Federal Reserve Bulletin, 1929-11

FEDERAL RESERVE BULLETIN NOVEMBER, 1929 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Credit and Business Developments Revised Indexes of Factory Employment and Pay Rolls UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1929 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD Ex officio members: ROY A. YOUNG, Governor. A. W. MELLON, EDMUND PLATT, Vice Governor. Secretary of the Treasury, Chairman. ADOLPH C. MILLER. CHARLES S. HAMLIN. J. W. POLE, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. J. C. NOELL, Assistant Secretary. E. A. GOLDENWEISER, Director, Division of Research E. M. MCCLELLAND, Assistant Secretary. and Statistics. W. M. IMLAY, Fiscal Agent. CARL E. PARRY, Assistant Director, Division of Re~ J. F. HERSON, search and Statistics. Chief, Division of Examination, and Chief Federal Reserve Examiner. E. L. SMEAD, Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) ARTHUR M. HEARD. District No. 2 (NEW YORK) WM. C. POTTER. District No. 3 (PHILADELPHIA) L. L. RUE. District No. 4 (CLEVELAND) HARRIS CREECH. District No, 5 (RICHMOND) JOHN POOLE. District No. 6 (ATLANTA) __ J. P. BUTLER, Jr District No. 7 (CHICAGO) FRANK O. WETMORE, President. District No. 8 (ST. LOUIS) W. W. SMITH. District No. 9 (MINNEAPOLIS) THEODORE WOLD. District No. 10 (KANSAS CITY). P. W. GOEBEL. District No. 11 (DALLAS) -- B. A. MCKINNEY, Vice President. District No. 12 (SAN FRANCISCO) F. L. LIPMAN. 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. McGarrah... Geo. L. Harrison J.H. Case J. W. Jones.* L. F. Sailer Ray M. Gidney.» E. R. Kenzel J. E. Crane.* A. W. Gilbart W. B. Matteson.i L. R. Rounds C. H. Coe.i Philadelphia R. L. Austin Geo. W. Norris... Wm. H. Hutt C. A. Mcllhenny. W. G. McCreedy.* Cleveland George DeCamp.. E. R. Fancher M. J. Fleming H. F. Strater. Frank J. Zurlinden.. Richmond Wm. W. Hoxton.. George J. Seay C. A. Peple Geo. H. Keesee. R. H. Broaddus John S. Walden, jr.« Atlanta Oscar Newton Eugene R. Black.. Hugh Foster M. W. Bell. Creed Taylor Chicago Wm. A. Heath... J. B. McDougal— C. R. McKay W. C.Bachman.* John H. Blair K. C.Childs.» J. H. Dillard.» D. A. Jones.* O. J. Netterstrom.* St. Louis. Rolla Wells. Wm. McC. Martin.. O. M. Attebery _ A.H.Haill.2 F. N. Hall.* S. F. Gilmore.8 G. O. Hollocher.a C. A.Schacht.* Minneapolis... John R. Mitchell W.B.Geery Harry Yaeger Gray Warren. H. I. Ziemer Frank C. Dunlop.1 Kansas City.. M.L. McClure W.J. Bailey C. A. Worthington.. J. W. Helm. Dallas CO. Walsh Lynn P. Talley R R . . B R . . C G o il l b em er a t n W Fre . d D H . G ar e r n is tr . y.1 San Francisco. Isaac B. Newton. Jno. U. Calkins Wm. A. Day Wm. M. Hale. Ira Clerk 1 Assistant deputy governor. Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch R. M. O'Hara. Helena branch R. E.Towle. Cleveland: Kansas City: Cincinnati branch C. F. McCombs. i 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: j Houston branch D. P. Reordan. New Orleans branch Marcus Walker. j San Antonio branch M. Crump. Jacksonville branch W. S. McLarin, jr. San Francisco: Birmingham branch A. E. Walker. Los Angeles branch W. N. Ambrose. Nashville branch J. B. Fort, jr. Portland branch R. B.West. Chicago: Salt Lake City branch W. L. Partner. Detroit branch W. R. Cation. Seattle branch C. R. Shaw. St. Louis: Spokane branch D. L. Davis. Louisville branch W. P. Kincheloe. Memphis branch W. H. Glasgow. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Credit and business developments 703 Liquidation of security loans—Industria1 activity—Course of production analyzed—Building industry—Employment and buying power. Revised indexes of factory employment and pay rolls 706-716 National summary of business conditions 717 Financial, industrial, and commercial statistics: Reserve bank credit and factors in changes 718-720 Analysis of changes in monetary gold stock 719 Discount rates and money rates 721, 722 Member bank credit 723 Bankers' balances 724 Bankers' acceptances and commercial paper outstanding 724 Brokers' loans . 724 Commodity prices, security prices, and security issues 725 Production, employment, and trade 726 Industrial production 727, 728 Factory employment and pay rolls 706-716 Building 1 729 Trade and distribution 730 October crop report, by Federal reserve districts 731 Bank suspensions 753 Financial statistics for foreign countries: Gold holdings of central banks and Governments 732 Gold exports and imports 732 Condition of central banks 733, 734 Condition of commercial banks 735 Discount rates of central banks 735 Money rates 736 Foreign exchange rates 737 Price movements 738-740 Law department: Rulings of the Federal Reserve Board— Philippine Government funds as time or demand deposits 741 Right of a national bank to borrow securities from its trust department 741 Decision of Supreme Court relative to discretion of Federal Reserve Board in approving organization of foreign banking corporations 741 Changes in National and State bank membership 742 Fiduciary powers granted to national banks 743 Detailed banking statistics for the United States 744-753 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 15 NOVEMBER, 1929 No. 11 REVIEW OF THE MONTH the Federal reserve system. The Federal Credit developments during the past month Reserve Bank of New York increased its diswere characterized by large liquidation in the counts for member banks b}^ $150,000,000 field of security loans. The during the week and in addition purchased Liquidation of decline in security values which $150,000,000 of United States Government security loans. took place in the latter part of securities in the open market. As a con- October was reflected in a sequence of the action of the banks in New reduction for the month of $2,400,000,000 in York City and of the Federal Reserve Bank of brokers' borrowings, as reported by the New New York, the liquidation which took place in York Stock Exchange. A large part of this the security market was not associated with a reduction occurred during the last week of the rise in money rates. Rates on call money, month. Loans to brokers by nonbanking which had declined from a range of 8 to 9 per lenders declined by $2,000,000,000 during cent in September to 6 per cent in the latter October, reflecting withdrawals of funds from part of October, ranged between 5 and 6 per the call-loan market by foreign lenders, in- cent during the last week of that month. On vestment and trading companies, and other October 31 the discount rate at the Federal corporations and individuals. Loans to Reserve Bank of New York was reduced from brokers for out-of-town banks, which include a 6 to 5 per cent, the level prevailing at the other considerable amount of loans for account of reserve banks. their customers, decreased by $800,000,000, Industrial activity, as measured by the while loans by New York City banks for their Federal Reserve Board's index of production own account increased by $1,000,000,000. At in basic industries, has shown the same time the banks in New York City Industrial ac- some decline since midsummer. also increased their security and other loans to tivity. The board's index is adjusted customers, and their investments. Combined for usual seasonal variations, figures for the weekly reporting member banks and while the actual physical volume of the in leading cities showed an increase in total loans industrial output increased somewhat in August and investments from October 2 to October 30 and again in September, the index showed of $1,600,000,000. Practically all of this un- declines for both months, because the increases precedented growth occurred during the last were not so large as is usual at that season of week of the month and nearly all was at banks the year. The fact that this autumn's growth in New York City. The taking over by the of industrial production was less than has been New York City banks of brokers' loans of usual in recent years should be considered in nonbanking lenders and the extension by these connection with the unusually rapid expansion banks of additional loans to their customers was of many industries earlier in the year, which reflected in a growth from October 23 to Octo- continued until midsummer contrary to the ber 30 of $1,500,000,000 in the New York banks' usual seasonal trend. Total production in net demand deposits and in a consequent large basic industries for the first nine months of the growth of their reserve requirements, as in- year was 11 per cent larger than for the corredicated by an increase of $240,000,000 in their sponding period of 1928, which was a year of reserve balances with the Federal reserve bank. high production, and the third quarter showed In coming to the support of the situation an increase of 10 per cent over the unusually during this period of severe disturbance the high industrial record of the third quarter of banks in New York City had the assistance of the preceding year. 703 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

704 FEDERAL RESERVE BULLETIN ft OVEMBER, 1929 An analysis of the recent course of the board's the reduced demand for steel by producers of index of industrial production is presented automobiles. The contrast between the two in 'the accompanying chart, lines would be still more pronounced if it Course of pro- which divides the index into were possible to subdivide steel and other duct ion ana- two elements, the upper line products into those used in building autolyzed. representing the production of mobiles and those used by other industries, iron and steel, automobiles, since the demand for steel from other important rubber tires, and other products entering to a consumers, such as the construction industry, large extent into the manufacture of auto- the railroads, and shipbuilding, has remained mobiles, and the lower line representing the out- high in recent months, while the demand from put of all other industries included in the index. the automobile industry has declined. The output of automobiles increased rapidly PERCENT 160 INDEX OF INDUSTRIAL PRODUCTION 160 from 1927 and reached a peak in the late spring 150 ( Adjusted for seasonal variations ) 150 of this year. Since that time there has been some decline in the industry, but the total Steel. Automobiles, etc./ \ 140 (20% of iota] y-y*- 140 output of automobiles in September was ap- 130 130 proximately in the same volume as in September, 1928. For the first nine months of the 120 - All Other 120 year the number of motor cars produced was (10% of total ) 110 110 about 4,650,000, an amount 300,000 in excess of the entire annual output in 1928 when motor 100 100 production exceeded all previous records. The 90 90 rapid expansion in automobile output in 1928 1926 1929 and in the first half of 1929 was supported by a Broken curve includes manufacture of iron and steel, automobiles, backlog of demand that had accumulated during rubber tires and tubes, copper (smelting), and coke—also mining of iron and copper ore; "all other" industries are as shown on pages 727-728. 1927, when the Ford organization suspended ac- The group of industries represented by the tivities pending the introduction of new models, lower line on the chart, which includes alto- and by increased exports. It would appear gether 70 per cent of the entire output of basic that during the first half of this year the output industries, shows a steady gradual growth had caught up with this demand. since the middle of 1928, indicating that opera- In the construction industry, which is not tions of more than two-thirds of these basic included in the index of industrial production, industries have shown no marked fluctuations the volume of residential buildand have continued on a high level. In con- ui ing in- ^g contracts awarded declined trast to the course of the major group of In- further in September, but dustries has been the group including steel, public works and commercial and industrial automobiles, and other related industries, building continued in large volume. The comprising in the aggregate less than one-third aggregate for all classes of building, however, of the total industrial output. This group has was smaller in September than in earlier shown a rapid rise in the first nine months of months. Notwithstanding the decline in the 1928, a decline in the last quarter of that year, past 12 months, the volume of construction, as a further growth in the first half of 1929, and measured by contracts awarded, has remained at a more pronounced decline in the last three a high level compared with earlier years. Durmonths. The principal component of this ing the year ending September 30, 1929, total group is the iron and steel industry; two im- construction contracts awarded in 37 States east portant factors in the rise of the curve have of the Rocky Mountains were about 8 per cent been demand for steel from the automobile lower than in the preceding year and about industry and from the railroads, while in the 4 per cent under the corresponding years endrecent decline the principal factor has been ing in September, 1926 and 1927, as is shown Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

705 NOVEMBER, 1929 FEDERAL RESERVE BULLETIN by the chart. The chart also brings out the fact commodation fully adequate to meet the that the decrease during the past year was entire- demand, and in some localities in excess of ly due to a reduction in contracts for residential immediate demand, has led to a more conconstruction, which declined to the lowest levels servative appraisal of mortgage values and since the 12 months ending in September, 1924, risks than was the practice during the period while contracts for construction other than resi- of rising rents and assured demand for all new dential have expanded during the year. houses and apartments that were erected. Notwithstanding the slackening of industrial BUILDING CONTRACTS AWARDED C M O IL N L T IO R N A S C T O S F I D N OLLARS 12 MONTH PERIOD ENDING SEPTEMBER P H E O R U C S E E M R T E O N F T S 1 9 I 1 N 3 activity in the past two months, factory 7000 employment and wage paymp oymen ^ ^o industrial workers, 6000 men s and buying pow- . . . ; which had been increasing ior er# the past two years, remained in large volume this autumn. Earnings of industrial workers, therefore, have been maintained, and there appears to be no considerable change in the income of farmers as compared with last year. The sustained buying power of both industrial and agricultural workers has 1000 been reflected in a large volume of distribution of commodities by the railroads and in a growth 192^ 1925 1926 1927 1928 1929 in retail sales to ultimate consumers. Statistics of building contracts awarded from F. W. Dodge Corpora- Changes in Discount Rate and Bill Rates tion. Figures of rents as reported by the Bureau of Labor Statistics The discount rate on all classes and maturiare shown for June and December dates. ties of paper at the Federal Reserve Bank of The decline in residential construction has New York was reduced from 6 to 5 per cent, followed a drop in house rents, as measured effective November 1. by the semiannual index of the Bureau of Buying rates on bills with maturities under Labor Statistics, which is also shown on the 90 days at the New York bank were reduced from 5% to 5 effective on October 25, and chart. The shortage of housing that had effective November 1, were further reduced to developed during the war was accompanied 4% per cent. The buying rate on bills of 4 by a rising trend in rents, which came to apeak in months7 maturity was reduced from 5% to 4% 1924, and was a factor in causing a steady expan- per cent and on bills of 5-6 months' maturity sion of building activity from 1921 to 1926. Ac- from b}{ to 5 percent, effective November 1. tivity of the construction industry was, in fact, an important element in the general expansion Changes in Foreign Central Bank Discount Rates The following changes have been made since of industrial production during this period. the first of October in the discount rates of The total volume of construction activity has central banks in foreign countries: October 3, remained on a high level since 1926, but there Bank of Estonia, from 7% to 8 per cent; Octohas been a decrease in the proportion of the ber 10, Imperial Bank of India, from 5 to 6 total represented by residential construction. per cent; October 10, Bank of the Republic of Colombia, from 7 to 8 per cent; October 31, During the past year the decline in residential Reserve Bank of Peru, from 6 to 7 per cent; construction has also been influenced by the October 31, Bank of England, from 6K to 6 prevailing high level of money rates and the per cent; October 31, Imperial Bank of India, unfavorable condition of the bond market. from 6 to 7 per cent; November 1, Netherlands Bank, from 5% to 5 per cent; November 2, The financing of speculative building enter- Bank of Danzig, from 7 to 6% per cent; Noprises has been more difficult than in other vember 2, German Reichsbank, from 7% to 7 recent years. The termination of the housing per cent; and National Bank of Hungary, from shortage and the availability of housing ac- 8 to 7}i per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

706 FEDERAL RESERVE BULLETIN 2MOVEMBER, 1929 REVISED INDEXES OF FACTORY EMPLOYMENT AND PAY ROLLS The Federal Reserve Board has for several building, trade, etc., are not available. For years compiled currently for the United States manufacturing, however, the indexes are now and published in the FEDERAL RESERVE BUL- on such a comprehensive .basis that they are LETIN index numbers of factory employment broadly representative of long-time changes in and of factory pay rolls. A revision of these employment and earnings in all manufacturing indexes has recently been completed and the industries, because of the inclusion of statistics revised indexes together with a description of at intervals of two years for industries which do the data underlying them and of the methods not report employment currently. Monthly used in their construction are presented in this statistics for additional industries that have article. The revised indexes are shown on become available currently since the old indexes Chart I and in Tables 1 and 2. The chart were constructed are included, with the result brings out the general similarit}^ of movement that the monthly fluctuations of the revised OF FACTORY EMPLOYMENT AND PAYROLLS (REVISED) MONTHLY AVERAGE, 1923-25=100 70 60 60 1919 1920 1928 1929 between employment and earnings, and also indexes are more representative. The basic the fact that earnings have fluctuated more data are derived from reports collected by widely than employment, both within each year various agencies, chiefly the United States and over longer periods of time. In 1920 earn- Bureau of Labor Statistics, certain State departings rose further than employment, and in 1921 ments of labor, and the Bureau of the Census. were more sharply reduced. Within the last While the revised indexes are constructed two years earnings have again increased more according to the same general principles as rapidly than employment. those which they supersede, the use of statistics Broader scope of revised indexes.—The re- from the biennial Census of Manufactures has vised indexes, like those which they supersede, been considerably more extensive and an imrelate to manufacturing industries only, not to proved method of computation has been used. all industries, since necessary basic data for The same base period (1923-1925 = 100) is adopted as that used for other indexes comi Acknowledgment is due to Aryness Joy, of the Division of Research piled by the board. The revised indexes are and Statistics, for special work in the revision of these indexes; also, for assistance in their development, to William A. Berridge and Woodlief accordingly believed to be better indicators of Thomas. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1929 FEDERAL RESERVE BULLETIN 707 changes from month to month and of trends of of which the measure does not become available factory employment and pay rolls over a until the next biennial Census of Manufactures. period of years. Primarily, however, the re-For factory employment the extent of the disvised indexes are superior to the old in making crepancy in recent years, together with an comparisons extending over periods embracing illustration of its approximate elimination in the the last 3, 5, or 10 years. This quality arises revised index, is indicated by Chart II, which largely from adjustment of the index numbers shows the board's former index of employment to the census data afforded by the biennial (broken line), employment in all manufacturing Census of Manufactures for 1923, 1925, andindustries as shown by the census (hollow 1927.2 circles), and the board's revised index (solid Periodic adjustment.—The necessity for peri- line), all relative to 1923. During the period odic adjustment of the index numbers that 1923 to 1927, for example, the census reported are computed monthly, to accord with cen- for all manufacturing industries a decline in sus data, which become available only at bien- employment of over 5 per cent, or more than PERCENT 120 FACTORY EMPLOYMENT INDEX NUMBERS 1923=100 70 60 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 CHART II nial intervals, arises partly from the fact that 425,000 workers, whereas the decline in the suitable monthly statistics are not currently board's former index was approximately 12 available for a considerable number of manu- per cent, which would indicate a decrease of facturing industries. It arises primarily, how- more than 1,000,000 workers. The revised ever, from the fact that the basic statistics cur- index, as shown by the chart, practically rently available are imperfect, in that they do eliminates this discrepancy and similar disnot cover, for example, the opening of newcrepancies in earlier years. establishments or allow for the complete closing Data currently available.—The board's redown of operations in old establishments. vised indexes are based in largest part on sta- From any one month to the next they are not tistics of factory employment and pay rolls that unsatisfactory, but over longer periods an index become available monthly, which now embrace based upon them develops inaccuracy, fre- 50 industries arranged in 14 industrial groups quently of progressive or cumulative character, (see Tables 3, 4, and 5).3 These industries in combination employed in 1927, the latest year 2 Adjustments of the board's former indexes to census data for 1919 and 1921 were made in 1923 and 1925; see FEDERAL RESERVE BULLETIN for 3 For the years 1919-1922, the indexes comprise 34 industry series, December, 1923 (pp. 1272-1279) and May, 1925 (pp. 324-327). The representing in combination 45 of the 50 industries now currently and results of these earlier adjustments, for the period to which they relate, separately reported. The industries which are included currently are embodied in the revised indexes, but the latest revision has taken from 1923, but not prior to that time are: Petroleum refining, shipaccount for that period, as well as for more recent years, of manufacturing building, and the manufacture of fertilizers, rubber boots and shoes, industries not formerly included in the indexes. and automobile tires. 77135—29 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

708 FEDERAL RESERVE BULLETIN NOVEMBER, 1929 for which comprehensive figures are available, census, and by using estimated figures for 6,600,000 wage earners or about 78 per cent of intervening even years. The necessary estithe 8,350,000 wage earners employed in all mates were based on all available data, includmanufacturing industries, and accounted for ing particularly employment figures of limited about 80 per cent of total factory pay rolls in scope collected by certain States, and monthly the United States. statistics of production for the industries con- Estimated data for certain industries.—Other cerned. Such estimates were made separately manufacturing industries, for which the neces- for the following industries: Petroleum refining sary statistics are not available currently on a (1920, 1922); shipbuilding (1920, 1922); automonthly basis, but for which the Bureau of mobile tires and tubes (1922); fruit canning the Census publishes comprehensive reports at and preserving (1920, 1922, 1924, 1926, 1928, longer intervals, are included in the revised and January-April, 1929).3 indexes on the basis of these comprehensive For certain other industries, however— census reports. Such industries employed in including for example those producing rayon, 1927 about 1,750,000 wage earners, or 21 per radio, washing machines, and electric refrigercent of wage earners in all manufacturing ators, and a larger group of miscellaneous inindustries, and, in 1919, about 2,350,000 wage dustries, and employing in the aggregate about earners, or 25 per cent of the total. The inclu- 1,800,000 workers in 1919 and about 1,600,000 sion of these industries on the basis of census workers in 1923—month-by-month estimates data is a major point of difference between the for individual industries for intercensal years revised indexes and those which they supersede. were impracticable. For this group of in- The importance of their inclusion is indicated dustries taken as a whole the change from one by the fact that without them an index of em- census year to another was determined from ployment understates the number of wage the census data and month-to-month flucearners employed in all manufacturing indus- tuations were arbitrarily assumed to be the tries in 1927 by 2 per cent, the equivalent of same as those for the larger group of industries more than 175,000 workers, largely in conse- for which the necessary information has been quence of the absence of representation for cer- currently available. For the period since 1927, tain manufacturing industries that have shown however, no estimate of the rate of growth has rapid growth during recent years, such as those been attempted, pending the appearance of the producing rayon, radios, airplanes, motion pic- statistics from the 1929 Census of Manufactures. tures, and special mechanical devices such as The industries concerned—here designated as washing machines and electric refrigerators. "industries not elsewhere specified"—are rep- Similarly, in 1919, when monthly reports were resented in the revised index by a basic figure not available for the shipbuilding industry, the at the census level of 1927 but varying from exclusion of these industries understates em- month to month with variations in the group ployment by about 7 per cent, or more than of 50 industries taken as a whole. Thus the 525,000 workers. current fluctuations of the index are deter- Seasonal fluctuations of an index based solely mined altogether by the statistics reported by on currently reported data, furthermore, were manufacturing establishments every month, found to vary substantially from fluctuations in while the general level of the index in 1928 and employment in all manufacturing industries, as 1929 is determined in part by an allowance indicated by census reports. Volume of em- based on the census of 1927 for industries ployment in the early months of the year was that do not report currently. Whatever inoverstated and from midsummer to November accuracy in level for these years may be diswas understated, largely because of absence of closed by the 1929 Census of Manufactures representation for the fruit and vegetable can- when the figures become available can then ning industry. Employment in this industry be eliminated by the same methods that is at its low point in January or February, when have already been applied to the data for between 15,000 and 35,000 workers are em- earlier years. ployed; after early summer, however, the num- For the period since 1923 the majority of ber of employees begins to increase, rising to the series that become available monthly and between 150,000 and 200,000 at the height of are used in the revised indexes are compiled the packing season in September. The inclusion of a number of these additional 3 The industries for which separate estimates were made by months manufacturing industries was accomplished by for the years specified are those for which current figures are now available, and for these industries estimates were made only for (1) years using for census years—i. e., for odd alternate for which currently reported figures were not available, and (2) years years—the monthly statistics given in the for which available statistics of one kind or another afford a satisfactory basis of estimate. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1929 FEDERAL RESERVE BULLETIN 709 for individual industries by the United States pay-roll period contains a holiday and shows Bureau of Labor Statistics.4 Of the 50 indus- an exaggerated decline in pay rolls. tries for which figures are used currently, The form in which the current information series for all except four are from this source. for a given industry becomes available is that Similar series compiled by the New York State of a series of index numbers, or, more accu- Department of Labor have been used for therately, percentages relative to a chosen base following industries: Women's clothing, milli- period.5 The original series compiled by the nery, and stamped and enameled ware, in the New York State Department of Labor are production of which New York led all other based on a fixed list of reporting firms, while States in 1925. For the musical instruments the Bureau of Labor Statistics series are comindustry, the New Jersey State Department puted from percentages of change from one of Labor series, representing in large part the month to the next, derived from figures of manufacture of phonographs, have been com- number of employees and earnings reported bined with those of the Bureau of Labor Sta- for the two months by identical firms. Over tistics for the manufacture of pianos and organs. a longer period of time, however, the number The inclusiveness of the samples varies con- of firms reporting to the Bureau of Labor siderably from industry to industry, from 10 Statistics varies considerably. The statistics per cent to over 70 per cent, but they represent measure month-to-month changes in the numin the aggregate about 40 per cent of the total ber of workers employed by established firms, number employed in the group of 50 industries. but not the original employment of additional For the 46 industries, for which the series used workers in newly organized establishments or are those of the Bureau of Labor Statistics, reductions in employment that arise from the the reporting firms employed on different permanent closing of plants. Consequently the dates the following proportions of the total series tend to show for expanding industries a number of wage earners reported for these same slower rate of growth and for decadent industries industries by the census: December, 1923, 35 a slower rate of decline than would be shown by per cent; December, 1925, 42 per cent; June, more comprehensive reports. This accounts in 1927, 45 per cent. The corresponding figure part for the discrepancy (see Chart II) between for June, 1929, is estimated at 55 per cent, the the index numbers and the census data. To growth being due to a substantial increase be- eliminate this error, the series representing each tween 1927 and 1929 in the number of firms industry was tested by comparison with the reporting to the bureau. In general it is true Census of Manufactures and adjusted with a that the average size of establishment reporting view to bringing its fluctuations into line with current statistics of employment is considerably those of the industry as a whole. larger than the average size as reported by the Methods of adjustment to census data.— census. Census figures on employment in each month Reports to agencies collecting the basic data of 1923 and 1925 and average monthly employfrom which the board's indexes are compiled ment in 1927 were compiled for each of the 50 relate almost without exception to the pay-roll industries and stated in index numbers, or perperiod ending nearest the 15th of the month, centages relative to the annual average for whether this be a week, ten days, two weeks, 1923.6 These were then compared with similar or some other period. Although the indexes series currently reported for comparable indusactually reflect employment and earnings in tries, converted into percentages of the annual only a part of the month, it is customary to average for 1923. In a majority of instances, refer to them as monthly indexes. In some the current series exaggerated the decline in cases the discrepancies between the changes in employment, and the adjustment to the census employment and pay rolls in the month as a involved raising the level of the current series, whole as compared with that part of the month but there were a few cases in which the error included in the pay-roll period may be con-was in the opposite direction. siderable, as, for example, in months when the The method of adjustment may be illustrated in detail by reference to employment in * For the years 1919 to 1922, the board's indexes were based to a large extent on statistics collected by State departments of labor and by Federal reserve banks, with the addition of some material from the * The Bureau of Labor Statistics series are chain relatives, until re- United States Bureau of Labor Statistics. The method of their combi- cently percentages of the monthly average of 1923, now percentages of nation into series of relatives, and their adjustment to the Census of the monthly average of 1926. The New York State Department of Manufactures, was described in the FEDERAL RESERVE BULLETINS for Labor has recently changed the base period of its indexes from June, December, 1923, and May, 1925. Inasmuch as each of these series had 1914, to the monthly average of 1925-1927. already been adjusted to the census, they were used in the present index 6 In obtaining census figures comparable with those of the 50 induswith little alteration and joined to comparable series from different tries in the index, it was frequently necessary to combine a number of sources used in the years 1923 to date. the more detailed census classifications. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

710 FEDERAL RESERVE BULLETIN NOVEMBER, 1929 the furniture industry. The broken line on appropriate level. No attempt has been made, Chart III shows (1) the Bureau of Labor Sta- pending the results of the 1929 Census of tistics series representing employment in the Manufactures, to estimate the extent of any furniture industry in comparison with (2) the error which may have accumulated since 1927. census series, which is represented by circles, This method of adjustment to the census was and (3) the board's revised series, all relative followed with minor variations in respect to to the average of 1923. In 1925, the Bureau of most of the current series representing volume Labor Statistics series showed a decline from of factory employment from 1923 to date. 1923 of 1.3 per cent, while the census showed For some industries, however, for which the an increase of 7.6 per cent. Thus during this current reports described the trend of employperiod the current series had accumulated an ment from one census year to the next within appreciable error, understating employment by a margin of 1 per cent, no adjustment was conalmost 9 per cent. In 1927 the Bureau of sidered to be necessary. Labor Statistics series showed a further decline, In certain industries in which seasonal while the census average continued *to increase, fluctuations in employment as reported curthe difference between the two averages rently did not compare favorably for census approximating 15 per cent. To eliminate this years with those shown by the census, special discrepancy, the level of the Bureau of Labor adjustments were made. Accordingly, the Statistics relatives was raised beginning in adjustment to the level of the census in 1925 occasionally began with July, 1923, with offsetting adjustments in the opposite direction in the earlier months of the year. In a few EMPLOYMENT IN THE FURNITURE INDUSTRY ( 1923 MOO) industries in census years, census data were substituted throughout for labor department data, because of widely differing seasonal fluctuations, and in other instances and for similar reasons census figures were substituted in certain months. In the pay-rolls index a similar procedure was followed, with certain exceptions necessitated by the fact that the census publishes pay-roll data only for the year as a whole and not by 90 months, but the annual data made possible accurate adjustments of the series for individual industries to appropriate levels. As a 80 1923 1924- 1925 1926 1927 1928 1929 rule, however, the adjustments made in the CHART III.—Illustrates method of adjustment to census. Brokon employment index were duplicated in the payline: Bureau of Labor Statistics series; average for year 1927 indi- roll index, in order that the comparability of cated by x. Solid line: Federal Reserve Board's revised series the two indexes be not affected by differences after adjustment to census in statistical method. January, 1924, by the addition of a small Method of computing composite indexes.— increment, which was increased gradually For purposes of combination into a composite until the average for the year 1925 equaled the index, each series representing an individual average shown by the census. A similar industry (adjusted to the census and relative procedure was used in the adjustment of data to 1923) was assigned a weight factor, measurfor the years 1926 and 1927 to the level of the ing its proportionate importance as an employer 1927 census. For the years since 1927, for of wage earners in manufacturing. These which no census reports are available, the weight factors were derived from the Census Bureau of Labor Statistics relatives were of Manufactures for 1923, and consisted for adjusted, proportionately, to the level shown the employment index of the actual number by the 1927 census. Thus in the case of the employed in the industry (annual average furniture industry, the ratio for December, of monthly figures) and for the pay-rolls index 1927, between the relative arrived at by this of the total annual pay roll of the industry. These weight factors are shown in Table 5, process of adjustment (112.8) and the Bureau together with the percentage each forms of of Labor Statistics relative (96.2) was 117.26. the total. Each series of employment relatives This figure was used as a multiplying factor to was translated into terms of actual number increase all succeeding monthly relatives to the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

711 NOVEMBER, 1929 FEDERAL RESERVE BULLETIN employed in a given month by multiplying article, like the board's former index numbers the relatives by this weight factor; and, in a of factory employment and pay rolls, are not similar manner, each series representing pay adjusted for seasonal variations. Such adrolls was translated into terms of thousands of justment, which has been applied to almost all dollars paid wage earners in »the industry as a of the board's other index numbers, is under whole. Because of the fact that the series of consideration, on the basis of study given seprelatives for each industry had previously been arately to the available data for each of the 50 adjusted to the census on a 1923 base, the industries that enter into the groups for which aggregates resulting from this procedure closely indexes are given in Tables 3 and 4. While the approximated for all census years the actual course of employment in a certain number of number of wage earners employed in the these industries appears to exhibit, during the industry as a whole, and their total pay rolls, as comparatively short period of about 10 years shown by the census. By this device every for which data are available, fluctuations from industry was automatically given its propor- one part of the year to another that are obvitionate importance in the total for every year. ously seasonal, there are other industries in These aggregates for individual industries which such fluctuations as appear are apparwere then combined into industrial groups, as ently not seasonal. Known statistical impershown in Table 5, and the group totals com- fections, furthermore, in the original figures furbined into a composite representing all manu- nished to the collecting agencies by the reportfacturing industries. These group aggregates, ing establishments, especially in the case of pay and the aggregate for all manufacturing indus- rolls, further complicate the process of identitries, were converted into index numbers by di- fying seasonal variations. Subject to the reviding by the average of the thirty-six monthly sults of further study, therefore, the indexes of aggregates in the three years 1923-1925. factory employment and factory pay rolls will Indexes not adjusted for seasonal varia- continue to be published without adjustment tions.—The index numbers presented in this for seasonal variations. TABLE 1.—INDEX OF FACTORY EMPLOYMENT (REVISED) [Monthly average 1923-1925 = 100. Without seasonal adjustment] Month 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 Janaury.. __ _ 105.4 114.0 81.3 82.6 100.6 99.9 96.4 100.8 98.1 94.2 97.4 February 101.9 113. 1 82.7 84.4 102.4 101.1 98.2 101.9 99.7 95.7 99.7 March 102 3 115.2 83.1 85.6 104.9 101.4 99.5 102.6 100.4 96.6 101.3 April 102.6 113.9 82 1 85.4 105.2 99.7 99.3 101.9 99 8 96 0 101 8 May. 103.1 111.7 82.2 87.6 105.3 96.3 98.4 100.9 99.1 95.7 101.6 June 104.2 110.9 81 3 89.5 105.9 93.5 98.2 100.7 99 0 96 2 101 2 July... .. . _ 106.6 108.4 79.9 87.0 104.8 90.5 98.1 99.3 98.0 95.7 100.7 August 109.2 108.6 81.4 90.3 105.5 91.8 99.8 101.1 99.2 98.3 102.0 September.. _ .__ 111.5 107.1 83.3 93.6 105.9 94.3 102.0 103.5 100.6 100.3 103.4 October 109 1 103.5 84.0 96.5 104.8 95. 1 102.4 103.2 99.3 100.2 November 110.4 97.5 84.2 98.5 103.4 94.6 101.9 101.2 96.9 98.8 December 112.9 90 3 83 3 100.0 101.3 95.9 101.6 100.0 95 5 98 1 Annual index 106.6 107.9 82.4 90.1 104.2 96.2 99.7 101.4 98.8 97.2 TABLE 2.—INDEX OF FACTORY PAY ROLLS (REVISED) [Monthly average 1923-1925=100. Without seasonal adjustment] Month 1922 1923 1924 1925 1926 1927 1928 1929 January 94.1 98.4 95.4 101.2 98.6 95.7 100.9 February 97.8 103.6 100.9 105.6 104.8 101.1 108.4 March 102.8 103.8 103.0 107.4 106.3 102.5 111.1 April 103.9 101.4 100.4 105.3 105.0 100.3 111.7 May 107.3 96.8 100.7 103.8 104.3 100.8 111.5 June 107.5 91.7 98.7 103.8 102.5 100.9 109.2 July 103.2 85.1 97.1 99.3 98.6 98.3 104.8 August 104.2 88.9 99.5 103.6 102.2 102.5 109.4 September. __ 104.8 92.3 99.4 105.0 101.9 104.2 110.5 October 107.2 95.2 105.2 108.3 102.5 107.5 November 104.9 93.5 105.1 104.6 98.5 103.6 December 103.1 97.6 105.5 103.8 99.4 104.2 Annual index 103.4 95.7 100.9 104.3 102.0 101.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

712 FEDERAL RESERVE BULLETIN NOVEMBER, 1929 TABLE 3.—FACTORY EMPLOYMENT: INDEXES BY GROUPS (REVISED) 1 [Monthly average, 1923-1925=100. Without seasonal adjustment] Transportation Year and month s I a r t n e o e d n l c M e h r i a y n - - T ti e le x s - p F u r o c o o t d s d - P p a i r a n n i p n g d e t- r L p u a b r u c n o e t m d d s r - - G e ro q u u p ip 2 m A b e m u i n l o t e t o - s - L e p u r e r c o a a t n d t s h d - - m c g a C l l e n a a e n y s d - t s , , m N r f o e e o u t r n a - s - ls Gro C u h p e 3 m P r i l c e e e f a u t i r l m n s o - - p R u b r c u o e t b d s r - - b p u T a r c o c o t c d - s o - m M c s a t e l u r n u s in t - i s - ing ANNUAL 1919 99 5 117 2 97.8 109.0 96.8 93.2 96.3 86.6 107.5 84.7 114.6 108.3 112.9 130.4 1920 107.0 128.9 98.3 103.8 104.4 88.1 104.2 88.7 98.5 89.1 121.3 97.1 111.7 138.1 1921 65 4 77 0 93.0 94.8 89.1 74.5 71.7 53.8 87.8 73.6 74.5 70.8 110.5 86.9 1922 83.9 82.2 97.3 95.5 92.7 95.5 78.3 72.0 97.6 88.1 90.1 81.0 107.2 98.8 1923- 104.4 107.7 105.3 102.0 99.3 100.9 106.9 100.6 106.2 100.8 107.1 101.5 102.9 102.5 105.8 110.2 1924 97.2 93 6 95.2 100.0 99.8 98.1 94.9 93.5 96.3 99.0 95.1 95.9 96.5 91.8 98.8 104.2 1925 .. 98.4 98.7 99.6 98.0 101.0 101.0 98.3 105.8 97.5 100.2 97.9 102.6 100.6 105.7 95.4 85.6 1926- _ _ 101.3 107.9 97.9 98.5 103.6 100.5 98.3 104.8 96.8 101.9 99.5 108.8 110.2 104.6 90.8 106.4 1927 96.8 100.0 100.8 99.1 103.1 92.3 88.4 91.6 97.3 97.5 97.4 107.9 110.2 104.0 93.6 88.9 1928- . _ 95.4 98.7 95.1 98.6 101.7 88.1 90.6 108.8 93.5 92.3 96.6 105.3 102.4 108.6 93.8 79.0 MONTHLY 1 1919 January 112.1 121.0 90.7 113.1 96.1 83.3 92.9 74.3 104.3 68.6 108.1 129.8 126.1 114.3 February 106.0 118 2 84.7 110.2 95.4 83.6 91.5 75.1 104.5 66.1 107.9 127.4 124.6 120.6 March __ __ 103.4 114.5 87.4 109.3 95.5 86.2 91.0 76.6 103.9 70.8 107.6 118.8 124.8 125.0 April 100.1 113 2 91.1 105.4 94.3 86.2 91.1 79.7 102.4 81.8 107.5 111.6 122.4 128.5 May 96.4 110.2 94.9 103.5 92.7 88.4 91.9 81.2 104.0 91.3 110. 0 105.8 120.6 130.2 June 95.5 107 9 97.9 104.4 95.0 88.9 93.3 84.9 105.0 94.2 112.0 104.0 111.2 133.8 July 99.8 108 7 102.2 106.4 96.3 92.0 96.3 88.7 105.7 87.1 117.5 100.2 97.6 125.6 August 104 2 114 2 102.3 108.0 97.2 96 4 97.2 91.0 108.9 94.5 120.8 99.2 87.9 126.8 September 104.8 117 9 103.7 110.3 98.0 100. L 100.7 95.3 110.4 90.0 119.6 100.3 97.3 139.9 October 79.3 122 A 105.0 110.8 98.2 103. 5 102.6 98.0 111.4 93.1 120.3 100.0 103.4 136.2 November 90.1 126 8 105.3 112.4 100.2 104. 3 103.5 98.1 113.7 90.5 121.7 101.0 119. 7 139.5 December 101.8 131.2 107.8 114.0 103.1 105. 2 103.5 95.9 115.6 88.9 122.5 102.1 119.2 144.0 1920—January 110.3 134.8 109.5 109.0 104.4 102. 4 106.4 100.2 117.0 85.0 124.8 101.8 115.7 141.9 February 111.3 133 0 108.5 105.1 102.9 102. 6 105.7 101.7 114.7 81.8 122.9 100.1 110.1 145.7 March . _ 113.4 135.6 110.8 105.6 104.6 103.2 107.3 102.2 115.3 85.1 131.2 99.8 112.3 149.9 April 112.0 134.2 109.9 103.1 104.1 97.3 106.5 100.5 112.4 88.7 129.3 98.8 113.0 145.1 May 106.4 132 0 107.7 103.2 103.8 91.1 107.0 97.4 109.2 94.7 124.4 96.4 109.2 143.0 June 109.3 133.0 104.1 104.3 103.7 85.2 107.7 94.7 104.2 94.8 128.8 96.1 109.8 142.1 July 109.0 133.7 96.2 104.9 105.4 78.4 107.4 95.1 96.1 93.2 127.0 97.8 107.2 143.5 August 107.0 131.0 94.0 104.9 105.5 86.9 107.4 88.9 93.8 90.1 125.8 98.3 106.9 141.4 September 107.6 128 0 94.0 104.3 105.8 83.5 105.1 83.2 84.4 89.0 125.5 95.8 112.3 140.6 October _ 106.4 123.2 90.7 102.9 105.9 81. 3 101.4 73.4 81.7 87.8 122.8 98.3 111.8 130.0 November 101.2 117.8 81.3 101.2 104.8 75 3 96.9 65.4 77.5 90.9 107.7 94.5 115.8 121 9 December 89.7 110.4 73.1 97.6 101.6 69.7 91.7 61.6 75.5 87.5 85.7 87.9 116.4 111.6 1921—January 72.7 103.0 71A 90.1 96.5 69.3 72.0 31.9 74.0 72.2 76.8 81.4 109.0 82.3 February 75.4 94.8 84.1 91.8 95.2 71.9 69.0 38.8 80.4 62.6 69.9 76.0 105.0 81.7 March 72 7 89.7 89.3 93.3 93.9 73 6 67.5 47.2 83.2 67.1 70.7 75.5 101.7 88.3 April 65 8 84 0 92 7 89 7 88.7 74 4 67.8 58.5 82.5 73.1 72. 1 70.9 108 0 82 0 May 65.6 78.6 93.7 90.8 83.2 75.0 70.3 61.9 85.8 78.1 73.4 69.3 110.5 86.1 June 61 1 74.3 94.3 91.4 83.6 75 2 68.4 59.1 89.0 78.0 72.6 68.8 112.7 84.6 July 53 8 68 6 94 6 93 5 84.1 73 5 70.1 59.2 90.8 76.8 68.7 66.3 109 3 74 8 August 57.5 67.0 96.0 94.5 85.5 73.5 72.8 59.6 94.2 74.9 74.7 64.7 109.9 78.9 September 59 8 66.0 100.4 98.5 87.0 74 6 74.5 59.3 94.3 76.3 75.5 65.0 114 6 86 4 October 63.9 65.0 101.5 102.1 88.8 76.0 76.5 59.0 93.0 74.9 79.9 70.2 116.3 93.9 November 67.7 65.4 99.3 103.1 91.0 78.6 77.1 57.0 91.9 75.0 80.6 72.6 114.7 101.1 December 68.3 67.3 98.9 98.3 91.5 78.1 74.4 53.6 94.0 74.7 78.9 69.0 113.7 102.9 1922—January 65.2 70.0 98.7 92.3 93.4 84.7 70.3 52.8 96.0 70.0 76.7 69.5 99.4 101.3 February 70.5 71.0 100.7 93.0 92.7 89.1 71.5 56.5 96.9 69.0 78.6 70.5 104.2 100.8 March 73.2 74.5 97.2 94.1 91.4 93.1 74.2 60.6 94.6 77.0 81.3 73.5 106.0 98.5 April 78 5 76.9 93 9 89 1 88.7 92 4 75.5 65.6 90.3 84.8 81.7 74.5 100 0 96 8 May 81 7 79.8 92.6 90.0 90.8 97.2 79.7 72.8 90.0 93.4 86.1 76.6 103.4 95 4 June 85.9 80.6 92.0 91.4 90.3 100.3 83.6 77.5 91.6 94.0 88.7 76.6 104.1 93 5 July 86 9 80.8 91 7 94.4 90.6 99 2 58.3 79.2 95.3 93.6 92.1 80.6 109 8 92 1 August 88 1 82.0 94.2 97.7 92.5 99.5 66.4 78.4 99.8 94.3 95.5 83.6 109.0 95 7 SeDtember 88 5 87.1 97 9 97 3 93.8 97 7 77.6 80.2 102.3 94.9 95.9 86.7 111 8 98 7 October 92 9 90.3 100.3 100.3 94.9 98 5 90.1 78.8 102.7 95.0 98.7 90.2 113 2 101 2 November 96.2 94.1 102.8 103.7 95.7 98.5 94.9 80.0 105.0 96.1 102.5 94.0 112.7 104 5 December 99.0 99.0 105.6 102.3 97.4 95.8 97.9 81.9 107.2 95.1 103.2 95.8 112.8 107.3 1923—January 99.2 100.7 106.9 96.4 96.8 95.6 101.8 87.4 110.5 91.7 104.7 99.7 97.5 110.4 108.0 106.2 February 101.7 104.6 108.1 97.4 97.3 97.6 103.5 95.4 111.6 92.7 108.1 104.4 98.8 115.1 107.4 106.9 March 103.8 108.2 110.5 98.7 99.6 98.6 106.6 99.5 111.4 96.3 111.3 108.5 100.7 116.3 108.6 109.1 April 104.3 110.1 109.7 97.3 99.7 100.2 107.5 103.8 109.1 101.5 112.5 104.8 105.5 116.9 105.4 108.6 May - 105.5 110.5 108.1 98.2 99.0 101.5 108.3 105.1 106.5 105.1 111.9 103.9 109.3 116.4 105.4 108.1 June 107.8 110.8 105.9 101.5 99.6 103.4 109.8 104.6 103.6 106.2 111.1 101.4 108.3 111.2 105.5 108.7 July 105.1 111.2 101.8 103.2 99.0 103.9 107.9 101.1 101.7 104.4 108.9 99.8 107.8 102.1 103.2 109.3 August 107.3 110.6 101.6 104.3 98.9 103.6 108.3 100.2 105.2 104.2 107.3 99.9 106.6 90.6 100.0 107.1 September 106.6 109.6 103.1 106.4 99.1 103.1 107.8 101.3 104.7 103.6 103.4 100.0 104.0 86.0 105.1 111.9 October 106.3 107.2 103.0 109.1 100.1 102.4 108.7 102.9 103.9 102.9 102.4 98.7 101.0 85.3 106.4 114.0 November 104.2 105.6 102.0 107.3 100.8 101.6 107.9 103.3 103.7 101.3 101.5 98.8 98.6 87.9 107.7 116.8 December 100.8 103.4 102.3 103.7 101.4 99.4 104.1 102.7 102.1 99.4 101.5 1 98.1 96.5 91.6 106.7 115.3 1 For industries composing each group see Table 5. 2 Includes, in addition to automobiles, car building and repairing and, beginning with 1923, shipbuilding. »Includes chemicals and drugs, 1919-1922; beginning in 1923, petroleum refining, chemicals and drugs, and fertilizers. 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713 NOVEMBER, 1929 FEDERAL RESERVE BULLETIN TABLE 3.—FACTORY EMPLOYMENT: INDEXES BY GROUPS (REVISED)—Continued Transportation Chemicals Year and month s I a r t n e o e d n l c M e h r i a y n - - T ti e le x s - p F u r o o c o t d s d - P p a r i a n i n p n g d e t- r L p u a b r u c n o e m t d d r s - - G e r q ou u p ipm A e m u n o t t o - - L e p u r e r c a o a t n d t s h d - - m c g a C l l e n a a e n y d s - t s , , m N r f o e e o u t r n a - s - ls Group P r l e e e f u t i r m n o - - p R u b r u c o e b t d r s - - b p u T a r c o c o t c d - s o - m c M s a t e l r u n u i s n t - i s - biles ing MONTHLY—continued 1924—January 101.8 100.3 102.4 100.4 100.9 96.5 102.8 107.5 102.4 94.9 102.0 99.2 95.9 92.4 101.9 116.6 February. . 106.3 99.6 103.6 101.7 100.6 98.9 102.5 109.8 102.9 95.5 106.4 100.8 96.7 93.7 102.6 115.6 March 108.0 100.0 102.9 100.5 100.7 99.0 102.9 111.8 103.1 100.3 106.4 103.1 96.8 93.3 101.1 112.9 April 107.4 99.2 98.3 97.3 100.1 100.0 101.3 107.1 97.6 103.9 103.7 102.1 97.7 92.1 97.5 107.2 May 100.2 95.1 94.1 96.8 99.6 99.9 96.4 96.8 93.2 104.3 98.0 96.0 98.0 91.1 97.0 100.0 June 94.7 92.2 91.1 98.9 98.9 97.4 91.6 86.4 88.2 102.1 91.8 89.7 98.1 88.2 96.6 96.9 July 89.0 88.3 84.1 99.5 97.2 96.1 89.5 82.2 88.4 98.2 87.0 89.6 98.2 84.0 97.7 93.0 August 87.8 88.0 86.9 99.7 97.2 96.4 89.3 83.3 92.9 99.1 85.3 90.2 97.2 84.6 97.0 95.9 September 90.1 88.1 91.8 102.1 99.6 97.5 89.7 83.9 96.4 97.9 87.3 93.0 95.6 93.7 99.5 100.3 October 92.8 89.2 95.1 102.2 100.3 98.7 91.0 85.0 97.6 97.9 88.7 94.4 94.5 93.0 92.3 102.3 November.. 92.8 90.1 94.6 100.4 100.9 98.2 89.9 83.1 97.1 97.3 91.0 95.2 94.6 97.2 101.5 104.0 December 96.0 92.8 97.5 100.8 101.5 98.2 91.4 85.5 96.2 96.5 93.4 96.9 94.5 98.5 100.6 105.5 1925—January . 98.9 93.9 98.8 98.1 100.8 97.8 93.2 89.4 99.5 91.8 95.3 97.3 94.1 99.6 95.9 88.2 February 101.3 95.8 101.4 98.4 100.8 99.6 94.2 90.6 101.3 93.2 98.1 101.2 95.2 102.9 96.7 85.4 March 101.9 96.8 102.8 96.2 101.5 99.3 97.0 97.1 101.2 97.5 98.5 107.2 95.2 103.7 97.4 83.6 April 99.8 97.7 101.6 93.2 100.6 100.7 99.8 104.9 97.2 102.2 97.3 107.2 96.6 104.9 89.7 80.8 May 98.4 97.3 99.0 93.7 99.7 100.5 100.0 110.9 95.0 103.4 98.7 98.3 97.2 108.2 95.4 77.7 June . . 96.6 97.4 97.6 97.1 99.5 101.2 97.7 105.8 90.8 103.7 98.5 98.1 100.1 109.1 93.9 77.6 July 94.5 97.0 94.8 97.2 99.5 100.7 97.3 105.1 93.8 102.8 96.6 99.5 103.0 109.7 94.0 73.3 August 95.6 97.7 96.2 97.6 99.3 101.3 97.9 106.9 98.7 101.8 96.5 100.5 104.1 110.1 93.0 74.3 September 96.3 99.3 97.9 100.1 100.4 103.0 99.2 111.5 100.6 102.4 97.1 105.2 105.7 109.0 95.2 91.0 October 97.9 101.8 101.2 102.7 102.2 103.5 101.7 118.6 100.3 102.6 97.5 105.3 105.2 102.6 98.4 95.6 November 98.8 104.0 101.7 101.5 103.3 102.9 101.2 117.4 97.3 101.5 99.6 105.7 105.4 102.2 97.7 98.1 December 100.4 105.9 101.6 100.4 103.9 101.7 100.4 111.7 94.2 99.8 100.6 106.1 105.9 106.4 98.0 102.1 1926—January 100.0 107.0 101.6 97.9 103.5 99.0 100.6 111.8 96.4 94.8 99.8 107.5 104.7 108.1 88.0 99.6 February 102.0 108.8 102.0 97.2 102.7 99.4 102.3 114.0 98.4 95.4 102.7 109.2 105.7 108.6 92.6 99.6 March 102.0 109.5 102.4 96.4 103.3 99.6 104.2 116.4 97.2 97.3 104.4 112.2 105.5 108.0 92.2 98.3 April 102.8 108.7 100.4 93.8 102.7 101.4 102.9 112.5 92.7 100.8 103.2 111.6 107.5 107.5 88.6 96.7 May 101.7 107.9 97.9 95.3 102.7 101.5 100.8 107.9 91.4 104.6 100.8 106.1 107.9 104.2 88.5 94.3 June... 100.6 108.9 95.1 97.7 102.6 101.6 99.3 105.8 91.4 106.5 98.4 105.7 110.7 102.6 91.7 93.0 July 99.4 107.7 89.0 98.1 102.2 101.0 97.5 102.8 95.0 104 8 96.9 105.0 112.1 97.3 89.0 86.7 August _ 100.9 107.9 90.7 98.7 102.4 102.0 97.8 105.0 99.6 106.0 97.4 106.3 112.4 104.1 86.8 87.6 September 102.6 108.1 96.3 101.6 104.0 101.6 97.8 104.4 101.3 106.4 98.5 110.9 113.9 107.8 91.1 90.9 October 102.7 108.5 99.3 103.7 105.2 101.4 95.4 100.0 101.1 104.8 97.5 111.3 114.4 106.5 93.8 95.1 November 101.6 106.1 99.2 101.6 106.3 100.0 91.8 91.4 99.7 103.1 98.0 110.7 113.9 100.8 93.8 95.4 December. 99.1 106.1 100.9 99.4 105.9 97.8 89.5 85.7 97.5 98.5 96.6 109.2 113.7 100.1 93.6 95.6 1927—January 97.0 104.2 101.1 97.4 104.0 93.1 88.1 85.5 99.5 91.7 96.5 110.2 115.0 100.8 85.2 91.6 February 98.9 105.3 103.0 97.2 104.1 92.2 92.4 96.5 100.2 92.8 97.4 111.5 116.1 102.2 91.5 85.3 March 100.1 104.8 103.8 96.4 104.0 91.9 93.5 100.6 100.0 97.1 100.5 115.1 117.1 102.8 91.7 82.9 April _ 99.9 103.3 102.1 95.4 103.2 91.7 93.7 101.1 95.4 100 7 100.4 115 0 114.7 106.9 90.2 79.9 May 99.4 101.4 100.1 96.2 102.2 92.6 93.4 101.1 93.8 102.2 101.7 106.7 112.3 110.1 91.5 76.1 June 98.2 101.1 98.8 100.7 101.9 92.7 91.0 95.1 93.7 102.6 99.0 104 5 111.3 108.4 94.1 74.0 July 95.7 99.0 96.4 99.8 101.2 92.5 87.6 88.5 97.2 100.6 98.0 103.6 111.3 105.0 94.5 69.9 August 95.7 98.7 98.4 99.1 101.8 93.4 88.0 92.1 100.6 98.8 97.7 104.0 109.4 104.3 88.6 73.3 September 96.1 97.5 101.4 102.5 102.8 94.1 86.1 88.8 101.1 98.6 96.0 106.9 107.3 104.3 98.6 76.9 October 95.2 96.7 102.1 103.1 103.4 93.5 85.1 87.5 99 2 96 8 95.1 106 3 104.3 101.9 101.0 79.3 November 93.6 94.4 101.5 101.3 104.3 91.9 80.5 79.2 94.0 96.1 93.9 105.9 102.0 99.2 100.5 79.6 December 92.2 93.6 100.7 100.2 104.5 88.5 81.2 82.7 92.3 91.7 92.8 104.5 101.2 102.2 96.3 77.2 1928—January 91.0 92.8 99.7 96.8 103.0 85.3 83.0 89.7 96.2 85.9 89.8 103.3 101.1 105.1 88.5 71.2 February 94.0 94.1 100.7 97.8 102.4 85.4 86.1 98.3 97.9 86.5 93.6 106.5 100.8 107.6 92.4 71.7 March 95.4 95.5 100.3 97.4 101.4 86.7 88.2 102.6 97 3 89 4 94.6 110 4 101.0 106.0 93.5 68.5 April 95.3 95.9 97.0 95.6 100.3 87.5 89.7 105.2 92.4 91.8 95.9 109.9 99.4 105.7 91.1 69.2 May. 95.7 97.4 93.4 96.1 100.6 87.4 92.4 111.3 89.8 95.3 95.9 101.5 99.2 105.4 92.2 68.0 June 95.5 98.2 91.8 97.6 100.5 88.3 92.4 111.3 89.7 96.2 96.0 101.0 101.5 105.4 93.0 67.0 July ... 93.6 97.9 87.8 97.9 100.5 87.5 91.6 111.2 94.0 94.6 95.3 100.4 102.6 110.7 88.0 64.5 August 95.9 99.5 89.4 97.4 100.8 89.5 94.2 118.1 95.9 96.6 96.0 101.3 103.9 111.6 94.7 69.5 September _ 96.4 101.4 92.6 100.5 101.1 90.4 95.4 121.5 96.1 96.0 97.6 106.8 105.8 113.4 96.7 70.9 October 96.9 102.8 95.7 102.6 102.4 90.6 94.4 119.8 94.6 94.1 100.0 107 4 104.3 113.2 99.1 72.5 November 97.7 103.8 96.2 101.9 103.7 90.5 90.2 109.1 89.3 91.8 102.2 107.3 104.0 109.8 98.9 74.9 December 97.1 105.2 97.0 102.0 103.6 88.2 89.9 107.7 88.6 89.5 102.4 107.8 104.7 109.6 95.7 73.0 1929—January 97.1 106.7 95.9 98.6 102.5 85.5 94.0 118.3 91.9 84.3 102.4 107.6 104.0 112.2 84.1 59.0 February 98.3 110.4 98.0 98.8 103.4 85.8 99.0 129.5 94.1 84.5 106.1 110.9 106.7 112.3 92.0 57.1 March 99.3 113.8 101.0 97.6 103.1 86.6 100.5 131.1 92.7 86.8 107.9 115.5 109.2 113.3 92.0 55.6 April 99.7 116.7 99.3 96.2 102.5 88.2 101.7 131.4 90.6 90.5 107.7 119.0 111.9 114.3 91.3 58.5 May- 100.7 119.1 97.3 97.3 102.8 89.2 101.5 130.0 90.3 93.1 105.3 110.3 114.4 115.3 90.3 65.1 June 100.8 120.8 96.3 99.2 103.2 90.0 97.6 120.6 89.4 93.8 102.9 107.9 116.4 115.0 91.4 64.1 July 99.8 121.5 91.5 99.8 103.6 90.5 96.4 117.8 94.6 91.2 100.5 108.9 120.0 114.2 90.5 75.6 August . 101.0 119.4 94.2 99.7 104.1 92.2 95.5 115.0 98.1 93.8 99.8 111.2 121.9 111.5 93.0 76.8 September 101.0 119.5 98.4 102.4 106.0 91.8 94.8 113.1 99.5 93.6 98.6 114.5 124.0 108.3 93.7 84.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

714 FEDERAL RESERVE BULLETIN NOVEMBER, 1929 TABLE 4.—FACTORY PAY ROLLS: INDEXES BY GROUPS (REVISED) [Monthly average 1923-1925 = 100. Without seasonal adjustment] Transportation Year and month s I a r t n e o e d n l c M e h r i a y n - - T ti e le x s - p F u r o c o o t d s d - P p a r i a n i n p n g d e t- r L p u a b r u n c o e m t d d r s - - Gr e o q u u p i 2 pm A b e m u i n l o t e t o - s - e L p u r e r c o a a t n d t s h d - - m c g a C l l e n a a e n y d s - t s , , m N r f o e e o u t r n a - s - ls Gr C ou he p m 3 i P c r le e a e f u l t i s r m n o - - p R u b r u c o e b t d r s - - b p u T a r c o c o t c d - s o - m c M s a t e l r u n u i s n t - i s - ing ANNUAL 1919 _ 98.1 104.1 90.0 98.0 74.2 89.2 88.8 74.9 99.0 72.6 99.3 100.1 107.2 111.7 1920_ 123.8 135.6 107.8 109.2 100.3 109.2 111.5 90.4 105.9 93.6 130.4 113.7 124.6 137.0 1921 .-.. 55.8 69.6 89.2 93.3 83.3 68.0 72.7 48.7 87.0 67.4 66.7 66.9 104.6 77.4 1922 69.9 72.8 91.0 90.2 86.1 82.1 76.4 66.2 96.0 73.2 82.3 73.7 99.2 86.4 1923__ 103.8 107.0 105.8 100.1 96.1 100.0 107.1 100.8 106.8 98.9 105.3 99.8 102.1 101.5 104.2 108.0 1924 96.7 92.6 94.4 100.5 99.7 98.4 93.2 90.2 95.5 100.7 94.8 96.3 95.2 92.7 99.4 105.2 1925 99.4 100.4 99.8 99.4 104.2 101.6 99.7 109.1 97.8 100.3 99.9 103.9 102.7 105.8 96.3 86.8 1926___ 104.2 111.9 98.4 101.2 110.4 102.0 99.1 105.2 98.1 101.5 103.0 111.0 111.4 106.2 92.1 99.6 1927_ 98.5 103.5 104.1 102.4 110.1 95.1 91.3 93.5 98.6 96.2 100.3 109.7 112.2 108.5 91.1 85.2 1928 .- 104.7 96.4 102.5 109.8 90.5 97.2 117.6 92.4 90.4 107.1 106.0 105.7 114.8 88.4 77.6 I MONTHLY 1919—January 115.5 103.7 73.5 96.5 70.0 74.2 95.9 59.8 93.4 59.1 107.5 112.1 110.0 114.5 February... 108.0 99.9 64.8 95.8 69.3 73.3 85.1 64.1 90.2 56.2 99.8 105.5 105.0 118.4 March 102.3 98.6 69.9 96.5 69.8 74.4 85.8 65.3 89.0 61.3 91.6 97.9 109.4 123.5 April 94.6 95.8 74.9 92.4 69.3 77.8 85.0 67.7 86.1 66.6 89.2 93.6 102.5 127.4 May 87.5 92.7 80.3 92.9 68.2 83.4 86.1 71.3 90.0 69.6 89.7 90.7 107.4 118.4 June 88.4 88.7 89.1 95.2 72.9 87.7 82.2 69.2 93.6 79.5 77.6 91 4 97 1 124 9 July 91.0 90.2 97.1 95.1 74.5 92.1 83.8 73.0 97.5 73.8 81.9 92.3 89.7 128.2 August 106.7 100.4 101.7 97.0 77.3 94.8 81.9 74.9 104.1 78.0 88.4 90.9 84.6 134.1 September.. 106.3 110.0 105.0 100.5 81.6 98.9 90.1 83.7 105.8 81.2 109.7 98.9 101.9 133.4 October 78.8 113.7 102.3 99.9 71.0 99.1 93.9 92.5 108.1 81.6 115.2 104.6 106.1 63.1 November.. 90.7 123.7 103.7 104.8 74.0 105.4 97.7 90.5 110.7 83.5 118.1 110 7 134 5 68 3 December.. 106.9 131.5 117.9 109.1 91.9 109.4 97.6 86.6 119.8 80.6 122.5 112.8 138.3 86.6 1920—January 117.5 134.9 122. 9 107.2 94.3 115.9 100.5 96.6 122.9 79.4 124.5 114.5 126.8 124.8 February... 122.9 128.5 121.4 103.0 93.0 114.4 99.4 94.7 116.4 74.6 125.1 110.5 115. 5 133 5 March 132.0 141.3 127.8 108.6 98.8 121.3 107.3 101.1 122.4 80.7 138.9 115 7 129 2 145 9 April 125.7 139.1 124.4 100.8 96.7 114.6 106.5 97.3 120.7 88.7 137.9 115.5 126.5 148.2 May 122.4 139.7 121.3 111.7 100.3 113.6 116.2 102.8 118.3 98.6 133.5 114 0 128 9 147 7 June 128.8 144.0 119.2 115.2 100.9 113.2 116.9 97.7 118.7 101.7 140.6 116.2 130.0 147.8 July 121.6 145.6 107.1 114.1 101.0 108.3 111.2 97.2 110.0 99.5 140.8 116.3 118.3 143.5 August 124.0 143.4 105.4 112.8 103.6 113.6 124.6 96.9 106.7 99.2 138.1 118.9 117.3 142. a September.. 129.7- 139.1 102.7 111.9 104.3 109.1 121.1 92.6 92.0 99.0 143.7 113.4 123.7 142.6 October 132.2 130.2 93.0 111.0 106.5 105.1 120.6 88.1 84.8 100.9 134.2 119 0 125 2 135 8 November.. 123.6 124.1 79.0 109.6 104.8 94.4 108.6 62.5 79.9 103.3 118. 2 113.3 128.6 122.7 December.. 105.4 117.6 69.6 104.2 99.3 87.3 104.7 56.9 78.1 97.7 88.7 97.1 125.2 108.9 1921—January 81.0 105.7 66.1 96.3 93.3 78.9 25.2 72.0 74.6 74.7 86 6 108 4 73 8 February... 79.1 88. 2 82.2 96.6 89.2 71.1 71.9 28.4 85.9 60.6 67.2 73.9 101.0 73.5 March 72.5 84.5 90.4 96.9 88.4 72.6 72.1 38.7 85.1 64.0 64.8 73 2 101 0 81 3 April _. 59.4 79.3 92.1 89.8 83.1 70.9 74.4 57.7 81.7 69.3 66.0 68.0 102.6 75.6 May _. 57.1 73.3 90.4 92.5 76.4 69.0 74.6 61.9 83.2 73.0 67.0 66.2 110.6 74.8 June. 47.9 66.1 91.8 90.8 78.3 71.9 72.8 60.4 89.2 72.0 66.8 64 5 112 6 74 3 July... 37.4 60.0 91.4 91.9 78.7 63.9 71.0 60.4 89.5 65.0 60.0 63.4 105.0 64.4 August 42.6 57.6 94.4 91.0 79.7 69.9 73.3 58.0 94.8 68.1 65.9 58.7 104.6 64.6 S O e c p to te b m er ber. 4 4 7 2 . . 3 1 5 5 6 3. . 5 1 9 9 7 1 . . 4 8 9 9 3 7 . . 6 1 8 8 0 2 . . 8 2 6 63 5 . . 5 8 7 72 1 . . 7 4 5 5 5 0. . 0 3 9 8 2 8 . . 9 8 6 6 6 5 . . 0 3 6 67 4 . . 5 0 5 63 8 . . 5 2 1 1 0 0 8 4 . . 6 0 8 7 6 7 . 4 7 November.. 50.1 54.1 88.4 93.6 83.2 63.6 70.8 46.0 85.7 65.2 69.1 64.8 95.9 86.9 December.. 52.5 56.6 94.0 89.5 85.9 65.9 68.8 42.6 95.5 66.4 67.7 62.3 100.5 95 0 1922—January 47.6 57.3 90.4 85.4 83.5 68.9 57.2 31.0 97.2 58.3 66.2 62.3 87.3 87.2 February 53.2 59.4 95.0 84.4 80.9 73.9 64.2 46.6 98.1 54.0 65.7 62 3 85 9 84 8 March __ 56.5 62.9 91.0 86.1 84.6 78.5 69.2 50.0 92.7 58.5 71.7 64.8 92.6 88.4 April 60.1 64.6 83.8 80.4 82.5 77.6 71.0 60.0 86.8 64.1 72.5 66.1 80.7 85.0 May 64.9 68.2 83.1 85.7 84.4 81.1 76.9 68.1 86.2 74.0 77.2 67.6 93.6 83.0 June. 69.6 71.0 84.4 88.9 84.5 84.4 82.3 73.3 89.5 77.4 81.0 68.3 98.9 79.0 J A u u l g y u . st _ 7 6 2 5 . . 6 9 7 7 1 4 . . 9 8 8 9 7 0 . . 3 1 9 9 0 0. . 4 1 8 8 3 5 , . 7 6 8 8 2 6 . . 3 4 7 6 2 2 . . 9 5 7 7 8 3 . . 7 2 9 9 2 8 . . 5 5 7 7 9 9. . 9 1 8 8 1 6 . . 6 5 7 7 3 7. . 4 3 1 1 0 0 4 4 . . 4 1 7 8 5 0 . . 8 5 September 77.9 78.3 94.1 94.3 88.5 86.3 81.0 76.1 100.2 81.6 91.2 79.6 107.9 83 0 October 85.2 83.0 93.9 96.2 90.0 87.5 88.9 77.1 99.3 81.7 92.8 84.2 108.0 92.8 November 91.1 87.5 97.9 101.2 91.2 89.4 93.9 79.0 103.2 84.2 98.9 87.8 113.9 98.1 December __ 93.9 94.8 100.5 99.0 93.8 96.3 80.9 108.4 85.1 101.8 91.2 113.3 99 8 1923—January 93.3 91.8 103.2 93.5 92.1 87.4 92.7 77.0 110.9 83.1 96.5 93.1 96.5 106.0 108.8 94.0 February... 98.8 97.1 106.0 94.0 93.0 89.9 99.0 92.6 113.1 84.4 101.2 95.6 96.6 112.9 104.3 98.6 March 101.9 103.5 111.2 96.5 96.0 93.9 106.6 101.0 115.7 90.5 108.5 101.2 101.5 118.0 107.9 103.2 April 100.0 108.5 108.9 95.3 96.7 98.1 108.8 106.1 112.2 98.5 114.7 102.2 105.4 121.3 103.1 105.6 May _. 109.7 112.3 111.0 97.5 97.5 102.1 112.0 108.0 110.4 104.2 116.1 103.3 107.6 119.4 101.9 104.6 June 111.5 113.8 108.0 101.0 97.2 104. 8 111.4 102.2 105.8 105.2 113.0 101.6 108.3 114.2 104.7 106.2 July 98.8 111.3 102.2 101.8 96.2 103. 7 107.4 99.4 99.4 99.9 109.2 102.0 110.3 94.5 100.7 103.0 August 106.6 110.2 102.6 100.3 92.8 103. 0 109.1 101.9 104.0 104.0 102.9 98.7 103.7 85.1 90.9 100.5 September- 105.4 109.6 104.2 105.0 95.6 103. .5 106.7 98.9 103.8 104.2 101. 2 100.4 104.4 84.7 101.0 113.7 October 110.2 110.1 106.2 106.3 98.0 105. 2 114.2 110.1 103.1 106.6 98.8 102.4 102.5 84.1 108.4 118.9 November.. 107.0 107.7 101.7 106.3 98.1 105. 2 112.9 109.9 99.9 105.0 99.3 98.9 94.5 86.7 108.3 124.7 December.. 102.9 107.9 104.1 103.9 100.3 103.0 104.7 102.6 102.7 101.8 102.1 98.7 94.1 90.8 110.9 123.5 1 For industries composing each group see Table 5. 2 Includes, in addition to automobiles, car building and repairing and, beginning with 1923, shipbuilding. 3 Includes chemicals and drugs, 1919-1922; beginning in 1923, petroleum refining, chemicals ana drugs, and fertilizers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

715 NOVEMBER, 1929 FEDERAL RESERVE BULLETIN TABLE 4.—FACTORY PAY ROLLS: INDEXES BY GROUPS (REVISED)—Continued Transportation Year and month s I a t r n e o e d n l c M e h r i a y n - - T til e e x s - p F u r o c o o t d s d - P p a r i a n n i p n g d e t- r L p u a b r u n c o e m t d d r s - - G e r q o u u i p pm A e m u n o t to - - L e p u r e r c o a a t n d t s h d - - m c a C l e n a e n y d - t , , m N r f o e e o u t r n a - s - ls Gr C o h u e p mi P r c le e e a f u t l i r s n m o - - p R u b r c u o e t b r d s - - b p u T a r c o c o t c d - s o - m c M s a t e l r u n u i s n t - i s - biles ing MONTHLY—continued 1924—January 102.2 99.4 104.6 99.8 94.1 93.8 91.8 103.1 95.8 101.5 96.3 89.8 91.6 103. 7 114.8 February 111.9 100.3 107.7 101.4 100.3 100.8 105.2 114.9 104.3 99.9 108.1 98.8 93.0 94.3 102.7 117.9 March 114.1 101.2 105.5 100.3 101.0 101.5 104.1 113.0 103. 3 103.8 110.1 102.1 95.9 93.8 102.1 113.2 April 111.3 100.6 97.6 97.1 100.8 102.6 104.0 109.2 94.4 107.6 104.3 101.2 95.8 93.4 93.6 104.2 May 102.1 96.3 90.1 98.3 99.8 101.4 97.5 96.7 89.4 107.9 97.7 97.6 97.7 92.9 96.0 97.0 June 88.5 91.8 85.5 100.8 98.5 99.4 89.4 79.4 85.1 105.7 89.1 92.7 99.3 86.4 99.3 93.7 July 77.2 83.3 77.2 101.4 94.6 92.5 82.1 72.3 84.1 97.2 81.3 90.0 95.7 82.4 96.6 89.9 August 83.5 83.6 84.3 99.4 95.0 94.5 85.8 77.8 94.6 98.5 83.0 92.0 96.3 84.2 96.4 94.8 September 86.5 84.2 92.2 103.5 99.1 97.0 86.3 80.8 99.7 97.4 86.9 93.3 94.0 95.9 100.5 103.0 October 92.5 87.6 96.6 101.0 101.1 99.6 91.2 84.4 100.1 100.1 88.2 95.3 92.4 97.3 91.5 106.3 November 91.6 88.5 92.3 100.6 101.4 98.2 88.5 80.2 91.9 96.9 91.1 97.8 97.9 99.2 104.3 113.7 December 94.4 99.4 102.7 104.3 99.6 90.9 82.5 95.7 98.2 98.2 94.1 100.9 106.6 113.6 1925—January 101.7 94.0 100.9 99.0 103.0 93.2 83.5 71.5 99.6 97.7 99.4 85.5 February 104.9 98.2 105.3 98.2 102.8 99.6 98.1 95.2 104.2 94.5 101.6 102.5 97.4 104.9 92.9 84.8 March 105.4 99.7 108.1 97.2 104.3 1101.1 101.8 103.1 104.6 98.6 101.6 108.2 100.8 106.2 94.0 84.0 April 101.2 98.4 101.5 93.1 102.8 I100.3 103.4 112.8 96.0 102.0 97.1 104.8 97.8 107.2 79.1 76.8 May 101.1 100.2 97.5 96.3 102.5 101.2 104.2 118.7 95.0 104.4 101. 6 102.2 102.5 112.0 96.5 77.7 June 95.8 99.1 94.3 99.9 101.7 102.7 98.8 108.9 89.9 103.4 100.3 100.5 103.2 109.1 95.9 77.7 July 89.7 97.2 93.1 99.3 100.7 99.4 96.4 107.9 93.7 99.5 97.3 100.6 102.7 110.2 94.4 69.3 August _- 94.8 97.7 96.2 99.1 101.0 100.7 95.8 104.7 103.9 102.7 99.6 101.8 108.0 110.4 95.5 71.5 September 92.8 97.0 94.1 99.9 102.3 103.2 96.8 111.5 99.8 100.1 94.6 102.8 104.4 105.8 95.5 89.6 October 101.0 104.3 102.5 104.1 107.5 106.8 106.3 128.1 101.1 104.7 98.2 107.5 ]08. 2 99.8 102.9 101.6 November 100. 1 107.6 101.7 103.3 109.9 105.7 107.6 128.7 93.4 103.7 101.7 109.1 108.6 99.0 104.5 108.7 December 104.8 111.3 102.4 103.0 112.2 104. 9 103.2 117.1 92.1 101.0 105.9 109.1 105.8 106.5 105.1 114.0 1926—January 101.6 109.5 102.9 100.2 109.7 95.8 92.0 97.4 95.7 92.2 103.2 109.6 107.0 108.1 91.2 98.5 February 105.4 113.8 105.2 99.4 109.1 100.8 104.3 118.9 100.7 94.8 105.0 109.7 105.1 111.3 89.5 101.0 March 107.4 115.6 106.3 98.9 111.0 101.4 107.0 121.9 99.8 97.6 109.0 113.2 107.4 109.2 94.0 102.0 April 106. 5 113.8 100.5 95.6 110.2 101.4 106.2 118.0 90.7 99.4 106.6 112.9 108.8 109.5 87.7 101.1 May 104.2 112.8 95.8 99.4 110.0 101.9 103.2 112.0 87.7 105.3 104.9 109.8 110.6 105.1 87.2 97.6 June 103. 6 114.6 92.4 102.0 109.8 103.3 100.8 105.1 92.3 107. 9 102.0 110.5 113.9 102.8 92.9 95.7 July 97.9 108.6 85.4 101.6 107.3 98.6 94.0 97.1 97.6 101.6 99.2 106.9 110.0 100.0 89.5 87.8 August 101.0 111.0 90.3 101.2 107.8 103. 3 100.7 108.5 105.7 106.9 100.3 108.2 114.4 104.1 88.7 90.3 September 104.4 108.7 96.5 104.2 109.4 104.2 97.2 105.4 105.7 103.9 99.1 110.6 114.7 112. 1 93.9 91.6 October 108.9 113.3 102.6 108.0 112.5 106.6 100.7 107.1 105.8 106.0 102.4 114.0 114.9 109.2 98.0 108.7 N D o ec v e e m m b b e e r r 1 1 0 0 5 3 . . 6 7 1 1 1 0 2 9. . 6 0 1 9 0 9 3 . . 6 7 1 1 0 0 2 3. . 4 8 1 11 1 4 3 . . 6 2 1 1 0 0 1 4 . . 3 8 94.0 9 7 2 8 . . 7 3 9 9 8 7 . . 8 1 1 9 0 9 3 . . 3 5 1 1 0 0 2 2 . . 0 3 1 1 1 1 3 3 . . 2 2 1 1 1 1 4 5 . . 6 7 1 1 0 00 3 . . 6 0 9 9 5 7 . . 0 1 1 1 1 1 0 0 . . 4 8 1927—January 97.2 107.1 103.9 100.1 110.8 91.4 79.5 65.8 98.9 87.1 100.9 111.0 113.3 102.4 82.5 95.8 February 103.3 111.5 109.7 100.0 111.2 93.9 95.9 98.8 105.1 92.8 103.2 114.8 120.0 108.2 85.7 87.7 March 106.0 111.5 110.9 99.3 112.0 95.1 99.0 108.0 102.9 97.6 99.4 118.1 121.2 109.2 87.4 86.7 April 106.3 108.7 104.5 98.3 110.6 93.9 101.0 111.0 96.5 101.2 101.0 116.5 118.5 115.0 84.4 83.5 May 102.6 107.3 101.2 101.1 110.1 96.4 101.6 111.6 93.9 104.1 106.8 109.3 113.2 118.1 90.4 79.9 June 101.2 106.0 100.4 105.2 108.4 96.3 92.1 91.9 95.0 101.9 103.5 110.3 116.6 114.3 93.8 75.0 July 91.7 99.7 97.1 104.1 106.3 92.8 87.4 87.4 100.6 96.2 98.8 104.5 110.8 108.5 92.8 71.9 August 96.5 101.8 101.6 102.6 107.7 96.4 91.6 95.3 108.6 97.7 99.4 105.6 110.5 108.7 86.9 77.8 September _ 94.9 97.5 105.7 105.1 108.7 97.5 86.9 89.6 106.1 95.9 97.7 106.3 107.6 108.2 98.0 85.6 October 95.7 98.8 107.3 105.4 110.4 98.8 89.8 93.0 99.5 96.3 98.4 107.3 105.9 105.0 99.0 91.8 November 92.6 95.0 102.4 103.8 111.4 96.3 84.1 81.5 87.5 94.0 95.6 105.8 103.7 98.4 98.1 90.3 December 93.4 97.6 104.1 103.3 113.6 92.3 86.8 88.7 98.9 107.3 103.5 106.2 94.8 97.0 1928—January 94.5 101.0 100.3 110.6 83.2 83.4 88.2 95.3 82.5 95.7 104.2 104.0 109.4 85.0 77.3 February 100.; 99.0 105.0 102.0 109.7 87.2 94.1 111.0 101.4 84.3 101.5 106.4 103.5 115.7 85.1 77.7 March 101.1 101.9 104.0 101.3 109.8 89.5 97.9 117.2 99.9 87.3 102.5 108.8 103.4 114. 46 86.3 73.6 April 101.8 95.3 97.5 109.0 89.6 99.4 119.3 86.0 90.5 102.4 108.7 104.2 113.0 80.3 73.3 May 104.2 92.0 100.2 108.9 90.5 100.9 124.2 82.9 94.0 105.3 103. 4 101.6 109.3 84.1 71.1 June 106.1 90.9 102.8 109.0 91.3 98.5 117.6 87.1 94.0 104.8 102.9 104.2 112.5 89.7 73.3 July... 102.5 85.8 103.1 107.3 88.3 94.8 115.2 94.3 91.0 101.2 102.5 1C7.1 114.8 84.9 70.2 August 105. 3 90.2 101.5 107. 5 91.5 100.4 128.3 100.4 95.1 106.7 103.6 117.9 88.7 76. a September 106.0 94.9 104.3 109.2 93.4 100.1 129.0 99.6 92.8 109.4 106.3 109.3 123.8 92.9 80.7 October.-. 111.3 101.0 106.0 111.5 95.8 104.7 134.1 95.9 94.1 116.6 109.2 107.8 120.4 95.2 83.4 November 110.3 96.7 104.9 111.7 94.4 96.1 114.5 80.1 90.7 118.5 108.2 107.1 112.4 94.1 86.2 December 114.0 100.3 106.3 113.7 90.8 95.8 112.4 86.0 88.4 120.5 108.1 107.2 114.1 94.3 88.4 1929—January.. _ 101.3 112.3 97.0 102.2 111.4 83.4 114.5 90.2 79.0 117.4 106.3 105.3 118.8 76.3 February 107.2 120.7 103.6 102.5 113.0 86.5 111.4 147.4 94.5 81.0 124.1 111.3 110.2 145.8 82.3 61.5 March 108.5 126.5 108.8 101.2 114.9 88.4 113.9 148.2 91.4 84.8 127.6 113.6 112.1 146.7 84.4 64.0 April.. 110.5 129.5 103.2 100.4 113.3 90.9 117.0 152.0 87.9 89.3 127.0 117.8 117.1 150.2 86.1 64.7 May 111.6 131.9 99.3 103.1 114.3 92.8 116.0 147.1 88.1 91.8 123.1 113.1 118.9 146.5 86.1 72.2 June 109.9 131.6 97.8 105.6 113.6 92.2 107.9 130.9 89.8 92.5 117.0 111.2 120.0 120.6 88.5 70.4 July 103. 5 128.2 90.4 105.6 111.4 93.5 97.1 110.2 97.8 86.1 112. 6 111.2 123.3 115.1 87.9 80.6 August 109.3 127.5 97.4 105.0 112.8 94.7 106.8 128.0 105.0 91.2 113.2 113.0 125.1 110.9 90.6 86.8 September. 108.9 127.9 103.0 108.1 116.3 96.6 103.3 120.3 104.3 91.3 112.1 116.0 129.3 104.9 93.4 99.3 I 77135—29- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

716 FEDERAL RESERVE BULLETIN NOVEMBER, 1929 TABLE 5.—WEIGHT FACTORS USED IN REVISED INDEXES OF FACTORY EMPLOYMENT AND PAY ROLLS Employment: 1923 Pay rolls: 1923 INDUSTRY AND GROUP (Source: U. S. Census of Manufactures—figures for 1923 as revised in 1925) A nu v m er b ag er e ce P n e t r of A th n o n u u s a a l n d (i s n ce P n e t r of total of dollars) total I. IRON AND STEEL AND THEIR PRODUCTS, not including machinery 792,314 9.1 1,200,293 10.9 Iron and steel; steel works and rolling mills, etc 533,904 6.1 848,127 7.7 Hardware _ _ _ 91,315 1.0 113,175 1.0 Structural iron work _ __ 51, 591 0.6 80,833 0.8 Steam fittings and steam and hot-water heating apparatus; stoves. 93,928 1.1 133,138 1.2 Cast-iron pipe ..._ 21, 576 0.3 25,020 0.2 II. MACHINERY, not including transportation equipment.._ 868,970 9.9 1,212,259 11.0 Foundry and machine-shop products, including locomotives 569, 743 6.4 818, 956 7.4 Electrical machinery 234,892 2.7 305,455 2.8 Machine tools. 33, 373 0.4 47,337 0.4 Agricultural implements _ 30.962 0.4 40,511 0.4 III. TEXTILES AND THEIR PRODUCTS 1,552,240 17.7 1,581,684 14.4 A. Fabrics _ _. 1,107,858 12.6 1,059,80 A 9.6 Cotton goods _ _ 495,197 5.7 420, 645 3.8 Woolen and worsted manufactures __ 229, 769 2.6 271,513 2. J, Woolen and worsted goods 194, 552 2.2 222, 985 2.0 Carpets and rugs.._ _ 35, 217 0.4 48, 528 0.4 Hosiery and knit goods 194, 244 2.2 168, 272 1.5 Silk manufactures _ 125, 234 1.4 126, 849 1.2 Dyeing and finishing textiles.- 63,414 0.7 72, 525 0.7 B. Wearing apparel U4,382 5.1 521,880 A. 8 Clothing, men's 194,820 2.3 235, 487 2.2 Shirts and collars... 62,121 0.7 45,903 0.4 Clothing, women's _ 133,195 1.5 176,446 1.6 Millinery _ 54, 246 0.6 64, 044 0.6 IV. FOOD AND KINDRED PRODUCTS. 432,470 4.9 531,212 4.8 Baking 162,613 1.8 214, 579 1.9 Slaughtering and meat packing 132, 792 1.5 167,569 1.5 Confectionery 63,485 0.7 54,881 0.5 Ice cream _ 23,132 0.3 32,435 0.3 Flour... _. 35,194 0.4 41, 704 0.4 Sugar refining, cane... 15,254 0.2 20,044 0.2 V. PAPER AND PRINTING _ _ 423,862 4.8 603,494 5.5 Printing, book and job 129,890 1.5 201, 217 1.8 Printing, newspapers and periodicals _ 116,440 1.3 196,804 1.8 Paper and pulp. _ _ 120, 677 1.4 151,477 1.4 Paper boxes _ _ _ _ 56,855 0.6 53,996 0.5 VI. LUMBER AND ITS PRODUCTS _ 767,039 8.8 813,804 7.4 Lumber, sawmills. 495, 932 5.7 475,962 4.3 Lumber, mill work _ _ 103,008 1.2 133,329 1.2 Furniture 168,089 1.9 204, 513 1.9 VII. TRANSPORTATION EQUIPMENT , 1,071,193 12.2 1,652,744 15.0 Car building and repairing, steam and electric 604,020 6.9 902,147 8.2 Automobiles _ 404,886 4.6 659,877 6.0 Shipbuilding 62,287 0.7 90, 720 0.8 VIII. LEATHER AND ITS MANUFACTURES _ 299,917 3.4 339,519 3.1 Boots and shoes __ 240,214 2.7 265, 735 2.4 Leather 59,703 0.7 73,784 0.7 IX. CEMENT, CLAY, AND GLASS PRODUCTS.. _ 247,973 2.8 310,085 2.8 Clay products (brick, tile, and terra cotta; pottery) 139, 547 1.6 170,479 1.5 Glass _ ._ 73,335 0.8 89,898 0.8 Cement 35,091 0.4 49,708 0.5 X. METAL PRODUCTS, OTHER THAN IRON AND STEEL__ _ 130,298 1.5 175,890 1.6 Stamped and enameled ware ._. 35,237 0.4 42,636 0.4 Brass, bronze, and copper 95,061 1.1 133,254 1.2 XI. CHEMICALS AND ALLIED PRODUCTS 204,838 2.3 275,994 2.5 Chemicals and drugs _ 119, 549 1.3 155,795 1.4 Petroleum refining 66,717 0.8 103,834 0.9 Fertilizers 18, 572 0.2 16,365 0.2 XII. RUBBER PRODUCTS ._. 103,398 1.2 142,294 1.3 Automobile tires and tubes 73.963 0.9 108,623 1.0 Rubber boots and shoes _ 29,435 0.3 33,671 0.3 XIII. TOBACCO MANUFACTURES _ 146,337 1.7 120,462 1.1 Cigars and cigarettes _ 130,036 1.5 107, 723 1.0 Chewing and smoking tobacco, and snuff _ 16,301 0.2 12, 739 0.1 XIV. MUSICAL INSTRUMENTS (pianos and organs; phonographs) 54,226 0.6 69,554 0.7 XV. ALL OTHER INDUSTRIES 1,673,426 19.1 1,969,994 17.9 Canning and preserving, fruits and vegetables _ 72, 534 0.8 57,153 0.5 Industries not elsewhere specified. 1,600,892 18.3 1,912,841 17.4 TOTAL—ALL INDUSTRIES 8,768,491 100.0 10,999,282 100.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

717 NOVEMBER, 1929 FEDERAL RESERVE BULLETIN NATIONAL SUMMARY OF BUSINESS CONDITIONS Industrial activity increased less in Septem- Distribution.—Freight-car loadings increased ber than is usual at this season. Production by slightly less than the usual seasonal amount during the month continued above the level of in September and continued to be larger than a year ago, and for the third quarter of the a year ago. In the first two weeks of October year it was at a rate approximately 10 per cent car loadings were smaller than in the correabove 1928. There was a further decline in sponding weeks of 1928. building contracts awarded. Bank loans in- Department-store sales in leading cities increased between the middle of September and creased seasonally during the month of Septhe middle of October, reflecting chiefly growth tember and were 2 per cent larger than a year in loans on securities. ago. For the third quarter as a whole sales of Production.—Output of iron and steel de- the reporting stores exceeded those of the third clined further in September, contrary to the quarter of last year by 3 per cent. seasonal tendency; there was a sharp decrease Prices.—Wholesale prices showed little change in output of automobiles and automobile tires, from August to September, according to the and a smaller than seasonal increase in activity index of the Bureau of Labor Statistics. Prices of in the textile and shoe industries, which con- meats and livestock declined considerably, while tinued to produce at a high rate in comparison prices of grains advanced. The prices of raw silk, with the preceding year. Meat-packing plants cotton, and cotton goods were higher in Septemwere more active than in August. Factories ber, and the price of coal increased, while prices increased the number of their employees during of iron and steel products, tin, gasoline, and ce- September, and pay rolls were also slightly ment were lower. During the first three weeks larger. of October prices declined for a considerable Output of coal showed a substantial increase number of commodities, including wheat, flour, from August, and the average daily production hides, steel, tin, cotton, silk, and wool. of copper mines was somewhat larger. Iron- Bank credit.—Between the middle of Sepore shipments declined seasonally, and petro- tember and the middle of October there was a leum output was reduced for the first time in slight increase in the volume of loans and inseveral months. vestments of member banks in leading cities. For the first half of October reports indicate The banks' loans on securities increased rapidly, a further reduction in steel-plant operations, while all other loans, including loans for coma continued increase in production of bitumi- mercial and agricultural purposes, declined nous coal, and some increase in petroleum somewhat after reaching a seasonal peak on output following a moderate decrease during October 2. Security holdings of the reporting September. banks continued the decline which has been Building contracts awarded in September almost uninterrupted for more than a year. declined seasonally from August and were sub- At the reserve banks there was little change stantially below the corresponding month in in the volume of credit outstanding during the any year since 1924. For the third quarter 4-week period ending October 19. Further inthe volume of contracts was 6 per cent less than crease in the holdings of acceptances by the a year ago. During the first three weeks of Federal reserve banks was accompanied by a October contracts continued substantially be- decline in discounts for member banks, largely low the level of last year. at the Federal Reserve Bank of New York. October estimates by the Department of Open-market rates on bankers' acceptances Agriculture indicate a cotton crop of 14,915,000 and on prime commercial paper were unbales, 3 per cent larger than last year; a corn changed during the last half of September and crop of 2,528,000,000 bushels, 11 per cent the first three weeks of October. On October smaller than the crop of a year ago and 8 per 23 rates on bankers' acceptances declined by cent below the 5-year average; and a total one-eighth of 1 per cent to a 5 per cent level wheat crop of 792,000,000 bushels, 12 per cent for the principal maturities. Rates on demand below last year but only slightly under the and time loans on securities declined during the 5-year average. first half of October. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

718 FEDERAL RESERVE BULLETIN NOVEMBER, 1929 RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS , MILLIONS OF DOLLARS 51*001 r 1 1 1 ' 1 1 T"—' 1 " 1 T—| 1 1 1 1 •I 5^00 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 October 26 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1929 FEDERAL RESERVE BULLETIN 719 RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES [Averages of daily figures. In millions of dollars] Reserve bank credit outstanding Factors of decrease l Factors of increase 1 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 k v e e r fa O ct t o h r e s r • ing balances 1928—August 1,061 178 210 L, 485 4,118 1,774 4,743 2,274 360 September 1,064 226 240 ., 581 4,125 1,787 4,804 2,314 375 October 975 368 237 ,621 4,133 1,786 4,836 2,332 372 November 897 471 238 L, 653 4,151 1,787 4,860 2,352 379 December 1,013 483 263 ,824 4,142 1,790 5,008 2,367 381 1929—January 859 473 229 ,570 4,115 1,789 4,748 2,387 382 February 385 184 ,468 4,143 1,784 4,686 2,357 384 March i 265 197 ,442 4,166 1,791 4,709 2,337 392 April 1,004 156 165 1,377 4,226 1,785 4,679 2,308 401 May 956 | 145 153 1,303 4,292 1,787 4,684 2,296 402 June 978 j 99 179 , 317 4,311 1,779 4,687 2,314 406 July 1,096 75 147 ,380 4,335 1,790 4,764 2,334 407 August 1,043 124 155 ,376 4,351 1,781 4,777 2,322 409 September 969 I 229 165 ,427 1,766 4,811 2,335 415 W O ee c k to e b n er ding- 885 i | 337 154 ,450 4,381 1,785 4,810 2,386 420 Sept. 28. _. 935 ! 262 157 1,412 4,375 1,737 4,782 2,327 415 Oct. 5 928 302 148 :, 454 4,374 1,753 4,814 2,350 417 Oct. 12.... 895 I 322 138 ,422 4,376 1,783 4,822 2,339 420 Oct. 19.... 860 I 349 133 ,429 4,380 1,790 4,818 2,358 423 Oct. 26.... 843 i 355 140 :,409 4,386 1,793 4,791 2,378 419 i For explanation see July BULLETIN, pp. 432-438. * Includes " other securities," amounts due from foreign banks, and reserve bank float; for explanation see July BULLETIN. » 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 Month m a s t t o o o e n c f n t k d h Total T n i h e m r t o o p g r u o o g r l t d h! T m o h a p e r r a e o k r r u - i a n g - g h d T p o h r t m o i r o o d e n u u s , g c ti h - c From or to— October i September S J e a p n te u m ar b y e - r export tions etc.* Im- Ex- Im- Ex- Im- Ex- 1827—October.... 4,541 -30.1 -8.6 -25.0 +3.4 ports ports ports ports ports ports November. 4,451 -89.7 -53.2 -40.0 +3.5 December.. 4,379 -71.7 -67.4 -8.5 +4.2 Total (12mos.). -112.7 +6.2 -160.1 +41.2 England 1,009 8,054 61,380 France.. 3,000 1 75 1928—J anuary 4,373 -6.0 -13.8 +5.5 +2.3 Germany 46, 761 686 February... 4,362 -11.2 — 11.1 +2.9 -3.0 Italy 5 March 4,305 -57.6 -94.9 +35.8 +1.5 Netherlands 5 April 4,266 -38.7 -91.2° +45.7 +6.8 Canada 2,841 56 65, 327 279 May 4,160 -105. 7 -81.7 -26.5 +2.5 Central America 94 250 662 950 June 4,109 -51.0 -79.9 +30.1 -1.2 Mexico 390 383 734 6,588 2,160 July 4,113 +3.4 —63.9 +60.9 +6.4' West Indies 6 330 33 August 4,123 +10.3 +.7 +5.9 +3.7 Argentina 6,575 2,500 61,807 September . 4,125 +2.1 +.5 -1.2 +2.8 Chile. 23 396 October 4,142 +17.3 +13.3 +1.2 +2.8 Colombia 2,492 589 1,469 November. 4,128 -14.0 +6.7 -25.0 +4.3 Ecuador 1 1,027 December.. 4,141 +13.2 +23.3 -15.7 +5.6 Peru... 132 1,368 Total (12 rnos.). -237.9 -392.0 +119.6 +34.5 U Ve ru n g ez u u a e y la 276 1,600 1929— A M J M J F A J u u e p a u a l a n n b r y g y r e i u r c u l a u h s r t a y ry... , 4 4 4 4 4 4 4 4 , , , , , , , , 1 1 1 3 2 3 3 3 2 5 8 2 6 0 4 6 7 3 8 4 0 1 1 0 + - + + + + + + 1 2 3 7 2 4 1 1 4 6 4 2 3 0 6 8 . . . . . . . . 4 4 4 4 4 6 3 9 + + + + + + + + 2 4 2 3 2 2 1 3 5 7 4 3 0 8 4 3 . . . . . . . . 5 6 1 8 2 4 7 1 - + + - 6 + - - 2 4 1 7 1 5 7 2 8 6 . . . . . . . 5 0 0 5 0 6 1 + + + + + + + + 0 3 2 0 0 0 1 3 . . . . . . . . 9 5 7 9 1 7 5 6 J B D C A N P a h r h l u e K p i l i w i t t l a n o c i o i s a n h n p t h Z . h g p e E e i I a n a r n a l e n d a s c d t n i o a I d s I u n l n H a d t n r i o d e i n e s s g _ s . . .. 2 4,900 a 2 1 10 41 3, 2 1 5 8 8 7 1 7 8 4 3 165 2 3 , , 0 7 8 2 6 9 2 9 3 6 7 9 0 5 0 2 1 , ,0 4 1 5 1 3 7 9 2 0 3 1 4 4 S O e c p to te b m er b " e _ r _ . 4 4 , , 3 3 8 7 6 2 + + 1 1 2 4. . 0 1 + + 1 1 1 7 . . 2 6 - - 4 6. . 6 5 + +7 1 . . 3 1 Total 14, 976 3,741 18,781 1,205 1255,085 9,942 * For detailed explanation of this figure, which is derived from pre- i October figures are preliminary; 3 customs districts—New York, oeding columns, see BULLETIN for December, 1928, p. 831. St. Lawrence, and San Francisco. v Preliminary. J Includes all movements of unreported origin or destination. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

720 FEDERAL RESERVE BULLETIN IMOVEMBEB, 1920 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 October 26 DISCOUNTS WITH FEDERAL RESERVE BANES MILLIONS OF DOLLARS MILLIONS OF DOLLARS [Monthly averages of weekly figures. In millions3 of dollars] 700 700 DISCOUNTS FOR MEMBER BANKS Reporting member banks in leading cities Month c T o d o u is t n a - t l s Total Y N o e r w k Othe c r i t l i e e a s ding c o o d A t u h is l n e l - t r s City Total Chicago 1928—January 439 314 94 220 23 126 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 March 978 740 166 574 121 238 April 991 725 162 563 46 266 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 eptember... 974 706 166 540 18 268 1925 1926 1927 1928 1929 October 88 5 634 74 560 38 251 Based on monthly averages of weekly figures Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1929 FEDERAL RESERVE BULLETIN 721 PER P 6 ER CENT CEN 6 T MONEY RATES IN NEW YORK CITY - 3 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] Rate in Previous Prevailing rate on- Average rate Aver o a n g — e yield Federal reserve bank effect on Date established rate Nov. 1 U.S. N B R P C h o i l e c e i w s l v h t a o e m d Y n la e o o n l n p r d d k h ia . 5 5 5 5 5 J J J A N u u u u o l l l y y y g v . . 2 1 1 1 1 6 3 9 , , , , , 1 1 1 1 1 9 9 9 9 9 2 2 2 2 2 8 8 9 8 8 4 6 iX *6 Month or week m m p P 4 c o a e r o t p r i n o m c m e t i h r - 6 a e , s l a P a b c d n e a r c a 9 c r i n e 0 m s y e p k ' s s e t - , - l d T o a i a 9 m y n 0 s s e 1 , N C e a w ll lo n a R e n w e s - a 1 l c T c n 3 e a u a r o r t e n t r t o t e i a y e d f s s i s 6 , - - b T o u r n r e d y a s s 1 - Atlanta 5 July 14, 1928 4*6 months Chicago 5 July 11, 1928 4*6 St. Louis 5 July 19, 1928 4*6 Minneapolis _ 5 May 14, 1929 1928 Kansas City 5 May 6, 1929 4U October.. 7 -7*4 7.12 6.98 4.70 3.55 Dallas 5 Mar. 2, 1929 November 5*4-5*6 6J6-7 6.86 6.67 4.26 3.48 San Francisco _ 5 May 20, 1929 December 4*4 7 -7% 8.86 8.60 4.26 3.53 1929 January 7H 6.94 7.05 4.66 8.59 BUYING RATES ON ACCEPTANCES February 5H 7*3-7^ 7.47 7.06 4.39 3.66 [Buying rates at the Federal Reserve Bank of New York] A M p a r i& il h -6 6 7%-8 9 9 . . 8 4 0 6 9 8 . . 1 8 0 9 4 4. . 8 6 0 0 3 3 . . 6 7 7 6 May 6 8.79 8.91 5.09 3.67 Maturity e R N ff a e o c t v e t . i o n 1 n Date established Pre ra v t i e ous J J A S u u e u l n p y g e t u e s m t ber i i 6 6 6 fi *1 7 9 8 8. . . . 6 1 8 4 2 5 3 1 8 7 9 8 . . . . 5 2 7 2 0 3 0 3 4 4 4 4 . . . . 8 7 5 5 0 0 8 5 3 3 3 3 . . . . 7 7 7 6 0 2 1 8 October-.. ! 7 -9 6.10 6.43 4.37 3.67 4 3 1 1 6 6 - 1 6 1 1 - - - - 6 5 3 4 9 0 0 5 0 d d d d d a a a a a y y y y y s s s s s .. . . . . . . . . . 4% . N . . . . . . . . . . . o . . . . v d d d d . o o o o 1,1929. i 1 1 1 1 5 5 5 5 5 Wee O O O O k c c c c e t t t t n . . . . d 2 5 1 1 i 6 n 2 9 g— 6 Q m H H 51/8 7 - -9 7 * H 4 8 5 6 5 . . . . 0 2 6 3 8 8 3 5 8 6 6 6 . . . . 2 2 4 0 0 0 0 0 4 4 4 4 . . . . 6 6 4 1 2 5 4 8 3 3 3 3 . . . . 7 7 6 5 3 2 5 6 91-120 days. ....do 6M 121-180 days .-.do 1 Stock exchange call loans; new and renewal rates. »Stock exchange90-day time loans. . »3 issues—3%, 4, and ty\ per cent; yields calculated on basis of last * Reduced from 5}i to 5 per cent on Oct 25. redemption dates—1956,1954, and 1952. NOTE.—Rates on prime bankers' acceptances, Higher rates may be * Change of issues on which yield is computed charged for other classes of bills. «• Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

722 FEDERAL RESERVE BULLETIN NOVEMBER, 1929 PREVAILING RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES The rates shown are those at which the bulk of the loans of each class were made by representative banks during the week ending with the 15th of the month. Rates reported by about 200 banks with loans exceeding $7,500,000,000. FEDERAL RESERVE BANK CITIES Month Boston Y N o 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 o n li e s - K C an it s y as Dallas San ci s F c r o an- Prime commercial loans 1928— October.— 5*6-6 5*6 5*6-5?4 5*6-6 5*6-6 5*6-6 5*4-5% 5*6-5% 5*6-5% 5*6-6 5*6-6 November- 5*6-6 5*4-5*6 5*6-6 5*6-6 5H-6 5*6-6 5*4-5% 5*6-5% 5*6-6 5*6 5*6-6 December. . 5*6-6 5*6 5*S-6 5*4-6 5V6-6 5*6-6 5*4-6 5*6-6 5*6-6 5*6-6 1929—January 5*6-6 5*6 5*6-5?4 5*6-6 5H-Q 5*6-6 , 5*6-6 5*6-6 5*6-5% 5*6 5*6-6*6 February... 5H 5*6 5*6-6 5H-6 5*6-5?4 5*6-6*6 5*6-6 5*6-6 5*6 5*6-6 5H6 March 5*6-5?4 5*6-5% 5*6-6 5*6-6 5*6 5*6-6*6| 5*6-6 5*6-6 5%-6 5*6 5H-6 M Ap a r y il 5 5? H 4 - - 5 6 U 5?4-6 5374 5 5 * * 6 6 - - 6 6 5 5 * ^ 6 - - 6 6 5 5* * 4 6 - - 6 5% 5 5 * * 6 6 - - 6 6 *6 j j 5 5 * * 6 6 - - 6 6 5 5 % % - - 6 6 5 5 % % ~ -6 6 * * 4 4 5 5 * * 6 6 - - 6 6 6 6 5 5H ^- - 6 6 J J u u l n y e 5M-6 RH 5 5% ^- - 6 fi 5 5H ^- - 6 s 5 5* 3 6 ^ - - 6 6 5 5 3 M /4 - - 6 6 5H6^| 5*1^6 0 5 / % 4— -6 0 5%-6*4 5*6-6 f0 6 t fi — U— 6 O * 7 6 ^J 5 53 ?4 4 - - 6 6 August 5U-Q 6 534-6 53/4-6 534-6 5*6 7 534-6 5%-6 6 5*6-6 6 —6*6 6 September. 6 6 53,4-6 53/4-6 •5U-6 6 -6*6! 53/4-6*4 6 6 53/4-6 6 -6*6 53/4-6 October 5H-6 6 -6*4 5^-6 5M-6 5^-6 6 H 5?4-6H 6 -Q}4 6 5M-6 6 -6H Loans secured by prime stock-exchange collateral 1929—April 5%-6 6 -7 5%-7 6 -6*6 6 5*6-6 6 -7 May 6 -7 5%-6 5%-6 5%-7 6*6-7 6 -6*6 6 -6*4 5%-6 6 -7 June 6 -7 6 6 -7 6 -7 6 6 -6\£ 5^-7 6 -7 6 -7 July. 6 -7 5*6-7 6 -7 6 -7 6 6 -6*4 5%-6 6 -8 6 -7 August 6 -7 6 -6* 6 -7 6 -7 6 6 -7 6 -8 6 -7 September- 6*6-7 6 6 -7 6 -7 6 -7 6 -6*6 6 —6*6 6 -8 6 -7 October 6 -7 6 6 -7 6*6-8 6 -7 6> 6 6 -8 6 -7 Loans secured by warehouse receipts 1929—April 6 6 6 6 6 5%-6*S 5%-6 5%-6 5*6-6 6 -6*6 May 6 6 6 -7 6 -7 6 6 6 6 -7 June 6 6 6 6 -7 6 6 6 5H-6 6 -7 6 -6*4 July -7 6 6 6 6 -7 6 6 5%-6 5*6-7 6 -7 6 -6*6 August 6 6 6 6 6 6 6 6 5*6-6 6 -7 6 -6*6 September. 6 6 6 6 6 6 -7 6 53/4-6 6 -7 6 -6*6 October -7 6 6 6 6 6 -7 6 6 -7 6 -6H Interbank loans 1929—April 5*6-6 5*6-6 5*6-5% 5*6-6 5% 5*6-6 5?4-6 5*6-6 534-6 5*6-6 5*6-6 5 -6 May 6*6-6 594-6 5% 5*6-6 5?4 5*6-6*6 5?4-6 5?4-6 6 6 5*6-6 5 -6 June 5^-6 5^ 5H-6 5M-6 5H-6M 6 5M-6 6 6 534-6 July 5*6-6 53/4-6 53/4 5*6-6 6 5*6-6*6 5*6-6 534-6 6 6 5*6-6 5*6 August 6 6 554-6 5*6-6 53/4-6 6 5?4-6 6 6 6 6 5*6 September. 6 5*6-6 6 53/4-6 6 6 6 6 6 6 5*$ October 6 -6*4 5H-6 5K-6 5M-6 6 5M-6 6 6 -6V2 6 6 FEDERAL RESERVE BRANCH CITIES Loans secured by prime Loans secured by warehouse Prime commercial loans stock-exchange collateral receipts Interbank loans City August, Septem- October, August, Septem- October, August, Septem- October, August, Septem- October, 1929 ber, 1929 1929 1929 ber, 1929 1929 1929 ber, 1929 1929 1929 ber, 1929 1929 Buffalo 6 -6*6 6 -7 6 -6H 6 6 Cincinnati 6 6 6 6*6-8 6 -8 6 -7 6H-7 5%7 6 -7 Pittsburgh 5^-6 53/4-6 6 6 6 5?4-6 6 Baltimore 6 6 6 5*6-6 Charlotte 2 6 6 6 6 -8 6 -7 6 -8 Birmingham 6 -7 6 -8 6 -7 6 -7 6 -7 6 -7 6 -7 6 -8 Jacksonville 6 -6^ 6 6 -7 6 -8 6 -8 6 -8 6 -8 6 -8 Nashville 6 6 6 6 6 5*6-6 5H-6 5*6-6 New Orleans 6 -6*6 6 -7 6 -7 6*6-7 6H-7 6M-7 6 -7 6 -7 6 -7 5*6-6*6 6 -63^ Detroit 6 6 -6* 6 -6J> 6 -6*6 6lA-7 6H-7 6 -6*6 6 -7 6 -63/ Little Rock 6 6 -63* 6 -6* 6 -8 6 -8 6 -8 6 -8 6 -8 6 -6> Louisville. _ 6 6 6 6 6 6 6 6 Helena 8 8 8 7 -8 7 -8 7 -8 6 -8 6 -8 6 -8 Denver 6 -6*6 6 6 -7 6 -8 6 -8 6 -8 6 -6* 6 -6H Oklahoma City 6 -6*6 6 -7 7 -8 7 -8 6 -8 6 -8 8 6 6 Omaha 6 6 6 6 -7 63^-7 6 -7 6 -7 6H-7 6 6 -m El Paso 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 8 7 -8 7 -8 6 S L S P H a a o o o n l s r t u t s A A L l t a n n o a n g n k to d e e n l . e . C i s o ity 6 -7 6 6 6 6 *6 6 -7 6 6 6 6 6 6 - - 6 7 - * V 42 6 6 6 6 * 6 - - - - 7 7 8 7 7 6 6 6 H- - - 7 8 6 7 1 6 6 6 6 6 - - - - - 7 7 7 8 7 6 6 6 6 - - - - 7 7 8 7 7 6 6 7 - - - 7 7 8 6 6 6 - - - 7 7 8 6* 6 5 *6 - - 7 6 6 6 6 5 34 - - 7 6 6 6 6 6 5 H - - 7 6 6 6 Seattle. 6 -6*6 6 6 -7 6 6 -6> 7 Spokane 6*4-7 6 -7 6*4-7 6*6-7 6 -7 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1929 FEDERAL RESERVE BULLETIN 723 MEMBER BANK CREDIT REPORTING MEMBER BANES (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- ot A h l e l r m ve e s n t t - s b s a er n v k e s Total Total i j ! s e t c O ie u n s ri- o A th l e l r m ve e s n t t - s b s a e n rv k e s Total: Total: Aug. 7_. 22, 581 17,044 7,715 9,329 5,537 770 1928—September... 21,871 15,898 6,840 9,059 5,973 822 Aug. 14.. 22,450 16,943 7,573 9,370 5,507 726 October 21,938 16,003 6,874 9,130 5,934 736 Aug. 21-. 22,423 16,938 7,510 9,428 5,485 687 November... 21,983 16,096 7,082 9,014 5,888 681 Aug. 28.. 22,405 16,950 7, 515 9,434 5,456 685 December 22,189 16, 253 7,198 9,055 5,936 799 Sept. 4... 22,591 17,150 7,632 9,518 5,441 761 1929—January 22,320 16, 300 7,504 8,796 6,021 663 Sept. 11.. 22,570 17,142 7,578 9,564 5,429 702 February 22, 263 16,260 7,522 8,737 6,004 659 Sept. 18.. 22,742 17, 254 7,686 9,567 5,489 673 March 22,472 16,491 7,580 8,911 5,981 740 Sept. 25.. 22, 682 17, 244 7,720 9,524 5,438 688 April 22,388 16,464 7,392 9,073 5,924 725 Oct. 2... 22,829 17,428 7,828 9,600 5,401 672 May 22,113 16,277 7,218 9,059 5,837 661 Oct. 9... 22, 673 17, 269 7,687 9,582 5,403 612 June 22, 231 16,480 !7,332 9,149 5,751 670 Oct. 16.. 22,794 17, 397 7,875 9,522 5,397 605 July 22, 479 16.950 7,716 9,234 0, 529 801 Oct. 23.. 22, 895 17, 500 7,920 9,580 5,395 554 August 22, 465 16,969 7,578 9,390 5,496 717 Oct. 30.. 24,431 18,934 9,179 9,755 5,496 729 September... 22, 646 17,197 7,654 9,543 5,449 706 October 23,124 17,706 8,098 9,608 5,418 634 New York City: New York City: Aug. 7__ 7,512 5,775 2,961 2,813 1,737 295 1928—September.. _ 7,022 5,221 2,544 2,678 1,801 Aug. 14 7,381 5,653 2,822 2,830 1,728 191 October 7,013 5,209 2,559 2,650 1,803 202 Aug. 21_ 7,354 5,637 2,775 2,862 1,717 144 November... 7,056 5,255 2,694 2,562 1,800 157 Aug. 28- 7,383 5,686 2,819 2,867 1, 697 153 December 7,152 5,339 2.747 2,592 1,812 221 Sept. 4 7,546 5,853 2, 944 2,908 1,693 217 1929—January 7,262 5,378 2,904 2,473 1,884 190 Sept. 11 7,467 5,770 2,846 2, 924 1,697 159 February 7,190 5, 306 2,820 2,486 1,885 131 Sept. 18 7,542 5,814 2,894 2,920 1,729 142 March 7,296 5,424 2,823 2,601 1,872 166 Sept. 25 7,474 5,777 2,883 2,894 1,697 147 April 7,297 5,437 2,729 2,708 1,859 162 Oct. 2 7,563 5,876 2,947 2, 929 1, 687 63 May 7,182 5,344 2,653 2,691 1,838 145 Oct. 9 7,464 5, 756 2,836 2,921 1,708 46 June 7,281 5,468 2,749 2, 719 1,812 165 Oct. 16 7,526 5, 817 2, 964 2,853 1, 709 49 July 7,496 5,804 3,045 2,758 1,692 319 Oct. 23 7,619 5, 899 3, 005 2,894 1,721 41 August 7,407 5,688 2, 845 2,843 1,720 196 Oct. 30 9, 010 7,191 4, 205 2, 986 1, 819 170 September... 7,507 5,803 2, 892 2,911 1,704 166 October 7,837 6,108 3,191 2, 916 1, 729 74 Other leading cities: Other leading cities: 1928—September... 14,849 10,677 4,296 6,381 4,172 556 Aug. 7__ 15,070 11, 269 4,754 6,515 3, 800 475 October _ 14.925 10,794 4,314 6,480 4,131 534 A A A S S S S O O O O O e e e e u u u c c c c c p p p p g g g t t t t t . . . . . t t t t . . . . . . . 9 2 2 1 3 2 1 2 4 2 1 1 0 3 6 8 1 4 _ 5 1 8 - . _ _ . _ _ ._ _ „ 1 1 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , , 0 1 0 4 0 2 2 0 2 2 2 2 4 6 0 2 0 6 7 0 6 2 0 7 5 9 3 0 9 7 0 0 5 2 8 6 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 3 5 4 5 4 2 2 3 2 5 7 6 7 7 5 4 6 9 9 0 6 1 4 0 2 9 2 0 7 7 0 1 3 3 3 2 4 4 4 4 4 4 4 4 4 4 4 4 , , , , , , , , , , , , 6 7 6 7 7 7 8 8 9 9 8 9 8 3 9 9 3 5 3 7 1 1 5 7 8 5 6 2 2 0 8 8 5 0 2 3 6 6 6 6 6 6 6 6 6 6 6 6 , , , , , , , , , , , , 6 5 6 5 6 6 7 6 4 6 6 5 6 4 4 6 2 6 7 0 6 8 1 6 7 6 8 0 9 2 0 9 9 6 7 3 3 3 3 3 3 3 3 3 3 3 3 3 , , , , , , , , , , , , 7 7 7 7 7 6 7 7 6 6 6 7 3 6 4 6 5 1 4 9 8 7 7 7 1 0 8 8 8 3 1 6 8 7 4 9 5 5 5 5 5 5 5 5 6 5 5 5 3 4 4 4 3 3 6 6 0 4 1 6 1 4 3 2 5 2 6 3 9 0 3 0 1929— J D N M A J F M A S O J u u e e e a p u o c a l a n b n p c y r t g v y e r o i u e r t u l e c u b e m a s m h e r a m t y b r r . b y b e . e r . e . r r - . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 4 5 5 4 4 4 5 5 5 5 5 5 , , , , , , , , , , , , 1 0 2 9 0 9 0 0 1 0 9 9 3 5 7 3 5 3 2 7 8 9 8 5 9 3 1 8 8 7 8 6 8 4 2 0 1 1 1 1 1 1 1 1 1 1 1 1 0 0 1 1 0 0 0 1 1 1 1 1 , , , , , , , , , , , , 9 8 9 2 9 9 0 1 0 0 5 3 1 3 4 5 8 2 2 4 6 1 9 9 3 3 0 4 1 2 7 6 7 2 8 4 4 4 4 4 4 4 4 4 4 4 4 4 , , , , , , , , , , , , 4 3 6 6 5 7 5 9 7 7 7 f 8 5 0 6 6 0 8 0 3 6 5 i 8 0 0 7 5 2 6 5 2 2 6 70 6 6 6 6 6 6 6 6 6 6 6 6 , , , , , , , , , , , , 4 3 2 4 3 3 3 4 5 4 6 6 1 5 6 5 2 6 6 3 4 7 9 3 0 1 3 2 3 0 f 8 0 6 2 2 i 4 4 4 4 4 3 4 3 3 3 3 3 , , , , , , , , , , , , 1 1 1 0 1 9 0 7 6 9 7 8 2 3 1 8 0 6 9 7 9 3 4 3 4 6 9 7 9 5 8 6 0 8 5 7 4 5 5 5 5 4 5 5 5 5 5 5 7 7 2 2 7 1 8 6 0 2 0 4 3 8 4 8 4 6 2 3 5 1 1 0 City of Chicago: City of Chicago: 1928—September. 2,034 1,572 850 722 462 41 Aug. 7 2,078 1,664 963 701 414 October 2,061 1,604 854 751 456 58 Aug. 14 2,068 1,662 948 714 406 November- 2,063 1,604 735 459 67 Aug. 21 2,063 1,661 936 725 403 December-- 2,083 1,632 743 452 91 Aug. 28 2,046 1, 650 925 725 396 1929—January 2,065 1,613 887 726 452 71 Sept. 4 2,037 1,643 910 733 394 February... 2,096 1,641 911 731 455 96 Sept. 11 2,050 1,661 929 732 389 March 2,130 1,676 950 726 454 121 Sept. 18 2,048 1,662 929 733 386 April.... 2,045 1,606 905 701 440 46 Sept. 25 2,079 1,686 964 723 393 May 2,015 1,596 897 698 419 36 Oct. 2... 2,105 1,717 981 735 388 June 2,033 1,616 910 706 417 64 Oct. 9 2,083 1,695 964 730 388 July.... 2,015 1,601 906 695 414 47 Oct. 16 ... 2,119 1,735 1,008 727 385 August 2,064 1,659 943 716 405 32 Oct. 23 2,117 1,733 1,004 729 384 September . 2,054 1,663 933 730 391 18 Oct. 30 2,173 1,786 1,034 752 387 October 2,119 1,733 735 386 38 77135—29 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

724 FEDERAL RESERVE BULLETIN N OVEMBEK, 1929 BANKERS' BALANCES ACCEPTANCES AND COMMERCIAL PAPER [Monthly averages of weekly figures for reporting member banks in leading cities. In millions of dollars [Amounts outstanding in millions of dollars. Figures for acceptances as compiled by American Acceptance Council: for commercial DaDer as Due to banks reported by about 25 dealers] Month Total New York City Othe c r i t l i e e a s ding End of month Ban o k u e t r s s t ' a a n c d c i e n p g tances Comme s r ta c n ia d l in p g aper out- 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, 9G9 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 1,835 j April 811 1,071 1,111 599 571 351 May. 3,064 2, 545 1,020 817 2, 044 1,728 i M ay 775 1,041 1,107 582 541 304 June_ _ 2,897 2, 532 933 796 1,964 1,736 June 751 1,026 1,113 579 503 274 July. 2,936 2,738 957 935 1, 979 1, 803 Julv. 741 978 1,127 569 483 265 August 2,801 2,604 901 827 1,900 1. 777 ' August 782 952 1,201 591 458 267 September 2,948 2,718 934 887 2,014 1,830 September 864 1,004 1,272 600 430 265 October 3,073 2,916 992 1, 023 2,081 1, 8,i3 October 975 1,123 611 427 November 3,040 981 2, 059 i November 1,029 1,200 603 421 December 3,011 956 2, 055 December _ , 1,081 1,284 555 383 BROKERS7 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] 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 1,104 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 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 8,549 2,745 3,340 4,647 7,077 474 575 1,472 October 3,111 3,946 5,880 1 6,109 2,668 3,363 4,994 5,313 444 583 November 3,129 4,092 6,392 2,636 3,519 5,412 493 573 979 December. 3,293 4,433 6,440 2,804 3,812 5,401 489 621 1,039 1 Call loans, $5,238,000,000; time loans, $871,000,000. LOANS TO BROKERS AND DEALERS IN SECURITIES MADE BY REPORTING MEMBER BANKS IN NEW YORK CITY [In millions of dollars. Monthly data are averages of weekly figures] Total For banks For others In New York Outside New Date or month 1 vial City* York City « 1928 1929 1928 1929 1928 1929 1928 1929 1928 1929 Date: i i 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 Oct. 2 4,570 6,804 2,612 2,897 930 1,071 1,682 1,826 1,958 3,907 Oct. 9 4,590 6,713 2,582 2,772 867 973 1,715 1,799 2,008 3,941 Oct. 16 4,664 6,801 2, 623 2,926 890 1,095 1,733 1,831 2,041 3,875 Oct. 23 4,772 0, 634 2,694 2,810 957 1,077 1,737 1,733 2,078 3,823 Oct. 30 4,907 5,538 2,753 3,074 1,021 2,069 1,732 1,005 2,154 2,464 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 October 4,701 4 6,498 2,653 2,896 933 1,257 1,720 1,639 2,048 3,602 November.. 5,102 2,854 1,105 1,749 2,248 December.. 5,193 2,874 1,114 1,760 2,319 1 Dates for 1929; corresponding dates for 1928 are slightly later. • Member and nonmember banks outside New York City (domestic J Weekly reporting member banks in New York City. banks only); includes unknown amount for customers of these bk < Call loans, $6,082,000,000; time Joans, $416,000,00Q. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1929 FEDERAL RESERVE BULLETIN 725 COMMODITY PRICES, SECURITY PRICES, AND SECURITY ISSUES WHOLESALE PRICES, BY COMMODITY GROUPS » [1926 = 100] Month m Al o l d c i o ti m es - pr F o a d r u m cts Foods p l r H e o a a i d n t d h u d e e c s r ts p T ro e d x u ti c le ts F li u g e h l t i a n n g d p M r m o a e d e n t t u d a a c l l s ts m Bu at i e ld ri i a n l g s c C a d l h r s e u m a g n s i d - i f n H u g r o g n u o i s s o e h d - - s l M an is e c o e u l s - N c c o u o i m l n t t i a m u e g s r o a r d l l - - J 928—August 98.9 107.0 104.1 121.0 96.3 84.6 100.4 94.6 94.7 97.2 79.3 96.7 September... 100.1 108.8 106.9 120.7 95.6 85.1 100.5 94.7 95.1 97.2 79.7 97.8 October..... 97.8 103.5 102.3 117.5 96.1 84.9 101.0 95.0 95.6 96.5 80.3 96.4 November... 96.7 101.6 100.1 115.5 96.1 84.4 101.7 96.0 96.0 96.4 80.0 95.4 December... 96.7 103.6 98.0 115.7 96.1 83.5 102.9 96.8 96.1 96.4 80.1 94.8 1929—January 97.2 105.9 98.8 113.6 96.4 82.5 103.6 96.6 95.9 96.6 80.5 94.9 February 96.7 105. 4 98.1 109.0 96.1 81.3 104.4 97.5 96.1 96.6 80.4 94.3 March 97.5 107.1 98.1 108.3 96.1 80.6 106.4 98.8 95.6 96.5 80.0 94.9 April 96.8 104.9 97.7 107.9 95.5 80.6 106.4 97.9 94.9 96.7 79.2 94.7 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 94.6 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 September.._ 97.5 106.6 103.2 110.8 93.1 81.1 104.1 97.5 93.9 97.1 81.7 95.1 1 Index of Bureau of Labor Statistics. PRICES OF FARM PRODUCTS AT THE FARM ' SECURITY PRICES [August, 1909-July, 1914=* 100] Common stocks i (1926=100) Bonds: Month 2 m 7 it i o c e d o s - m- Grains t F v a a e r b n g u l d e e it s - 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 s t 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 d s - i- Month or week co s m t 4 o b 0 c i 5 k n s ed i t n r 3 d i 3 a u 8 l s s - 33 rails u p ti u l 3 b i 4 t l i i e c s 4 A p 0 r v i i e c s r e s a u o g e f e s 1928—June 145.3 148.2 126.7 148.1 97.38 July. 144.2 147.8 124.6 145.3 96.56 August 148.3 152.6 126.5 147.9 95.82 1928 September. . 156.1 161.6 129.7 155.2 96.47 August 139 120 137 162 136 153 87 October 159.1 166.2 128.2 154.5 96.58 September. 141 117 127 174 145 142 85 November.. 169. 2 177.1 133.7 165.5 96.90 October 137 116 114 160 150 147 83 December... 172.9 180.0 135.9 174.7 96.24 November. 134 110 109 150 155 146 86 1929—January 183.6 191.4 141.0 188.3 96.12 December.. 134 112 108 143 159 148 90 February. __ 186.8 192.4 142.3 203.1 95.60 March 189.4 196.1 140.8 204.4 94.82 1929 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 October 208.5 201.0 159.1 289.2 92.68 July 140 122 136 167 137 145 85 Week ending— August 143 129 160 165 141 146 86 Oct. 5. 209.7 201.6 157.2 296.1 92.04 September. 141 131 160 156 146 146 85 Oct. 12__ 222.1 213.2 164.2 316.8 92.16 October 140 128 168 151 151 141 89 Oct. 19 215.4 208.8 162.3 295.4 92.89 Oct. 26 186.9 180.4 152.5 248.5 93.61 1 Index numbers of Department of Agriculture. i Index of common-stock market values (revised series) computed by FOREIGN CAPITAL ISSUES Standard Statistics Co. from closing prices on Thursday. [In millions of dollars] DOMESTIC CAPITAL ISSUES January-September [In millions of dollars] September, 1929 January-September 1929 1928 September, Class of issue 1929 1929 1928 Gov- Cor- Gov- Cor- Gov- Cor- Class of issue ern- po- ern- po- ern- poment rate ment rate ment rate Re- Re- Re- New fund- New fund- New funding ing ing Total. 13.7 14.1 237.5 415.1 716.4 502.5 New issue 11.8 14.1 220.1 399.6 614.5 378.7 Total_ 1,298. 6 307.1 7,769.4 i, 251. 8 4,199. 3 1,406. 8 Europe 6.7 84.1 82.5 281.5 202.9 Canada and Newfound- Corporate issues 1,200.8 306.66,865. 6 1, 242. 9 3,198. 7 1, 387. 5 land 5.0 63.3 97.4 36.5 80.4 Bonds and notes— Latin America 70.7 49.7 233.8 23.0 Long term 156.6 69.81., 545.1 475. , 531. 7 960.3 United States insular Short term 15.6 143.3 43. 157.3 38.3 possessions- 2.0 7.7 6.2 Stocks.-. 1,028.6 "236." 85,177. 2 723. , 509.7 388.9 Miscellaneous 2.4 162.2 56.5 72.4 Farm-loan issues.. __ 40.1 Refunding issues "17.1" 15.5 101.9 123.9 Municipal issues 903.8 8.9 960.5 19.3 Total Government and Total new and recorporate. 27.8 652.6 1,218.9 funding 9,021.2 5,606.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

726 FEDERAL RESERVE BULLETIN NOVEMBER, 1929 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers of the Federal Reserve Board. Monthly average 1923-1925=100] v Produc- Building contracts Wholesale dis- Department- Department- Indus- tion of Produc- Factory Factory awarded Freight tribution store sales store stocks Year and month pr t o ri d a u l c- m f a ac n - u- t m i i o n n e r o - f e m m e p n l t o y 2 - ro p l a ls y 2 lo c a a d r tion i tures * als^ C) Unad- Ad- ings1 Unad- Ad- Unad- Ad- Unad- Adjusted justed justed justed justed justed justed justed ANNUAL INDEX 1919 83 84 77 107 64 84 111 79 1920 87 87 89 108 118 63 91 115 105 1921 67 67 70 82 77 57 79 87 89 1922 85 87 74 90 81 81 86 89 89 1923 101 101 105 104 103 84 100 100 98 1924 95 94 96 96 96 95 98 98 99 101 1925 104 105 99 100 101 122 103 102 103 102 1926 108 108 108 101 104 130 107 101 106 103 1927 106 106 107 99 102 128 103 97 107 103 1928 110 111 106 97 102 135 104 96 108 101 MONTHLY INDEX 1925 June 102 102 101 98 99 137 128 101 95 100 101 101 July. 104 104 104 98 97 133 128 101 97 102 75 100 101 August.- 103 102 107 100 99 149 135 105 112 102 78 101 102 September 102 104 89 102 99 138 135 102 117 102 94 102 107 103 October 105 108 90 102 105 129 125 100 123 106 130 111 112 101 November 107 109 94 102 105 116 127 105 102 102 114 104 115 102 December.-. 109 111 93 102 106 129 145 106 92 178 106 97 103 1926 January 107 109 92 101 101 111 143 102 95 104 105 93 105 February.. 107 109 95 102 106 106 145 104 96 103 81 104 98 104 March 108 108 104 103 107 146 129 104 106 101 101 101 107 104 April 108 108 107 102 105 139 120 107 96 99 103 103 107 103 May 107 107 104 101 104 134 123 107 95 101 107 108 104 102 June 108 109 106 101 104 133 121 109 95 100 101 103 98 101 July 108 108 107 99 99 126 124 108 95 100 79 105 93 100 August 111 111 109 101 104 148 133 108 111 101 83 107 97 101 September 112 112 110 103 105 137 134 109 118 103 101 109 107 102 October 111 111 114 103 108 126 122 109 111 96 123 109 114 104 November— 108 107 118 101 105 119 130 109 101 101 121 106 117 103 December 106 104 119 100 104 131 142 107 87 184 110 102 1927 January 107 105 116 98 99 94 120 105 95 106 104 February 109 107 118 100 105 96 131 109 91 97 83 107 98 103 March 112 110 118 100 106 151 134 108 102 98 100 105 107 103 April.. 109 109 106 100 105 147 127 108 92 95 111 105 107 103 May 111 112 108 99 104 135 122 106 91 97 102 103 104 102 June 109 109 105 99 102 154 141 104 91 96 102 103 98 101 July. 106 108 99 98 99 130 128 101 91 96 75 104 95 102 August _. 107 107 106 99 102 135 121 104 112 102 89 111 98 102 September 105 106 103 101 102 127 125 104 113 98 100 108 108 104 October 103 103 105 99 103 137 133 101 108 94 119 106 114 104 November 99 99 101 97 98 114 125 97 97 97 122 107 117 104 December... 100 99 102 95 116 126 95 85 95 186 111 103 1928 January 105 106 103 94 96 104 133 100 104 92 103 February 109 110 102 96 101 113 153 102 86 105 98 103 March 109 110 103 97 103 144 128 102 100 103 104 105 101 April 109 110 105 96 100 157 135 104 88 92 102 103 106 101 May 109 110 105 96 101 163 148 105 99 108 103 102 100 June 109 111 101 96 101 158 145 102 92 104 105 96 99 July.._ 110 111 100 96 98 142 139 102 90 94 78 107 93 100 August 112 113 105 98 103 126 113 104 110 101 85 105 97 101 September 114 115 107 100 104 143 140 106 111 96 107 119 103 99 October 114 114 114 100 107 145 141 106 112 97 124 105 112 102 November 112 112 113 99 104 115 126 104 99 99 122 106 115 102 December 113 114 112 98 104 105 116 103 84 95 189 116 94 100 1929 January 117 117 117 97 101 100 128 104 93 101 92 105 100 February 117 117 120 100 108 88 119 107 90 96 86 110 95 100 March 119 121 107 101 111 118 104 103 101 97 110 113 102 99 April 122 123 115 102 112 156 135 111 96 100 104 105 103 May 123 124 116 102 112 143 130 111 96 102 110 107 101 June 126 128 112 101 109 133 122 108 91 96 106 112 95 98 July 124 125 114 101 105 159 156 108 96 101 80 106 92 99 August 123 124 115 102 109 119 107 109 113 103 '90 112 96 100 September __ P121 P122 » 118 103 111 108 106 108 114 109 123 103 99 1 Adjusted to allow for seasonal variations. 1 Not adjusted for seasonal variations. 9 Preliminary. ••Revised. * Revised indexes; see pp. 706-716, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

727 NOVEMBER, 1929 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION PER CENT INDEX OF INDUSTRIAL PRODUCTION INDUSTRIAL PROC)UCTION [Index numbers, adjusted for seasonal variations. 1923-1925 average=100] Month 1923 1924 1925 1926 1927 1928 1929 120 120 January 100 100 106 107 107 105 117 ^\ February 100 102 105 107 109 109 117 M Ap a r r i c l h 1 1 0 0 7 3 1 9 0 5 1 1 1 0 0 3 5 1 1 0 0 8 8 1 1 0 1 9 2 1 1 0 0 9 9 1 11 2 9 2 | 100 *\ V 100 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 »121 80 80 October 95 105 111 103 114 November 97 107 108 99 112 December 97 101 109 106 100 113 Annual index 101 95 104 108 106 110 60 VWv 1925 1926 1927 1928 1929 INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS f m ac A a tu n ll r u e - s s I a r t n e o d e n l Textiles pr F o o d o u d cts p P ri a a n n p t d i e n r g m A o u b t i o le - s L s e a h a n o t d h es er a C n b e d r m i g c e l k a n , s t s , I f m e N r e o r t o n a u l - s s re P l f e e i u n tr m i o n - g Ru ti b re b s er T f m a o a c b t n a u u c r - e c s o 1928 May 110 116 107 96 118 107 96 116 111 150 133 120 June 111 115 108 93 120 117 108 123 115 153 143 125 July 111 124 100 89 117 119 112 119 113 156 149 125 August 113 121 107 90 117 133 112 126 117 160 151 129 September 115 128 107 95 118 139 110 130 117 162 169 128 October.. 114 126 112 98 116 122 103 122 121 160 167 126 November 112 120 113 102 115 94 97 122 126 159 155 124 December _. 114 123 111 104 114 103 92 130 128 159 143 127 1929 January 117 117 116 103 122 154 95 134 124 159 147 131 February 117 126 113 101 123 152 98 123 123 161 152 129 March _. 121 132 116 96 125 163 99 135 129 160 152 126 April... 123 135 120 102 122 157 97 127 137 166 161 142 May 124 145 121 97 126 151 101 124 137 168 159 142 June 128 155 121 96 128 166 113 134 126 170 162 139 July 125 151 118 96 122 146 '114 138 127 171 141 131 August 124 143 120 '99 125 "146 '116 142 ••122 176 114 133 September *>122 139 116 102 125 136 116 143 126 174 117 143 INDEX OF PRODUCTION OF MINERALS, BY PRODUCTS Al e l ra m ls in- n B o i u t s u m co i a - l Ant c h o r a a l cite pe C tr r o u le d u e m s I h r i o p n m o e r n e ts Copper Zinc Lead Silver 1928 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 99 113 127 108 131 111 111 93 December 112 96 98 132 133 106 109 100 1929 January > 117 103 110 138 129 100 111 93 February 120 109 110 138 136 106 99 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 88 August 115 97 81 146 121 119 127 ••107 ••106 September ._ J>118 101 106 141 121 124 124 119 80 » Preliminary. r Revised. NOTE.—These tables contain, for certain months, index numbers of industrial production, together with group indexes for important components. The combined index of industrial production <s computed from flgurss for 60 statistical series, 52 of manufactures, and 8 of minerals. Adjustments have been made in the different industries for the varying number of working days in each month and for customary seasonal variations, and the individual products and industries have been weighted in accordance with their relative importance. The sources of data and methods of construction were described in the BULLETIN for February and March, 1927. Revisions of figures from 1923 to 1928 were published in the BULLETIN for March, 1929, pp. 192-194. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

728 FEDERAL RESERVE BULLETIN NOVEMBER, 1929 PRODUCTION OF MANUFACTURES, BY INDIVIDUAL LINES 1 Septem- August, Septem- Septem- August, September, 1929 1929 ber, 1928 ber, 1929 1929 ber, 1928 Iron and steel: Leather and products: Pig iron _ 121 128 107 Leather, tanning- Steel ingots 141 144 130 Sole leather i 95 93 107 Textiles: Upper leather- Cotton consumption ___ 119 106 Cattle 87 80 71 Wool- Calf and kip... 103 108 99 Consumption 106 114 Goat and kid- 144 136 150 Machinery activity l 90 86 Boots and shoes 122 '125 112 Carpet and rug loom activity 1. 90 90 Stone, clay, and glass: Silk- Cement 118 122 123 Deliveries.. 158 161 145 Face brick 131 Loom activity *__ 128 130 117 Plate glass... 174 168 135 Food products: Nonferrous metals: Slaughtering and meat packing- Copp 127 126 118 Hogs _.„_ 106 94 119 '107 115 Cattle 91 88 92 Zinc 124 127 114 Calves. _ 99 85 94 Tin i 131 121 121 Sheep.- _ 126 126 125 Chemicals and allied products: Flour 114 99 96 Petroleum refining— Sugar meltings.... _ 84 112 111 Gasoline J 208 209 188 Paper and printing: Kerosene 95 108 103 Wood pulp and paper- Fuel oil i 141 142 139 Newsprint 94 95 90 Lubricating oil * 123 131 122 Book paper 134 124 Coke production- Fine paper 118 114 By-product 148 152 132 Wrapping paper 101 102 Beehive 56 '63 '35 Paper board 126 130 123 Rubber tires and tubes: Wood pulp, mechanical 101 106 Tires, pneumatic 120 118 176 Wood pulp, chemical 120 111 Inner tubes „„ 90 87 119 Paper boxes '171 148 Tobacco products: Newsprint consumption 135 130 Cigars 101 99 101 Lumber: Cigarettes „_ 178 163 152 Flooring _ 93 89 123 Manufactured tobacco and snuff. 99 94 93 Transportation equipment: Automobiles 136 '146 139 Locomotives 49 55 22 Shipbuilding 95 1 Without seasonal adjustment. ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1929 FEDERAL RESERVE BULLETIN 729 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 ! Ill 94 104 100 143 120 February»_ | 106 96 113 88 145 131 March... I 146 151 144 118 129 134 April ! 139 147 157 156 120 127 May 134 135 163 143 123 122 June. 133 154 158 133 121 141 July 126 130 142 159 124 128 August.. -| 148 135 126 119 133 121 September j 137 127 143 108 134 125 October. } 126 137 145 109 122 133 November 119 114 115 130 125 BUILDING CONTRACTS AWARDED December. j 131 116 105 142 126 «•» With Seasonal Adjustment Annual index j 130 128 135 Without Adjustment r Revised. 1925 1926 1927 1928 1929 BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Value of contracts in thousands of dollars] Federal Reserve District Month Boston ! Y N o e r w k d P e h lp il h a i - a m Ri o c n h d - Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas 1928 September.. 587,674 69,918 156, 588 45,634 67,748 39,843 25,989 99,176 33,241 9,213 22, 611 17,715 October 597,104 39, 521 189, 696 46,098 57,118 40,329 36,097 110.795 32, 409 12,645 15,699 16,697 November.. 471,482 29,154 136, 525 28,017 56, 684 33,621 18,550 99, 429 27, 302 7,896 13,908 20, 397 December... 432,756 26,405 140,159 32,082 31,755 29,973 23,3(32 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 36,360 34, 252 22,363 69, 845 23,372 4,757 12,874 23, 665 March 484,848 30,044 113,466 35,399 47,078 32,979 25, S98 107,289 38,795 S, 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 488,882 30,836 97,130 24,902 62, 111 29, 414 46. 637 100,433 39, 224 11, 465 24,802 21, 929 September.. 445,402 32, 411 83,109 35, 047 64,140 22, 712 17, 768 102, 562 39, 4G5 10, 346 20, 883 16, 960 BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING BUILDING PERMITS ISSUED, BY FEDERAL RESERVE [Value of contracts in thousands of dollars] DISTRICTS Public [Value of permits in thousands of dollars] Month d R en e t s i i a - l In tr d i u a s l - m C e o rc m ia - l p w a u o n b r d l k i s c E ti d o u n c a a l utilities Number Septem- August, Septem- Federal reserve district of cities ber, 1929 1929 ber, 1928 1928 August 213,705 42,607 58,911 118,890 35,713 47,144 United States. 169,474 199,120 217, 626 September 202,807 114,780 60,008 119.014 38,801 52,205 October. 239,692 62,259 67,330 148,697 31,293 47,833 Boston 4, 203 11,668 8, 438 November 200,226 38,665 68,309 93,228 30,023 41,032 New York 53, 694 61, 626 72, 056 December... 178,323 38,248 66,773 80,194 25,370 43,849 Philadelphia.. 6,261 9, 261 11,100 Cleveland 14,209 16, 742 15,624 1929 January 138,069 63,109 100,378 66,522 17, 746 24,145 Richmond 8,804 8,849 13, 226 February... 129,486 56,092 68,265 57,593 22, 577 27, 261 Atlanta 5,456 6, 286 8,289 March 197,172 55,837 75,584 71, 508 37, 525 47, 221 Chicago 32, 687 39, 960 42,857 April 256, 780 68,230 77,988 152,127 29,857 57,079 St. Louis 5,329 5,009 6, 067 May, 192,015 80, 769 86,471 139,388 38,195 50, 928 June 189,809 70, 036 80,884 120,841 43, 417 40, 904 Minneapolis.. 3,686 4,156 4,421 July 199,926 66, 604 91,348 194, 547 47,979 52,032 Kansas City.. 9,701 8,798 8,021 August 146, 088 75, 265 71,955 119, 288 32, 349 43,937 Dallas 5, 693 7,353 5,620 September 118, 381 52, 640 76,921 117, 229 29, 826 50, 405 San Francisco. 19, 752 19,412 21,907 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

730 FEDERAL RESERVE BULLETIN NOVEMBER, 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 Sales with seasonal chan- adjustment adjustment Grain dise Month Month Total p g u a r r n c o a d t i d s n - L st i o v c e k - Coal F p u o r c r o e t d s s - t m 1 l . a a i s n e n c . d e e - 1 l . - January 1927 1928 1927 95 1928 192 1 9 01 ous February 91 93 90 97 99 96 March 102 100 101 98 96 97 April 92 96 95 92 100 1928—September 106 109 93 100 90 111 May 91 96 97 99 102 October 106 107 91 102 91 111 June 91 91 96 92 96 November 104 108 82 105 92 107 July 91 90 96 96 94 101 December 103 105 85 102 91 108 August 112 110 113 102 101 103 1929—January 104 99 82 108 90 109 September 113 111 114 98 96 February 107 106 82 118 80 109 October 108 112 94 97 March 103 103 81 89 87 111 November 97 99 97 99 April 111 98 90 102 94 114 December 85 84 95 95 May 111 99 86 103 98 114 June.. 108 113 79 98 92 112 Annual average 97 96 July 108 132 80 94 92 112 August 109 109 78 100 94 113 September 108 91 86 106 88 113 SALES IN INDIVIDUAL LINES OF WHOLESALE TRADE [Index numbers. Monthly average, 1923-1925=100] DEPARTMENT STORE SALES AND STOCKS [Index numbers. Monthly average 1923-1925=100] c G e r r o i - es Meats g D oo ry ds M cl i o n e t g n h ' - s B s a h o n o o d e t s s H w a a r r d e - Drugs n F it u u r r - e Without seasonal With seasonal adjustment adjustment Num- Without seasonal adjustment Federal reserve ber of district stores 1929 1928 1929 1928 1928 September. 100 130 105 137 110 100 119 126 Sept. Aug. Sept. Sept. Aug. Sept. 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 SALES 1929 United States.. 523 109 '90 107 123 112 119 January-.. 91 117 84 74 98 82 131 Boston 38 98 83 97 114 111 113 February.. 83 113 84 114 84 76 105 91 New York . „ . 64 118 82 111 136 117 127 March 90 117 92 136 110 95 119 105 Philadelphia 60 84 09 89 104 '95 109 April 92 115 80 85 100 99 118 101 Cleveland 59 101 92 101 114 109 114 May 96 121 78 60 113 98 111 99 Richmond 29 103 81 96 122 113 114 June 95 122 70 49 90 97 105 93 Atlanta .* .. 44 97 85 98 112 110 112 July 99 123 74 69 110 95 111 '88 Chicago 105 128 100 124 136 122 132 August 101 120 111 156 130 99 121 117 St. Louis 19 120 87 107 123 113 110 September. 102 128 109 139 129 105 124 130 Minneapolis ._ 20 97 86 99 102 96 104 Kansas City * 27 105 85 102 With seasonal adjustment Dallas 22 110 85 112 112 116 113 San Francisco 36 113 120 113 127 122 ]27 1928 September. 122 84 89 90 92 112 112 STOCKS October 111 85 99 87 97 116 112 United States._. 433 103 96 103 99 100 99 November. 122 91 95 100 100 113 101 Boston 38 97 87 98 94 94 94 December. 115 86 101 72 93 128 94 New York ..__>. 45 109 101 106 104 106 101 1929 A S D P S C R C M K a t h h l i t a a . i n e c l i i n n l a l v c h L l a n s n a e a m F o a d e g l t s s r u a a a e o o . a . n i p l n C n s p d o d c h i l i t i i s y s . a . c _ * o 4 3 8 5 2 3 2 2 1 1 7 1 1 3 9 2 9 6 1 1 1 1 1 8 9 9 9 8 1 9 0 2 7 8 8 8 8 9 7 7 4 9 5 ' 1 1 1 9 9 8 8 9 7 8 0 1 1 0 3 9 0 1 2 3 1 0 9 1 1 1 1 1 1 9 1 0 0 9 8 0 8 2 0 2 4 4 0 8 4 2 6 8 3 1 1 8 9 9 1 9 9 8 0 7 5 4 3 3 3 1 2 3 1 ' ' 1 1 8 9 9 9 9 7 0 1 7 5 5 5 0 7 2 3 9 6 1 1 8 9 9 9 0 9 8 8 0 8 6 7 8 7 3 0 1 2 J J M A M J F A S a u u e e p u n a a n l p b r g y y r u e i t r c u l e a u h s m r a t y r b y e . r . 1 9 9 0 3 3 0 1 1 1 1 1 1 1 1 1 1 2 1 2 2 2 2 2 1 7 3 9 2 1 1 0 0 8 8 8 8 8 9 8 7 9 8 8 3 8 9 0 0 9 1 8 1 8 9 9 8 8 0 9 9 9 8 6 8 8 0 1 6 1 5 1 1 1 1 1 U 1 9 1 0 3 9 9 0 8 9 5 2 7 8 5 6 6 8 9 9 9 9 9 9 9 9 6 2 2 6 7 3 7 7 8 1 1 1 1 1 1 1 1 1 1 1 3 1 1 1 0 1 2 6 8 3 4 7 6 8 2 4 '1 1 1 1 1 1 0 9 9 9 0 0 0 1 1 6 1 1 3 0 7 4 5 5 » Monthly average 1925=100. r Revised. Index described in BULLETIN for December, 1927. 'Revised. Index described in BULLETIN for February, 1928. SALES OF CHAIN STORES [Index numbers of sales. Monthly average 1923-1925 =100] N be u r m o - f Number of stores Sales wi j t u h s o t u m t e s n e t a s i onal ad- Sales with s m ea e s n o t n 1 al adjust- Chains reporting Septem- August, Septem- Septem- August, Septem- Septem- August, Septemfirms ber, 1929 1929 ber, 1928 ber, 1929 1929 ber, 1928 ber, 1929 1929 ber, 1929 Grocery 30,134 30,129 29,308 216 202 240 245 224 5-and-10 cent 3,534 3, 503 3,126 147 144 168 174 165 Drug 1,267 ' 1, 253 1,020 200 164 215 '214 177 Shoe (3) 737 674 131 161 146 i Figures relate to reporting firms—with no adjustment to eliminate the influence of increase in the number of stores operated; £thus indexes giv en reflect the full growth of the business of the reporting companies. »Revised, a Not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1929 FEDERAL RESERVE BULLETIN 731 OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates, by States, for Oct. 1 as made by the Department of Agriculture] [In thousands of units] Corn Total wheat Spring wheat Winter wheat Federal reserve district Production, Estimate, Production, Estimate, Production, Estimate, Production, Estimate, 1928 Oct. 1,1929 1928 Oct. 1, 1929 1928 Oct. 1, 1929 1928 Oct. 1, 1929 Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston 8,890 9,343 96 116 96 116 New York.... 25, 884 24, 511 5,506 5,636 173 134 5,333 5,502 Philadelphia- 45, 500 42,214 16,140 18, 761 85 71 16, 055 18, 690 Cleveland 174, 381 165, 452 13,167 164 109 13, 003 38, 529 Richmond 139,133 140, 968 25, 880 26, 352 25, 880 26, 352 Atlanta 137, 350 170, 654 4,392 4,460 4,392 4,460 Chicago 1, 017,822 867, 992 42, 993 62, 964 6,582 4,622 36, 411 58, 342 St. Louis 358,882 300, 449 45, 785 724 427 29, 975 45, 358 Minneapolis.. 282,101 283, 060 279, 572 178,829 263, 069 166,155 16, 503 12, 674 Kansas City.. 520, 235 412, 395 334, 956 262,816 14, 716 13,853 320, 240 248, 963 Dallas 114, 742 100, 956 23, 064 36, 043 188 343 22, 876 35, 700 San Francisco 10, 758 10, 083 125, 726 111, 368 38, 261 37, 705 87, 465 73, 663 Total... 2,835, 678 2, 528, 077 902,191 791, 768 324, 058 223, 535 578,133 568,233 Oats Tame hay Tobacco White potatoes Cotton Federal reserve district Production, Estimate, Production, Estimate, Production, Estimate, Production, Estimate, Production, Estimate, 1928 Oct. 1,1929 1928 Oct. 1,1929 1928 Oct. 1,1929 1928 Oct. 1,1929 1928 Oct. 1,1929 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Bales Bales Boston 7,921 9,170 4,996 5,063 38, 915 35,091 47, 672 54, 819 New York 35, 050 26, 744 6,811 7,033 1,317 1,100 36,991 27, 820 Philadelphia- 21, 770 19, 968 3,353 2,999 49, 580 45, 708 30, 208 22, 037 Cleveland 106, 377 66, 377 5,940 7,046 117,608 138, 067 23, 511 20, 012 Richmond 22, 865 27,636 4,426 4,410 713, 590 736, 571 48, 361 34, 274 1,606 1,741 Atlanta 10, 746 14, 591 2,986 3,059 157, 057 177, 931 14, 843 11, 306 2,758 3,394 Chicago 624, 072 502, 829 16, 781 23,163 49, 005 42,406 76, 982 46, 261 St. Louis 66, 278 47, 406 7,573 8,922 243, 978 289, 423 19, 510 12,865 i 2, 715 2 3, 291 Minneapolis.. 321, 611 278, 381 12, 026 11, 454 4,141 3,464 75, 449 44, 881 Kansas City.. 158, 774 150, 459 12, 381 11, 574 2,948 2,764 40,120 31, 023 1,147 | 1,227 Dallas.. 37, 983 46, 057 1,281 1,375 3,747 3, 256 5,946 | 4,889 San Francisco 35, 230 36, 955 14, 429 14, 484 47, 089 36, 623 306 ! 373 Total... 1,448,677 1, 226, 573 92, 983 100, 582 1,378,139 1,472,525 464,483 345,177 14, 478 I 14,915 i Includes 7,000 bales grown in miscellaneous territory. 2 Includes 11,000 bales grown in miscellaneous territory. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

732 FEDERAL RESERVE BULLETIN NOVEMBER, 1029 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 date; see BULLETIN for June, p. 3961 Month t T c r ( i o o 4 e u 0 s t n ) a - l i U St n a i t t e e s d « t g A i e n r n a - - * A t l r u i a s a - - g B iu e m l- B zi r l a * - C ad a a n * - l E a n n g d - 8 France m G a e n r y - d I i n a - 7 Italy p J a a n - ' N la e n e r t d - h s - R s u ia s- Spain S l z a w e n r i d - t- c o t o r t 2 h i u 4 e e n s r - 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.. ' 9,925 3,752 ••621 107 112 143 106 843 L,200 571 119 266 541 175 76 504 90 699 October 9,944 3,769 611 107 113 146 108 803 1,207 603 119 266 541 175 82 504 91 701 November.. 9,990 3,754 610 107 115 148 133 778 ,239 625 120 266 541 175 92 494 91 702 December... 9,999 3,746 607 108 126 149 114 750 ,254 650 124 266 541 175 92 494 103 702 1929—January 10,032 3,746 605 109 126 149 79 744 L, 333 650 128 266 541 175 92 494 93 702 February... 10,054 3,776 603 109 126 150 78 736 ,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 April 10 042 3,889 569 110 134 150 78 762 ,403 451 128 270 542 174 92 494 95 701 May 10,123 3,931 564 116 134 151 78 795 ,435 420 128 270 542 176 93 494 96 701 June 10,136 3,956 527 117 139 151 76 780 L, 436 455 128 271 542 176 93 494 96 699 July 10,149 3,974 513 118 141 151 76 694 .462 512 128 271 541 181 103 495 98 692 August 10, 235 3,995 507 123 141 151 77 670 1,526 520 128 271 541 178 119 495 98 694 September. _»10,265 4,008 *>496 126 142 648 1,545 527 128 272 541 178 132 495 103 *696 October 9 4,022 9 1, 562 P531 142 r Revised. • Government conversion fund and Bank of the Nation. » Preliminary, based on latest available figures. • Bank of Brazil and stabilization fund. i All countries for which satisfactory figures are available; see explana- 4 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. have held gold in recent years to the amount of $90,000,000 or more. 7 Currency and gold standard reserves. a Treasury and Federal reserve banks. 8 Domestic holdings of Bank of Japan and the Japanese Government GOLD MOVEMENTS [In thousands of dollars] United States Germany Great Britain Netherlands S A o fr u i t c h a India Month p I o m rt - s p E o x r - ts Net p I o m rt - s p E o x rt - s Net 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 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, 642 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 4,315 -17,975 6,076 June 30, 762 550 30, 212 7,493 681 6,812 21,085 40,001 -18,917 190 17 173 -22,625 3,596 July 35, 525 807 34, 718• 48, 728 716 ' 48, 012 22, 578100,479 -77,901 129| 8 121 -14,816 4,164 August 19, 271 881 18,390 ' 27, 728 879 • 26, 849 17, 226 59, 278 -42,052 103 2,522 -2,419 -20,981 2,771 September, 18, 781 1,205 17, 576 9,939 851 18,301 41,283 -22, 982 80 17 63 -15,375 r Revised. MOVEMENTS TO AND FROM GREAT BRITAIN MOVEMENTS TO AND FROM BRITISH INDIA [In thousands of dollars] [In thousands of dollars] 1929 1928 1929 1928 January-Sep- From or to— September tember Calendar year From or to— July January-July Calendar year Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports France . 155 20, 959 1,533 109, 313 912 97,178 Germany. _ 7,624 3,194 88, 205 258 102,423 England __ 545 7 643 11 071 Netherlands 124 14, 382 1,435 145 7,081 United States 22 4* 086 Russia.. 18,582 Aden and dependen- Spain and Canaries. 22 4 330 9,733 199 cies__ _- 50 572 910 Switzerland 1,237 8,473 13, 493 Arabia _ 215 810 870 Q United States. . 9,053 64 61, 293 32,532 32, 132 British Oceania 330 1,923 5,067 South America 994 8,971 1,166 1,074 Bahrein Islands 8 100 285 B Br r i i t t i i s s h h M In a d l i a a ya 78 3 4 3 8 1 , ,8 0 1 2 2 7 71 10 1 , ,8 7 1 7 0 0 C C e h y in lo a n _ 44 2 7 5 2,2 1 0 3 9 3 1 7 1 2 5 0 3 Egypt 267 3,183 1,309 1,384 Mesopotamia 180 1,460 1,543 Rhodesia . _ 345 3,405 5,280 Straits Settlements.. 17 18 200 48 Transvaal _ 16,435 133,127 144,482 Egypt 625 4,414 6,714 West Africa 309 3.029 3,384 16 Natal 1 738 26, 634 44,387 All other countries.. 62 1,179 5,835 24, 347 14,803 26,978 All other countries.. 5 15" 44 Total 18,301 41,283 173, 543 306,427 232,658 294,539 Total. . 4,164 45,943 33 76,007 99 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1929 FEDERAL EESERVE BULLETIN 733 CONDITION OF CENTRAL BANKS [Figures are for the last report date of month] 1029 1928 1929 1928 te S m e b p e - r August July te S m ep b - er te S m ep be - r August July te S m ep b - er Bank of England (millions of pounds National Bank of Belgium (millions sterling): of belgas): Issue department- Gold 1,023 1,014 1,012 807 Gold coin and bullion 131.9 136.4 141.4 170.6 Foreign bills and balances in gold. 551 566 451 505 Notes issued 391.9 396.4 4LI.4 190.3 Domestic and foreign bills 748 797 781 584 Banking department- Loans to State 343 348 347 377 Gold and silver coin 1.3 1.3 1.2 2.6 Note circulation 2,628 2,624 2,554 2,220 Bank notes 30.9 32.3 29.6 55.8 Deposits 90 159 100 116 Government securities 68.9 73.3 62.3 31.7 D O i t s h c e o r u s n e t c s u r a i n ti d e s advances 2 3 2 . . 2 2 2 3 2 . . 8 3 2 1 4 0 . . 2 0 41.6 Na o t f i o le n v a a l ): Bank of Bulgaria (millions Public deposits 14.7 20.5 11.1 9.7 Gold 1,385 1,387 1,379 1,312 Bankers deposits 57.0 58.0 60.3 103.7 Net foreign exchange. 1,200 1,111 1,226 Other deposits 36.4 36.1 37.7 Total foreign exchange 1,640 1,638 1,630 Reserve ratio1 (per cent) 29.7 29.3 28.2 51.5 Loans and discounts 1,614 1,532 1,537 1,155 Bank notes in circulation * 361.1 364.0 371.8 78.2 Government obligations 3,546 3,546 3,546 4,371 Currency notes and certificates 293.9 Note circulation 4,222 4,121 3,974 4,501 Other sight liabilities 2,204 2,164 2,309 2,073 Bank of France (millions of francs): Gold 39, 411 38,930 37,300 30, 623 Central Bank of Chile (millions of Sight balances abroad 7,210 7,248 7,325 12,692 Foreign bills 18, 623 18,587 18,524 18, 473 Gold at home 63 62 61 Loans and discounts 11, 576 11,888 10, 782 6,173 Deposits abroad 471 384 430 530 Negotiable bonds 5,612 5,612 5,769 5,930 Loans and discounts. 77 81 71 11 Note circulation 66, 639 66,468 64,135 62, 654 Note circulation 339 341 352 309 Public deposits 13, 629 13,444 12,179 10,960 Deposits 211 120 146 200 Other deposits 5,958 6,175 7,420 5,169 Bank of the Republic of Colombia German Reichsbank (millions of (thousands of pesos): reichsmarks): Gold at home 24, 957 26, 233 26,036 24,651 Gold reserve 2,062 2,034 1,999 2,311 Gold abroad 22, 722 24, 347 29,371 41, 291 Gold abroad.. 150 150 150 86 Loans and discounts 15,360 13, 867 11,316 5,988 Reserves in foreign exchange 335 308 334 179 Note circulation 41, 862 43, 309 45,485 49, 851 Loans and discounts 2,828 2,834 2,798 2,691 Deposits 9,941 10,496 11,903 Deposits 501 434 516 503 Reichsmarks in circulation 4,914 4,897 4,726 4,830 Czechoslovak National Bank (mil Rentenmarks in circulation 439 440 443 577 lions of Czechoslovak crowns): Gold and silver _ 1,205 1,205 1,207 1,159 Bank C G r o o e l f d d I i t t a a s t l a y h n o ( d m m b i e l a l . l i . a o . n n c s e o s f a l b ir r e o ) a : d 5 5 , , 6 1 0 7 4 6 4 5 , , 9 1 7 6 1 0 4 5 , , 9 1 3 5 6 9 6 5 , , 5 0 9 52 4 A L Fo o ss r a e e n i t s s g n a o n f b d a b l a a a d n n v k c a e in n s g c a e n o s d ff ic c e u r i r n e n li c q y u . i _ - _ 1 1 , , 8 1 3 4 8 7 1, 9 7 5 5 3 7 1,696 2, 4 0 7 9 3 2 Loans and discounts 5,433 5,402 5,220 4,414 dation 392 396 397 450 Total note circulation 16, 916 16, 701 16,887 17,476 Note circulation 7,697 7,500 7,321 7,806 Public deposits 300 300 300 300 Deposits. 475 345 425 590 Other deposits.. 1,544 1,632 1,772 2,561 Danish National Bank (millions of Bank of Japan (millions of yen): kroner): Gold 1,062 1,062 1,062 1,063 Gold 173 173 173 173 Advances and discounts 770 768 755 868 Foreign bills, etc 94 105 92 99 Government bonds. 194 211 210 188 Loans and discounts 70 70 79 85 Notes issued.. 1,286 1,334 1,266 1,308 Note circulation 353 361 351 360 Total deposits 837 808 867 916 Deposits 30 37 38 32 Commonwealth Bank of Australia Bank of Danzig (thousands of Dan- (thousands of pounds sterling): zig gulden): Issue department- Balances with Bank of England. 17,070 16, 200 16,429 15, 372 Gold coin and bullion 23, 441 23, 206 22, 721 22, 001 Foreign bills, etc 12, 360 13, 418 13,263 22, 086 Securities 18, 272 18, 331 18,832 21,852 Loans and discounts 22,926 23, 427 22,108 22,987 Banking department- Note circulation 39, 494 39, 688 38, 263 38, 651 Coin, bullion, and cash 2,504 2,164 1,459 1,406 Deposits 2,007 1,717 1,882 2,659 Money at short call in London 6,653 8,538 10,053 23, 773 Bank of Estonia (thousands of Loans and discounts 13, 691 12, 719 11,042 11,182 krones): Securities 14, 922 15,125 14, 375 11,766 Gold. 6,350 6,338 6,328 10, 045 Deposits 36, 558 37, 258 35, 224 46, 791 Net foreign exchange 21, 025 20, 808 19, 725 25,943 Bank notes in circulation 37,908 38,005 37, 528 41,106 Loans and discounts... 26, 356 26, 075 26,165 26, 522 Note circulation 35, 791 34, 343 33,089 39, 564 Austrian National Bank (millions of Depositsschillings): Government 9,121 10,117 9,820 15, 803 Gold 169 169 169 134 Bankers 4,420 3,959 4,187 1,346 Foreign exchange of the reserve _. 216 231 217 298 Other 1,958 1,657 2,054 5,038 Other foreign exchange 357 383 365 327 D G o o m ve e r s n t m ic e b n i t l ls debt 2 1 8 1 9 0 2 1 2 1 6 0 2 1 4 1 7 0 1 16 2 6 0 1 » N R o a t t e i s o i o s f s u g e o d ld , l a e n ss d a n m ot o e u s n i t n s h b e a l n d k i i n n g b d a e n p k a in rt g m d e e n p t a t r o t m de e p n o t s a it n l d i a i b n i li c t u ie r- s. Note circulation 1,079 1,046 1,047 1, 008 rency note account. Deposits. 65 74 61 40 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

734 FEDERAL RESERVE BULLETIN NOVEMBER, 192ft CONDITION OF CENTRAL BANKS—Continued [Figures are for the last report date of month] 1929 1928 1929 1928 te S m ep b - er August July te S m ep b - er te S m ep b - er August July te S m ep b - er Bank of Finland (millions of Fin- Bank of Poland (millions of zlotys): nish marks): Gold at home 432 432 432 408 Gold 302 301 301 307 Gold abroad 232 219 195 195 Balances abroad and foreign Foreign exchange of the reserve. -_ 422 441 444 462 credits 547 520 505 601 Other foreign exchange ~ 96 84 82 200 Foreign bills 19 20 10 77 Loans and discounts 805 796 782 744 Domestic bills 1,290 1,352 1,369 1,183 Note circulation.._ 1,354 1,359 1,293 1,261 Note circulation 1,440 1,448 1,439 1, 599 Current account of the treasury. _ 282 269 286 302 Demand liabilities 146 178 194 182 Other current accounts 157 145 154 136 Bank of Portugal (millions of escu- Bank of Greece (millions of drach- dos): mae): Gold 9 Gold 623 619 605 .537 Balances abroad 380 351 308 275 Net foreign exchange in reserve- 2,822 2,721 2,897 3, 362 Bills 321 308 300 229 Total foreign exchange.- 4,996 4,871 5,092 4, 268 Note circulation 1,936 1,912 1,921 1,916 Loans and discounts 174 158 142 Deposits 48 54 53 N G O o t o h t v e e e r r c n s ir i m g cu h e l t n a t l t i i o a o b b n i l l i i g t a ie ti s ons 3 5 1 , , , 4 4 5 9 1 9 6 4 7 3 5 1 , , , 2 5 5 5 1 9 1 4 7 3 5 1 , , ,5 5 3 9 9 0 6 7 4 3 5 1 , , , 7 7 7 9 1 0 0 9 7 Na o t f i G o l n o e a i l ) d l : B at a n h k o m of e Rumania (millions 5,178 5,158 5,126 3 5, 005 National Bank of Hungary (mil- Gold abroad 3,592 3,592 3,592 3 3, 644 lions of pengos): Foreign exchange of the reserve.. 6,032 5,793 1,465 Gold 163 163 163 197 Other foreign exchange 79 79 147 (()) Foreign bills, etc 43 40 37 47 Loans and discounts 10,000 10, 060 10,009 * 13, 732 Loans and discounts. __ 315 293 326 398 State debt 7,472 7.472 7,631 10,679 Advances to treasury 89 89 89 104 Note circulation 21, 393 20. 340 19,188 21, 054 Other assets 62 108 74 329 Deposits 10, 757 10, 495 7,356 1,255 Note circulation 478 480 491 500 State Bank of Russia (thousands Deposits 112 117 94 223 of chervontsi): Miscellaneous liabilities 54 78 126 Loans and discounts 395, 607386,876 354, 205 Bank of Java (millions of florins): Deposits 202, 747203, 706 180, 253 L N D G Fo o o e o r a p l t e d e n o i s g s c i n i a t r s n c b d u i l l l d a s t i i s o c n ounts 3 1 1 0 4 4 3 6 6 8 6 5 8 3 1 1 3 0 2 4 5 6 2 4 8 0 3 1 1 2 3 5 7 0 0 3 2 2 4 Issue N G F O o o o t d h r t l e e e e d i p r . g c a n p i r r r c t e e m u x c l i c a e o h t n u i a o s t n - n g m e e - t - als 1 2 3 3 5 4 8 , , , , 0 4 0 9 4 2 9 8 5 8 8 9 1 2 2 0 4 9 6 , , , , 1 0 9 0 5 2 8 9 1 1 3 8 1 1 0 4 4 8 9 , , , , 7 7 0 8 0 0 1 1 9 3 0 0 National Bank of the Kingdom of Bank of Latvia (millions of lats): Serbs, Croats, and Slovenes (mil- Gold _ 24 lions of dinars): Foreign exchange reserve 86 Gold 94 94 94 91 Bills..- 84 Foreign notes and credits 282 255 261 275 Loans. _ 41 Loans and discounts 1,591 1,612 1,549 1,698 Note circulation 46 Advances to State 3,000 3,000 2,966 2,966 Government deposits- 114 Note circulation 5,695 5, 659 5,299 5,751 Other deposits 73 66 Deposits 1,025 1,020 648 Bank of Lithuania (millions of litas): South African Reserve Bank (thou- Gold sands of pounds sterling): Foreign currency Gold 7,941 7,901 7,669 Loans and discounts Foreign bills 7,185 7,655 8,114 7,657 Note circulation...- Domestic bills 1,995 1,600 748 737 Deposits Note circulation 9,131 9,533 8,460 9,011 Deposits- Government 2,160 1,687 2,272 1,190 Netherlands Bank (millions of flor- Bankers 4,625 4,816 4,822 5,282 ins): Others 291 292 634 210 Gold 443 443 449 435 D F L N o o e o r a p t e e n o i s g s c i n i a t r s n c b d u i l l l d a s t i i s o c n ounts 8 1 1 5 8 8 2 2 6 7 0 8 1 1 0 5 6 1 1 4 2 3 8 1 1 1 6 7 1 2 0 8 5 7 1 1 9 5 9 3 7 4 3 8 Bank G S B L i o a o o lv l a l f a d e n n S r s c p a e a s n i d n a b d ( r m i o s i c a l o l d i u o .. n n t s s of pesetas): 2 2 , , 5 7 2 8 6 4 1 9 5 2 1 2 2 , , 5 7 0 9 6 1 8 0 9 5 6 2 1 , , 7 5 9 9 6 2 5 6 0 3 2 2 2 , , 7 6 0 3 0 0 1 9 0 9 3 Bank of Norway (millions of kroner): Note circulation 4,359 4,327 4,289 4,323 Gold 147 147 147 147 Deposits 924 938 931 903 N F D F T 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 r e i c c b d p u a o e c l l s p a r a i e o t n t i d s s o c i i e n t t s s s . a - nd bills 2 31 9 5 5 6 1 1 5 1 2 3 4 5 1 8 1 9 5 2 2 2 31 6 3 5 3 9 1 2 3 6 1 3 8 8 3 7 5 2 Bank N G F L o o o o o r a l f t e d e n S i s g c w n i a r e n c b d d u i e l l l n d a s t i , i s ( o e m c n t o c i u ll n io ts ns of kronor): 2 3 2 5 7 4 2 8 6 2 2 0 2 3 2 5 4 4 0 4 6 2 5 9 2 2 3 5 0 3 3 2 8 4 2 2 2 4 5 1 3 0 6 1 8 1 5 9 Reserve Bank of Pern (thousands of Deposits. 163 149 157 121 libra): Swiss National Bank (millions of Gold 3,535 4,237 4,128 francs): Gold against demand deposits 880 178 288 Gold 533 507 507 468 Foreign exchange reserve 1,893 729 1, 220 Foreign balances and bills 216 210 217 211 Bills..- 2,178 2,337 1, 3(52 Loans and discounts 226 209 218 Note circulation 6,447 6, 028 Note circulation 944 911 900 892 Deposits 1,761 357 576 Demand deposits.. 71 51 67 64 1 Converted into the terms of the leu adopted Feb. 7,1929. * Foreign exchange not reported separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

735 NOVEMBER, 1929 FEDERAL RESERVE BULLETIN 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 te S m ep b - er August July te S m e b p- er August July June August Nine London clearing banks (mil- Joint-stock banks of Denmark (millions of pounds sterling): lions of kroner): Money at call and short notice... 149 144 143 142 Loans and discounts 1,775 1,774 1,767 1,873 Advances and discounts 1,192 1, 205 1,219 1,175 Due from foreign banks.. 145 138 143 134 Investments 242 242 242 244 Due to foreign banks 62 66 64 95 Deposits 1,754 1,759 1,778 1,732 Deposits and current accounts. _. 1,969 1,952 1,955 1,972 Six Berlin banks (millions of reichs- Joint-stock banks of Finland (milmarks): lions of Finnish marks) : Bills and treasury notes.. 2,594 2,498 2,365 2,254 Loans and discounts 9,891 9,931 10,047 9,621 Due from other banks 1 224 1 219 1 189 1 005 D ue from abroad.. ._ .. . 247 236 189 279 Miscellaneous loans 7 254 r 7 135 7 098 6 362 Due to abroad 527 544 633 460 Deposits 10,413 r 10,162 9,989 8,947 Deposits __ 7,628 7,660 7,730 7,613 Acceptances 444 446 463 414 Four commercial banks of France Tokyo banks (millions of yen): (millions of francs): Cash on hand 297 301 259 276 Bills and national-defense bonds.. 19,959 20, 664 20, 722 Total loans 2 055 2 086 2 087 2 061 Loans and advances... 10, 598 9,974 8,325 Total deDoslts 2,077 2,106 2,090 2,067 Demand deposits 32, 455 33, 228 33,104 Total clearings 1,631 1,948 2,192 2,553 Time deposits _ 1,003 ••990 693 Four private banks of Italy (millions of lire): 1929 1928 Cash 1,103 1,138 1,185 Bills discounted 8 404 8 390 8 872 August July June August D D u u e e f to ro m co r c r o e r s r p e o s n p d o e n n d t e s nts 1 5 3, , 5 5 0 5 1 6 13 5 , , 4 5 3 0 7 5 1 4 3, , 9 6 7 2 5 8 Deposits . .. . 3,102 3,061 2,926 Banks of Buenos Aires, Argentina Joint-stock banks of Norway (mil- (millions of gold pesos): lions of kroner): Gold- Loans and discounts 1,268 1,266 1,253 1,410 Bank of the Nation 65 67 78 140 Due from foreicn banks 129 124 102 102 Other banks 12 12 13 12 Due to foreign banks 86 83 78 98 Other cash- Rediscounts 102 97 100 146 Bank of the Nation 126 129 125 158 Deposits 1, 558 1,557 1,557 1,615 Other banks 167 162 184 216 Loans and discounts— Joint-stock banks of Poland (mil- Bank of the Nation 572 561 569 485 lions of zlotys): Other banks 884 883 873 770 Loans and discounts v 841 837 826 733 Deposits- Due from foreign banks.. ... 37 31 32 Bank of the Nation 761 761 111 778 Due to foreign banks J» 171 181 171 137 Other banks.. 1,011 1,007 1,015 970 Rediscounts P 150 141 146 148 Chartered banks of Canada (mil- Deposits P 541 540 522 466 lions of dollars): Joint-stock banks of Sweden (mil- Gold coin and bullion * 61 62 61 68 lions of kronor): Current loans and discounts 1,585 1,572 1,566 1,407 Loans and discounts __ 4,197 4,179 4,130 4,128 Money at call and short notice... 584 577 594 566 Foreign bills and credits abroad.. 306 277 259 303 Public and railway securities 462 470 525 500 Due to foreign banks .. 117 117 112 125 Note circulation 190 170 187 176 Rediscounts 202 191 262 215 Individual deposits 2,551 2,578 2,559 2,533 DeDosits 3,530 3,530 3,462 3,547 Gold reserve against Dominion notes 60 59 59 77 Dominion note circulation 199 196 210 197 * Not including gold held abroad. P Preliminary. r Revised. DISCOUNT RATES OF 34 CENTRAL BANKS [Rate prevailing November 4, 1929, with date of latest change] Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Austria Sept. 28,1929 England... 6 Oct. 31,1929 Japan 5.48 Oct. 10,1927 Portugal 8 July 27,1926 Belgium.. 5 July 31,1929 Estonia.,. 8 Oct. 3,1929 Java July 22,1929 Rumania 9H May 14,1929 Bulgaria 10 July 2,1929 Finland. __ 7 Nov. 16,1928 Latvia 6-7 Apr. 1,1928 Russia 8 Mar. 22,1927 Chile,, 6 Oct. 22,1928 France Jan. 19,1928 Lithuania. ._ 7 Feb. 1,1925 South Africa 6 Aug. 17,1929 Colombia 8 Oct. 10,1929 Germany _ Nov. 2,1929 Netherlands 5 Nov. 1,1929 Spain 5lA Dec. 19,1928 Czechoslovakia. 5 Mar. 8,1927 Greece 9 Nov. 30,1928 Norway 6 Sept. 27,1929 Sweden 5lA Sept. 27,1929 D D a e n n z m ig ark m N Se o p v t . . 2 2 7 , , 1 1 9 9 2 2 9 9 H In u d n ia gary.. 7y2 N O o ct v . . 3 4 1 , , 1 1 9 9 2 2 9 9 P Po er l u and 9 7 O A c p t r . . 3 1 1 9 , , 1 1 9 9 2 2 9 9 Y Sw ug it o z s e l r a l v an ia d . . . 3 6 H J O u c n t e . 2 2 3 2 , , 1 1 9 9 2 2 2 5 Ecuador 10 May 15,1929 Italy 7 Mar. 14,1929 Changes.—Bank of Estonia from 7H to 8 per cent on Oct. 3, 1929; Bank of the Republic of Colombia from 7 to 8 per cent on Oct. 10, 1929; Imperial Bank of India from 5 to 6 per cent on Oct. 10, 1929, and from 6 to 7 per cent on Oct. 31, 1929; Bank of England from 6H to 6 per cent on Oct. 31,1929; Reserve Bank of Peru from 6 to 7 per cent on Oct. 31,1929; Netherlands Bank from b\i to 5 per cent on Nov. 1,1929; Bank of Danzig from 7 to 6^ per cent on Nov. 2, 1929; German Reichsbank from 7^ to 7 per cent on Nov. 2, 1929; National Bank of Hungary from 8 to 1H per cent on Nov. 4,1929.j Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

736 FEDERAL RESERVE BULLETIN NOVEMBER, 1920 MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) Netherla d n a d m s ) ( A 1 mster- Sw la it n z d er- Month B a m a a n c o n c c n k e e s p t e , h r t 3 - s s' T m b re i o l a l n s s t , u h 3 r s y Da m y- o t n o e -d y ay o a B n ll a o d n w e k p a e o n r s s c i * e ts d P is r r c i a v o t a u e t n e t M 1 o m ne o y n t f h or Da m y- o t n c e -d y ay d P is r r c i a v o t a u e 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 u e t n e t 1927 4.32 4.33 3.55 5.90 8.30 6.00 3.56 3.82 3.39 October ---- 4.32 4.33 3.57 2H 6.69 8.72 7.19 4.11 4.29 3.38 4.33 4.34 3.62 2Vi 6.76 8.72 6.03 4.50 4.73 3.39 4.31 4.31 3.44 6.87 9.10 7.24 4.49 4.85 3.40 1928 4.19 4.13 3.49 2H 6.27 7.66 6.16 4.29 4.10 3.29 4.18 4.18 3.63 6.20 7.30 6.66 3.97 3.80 3.12 4.12 4.07 3.63 2Vh 6.72 7.51 6.81 3.97 3.89 3.20 April 4.02 4.01 3.57 2\h 6.71 7.57 6.64 4.18 3.93 3.29 May 3.97 3.95 3.58 2W 6.66 7.80 7.00 4.27 4.17 3.32 3.82 3.80 3.26 2M 6.59 8.08 6.37 4.18 4.11 3.40 July 3.99 3.97 3.27 2H 6.74 8.18 7.74 4.10 3.84 3.44 4.27 4.26 3.50 6.68 8.19 6.12 4.13 3.90 3.41 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 2\h 6.57 8.26 6.70 4.40 4.42 3.38 4.38 4.30 3.64 2H 6.28 8.15 6.70 4.44 4.74 3.35 4.37 4.37 3.22 6.28 8.77 7.30 4.46 4.68 3.32 1929 4.32 4.29 3.41 2H 5.80 7.51 5.13 4.20 4.46 3.28 5.05 4.96 4.33 5.80 7.07 6.33 4.39 4.78 3.31 March 5.33 5.30 4.51 6.31 7.30 6.97 4.64 5.05 3.39 April 5.21 5.18 4.43 '&% 6.63 7.57 6.85 5.36 5.81 3.45 May 5.21 5.21 4.67 3^£ 7.49 9.65 9.32 5.37 5.88 3.34 5.32 5.35 4.23 3 Mi 7.50 9.89 7.90 5.30 5.30 3.26 JUly 5.38 5.39 4.54 3^& 7.39 9.35 8.21 5.20 4.90 3. 19 Aucust 5.47 5.48 4.35 3f£ 7.18 9.43 7.42 5.06 4.68 3.33 September 5.59 5.63 4.39 8JMH 7.18 9.48 7.86 »5.34 »5.33 3.38 (B B r e u lg s i s u e m ls) F (P r a a r n i c s e ) (M It i a l l a y n) Austria (Vienna) Hungary S ( h S w o t e o lm d c e k ) n - Japan (Tokyo) Month d P is r r c i a v o t a u e t n e t d P i r s r c i a v o t a u e t n e t d P is r r c i a v o t a u e t n e t d P is r r c i a v o t a u e t n e t M m fo o o r n n t e 1 h y c c i o a P l m r p i m m a e p e r e - r Da m y- o t n o e -d y ay L m oa t o o n n s t 3 h u s p Dis b c i o l u ls n 2 ted ov m e C r o n a n l i e l g y ht 1927 September 3.75 2.01 6.81 §Y\ ~6M« 7 -m 7 6 -7H 4 -6 2.19-4.38 October 3.87 1.82 6.50 6H -6^io 7V4-8V3 6 -7% 4 -6 2.19-4. 38 November 4.09 2.75 6.27 6M* ~6H 7H~8^i 1 -%Yi 4 -6 2. 74-4. 02 December 4.15 2.95 6.00 6H-SH 7X-SH 5H-7H 4 -6 2.19-5. 84 1928 January - 4.08 2.81 6.00 4 -6 1. 64-5.10 February 3.90 2.75 5.89 1% 'ml* 7H-8H 5H-7H 4 -6 1.46-4. 20 March - 4.10 2.72 5.75 7H-SH 5 -7H 4 -6 6.57^6.94 2.92-4.20 April 4.25 2.62 5.49 6H-7H 7H-SH 5H-7H 4 -6 6.57-6.75 2. 56-4.12 4.25 2.62 5.25 5H -5H 6^£-7^ 7H-8J4 5H-7H 4 -6H 6.39-6.75 1.46-4.02 4.27 2.90 5.25 6^-8 V4 4 -6J4 6.39-6.57 1.46-4.02 July 4.02 3.12 5.25 5% -6H 6%-8V4 4 -6J4 ft 21-6.57 1.46-4.02 August . - 4.00 3.23 5.25 6Mo ~6H 7H-8V£ 71^_gl^ 5^6-7^6 6.21-& 39 2.92-4.02 September 3.96 3.26 5.25 6^ie -6J4 5H-7H 6.02-«. 39 2. 37-4.02 October 3.94 3.37 5.25 6H 7V6-8V£ 7^-9 4L£_gL£ 6 21-6. 39 2. 92-4.02 November _ ----- 3.94 3.37 5.45 7L£-gl^ 7^-9 6^-8% 4L£-QL£ 6. 02-6. 21 2. 01-4. 02 December 3.94 3.41 6.60 %M -6H 4L£-gL£ 6.84-6.21 1 83-6.57 1929 January ... - 3.94 3.50 5.83 5. 84-6.21 1.46-5.84 February 3.94 3.39 6.00 6^A ~6^fl 7W-8W gix_gw 4V£_gi/ 5. 66-5.84 2.01-4.02 March 3.94 3.37 6.31 6J4 "67^1 7W-8J4 yvz_giz 6V4-8V4 4^-6i-4 5.66-5. 84 2.19-4. 02 April 3.94 3.44 6.75 6Hfl ~7VA 7$6-8$4 8^-9 7 -9 4V6-6V6 5.48-5.66 3. 47-4. 02 May 3.94 3.49 6.83 7\% -7YA 8 -9 7 -9 4ix_giz 5.48-5. 68 2. 56-4.02 J J u u n ly e 4 3 . . 0 9 0 4 3 3 . . 5 5 0 0 6 6 . . 7 7 5 5 7 73 H /f e - - 7 7 H H 8H-9 8 g3 % 4_ -1 9 0 a.i r 7 7 -& -9 H 4 4 L V < 6- 2 6 _ J g Z ^ 5 5 . . 4 4 8 8- - 5 5 . . 6 6 6 6 2 2. . 7 5 4 6 - -4 4 . . 0 0 2 2 August 4.93 3.50 6.85 8W-9 8$i-10J4 7 -8 4^-6 Yi 5.48 2. 56-4.02 September 4.94 3.50 7.01 7% 8H-9H r Revised. * Preliminary. 1 The private discount rate in Amsterdam formerly derived from quotations published in the Frankfurter Zeitung is now derived from quotations published in the Rotterdamsche Bankvereiniging. Preliminary figures, however, for both the private discount rate and money at one month in Amsterdam are derived from quotations published in the Frankfurter Zeitung. 2 Revised series; see BULLETIN for July, 1929. NOTE.—For sources used, methods of quotation, and back figures, see BULLETIN for November, 1926, April, 1927, and July, 1929. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1N0VEMBER, 1929 FEDERAL RESERVE BULLETIN 737 FOREIGN EXCHANGE RATES [Monthly averages of daily quotations.* In cents per unit of foreign currency] EUROPE (s A ch u i s l t l r in ia g) B ( e b l e g lg iu a m ) Bu (l l e g v a ) ria C ( z c v e r c a o h k w o ia n sl ) o- D ( e k n ro m n a e r ) k E (p n o g u la n n d d ) ( F m i a n r l k a k nd a) F (f r r a a n nc c ) e G ( m e re r a i m c rk h a ) s n - y (d G ra r c e h ec m e a) H (p u e n n g g a o r ) y Par value 14.07 13.90 0.72 (») 26.80 486.65 2.52 3.92 23.82 1.30 17.49 1928—October 14.0679 13. 8959 .7203 2.9627 26.6578 484.9500 2. 5167 3.9061 23. 8143 1. 2868 17. 4256 1929— 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. 0734 13. 8967 .7220 2. 9601 26. 6237 484.8206 2. 5155 3. 9135 23. 8085 1. 2917 17. 4403 October 14. 0666 13. 9579 .7236 2. 9611 26. 7426 486. 9944 2. 5174 3. 9307 23. 8733 1. 2957 17. 4508 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 ne a ) y P (z o l l o a t n y d ) P (e o s r o t u u d g o a ) l Ru ( m le a u n ) ia ( R c n u h e s e t s r z i v a ) o • - (p S e p s a e i t n a) S (k w ro ed n e a n ) S ( w f l r a a i n t n z d c e ) r- ( Y s d l i u a n v g a i o a r - ) Par value 5.26 40.20 26.80 11.22 108.05 0.60 514.60 19.30 26.80 19.30 19.30 1928— October 5.2365 40. 0908 26. 6543 11.2012 4.4993 .6072 * 515.0000 16.1798 26. 7378 19. 2447 1.7585 1929—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 11.1865 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. 6299 11.2011 4. 4809 . 5937 * 515. 0000 14. 7559 26. 7831 19. 2641 1. 7563 October 5. 2357 40. 2511 26. 7433 11.1986 4. 4929 .5955 4 515. 0000 14. 5046 26. 8412 19. 3402 1. 7617 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— October 99.9667 99.9270 47. 5742 95. 5933 36.4900 11.9477 12. 0843 97. 5146 20. 0000 399. 0385 101. 8431 1929—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 30. 0000 11. 8577 12. 0642 96.3900 20. 0000 400. 0000 97. 8166 October 98. 8341 99. 9396 48.1571 95. 0015 36. 0000 11. 8715 12. 0681 96. 3900 20. 0000 400. 0000 97. 6941 SOUTH AMERICA— ASIA AFRICA continued Straits (b z V o u l e e i n l v a e a - r * ) (M d C o e h l x l i a i n c r a ) a n * (S C h ta a h e n i l n g )» a hai d ( C o Y h l u l i a n a r a n )» (d H K o o o ll n n a g g r)* (r I u n p d e ia e) J ( a y p e a n n ) ( J f a lo v r a in > ) (Si S m n e g e t a t n l p t e s o - re ( T p T o u u u r r k n k e d is y ) h (E p E g o g y u p y n t p d i t a ) n dollar) Par valua 19.30 39.46 54.82 39.03 39.18 36.50 49.85 40.20 56.78 439.65 494.31 1928—October 19. 2500 46. 5591 64. 0374 46.1963 49.9471 36.4541 46. 2019 40.1161 56.3404 50.8354 497.4003 1929—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 49.5304 497.4363 June 19.3800 42.1116 57.7650 41.4866 47.8613 30.0292 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 47.6685 497.2178 September. __ 19. 2600 40. 2639 56. 0436 40. 0963 47. 7035 36.0324 47. 2731 40. 0000 55. 9884 October 19. 2500 39. 3666 54. 7721 39.1065 44.1532 36.1646 47. 7599 40.1377 56. 2211 1 Based on noon buying rates for cable transfers in New York as certified to the Treasury by the Federal Reserve Bank of New York, in pur suance of the provisions of sec. 522 of the tariff act of 1922. For back figures see BULLETIN for January, 1928, and January, 1929. 1 The National Bank of Czechoslovakia opened Apr. 1,1926, under the obligation "to maintain the relation of the Czechoslovak crown to th« undepreciated foreign gold currencies at the level of the last two years." During the period April, 1924, to March, 1926, inclusive, the range of the Czechoslovak crown was between 2.9193 cents and 3.0312 cents; the quotation on Mar. 31,1926, was 2.9616 cents. * Averages bastd 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 October, 1929, computed by multiplying silver content of unit by New York average price of silver for October, 1929, which was $0.50226 per fine ounce. On the same basis, parity in October, 1928, for the Chinese- Mexican dollar was 45.88 cents; for the Shanghai tael, 63.74 cents; for the Yuan dollar, 45.38 cents; and for the Hong Kong dollar, 45.55 cents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

738 FEDERAL RESERVE BULLETIN NOVEMBER, 1929 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES EUROPE United Month r S L S t e ( i t a t a B c a a u b s t u t ) i o e s - o r i s - f b ( A t g a r u s o i i s a l s - d ) g B iu el m - g B a u r l i - 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 r e - d ) b ( a l F g a s i i o n s n l ) d d - i B S u t t i r a c e t a i a F l s u r - a 2 n F R c B e e e d o se e a r r r v a d l eS c m ( a t G F e a l a r t e e B a i n r d s l » y u t - i - - b H ( g g a a u s o r i n l y s d - ) (B It a a c ly hi) N la e n th d e s r- (O N w s o a l r y o - ) reau) 1928 January.. _ _ . 96 129 851 2,782 982 153 141 102 628 569 139 135 463 154 157 February 96 128 848 2,82(3 985 352 140 102 633 569 138 134 461 151 157 March 96 129 848 2,839 978 153 141 103 645 587 139 135 464 153 157 April 97 131 847 2,891 984 154 143 103 650 601 140 136 464 153 156 May 99 131 844 2,906 987 155 144 103 660 617 141 135 465 152 156 June . ... . 98 133 844 2t866 986 155 143 103 649 621 141 135 462 152 158 July 98 133 841 2,911 979 155 141 103 646 613 142 133 453 148 160 August... . 99 133 831 2,790 996 154 139 103 645 607 142 134 456 145 153 September 100 131 830 2,805 986 151 138 101 637 598 140 137 458 146 153 October . 98 129 835 2,844 971 150 138 101 640 585 140 138 463 146 151 November 97 128 847 2,875 957 151 138 101 652 580 140 137 466 148 150 December 97 127 855 2,865 955 151 138 101 651 588 140 135 464 148 150 1929 January.. .... 97 128 867 2,869 953 151 138 100 657 591 139 3 132 461 146 149 February 97 130 865 2,945 950 159 138 100 660 599 139 3 136 463 146 150 March 98 133 869 2,974 964 154 140 100 654 616 140 3 136 461 147 150 April 97 134 862 2,991 963 1,50 139 99 648 621 137 3 135 455 144 148 May 98 135 851 3,034 940 148 136 98 643 606 136 3 123 454 142 140 June.- . 96 134 848 4,101 917 146 136 98 629 598 135 3 122 447 141 147 July 98 132 858 3,061 922 149 137 97 624 593 138 3 119 440 141 149 August 98 132 850 2,917 916 150 136 97 598 581 138 3 114 437 142 148 September 98 128 846 902 150 136 96 607 571 138 437 148 October s UEOPE—continued ASIA ANDOCEANIA AFRICA Month Can- Peru la P n o d - " Russia5 Spain SwedenS l w a i n tz d e ' r- ada i t A ra u l s i - a ( C S h h h a a i i n n ) g a - D In E u d a t i s c e t h s c I ( u n C t d a t i a l a - ) J k ( a T y p o o a - ) n N l Z a e e n a w d - (C Eg ai y r p o t ) A So fr u ic th a 1923 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 93 195 159 165 151 147 171 148 117 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 95 185 154 160 149 145 174 149 128 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. 99 180 171 140 139 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 96 180 169 140 143 96 187 159 163 149 142 166 148 109 115 August 180 170 141 143 98 187 160 165 143 165 112 September 140 142 97 186 163 167 143 113 October 186 i New index-1926-100. » New official indei. «1927-100. * First of month figures. 2 New official index. Full description is given in the Bulletin de la Statistique Generate de la France for January-March, 192S; brief description and back figures to January, 1926, are given in the issue for July-September, 1929. The index covers 125 commodities and is computed on a 1913 base. NOTB.—These indexes are in mMt cases published here on ttnlr 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, vis, Netherlands, JapiQ. N"*w ZnUul. ail S)ith Africi, they hive b3en recomputed from original bases (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. Farther information as to base periods, sources, numbers of commodities, and the period of the month to which the figures refer miy be found on piges 789-770 of ths BCJLLETIN for November, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, FEDERAL RESERVE BULLETIN 739 WHOLESALE PRICES—Continued GROUPS OF COMMODITIES ENGLAND—BOARD OF TRADE SWEDEN—BOARD OF TRADE 1929 1928 1929 1928 Sept. Aug. July June May Sept. All commodities 136 136 137 136 136 138 Sept. Aug. July June May Sept. Total food 143 144 149 143 144 148 Indu C M I O O s ro e t t t e r h h r n i a e e e a a t r a r l l a n s f m p n o d r d o i o n s d d t e f e s u r i e . a s c l _ h l t s s _ a n - d m . etals.. 1 1 1 1 1 1 1 3 4 4 4 2 5 2 3 5 1 1 1 1 1 1 1 1 3 1 4 4 4 1 1 5 5 4 6 9 1 1 1 1 1 1 1 1 3 4 5 4 9 5 1 4 8 3 1 1 1 1 1 1 4 3 5 1 3 1 4 2 5 9 1 5 1 1 1 1 1 1 3 1 3 1 5 4 3 5 2 9 2 6 1 1 1 1 1 1 1 6 1 3 4 4 2 0 2 2 1 1 A V A F R u l n e a f l a e g w im c l e c s t t o a u a m a m l b r n e a l p m e d t i r e o n o o r p d i d i i r a i l r u o t s l o i s c d e n t u s s f c a o t n r s d m m a e n t u a - l 1 1 1 1 4 2 2 4 2 0 6 0 1 1 1 1 3 3 2 4 7 1 0 1 1 1 1 1 4 2 2 3 0 0 9 8 1 1 1 1 2 3 3 2 5 9 7 0 1 1 1 1 3 1 4 2 7 8 0 6 1 1 1 1 4 3 4 1 6 4 5 2 M C O o t i h s tt e c o e r n ll t a e n x e ti o le u s s ._ _ . . _ 1 1 1 4 5 3 7 8 4 1 1 1 5 4 3 4 4 9 1 1 1 5 5 36 3 0 1 1 1 5 5 3 1 4 4 1 1 1 5 5 3 4 5 4 1 1 1 5 6 4 8 1 2 R Pa a i p n w e d r u m s p t a u r t y l e p r i a a n ls d f p o a r p m _ er a . nu- 1 1 6 1 3 9 1 1 6 1 3 8 1 16 1 3 8 1 16 18 3 1 1 6 1 3 8 1 16 1 1 5 facture in leather indus- FRANCE—STATISTICAL BUREAU i Ra tr w y . a _ nd manufactured 124 125 124 128 126 145 chemicals 162 156 154 152 153 164 All commodities 607 598 624 629 643 637 Raw materials 132 136 136 134 134 139 Farm and food products 552 524 578 584 607 581 Semifinished materials 142 144 143 139 140 147 Animal products 572 532 522 516 521 533 Finished materials. 143 141 141 142 143 149 Vegetable products 499 484 563 565 614 586 Producers' goods 133 134 134 133 133 137 All industrial products | 656 664 664 668 675 685 Consumers' goods.. 146 146 145 144 145 154 Minerals and metals I 561 562 561 560 560 531 Textiles | 724 745 748 758 771 804 Hides and leather. 452 442 445 450 453 616 CANADA—DOMINION BUREAU OF STATISTICS Chemical products 603 593 579 586 598 577 Rubber | 117 129 133 126 129 115 L C Pa u e p m m e e b r n . e t r . a . nd brick, etc j 6 9 6 3 6 7 6 9 7 9 6 6 6 3 7 9 6 7 9 6 6 6 7 3 9 7 6 9 6 6 6 7 0 9 7 6 9 6 6 6 7 0 8 7 6 8 6 5 6 7 6 2 4 5 V A A e l n l g i m c e o t a a m b l l m p e r o o p d d r i o u ti d c e u t s s cts 1 9 9 0 8 7 7 -•1 9 9 0 9 8 8 1 9 9 0 6 6 8 1 8 9 0 2 3 8 1 8 9 0 2 2 9 1 8 9 1 7 6 4 Textiles 91 91 92 92 92 94 1 New official index. Full description is given in the Bulletin de la Wood and paper products. 94 94 94 94 94 Statistique Generale dela France for January-March, 1928; brief descrip- Iron and its products 94 94 94 94 94 tion and back figures to January, 1926, are given in the issue for July- Nonferrous metals 98 99 99 99 99 September, 1929. The index covers 126 commodities and is computed Nonmetallic minerals 93 94 93 93 92 '92 on a 1913 base. Chemicals 9Q 96 96 96 95 95 GERMANY—FEDERAL STATISTICAL BUREAU i New index—1926 = 100. ' Revised. All commodities ! 138 138 138 135 136 140 Total agricultural products j 133 133 132 125 126 134 AUSTRALIA-BUREAU OF CENSUS AND STATISTICS Vegetable foods j 125 130 131 120 125 134 Cattle 134 134 134 127 120 119 Animal products 149 140 136 130 130 149 All commodities 164 160 159 158 156 153 Fodder 120 123 127 122 133 139 Metals and coal 174 174 174 174 174 174 Provisions 131 130 128 124 125 131 Textiles 144 139 138 143 145 152 Total industrial raw materials Agricultural products 181 158 176 158 154 157 and semifinished products 132 132 131 132 131 134 Dairy products 153 153 156 160 159 147 Coal 137 137 137 136 136 133 G roceries and tobacco 164 163 163 164 164 165 Iron 131 131 131 130 128 128 Meat 153 139 135 150 145 116 Nonferrous metals 118 118 118 118 118 105 Building materials _. 161 160 160 161 161 161 Textiles 136 137 139 141 144 155 Chemicals 189 189 189 189 189 186 Hides and leather 122 122 124 123 120 149 Chemicals 127 127 126 127 126 127 Artificial fertilizers 82 82 81 87 87 81 INDIA (CALCUTTA)—DEPARTMENT OF STATISTICS Technical oils and fats 134 129 127 125 126 125 Rubber 28 29 31 30 30 25 Paper materials and paper._ 151 152 152 151 151 151 1929 1928 Building material 162 161 159 158 157 160 Total industrial finished produc P ts roducers' goods 1 1 5 4 7 0 1 1 5 4 8 0 1 13 5 9 7 1 1 5 3 8 8 1 1 5 3 8 8 1 1 6 3 0 8 Aug. July June May Apr. Aug. Consumers' goods 170 171 171 172 172 176 All commodities 143 142 138 139 140 143 ITALY—CHAMBER OF COMMERCE OF MILAN Cereals . 128 126 122 120 119 133 Pulses 149 150 143 141 147 154 A Al l l l c i T V A T C M B S O n o u e o h u d e n t m i h x n g t e i n i u a m l t e d m m e e d s i l r t l r r t i a a e i o i r a f n c e v b o l i s d l g a a s o e l s f i l e l o g t d s m i a o e e p f n d o t s r a a d o o s t b e d d m l r s u e ia e c p l t t s a s ro ls ducts 4 5 5 5 4 4 4 4 5 4 5 7 1 1 4 4 5 0 6 3 3 0 2 6 3 3 7 5 4 4 8 2 9 4 5 4 4 4 4 5 5 4 5 5 7 4 1 5 3 3 2 2 5 4 0 4 6 2 3 8 2 7 4 6 4 5 4 4 4 5 4 4 5 5 4 5 5 7 5 3 1 4 3 4 6 3 0 4 7 4 8 1 5 8 1 7 5 6 3 4 4 4 5 4 4 4 5 5 5 5 3 5 4 8 1 6 5 4 5 4 0 7 4 6 0 2 9 8 4 0 3 2 5 4 4 4 4 5 5 4 4 5 5 5 4 8 5 2 5 4 5 8 4 0 5 1 5 8 0 4 7 5 8 1 1 4 4 4 4 4 5 5 5 5 5 5 4 6 3 8 2 1 4 7 1 1 5 6 4 5 8 8 6 9 7 9 5 6 J T R R H O C O O M O u e a a o i i t t t t e a d h h l h w w e t t t e s e e e a o e s m r r r l j c e n s u f o a t a d a o e t r n m t n s e x o t t d i o u d t a c i f n s n l l s a e e k u c s s i f t n u a . c r s e tu s res 1 1 1 1 1 1 1 1 1 1 9 3 6 4 6 3 3 0 7 3 4 9 0 6 4 2 2 2 3 0 5 6 1 1 1 1 1 1 1 1 1 1 6 9 4 3 5 7 2 5 0 4 3 0 5 1 0 2 3 9 2 2 0 0 1 1 1 1 1 1 1 1 1 1 9 3 4 1 4 2 6 2 5 3 4 4 4 4 0 1 2 0 0 8 0 1 1 1 1 1 1 1 1 1 1 1 9 5 6 4 2 3 6 4 2 0 4 5 7 1 4 2 8 4 0 9 9 1 1 1 1 1 1 1 1 1 1 1 9 5 5 4 2 6 3 5 2 4 3 7 7 4 5 8 1 6 2 3 0 0 1 1 1 1 1 1 1 1 1 1 1 4 1 6 4 5 3 5 6 2 4 1 3 0 1 4 3 3 4 9 1 0 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

740 FEDERAL RESERVE BULLETIN NOVEMBER, 1929 RETAIL FOOD PRICES AND COST OF LIVING RETAIL FOOD PRICES [Pre-war=100] EUROPEAN COUNTRIES OTHER COUNTRIES United Month ( S 5 i t 1 e a s t c ) e i s t- e A ( t n V r u n i i a s a - - ) g B iu e m l- ' g B a u ri i a - S C l z o e v c a h k o ia - l E a n n g d - E n s i t a o " -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 ) ceI ( l t a M a n l i ) y - l N a e n e r d t - h s - 4 N w o a r y - R si u a s ^ - S l z a w e n r i d - t- o o a H d a a n n ' - i 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 - S A o fr u i t c h 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 2,086 510 171 159 149 157 147 144 119 December. 153 118 212 2,618 913 163 113 523 153 2,101 513 "l67" 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 M Fe a b rc ru h ary- 1 1 4 4 9 8 1 11 1 6 7 2 2 0 0 7 1 2 2 , , 7 7 0 1 1 3 9 9 1 0 0 2 1 1 5 5 9 5 1 1 1 2 8 2 5 52 2 4 2 1 1 5 5 1 1 3 3 1 1 4 4 3 4 3 3 1 1 4 4 1 1 "166 1 1 7 7 0 1 2 20 0 3 2 1 15 5 6 7 1 1 4 4 7 9 1 1 5 5 2 3 1 1 4 4 6 2 1 1 4 4 5 5 1 1 1 1 8 8 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 3145 3 140 172 205 156 146 154 140 146 120 June 150 122 200 2,740 928 157 126 3 113 152 3 144 3 142 "169" 170 206 157 145 154 142 147 114 July—. 150 119 202 2,783 943 156 130 3 111 154 3 138 »140 173 211 157 146 152 143 147 116 August 151 120 205 2,667 943 156 129 •111 156 3 134 3 138 170 211 156 149 150 142 146 115 September. 155 120 210 2,682 928 156 124 3 110 153 3 132 3 140 "l66" 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 N De o c v e e m m b b e e r r - . 1 1 5 5 4 3 1 11 2 9 0 2 2 2 2 3 2 2 2 , , 7 7 4 3 9 9 9 90 0 5 0 1 1 6 5 0 9 1 1 2 2 5 6 3 » 1 12 1 1 9 1 15 5 3 2 3 » 1 1 3 3 3 7 3 3 1 1 4 4 5 4 "164* 1 1 6 6 1 1 2 2 1 1 3 5 1 1 5 5 8 8 1 1 5 5 2 2 1 1 5 5 0 2 1 1 4 4 5 4 1 1 5 5 2 0 1 11 1 5 8 1929 January-.. 151 120 221 2,742 900 159 133 3 122 153 3 133 »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 »135 »155 ~163' 158 223 156 151 160 146 146 117 April 149 119 212 2,860 901 150 137 3125 154 » 136 3 151 156 230 155 148 162 145 147 115 May— 150 120 211 2,900 906 149 136 3 127 154 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 2,926 925 149 132 3 123 156 3144 157 155 148 160 145 146 116 August 157 124 227 2,789 900 153 3 123 155 3 144 161 156 157 161 146 146 114 September. 158 122 154 3 122 154 3 146 157 162 146 147 114 COST OF LIVING EUROPEAN COUNTRIES OTHER COUNTRIES Mas- Month s c s e h a t u t - s - g B iu e m l- *s C lo z v ec a h k o ia - l E a n n g d - 2 l F a i n n d - ( F P r a a r n i c s e ) m G a e n r- y G ( e A r n e t s e h ) c - eH ga u r n y - I ( l t M a a n l i y ) - l N a e n e r d t - h s* - N w o a r y - la P n o d - 5 Spain S d w en e- S l z a w e n r i d - t- a C d a a n 1 - A t l r u i a a s - - ( I b B n a d o y m ia ) -S A o 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 1,964 120 536 103 188 162 150 150 132 December. 157 208 740 169 1,243 498 151 1,978 120 531 170 195 103 186 162 151 159 151 132 1928 January 157 210 741 168 1,216 151 3 155 121 3 145 102 178 171 161 151 154 132 February.. 156 207 739 166 1.206 151 3 154 120 3 145 100 175 161 150 148 131 March 155 204 737 164 L, 214 507 151 3 153 119 3 145 169 193 101 176 160 149 157 145 132 April 155 205 741 164 L, 212 151 8 153 121 U45 102 175 "in" 160 149 144 133 May . . 156 202 743 164 L 207 151 3 153 121 « 144 103 171 160 149 147 133 June 155 204 741 165 1,219 3 105 151 '152 121 3 145 170 193 103 172 161 148 ""l66" 146 132 July 157 205 753 165 L, 236 153 3 148 121 3 143 104 173 173 161 148 146 131 August 157 207 761 165 1,258 154 3 146 126 3 142 104 174 161 150 146 131 September- 158 211 756 165 L,249 3 105 152 »145 127 3 143 169 185 104 178 161 151 ""I57" 145 131 October. _ 157 215 735 166 1L, 254 152 3 148 126 3 144 104 179 "172" 162 152 146 131 November- 157 220 730 167 1,262 152 3 148 125 3 146 106 181 162 152 147 132 December. 157 219 734 168 1,260 3 108 153 »146 126 3 147 168 183 106 187 162 152 157 148 131 1929 January.. 157 219 737 167 1,242 153 3 148 126 3 148 106 184 170 161 152 149 131 February.. 156 220 745 165 1,232 154 3 150 127 3 148 108 183 161 151 149 131 A M p a r r i c l h 1 1 5 5 7 7 2 2 1 1 7 5 7 7 5 4 4 6 1 1 6 6 6 2 ;L ,2 ,2 1 2 9 9 3 111 1 15 5 4 7 3 > 1 1 4 4 9 8 1 1 2 2 5 7 3 3 1 1 5 5 3 0 169 180 1 1 0 0 6 6 1 1 8 8 4 4 "m" 1 15 6 9 1 1 1 5 5 2 0 164 1 14 4 8 9 1 1 3 3 2 1 May 157 215 744 161 2in 154 126 3 148 106 182 160 151 147 136 June 156 215 744 160 1,215 3 113 153 126 3 149 169 179 104 179 161 149 147 135 July 157 218 761 161 1,223 154 124 3 148 105 177 169 161 150 148 131 August 159 226 751 163 1,232 154 121 3 146 105 178 162 155 149 131 September. 158 164 1,230 "~3~113~ 154 3 147 180 105 155 149 131 »1921=100. 1 First of month figures. * 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

NOVEMBER, 1929 FEDERAL RESERVE BULLETIN 741 LAW DEPARTMENT Philippine Government funds as time or demand The contract itself seems clearly to contemdeposits. plate a deposit withdrawable on demand. The Federal Reserve Board has recently been Furthermore, attention is called to the fact requested to rule on the question whether a that even the "regulations" referred to do deposit consisting of Philippine Government not state that written notice is to be given 30 funds made in a member bank of the Federal re- days or more before withdrawals. Under the serve system under the following circumstances board's Regulation D such written notice is a time deposit or a demand deposit: The must not only be required by the contract but deposit was made by the Bureau of Insular must actually be given before each withdrawal. Affairs of the War Department in an account entitled " Treasurer of the Philippine Islands Treasury Certificate Fund Account Time Deposit." In the preliminary correspondence Right of a national bank to borrow securities from its with the depositary member bank with refer- trust department. ence to this deposit, a letter from the Acting An inquiry has recently been received by Chief of the Bureau of Insular Affairs states, the Federal Reserve Board as to whether it "You will note that the regulations state that would be illegal or unethical for a national the deposits are subject to 30 days' notice of bank to borrow Government securities from withdrawal/7 and the "regulations" referred its trust department for the purpose of obto contain a provision that " deposits are sub- taining loans thereon at a Federal reserve bank. ject to withdrawal only after 30 days' notice." In the opinion of the Federal Reserve Board, The contract between the bank and the War such a practice would be both illegal and Department, however, contains no reference unethical. It would be illegal because it to preliminary correspondence or the regu- would violate that provision of section ll(k) lations referred to and states that the Govern- of the Federal reserve act requiring national ment of the Philippine Islands reserves the banks to segregate all assets held in any right to terminate the agreement at any time fiduciary capacity from the general assets without notice or liability. The contract also of the bank, and because it would violate states that the bank agrees "to promptly the well-established rules of equity jurishonor and pay such checks or drafts as the prudence, forbidding a trustee to use trust said Government or its duly authorized agent funds or assets for his own benefit. It would may draw against said deposits; and to pay be unethical for obvious reasons. over all balances * * * when called upon It was suggested that bonds in the trust to do so." department might be loaned to the bank if other securities are pledged with the trust After a careful consideration of this question, department, in view of the following provision the Federal Reserve Board is of the opinion of section ll(k) of the Federal reserve act: that deposits made under the circumstances related can not be considered time deposits, Funds deposited or held in trust by the bank but are demand deposits and subject to a awaiting investment shall be carried in a separate account and shall not be used by the bank in the corresponding reserve. The board's Regulaconduct of its business unless it shall first set aside tion D, in defining a time deposit open account, in the trust department United States bonds or other requires a written contract by the terms of securities approved by the Federal Reserve Board. which neither the whole nor any part of such That provision, however, applies only to deposit may be withdrawn except on a given trust funds awaiting investment and clearly date not less than 30 days after the deposit does not apply to securities in which trust or on not less than 30 days' written notice. In funds have actually been invested. the case under consideration, the contract itself contains no such provisions and neither the preliminary correspondence nor the "regulations" are incorporated into the contract so as Discretion of Federal Reserve Board in approving to be made a part thereof. It is a general rule organization of foreign banking corporations. in the interpretation of contracts that where There was published in the July, 1929, preliminary negotiations are consummated by number of the FEDERAL RESERVE BULLETIN, a written agreement, the writing supersedes at page 508, a copy of the opinion of the Court all previous understandings and the intention of Appeals of the District of Columbia in the of the parties must be ascertained therefrom. case of United States ex rel. Apfel et al. v. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

742 FEDERAL RESERVE BULLETIN NOVEMBER, 1929 Andrew W. Mellon et al. upholding the au- NATIONAL BANK MEMBERSHIP thority of the Federal Keserve Board to exer- The following list shows reported changes (except cise its discretion in the matter of approving suspensions and insolvencies) affecting national bank or disapproving the organization of corpora- membership, concerning which information became tions pursuant to the provisions of section available between September 24 and October 21, 1929: 25 (a) of the Federal reserve act, to engage in international or foreign banking or inter- Date Federal reserve district Capital national or foreign financial operations. Following the decision of the Court of Appeals of No. 1—BOSTON 1929 the District of Columbia a petition for a writ Oct. 1 First National Bank, Greenfield, Mass., title of certiorari was filed in the Supreme Court of changed to First National Bank & Trust Co. of Greenfield. the United States by the complainants in the Oct. 11 Springfield National Bank, Springfield, Mass $1,000,000 case. The Supreme Court on October 21 A Co n n d so C l h id a a p t i e n d N un at d i e o r n c al h a B rt a e n r k o f o f S p S ri p n r g in fi g e f ld ie l N d- a _ - . 500,000 denied this petition. This refusal of the tional Bank and Title of Springfield Chapin National Bank & Trust Co 1, 500,000 Supreme Court of the United States to review Oct. 18 Second National Bank, Barre, Mass., primary orthe decision of the court of appeals concludes ganization 50,000 Oct. 18 North Brookfield National Bank, North Brookthe case, and leaves as the final expression of field, Mass., primary organization.,_ 25,000 the courts on the subject the decision of the No. 2—NEW YORK Court of Appeals of the District of Columbia Sept. 30 First National Bank of Yonkers, N. Y 600,000 upholding the board's authority in the matter. And Bryn Mawr-Nepperhan National Bank. 100, 000 And Yonkers Trust Co., Yonkers, a nonmember bank 500, 000 Consolidated under charter of First National CHANGES IN MEMBERSHIP Bank & Trust Co. of Yonkers 1,000,000 Sept. 30 Southside National Bank of Elmira, N. Y., primary organ ization 100,000 STATE BANK MEMBERSHIP Sept. 20 City National Bank & Trust Co., Bridgeport, The following list shows the changes affecting State Conn 1,000,000 Succeeded by Bridgeport City Bank, Bridgebank 'membership during the month ended October 21, port. Conn., a nonmember bank. 1929, on which date 1,151 State institutions were Oct. 2 Newton National Bank, New York, N. Y., primembers of the system: mary organization... .._, 200,000 Oct. 15 Second National Bank & Trust Co., Oswego, N. Y 150,000 And First National Bank, Oswego, N. Y 200, 000 Date Federal reserve district Capital Consolidated under charter of First National Bank and under title of First and Second National Bank & Trust Co... 400, 000 ADMISSIONS Oct. 14 First National Bank, Ridgewood, N. J 100, 000 And Ridgewood Trust Co., Ridgewood, N. J., No. 1—BOSTON a member bank 150, 000 1929 Consolidated under title of First National Sept. 24 Day Trust Co., Boston, Mass $2, 500,000 Bank & Trust Co. of Ridgewood 400, 000 No. 2—NEW YORK No. 3—PHILADELPHIA Oct. 16 Caleb Heathcote Trust Co., Scarsdale, N. Y 200,000 Oct. 4 Citizens National Bank & Trust Co., Blossburg, Pa., primary organization 125, 000 No. 4—CLEVELAND Oct. 11 Drovers & Merchants National Bank, Philadelphia, Pa 1,000,000 Sept. 27 Farmers Bank and Savings Co., Pomeroy, Ohio.. 50, 000 Absorbed by Bankers Trust Co., Philadelphia, Pa., a nonmember bank. CHANGES No. 1—BOSTON No. 5—RICHMOND Oct. 3 Hadley Falls Trust Co., Holyoke, Mass., volun- Sept. 21 Citizens National Bank, Raleigh, N. C 750, 000 tary withdrawal Succeeded by Citizens Bank, Raleigh, N. C, No. 2—NEW YORK a nonmember bank. Sept. 21 Murchison National Bank, Wilmington, N. C 1, 000, 000 Oct. 14 Ridgewood Trust Co., Ridgewood, N. J., con- Succeeded by Murchison Bank, Wilmington, solidated with the First National Bank of N. C, a nonmember bank. Ridgewood under title of the First National Sept. 21 American National Bank & Trust Co., Greens- Bank & Trust Co 150. 000 boro, N. C 1,000,000 Oct. 11 The International Union Bank, New York, Succeeded by American Bank & Trust Co., N. Y., title changed to International Union a nonmember bank. Bank & Trust Co. Sept. 21 First National Bank, Rocky Mount, N. C 262, 500 No. 3—PHILADELPHIA Succeeded by Bank of Rocky Mount, a nonmember bank. Oct. 19 Milford Trust Co., Milford, Del., voluntary Aug. 30 First National Bank of Roanoke Rapids, N. C__. 100,000 withdrawal 100, 000 Absorbed by Roanoke Bank & Trust Co., No. 5—RICHMOND Rosemary, N. C, a nonmember bank. Sept. 23 Farmers Bank & Trust Co., Forest City, N. C, No. 6—ATLANTA voluntary withdrawal 250, 000 No. 7—CHICAGO Oct. 11 American National Bank in Winter Haven, Fla., primary organization 100,000 Oct. 2 Farmers Savings Bank, Barnes City, Iowa, Oct. 16 First National Bank of Brooksville, Fla 50, 000 closed 50,000 Succeeded by First National Bank in Brooks- Oct. 10 Sibley State Bank, Sibley, Iowa, voluntary with- ville, Fla. drawal _. 50,000 No. 11—DALLAS No. 7—CHICAGO Oct. 15 First State Bank, Celina, Tex., voluntary with- Sept. 23 First National Bank, Chesaning, Mich 50,000 drawal 25,000 Absorbed by Chesaning State Bank, a nonmember bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

743 NOVEMBER, 1829 FEDERAL RESERVE BULLETIN Date Federal reserve district Capital b N e u r m o - f Am ca o p u it n a t l of banks No. 7—CHICAGO—Continued New charters issued «, . 15 $2, 400, 000 Restored to solvency 0 0 Sept. 27 First National Bank of Racine, Wis.' $500,000 Increase of capital approved i 37 8, 045, 000 And Manufacturers National Bank & Trust Aggregate of new charters, banks restored Co C n o s ., o li R d a a c te in d e , u n W d i e s r charter of First National 300,000 to solvency, and banks increasing capital... 52 10, 445,000 Bank and title of First National Bank & Liquidations 32 6, 707, 500 Trust Co. of Racine 1,000,000 Reducing capitali 2 89, 350 Sept. 28 First National Bank, Charles City, Iowa 100,000 Total liquidations and reductions of capital.. 34 6, 796, 850 Absorbed by Security Trust & Savings Bank, Charles City, Iowa, a nonmember bank. Consolidation of national banks under act of Sept. 26 First National Bank, Rockwell City, Iowa 50,000 Nov. 7, 1918 3 5 5, 435, 650 Absorbed by Union State Bank, Rockwell Consolidation of national banks and State banks City, Iowa, a nonmember bank. under act of Feb. 25,1927 1 400,000 Sept. 30 Franklin National Bank, Franklin, Ind., primary Total consolidations 6 5, 835, 650 organization _ 50,000 Oct. 5 Terminal National Bank, Chicago, 111., primary Aggregate increased capital for period 10,445, 000 organization 750,000 Reduction of capital owing to liquidations, etc 6, 796, 850 No. 8—ST. LOUIS Net increase . . 3, 648,150 Sept. 27 Plaza National Bank, St. Louis, Mo., primary 1 Includes two increases in capital aggregating $250,000 incident to organization 300,000 consolidations under act of Nov. 7, 1918, and one increase of $300,000 July 13 First National Bank, Loogootee, Ind 25, 000 incident to a consolidation of two national banks and one State bank Succeeded by Union Bank, a nonmember under act of Nov. 7, 1918, as amended Feb. 25, 1927; also one of $300,000 bank. under act of Feb. 25, 1927. Oct. 7 First National Bank, Versailles, Mo 30,000 2 Includes one reduction in capital of $39,350 incident to a consolida- Succeeded by First National Bank in Ver- tion under act of Nov. 7, 1918. sailles, Mo 30, 000 3 One of which also includes a State bank under act of Feb. 25, 1927. Sept. 12 First National Bank, Kenton, Tenn 25, 000 Succeeded by Kenton Banking Co., Kenton, Tenn., a nonmember bank. May 28 First National Bank, Helena, Ark 200,000 Absorbed by Interstate National Bank, Fiduciary Powers Granted to National Banks Helena, Ark. No. 9—MINNEAPOLIS During the month ended October 21, 1929, the Aug. First National Bank of Amboy, Minn 50,000 Federal Reserve Board approved applications of the Succeeded by First National Bank in Amboy, national banks listed below for permission to exercise Oct. First N M a i t n io n n . al Bank of Savage, Mont 25,000 one or more of the fiduciary powers named in section Absorbed by Sidney National Bank, Sidney, 11 (k) of the Federal reserve act as amended, as fol- Mont. lows: (1) Trustee; (2) executor; (3) administrator; Sept. 19 Brookings National Bank, Brookings, S. Dak 50, 000 (4) registrar of stocks and bonds; (5) guardian of es- Succeeded by Brookings County Bank, Brookings, S. Dak., a nonmember bank. tates; (6) assignee; (7) receiver; (8) committee of Oct. First National Bank, Lake Benton, Minn 25, 000 estates of lunatics; (9) in any other fiduciary capacity Absorbed by National Citizens Bank, Lake in which State banks, trust companies, or other cor- Benton, Minn. Oct. National Park Bank in Livingston, Mont 100, 000 porations which come into competition with national Succession to National Bank of Livingston... 100, 000 banks are permitted to act under the laws of the State Oct. American National Bank & Trust Co., Valley in which the national bank is located. City, N. Dak 100, 000 Succession to Middle West Trust Co. and American Exchange Bank, nonmember banks. Aug. 1 American National Bank, Little Falls, Minn 100,000 Dis- Powers Succeeded by American National Bank in Location trict Name of bank granted Little Falls. No. No. 10— KANSAS CITY Sept. 30 First National Bank of Muskogee, Okla, title New Milford, Conn.. 1 First National Bank _ 1 to 9. c o h f a M ng u e s d k o t g o e e F . irst National Bank & Trust Co. Haverhill, Mass 1 Essex National Bank 1 t a o n 3 d , 5 9 .1 to 7 Aug. 12 First National Bank, Taloga, Okla 25, 000 St. Johnsbury, Vt 1 Merchants National Bank.. 1 to 8. Absorbed by Dewey County State Bank, a Walden, N. Y. 2 Third National Bank 1 to 9. nonmember bank. Blossburg, Pa _ 3 Citizens National Bank & 1 to 9. Oct. 1 South Oklahoma National Bank of Oklahoma Trust Co. City, Okla., title changed to Oklahoma Na- Easton, Pa 3 Easton National Bank 1 to 9. tional Bank of Oklahoma City. Philadelphia, Pa 3 Sixth National Bank 1 to 9. Andalusia, Ala 6 Andalusia National Bank 1. No. 12—SAN FRANCISCO Tell City, Ind 8 Citizens National Bank 5 to 7 and 9.i Oct. 4 Salinas National Bank, Salinas, Calif., primary St. Louis, Mo 8 Plaza National Bank 1 to 9. organization 250, 000 St. Paul, Minn 9 First National Bank _. Ito9. Valley City, N. Dak.. 9 American National Bank & 1 to 9. The Comptroller of the Currency presents the follow- Trust Co. Omaha, Nebr ___ 10 United States National 1 to 3, 5 to ing summary of increases and reductions in the number Bank. 9.2 and capital of national banks during the period from September 21 to October 25, 1929, inclusive. 1 Supplementary. 2 Correction. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

744 FEDERAL RESERVE BULLETIN ISlOVEMBER, 1929 DETAILED BANKING STATISTICS FOR THE UNITED STATES FEDERAL RESERVE BANKS BILLS DISCOUNTED. AND DEPOSITS BY CLASS OF DEPOSIT (Monthly averages of daily figures. In millions of dollars] Federal Reserve Bank Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L 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 - Bills discounted: 1928— October 975.2 45.9 300.7 93.7 75.5 47.8 79.4 134.1 4S.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. & 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. & 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. & April 1,004.4 75.8 264.6 110.0 96.6 52.6 63.6 133.4 51.8 19.3 38.8 18.6 79.3 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 October 884.5 60.7 160.0 78. 7 95.2 53.1 57.6 120.2 54.7 41.2 44.6 31.6 86.9 Total deposits: 1928—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. ft 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. a 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 October 2,438. 0 153.3 982.4 137.0 188.2 69.4 65.6 361.6 80.5 55.0 92.3 67.4 185.1 Member bank reserve balances: 1928—October 2,332.2 152. 5 889.7 134.8 187.8 68.3 63.4 353.3 80.5 55.1 92.5 68.9 185.2 November - 2,352.3 152.0 903.4 134.4 185.4 69.1 64.8 354.0 81.5 56.1 93.0 71.4 187.3 December 2,366.8 148.6 923.4 134.5 183.4 69.6 67.5 353.0 83.4 55.1 93.0 72.2 183.2 1929—January 2, 386. 7 150.5 936.3 137.2 187.0 69.7 67.2 354.3 84.2 53.9 93.9 71.8 180.7 February 2,357. 3 146.7 928.5 133.5 185.7 68.6 67.6 352.8 82.9 52.5 91.9 70.7 176.0 March 2,336. 5 144.3 924.6 133.4 185.6 67.6 67.7 346.5 78.7 63.1 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 61.6 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. & 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. & 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 October 2, 385. 6 151.1 968.4 134. 7 185.5 64.9 62.4 356.6 78.1 53.2 90.2 65.8 174.7 Government deposits: 1928—October 18.7 1.7 3.3 1.2 .9 2.2 1.6 1.4 1.2 .9 1.1 1.6 1.6 November. . . 17.5 1.4 2.9 1.3 1.2 1.9 1.8 1.4 1.2 .9 .9 1.4 1.3 December 18.8 1.4 4.6 1.6 1.2 1.7 1.7 1.5 .9 .8 .8 1.2 1.4 1929—January. .. «_ 18.2 1.2 3.7 1.3 .9 1.7 1.5 1.6 1.1 1.0 1.2 1.3 1.8 February __ _ 20.9 1.3 4.7 1.1 1.3 2.1 1.1 2.3 1.3 1.1 1.3 1.1 2.0 March 16.8 .6 6.3 .8 1.1 1.5 .8 1.3 .7 .6 .6 .7 1.9 April 24.8 1.6 6.5 1.9 1.2 2.6 1.3 3.2 1.1 .9 1.1 1.6 1.9 May 22.5 .9 4.6 2.1 1.4 2.3 1.1 3.9 1.2 .9 1.2 1.1 1.7 June . . 30.4 2.9 7.6 L4 2.2 3.6 1.7 4.2 1.1 .9 1.2 1.8 1.6 July 20.4 I 1.3 3.4 1.4 1.2 2.3 1.7 1.6 1.1 1.2 1.4 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 1.7 12.1 1.6 1.6 4.2 3.0 2.3 1.2 1.3 1.0 1.9 1.4 October 24.2 1.7 3.9 1.6 1.3 4.1 2.8 2.2 1.1 1.1 1.1 1.5 1.8 All other deposits: 1928—October 29.7 .7 9.9 1 0 ?i .8 .8 3.0 1.7 1.0 2.1 .3 6.3 November 31.8 1.3 14.6 .8 2.4 .5 .5 2.3 1.1 .5 .9 .3 6.6 December 29.4 .6 11.1 .8 1.6 .5 .4 2.7 1.0 .5 .6 .3 9.4 1929—January 31.3 .6 13.2 .8 2-2 .5 .4 2.3 .7 .5 .5 .3 9.3 February __ . . 28.5 1.2 10.0 .7 8 .4 .4 1.9 .8 .4 .6 1.0 9.3 March 31.3 .6 13.7 .7 1,5 .4 .4 1.9 2.4 .4 .5 .2 8.6 April- 34.8 . 7 15.4 .9 ] 8 .5 .4 2.1 2.5 .5 .7 .3 9.1 May _. . 32.0 .6 13.3 .8 5 .4 .5 2.1 2.5 .4 .4 .3 9.2 June 30 29.7 .7 10,1 .8 1.8 .5 .4 2.4 2.5 .4 .4 .3 9.4 July- . 31.0 .6 13.7 .7 8 .4 .4 3.2 1.0 .4 .4 .2 8.3 August _. _ 27.1 .5 9.6 .6 I .7 .4 .4 2.6 .5 .4 1.1 .2 8.9 September- 27.5 .5 10.9 .7 8 .4 .4 2.8 .5 .4 .7 .2 8.3 October 28.1 . 5 10.1 1.4 .3 .4 2.9 1.3 .7 1.0 .2 8.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1929 FEDERAL RESERVE BULLETIN 745 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES AT END OF MONTH [In thousands of dollars] 1929 1928 Oct. 31 Sept. 30 Oct. 31 RESOURCES Total gold reserves . 3,003, 954 '2,970,911 2, 641, 096 Reserves other than gold 152,402 154, 789 131, 900 Total reserves 3,156,356 3,125, 700 2, 772, 996 Nonreserve cash._ . _ . 77,454 61,170 56 874 Bills discounted _ _ 999,704 958, 290 932, 271 Bills bought: Outright 320,485 214,017 356, 479 Under resale agreement _ 34, 502 78,722 83,897 Total bills bought _ 354,987 292, 739 440, 376 United States securities: Bought outright . . 271,032 127, 428 200, 470 Under resale agreement 50, 050 '34,810 26, 629 Total United States securities 321,082 162, 238 227, 099 Other securities _ 25,131 15, 425 3,730 Total bills and securities . . .. . 1, 700, 904 1, 428, 692 1, 603, 476 Due from foreign banks .. . 721 787 732 Reserve bank float * . . 40, 588 28,462 19, 387 1 742 213 1,457,941 1, 623, 595 Federal reserve notes of other reserve banks . 28, 711 22, 739 19, 584 Other uncollected items not included in float 713,359 600, 387 655, 508 Bank premises _ .. . 59,037 '58,936 60, 548 All other resources ..... . . .. . .. _ 10, 539 '9,793 8,933 Total resources 5, 787,669 5, 336, 666 5,198, 038 LIABILITIES Federal reserve notes: Held by other Federal reserve banks . .. . 28, 711 22, 739 19, 584 Outside Federal reserve banks 1,870, 673 1, 840, 383 1, 690, 232 Total notes in circulation 1,899, 384 1,863,122 1, 709,816 Deposits: Member bank—reserve account ._ 2, 665, 578 2, 326,125 2,370, 988 Government 15,227 61, 050 20, 498 Foreign bank 5,835 5,670 6,099 Other deposits 24,957 21, 988 2.1, 437 Total deposits . 2, 711, 597 2, 414,833 2, 419, 022 Deferred availability items . 713, 359 '600,387 655, 508 Capital paid in . . . . . . . , . 167,026 167, 017 145,878 Surplus 254,398 254, 398 233,319 All other liabilities 41, 905 36,909 34, 495 Total liabilities 5, 787, 669 5, 336, 666 5,198, 038 Contingent liability on bills purchased for foreign correspondents 502, 538 449, 217 250,941 i Uncollected items (exclusive of Federal reserve notes of other Federal reserve banks) in excess of deferred availability items. r Revised. 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 s a 0 s o - f S s u i i a l b v r s e y id r - M co in in or U S n n t o a i t t t e e e s s d F re n e s o d e t e r e r v s a e l F re n b e s o a d e t n e r e k r v s a e l t n b i N o o a n t a n e - a k s l 1928-Oct. 31.... 4,806,230 373,202 959,652 46,298 394,328 1,296 285,350 113,427 300,659 1,689,171 3,880 638,965 Nov. 30... 4,990,114 374,306 1,030,546 46,342 404,860 1,295 288,002 114,641 306,015 1,770,184 3,848 650,077 Dec. 31_.. 4,973,168 395,310 990,996 46,475 410,334 1,294 291,314 115,613 294,199 1,808,053 3,820 615, 761 1929-Jan. 31.... 4,656,617 380,952 923,193 44,456 381,672 1,292 280,751 114,007 282,172 1,631,432 3,775 612,915 Feb. 28... 4,698,362 377,512 935,448 44,075 385,389 1,291 280,736 113,692 283,603 1,646,523 3,747 626,344 Mar. 31— 4,747,683 374,255 937,247 43,921 390,583 1,290 280,655 113,536 283,100 1,673,480 3,709 645,908 Apr. 30... 4, 675,647 371,623 905,513 43, 727 386,241 1,288 281,229 114,085 276,227 1,648,392 3,680 643,639 May 31... 4,737,636 369,997 944,058 43, 651 392,411 1,286 282,936 114, 454 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, 819,275 363,701 849, 551 42, 960 417, 556 1,277 289,344 116,816 264, 930 1,839,143 3,500 630,497 Oct. 31 p.. 4,837, 987 363,206 845, 937 42,624 414,950 1,276 290,627 117,719 266,502 1,869,154 3,466 622, 527 » Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

746 FEDERAL RESERVE BULLETIN NOVEMBER, 1929 R, 1929 [In thousands of dollars] Total cash reserves Total deposits Fede in ra c l i r r e c s u e l r a v ti e o n notes Reserve percentages Federal reserve bank October September October September October September October September Boston 284,096 262,192 153,337 149,637 204,451 193,114 79.4 76.5 New York 1, 088, 030 973,749 982,447 953,484 341,006 327,126 82.2 76.0 Philadelphia 196,120 201,112 137,010 136,950 140, 639 152, 339 70.6 69.5 Cleveland .-_ 235,101 286,112 188,188 190,498 178, 388 188, 406 64.1 75.5 Richmond 89,847 90, 903 69, 367 69, 030 84,811 81, 631 58.3 60 3 Atlanta 141, 543 138, 606 65, 596 64, 551 154,908 157, 480 64.2 62.4 Chicago 511, 615 558,848 361, 646 356, 303 306,142 321, 571 76.6 82 4 St. Louis - - 111, 738 82, 913 80, 539 78, 329 82, 321 68,414 68.6 56.5 Minneapolis 68,447 76, 607 55, 004 55,000 67, 685 67,482 55.8 62 5 Kansas City - 112, 727 126, 676 92, 329 92, 919 82, 700 79, 836 64.4 73.3 Dallas 71,806 66, 685 67,443 64, 879 52, 521 50, 530 59.9 57.8 San Francisco. 246,815 271,491 185, 081 183, 803 177, 020 181,847 68.2 74.2 Total 2,157,885 3,135, 894 2,437, 987 2, 395, 383 1,872, 592 1, 869, 776 73.3 73.5 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS RESOURCES [In thousands of dollars] Federal Reserve Bank Total Boston Y N o ew rk d P e h lp i h la i - a C la le n v d e- m Ri o c n h d - Atlanta c C a h g i- o Lo S u t. is n M o e l a i i n p s - - K C an it s y as Dallas F c S i r s a a c n n o - Gold with Federal reserve agents: Oct. 2__. 1, 541, 345169,917 324,330 117,000 128,900 46,656 101, 500329, 564 23,800 42,157 70,000 25, 758 161,763 Oct. 9_ 1, 506, 735174,917 324, 330 117,000 110, 300 46, 656 103, 500299, 564 45,800 37,157 65,000 25,748 156,763 Oct. 16 1, 547, 526184, 917 321, 641 117,000 107, 780 46,656 109, 500299, 564 53, 800 37,157 60,000 27, 748 181,763 Oct. 23_ 1, 546, 526184,917 371, 641 117,000 107, 780 41, 656 103, 500279, 564 53,800 37,157 60,000 27,748 161, 763 Oct. 30 1, 543,841 194,917 371, 641 100,000 95,620 41,656 105,000 279, 564 53, 800 37,157 60,000 27,723 176,763 Gold redemption fund with U. S. Treasury: Oct. 2_ 67,146 14,862 5,398 4,295 4,577 4,162 6,264 5,716 3,128 2,044 3,758 5,258 Oct. 9 61, 994 7,4831 14,124 4,310 4,886 3,515 4,100 4,886 6,863 2,833 1,518 2,917 4,559 . Oct. 16 66,810 7, 268 j 13,343 6,252 5,573 4,603 3,780 3,817 6,185 4,629 3,073 3,091 5,196 Oct. 23 68,069 7,115! 12,631 5,363 5,232 3,927 4,322 7,888 6,434 4,317 2,673 3,291 4,876 Oct. 30.._ 65, 939 6, 943; 12,023 4,512 6,551 4,620 4,:"" 6,829 5,856 4,037 2,293 2,512 5,525 Gold held exclusively against Federal reserve notes: Oct. 2 1, 608,491 177, 601 339,192 122, 398 133,195 51, 233105, 662335, 828 29, 516 45, 285 72,044 29, 516167,021 Oct. 9 1, 568, 729182,400 338,454 121,310 115,186 50,171 107, 600304,450 52, 663 39,990 66, 518 28, 665 161,322 Oct. 16 1, 614, 336192,185 334,984 123, 252 113, 353 51, 259113,280 303, 381 59,985 41, 786 63, 073 30, 839 186,959 Oct. 23 1, 614, 595192,032 384, 272 122, 363 113, 012 45, 583 107,822 287, 452 60, 234 41,474 62, 673 31,039 166, 639 Oct. 30 1, 609, 780201,860 383,664 104, 512102,171 46,276 109,238 286, 393 59, 656 41,194 62,293 30,235 182,288 Gold settlement fund with Federal reserve board: Oct. 2 754, 211 53,389 299,958 44,469 86, 255 30,442 18, 512 60, 908 48,455 17,201 33, 600 27,480 33, 542 Oct. 9 811, 642 48,131 302, 384 49,293 85, 544 23,720 18,148 102, 513 42, 687 20, 931 42,441 35,468 40, 382 Oct. 16 758.685 45, 596 307,884 79, 708 21,021 16, 595 72,073 47,115 19, 352 44,014 32,965 32, 553 Oct. 23 779, 661 55, 534 260, 326 38,068 71, 728 22,428 17,813 156, 243 46,005 16, 337 39,964 26,820 28, 395 Oct. 30 791,887 62, 719 290,218 32,974 50,605 29,239 11,761 153,629 41,106 26, 095 36,623 26, 355 30,563 Gold and gold certificates held by banks: Oct. 2__ 620, 090 31,479 382,098 29,783 35, 039 8,238 3,667 78, 747 5,656 3,904 4,691 8,852 27, 936 Oct. 9 631, 856 33, 299! 390, 579 28, 256 35,485! 8,430 3,948 80, 047 5,822 4,330 4,831 27,944 Oct. 16 631,815 - 31, 562 391, 96^ 23,773 38,025 8,771 4,195 80,116 5,864 4,742 5,540 28,392 Oct. 23 640, 757| 28,420 408,157 22, 332 38, 043 9,204 3,747 77, 261 5,038 5,177 28,424 Oct. 30 619,284 27,303l 388,824 18,969 36,148 9,386 81, 660 5', 818 5,827 5,710 9,060 26,991 Total gold reserves: Oct. 2 2, 982, 792 262,469| 1,021,248 196, 650254,489 89,913 127,841 475,483 83,627 110, 335 65,848 228,499 Oct. 9 3,012, 227 263,830! 1,031,417 198,859 236, 215 82, 321 129,696 487,010 101,172 65, 251 113,790| 73,018 229,648 Oct. 16 3, 004,836 269, 343 1,034,835 186,834 231,086 81,051 134, 070455, 570 112,964 65,880 112,6271 72, 6721 247,904 Oct. 23 3,035, 013 275, 986 1, 052,755182, 763222,783 77,215 129. 382 520,956 112, 205 62,849 107,814) 66,847 223,458 Oct. 30 3,020, 951 291,882 1,062, 706156,455 188,924 84,901 124, 587521,682 106, 580 73,116 104,626j 65,650 239,842 Reserves other than gold: Oct. 2 158, 018 11,960 63, 672 9,764 8,034 8,692 10, 225 16, 068 7,095 1,847 4,166 4,187 12, 308 Oct. 9 149, 448 10, 380 62, 920 9,161 7,376 11,105 13, 949 6,234 2,287 3, 7711 3, 497 12, 074 Oct. 16 153, 523 10,178 61, 324 9,36' 8,410 7,246 12,423 14, 397 6,498 2,56: 4,205! 4, 527 12, 381 Oct. 23 154, 833 10, 807 64, 454 9,224 7, 562 6,853 13, 663 12, 972 6, 5901 2, 474 3,831 4,613 11,790 Oct. 30. ... 156,057 11,292 62,437 8,771 8,356 6,972 14,241 13,092! 7,074| 2,543 4, 502' 4, 684 12, 093 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1929 FEDERAL RESERVE BULLETIN 747 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands 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 - Atlanta c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C an it s y as Dallas F c S r is a a c n n o - Total reserves: Oct. 2 3,140, 810 274,429 1,084,920 206,414 262, 523 98, 605 138, 066 491, 551 90, 722 68, 237 114, 501 70, 035 240, 807 Oct 9 3,161,675 274, 210 1, 094, 337 208, 020 242, 909 89, 697 140, 801 500, 959 107,406 67, 538 117, 561 76, 515 241, 722 Oct. 16 . 3,158, 359 279, 521 1,096,159 196, 201 239,496 88, 297 146, 493 469,967 119,462 68,447 116,832 77,199 260, 285 Oct. 23 3,189, 846 286,793 1,117, 209 191, 987 230, 345 84, 068 143, 045 533,928 118, 795 65,323 111,645 71,460 235, 248 Oct 30 3,177,008 303,174 1,125,143 165,226 197,280 91,873 138,828 534, 774 113,654 75, 659 109,128 70, 334 251,935 Nonreserve cash: Oct 2 66, 019 10,124 20, 027 1,610 4,012 4,995 6,326 7,030 2,824 1,335 1, 679 2,160 3,897 Oct. 9- -- 66, 856 11, 667 21, 401 1,627 2,950 4,655 5,994 6,829 2,906 1,237 2,005 2,356 3,229 Oct. 16 70, 746 14, 200 20,130 1,623 4,794 4,580 5,655 7,461 2,877 1,374 1,759 2,655 3,638 Oct. 23 79, 945 17, 583 23,420 1,784 4,081 4,806 6,415 7,706 2,883 2,007 2,249 2,972 4,039 Oct. 30- -. 85,276 21, 694 22, 698 1,952 5,015 4,694 5,827 9,157 2,817 2,314 2,347 2,953 3,808 Bills discounted: Secured by U. S. Government obligations— Oct. 2 432,115 33, 810 84, 705 42, 376 37, 518 20, 079 6,198 91,838 24, 517 14,454 14, 025 11, 797 50, 798 Oct. 9 383, 341 33,173 66, 833 40, 739 50, 257 18, 310 7,145 69, 316 19, 724 12, 019 13,113 10,165 42, 547 Oct 16 401, 458 31,122 62,486 45, 734 43, 227 19, 576 6,720 104, 267 20, 335 10, 578 16,440 9,531 31,442 Oct. 23 -_. 372, 352 27, 449 58, 970 42, 233 48,877 23, 468 9,224 51, 678 25, 420 11,121 16,911 8,775 48, 226 Oct 30 532, 388 22,978 186, 606 49, 616 69,015 21,146 9,498 60,787 28,186 3,826 19, 696 9,307 51,727 Other bills discounted— Oct 2 498, 518 37, 379 67,113 32, 862 42,195 31, 597 58,169 59, 274 48,089 26,959 28, 843 22, 313 43, 725 Oct. 9 473, 965 35, 603 64, 365 31, 536 41, 566 31, 652 50,165 54, 602 31, 688 30,016 28, 679 20, 835 53, 258 Oct. 16 447,477 31, 235 67, 212 31, 999 41,411 32,456 45, 627 45,971 27, 771 32, 569 24, 808 19, 813 46, 605 Oct. 23 424, 006 27, 802 48,181 31, 395 42, 068 31, 673 44, 363 42, 238 25, 905 32,165 29, 222 23, 027 45,967 Oct. 30 458,650 22,862 59, 516 50,114 53,957 32,795 49,489 45,495 26,169 32, 678 32,052 21,822 31,701 Total bills discounted: Oct 2 930,633 71,189 151,818 75, 238 79, 713 51, 676 64, 367 151,112 72, 606 41,413 42, 868 34,110 94, 523 Oct 9 . 857, 306 68, 776 131,198 72, 275 91, 823 49,962 57, 310 123,918 51,412 42,035 41, 792 31, 000 95,805 Oct 16 848,935 62, 357 129, 698 77, 733 84, 638 52, 032 52, 347 150, 238 48,106 43,147 41, 248 29, 344 78, 047 Oct 23 796, 358 55, 251 107,151 73, 628 90, 945 55,141 53, 587 93,916 51, 325 43, 286 46,133 31,802 94,193 Oct. 30_- 991,038 45,840 246,122 99, 730 122, 972 53,941 58,987 106,282 54,355 36, 504 51,748 31,129 83,428 Bills bought in open market: Oct 2 322,818 21, 588 126,650 16,106 25,820 12,493 18,943 36,287 42 7,572 13,704 12,036 31, 577 Oct. 9 _. 333,151 22,823 102,412 16, 770 33, 371 16, 541 22,037 46,068 42 6,610 17,942 12, 623 35,912 Oct 16 360,110 23,072 112,271 17, 552 37,866 17, 214 23,082 53,042 42 5,482 19, 789 13, 565 37,133 Oct. 23 _ 379, 383 19,116 124,105 17,405 41, 698 19, 353 25,960 50,240 42 4,557 21,123 15,635 40,149 Oct. 30__ 339,885 13,986 101,318 15, 768 40,461 20,064 25,074 46,007 42 4,091 20,168 14,903 38,003 U. S. Government securities: Bonds— Oct 2 37, 648 875 853 786 818 1,152 20 20,231 4,646 152 7,813 302 Oct 9 37,650 689 155 585 548 1,152 22 19,937 2,125 4,557 7,813 67 Oct 16 37,967 689 155 585 548 1,152 34 19,937 2,125 4,862 7,813 67 Oct 23 37, 955 689 155 585 548 1,152 89 19,937 2,125 4,795 7,813 67 Oct 30 81,261 689 43,655 585 548 1,152 26 19,937 2,125 4,564 7,913 67 Treasury notes— Oct. 2 79,080 1,445 17, 605 8,832 26,929 375 2,817 2,731 3,775 468 2,774 11,329 Oct. 9 .- 75, 538 874 11,965 8,219 26,106 375 2,818 1,792 6,500 3,501 3 2,774 10,611 Oct. 16 72,066 874 8,495 8,219 26,106 375 2,818 1,791 6,500 3,500 3 2,774 10,611 Oct 23 71, 375 874 7,325 8,219 26,106 375 2,817 2,271 6,500 3,500 3 2,774 10,611 Oct 30 120,294 873 56, 756 8,219 26,105 375 2,820 1,757 6,500 3,501 3 2,774 10,611 Certificates of indebtedness— Oct 2 29,024 1,082 12,944 8,061 1,260 282 573 2,107 525 310 675 1,205 Oct. 9 27, 570 1,082 11,584 8,061 1,260 282 532 2,027 552 310 675 1,205 Oct 16 27, 595 1,081 11,334 8,061 1,260 282 564 2,148 661 310 689 1,205 Oct. 23 26, 374 1,081 9,954 8,061 1,260 282 560 2,458 528 310 675 1, 205 Oct. 30 _ 91,133 3,138 57,702 10,271 4,234 282 2,207 6,140 1,829 545 1,685 1,895 1,205 Total U. S. Government securities: Oct 2 145, 752 3,402 31,402 17, 679 29,007 1,809 3,410 25,069 8,946 930 11,262 12,836 Oct. 9 _ 140, 758 2,645 23, 704 16,865 27,914 1,809 3,372 23, 756 8,625 8,610 313 11,262 11,883 Oct. 16 _ 137,628 2,644 19,984 16,865 27,914 1,809 3,416 23,876 8,625 9,023 313 11,276 11,883 Oct. 23__ .. 135,704 2,644 17,434 16,865 27,914 1,809 3,466 24, 666 8,625 8,823 313 11, 262 11,883 Oct. 30 292,688 4,700 158,113 19,075 30,887 1,809 5,053 27,834 10,454 8,610 1,688 12, 582 11,883 Other securities: Oct 2 15 025 10,850 425 500 3,250 Oct 9 14 755 10,850 125 500 3,280 Oct 16 23,755 1,000 14,850 1,125 1,500 2,000 3,280 Oct 23 25 211 1 000 15,300 1,125 1,500 2,000 4,286 Oct. 30 25,131 1,000 15,250 1,125 1,500 2,000 4,256 Total bills and securities: Oct. 2..- 1, 414, 228 96,179 320, 720 109, 448 134, 540 65, 978 86, 720 212,968 72, 648 61,181 57, 502 57, 408 138, 9 3 Oct. 9 1, 345, 970 94, 244 268,164 106, 035 153,108 68, 312 82, 719 194, 242 60, 079 60, 535 60, 047 54,885 143, 6 0 Oct. 16 1, 370,428 89, 073 276, 803 113, 275 151,918 71, 055 78,845 229,156 56, 773 60,932 61, 350 54,185 127,0 6 Oct. 23 1, 336, 656 78, 011 263, 990 109, 023 162, 057 76, 303 83, 013 170, 822 59, 992 60,952 67, 569 58, 699 146,225 Oct. 30. 1, 648, 742 65, 526 520,803 135,698 195,820 75,814 89,114 182,123 64,851 53,461 73,604 58,614 133,314 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

748 FEDERAL RESERVE BULLETIN NOVEMBER, 1929 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 c C a hi g - o Lo S u t. is n M o e l a i i n p s - - K C an it s y as Dallas F c S r i a a sc n n o - Due from foreign banks: Oct. 2 801 58 254 76 80 36 31 108 29 20 26 26 57 Oct. 9 808 58 262 75 80 36 31 108 29 20 26 26 57 Oct. 16.. 754 53 253 69 73 33 28 98 29 18 24 24 52 Oct. 23 727 54 221 70 74 33 28 100 29 18 24 24 52 Unco O l c le t. c t 3 e 0 d items: 721 53| 218 69 74 33 28 99 29 18 24 24 52 Oct. 2 816, 320 82,339 238, 228 70,922 78, 591 56,989 24,408 95,277 38,083 17,080 46,940 28, 214 39, 249 Oct. 9 733, 640 73,875 198,232 59,968 65,710 53, 501 22,961 90, 243 38,635 17,048 44,768 29, 314 39,385 Oct. 16 1, 049,813105, 656 313,350 86,173 104,802 72, 070 31,324 126, 346 44, 619 18, 598 52, 723 42, 313 51,839 Oct. 23 . 776, 614 80, 494 213, 618 62, 574 73,194 58, 363 23,855 94,859 36,148 17, 754 45,154 29, 371 41, 230 Oct. 30 _.. 772,955 87,619 220,676 65, 639 71,699 57,323 23,274 89,767 35, 601 15,178 40,806 27,053 38,320 Bank premises: Oct. 2 58,935 3,702 16,087 1, 762 6,535 3,39J 2,744 8,529 3,997 2,110 4,140 1,922 4,012 Oct. 9 .._ 58,935 3,702 16,087 1, 762 6,535 3,395 2,744 8,529 3,997 2,110 4,140 1,922 4,012 Oct. 16 _ 58, 944 3,702 16,087 1, 762 6,535 3,395 2,744 8,529 3,997 2,110 4,140 1,922 4,021 Oct. 23 58,944 3,702 16, 087 1'. 762 6,535 3,395 2,744 8,529 3,997 2,110 4,140 1,922 4,021 Oct. 30 59,036 3,702 16,087 1. 762 6,535 3,395 2,744 8,529 3,996 2,110 4,140 1,922 4,114 All other resources: Oct. 2 9,814 116 740 132 1,239 549 4,109 836 309 609 232 474 469 Oct. 9 9,865 117 797 137 1,252 532 4,055 858 372 575 216 480 474 Oct. 16 9,077 117 690 147 1,267 523 4,009 457 362 500 204 324 477 Oct. 23 9,238 119 786 149 1,286 571 3,894 537 357 524 200 331 484 Oct. 30 10, 625 106 2,185 164 1,305 563 3,850 559 344 512 205 342 490 Total resources: Oct. 2 5, 506,927466,947 1, 680,976390, 364 487, 520230, 547262, 404816, 299208, 612 150, 572 225,020 160,239 427, 427 Oct. 9. 5, 377, 749457.873 1, 599,280377, 624 472, 544220,128 259, 305801, 768 213,424 149, 063 228,763 165, 498432, 479 Oct. 16 5, 718,121 492, 322 1, 723, 472399, 250 508,885 239,953 269,098 842, 014228,119 151, 979 237, 032 178, 622447, 375 Oct. 23 5,451,970 466,756 1, 635, 331367,349 477, 572227, 539262,994 816,481 222,201 230,981 164, 779 431,299 Oct. 30 5, 754,363481.874 1, 907,810370, 510 477,728 233,695 263,665 825,008 221,292 149,252 230,254 161,242 432,033 LIABILITIES Federal reserve notes in circulation: Oct. 2 _ 1, 851,167 199,786 329,753 145, 296 179,994 80,964 153,834 309, 679 74, 277 68, 200 80, 614 51,815 176, 955 Oct. 9 1, 860, 300203, 202 332,891 141,845 182,362 82,495 153,105 307,325 77,442 67,638 82,007 52, 732 177, 256 Oct. 16 1, 859, 621205, 044 333,969 139,250 177,601 84,410 153,393 303,805 82,688 67, 529 82,934 52,479 176,519 Oct. 23 1,857, 332 203,801 337, 985 132, 047176,388 85, 753153, 699302,448 86, 066 68, 347 83,122 52, 615 175,061 Oct. 30 1,880,192 208, 369 354, 854 132, 624 174, 528 86, 556157,135 300, 808 88, 219 66, 837 83, 447 51, 007 175, 808 Deposits: Member bank—Reserve account— Oct. 2__ 2,398,926 152,465 985, 276 136,104 188, 924 66, 744 62, 214350, 526 76,328 54,353 88,003 63, 787 174, 202 Oct. 9__ 2,338,979 147, 218 937,456 136, 466 181, 570 63,856 63, 344346,464 78,785 53,704 90, 723 66,562 172,831 Oct. 16 2,408,482 151, 635 969,012 136, 968186,962 66, 574 63, 211357, 979 79,490 55,157 92, 750 68,889 179,855 Oct. 23__. 2,378,097 150,323 952,818 135, 737 184, 526 64, 303 63,732 360, 692 79,919 53,843 92, 506 66,139 173, 559 Oct. 30 2,651, 608 153, 5331,198,821 133, 380187, 717 69,259 63, 276372,160 78, 345 56, 397 93, 259 66, 899 178, 562 Government— Oct. 2 44,600 2,157 12,288 1,542 1,543 10,041 5,992 3,882 1,350 1,799 1,123 2,222 661 Oct. 9 22, 711 1,941 2,550 1,894 899 2,639 2,289 2,099 522 875 990 1,851 4,162 Oct. 16__ 25, 351 1,716 6,302 3,336 252 954 3,882 1,423 809 1,034 395 2,774 2,474 Oct. 23__ _ 15,837 1,113 2,556 538 187 1,420 2,692 2, 216! 163 938 1,243 1,390 1,381 Oct. 30 18,967 1,152 2,915 605 1,195 2,516 1,611 3,188| 498 1,185 1,099 1,147 1,856 Foreign bank— Oct. 2__ 6,625 416 2,709 539 573 259 219 770i 225 140 185 185 405 Oct. 9. 7,775 416 3,859 539 573 259 219 770 225 140 185 185 405 Oct. 16__ 5,203 416 1,287 539 573 259 219 770 225 140 185 185 405 Oct. 23 5,920 385 2,293 499 531 239 203 713 208 130 172 172 375 Oct. 30.. 5,709 385 2,082 499 531 239 203 713 208 130 172 172 375 Other deposits— Oct. 2 20, 558 188 8,647 127 1,009 161 194 1,6311 251 241 275 23 7,811 Oct. 9_ 17,943 72 6,644 110 814 128 149 830 248 246 204 39 8,459 Oct. 16._ 21,591 90 9,371 310 837 94 317 1,356 273 281 218 60 8,384 Oct. 23 22,078 82 8,202 231 927 65 167 2,981 231 277 195 26 8,694 Oct. 30 20,187 24 8,119 126 81 183 3,070 206 240 237 48 7,214 Total deposits: Oct. 2. „ 2,470,709 155, 226 1,008, 920138,312 192,049! 77,205 68, 619356,809 78,154 56,533 89, 586 66, 217 183,079 Oct. 9_ 2,387,408 149, 647 950, 509 139,009 183,8561 66,882 66,001 350,163 79, 780 54, 965 92,102 68, 637 185,857 Oct. 16 2,460,627 153,857 985,972 141,153 188,624) 67,881 67,629 361, 528 80,797 56, 612 93,548 71,908 191,118 Oct. 23 2,421, 932 151, 903 965,869 137,005 186,171 36,027 66, 794366, 602 80, 521 55,188 94,116 67, 727 184,009 Oct. 30__ 2, 696,471 155,094 1,211,937 134, 610 190,082, 72,095 65,273 379.131 79,257 57,952 94,767 68,266 188,007 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

749 NOVEMBER, 1929 FEDERAL RESERVE BULLETIN 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 c C a h g i- o L S ou t. is n M o e l a i i n p s - - K C an it s y as Dallas F c S i r s a a c n n o - Deferred availability items: Oct. 2 726,600 79,061 195,987 63, 616 70,086 52,056 21, 220 87, 545 38,300 14,312 40,274 27,944 36,199 Oct. 9 .. . 670,376 72,095 169, 565 53, 529 60,738 50, 378 21,418 81,844 38,113 14,838 40, 039 29,803 38,016 Oct 16 937,453 100,444 257,113 75, 546 96,931 67, 256 29, 259 114,039 46, 548 16,189 45, 860 39, 924 48,344 Oct. 23 711,073 78,037 184, 558 54,937 69,151 55, 268 23, 638 84, 799 37,471 13,482 38,970 30, 070 40, 692 Oct. 30 714,209 85, 340 192,806 59,886 67,067 54, 540 22, 321 82,385 35,620 12,775 37,225 27, 573 36,671 Capital paid in: Oct. 2 166,907 10,800 64, 345 16,518 15,590 6,051 5,371 19,844 5,220 3,051 4,259 4,488 11, 370 Oct. 9 166,934 10, 768 64, 375 16, 535 15,591 6,021 5,371 19.873 5,220 3,054 4,259 4,488 11,379 Oct 16 166,998 10, 788 64, 387 16, 535 15, 590 6,021 5,377 19,889 5,219 3,063 4,259 4,487 11, 383 Oct. 23.. 167,025 10, 791 64, 389 16. 526 15, 597 6,021 5,385 19,896 5,223 3,063 4,264 4,487 11, 383 Oct. 30 . 167,025 10,791 64,388 16,487 15,596 6,021 5,383 19, 888 5,238 3,075 4,288 4,487 11, 383 Surplus: Oct. 2 254, 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 Oct 9 254,398 19,619 71, 282 24,101 26,345 12, 399 10, 554 36,442 10,820 7,082 9,086 8,690 17,978 Oct. 16 254, 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 Oct 23 254, 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 Oct. 30 254, 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 All other liabilities: Oct 2 37,146 2,455 10,689 2,521 3,456 1,872 2,806 5,980 1,841 1,394 1,201 1,085 1,846 Oct. 9. 38, 333 2,542 10, 658 2,605 3,652 1,953 2,856 6,121 2,049 1,486 1,270 1,148 1,993 Oct. 16 39, 024 2,570 10, 749 2,665 3,794 1,986 2,886 6,311 2,047 1,504 1,345 1,134 2,033 Oct. 23 40, 210 2,605 11, 248 2,733 3,920 2,071 2,924 6,294 2,100 1,526 1,423 1,190 2,176 Oct. 30 42,068 2,661 12, 543 2,802 4,110 2,084 2,999 6,354 2,138 1,531 1,441 1,219 2,186 Total liabilities: Oct 2 5, 506,927 466,947 1, 680,976 390, 364 487, 520 230, 547 262,404 816, 299 208, 612 150, 572 225,020 160, 239 427,427 Oct. 9 -. 5, 377, 7491 457,873 1, 599, 280 377,624 472, 544 220,128 259, 305 801, 768 213, 424 149, 063 228, 763 165, 498 432,479 Oet 16 5, 718,121 492,322 1, 723,472 399, 250 508,885 239,953 269,098 842.014 228,119 151,979 237,032 178, 622 447, 375 Oct 23 5,451,970 466, 756 1,635, 331367, 349 477, 572 227, 539 262,994 816,481 222, 201 148,688 230,981 164, 779 431, 299 Oct. 30 5, 754, 363 481,874 1,907,810 370, 510 477,728 233, 695 263, 665 825,008 221, 292 149, 252 230, 254 161,242 432,033 MEMORANDA Ratio of total reserves to Federal reserve note and deposit liabilities combined (per cent): Oct 2 72.7 77.3 81.0 72.8 70.6 62.3 62.1 73.8 59.5 54.7 67.3 59.3 66.9 Oct. 9 74.4| 77.7 85.3 74.1 66.3 60.0 64.3 76.2 68.3 55.1 67.5 63.0 66.6 Oct. 16 73.1 77.9 83.0 70.0 65.4 58.0 66.3 70.6 73.1 55.1 66.2 62.1 70.8 Oct. 23 74.5 80.6 85.7 71.4 63.5 55.4 64.9 79.8 71.3 52.9 63.0 - 59.4 65.5 Oct. 30 - 69.4 83.4 71.8 61.8 54.1 57.9 62.4 78.7 67.9 60.6 61.2 59.0 69.2 Contingent liability on bills purchased for foreign correspondents: Oct. 2__ 453, 9C8 32, 872 144, 293 42, 644 45, 310 20,434 17, 324 60,857 17, 768 11,105 14,659 14, 659 31, 983 Oct. 9 ..- 456, 505 33, 343 142, 449 43, 256 45,959 20, 727 17, 573 61, 730 18,023 11, 265 14,869 14,869 32,442 Oct 16 463,153 33, 804 144, 756 43, 854 46, 595 21,013 17, 816 62, 583 18, 272 11,420 15,075 15,075 32,890 Oct. 23. 486, 956 34, 273 164,138 44,463 47, 242 21, 305 18,063 63,452 18, 526 11,579 15, 284 15, 284 33,347 Oct. 30 . 500,833 36,901 153,269 47,871 50,863 22,938 19,448 68,316 19, 946 12,466 16,456 16,456 35,903 Own Federal reserve notes held by Federal reserve banks: Oct. 2 460, 315 47, 227 159, 078 39, 012 20, 531 14, 289 27, 692 47, 542 12,424 6,616 10, 039 10, 275 65, 590 Oct. 9-. 452, 923 56, 649 155, 372 34, 470 17,962 13,425 28,477 43, 633 15. 580 6,711 8,750 9,609 62, 285 Oct 16 462, 509 37, 739 160, 284 30, 729 31,088 15, 596 30,074 39,875 18, 359 10, 210 14,105 10, 622 63, 828 Oct. 23 454,029 39, 253 161, 035 31,995 22, 598 15, 822 28, 092 44,110 15, 611 8,873 8,795 10, 787 67,058 Oct. 30 449,108 38, 247 163, 625 26,242 21,953 16,918 30, 657 48, 318 13,406 8,290 8,919 10, 763 61, 770 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

750 FEDERAL RESERVE BULLETIN ISJOVEMBER, 1929 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollarsl Federal Reserve Bank Total Boston Y N o e r w k d P e h ip il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap i o n l n is e- K C an it s y as Dallas F c S r is a a c n n o - Federal reserve notes received from comptroller: Oct. 2__ _. 3, 710,112 336, 463954, 576246,128 288, 250169, 807297, 786561, 301 124, 531142, 845 133, 313 82, 467 372, 645 Oct. 9 3,648, 718 330, 701937,013 234,855 293,149 168, 634295, 722538, 538127, 612141, 278130, 977 81, 398368, 841 Oct. 16 3, 593, 575302, 833927, 468227,519i 289,064 167, 300294, 057535, 260129, 597139, 568130, 919 80, 343 369, 647 Oct. 23 3, 524, 381298, 704917, 250224,982 271,506 166, 369287, 801526, 678126, 787132, 414124, 837 78,034 369,019 Oct. 30 3, 505,925 30.1, 066922,309 218,006 265,301 165,188 285, 942522,146 127,495 129, 206 124,036 80, 752 364,478 Federal reserve notes held by Federal reserve agent: Oct. 2 1,398, 630 89, 450465, 745 61, 820 87, 725 74, 554 116, 260204, 080 37, 830 68, 029 42, 660 20, 377130,100 Oct. 9 1, 335, 495 70, 850448, 750 58, 540 92, 825 72, 714114,140 187, 580 34, 590 66, 929 40, 220! 19, 057129, 300 Oct. 16__ 1, 271, 445 60, 050433, 215 57, 5401 80, 375 67, 294 110,590 191, 580 28, 550 61, 829 33, 8801 17,242129, 300 Oct. 23 1, 213, 020 55, 650418, 230 60, 9401 72, 520 64, 794 106, 010180,120 25,110 55,194 32, 920 [ 14, 632126, 900 Oct. 30__ 1,176, 625 54,450 403, 830 59,140| 68, 820 61, 714 98,150 173,020 25,870 54,079 31, 670! 18, 982126, 900 Federal reserve notes issued to Federal reserve bank: Oct. 2__ 2, 311, 482 247,013 488, 831 184,308 200,525 95, 253 181, 526357, 221 86, 701 74,816 90,653 62,090 242, 545 Oct. 9 2, 313, 223 259, 851 176,315 200,324 95, 920 181, 582350, 958 93, 022 74, 349 90, 757 62, 341 239, 541 Oct. 16 2, 322,130 242, 783 494, 253 100, 006 183, 467343, 680 101,047 77, 739 97,039 63,101 240, 347 Oct. 23__ 2, 311, 361 243,054 499,020 164,042 198,986 101, 575 181,791 346, 558 101, 677 77, 220 91,917 63,402 242,119 Oct. 30 2, 329, 300 246, 616 518,479 158,866 196,481 103,474 187, 792349,126 101, 625 75,127 92, 366 61, 770237, 578 Collateral held as security for Federal reserve notes issued to Federal reserve bank: Gold and gold certificates— Oct. 2 414,409 35,300 220, 704 29,6001 28,900 16,190 9,500 7,800 14,157 17, 258 35,000 Oct. 9 410, 799 35, 300 220, 704 29,600 25,300 16,190 9,500 7,800 14,157 17, 248 35,000 Oct. 16 _ . . . 405, 590 35, 300 218,015 29, 600 22, 780 16,190 9,500 7,800 14,157 17, 248 35,000 Oct. 23 405, 590 35, 300 218,015 29,600 22, 780 16,190 9,500 7,800 14,157 17, 248 35,000 Oct. 30__ 403,405 35, 300 218,015 29,600 20,620 16,190 9,500 7,800 14,157 17, 223 35,000 Gold fund, Federal Reserve Board— Oct. 2__. 1,126, 936 134,617 103,626 87,400 100,000 30, 466 92,000 329, 564 16,000 28,000 70, 000 8,500 126, 763 Oct. 9 1,095,936; 139,617! 103,626 87,4001 85,000 30, 466 94,000 299, 564 38, 000 23,000 65,000 8,500 121, 763 Oct. 16-_ 1,141, 936 149,617 103,626 87, 400 85, 000 30, 466 100,000 299, 564 46,000 23, 000 60,000 10, 500 146, 763 Oct. 23__. _ 1,140, 936 149, 617 153, 626 87, 400 85, 000 25, 466 94, 000279, 564 46, 000 23,000 60,000 10, 500 126, 763 Oct. 30__ 1,140,436 159, 617 153,626 70,400 75, 000 25,466 95, 500279, 564 46,000 23,000 60,000 10, 500 141, 763 Eligible paper— Oct. 2 1,178,! 91, 521 237, 232 78,078 59,195 82, 459 184, 977 72, 475 48, 291 55,904 45, 536 124, 579 Oct. 9__. 1,116, 534 90, 344 193, 914 72, 489 120, 556 61, 483 78, 641 167, 533 51, 341 48, 088 59,056 42, 894 130,195 Oct. 16_- 1,143, 047 84,169 212, 489 76, 066 119, 381 63,011 74, 557200, 844 48,033 48,066 60, 348 42,155 113, 928 Oct. 23-__. __ 1, 083,125 73,104 172, 223 79, 019 126, 970 66, 566 78, 844 141, 727 51, 250 47,181 66, 543 46, 651 133,047 Oct. 30__ _. l,275,r~ 58, 563 334, 023 88,825 161, 626 68, 954 83, 357 149, 656 54, 284 40, 036 71,149 45, 270 120,126 Total collateral: Oct. 2__. 2, 720, 281 261, 438 561, 562195, 078227,589 105,851 514, 541 96, 275 90,448 125,904 71, 294286,342 Oct. 9___ 2, 623, 269 265, 261 518, 244189, 489230, 856 108,139182,141 467, 097 97,141 85,2451 124,056 68, 642286, 958 Oct. 16__ 2, 690, 573 269, 086 534,130 193,066 227,161 109,667 184, 057500, 408 101, 833 85, 223 120, 348 69, 903295, 691 Oct. 23__ 2, 629, 651 258,021 543, 864 196, 019234,750 108,222 182, 344421, 291 105,050 84, 338 126, 543 74, 399 294,810 Oct. 3O._ . 2, 819, 710 253,480 705, 664188, 825257,246 110,610 188, 357429, 220 108,084 77,193 131,149 72,993 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1929 FEDERAL RESERVE BULLETIN 751 MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS [In thousands of dollars] Total Wi d th ay in s 15 16 d a t y o 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 m O o v n e t r h 6 s Bills discounted: Oct 2 930, 633 695,164 66, 416 98, 649 63, 969 5,997 438 Oct. 9 . . . 857, 306 639, 414 67, 629 84, 792 58, 901 6,102 468 Oct 16 848, 935 648, 638 59, 738 82, 640 50, 939 6,754 226 Oct. 23 . 796, 358 603,173 52, 609 84, 054 48, 596 7, 641 285 Oct 30 991, 038 784, 594 51,616 94, 601 49, 726 10,170 331 Bills bought in open market: Oct 2 322 818 124, 265 37, 089 61, 388 97, 441 2 635 Oct. 9 333,151 85, 797 41, 777 84, 964 118, 464 2,149 Oct. 16. 360,110 94. 021 37, 627 96, 796 130, 028 1,638 Oct. 23 379, 383 95. 715 37, 294 111,603 131, 233 3, 538 Oct. 30 339, 885 70, 968 46, 503 133,870 86, 755 1, 789 Certificates of indebtedness: Oct 2 29, 024 7,190 5, 054 2,230 14, 550 Oct. 9 27 570 5, 530 6,594 917 14, 529 Oct 16 27 595 5 180 5 023 2 571 14 821 Oct. 23 26 374 3,800 5, 217 2,616 14, 741 Oct 30 91,133 1,300 40 964 29, 222 19, 647 Municipal warrants: Oct 2 425 300 125 Oct 9 155 125 30 Oct. 16 - - 155 125 30 Oct 23 1 161 600 436 125 Oct. 30 1,131 725 406 GOLD SETTLEMENT FUND—INTERBANK TRANSACTIONS FROM SEPTEMBER 18 TO OCTOBER 23, 1929, INCLUSIVE [In thousands of dollars] I j Tran m sf e e n rs t f a o c r c o G u o n v t ern- Transit clearing Federa c l l e r a e r s i e n r g ve note C o h f a n g g ol e d s t i h n r o o u w g n h e t r r s a h n i s p - Balance in fers and clearings fund at Federal reserve bank close of period Credits Debits Credits Decrease increase B oston 1, 390, 583 1, 397, 598 5,901 8,477 1,091 55, 535 New York 4, 883, 296 4, 963, 552 14, 758 20, 669 149,167 260, 326 Philadelphia 1,161,341 1,170, 087 10, 258 6,539 2,973 38, 067 Cleveland 1,164, 658 1,128,138 11, 651 5,973 50, 198 71, 728 Richmond 1, 053, 017 1, 061, 651 3,517 5,631 3, 752 22, 428 Atlanta 460, 893 470, 691 3,633 4,659 676 17, 812 Chicago 2, 022, 579 2, 028, 057 15, 210 11, 253 13, 479 156, 243 St. Louis 808, 263 825, 229 3,585 5,698 23, 579 46, 005 Minneapolis 1,000 273, 671 258, 474 3,067 2,419 16, 345 16, 338 Kansas C ity 1,500 660, 455 624, 245 3, 632 4, 945 29, 897 39, 964 Dallas 5,000 540, 652 542, 109 2,375 2,167 2, 251 26, 821 San Francisco 5.500 616, 039 565, 616 4,634 3,791 54, 266 28, 394 Total, 5 weeks ending— Oct. 23, 1929 97, 500 97, 500 15, 035, 447 15, 035, 447 82, 221 82, 221 173, 837 779,661 Sept. 18. 1929 129, 200 129, 2C0 12, 976, 316 12, 976, 316 85, 322 85, 322 730, 013 Oct. 24, 1928 178, 400 178, 400 13, 428, 986 13, 428, 986 71, 303 71, 303 706, 947 Sept. 19, 1928 207, 700 207, 700 11, 420, 11, 420, 986 72, 170 72, 170 720, 345 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In millions of dollars] Total Boston Y N o ew rk P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - At t l a an- Ch g i o ca- L S ou t. 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 - Loans and investments: Oct. 2 22, 829 1,553 8,825 1,242 2,200 683 652 3,397 700 414 696 494 1,973 Oct. 9 22, 673 1, 540 8,720 1,246 2,184 682 649 3,378 701 414 697 500 1,962 Oct. 16 22, 794 1, 549 8,786 1,247 2,179 680 638 3,430 702 415 704 495 1,968 Oct. 23 22, 895 1,553 8,908 1,239 2,179 682 643 3,417 700 416 701 496 1,960 Oct. 30 24, 431 1,566 10, 288 1,261 2,218 674 643 3,482 709 416 706 504 1,964 Loans: Oct. 2 17, 428 1,216 6,838 937 1,569 525 528 2,739 546 292 468 375 1,393 Oct. 9 17,269 1,205 6,714 942 1,558 524 526 2,726 545 290 469 384 1,387 Oct. 16 17, 397 1,220 6,778 940 1, 557 522 516 2,779 546 290 477 380 1,391 Oct. 23 17, 500 1,224 6,889 934 1,561 525 522 2,765 546 292 474 381 1,388 Oct. 30.. 18, 934 1,237 8,170 958 1,593 516 519 2,830 553 293 476 386 1,404 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

752 FEDERAL RESERVE BULLETIN NOVEMBER, 1929 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES—Continued PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued [In millions of dollars] Total Boston Y N o ew rk - P p d h h e i i l l a - a- C l l a e n v d e- m R o ic n h d - At t l a an- Ch g i o ca- L S ou t. is M ap in ol n i e s K C an it s y as Dallas F c S i r s a a c n n o - Loans—Continued On securities— Oct. 2 7,828 533 3,390 487 740 204 161 1,299 241 131 105 446 Oct. 9 7,687 529 3,276 491 729 201 163 1,292 242 87 130 105 443 Oct. 16 7,875 547 3,406 488 724 201 153 1,344 243 85 133 104 447 Oct. 23. 7,920 546 3,471 487 729 204 157 1,330 243 86 128 102 438 Oct. 30 - 9,179 553 4,651 512 756 190 151 1,363 250 87 125 102 All other— Oct. 2 9,600 3,449 450 829 321 367 1,439 305 204 337 271 947 Oct. 9_. 9,582 675 3,437 451 830 323 362 1,434 303 203 339 279 945 Oct. 16 _ 9,522 673 3,373 453 834 321 363 1, 435 303 205 343 276 944 Oct. 23 -. 9,580 677 3,419 447 832 321 365 1,435 303 206 346 279 951 Oct. 30 _.-. 9,755 3,519 445 836 326 1,466 303 206 351 284 965 Investments: Oct. 2 5,401 338 1,986 305 630 157 124 658 154 122 228 119 580 Oct. 9 5,403 335 2,006 304 626 158 123 652 156 124 228 116 575 Oct. 16 5,397 329 2,008 307 622 158 122 651 156 125 227 115 577 . Oct. 23 5,395 330 2,019 305 618 157 121 652 155 125 227 115 571 Oct. 30 5,496 329 2,118 303 626 157 123 652 156 124 231 118 559 U. S. Government securities— • Oct. 2 2,660 172 1,022 94 305 73 57 305 47 67 103 77 337 Oct. 9 2,656 172 1,033 94 302 73 57 297 47 69 103 74 333 Oct. 16 2,652 165 1,040 94 300 73 56 300 47 69 102 74 333 Oct. 23 2,654 166 1,049 93 296 73 56 302 47 69 102 73 329 Oct. 30 2,682 165 1,090 92 297 73 57 47 168 104 74 317 All other— Oct. 2 2,741 165 964 210 325 353 107 125 242 Oct. 9 2,747 163 973 210 324 355 108 125 242 Oct. 16 2,745 165 968 213 I 322 352 109 125 245 Oct. 23 2,740 164 970 212 I 322 350 108 125 242 Oct. 30 2,814 164 1,028 211 ! 329 354 109 127 242 Reserve with Federal reserve bank: Oct.2 1,727 102 819 128 257 55 109 Oct. 9 1,686 98 790 123 254 57 104 Oct. 16 1,747 102 818 126 41 265 60 112 Oct. 23 1,725 101 805 126 38 269 58 106 Oct. 30 _. 1,990 105 1,045 129 44 279 59 111 Cash in vault: Oct. 2 230 17 28 12 37 11 19 Oct. 9 248 18 30 13 10 38 12 20 Oct. 16_ _ ---. 230 17 27 12 9 36 11 18 Oct. 23 238 17 68 29 12 10 37 11 19 Oct. 30 269 17 91 31 13 10 40 11 20 Net demand deposits: Oct. 2 13, 295 948 5,888 1,041 354 325 1,903 356 234 495 287 771 Oct. 9 13, 040 916 5,702 697 1,011 350 326 1,895 371 229 496 296 750 Oct. 16 13,406 951 5,885 698 1,033 354 326 ,950 380 233 505 303 790 Oct. 23 13, 314 940 5,893 694 1,021 350 319 ,945 372 231 497 295 758 Oct. 30 15,110 992 7,458 709 1,056 348 317 2,025 377 247 Time deposits: Oct. 2 6,825 457 1,794 272 941 245 230 ,243 231 131 182 141 957 Oct. 9___ 6,803 458 1,790 269 935 245 230 ,234 234 131 182 140 955 Oct. 16 6,815 458 1,798 266 245 228 ,232 233 131 182 139 965 Oct. 23 6,883 455 1,843 265 245 229 ,269 233 131 181 139 957 Oct. 30 6,868 466 1,837 263 938 244 227 1,265 232 130 180 139 947 Government deposits: Oct. 2__ _ 227 13 70 23 27 16 22 4 1 3 17 23 Oct. 9 209 12 64 21 25 7 14 21 3 1 3 16 22 Oct. 16 159 9 49 16 19 5 11 16 3 1 2 12 16 Oct. 23 131 7 40 13 16 4 13 2 1 2 10 13 Oct. 30 _._ 127 7 39 13 15 4 13 2 1 2 10 13 Due from banks: Oct. 2 1,217 55 176 64 51 75 239 61 54 122 67 159 Oct. 9 1,126 57 158 54 50 78 196 62 52 120 61 150 Oct. 16 1,269 69 185 62 100 57 85 219 68 56 131 71 164 Oct. 23 1,144 55 174 59 87 50 77 201 65 54 120 56 146 Oct. 30__ _ 1,257 65 194 61 108 53 77 239 56 123 58 156 Due to banks: Oct. 2 2,888 123 1,027 167 211 100 104 447 121 83 207 105 195 Oct. 9__ 2,748 115 938 159 191 98 109 430 129 80 205 113 185 Oct. 16 2,967 129 1,062 170 209 105 118 443 123 79 212 114 198 Oct. 23 2,685 122 932 153 184 100 112 409 123 76 199 102 174 Oct. 30 3, 290 153 1,444 161 191 101 112 432 126 80 199 104 187 Borrowings from Federal reserve banks: Oct. 2__ 672 44 103 121 Oct. 9__ _ 612 43 86 97 90 Oct. 16__ 605 37 85 120 73 Oct. 23__ 554 32 66 63 Oct. 30__ 729 24 197 70 77 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1929 FEDERAL RESERVE BULLETIN 753 LAND BANES AND INTERMEDIATE CREDIT BANK SUSPENSIONS1 IN SEPTEMBER, 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-Total de- Net amount of loans outstanding ber posits 2 ber posits 2 ber posits 2 Date Federal Joint-stock Boston. Total l ( a 1 n 2 d b b a a n n k k s s ) land banks1 N Ph ew ila d Y e o l r p k hia Cleveland Richmond 5 1,307 5 1,307 1927 Atlanta. 3 481 3 481 Sept. 30 1,752,665 L, 143,130 609, 535 Chicago 8 2,905 I 510 2,395 Oct. 31 1,757,185 ., 147,135 610,050 St. Louis 4 599 1 369 3 230 Nov. 30 1,758,834 , 150,943 607,891 Minneapolis _ 4 1,947 4 1,947 Dec. 31 1,765,121 ., 155,644 609,477 Kansas City 14 2,981 1 447 13 2,534 Dallas 1 22 1 22 1928 San Francisco Jan. 31 1,767,515 ., 158,717 608,798 Feb. 29 1,778,338 ., 168, 354 609,984 Total « 39 10,242 3 1,326 36 8,916 Mar. 31 1,786,862 , 175,858 611,004 Apr. 30 1,791,341 ., 180,420 610,921 May 31 1, 793,035 ., 183, 672 609,363 1 Banks closed to the public on account of financial difficulties by June 30 1,794,236 ., 184,656 609,580 order of supervisory authorities or directors of the bank. July 31 1,793,610 ., 185, 714 607,896 2 Subject to revision; figures given are for latest available date prior to Aug. 31 1,796,591 ., 187,365 609, 226 suspension. Sept. 30 1,797, 796 , 189,345 608, 451 3 National banks. Oct. 31 1,797,910 ., 190, 278 607,632 4 Includes 1 private bank for which deposit figures are not available. Nov. 30 1,797,319 1,191, 724 605,595 Dec. 31 1,799,045 1,193,846 605,199 BANK DEBITS 1929 [Debits to individual accounts. In thousands of dollars] Jan. 31 1,799,464 1,195,089 604,375 Feb. 28 1,803, 593 1,199, 766 603,827 Mar. 30 1,803,691 1, 202, 570 601,121 Num- Apr. 30 1,803,115 1, 203, 724 599, 391 ber of September, August, September, May 31 1,802,160 1, 204,128 598,032 cen- 1929 1929 1928 June 30 1,802,872 1,204,916 597,956 ters July 31 1, 800, 766 1,204,363 596,403 Aug. 31 1. 798, 682 1, 203,806 594,876 Sept. 3O._ 1, 795, 878 1, 202, 490 593,388 New York City 1 50,342,300 49, 033, 562 38, 725, 290 Outside New York City___ 140 27, 313,948 28, 338, 732 24, 450, 348 i Number of banks, 1927: September-November, 52; December, 51. Federal reserve district: 1928: January-April, 51; May-November, 50; December, 49. 1929: Boston 11 3, 085, 982 3, 301, 522 2, 518, 906 January to date, 49. New York 7 51, 503, 486 50,175, 946 39, 609, 970 Philadelphia 10 2, 502, 512 2, 505,489 2, 383,107 Cleveland 13 2, 860, 492 2, 989,197 2, 656, 764 LOANS OF INTERMEDIATE CREDIT BANES Richmond 7 729, 353 817, 549 672, 403 Atlanta 15 1, 089, 642 1,126, 481 1, 061, 090 Chicago 21 7, 631, 575 7, 968,062 6, 438, 021 [In thousands of dollars] St. Louis _.. 5 1,293,312 1, 221, 287 1,186, 385 Minneapolis 9 974, 0S4 990, 318 869, 135 Kansas City _ 15 1, 437, 236 1, 576, 588 1, 362, 914 1929 1928 Dallas 10 782, 667 722, 685 739, 429 San Francisco 18 3, 765, 607 3, 977,170 3, 677, 514 CVass of loan Sept. 30 Aug. 31 July 31 June 30Sept. 30 Total 141 77,656,248 77,372, 294 63,175, 638 I Direct loans outstanding MEMBERSHIP IN PAR-COLLECTION SYSTEM on- Cotton . 5,513 213 497 2,041 4,172 [Number of banks at end of September] Tobacco 84 87 215 288 1,955 Wheat 2,311 694 97 184 2,123 Member banks Nonmember banks Canned fruits and vege- Ra ta is b i l n e s s . 3 1 , ,5 3 4 4 6 8 3,8 9 6 6 0 8 3,9 5 4 8 5 4 4,0 5 9 7 2 0 2 5 , , 9 0 8 3 3 9 Fede d r i a s l t r r i e ct serve 1929 1928 On par list Not on par list i Wool 3,859 3,932 3,409 1,364 946 1929 1928 1929 1928 Rice. 25 30 96 273 415 All other 174 155 178 219 108 United States.._ 8,629 8,901 12, 221 12, 800 3,777 3,954 Total 10,860 9,939 9,021 9,031 17,741 Boston 408 408 271 251 Rediscounts outstanding New York 934 935 407 411 for— Philadelphia 771 784 479 496 Agricultural credit cor- Cleveland _ 805 819 999 1,021 9 10 porations 29, 268 32,074 32, 513 31, 563 30,461 Richmond 524 554 589 635 553 581 National banks 90 100 102 102 3 Atlanta 432 455 257 305 933 1,003 State banks 1,982 1,821 1,627 1,460 305 Chicago 1,209 1,261 3,515 3,602 228 208 Livestock loan com- St. Louis 573 591 1, 692 1,788 475 474 panies 23,923 24,868 25,638 25,865 19,992 Minneapolis. 691 724 600 700 1,112 1,132 Other banks and trust Kansas City 904 940 2,161 2,255 196 286 companies 80 80 80 80 117 Dallas 762 786 608 637 210 204 San Francisco 616 644 643 699 61 56 Total 55,343 58,943 59, 960 59,070 50,878 i Incorporated banks other than mutual savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS M°ST.LOJJ1S 8 V » ' rBOUNDARIES OF FEDERAL RESERVE DISTRICTS —— BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis