- Net amount of loans outstanding ber posits 2 ber posits 2 ber posits 2 Date Total l ( a 1 F n 2 d e d b b e a a r n a n k l k s s ) l J a o n i d n t b -s a t n o k ck sl N B Ph e o i w s l t a o d Y n e o . l . p rk hia .. Cleveland Richmond 3 921 1 699 2 222 1927 Atlanta. 1 4,407 1 4,407 Aug. 31 1,749,393 1,139, 502 609, 891 Chicago 4 968 1 143 3 825 Sept. 30 1,752,665 1,143,130 609, 535 St. Louis Oct. 31 1, 757,185 1,147,135 610,050 Minneapolis 4 550 1 163 3 387 N De o c v . . 3 3 1 0 1 1 , , 7 76 5 5 8 , , 1 8 2 3 1 4 1 1, , 1 1 5 5 5 0 , ,9 6 4 4 3 4 6 6 0 0 7 9 , , 8 4 9 7 1 7 D K a a l n l s a a s s City 5 1,066 5 1, 066 San Francisco 1928 Jan. 31 1,767, 515 1,158,717 608, 798 Total 17 7,912 3 1,005 14 k. 6, 907 Feb. 29 1, 778,338 1,168, 354 609, 984 Mar. 31 1, 786,862 1,175, 858 611,004 Apr. 30 1, 791,341 1,180,420 610, 921 1 Banks closed to the public on account of financial difficulties by May 31 1, 793,035 1.183, 672 609, 363 order of supervisory authorities or directors of the bank. June 30 1,794,236 1.184, 656 609, 580 2 Subject to revision; figures given are for latest available date prior to July 31 1, 793, 610 1.185, 714 607, 896 suspension. Aug. 31 1.796, 591 1,187, 365 609, 226 3 Includes 2 national banks with deposits of $306,000 and 1 State jmem- Sept. 30 1.797, 796 1.189, 345 608, 451 ber bank with deposits of $699,000. Oct. 31 ___ 1,797, 910 1.190, 278 607,632 Nov. 30 1, 797, 319 1,191,724 605, 595 BANK DEBITS Dec. 31 1,799,045 1,193,846 605,199 [Debits to individual accounts. In thousands of dollars] 1929 Jan. 31 1,799,464 1,195,089 604,375 Feb. 28 1,803, 593 1,199,766 603,827 Num- M Ap a r r . . 3 3 0 0 1 1 , , 8 8 0 0 3 3 , , 6 1 9 1 1 5 1 1 , , 2 2 0 0 2 3 , , 5 7 7 2 0 4 6 59 0 9 1 , , 1 3 2 9 1 1 b c e e r n o - f Au 1 g 92 u 9 st, July, 1929 Au 1 g 92 u 8 st, May 31 1,802,160 1, 204,128 598,032 ters June 30 1,802, 872 1,204,916 597,956 July 31 1, 800, 766 1,204,363 596,403 Aug. 31. ._ 1, 203,806 594,876 New York City I 49, 033, 562 49,215,180 35,102, 280 Outside New York City 140 28,338, 732 28,443, 671 23,401,299 iNumber of banks, 1927: August, 53; September-November, 52; Federal reserve district: December, 51. 1928: January-April, 51; May-November, 50; December, Boston 11 3, 301, 522 3, 220,777 2, 536, 386 49. 1929: January to date, 49. New York 7 50,175,946 50,365,930 35,978, 762 Philadelphia 10 2, 505, 489 2,850, 520 2,157,841 Cleveland 13 2, 989,197 3, 246, 593 2, 553, 261 LOANS OF INTERMEDIATE CREDIT BANKS Richmond 7 817, 549 782, 835 693,466 Atlanta 15 1,126, 481 1,175, 446 1, 047,013 Chicago 21 7, 968, 062 7, 568,846 6,221, 393 [In thousands of dollars] St. Louis 5 1, 221, 287 1, 320, 939 1,156, 661 Minneapolis 9 990, 318 914, 431 720, 975 Kansas City 15 1, 576, 588 1, 728, 522 1,389, 075 1929 1928 Dallas. 10 722, 685 728, 598 640, 636 San Francisco 18 3, 977,170 3,755,414 3, 408,110 CVass of loan Aug. 31 July 31 June 30 May 31 Aug. 31 Total . 141 77,372,294 77, 658, 851 58, 503, 579 Direct loans outstanding MEMBERSHIP IN PAR-COLLECTION SYSTEM on- Cotton 213 497 2,041 6,068 192 [Number of banks at end of August] Tobacco 87 215 288 421 2,230 Wheat . . 694 97 184 516 1,734 Member banks Nonmember banks Canned fruits and vegetables 968 584 570 655 2,157 Federal reserve Onpar list Not on par list i Raisins 3,860 3,945 4,092 4,115 5 555 district 1929 1928 R W ic o e ol 3,93 3 2 0 3,40 9 9 6 1,3 2 6 7 4 3 4 2 5 2 7 9 9 56 5 9 1 1929 1928 1929 1928 Allother 155 178 219 289 89 United States.._ 8,656 8,912 12,242 12, 838 3,779 3936 Total 9,939 9,021 9,031 12, 750 13,477 Boston 408 409 270 251 Rediscounts outstanding New York 936 933 405 411 for— PhiladelDhia 772 785 479 497 Agricultural credit cor- Cleveland 805 820 999 1,021 10 10 porations 32,074 32, 513 31,563 30,155 32, 201 Richmond 530 554 596 637 552 579 N St a a t t i e o n b a a l n b ks anks. 1,8 1 2 0 1 0 1,6 1 2 0 7 2 1,4 1 6 0 0 2 9 8 4 7 7 33 2 1 A Ch tl i a c n ag ta o 1,2 4 1 32 8 1,2 4 6 5 2 6 3,5 2 2 56 3 3,6 3 1 1 0 0 9 2 3 2 4 7 10 20 0 4 0 Livestock loan com- St Louis 573 593 1,694 1,795 476 469 panies 24,868 25,638 25,865 25,305 20,846 Minneapolis 693 725 604 702 1,112 1 133 Other banks and trust Kansas City 908 944 2,169 2,261 199 283 companies 80 80 80 83 121 Dal1 as . - 765 787 612 641 208 203 San Francisco 616 644 635 702 61 55 Total 58,943 59,960 59,070 56,577 53, 501 i Incorporated banks other than mutual savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
698 FEDERAL RESERVE BULLETIN OCTOBER, 1929 CONDITION OF ALL BANKS IN THE UNITED STATES TABLE 1—ALL BANES IN THE UNITED STATES i—PRINCIPAL RESOURCES AND LIABILITIES, ON CALL DATES, BY FEDERAL RESERVE DISTRICTS [In millions'of dollars. Figures for nonmember banks are for the dates indicated or nearest dates thereto for which figures are available] Total loa m ns e n a t n s d invest- Loans a Investments D in e t p e o r s b i a ts n , k e x d c e l p u o s s iv it e s o 3 f Re b d il i l s s c o p u a n y t a s b a le nd Federal reserve district and call date All Mem- Non- All Mem- Non- All Mem- Non- All Mem- Non- All Mem- Nonbanks ber mem- banks ber mem- banks ber mem- banks ber mem- banks ber mem ber ber ber ber ber All districts: 1927—Dec. 31- 55,450 34,247 21,204 38,407 23,886 14,521 17,043 10,361 6,683 52,909 32,063 20,846 894 663 230 1928—June 30- 57,265 35,061 22,204 39,464 24,303 15,161 17,801 10,758 7,043 53,398 32,133 21,265 1,570 1,209 361 Dec. 31- 58,266 35,684 22,582 40,763 25,155 15,607 17,504 10,529 6,975 56,766 34,826 21,940 1,512 1,162 350 1929—Mar. 27- 58,019 35,393 22,626 40,557 24,945 15,612 17,462 10,448 7,013 54,545 33,215 21,330 1,507 1,153 354 June 29.. 58,474 35,711 22, 763 41,512 25,658 15,853 16,962 10,052 6,910 53,852 32,284 21,567 1,598 1,198 399 Boston* 1927—Dec. 31- 6,367 2,583 3,784 4,021 1,765 2,256 2,345 817 1,528 6,009 2,444 3,565 40 32 8 1928—June 30— 6,644 2,642 4,002 4,226 1,849 2,377 2,418 793 1,626 6,106 2,351 3,755 108 92 16 Dec. 31— 6,649 2,571 4,078 4,271 1,824 2,446 2,378 747 1,632 6,225 2,397 3,828 93 76 17 1929—Mar. 27_. 6,692 2,600 4,092 4,279 1,823 2,456 2,413 777 1,636 6,134 2,323 3,811 103 80 24 June 29 _. 6,818 2,613 4,205 4,434 1,871 2,563 2,384 742 1,642 6,209 2,297 3,912 111 86 25 j^rtTTT "York* 1927—Dec. 31- 17, 502 10,947 6,555 12,166 7,789 4,377 5,336 3,158 2,178 16, 312 10,021 6,291 328 314 14 1928—June 30- 18,202 11,098 7,104 12,605 7,759 4,846 5,598 3,340 2,258 16,614 9,982 6,632 523 481 42 Dec. 31- 18, 776 11, 593 7,183 13,435 8,404 5,031 5,341 3,189 2,152 18,915 12,140 6,776 542 499 43 1929—Mar. 27.. 18,349 11,317 7,031 13, 028 8,139 4,888 5,321 3,178 2,143 17, 673 11,329 6,344 386 343 43 June 29.. 18,898 11, 775 7,122 13,801 8,769 5,031 5,097 3,006 2,091 17,028 10, 351 6,677 488 453 35 Philadelphia: 1927—Dec. 31- 4,241 2,588 1,653 2,592 1,616 976 1,650 972 678 3,787 2,243 1,543 101 73 29 1928—June 30.. 4,365 2,656 1,709 2,636 1,690 946 1,729 966 763 3,764 2,232 1,532 160 113 47 Dec. 31- 4,395 2,666 1,730 2,747 1,745 1,002 1,649 921 728 3,874 2,287 1,587 153 99 54 1929—Mar. 27.. 4,422 2,714 1,708 2,818 1,813 1,005 1,604 900 703 3,770 2,250 1,520 181 126 55 June 29.. 4,460 2,710 1,750 2,859 1,832 1,027 1,601 878 723 3,760 2,251 1,509 164 105 58 Cleveland: 1927—Dec. 31— 4,689 3,296 1,393 3,100 2,162 939 1,588 1,135 454 4,355 3,029 1,326 93 68 24 1928—June 30- 4,898 3,448 1,450 3,237 2,266 972 1,660 1,182 479 4,498 3,139 1,359 141 111 29 Dec. 31- 4,854 3,414 1,440 3,279 2,291 988 1,575 1,123 452 4,526 3,165 1,361 139 105 34 1929—Mar. 27.. 4,948 3,478 1,471 3,359 2,352 1,007 1,589 1,125 464 4,525 3,167 1,358 139 102 37 June 29.. 4,927 3,488 1,439 3,380 2,376 1,004 1,547 1,112 435 4,523 3,190 1,333 138 98 40 X"DVi v\nil\i 1 X\r 9 Ln 2 U 7 Lr\TK — J». D H• e • c. 31- 2,517 1,362 1,155 1,871 1,028 843 646 334 312 2,378 1,242 1,136 47 31 16 1928—June 30.. 2,531 1,344 1,187 1,881 1,021 861 650 324 326 2,284 1,188 1,096 107 69 38 Dec. 31- 2,522 1,338 1,183 1,879 1,022 857 643 317 326 2,351 1,214 1,137 74 49 25 1929—Mar. 27.. 2,537 1,351 1,186 1,883 1,024 860 653 327 326 2,302 1,196 1,106 86 55 31 June 29.. 2,501 1,329 1,172 1,865 1,010 855 636 319 317 2,255 1,166 1,089 113 70 43 AAt flian 1 nr 9 ttf 2 an 7 . • —Dec. 31- 1,754 1,165 589 1,369 888 481 384 276 108 1,736 1,104 632 56 34 22 1928—June 30.. 1,753 1,173 579 1,378 910 468 375 263 112 1,640 1,072 568 94 54 39 Dec. 31— 1,749 1,188 560 1,346 895 451 402 293 109 1,673 1,093 580 74 52 21 1929—Mar. 27- 1,763 1,191 572 1,370 907 463 393 284 109 1,629 1,065 564 87 61 26 June 29.. 1,734 1,177 558 1,345 898 447 389 279 110 1,581 1,041 540 104 72 32 Chicago: 1927—Dec. 31.. 7,495 4,859 2,636 5,583 3,519 2,064 1,911 1,339 572 7,327 4,649 2,679 123 68 55 1928—June 30- 7,826 5,118 2,709 5,810 3,698 2,113 2,016 1,420 596 7,517 4,806 2,712 225 165 60 Dec. 31- 7,904 5,163 2,741 5,933 3,812 2,121 1,971 1,350 620 7,667 4,914 2,752 234 164 71 1929—Mar. 27.. 7,963 5,072 2,891 5,999 3,777 2,222 1,964 1,295 668 7,435 4,612 2,823 272 201 71 June 29.. 7,958 5,052 2,906 6,046 3,792 2,254 1,912 1,260 652 7,543 4,721 2,822 221 143 79 oQ+-l . T. L 1 n/ 9 Oiij 2 uc- 7 lS — . Dec. 31- 2,128 1,377 752 1,546 953 592 583 423 159 2,053 1,250 803 47 21 26 1928—June 30.. 2,141 1,384 756 1,535 942 593 605 442 163 2,002 1,215 787 110 65 45 Dec. 31_. 2,163 1,406 757 1,546 954 592 617 452 166 2,045 1,256 788 82 39 43 1929— Mar. 27._ 2,162 1,377 784 1,561 945 616 601 433 168 L, 972 1,184 788 92 58 34 June 29. _ 2,099 1,341 757 1,531 937 594 568 405 163 L, 911 1,177 733 98 59 39 Minneapolis: 1927—Dec. 31— 1,527 897 630 955 547 408 571 350 222 L, 560 886 674 12 3 9 1928—June 3O._ 1,549 909 640 947 544 403 601 365 237 L, 567 895 673 19 8 11 Dec. 31- 1,555 933 622 951 560 391 605 373 232 L, 596 929 666 13 5 8 1929—Mar. 27.. 1,563 938 625 953 564 389 610 374 236 ,554 894 660 22 15 6 June 29— 1,539 923 616 945 559 387 594 364 230 L,547 904 642 22 12 9 .Kansas City: 1927—Dec. 31- 1,868 1,191 677 1,353 783 570 515 408 107 1,957 1,185 773 22 10 12 1928—June 30- 1,893 1,224 669 1,336 789 547 557 436 122 L, 962 1,208 755 29 19 9 Dec. 31.. 1,929 1,250 679 1,332 803 530 596 447 149 2,028 1,241 787 34 22 12 1929—Mar. 27.. 1,898 1,242 656 1,310 800 511 588 443 145 L,960 1,211 749 30 23 7 June 29— 1,881 1,241 640 1,310 810 499 571 430 141 L, 929 1,207 722 52 39 13 ID ali 1 a 9 s 2 : 7—Dec. 31- 1,136 898 238 891 694 197 245 204 41 1,182 897 285 4 2 2 1928—June 30- 1,163 916 248 895 692 203 268 224 44 L, 146 885 261 18 11 6 Dec. 31- 1,247 903 254 938 736 201 310 257 53 L.290 989 301 14 12 2 1929—Mar. 27.. 1,265 1,000 266 940 730 210 325 270 56 1,249 964 286 17 13 4 June 29.. 1,217 957 260 914 705 209 302 251 51 1,177 911 266 27 20 8 -San Francisco: 1927—Dec. 31— 4,227 3,084 1,143 2,959 2,141 818 1,267 943 325 4,253 3,114 1,139 20 7 13 1928—June 30.. 4,300 3,149 1,151 2,977 2,144 833 1,323 1,005 318 4,297 3,160 1,137 37 19 17 Dec. 31- 4,523 3,169 1,354 3,107 2,109 998 1,416 1,060 356 4,576 3,200 1,376 59 39 20 1929—Mar. 27.. 4,457 3,113 1,344 3,056 2,071 986 1,401 1,042 358 4,342 3,022 1,320 92 76 15 June 29.. 4,443 3,105 1,338 3,082 2,099 983 1,361 1,007. 355 4,391 3,068 1,323 60 42 18 1 Includes all national and State banks (including stock and mutual savings banks) and all private banks under State supervision. 2 Includes rediscounts and overdrafts; excludes acceptances of other banks and bills of exchange sold with indorsement. «Includes letters of credit and travelers' checks sold for cash and outstanding. Back figures.See Tables 44, 45 and 85-88, Annual Report of Federal Reserve Board for 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER, 1929 FEDERAL RESERVE BULLETIN 699 TABLE 2.—ALL BANKS IN THE UNITED STATES i— PRINCIPAL RESOURCES AND LIABILITIES ON JUNE 29,1929, AND DECEM- BER 31, 1928, BY STATES [Amounts in thousands of dollars] Loans and investments De o p f o s i i n ts t , e e r xc b lu a s n iv k e Rediscounts and N re u p m o b rt e i r n g of Total Investments deposits 3 bills payable banks State Decem- Decem- Decem- Decem- De- June ber June ber June ber June ber June c b e e m r - New England: Maine 437,013 427,304 214,003 206,684 213,301 396,210 396,290 13,115 8,561 134 136 New Hampshire 312,481 302,801 149,265; 154,755 153,536 279,683 274,952 4,897 2,929 123 124 Vermont _ 256,611 254,033 158,835 94,556 95,198 241,644 241,988 5,885 3,647 104 105 Massachusetts 4,256,805 4,125,070 2,844,6671 1,309,316 1,280,403 861,900 3,871,595 67,981 60,923 452 448 Rhode Island 533,554 537,167 226,912 247,181 498,399 505,276 * 6,225 6,820 33 34 Connecticut 1,334,356 1,302,540 539,544 538,173 215,908 1,214,136 18, 574 14,496 237 235 Middle Atlantic: New York 16,563,160 16,437,95312,281,719 11,931,575| 4,281,441 4,506,378 14,844,22116,703,877 431,554 478,906 1,141 1,145 New Jersey ___ 2,449,523 2,463,229 1,654,231! 1,650,085' 795,292 813,144 2,284,676 2,325,949 72,029 567 570 Pennsylvania 5, 794,577 5, 741,972 3,568,154! 3,433,081| 2,226,423 2,308,891 4', £935,055 5,048,562|187,125 178,694 1,589 1,617 East North Central: Ohio... 2,715,099 2,662,828 2,030,179 1,985, 600 684,920 677,228 2,569,047 2,565,377 81,536 84,940 1,029 1,035 Indiana _ 896,262 897,280 670,493 664,520 225,769 232,760 835,050 855,582 58,579 54,245 ~ 1,005 Illinois.. _ 3,918,544 3,918,256 2,951, 5762,902,799 1,015,457 3,645, 6383,751,340 85,335 92,931 1,801 1,816 Michigan 2,070,043 2,019,490 1, 515,0991,455,682 554,944 563,808 1,975,821 1,948,809 57,233 62,879 742 751 Wisconsin 952,998 943,110 676,316 657,250 276,682 285,860 918,472 930,314 26,632 28,329 964 966 West North Central: I Minnesota _ 915,698 915,329 541,526 538,283 374,172 377,046 894,369 903,483 12,017 9,063 1,072 1,100 Iowa _ 797,323 791,388 668,380' 670,754 128,943 120, 634 821,913 832,631 11,906 12,399 1,286 1,298 Missouri _._ 1,175,786 1,276,008 835,145 881,372 340,641 394,636 1,106,878 1,224,365 42,830 40,809 1,325 1,356 North Dakota 114,686 124,746 83,192 88,613 31,494 36,133 121,283 139,238 2,814 933 433 470 South Dakota 136,114 136,657 95,356 95, 780 40,758 40,877 148,777 152,624 2,424 1,174 396 409 Nebraska 385,441 408,050 291,801 312,918 93, 640 95,132 389,814 411,543 11,815 15,648 846 882 Kansas 412,875 417,368 295, 617 298,304 117,258 119,064 421,159 431,453 7,470 5,808 1,077 1,102 South Atlantic: Delaware 167,852 149,451 119,325 98,216 48,527 51,235 138,312 136,809 4,036 * 4,005 48 47 Maryland 845,069 834, 530 515,876 502,627 329,193 331,903 782,723 788,713 15,340 14,168 235 237 District of Columbia 255,968 253.145 194,331 190,827 61,637 62,318 249,710 248,878 6,021 6,336 41 41 Virginia 554,293 563,568 456,136 466,806 98,157 96,762 457,016 471,340 32,084 25,040 481 488 West Virginia 357,639 360,694 288,601 294,391 66,303 332,053 333,284 15,065 12,149 310 325 North Carolina 390,376 408,226 335,542 349,398 54,834 58,828 339,874 390,155 40,141 17,047 428 441 South Carolina 180,992 184,527 138,851 138,815 42,141 45, 712 169,768 195,250 7,296 1,597 223 244 Georgia _ _.. 352,429 355,731 295,757 287,927 56,672 67,804 313,742 335,343 18,353 13,182 420 434 Florida 311,464 334,890 190,069 212,991 121,395 121,899 311,854 337,054 7,230 9,151 257 283 East South Central: Kentucky _ 560,293 546,551 434,595 416,47 125,698 130,075 443,369 456,273 32,107 30,592 572 579 Tennessee 431,956 412,997 356,809 348,311 75,147 64,686 413,002 408,192 20,229 16,201 490 498 Alabama | 306,865 312,081 249,3571 251,194 57,508 60,887 257,033 290,721 33,118 17,847 350 357 Mississippi ! 222,291 220,170 170,095 166,784 52,196 53,386 213,399 237,501 15,858 5,013 312 321 West South Central: Arkansas. 18,174 202,406 164,407 160,207 43, 767 42,199 201,989 215, 610 10,052 1,177 420 437 Louisiana 426,907 429,412 345, 688 340,144 81,219 89,268 388,925 415,855 27,584 18,680 226 228 Oklahoma ...I 409,896 404,821 262,220 255,418 147,676 149,403 431,4621 444,373 13,665 1,016 649 661 Texas ' 1,071,632 1,105,822 803,443 831,390 274,432 1,033,323 1,132,308 22,473 12,695 1,333 1,345 Mountain: Montana 150,598 158,911 94,242 100,102 56,356 58,809 157,573 175,673 2,498 245 201 Idaho 77,237 82,173 48,494 49, 503 28, 743 32,670 85,448 93,544 9491 207 137 139 Wyoming... 58,499 59,703 40,345 40,265 18,154 19,438 60,103 66,421 2,006 120 87 86 Colorado 265,424 272,607 171,380 173,575 94,044 99,032 281,856 298,510 3,200 3,741 278 284 New Mexico 40,688 41,016 25,932 26,162 14,756 14,854 42,610 46,999 1,024 15 58 58 Arizona 84,929 81,288 I 54,331 51,754 30,598 29,534 93,216 94,900 425 602 46 46 Utah 157,980 160,159 I 121,972 123,542 36,008 36, 617 132,769 142,638, 3,242 883 105 105 Nevada 40, 505 38,935 30,819 29,807 9,128 44,430 42,7441 35 35 Pacific: W Or a e s g h o i n n . gton I 4 2 w± 4 6 i 0 7 , , , 3 0 o 3 2 o 5 3 oi 1 ! 4 2 4 6 8 3 , . 1 5 4 9 6 8 i 2 1 8 4 6 5 , , 3 4 0 4 5 5 2 1 7 4 8 5 , , 4 7 6 4 2 2 1 1 6 1 1 4 , , 0 5 3 7 0 8 1 1 7 1 0 7 , , 1 4 3 0 6 4 4 26 5 3 0 , , 3 6 4 8 0 3 2 46 7 3 9 , , 2 1 8 7 4 6 J 5 6 , , 7 9 5 9 6 3 2 1 , ,7 7 9 5 4 5 2 3 3 4 5 4 2 3 4 5 2 1 California.. 3,407,742 3,478,224 2,413,599) 2,444,115 994,143 1,034,109 3,356,346 3,494,641 42,858 53,133 455 459 TotaL 58,474,005 58,266,361[41,511, 803 40,762,690J16,962,202 17, 503,67l'53,851,845J56, 765,573 1,597,579 1,512,224 25,110 25,576 1 Includes all national and State banks and all private banks under State supervision. Figures fcr State institutions are taken from Table 4 and represent in some cases the condition of banks as of dates other than June 29, 1929, and Dec. 31, 1928. 2 Includes rediscounts and overdrafts; excludes acceptances of other banks and bills of exchange sold with indorsement. 3 Incluo.es letters of credit and travelers' checks sold for cash and outstanding. * Excess over figures shown in Tables 3 and 4 is chiefly aue to technical differences between reports to the board and reports to State banking authorities. Back fi§ures.—See Tables 89-91, Annual Report of Federal Reserve Board for 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
700 FEDERAL RESERVE BULLETIN OCTOBER, 1929 TABLE 3—NATIONAL BANKS i—PRINCIPAL RESOURCES AND LIABILITIES ON JUNE 29, 1929, AND DECEMBER 31, 1928, BY STATES [Amounts in thousands of dollars] Loans and investments Deposits, exclusive Rediscounts Number of of interbank de- and bills pay- reporting Total Loans 2 Investments posits 3 able banks State Decem- Decem- Decem- Decem- De- De- June ber June ber June ber June ber June c b e e m r - June c b e e m r - New England: Maine 140,300 145, 482j 76, 263 77, 636 64, 037 67,846 123, 230 132, 286 4,889 3, 111 53 54 New Hampshire 72, 478 72,135 45,108 43, 233 27, 370 28, 902 58,177 61, 823 4,345 2,929 56 56 Vermont 71,417 70, 667 42, 772 41, 654 28, 645 29, 013 60, 962 61, 558 2,441 1,733 46 46 Massachusetts _ 1,196,162 1,158,153 853, T' 842, 879 342, 382 315, 274 1, 012, 8701, 062, 268 45,917 44, 707. 155 154 Rhode Island _.. 53, 4~~ 55, 473 33, 756 33, 790 19, 720 21, 683 39, 791 44, 001 2,806 1,640 10 11 Connecticut 276, 260 276, 434 202.817 199, 532 73,443 76,902 247, 760 256,183 8,343 6,648 64 65 Middle Atlantic: New York 4, 488, 239 5,161, 679 3, 201,4373,573,264 1,286,802 1, 588,4153, 861, 3205, 257, 641188, 626 309, 845 562 565 New Jersey 905, 421 900, 789 595, 641 584, 906 309, 780 315, 883 845, 263 849, 862 27, 553 34, 399 299 299 Pennsylvania 2, 643, 764 2, 642, 5051, 654, 3361, 610,167j 989, 4281, 032, 3382, 258, 3312, 312, 369 91, 575 81, 200 861 East North Central: Ohio 727, 501 723, 891 496, 392 484,413 231,109 239, 478 059, 512 670, 35S 24, 606 29,486 323 Indiana 372, 333 372,134 256, 889 252, 641 115,444 119, 493 342, 492 349, 718 10,131 8,133 224 224 Illinois ___ 1, 245, 6331, 643, 621 918, 054 1, 221, 827 327, 579 421, 794 1,149, 2321, 492, 015 31,095 61,118 487 488- Michigan 527, 438 506, 774 373, 524 345, 916 153, 914 160,858 528, 081 498,893 11,305 15,679 133 134 Wisconsin _ 434,462 431, 022 311,129 299, 622 123, 333 131, 400 393,199 401,845 17,152 19, 423 157 156 West North Central: Minnesota 531, 784 530, 231 331, 639 327, 424 200,145 202, 807 504, 710 506, 038 6,956 3,126 272 278 Iowa 284, 405 279, 050 184.818 184, 280 99, 587 94, 770 269, 358 268, 765 5,627 5,432 265 269 Missouri 471, 791 524, 206 338,190 373, 476 133, 601 150, 730 400, 382 449,169 21, 023 12, 559 134 134 North Dakota.. 69, 651 75, 058 43, 673 46, 249 25, 978 71, 349 79, 730 1,548 449 125 133 South Dakota _ 63, 226 37,018 36, 064 26, 208 26^ 825 66, 548 67, 333 637 428 93 96 Nebraska 192, 073 189, 321 135, 302 132, 084 56, 771 57, 237 170, 444 166, 769 8,117 12,020 158 156 Kansas 205,182 205, 016 135, 377 132, 309 69, 805 72, 707 206, 251 3,674 3,16" 247 248- South Atlantic: Delaware. _ 22, 506 22, 923 13, 081 12, 431 9,425 10,492 18, 420 19, 655 1,117 664 1 17 Maryland _._ 230, 506 240, 660 153, 019 160, 045 77, 48" 80, 615 203, 326 217,867 10, 281 82 83 District of Columbia 130,887 129,168 95.191 95, 434 35, 696 33, 734 126, 472 123,163 4,715 5,321 12 12- Virginia 320,130 326, 312 255, 849 262, 768 64, 281 63, 544 269,475 278, 262 16, 245 12, 303 164 165 West Virginia.. 169,194 165,432 129, 854 128, 479 39, 340 36, 953 151, 676 149, 090 8,188 5, 435 116 119 North Carolina. 150, 681 156, 959 122, 534 128, 432 28,147 28, 527 126,852 142, 969 15, 619 7,023 73 75- South Carolina 101, ' 103, 519 76, 417 76, 732 24, 963 26, 787 91,315 102, 619 4,001 1,200 53 55 Georgia. _ _ 209, 482 208, 919 169, 646 164, 363 39, 836 44, 556 194,096 202, 308 5,231 2, 444 80 81 Florida 173,129 185, 379 97,506 107, 555 75, 623 77, 824 171, 214 180, 447 1,502 3,880 55 62 East South Central: Kentucky 247, 737 266,184 181, 233 191, 535 66, 504 74, 649 199,481 223,432 20,808 15, 074 138 140 Tennessee 237, 716 217,122 189,457 176, • 48, 259 40, 431 207,121 195, 794 12, 062 8, 036 99 102 Alabama _ 197, 595 203, 866 150, 975 154, 924 46, 620 48, 942 161,940 181, 671 19, 985 11, 264 106 107 Mississippi 76, 030 75, 240 56, 378 55, 038 19, 652 20, 202 70, 243 75,114 6,122 2,196 35 West South Central: Arkansas 78, 794 80, 573| 54, 454 55, 865 24, 340 24, 708 74, 322 78, 005 1,719 269 73 78 Louisiana 103, 402 103, 433 87, 002 87, 27,r 16, 400 16,161 88, 527 96, 799 5, 705 3,472 33 33 Oklahoma 334, 673 336, 531 209, 325 209,228 125, 348 127, 303 347, 333 359,423 11, 547 645 307 325 Texas 830, 849 880,825j 607, 331 649,10^ 223, 518 231, 723 789, 650 865, 329 16, 747 11,156 623 632 Mountain: Montana 81, 085 85, 910 49, 554 52,947 31, 531 32, 963 84, 606 93, 571 1,146 69 70 Idaho.. _ 35, 729 41, 644 24, 331 27, 203 11, 398 14, 441 38, 843 46, 512 492 30 43 44 Wyoming 33,613 35, 698 20, 852 21, 800 12, 761 13, 33, 505 36,890 809 64 25 26 Colorado 206,194 211, 894 127, 730 129, 302 78,464 82, 592 219, 351 232, 341 2,249 2, 337 121 123 New Mexico _. 29, 352 29, 955 18,162 18, 877 11,190 11, 078 31, 040 33, 896 553 15 28 28 Arizona.. 29,180 28,156 17.192 16, 210 11,988 11,946 30, 785 32,411 380 14 15 Utah 46, 476 48, 300 32,161 33, 017 14, 315 15, 283 40, 891 44, 938 184 20 20 Nevada _ 17,340 16, 986 11,852 11, 684 5,488 5,302 17, 523 16,989 10 10 Pacific: Washington 267, 005 269,137 166, 049 161,432 100, 956 107, 705 266, 394 277, 526 2,945 1,511 106 110 Oregon _ 189, 600 179, 878 98, 734 90, 518 90, 866 89, 360 188, 885 186, 417 5,206 1,009 93 93 California 1, 933, 3021, 729, 6071, 321, 61""1,162,894 611, 685 566, 7131, 1, 716,417 23, 373 21, 634 211 210 Total. 21, 456, 563 22, 406, 740 14, 805,401115, 285,1464, 651,1627,121, 596J19, 411, 384 21,407,109714,107 785, 059 7,530 7,629 1 Member banks only; i. e., exclusive of national banks in Alaska and Hawaii. • Includes rediscounts and overdrafts; excludes acceptances of other banks and bills of exchange sold with indorsement. 3 Includes letters of credit and travelers' checks sold for cash and outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER, 1929 FEDERAL RESERVE BULLETIN 701 TABLE 4—STATE BANKS i—PRINCIPAL RESOURCES AND LIABILITIES ON JUNE29, 1929, AND DECEMBER31, 1?28, BY STATES [Amounts in thousands of dollars] Loans and investments Deposits, exclusive Rediscounts Number of of interbank and bills reporting Total Loans 2 Investments deposits payable banks State Decem- Decem- Decem- Decem- Decem- De- June ber June ber June ber June ber June ber June c b e e m r - New England: Maine 296,713 281,822- 154,066 136,367 142,647 145,455 272,980 264,004 5,450 81 82 New Hampshire 240,003 112,618 106,032 127, 385 124, 634 221, 506 213,129 552 67 68 Vermont 185,194 183, 366 119, 283 117,181 65,911 66,185 180,682 180,432 3,444 1,914 58 59 M assachusetts 3,060,643 2,966,917 2,093, 7092,001, 788 966,934 965.129 2,849,030 2,809, 327 22,064 16, 216 297 294 Rhode Island 480,078 481,694 272,886| 256,196 207,192 225,498 458,608 461, 275 5,180 23 23 Connecticut 1,058,096 1,026,1061 591,995 564, 835 466,101 461, 271 968,148 957,953 10, 231 7,848 173 170 Middle Atlantic: New York .2,074,921 .1. 276, 274!9, 080, 2828, 358,3112,994, 6392,917,963 .0,982,90111.,, 446, 232642,928 169,061 579 580 New Jersey 1, 544,1021,562,440 1, 058, 5901,065,179 485, 512 497, 261 1,439,413 "1,476, 087 44,476 44, 300 268 271 Pennsylvania 3,150,813 3,099,4671 1,913, 8181,822,914 1, 236,9951,276, 5532,676,724 2,736,193 95, 550 97,494 728 753 East North Central: Ohio 1,987,598 1, 1, 533,7871, 501,187 453, 811 437,750 1, 909, 5351,895,0193 56,930» 55,454 706 707 Indiana 523,929 525,146 413, 604 411, 879 110, 325 113,267 492,558 505,864 48,448 46,112 762 781 Illinois 2.672,911 2, 274, 635 2, 033, 5221,680, 972 639, 389 593,663 2,496,406 2, 259, 325 54, 240 31, 813 1,314 1,328 Michigan 1, 542, 6051, 512, 7161,141, 5751,109, 766 401,030 402, 950 1,447, 7401,449,916 45, 928 47,200 609 617 Wisconsin 518, 536 512,088 365,187 357,628 153, 349 154,460 525, 273 528,469 9,480 8,906 807 810 West North Central: Minnesota 383, 914 385,098 209, 887 210, 859 174,027 174, 239 389, 659 397,445 5,061 5,937 800 Iowa 512, 918 512, 338 483, 562 486,474 29, 356 25,864 * 552, 555* 563, 866 6,279 6,967 1,021 1,029 Missouri 703, 995 751, 802 496,955 507, 896 207,040 243, 906 < 706, 496 * 775,1961 21, 807 28, 250 1,191 1,222 North Dakota 45, 035 49, 688 39. 519 42, 364 5,516 7,324 49, 934 59, 508 1,266 484 308 337 South Dakota 72,888 73, 768 58, 338 59, 716 14,550 14, 052 82, 229 85,2911 1,787 746 303 313 Nebraska 193,368 218, 729 156,499 180, 834 36, 869 37, 895 219, 370 244, 774 3,628 «688 «726 Kansas 207, 693 212, 352 160, 240 165,995 47,453 46, 35- * 214,908 * 222, 821 3,796 2,641 830 854 South Atlantic: Delaware 145, 346 126, 528 106, 244 85, 785 39,102 40, 743 119, 892 117,154' 2,919 1,659 31 30 Maryland 614, 563 593, 870 362, 857 342, 582 251, 706 251, 288 579, 397 570, 846 8,671 3,887 153 154 District of Columbia 125, 081 123, 977 99,140 95, 393 25,941 28, 584 123, 238 125,715 1,306 1,015 29 29 Virginia 234,163 237, 256 200, 287 204,038 33, 876 33, 218 187, 541 193, 078 15,839 12, 737 317 323 West Virginia 188,445 195, 262 158, 747 165,912 29,698 29,350 180, 377 184,194 6,877 6,714 194 206 North Carolina 239,695 251, 267 213,008 220,966 26, 687 30, 301 213, 022 247,186 24, 522 10,024 355 366 South Carolina 79, 612 81,008 62,434 62, 083 17,178 18,925 78,453 92,631 3,295 397 170 189 Georgia 142,947 146, 812 126, 111 123, 564 16, 836 23, 248 119, 646 133, 035 13,122 10, 738 353 Florida 138,335 149, 511 92, 563 105,436 45, 772 44, 075 140, 640 156, 607 5,728 5,271 202 221 H ast South Central: Kentucky 312, 556 280.367 253, 362 224, 941 59,194 55,426 243, 888 232, 841 11, 299 15, 518 434 439 Tennessee 194, 240 195,875 167, 352 171, 620 26, 888 24, 255 * 205, 881 * 212, 398 8,167 8,165 391 396 Alabama 109, 270 108, 215 98, 382 96,270 10,888 11,945 « 95, 093 < 109, 050 13,133 6,583 244 250 Mississippi 146, 26: 144,930 113, 71~ 111, 746 32, 544 33,184 143,156 162, 3871 9,736 2,817 277 285 West South Central: Arkansas 129, 380 121, 833 109,953 104, 342 19,427 17, 491 127,667 137, 605 8,333 908 347 359 Louisiana 323, 505 325, 979 258, 686 252, 872 64, 819 73,107 300, 398 319,056 21,879 15, 208 193 195 Oklahoma 75, 223 68, 290 52, 895 46,190 22,328 22,100 84,129 84, 950 2,118 371 342 336 Texas 240, 783 224, 997 196,112 182, 288 44,671 42, 709 243, 673 266,979, 5,726 1,539 710 713 Mountain: Montana 69, 513 73, 001 44, 688 47,155 24, 825 25,846 72,967 82.102 1,352 245 129 131 Idaho 41, 508 40, 529 24,163 22,300 17,345 18, 229 46, 605 47, 032, 457 177 94 95 Wyoming 24,886 24,005 19,493 18,465 5,393 5,540 26,598 29, 5311 1,197 56 6 60 Colorado. 59, 230 60,713 43,650 44,273 15, 580 16,440 62,505 66,169, 951 1,404 157 161 New Mexico 11, 336 11,061 7.770 7,28£ 3,566 3,776 11, 570 13.103 471 30 30 Arizona 55, 749 53,132 37,139 35, 54- 18, 610 17, 588 • 62,431 * 62,489 «425 «222 32 31 Utah 111, 504 111, 859 89, 811 90, 525 21,693 21,334 91, 878 97, 700 2,256 699 85 85 Nevada 23,165 21, 949 18,96" 18,123 4,198 3,826 26,907 25,755. 25 25 Pacific: Washington 180, 330 179,461 120, 256 117,030 60,07' 62,431 184,289 185,758' 2,811 1,244 238 241 Oregon 70,423 83, 268 46, 711 55, 224 23, 712 28,044 74,455 92,759 1,787 785 14: 149 California 1,474, 440 1, 748, 61r 1,091, 9821, 281, 22: 382,458 467,396 1,457,510 1,778,224' 19,485 31,499 244 249 Total 37, 017,442 35, 859, 621 26, 706,402 25,477, 54i 10,311,04C10, 382, 07534,440,46135,358,464, 880,053 725,483 17, 580 17,947 1 Includes all State banks (including stock and mutual savings banks) and all private banks under State supervision. Figures relate to dates given or dates nearest thereto for which figures are available. a Includes rediscounts and overdrafts; excludes acceptances of other banks and bills of exchange sold with indorsement. 3 Includes bonds borrowed. * Includes due to banks. 8 Exclusive of banks operated by the Guaranty Fund Commission. 6 Includes all other liabilities. NOTE.—All figures in the June columns are as of June 29, except as follows: Minnesota, July 15; Missouri, Apr. 10; Kansas, June 27; Tennessee, Apr. 15. All figures in the December columns are as of Dec. 31, except as follows: New Hampshire, June 30; Massachusetts, savings banks, Oct. 31; Missouri, Nov. 15; Kansas, Dec. 26; Kentucky, June 30; Tennessee, Nov. 24; Alabama, Nov. 16; Oklahoma, Dec. 28; Colorado, Nov. 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE DISTRICTS »• 'BOUNDARIES OF FEDERAL RESERVE DISTRICTS ——BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE DANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1929, September 30). Federal Reserve Bulletin, 1929-10. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_192910
@misc{wtfs_bulletin_192910,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1929-10},
year = {1929},
month = {Sep},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_192910},
note = {Retrieved via When the Fed Speaks corpus}
}