Federal Reserve Bulletin, 1930-01

FEDERAL RESERVE BULLETIN JANUARY, 1930 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON International Gold Movements Condition of All Banks in the United States Earnings and Expenses of Member Banks UNITED STATES GOVERNMENT PSINTING OFFICE WASHINGTON: 1930 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD Ex officio members: ROT 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 WTATT, General Counsel. E. M. MCCLELLAND, Assistant Secretary. E. A. GOLDENWEISER, Director, Division of Research J. C. NOELL, Assistant Secretary. and Statistics. W. M. IMLAT, Fiscal Agent. CARL E. PARRT, Assistant Director, Division of Re* 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) 1 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. Q. W. McGarrah... J.H. Case ... J. W. Jones.i New York.. Geo. L. Harrison L. F. Sailer Ray M. Gidney.» E. R. Kenzel __.. J. E. Crane.* A. W. Gilbart W. B. Matteson.* L. R. Rounds C.H.Coe.i Philadelphia R. L. Austin Geo. W. Norris... Wm. H. Hutt C.A. Mcllhenny. W. G. MoCreedy.* 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, }r.» 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. Bach man.* John H. Blair K. O. Childs.J J. H. Dillard.» D. A. Jones.* O. J. Netterstrom.« St. Louis. Rolla Wells.. Wm. McC. Martin. O. M. Attebery.. A. H. Haill.* F. N. Hall.* S. F. Gilmore.1 G. O. Hollocher.i C.A. Sehacht.* Minneapolis.., John R. Mitchell W. B. Geery Harry Yaeger Gray Warren. H. I. Ziemer Frank O. Dunlop.1 Kansas City.. M.L. McClure W.J. Bailey C.A. Worthington.. J. W. Helm. Dallas C. C. Walsh Lynn P. Talley R R . . 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.» San Francisco . Isaac B. Newton.. Jno. U. Calkins.... Wm. A. Day Wm. M. Hale. Ira Clerk 1 Assistant deputy governor. f Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANES Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch R. M. O'Hara. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch C. F. McCombs. Omaha branch L. H. Earhart. Pittsburgh branch J. C. Nevin. Denver branch J. E. Olson. Richmond: Oklahoma City branch C. E. Daniel. Baltimore branch :._ A. H. Dudley. Dallas: Charlotte branch Hugh Leach. El Paso branch W. 0. Ford. Atlanta: Houston branch D. P. Reordan. New Orleans branch Marcus Walker. San Antonio branch M. Crump. Jacksonville branch W. S. McLarin, jr. San Francisco: Birmingham branch A. E. Walker. i 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 0. R. Shaw. St. Louis: Spokane branch D. L. Davis. Louisville branch W. P. Kincheloe. Memphis branch W. H. Qlasgow. 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 tne board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—International gold movements 1 Recent developments—-Gold movements since May, 1927—Gold movements, by countries—Improved world credit conditions. Condition of all banks in the United States on October 4, 1929 5, 45-48 Earnings and expenses of member banks, first six months of 1929 49, 50 Election of directors of Federal reserve banks 5 National summary of business conditions . 6 Financial, industrial, and commercial statistics: Reserve bank credit and factors in changes 7-9 Analysis of changes in monetary gold stock 8 Discount rates and money rates - , 10, 11 Member bank credit 12 Bankers' balances 13 Bankers' acceptances and commercial paper outstanding ; 13 Brokers' loans 13 Commodity prices, security prices, and security issues 14 Production, employment, and trade •__ 15 Industrial production . 16 Factory employment and pay rolls w- 18 Building 19 Trade and distribution __ 20 December crop report, by Federal reserve districts 21 Bank suspensions „ 44 Financial statistics for foreign countries: Gold holdings of central banks and Governments 22 Gold exports and imports . 1 22 Condition of central banks 23, 24 Condition of commercial banks 25 Discount rates of central banks 25 Money rates 26 Foreign exchange rates, 1922-1928 27-29 Price movements 30-32 Changes in National and State bank membership 33 Fiduciary powers granted to national banks 34 Detailed banking statistics for the United States 35-44 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 16 JANUARY, 1930 No. 1 increase in the demand for reserve bank credit, REVIEW OF THE MONTH which was met by the reserve banks largely Liquidation of bank credit, which began through purchases of acceptances and Governat the end of October with the further decline ment securities in the open market. During in security prices, continued the last week of the year, when the return flow Recent develop- -. ., , , « ^ n of currency had begun, the volume of reserve during the first part oi Decemments bank credit outstanding was $150,000,000 ber. The reduction in the debelow the level of the last week in 1928, the mand for credit in the security market, todecrease corresponding to the growth during gether with purchases of United States Govern- 1929 in the stock of monetary gold. ment securities by the Federal reserve banks, Gold movements into and out of this country was accompanied by easier conditions in the have been a major factor in the domestic credit money market and a large outward move- ^ situation during the postwar ment of gold. The country's stock of monetary Gold movements • i -n « J.I J. gold, which had increased by $250,000,000 since May 1927 Period- Between the autumn during the first 10 months of 1929, largely of 1920 and the spring of 1927 through imports from abroad, began to decline gold came to the United States in large volume at the beginning of November, following the and continuously, except for a short period in sharp break in the stock market and the change 1924-25. In the middle of May, 1927, the in the relative levels of money rates here and monetary gold stock of this country reached abroad; by the end of December the gold stock its maximum figure of $4,700,000,000. Shortly was reduced by $100,000,000. The gold to thereafter the Bank of France began to purmeet this export demand was drawn from the chase gold in large amounts, and United reserves of member banks, but the effect of States gold stock declined. During the latter these gold withdrawals on credit conditions was half of 1927 low open-market rates prevailed considerably more than offset by other develin New York and there was an active market opments in the domestic situation. Throughfor foreign bonds. Foreign countries recently out the period the Federal reserve banks made returned to the gold standard or preparing purchases of securities in the open market, to return were desirous of building up their while there was a decrease in reserve balances gold reserves. As a consequence, gold flowed of member banks, accompanying the liquidasteadily out of the United States, and by tion of member bank loans on securities. This the middle of June, 1928, the monetary reduction of balances, together with the funds stock of gold in the country had been reduced released by the reserve banks through the purby $600,000,000. By the summer of 1928, chase of securities, was sufficient to enable the however, a sharp contraction in the market for member banks up to the middle of December, foreign bonds and the firm money conditions in addition to obtaining the gold withdrawn which had come to prevail in the United States for export, to meet the seasonal demand for arrested the outflow of gold, and for the rest of currency and at the same time to reduce their the year there was little net change. In Janborrowings at the reserve banks. As a conseuary, 1929, the increasing firmness of money in quence, member bank indebtedness to the this country and the continued inactivity of the reserve banks at the middle of December was market for foreign bonds, as well as a movesmaller by $250,000,000 than at the beginning ment of foreign funds into the United States for of November. With the approach of the use in the security market, resulted in a Christmas holidays, as currency requirements of renewal of gold imports, so that during the trade rose to their seasonal peak, there was an first 10 months of the year $250,000,000 was 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

2 FEDERAL RESERVE BULLETIN JANUARY, 1930 added to the country's stock of gold. After the countries alternately gained gold from the United drop of security prices in October and Novem- States and lost gold to it during the period. The ber and the diminution in the demand for United States lost gold on balance during the credit in the security market, the decline in period to Brazil and Argentina, and gained gold money rates was accompanied by an export from England, Germany, and Canada. A brief movement of gold, which reduced the country's discussion of conditions in some of these counstock by $100,000,000 at the end of the year. tries that accompanied their loss or gain of gold Changes in the monetary gold stock during the during the period since 1927, and particularly in periods briefly referred to above are summa- 1929, is presented in the following paragraphs. rized in the following table: Gold movements to France, which has been the principal taker of gold since 1927 both from GOLD STOCK OF THE UNITED STATES the United States and from [In millions of dollars] France other countries, were made Increase (+)or de- possible by the large accumulation of foreign Amount cre s a i s n e c ( e —) balances by the Bank of France and the French preceding date commercial banks, chiefly as a result of the May 16, 1927 (peak) 4,700 repatriation of French funds after the value of June 23, 1928 (low points 4,099 -601 Jan. 11,1929 (beginning of increase) 4,106 +7 the franc became stable. During 1929 the Oct. 25,1929 (peak for the year) 4,388 +282 Dec. 31, 1929 4,283 -105 Bank of France added about $380,000,000 to Entire period . -417 its gold reserves from the United States, England, Germany, Argentina, and other coun- A summary of our gold imports from and tries. A small amount came also from private exports to different countries during the difhoards in France. In the early part of the ferent periods described above b ^ o S r1 1'8 ^ Presented in the following year France drew gold chiefly from the United States and Germany; at that time the Bank of table. It should be noted that France was reducing its large portfolio of foreign figures for exports and imports, while they balances and accumulating gold as opportunity cover the major part of changes in gold stock, arose for the future needs of the country. In do not show the effects of earmarking oper- June, however, the bank's foreign portfolio had ations or of domestic production of gold, and been reduced by $275,000,000 to $1,000,000,000, for this reason their total does not agree with and since that time it has fluctuated near that the total showing changes in the stock of moneamount. Between the middle of May and the tary gold. middle of July little gold moved into France. UNITED STATES NET EXPORTS ( —) AND NET IMPORTS In the last half of 1929 French gold takings (+) OP GOLD were not at the initiative of the central bank, [In millions of dollars] but represented largely exchange operations of To or from— M Ju 1 1 a n 9 9 y e 2 2 7 2 8 1 - 3 6 , , J J u a 1 1 n n 9 9 e . 2 2 8 2 1 9 1 - 3 , , J O a 1 c n 9 t . . 2 1 3 9 1 1 - , O D c e 1 t c 9 . . 2 3 9 3 1 1 - , E pe n r t i i o r d e w th e e r e F i r n e n n c e h ed c o o f m re m s e e r r c v i e a s l p b a a r n tl k y s . t o T m h e e e s t e a b g a r n ow ks - England -32.2 +37.5 +62.4 -20.0 +47.7 ing demand for currency by the public and France -228. 5 -89.4 -2.9 -62.3 -383.1 Germany -27.5 -1.4 +46.3 -1.5 +15.9 partly on account of an accumulation of gov- Argentina -130.8 +5.3 +67.6 +3.7 -54.2 Brazil -55.0 -3.0 -58.0 ernment balances with the central bank. The Canada +47.0 +53.1 +40.1 +3.0 +143. 2 Other countries -31.2 -11.0 +20.7 -13.9 -35.4 drain on the reserves of the commercial banks Total _. -458. 3 -8.9 +234. 2 -91.0 -324. 0 from these two sources, which in the aggregate was in excess of $200,000,000, was met in During the entire period from the middle of small part through additional discounts with May, 1927, to the end of the year 1929 France the Bank of France, but largely through the was a continuous taker of gold, the exports from turning over to that bank of gold acquired in the United States to France for the period exchange for balances abroad, chiefly in Engamounting to $383,000,000. Most of the other land. The situation in France in recent Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

3 JANUARY, ] FEDERAL RESERVE BULLETIN months, therefore, has been one in which the only was the Bank of England able to reduce central bank has had a large amount of reserves its rate by successive stages from 6K to 6 to 5K in excess of legal requirements, while the com- and finally to 5 per cent, to be compared with mercial banks, in order to meet domestic de- the 4K per cent rate in New York, but also mands upon them, have been converting parts gold began to move to England in consideraof their own foreign assets first into gold and ble volume. Since December 4 the gold holdultimately, through delivery of the gold to the ings of the bank have increased by $57,000,000 Bank of France, into domestic funds. and are now nearly restored to the level Bank of England holdings of monetary gold recommended by the Cunliffe committee. declined through exports in the In Germany changes in the gold position England autumn of 1928, when the dis- during 1929 were the reverse of those in Engcount rate at 4% per cent was lower in London land. After losing foreign ex- Germany than the 5 per cent rate prevailing in New York. change and small amounts of The loss of gold between September, 1928, and gold during the first quarter, the Reichsbank the beginning of February, 1929, amounted lost $220,000,000 of gold during April and the to $130,000,000, and the bank's reserves first week in May, so that its reserve ratio fell were reduced to the level of $730,000,000 practically to the legal minimum. The dis- (£150,000,000) recommended by the Cunliffe count rate of the bank, which had been reduced committee as the amount to be held by the from 7 to 6% per cent during the seasonal ease bank. On February 7, 1929, the Bank of in January, was raised to 7}i per cent on April England raised its rate to 5% per cent, and 25. A policy of credit control was also induring the four months following it was able to augurated. Shortly thereafter the direction of increase its stock of gold by purchasing most gold movements was reversed, Germany drawof the newly mined gold received in London ing gold from England and later from Argentina. from South Africa. There were also some By October about $110,000,000 of gold had been receipts of gold from the Netherlands, Argen- added to the Reichsbank's reserves. After the detina, and other countries, and in the middle of cline of money rates in the United States, the rate June gold holdings of the bank had increased in Germany was reduced from 7% to 7 per cent. by $70,000,000 from the February level. Dur- Germany ends the year with reserves considering this time the discount rate in Germany had ably above legal requirements, but lower by been advanced, and high rates for money con- $100,000,000 than at the beginning of the year. tinued to prevail in New York. Gold moved Among the largest takers of gold from this out of England, both to Germany and to the country in the autumn of 1927 and the first United States, and in July to this outflow half of 1928 was Argentina, were added withdrawals by French com- Argentina which had at that time a large mercial banks. Between the middle of June surplus of exports, and had made considerable and the end of September England lost flotations of securities under the favorable con- $165,000,000 in gold, and its stock of gold ditions prevailing in the New York market. reached the lowest point since the restoration By July, 1928, the gold stock of the country of the gold standard in 1925. Consequently, had increased by $170,000,000. This inflow on September 26 the discount rate at the Bank of gold was reflected in declining money rates of England was raised to 6K per cent, a higher and in active business. Argentine purchases level than that of New York. In the following of goods abroad increased, reducing the export weeks the bank began once more to acquire new surplus. Furthermore, after the middle of gold received from South Africa, but the out- 1928 the market for foreign bonds in the flow to France continued and there was little United States was no longer favorable. Toward growth in the bank's gold reserve. the end of September, 1928, the direction of With the decline in rates in this country at the gold movement was reversed and a steady the end of October the situation changed. Not outflow of gold ensued. In May, 1929, interest Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN JANUARY, 1930 rates in Argentina began to rise, but the no considerable outward movement of gold, country's imports continued in large volume, indicating that a control of gold movements while the value of its exports declined on was in operation. Beginning with the latter account of the reduction in their world prices. part of September this discount was particu- Hence gold exports from Argentina continued larly large, attaining its maximum during the until all the gold acquired in the earlier period period of the break in the stock market. had been reexported. In recent months the Recently, however, following the decline of inexport situation has become worse owing to a terest rates in the New York market, there has poor wheat crop, caused by drought and black been some improvement in Canadian exchange. rust, and to low prices for wheat and wool; This review of gold movements in the past Argentine exchange has fallen to a low level. two years indicates that the unusually high As a consequence of these developments, level of money rates in the the President of Argentina on December 5 United States in 1928 and 1929, issued a decree authorizing the issuance of notes which had accompanied the up to $85,000,000 (200,000,000 paper pesos) in constant active demand for credit from the exchange for commercial paper, instead of gold, security market, together with the increasing as had been the practice before. On December participation of foreigners in stock-market ac- 16 the conversion office was closed altogether, tivity, resulted in a flow of gold into this making Argentine currency at the present time country, and that the loss of gold by foreign inconvertible into gold. countries caused foreign central banks to Movements of gold between the United advance their rates in order to protect their and Canada are usually seasonal in character, reserves. High discount rates at the central Canadian banks taking gold from this country banks were accompanied in most countries by in the autumn to meet the high rates of interest to trade and industry. Canada seasonal demand for currency Since the decline in money rates in the New and for additional reserves against their de- York market, which began at the end of Octoposits, and sending gold to the United States ber with the liquidation of security loans, an in the early months of the year when currency outward movement of gold from the United in circulation and deposits in Canada decline. States has set in, followed by a general decline Canadian exports of gold, however, are usually of central bank discount rates and of openlarger than her imports of the metal by an market money rates in foreign countries. It annual amount approximating $40,000,000, would appear, therefore, that the large liquirepresenting Canada's output of new gold. dation of security loans during the past two During 1928, owing chiefly to the high level of months, which has resulted in an improvement interest rates in the United States and the of the credit situation in the United States, has large movement of Canadian funds to this also had an important favorable influence on country, exports of gold from Canada to the world credit conditions. United States were in much larger volume than Change in Discount Rate usual. During this period the Canadian banks, The discount rate on all classes and maturiin order to maintain their reserves, borrowed ties of paper at the Federal Keserve Bank of increasing amounts from the finance minister Kansas City was reduced from 5 to 4J£ per cent, under authority of the finance act of 1923. effective December 20. The total of these borrowings increased from about $15,000,000 in the middle of 1927 to Changes in Foreign Central Bank Discount Rates about $70,000,000 at the end of 1928 and to The following changes have been made since about $90,000,000 by the middle of 1929. the 1st of December in the discount rates of central banks in foreign countries: December 9, After January, 1929, notwithstanding a con- Austrian National Bank, from 8 to 7% per cent; tinuous discount on Canadian exchange below December 13, Bank of Sweden, from b% to 5 the gold export point in New York, there was per cent; December 12, Bank of England, from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1930 FEDERAL RESERVE BULLETIN 5% to 5 per cent; December 27, Bank of Norway, Chicago—Robert M. Feustel, Fort Wayne, Ind. St. Louis—(Vacancy.) from 5K to 5 per cent; December 27, Danish Minneapolis—N.B. Holter, Helena, Mont, (reelected). National Bank, from 5% to 5 per cent; Jan- Kansas City—L. E. Phillips, Bartlesville, Okla. (reuary 1, Bank of Sweden, from 5 to 4% per elected) . cent; and January 1, National Bank of Belgium Dallas—J. J. Culbertson, Paris, Tex. (reelected). San Francisco—A. B. C. Dohrmann, San Francisco, from 4y to 3% per cent. 2 Calif, (reelected). APPOINTMENT OF CLASS C DIRECTORS Condition of All Banks in the United States on October 4, 1929 The following class C directors have been appointed for the 3-year term beginning Jan- Bank loans and investments in the United uary 1, 1930: States aggregated about $58,835,000,000 on Boston—Frederic H. Curtiss, Boston, Mass, (re- October 4, 1929, as is shown by figures for all elected) . banks in the country recently made available New York—Owen D. Young, New York, N. Y. and given in detail, by districts and by States, (reelected). on pages 45-48 of this BULLETIN. The in- Philadelphia—R. L. Austin, Philadelphia, Pa. (reelected). crease since the middle of the year, about Cleveland—George DeCamp, Cleveland, Ohio (re- $360,000,000, reflects an increase in loans of elected) . about $690,000,000 and a decrease in invest- Richmond—Wm. W. Hoxton, Richmond, Va. (rements of about $330,000,000. These figures, elected) . Atlanta—Oscar Newton, Atlanta, Ga. (reelected). compiled by the Federal Reserve Board, reflect Chicago—James Simpson, Chicago, 111. (reelected). the condition of 24,951 member and non- St. Louis—John W. Boehne, Evansville, Ind. (remember banks—including national banks, elected) . State commercial banks, trust companies, Minneapolis—John R. Mitchell, Minneapolis, Minn, (reelected). mutual and stock savings banks, and private Kansas City—M. L. McClure, Kansas City, Mo. banks under State supervision. (reelected). Dallas—E. R. Brown, Dallas, Tex. ELECTION OF DIRECTORS San Francisco—Isaac B. Newton, San Francisco, Calif, (reelected). The following directors of Federal reserve banks have been elected for the 3-year term APPOINTMENT OF CHAIRMEN AND DEPUTY beginning January 1, 1930: CHAIRMEN The following have been designated as Fed- CLASS A DIRECTORS eral reserve agents and chairmen of the board Boston—Alfred L. Ripley, Boston, Mass, (reflected) * of directors of the Federal reserve banks for New York—Thomas W. Stephens, Montclair, N. J' Philadelphia—Joseph Wayne, jr., Philadelphia, Pa* terms of one year, expiring December 31, 1930: (reelected). Boston—Frederic H. Curtiss. Cleveland—Robert Wardrop, Pittsburgh, Pa. (re- New York—Gates W. McGarrah. elected) . Philadelphia—Richard L. Austin. Richmond—L. E. Johnson, Alderson, W. Va. (re- Cleveland—George DeCamp. elected) . Richmond—William W. Hoxton. Atlanta—G. G. Ware, Leesburg, Fla. (reelected). Atlanta—Oscar Newton. Chicago—George J. Schaller, Storm Lake, Iowa. Chicago—W. A. Heath. St. Louis—John G. Lonsdale, St. Louis, Mo. (re- St. Louis—Rolla Wells. elected) . Minneapolis—John R. Mitchell. Minneapolis—J. C. Bassett, Aberdeen, S. Dak. (re- Kansas City—M. L. McClure. elected) . Dallas—C/C. Walsh. Kansas City—E. E. Mullaney, Hill City, Kans. (re- San Francisco—Isaac B. Newton. elected) . The following have been designated as Dallas—J. P. Williams, Mineral Wells, Tex. San Francisco—T. H. Ramsay, Red Bluff, Calif, deputy chairmen of the Federal reserve banks (reelected). for terms of one year, expiring December 31, CLASS B DIRECTORS 1930: Boston—Philip R. Allen, East Walpole, Mass, (re- Boston—Allen Hollis. elected) . New York—Owen D. Young. New York—Theodore F. Whitmarsh, New York, Philadelphia—Alba B. Johnson. N. Y. (reelected). Cleveland—Lewis B. Williams. Philadelphia—Arthur W. Sewall, Philadelphia, Pa. Richmond—Frederic A. Delano. (reelected). Atlanta—W. H. Kettig. Cleveland—George D. Crabbs, Cincinnati, Ohio Chicago—James Simpson. (reelected). St. Louis—John W. Boehne. Richmond—D. R. Coker, Hartsville, S. C. (re- Minneapolis—Homer P. Clark. elected) . Kansas City—W. L. Petrikin. Atlanta—Leon C. Simon, New Orleans, La. (re- Dallas—S. B. Perkins. elected) . San Francisco—Walton N. Moore. 87228—30 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

6 FEDERAL RESERVE BULLETIN JANUARY, 1930 NATIONAL SUMMARY OF BUSINESS CONDITIONS Industrial production declined in November in four agricultural districts—Richmond, Kanfor the fifth consecutive month and was below sas City, Minneapolis, and San Francisco. In the level of last year. Retail sales at depart- certain of the large industrial districts—Bosment stores continued in larger volume than a ton, New York, and Cleveland-—sales were apyear ago. Wholesale commodity prices moved proximately the same as in November, 1928. downward in November and the first half of Wholesale prices.—Wholesale prices were at December. a lower level in November than in October and Production and employment.—Production in continued to decline during the first half of basic industries decreased by 9 per cent in December. The downward movement, which November, according to the board's index, and had previously involved principally comwas 5 per cent lower than a year ago. The modities with organized exchanges, became decline in production, which began in mid- general during the latter part of the period. summer, was restricted prior to November Bank credit.-—Liquidation of bank credit, largely to industries in which the expansion which had begun early in November, continued during the earlier part of the year had been throughout that month and the first two exceptionally rapid, particularly iron and steel, weeks of December, and on December 11 total automobiles, and related industries. The same loans and investments of reporting member industries showed the largest reductions in banks were at about the same level as on November, but there were declines also in the October 23, prior to the increase caused by the copper, cotton and wool textiles, and shoe withdrawal of funds by nonbanking lenders. industries, and, in smaller degree, in silk textiles At member banks in New York City loans and coal. Production of crude petroleum was were somewhat larger and investments conalso curtailed. Volume of building contracts siderably larger on December 11 than on awarded during the month continued to be October 23, while at reporting banks outside considerably smaller than in the corresponding New York loans on securities, all other loans, period of 1928. and investments were smaller than on that Employment in factories was also reduced date. during November to a level slightly below a Reserve bank credit outstanding was also year ago, and there was a somewhat larger de- reduced during November and the first two crease in factory pay rolls. The decline in em- weeks of December, largely in consequence of ployment since midsummer, however, has been reduction in balances of member banks at the relatively smaller than that in the physical reserve banks, which accompanied the liquivolume of production. Employment was in dation of member bank credit. The decrease smaller volume than in November a year ago in in reserve balances released reserve funds in the automobile, iron and steel, lumber, and more than sufficient volume to meet the export rubber products industries, and larger in the demand for gold amounting to $65,000,000 machinery, textiles, paper and printing, leather, during the period, as well as the seasonal curand chemical industries. rency requirements. Between November 6 and Distribution.-—Distribution of commodities, December 18 United States security holdings as measured by freight-car loadings, was in of the reserve banks increased considerably, smaller volume in November than in October, while their holdings of acceptances declined reflecting larger-than-seasonal decreases in somewhat, and there was a reduction of most classes of freight. Miscellaneous freight $250,000,000 in the indebtedness of member in less-than-carload lots, however, which in- banks. cludes chiefly commodities for retail trade, Money rates in the open market continued to showed the usual seasonal change. decline, and the discount rate, which had Department-store sales in leading cities previously been reduced at five reserve banks, during the month were about 1 per cent larger was lowered at the Kansas City bank from 5 than last year. Increased sales were reported to 02 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1930 FEDERAL RESERVE BULLETIN RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF D O L L A R S M I L L I O NS OF DOLLARS 5iM)0 r- 1 I ' I 5^00 5200 Member Bank Reserve Balances 200 1925 1926 1927 1928 1929 Based on weekly averages of daily figures; latest figures are for week ending December 28 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

8 FEDERAL RESERVE BULLETIN JANUARY, 1930 RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES [Averages of daily figures. In millions of dollars] Reserve bank credit outstanding Factors of decrease * Factors of increase l Month or week Treasury Member Bills dis- Bills Total» Monetary currency Money in bank Other counted secures gold stock outstand- circulation reserve factors* ing balances 1928—October 975 368 237 1,621 4,133 1,786 4,836 2,332 372 November... 897 471 238 1,653 4,151 1,787 4,860 2,352 379 December 1,013 483 263 1,824 4,142 1,790 5,008 2,367 381 1929—January 473 ^229 1,613 4,115 1,789 4,748 2,387 382 February 385 184 1,502 4,143 1,784 4,686 2,357 386 March 265 197 1,481 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 99 179 1,317 4,311 1,779 4,687 2,314 406 July 1,096 75 147 1,380 4,335 1,790 4,764 2,334 407 August 1,043 124 155 1,376 4,351 1,781 4,777 2,322 409 September... 969 229 165 1,427 4,368 1,766 4,811 2,335 415 October 885 337 154 1,450 4,381 1,785 4,810 2,386 420 November... 953 296 315 1,631 4,374 1,789 4,845 2,521 428 December 803 320 446 1, 643 4,324 1,797 4,943 2,395 426 Week ending— Nov. 30.. 1,563 4,368 1,772 4,860 2,421 422 Dec. 7.... 913 264; 349 1,585 4,363 1,778 4,897 2,404 425 Dec. 14... 308 ; 392 1,569 4,346 1,802 4,906 2,386 425 Dec. 21... 742 316 525 1,677 4,314 1,811 4,968 2,404 430 Dec. 28... 791 364 491 1,739 4,293 1,799 5,021 2,382 428 i For explanation see BULLETIN for July, 1929, pp. 432-438. > Includes "other securities," amounts due from foreign banks, and reserve bank float; for explanation see BULLETIN for July, 1929. » Nonmember clearing balances held in Federal reserve banks and unexpended capital funds of Federal reserve banks. ANALYSIS OF CHANGES IN MONETARY GOLD STOCK GOLD MOVEMENTS TO AND FROM UNITED STATES [End of month basis. In millions of dollars] [In thousands of dollars] Increase (+) or decrease (—) during Gold month 1929 stock ! Through! ThroughThrough Month m at o o e n f n t d h Total j i n m et p g o o rt l d ma e r a k r i - ng d p o r m od e u s c ti - c From or to— ' December 1 November N Ja o n v u em ar b y e - r or opera- tion, export tions etc.* Im- Ex- Im- Ex- Im- Ex- 1927 •December 4,379 -71.7 -67.4 -8.5 +4.2 ports ports ports ports ports ports Total (12mos.). -112.7 +6.2 -160.1 +41.2 1928—January 4,373 -6.0 -13.8 +2.3 England 21, 000 1 62,395 3 February.. 4,362 -11.2 -11.1 -3.0 France - - 47, 910 103 14,499 202 17, 505 March 4,305 -57.6 -94.9 +1.5 Germany 1,280 3 203 46, 767 889 April 4,266 -38.7 —91.2 +6.8 Italy -- - 5 May 4,160 -105.7 -81.7 +2.5 Netherlands 5 June 4,109 -51.0 -79.9 -1.2 Poland 5,010 5,010 July 4,113 +3.4 -63.9 +6.4 Switzerland 10,007 10,007 August 4,123 +10.3 +.7 +3.7 Canada - 3,031 42 71,374 351 September- 4,125 +2.1 +.5 +2.8 79 809 950 October 4,142 +17.3 +13.3 +2.8 Mexico 506 426 8,724 3,144 November. 4,128 —14.0 +6.7 +4.3 Argentina 1,680 2,028 70,410 December.. 4,141 +13.2 +23.3 +5.6 Chile 36 479 Total (12 mos.). -237.9 -392.0 +119.6 +34.5 E C c o u lo a m do b r ia _ _ _ 950 1 1 2 1 0 5 4 1 , , 1 2 9 5 4 4 1929— J A J M A M S F O J u u e e p u a c a l n a p n b y r g t y r e o i u t u r c l e b a u h s m r e t a y r r b y e . r . . 4 4 4 4 4 4 4 4 4 4 , , , , , , , , , , 3 1 1 1 3 3 2 3 3 3 2 2 5 8 0 4 6 6 7 8 7 4 3 8 1 1 0 0 2 6 + + + + + - + + + + 1 2 3 2 7 4 1 1 1 1 4 6 4 2 3 0 6 8 4 2 . . . . . . . . . . 4 4 4 4 4 6 4 3 9 1 + - " + - 6 - - 2 - - + 4 1 1 7 4 6 5 2 8 6 7 . . . . . . . . 0 5 . 6 0 5 0 6 1 T + + + + + + + + + + 3 0 0 2 0 0 1 1 3 1 . . . . . . . . . . 5 7 9 7 1 9 5 1 6 4 V J P B D C N A P a e h e r h e l u K p l i r n i w i t t u a l n o c e i o i n s a p z h n t h Z h u p g e e e E i I a n l r a n a a l e n d a c s d n t i o I a d u s I _ n n l _ a H d t r n i o _ i e d e n s s s . g . . . . 2 951 2 2, 212 | 1 3 1 3 4 0 7 6 4 4 5 8 6 1 5 9 16 3 6 1 2 1 1 9 , , , , , 7 0 7 0 2 3 6 2 4 4 7 3 9 9 0 1 6 8 9 0 6 1 2 1 , , , 6 2 4 7 1 0 2 3 7 2 2 0 0 3 4 4 5 N De o c v e e m m b b e e r r * . 4 4 , , 3 2 6 8 6 3 - - 1 8 9 2. . 9 8 - + 22 1 . . 0 0 + + 2 7 . . 4 9 Total 3,581 72, 402 7,123 30,289 283, 528 44,036 Total (12 mos.) p +141. 9 +170. 7 -55.4 +26.6 1 December figures are preliminary; 3 customs districts—New York, 1 For detailed explanation of this figure, which is derived from pre St 2 . I L n a c w lu r d e e n s c e a , l l a m nd o v S e a m n e F n r t a s n o c f i s u c n o r . eported origin or destination. ceding columns, see BULLETIN for December, 1928, p. 831. p Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1930 FEDERAL RESERVE BULLETIN 9 MILLIONS OF DOLLARS MILLIONS OF DOLLARS 2000 2000 RESERVE BANK CREDIT 1500 1500 1000 1000 500 1925 1926 1927 1928 1929 This chart Is based on weekly averages of daily figures; latest figures are for week ending December 28 DISCOUNTS WITH FEDERAL RESERVE BANKS MILLIONS OF DOLLARS MILLIONS OF DOLLARS [Monthly averages of weekly figures. In millions of dollars] 700 [ 700 DISCOUNTS FOR MEMBER BANKS Reporting member banks in leadirg cities i-600 . — ._.__. ....._ All Total i Other leading other Month co d u is n - t s I ! Total Y N o e r w k cities co d u i n s- ts W50O City Chi- Total cago -il 1928—March 489 362i 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 822i 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 659I 131 528 96 234 March 978 740j 166 674 121 238 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 September.-. 974 706 166 540 18 268 October 885 634 74 560 38 251 November. __ 944 655 60 595 28 289 1925 1926 1927 1928 1929 December. _. 755 490 80 410 37 265 Based on monthly averages of weekly figures Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 FEDERAL RESERVE BULLETIN JANUARY, 1930 PER CENT 6 MONEY RATES IN NEW YORK CITY 1923 1924- 1925 1926 1927 1928 1929 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES DISCOUNT RATES RATES IN NEW YORK CITY [Rates on all classes and maturities of eligible paper] Prevailing rate on— Average rate Average yield on— Rate in Previous N B A R P C h o i t e l c e l w s i a h l v t a n o r e F Y d n n l t e a a e o o d n l r n e p d k d r h a i l . a reserve bank ef J fe a c n t . o 4 1 5 5 5 n V* J J A N N D D u u u e o o a l l c g y y v v t . . . . e 2 1 1 1 2 1 6 3 0 e , 1 5 , , , s , 1 , 1 t 1 1 9 1 a 1 9 9 9 2 9 9 b 2 2 2 8 2 2 8 8 l 9 i 9 9 shed rate 4 5 5 5 H Month or week m m p P 4 c a o e r o t r p n i m o m c e t i - r h 6 a e , s l a a P b c d n e a r c a 9 r c i n e m s 0 y e p k ' s s t e - , - d l T o a a i 9 y m n 0 s s e f , N C e a w ll lo n a R e n w e s - a i l m c T c n 8 U e a u a r o o r n . t e t r n t t o S e a i y d e t f . s s s h i 6 , - - s b T o u r n r e d y a s s * - Chicago « Nov. 23, 1929 5 St Louis 5 July 19, 1928 1928 Minneapolis 5 May 14, 1929 December 7 -7N 8.86 8.60 *4.26 3.53 Kansas City Dec. 20, 1929 5 Dallas . -- 5 Mar. 2,1929 1929 San Francisco 4M Dec. 6, 1929 5 January 5H-5U 6.94 7.08 4.66 1.59 February 7.47 7.06 4.39 3.66 March 9.80 9.10 <4.60 3.76 BUYING RATES ON ACCEPTANCES April 6 9.46 8.89 4.80 3.67 May 6 8.79 8.91 5.09 3.68 [Buying rates at the Federal Reserve Bank of New York] June 6 7.83 7.70 <4.80 3.71 July 6 9.41 9.23 4.55 3.68 August 8 -WL 8.15 8.23 4.70 3.72 Maturity e R f J f a a e n t c e t . i 1 o n n Date established Pr r e a v t i e ous S N O e o c p t v t o e e b m m er b b e e r r 5M- 6 6 H H 8 6 5 . . . 6 1 4 2 0 0 8 6 5 . . . 5 4 4 0 4 3 < 4 3 4 . . . 3 4 5 7 7 8 3 3 3 . . . 7 4 6 0 5 7 December 5 4.88 4.83 <3.03 3.46 Week ending- 1-15 days Nov. 21,1929.. Dec. 7 5 -5J- 4.50 4.50 3.03 3.42 16-30 days.. - .do. Dec. 14 5 4.50 4.50 3.12 3.45 31-45 days... do Dec. 21 5 434-5 4.50 4.50 <2.96 3.47 46-60 days... do 4H Dec. 28.— 5 4H-5 5.66 5.50 3.04 3.49 61-90 days... do 4H 91-120 days... do 121-180 days. Nov. 15, 1929.. i 1 S S t t o o c c k k e e x x c c h h a a n n g g e e c 9 a 0 l - l d l a o y a n fim s; e n l e o w a n a s n . d renewal rates. 13 issues—3f4, 4t and 4H per cent; yields calculated on basis of last NOTE.—Rates on prime bankers' acceptances. Higher rates may bt redemption dates—1956,1954, and 1952. charged for other classes of bills. * Change of issues on which yield is computed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

11 JANUAET, 1930 FEDERAL RESERVE BULLETIN PREVAILING RATES CHARGED CUSTOMERS BY BANES 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 d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas San ci s F c r o an- Prime commercial loans 1928—December.. 5*4-6 5*4 5*4-6 5*4-6 5*4-6 5*4-6 i 5*4-6 5*4-6 5*4-6 5*4-6 5*4-6 4*4-5*4 1929—January 5*4-6 5*4 5*4-5*4 5*4-6 5*4-6 5*4-6 ! 5*4-6 5*4-6 5*4-5*4 5*4-6*4 5*4-6 February- 5*4 5*4 5*4-6 5*4-6 5*4-5*4 5*4-6*4: 5*4-6 5*4-6 5*4-6 5*4 5*4-6 5H6 March 5*4-5*4 5*4-5*4 5*4-6 5*4-6 5*4 5*4-6*4! 5*4-6 5*4-« 5*4-6 5*4 5*4-7 April 5*4-5*4 5*4 5*4-6 5*4-6 5*4-5*4 5*4-6 i 5*4-6 5*4-6 5*4-6*4 5*4-6 May 5*4-6 5*4-6 5*4-6 5*4-8 5*4-6 5*4-6*41 5*4-6 5*4-6 5*4-6*4 5*4-6 June 5*4-6 5*4-6 5*4-6 5*4-6 >4*4! 5*4-6 5*4-6 5*4-6** 5*4-6 6 -6*4 5»4-6 July ... m 5*4-fi 5*4-6 5*4-6 5*4-6 5*4-6*4! 5*4-6 5*4-6 5*4-6*4 5*4-6 6 -6*4 5*4-6 August 6 5*4-6 5*4-6 5*4-6 5*4 7 j 5*4-6 5*4-6 6 5*4-6 6 -6*4 6 September- 5*4-6 6 5*4-6 5*4-6 5*4-6 6 -6*4; 5*4-6*4 6 6 5*4-6 6 -6*4 5*4-6 October 6 6 -6*4 534-6 534-6 534-6 6 -6*4; 534-6*4 6 -6*4 6 534-6 534-6 November.. 53^-6 5*4-6 534-6 6 -6M 534-6** 6 6 534-6 6 -6* 534-6 December.. 5*4-6 5*4 5*4-6 5*4-6 5*4-6 5*4-7 5*4-6 5*4-6 5*4-6 5*4-6 5*4-6 5*4-6 Loans secured by prime stock-exchange collateral 1929—June 6 -7 6 5-M-6 6 6 6 -7 6 -7 6 6 -6** 5*4-7 6 -7 6 -7 July 6 -7 6 6 5*4-7 6 6 -7 6 -7 6 6 -6*4 5*4-6 6 -8 6 -7 August 6 -7 6 6 6 -6*4 6 6 -7 6 -7 6 6 -7 5*4-6 6 -8 6 -7 September- 6*4-7 6 6 6 6 6 -7 6 -7 6 -7 6 -6*4 6 -6*4 6 -8 6 -7 October 6 -7 6 6 6 6 6 -7 6*4-8 6 -7 6* 6 6 -8 6 -7 November- 6 -6* 6 6 6 6 6 -7 6 -7 6 -6*4 7 6 6 -7 6 -7 December.. 6 6 6 6 6 -7 6 -6*4 6 6*4 5*4-6 6 "7 6 -6*4 Loans secured by warehouse receipts 1929—June 6 6 -7 6 6 6 5*4-6 fl J A u u ly gust 6 -7 6 6 6 6 -7 6 6 6 6 6 5*4-6 6 5*U 6 6 September. 6 6 6 6 -6*4 6 -7 6 5*4-6 October... 6 -7 6 6 -6*4 6 6 -7 6 534-6 November- 6 -7 6 6 6 6 -6H 6 534-6 December. 6 -7 5*4-6 6 5*4-6 2 6 6 5*4-5*4 5*4-6 1929—June July August September October November December CO CO CO CD -7 6 -6H -7 6 -6*4 -7 6 -6*4 -7 6 -6*4 -7 6 -6H 6 -6H -6*4| 6 -6*4 Interbank loans 5*4-6 5?4-6 5*4-6*4 6 5H-6 6 6 5H-6 H 5! 5*4-6 6 5*4-6*2 5*4-6 5*4-6 6 6 5*4-6 5*4 5*4-6 5*4-6 5*4-6 6 5*4-6 6 6 6 6 5*4 5*4-6 6 5*4-6 6 6 6 6 6 6 5*4 5*4-6 5*4-6 534-6 6 5M-6 6 6 -6*4 6 6 5*4 534-6 534-6 6 6 6 -6*4 6 -6H 6 6 5*1-6 5*4-6 6 5*4-6 5*^-6 6 6 6 5*1 FEDERAL RESERVE BRANCH CITIES Prime commercial loans Lo s a to n c s k-e s x e c c h u a re n d g e c b o y ll at p er r a im l e Loans secu r r e e c d e i b p y ts warehouse Interbank loans City October, Novem- Decem- October, Novem- Decem- October, Novem- Decem- October, Novem- Decem- 1929 ber, 1929 ber, 1929 1929 ber, 1929 ber, 1929 1929 ber, 1929 ber, 1929 1929 ber, 1929 ber, 1929 Buffalo 6 -6*4 6 -6*4 5*4-6 6 6 6 6 6 6 6 6 5*4-6 Cincinnati 6 6 -6*4 6 -7 6 -8 6 -8 6 -8 6 -8 6 -8 6 -7 6 -7 6 -7 Pittsburgh-_ 5*4-6 5H-6 5*4-6 6 6 6 6 6 6 6 6 6 Baltimore 5*4-6 5^-6 5*4-6 6 6 6 6 6 5*4-6 5*S-6 Charlotte 6 6 5*4-6 6 -8 6 -7 6 -6*4 6 -8 6 -7 5*4-6 6 6 6 Birmingham 6 -8 6 -8 6 -8 6 -7 6 -7 6 -7 6 -8 6 -7 6 -8 5*4-6 5*4-6 6 J ackson ville 6 6 -6*4 5*4-6 6 -8 6 -8 6 -7 6 -8 6 -8 6 -8 6 6 6 Nashville 6 6 6 6 6 6 5*4-6 5*4-6 5*4-6 5H-6 5*4-6 New Orleans 6 -7 6 -7 6 -6*4 6*4-7 6*4-7 6*4-7 6 -7 6 -7 6 -6*4 6 -6>4 6 -6*4 6 -6*4 Detroit 6 -6*4 6 6 6*4-7 6H-7 6*4-7 6 -7 6 -7 6 -6*4 6 -6*4 6 -6*4 Little Rock 6 -6*4 6 -6*4 6 -6*4 6 -7 6 -8 6 -8 6 -8 6 -8 6 -7 6 6 6 Louisville _ 6 6 6 6 6 -6*4 6 6 6 6 6 6 Helena 8 8 8 8 8 8 7 -8 7 -8 7 -8 6 -8 6 -8 6 -8 Denver 6 6 -6*4 6 6*4-7 6H-7 6*4-7 6 -8 6 -8 6 -8 6 -6*4 6 -6M 6 -6*4 Oklahoma City 6 -7 6 -7 6 -6*4 8 8 7 -8 8 8 7 -8 6 6 6 Omaha 6 6 6 6 -7 6*4-7 6*4-7 6H 6*4 6 -6*4 6 -6*4 6 -6*4 El Paso 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 7 -8 8 8 6 6 6 Houston 6 6 6 6 -7 6 -7 6 -7 6*4 6*4 6 5*4-6 5H-6 5*4-6 San Antonio 6 6 -7 6 -7 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 6 6 6 -6*4 Los Angeles 6 -6*4 6 -6H 6 -6*4 6 -7 6*4-7 6*4-7 6 -7 6*4-7 6*4-7 6 -7 6 6 Portland 6 -6*4 6 6 6 -7 6 -6*4 6 -7 6 -7 6 -7 6 -7 6 6 6 Salt Lake City 6 -7 6 6 -7 6 -7 6*4-7 7 7 -8 7 6 7 -8 7 Seattle . 6 6 -§\i 6 6 -6*4 6 -6*4 6 -6*4 6*4-7 6*4-7 6 6 6 Spokane 6*4-7 6 -6*4 6 6 -7 6*4-7 7 7 6 -6*4 6 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 FEDERAL RESERVE BULLETIN JANUARY, 1930 MEMBER BANK CREDIT REPORTING MEMBER BANKS (REVISED SERIES) [In millions of dollars. Monthly data are averages of weekly figures] Loans and investments Loans and investments Bor- Borrow- row- Loans ings at Loans ings at Date Total Fed- Month Total I Fedin- eral re- in eral re- Total Total i| s ec O u n ri- o A th l e l r m ve e s n t t - s h s a er n v k e s i > Total i; Total m ve e s n t t ' s s b e a r n v k e s Total: Total: Oct. 2 22,829 17,428 7,828 9,600 5,401 672 1928—November... 21,983 , 16,096 7,082 9,014 681 Oct. 9 22,673 17, 269 7,687 9,582 5,403 612 December....; 22,189 i 16,253 7,198 9,055 5,936 799 Oct. 16 ! 22,794 17,397 7,875 9,522 5,397 605 1929—January 22,320 ,, 16,300 7,604 8,796 6,021 663 Oct. 23 ' 22,895 17, 500 7,920 9,580 5,395 554 February | 22,263 16,260 7,522 8,737 6,004 659 Oct. 30 j 24,431 18,934 9,179 9, 755 5,496 729 March ! 22,472 | 16,491 7,580 8,911 6,981 740 N N o o v v . . 6 1 3 _! 2 2 3 4 , , 7 0 1 7 6 3 1 1 8 8 , , 4 1 8 1 9 5 8 8 , , 7 3 4 6 6 9 9 9, , 7 7 4 4 6 3 5 5, , 6 5 0 8 1 4 6 7 8 3 8 0 M Ap a r y i l I ; 2 2 2 2 , , 1 3 1 8 3 8 ! r : 1 1 6 6 , , 4 2 6 7 4 7 7 7 , , 3 2 9 1 2 8 9 9, , 0 0 5 7 9 3 5 5 , , 8 9 3 2 7 4 : 7 66 2 1 5 Nov. 20 23,512 17,861 7,991 9,871 5,650 597 June j 22,231 j 16,480 7,332 9,149 5,751 i 670 Nov. 27 1 23,353 17,698 7,889 9,809 5,655 603 July 22,479 !; 16,950 7,716 9,234 5,529 i 801 Dec. 4 I 23,142 17, 538 7,889 9,649 5,604 580 August. i 22,465 ! 16,969 7,578 9,390 5,496 ; 717 Dec. 11.... —-j 22,922 17,375 7,818 9, 557 5,547 493 September-..; 22,646 ' 17,197 7,654 9,543 5,449 I 706 Dec. 18 ! 22,942 17, 356 7,898 9,458 5,587 468 October J 23,124 , 17,706 8,098 9,608 5,418 j 634 Dec. 24 i 22,890 17, 305 7,931 9,374 5,585 502 November... 23,663 18,041 8,249 9,792 5,623 ! 655 Dec. 31 j 23,163 17, 649 i 8, 304 9,344 5,514 405 December i 23,012 ! 17,444 7,968 9,476 5,567 i 490 New York City: \ New York City: i O O O O O c c c c c t t t t t . . . . . 9 2 2 3 1 3 0 6 .. 1 7 7 9 7 7 , , , , , 4 5 6 0 5 6 1 6 1 2 4 9 3 0 6 5 5 5 7 , , , , 8 8 7 1 1 7 5 9 7 6 6 1 2 4 2 2 3 , , , , , 9 8 0 9 2 6 3 0 4 0 4 6 5 7 5 2 2 2 2 2, , , , , 9 9 8 9 8 2 2 5 8 9 9 1 3 6 4 1 1 , , , , , 7 8 6 7 7 2 1 8 0 0 1 9 7 8 9 1 4 4 4 7 6 9 1 0 1 19 9 2 2 9 8 — — D F M J N e e a a b n c o r r u e c v u m a h e a r m y b ry e b r e r... : i ! ' 7 7 7 7 7 , , , , , 1 0 2 1 2 9 9 5 5 6 0 6 6 2 2 ! j i |! i : 5 5 5 5 , , , , 4 3 3 2 2 7 0 5 4 8 6 5 2 2 2 2 2 , , , , , 6 9 7 8 8 9 0 4 2 2 4 4 7 3 0 , i 1 ! | 2 2 2 2 2 , , , , , 5 5 6 4 4 6 9 0 8 7 2 2 1 6 3 1 1 1 1 1 , , . . , 8 8 8 8 8 0 8 1 7 8 0 4 2 2 5 i I i i i 2 1 1 1 1 2 5 3 9 6 1 7 1 0 6 Nov. 6 1 8,658 6, 733 3,751 2,982 :,925 135 April i 7,297 | 5,437 2,729 i 2,708 1,859 ! 162 Nov. 13 8,338 6,403 3,427 2,977 ,934 40 May -: 7,182 i 5,344 2,653 i 2,691 1,838 i 145 Nov. 20 8,215 6,215 3,105 3,110 ^,999 33 June ' 7,281 j 5,468 2,749 i 2,719 1,812 j 165 Nov. 27 8,187 6,169 3,077 3,092 2,018 33 July ! 7,496 | 6,804 3,045 j 2,758 1,692 ! 319 Dec. 4 , , 6,047 3,073 2. 974 "., 989 34 August -i 7,407 J 5,688 2,845 I 2,843 1,720 I 196 D D e e c c . . 1 1 8 1 I | 7 7 , , 9 9 0 2 9 9 5 5 , . 9 9 6 2 7 7 I 3 3 , , 0 0 2 2 2 3 2 2 , , 9 9 0 4 5 4 2, , 0 9 0 4 1 3 8 6 8 6 S O e c p to t b e e m r ber... | 7 7 , , 5 8 0 3 7 7 i j 6 5 , , 1 8 0 0 8 3 3 2 , , 1 8 9 9 1 2 ! 2 2 , , 9 9 1 1 1 6 1 1 , , 7 7 0 2 4 9 ! 1 7 6 4 6 Dec. 24 ! 7,892 5,906 I 3,045 2,861 1,986 107 November-,-j 8,349 >• 6,380 i 3,340 j 3,040 1,969 ; 60 Dec. 31 ...J 8,240 6,257 3,398 2, 859 1,983 106 December 8,001 j 6,021 3,112 i 2,909 1,981 ' Other leading cities: Other leading cities: 1928—November I 14,928 10,840 4,388 6,452 4,087 ; 524 Oct. 2 15, 265 11,552 j 4,878 6,673 i3,713 609 December I 15,037 10,913 4,450 6,463 4,124 : 578 Oct 9 15, 209 11,513 I 4,852 6, 662 3,696 566 1929—January | 15,058 I 10,922 4,600 6,323 4,136 I 573 Oct. 16 15, 267 11,579 4,910 6,669 |3,688 563 February j 15,073 !;10,954 4,702 6,251 4,119 j 528 Oct. 23 15, 276 11,602 4,915 3,674 513 March 15,176 I 11,067 4,756 6,310 ! 4,109 ! 574 Oct. 30 15,420 11, 743 4,973 6,770 3,677 560 April 15,092 11,027 4,667 6,360 4,065 663 Nov. 6 15,415 11,756 4,995 6,761 3,659 595 May 14,931 !l10,933 4,565 6,368 3,998 i 616 Nov. 13 15,378 11,711 4,942 6,769 I 3,667 648 June 14,950 I 11,012 4,582 6,430 3,938 ! 505 Nov. 20 15,297 11, 646 4,885 6,761 3,651 564 July 14,984 11,146 4.670 6, 476 3,837 j 4S2 Nov. 27 15,166 11,529 4,812 6, 717 3,637 571 August 15,058 I111,281 4,735 6,546 3,776 ! 521 D D D D D e e e e e c c c c c . . . . 4 1 2 3 11 8 4 1 . 1 1 1 1 1 5 4 5 5 4 , , , , , 1 9 0 9 0 0 2 1 9 1 6 3 2 8 3 1 1 1 1 1 1 1 1 1 1 , , , , , 4 4 4 3 3 0 2 9 9 9 8 9 9 1 2 ! i 4 4 4 4 4 , , , , , 8 7 8 8 9 7 8 9 1 0 6 6 5 6 7 6 6 6 6 6 , , , , , 5 6 5 6 4 5 1 7 1 8 3 3 5 3 5 I , I I 3 3 3 3 3, , , , , 5 5 6 5 6 3 8 1 9 0 1 5 6 9 4 | I 4 3 5 3 2 8 2 4 9 9 1 7 6 9 5 S D N O e e o c p c t v o e t e b e m m e m b r b b e e r e r r... 1 1 1 1 5 5 5 5 , , , , 2 3 1 0 8 3 1 1 8 9 4 1 i i i i 1 1 1 1 1 1 1 1 , , , , 6 5 3 4 6 9 9 2 1 8 4 4 4 4 4 4 , , , , 9 7 8 9 0 5 6 0 6 6 2 9 6 6 6 6 , , , , 6 5 6 7 9 6 3 5 2 8 2 2 3 3 3 3 , , , , 6 6 5 7 9 5 8 4 0 4 7 5 I ! ! , 5 4 5 5 6 1 9 4 1 0 4 0 City of Chicago: ! City of Chicago: 1928—N ovember... 2,063 1.C04 735 459 ! 67 Oct. 2 2,105 1,717 981 735 December 2,083 1,632 743 452 ! 91 Oct. 9 2,083 1,695 964 730 388 1929—January , 2,065 1,613 887 726 452 71 Oct 16 2,119 1,735 1,008 727 385 February ' 2,096 1,641 911 731 455 i 96 Oct. 23 2,117 1,733 1,004 729 384 ! March ! 2,130 1,676 950 726 454 | 121 Oct. 30 2,173 1,786 1,034 752 387 April i 2,045 1,606 906 701 440 ! 46 Nov. 6 2,128 1,740 1,009 732 388 May ; 2,015 1,596 897 698 419 ! 36 Nov. 13 2,123 1,729 1,002 727 395 June : 2,033 1,616 910 706 417 j 64 Nov. 20 2,104 1,706 984 722 397 July ..' 2,015 1,601 906 695 414 j 47 Nov. 27 2.070 1,672 966 706 August 2,064 1,659 943 716 405 i 32 Dec. 4 .. . 2,063 1,664 970 694 September... 2,054 I 1,663 933 730 391 i 18 Dec. 11 2,032 1,638 949 689 394 October 2,119 1,733 998 : 735 386 ! 38 Dec 18 2,035 1,633 954 679 402 November... 2,106 1,712 990 ! 722 395 i 28 Dec. 24 2,029 1,634 950 684 395 December 2,037 1,639 954 j 685 37 Dec. 31 2, 028 1,627 947 680 401 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

13 JANUARY, 1930 FEDERAL RESERVE BULLETIN 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 Other leading Bankers' acceptances Commercial paper outcities outstanding standing End of month 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 L, 969 February 785 1,056 I, 228 577 567 411 March 3,292 2,861 1,089 916 2,203 L,945 March _ . 809 1,085 1,205 606 570 387 April 3,207 2,709 1,053 874 2,154 1,835 April 811 1,071 I, 111 599 571 351 May 3,064 2,545 1,020 817 2,044 1,728 May 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 L.803 ! Julv 741 978 L, 127 569 483 265 August 2, 801 2,604 901 827 1,900 L, 777 August 782 952 I, 201 591 458 267 September 2,948 2,718 934 887 2,014 September 864 1,004 t, 272 600 430 265 October 3,073 2,916 992 1,023 2,081 1.893 October 975 1,123 L, 541 611 427 2S5 November . 3,040 3,008 981 1,132 2,059 1, 875 November 1,029 1,200 . fi58 603 421 316 December 3,011 2,886 956 980 2,055 11,906 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 I 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 i 662 1,104 May 2,767 3,458 6,274 6,665 2,392 2,968 4,568 6,482 375 , 490 i 707 1,183 June 2,926 3,569 4,898 7,071 2,509 3,065 4,169 5,797 417 504 i 730 1,272 July. _. 2,998 3,642 4,837 7,474 2,583 3,145 4,150 6,154 415 497 ! 687 1,325 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 | 575 866 1,470 October 3,111 3,946 5,880 6,109 2,668 3,363 4,994 5,313 444 583 886 796 November 3,129 4,092 6,392 4,017 2,636 3,519 5,412 3,432 493 573 i 979 585 December 3,293 4.433 6,440 i 3,990 2,804 3,812 5,401 3,370 489 621 • 1,039 620 i Call loans, $3,376,000,000; time loans, $613,000,000. 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 Date or month Tntnl In New York Outside New i otax City* York City» 1928 1929 1928 1929 1928 1929 1928 1929 1928 1929 Date:» Oct. 2 4,570 j 6,804 2,612 2,897 930 ! 1,071 1,682 1,826 i 1,958 3,907 Oct. 9 _ - 4,590 6,713 2,582 2,772 867 : 973 1,715 1,799 i 2,008 3,941 Oct. 16 _ 4,664 6,801 2,623 2,926 890 i 1,095 1,733 1,831 '• 2,041 3,875 Oct. 23... _ 4,772 6,634 2,694 2,810 957 1,077 1,737 1,733 j 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 Nov. 6 -. -. 4,979 4,882 2,790 2,483 1,064 1,520 1.726 963 2,188 2,399 Nov. 13 4,981 4,172 2.745 1,968 994 1,156 1,751 812 : 2, 235 2,204 Nov. 20 --. 5,157 3,587 2.878 1,557 1,126 853 1, 752 704 j 2,280 2,031 Nov. 27 5,290 3,450 3,003 1,469 1,235 1 831 1, 768 638 ! 2,287 1,982 Dec. 4 5,395 3,392 3,109 1,472 1,271 792 1,838 680 ! 2,285 1,921 Dec. 11 5,17 3,425 2,839 1,516 1,045 806 1,794 710 i 2,337 1,909 Dec. 18 5,111 3, 386 2,780 1,582 1,030 832 1,750 750 I 2,331 1,804 Dec. 24 5,091 3,328 2,769 1,561 1,109 845 1,660 716 2,322 1,767 Dec. 31 — -. --- 5,330 3,424 3,164 1,876 1,516 1,167 1,648 709 2,166 1,548 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 2,870 April.... .- 4,062 5,477 2,809 2,583 1,193 934 1,616 1.649 1,252 2,893 May i 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. -J 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 j 4,417 6,540 2,494 2,898 887 1,048 1,607 " 1,850 1,924 3,642 October __ ! 4, 701 6,498 2,653 2,896 933 1,257 1,720 1,639 2,048 3,602 November 5,102 4,023 2,854 1.869 1,105 1,090 1,749 779 2,248 2.154 December 5,193 * 3,391 2,874 1,601 1,114 888 1,760 i 713 2,319 1,790 1 Dates for 1929; corresponding dates for 1928 are slightly later. 1 Member and nonmeinber banks outside New York City (domestic »Weekly reporting member banks in New York City. banks only); includes unknown amount for customers of these banks. « Call loans, $2,949,000,000; time loans, $442,000,000. 87228—30 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 FEDERAL RESERVE BULLETIN JANUARY, 1930 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 - \ i \ 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 ti 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 j 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 - in f H u g r o n g u i o s s o h e d - - s l M an is e c o e u l s - N c c o u o i m l n t t i a u m e g s r o a ri l d - - 1928—October 97.8 103.5 102.3 117.5 96.1 84.9 101.0 95.0 95.6 96.5 80.3 I 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 97.6 107.1 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 i 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 I 83.3 105.1 96.4 93.4 I 96.6 80.4 94.6 July. 98.0 107.6 102.8 109.2 92.8 i 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 October 96. 3 103.9 101.2 110.5 92.7 81.7 103.6 97.8 94.2 97.1 81.3 94.3 November... 94.4 101.1 108.4 91.5 81.7 102.3 96.0 91.0 97.1 80.1 92.6 * Index of Bureau of Labor Statistics. PRICES OF FARM PRODUCTS AT THE FARM » SECURITY PRICES [August, 1909-July, 1914-100] Common stocks » (1926=100) Bonds: 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 t o d d o n n - cl U f a ie s n d s - i- Month or week co s m t 4 o b 0 c 4 i k n s ed i t n r 3 d i 3 a u 7 l s s - 33 rails u p t u il 3 b i 4 t l i i e c s 4 A p 0 r v i i e c s r e s a u o g e f e s 1928—August _ 148.3 152.6 126.5 147.9 95.82 September.. 156.1 161.6 129. 7 155.2 96.47 1928 October 159.1 166.2 128.2 154.5 96.58 October 137 116 114 160 150 147 83 November.. 169.2 177.1 133.7 165.6 96 90 November . 134 110 109 150 155 146 86 December... 172.9 180.0 135.9 174.7 96.24 December.. 134 112 108 143 159 148 90 1929—January 183.6 191.4 141.0 188.3 96.12 February.__ 188.8 192.4 142.3 203.1 95.60 1929 March 189.4 196. 1 140.8 204.4 94.82 January 133 115 109 146 149 148 92 April 186 6 193.4 138.3 201.4 94.58 February._ 136 123 111 150 148 149 91 May 189.7 195.2 138.7 213.2 94.46 March 140 124 112 160 144 155 90 June 188.6 189.3 143.8 228.1 93.49 April 138 120 110 164 138 152 88 July 207.2 202 7 160.0 272.8 93 30 May . 136 113 119 164 137 148 86 August 218.0 210.3 165.4 303.4 92.51 June 135 111 120 163 137 146 85 September.. 225.2 216.1 168.1 321.0 92.29 July 140 122 136 167 137 145 85 October 208.5 201.0 159.1 289.2 92.68 August 143 129 160 165 HI 146 86 November-. 155.8 149.4 137.8 201.6 93.11 September _ 141 131 160 156 146 146 85 December... 153.8 146.9 136.3 200.9 94.09 October 140 128 168 151 161 141 89 Week ending— November _ 136 118 159 144 157 132 90 Dec. 7 158. 6 150.8 138.1 212.5 94.42 December Dec. 14 154.1 147.7 136.6 198.6 94.29 Dec. 21. 151.4 144.6 136.3 195.9 93.89 Dec. 28 150.9 144.3 134.1 196.6 93.76 1 Index numbers of Department of Agriculture. FOREIGN CAPITAL ISSUES i Index of common-stock market values (revised series) computed by Standard Statistics Co. from closing prices on Thursday. [In millions of dollars] DOMESTIC CAPITAL ISSUES January-November [In millions of dollars] November, 1929 1929 1928 January-November Class of issue November, 1929 Gov- Cor- Gov- Cor- Gov- Cor- 1929 1928 ern- po- ern- po- ern- po- Class of issue ment rate ment rate ment rate Re- Re- ! Re- New fund- New fund- New ! fund- Total. 16.8 24.0 294.4 456.3 798.4 582.6 ing i ing New issue.. .. .. 16.2 24.0 276.3 440.8 684.8 449.3 I Europe 87.6 87.5 304.1 252.7 Total I 245.8 16. 28, 805. 5 1, 302. 2 5, 677. 2 1, 513. 6 Canada and Newfoundland 11.9 111.8 108.0 43.2 95.9 Corporate issues j 162.6 15.3 7, 704. 2 1, 291.3 4, 397.71,492.1 Latin America 2.4 73.1 51.4 254.9 27.1 Bonds and notes- United States insular Long term ___! 8.6 9.21,778.0 489.4 1, possessions 1.9 3.9 7.7 6.2 1.3 Short term i 31.8 1.6| 185. 5 45.5 Miscellaneous 24.6 186.2 76.4 72.3 Stocks 122.2 4. 5 5, 740. 7 756.4 2, 251, Refunding issues "~~.T ~~18.T 15.5 113.6 133.3 Farm-loan issues Municipal issues 10.9 1 Total Government and Total new and recorporate 40.8 750.7 1,381.0 funding. 262.0 10,107. 7 7,190. 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1930 FEDERAL RESERVE BULLETIN 15 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers of the Federal Reserve Board. Monthly average 1923-1925 =-100] 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- ma fa n c u - - t m i i o n n e r o - f e m m e p n lo t y * - ro p l a ls y J l c o a a r dtion i tures1 als i C) (*) Unad- Ad- ings1 Unad- Ad- ! Unad- | Ad- Unad- Adjusted justed justed justed ! justed j justed justed justed I 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 80 1923 101 101 105 104 103 84 100 100 98 98 1924 ._. 95 94 96 90 96 95 98 98 99 101 1925 104 105 99 100 101 122 103 102 103 102 1926 108 108 103 101 104 130 : 107 101 106 103 1927 „_. 106 106 107 99 102 128 - _ _ 103 97 107 103 1928 110 11] 106 97 102 135 104 108 101 MONTHLY INDEX 1925 August. 103 102 107 100 99 ! 149 135 ' 105 112 102 78 i 101 98 102 September 102 104 102 99 ' 138 135 i 102 117 102 I 94 ! 102 107 103 October 105 108 90 ! 102 105 129 125 i 100 123 106 ! 130 I 111 112 101 November 107 109 94 ! 102 105 ; 116 127 105 102 102 : 114 104 115 102 December 109 111 102 106 ! 129 145 ; 106 92 178 ! 106 97 108 1926 I I J J J A S O N A M M D F u u a e e c u p o e n n l a a p b y t c g r v e y r u o t i r e u c l e e b u a m h s m m e r a t b r y r b b y e . e e r r r... 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 1 0 1 0 1 7 7 6 8 7 8 8 1 8 2 8 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 1 0 1 0 1 7 7 8 4 9 9 8 1 9 2 8 i 1 1 1 1 1 1 1 1 1 1 0 1 0 9 0 0 1 0 1 1 0 9 6 9 9 2 4 4 4 7 0 8 7 5 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 9 1 1 1 1 1 3 3 3 0 2 2 9 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 9 1 4 5 5 4 5 4 4 7 0 8 9 I j ! , : ' ! \ i 1 1 1 1 1 1 1 1 1 1 1 1 3 1 3 4 1 3 3 2 2 0 4 3 9 1 1 6 9 4 3 6 6 6 8 7 1 1 1 1 1 1 1 1 1 1 1 1 2 2 4 2 2 3 3 3 4 2 2 43 1 9 5 3 0 3 0 4 2 2 4 ' ' | i '• 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 4 7 9 9 4 7 7 8 2 9 9 8 1 1 1 1 1 1 0 1 0 1 9 9 9 9 9 9 8 1 1 1 6 8 6 5 5 6 5 5 7 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 9 9 1 1 1 3 3 0 0 4 1 9 6 ; ! i 1 1 1 1 1 1 1 1 8 8 7 2 2 0 8 0 0 0 0 1 3 9 1 3 1 4 3 1 1 7 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 5 1 6 4 3 9 8 3 9 5 7 0 1 1 1 1 1 1 9 9 9 9 9 0 1 1 0 0 0 8 8 6 3 7 4 7 4 7 7 7 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 4 5 4 1 3 3 3 1 2 2 4 0 1927 ! January 107 105 116 98 99 • 94 120 105' 05 106 03 104 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 98 100 105 107 108 April 109 109 106 100 105 ! 147 127 108 92 95 111 105 107 108 May 111 112 ! 108 99 104 ! 135 122 106 91 97 ! 102 103 104 102 June 109 109 I 105 99 102 154 141 104 91 06 ; 102 103 98 101 July.. 106 108 ! 99 99 130 128 101 91 96 75 104 95 102 August... 107 107 106 102 135 121 104 112 102 i 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 97 114 125 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 94 104 133 100 96 104 92 103 February 109 110 102 96 101 113 153 102 93 99 88 105 98 103 March 109 110 103 97 103 144 I 128 102 100 06 103 104 105 101 April 109 110 105 96 100 157 ! 135 104 92 102 103 106 101 May 109 110 105 96 101 163 ' 148 ! 105 09 108 103 102 100 June 109 111 101 96 101 158 i 145 I 102 89 92 104 105 96 00 July.. 110 111 100 96 98 142 139 ' 102 0® 04 78 107 03 100 August 112 113 105 98 103 126 113 i 104 110 101 85 105 97 101 September 114 115 107 100 104 143 140 106 111 06 107 119 103 99 N D O e c o t c v o e e b m m e b r b e e r r 1 1 1 1 1 1 3 4 2 1 1 1 1 1 1 4 4 2 1 1 1 1 1 1 3 4 2 10 9 9 0 9 8 1 1 1 0 0 0 4 4 7 1 1 1 4 1 0 5 5 5 1 1 1 4 2 1 1 6 6 1 1 1 0 0 0 4 6 3 1 8 1 9 4 2 9 0 0 0 9 7 5 1 1 IS 2 2 O 4 2 1 1 1 0 0 1 5 6 6 1 11 1 9 5 2 4 1 1 1 0 0 0 2 2 0 1929 January 117 117 117 97 101 i 100 128 104 03 101 02 105 100 February.. 117 117 120 100 108 ! 88 119 107 90 06 86 110 05 100 March 110 121 107 101 Ill 118 104 103 I 101 97 110 113 102 99 April 122 123 115 102 112 i 156 135 111 j 06 100 104 105 103 99 May 123 124 116 102 112 I 143 130 HI ! 06 102 110 107 101 June 126 128 112 101 109 i 133 122 108 01 06 106 112 05 July 124 125 114 101 105 i 159 156 108 96 101 80 106 02 99 August.. 123 124 ••114 102 109 119 107 109 113 '104 00 112 06 100 September 121 122 118 103 111 I 108 106 108 114 00 109 123 103 90 October 117 117 118 102 110 i 109 105 104 115 100 128 109 112 101 November » 106 » 105 * 109 98 102 : 95 105 99 95 96 123 115 102 1 Adjusted to allow for seasonal variations. ' Not adjusted for seasonal variations. ' Preliminary. r Revised. * Revised indexes; see BULLETIN for November, 1929, pp. 706-716. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16 FEDERAL RESERVE BULLETIN JANUARY, 1930 INDUSTRIAL PRODUCTION INDEX OF INDUSTRIAL PRODUCTION [Adjusted for seasonal variations. 1923-1925 average-100] Month 1923 1924 1925 1926 1927 1928 1929 January . 100 100 106 107 107 105 117 February 100 102 105 107 109 109 117 March 103 101 105 108 112 109 119 April 107 95 103 108 109 109 122 May 107 89 103 107 111 109 123 June .. 106 85 102 108 109 109 126 July 104 84 104 108 106 110 124 August 102 89 103 111 107 112 123 September— 100 94 102 112 105 114 121 80 October 99 95 105 111 103 114 117 November ... - -- 98 97 107 108 99 112 » 106 December 97 101 109 106 100 113 Annual index... 101 95 104 108 106 110 60 1925 1926 1927 1928 1929 INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS f m a a c A t n l u u l r - es s I a t r n e o e d n l Textiles pr F o o d o u d c ts ! p P r * £t P d n er g m A o u b t i o le - s Le s a a h n o t d e h s e r a C n b e d r m i e g c l n k a , t s , s i N m f o e e t r n a r - l o s us r P e l f e e i t u n r i m o n - g Ru t b ir b e e s r T f m a o a c b t n a u u c r - e c s o 1928 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. 114 120 112 98 116 1*2 103 122 121 160 167 126 November 112 120 113 102 i 115 94 97 122 j 126 159 155 124 December 114 123 111 104 I 114 103 92 130 128 159 143 127 1929 j January 117 117 116 103 122 154 96 134 124 159 147 131 February 117 126 113 101 | 123 152 08 123 i 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 I 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 i 127 171 141 131 August 124 143 120 99 125 146 116 142 122 176 114 133 September 122 139 116 98 128 136 116 143 126 174 117 142 October... 117 124 118 96 124 116 113 141 ! 121 178 '113 135 November P 105 100 108 96 130 i 118 171 93 130 INDEX OF PRODUCTION OF MINERALS, BY PRODUCTS All min- Bitumi- Anthracite Crude Iron ore erals nous coal coal petroleum shipments Copper Zino Lead Silver 1928 July 100 67 119 104 113 117 97 76 August 105 91 94 123 104 116 120 107 87 September 107 94 95 124 110 123 114 115 79 October 114 99 119 127 114 128 110 108 79 November 113 99 113 127 106 131 111 111 93 December 112 96 98 132 133 106 109 100 1929 January .. - . , 117 103 110 138 129 100 111 93 February 120 109 110 138 136 106 99 91 March 107 89 77 134 135 112 112 93 April 115 100 95 133 141 116 125 103 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 - '114 97 81 146 M21 119 127 107 91 September 118 101 106 141 121 125 124. 119 89 October 118 101 116 141 107 123 112 115 94 November _ "109 96 92 131 98 117 105 113 9 110 » Preliminary. r Revised. •Corrected. NOTE.—These tables contain, for certain months, index numbers of industrial production, together with group indexes for important components. The combined index of industrial production is computed from figures for 60 statistical series, 52 of manufactures, and 8 of minerals. Adjustments have been made in the different industries for the varying number of working days in each month and for customary seasonal variations, and the individual products and industries have been weighted in accordance with their relative importance. The sources of data and methods of construction were described in the BULLETIN for February and March, 1927. Revisions of figures from 1923 to 1928 were published in the BULLETP* for March, 1929, pp. 192-194. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

17 JANUARY, 1930 FEDERAL RESERVE BULLETIN PRODUCTION OF MANUFACTURES, BY INDIVIDUAL LINES* Novem- October, Novem- Novem- October, November, 1929 1929 ber, 1928 ber, 1929 1929 ber,[1928 Iron and steel: Leather and products: Pig iron 107 118 111 Leather, tanning— Steel ingots 99 124 121 Sole leather l 96 94 93 Textiles: Upper leather- Cotton consumption 104 117 115 Cattle 85 97 69 Wool- Calf and kip . . .. 89 99 77 Consumption... . 94 109 98 Goat and kid 145 '147 122 Machinery activity * 83 91 97 Boots and shoes 104 116 100 Carpet and rug loom activity 1. 88 96 93 Stone, clay, and glass: Silk- Cement 109 113 117 Deliveries lfrt 158 141 Plate glass. . . .. 149 172 143 Loom activity l 128 130 119 Nonferrous metals: Food products: Copper (smelter) 126 125 136 Slaughtering and meat packing— Lead 114 115 111 Hogs 101 104 99 Zinc 105 112 111 Cattle . 82 86 85 Tin l . _ . 113 126 117 Calves _ 88 88 93 Chemicals and allied products: Sheep 125 125 129 Petroleum refining— Flour . .. 92 91 96 Gasoline1 209 215 186 Sugar meltings 106 99 139 Kerosene 93 103 95 Paper and printing: Fuel oil»... 136 142 134 Wood pulp and paper- Lubricating oil1 110 121 119 Newsprint 92 94 100 Coke production— Book paper ._ 122 By-product 138 146 133 119 116 Beehive 38 44 38 Wrapping paper 96 109 Rubber tires and tubes: Paper board . . . . 128 128 Tires, pneumatic 96 ' 117 162 Wood pulp, mechanical 92 101 Inner tubes 74 •"86 107 118 110 Tobacco products: Paper boxes 146 158 134 Cigars . 96 99 96 Newsprint consumption 133 139 134 Cigarettes 160 168 148 Lumber: Manufactured tobacco and snuff.. 89 89 93 Flooring 67 87 119 Transportation equipment: Automobiles. _ 83 116 94 Locomotives 45 57 22 Shipbuilding 22 1 Without seasonal adjustment. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 FEDERAL RESERVE BULLETIN JANUARY, 1930 FACTORY EMPLOYMENT AND PAY ROLLS INDEXES OF FACTORY EMPLOYMENT AND PAY ROLLS [Without seasonal adjustment. Monthly average 1923-1925=100] FACTORY EMPLOYMENT AND PAYROLLS Factory employment Factory pay rolls Month 1926 1927 1928 1929 1926 1927 1928 1929 January 100.8 98.1 94.2 97.4 101.2 98.6 95.7 100.9 February 101.9 99.7 95.7 99.7 105.6 104.8 101.1 108.4 March 102.6 100.4 96.6 101.3 107.4 106.3 102.5 111.1 April 101.9 99.8 96.0 101.8 105.3 105.0 100.3 111.7 May 100.9 99.1 95.7 101.6 103.8 104.3 100.8 111.5 June 100.7 99.0 96.2 101.2 103.8 102.5 100.9 109.2 July 99.3 98.0 95.7 100.7 99.3 98.6 98.3 104.8 August 101.1 99.2 98.3 102.0 103.6 102.2 102.5 109.4 September. . 103.5 100. 6 100.3 103.4 105.0 101.9 104.2 110.5 October 103.2 99.3 100.2 102.1 108.3 102.5 107. 5 110.0 November.. 101.2 96.9 98.8 98.2 104.6 98.5 103.6 102.0 December... 100.0 95.5 98.1 103 8 99.4 104 2 Annual index 101.4 98.8 97.2 104.3 102. 0 j 101. 8 10 1925 1926 1927 1928 1929 1930 INDEX OF FACTORY EMPLOYMENT, BY GROUPS Transportation Chemicals Month s I a t r n e o e d n l ch M in a e - ryTextiles p F u r o c o o t d s d - a in n g d L p u a b r u c n o e m t d d r s - - G e ro q u u p ipm m A e o u n b t t i o le - s Le u a a c n t t d h s er m c g a C l l e n a a e n y d s - t s , , N m r o e o n t u a f s e ls r- j Petro- R p u u r c b o t b d s e - r b p u T a r c o c o t c d - s o ing 1928—June.... 95.5 93.2 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 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 i 102.6 110.7 88.0 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 i 103.9 111.6 94.7 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 i 105.8 113.4 96.7 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 I 104.3 113.2 99.1 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 1 104.0 109.8 98.9 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 1929—January 1 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 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 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 i 109.2 113.3 92.0 April 99.7 116.7 99.3 90.2 102.5 88.2 101.7 131.4 90.6 90.5 107.7 119.0 | 111.9 114.3 91.3 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 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 July 99.8 121.5 91.5 99.8 103.6 90.5 96.4 117.8 94.6 91.6 100.5 108.9 ! 120.0 114.2 90.5 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 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 October 99.4 118.7 99.8 104.2 106.1 90.1 90.2 101.3 99.3 91.9 98.5 116.1 ! 124.6 102.7 95.0 November.. 97.0 115.0 97.1 101.6 106.7 86.7 82.9 83.7 94.4 88.9 93.6 113.8 • 123.7 91.2 96.1 INDEX OF FACTORY PAY ROLLS, BY GROUPS I Chemicals Month 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 - f m e N r e r o t o a n u l - s s Group P r l e e e f u t i r n m o - - p R u b r u c o e b t r d s - - b p u a T r c o c o t c d - s o - I ing 1928— June 102.8 109.0 104.8 102.9 104.2 112.5 89.7 July_ , 103.1 107.3 101.2 102.5 107.1 114.8 84.9 August 101.5 107. 5 106.7 103.6 108.6 117.9 88.7 September. 104.3 109.2 109.4 106.3 109.3 123.8 92.9 October.... 106.0 111.5 116.6 109.2 107.8 120.4 95.2 November. 104.9 111.7 118.5 108.2 107.1 112.4 94.1 December.. 106.3 113.7 120.5 108.1 107.2 114.1 94.3 1929—January 101.3 102.2 111.4 114.5 117.4 106.3 105.3 118.8 76.3 February.. 107.2 102.5 113.0 147.4 124.1 111.3 110.2 145.8 82.3 March 108.5 101.2 114.9 148.2 127.6 113.6 112.1 146.7 84.4 April 110.5 100.4 113.3 152.0 127.0 117.8 117.1 150.2 86.1 May 111.6 103.1 114.3 147.1 123.1 113.1 118.9 146.5 86.1 June 109.9 105.6 113.6 130.9 117.0 111.2 120.0 120.6 88.5 July 103.5 105.6 111.4 110.2 112.6 111.2 123.3 115.1 87.9 August 109.3 105.0 112.8 128.0 113.2 113.0 125.1 110.9 90.6 September. 108.9 108.1 116.3 120.3 ! 112.1 116.0 129.3 104.9 93.4 October 107.9 108.8 117.8 108. 0 j 112. 5 118.2 129.4 100.9 94.2 November. 100.0 105.5 117. 2 84.3 115.6 126.3 85.9 94.3 NOTE.—These tables contain index numbers of factory employment and factory pay rolls for certain months, together with group indexes for Important industrial components. The nature and sources of basic data and the method of construction were described and the indexes for the period January, 1919, to November, 1929, were published in the BULLETIN for November, 1929, pp. 706-716. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUART, 1930 FEDERAL RESERVE BULLETIN 19 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 i 19271928 1929 January Ill 94 104 100 143 120 133 128 February-. i 106 96 113 88 145 131 153 119 March i 146 151 144 118 129 134 128 104 April 139 147 157 156 120 127 135 135 May 134 135 163 143 123 122 148 130 June ! 133 154 158 133 121 141 145 122 July 126 130 142 159 124 128 139 156 August 148 135 126 119 133 121 113 107 September 137 127 143 108 134 125 140 106 October ; 126 137 145 109 122 133 141 105 November 119 114 115 95 130 125 126 105 BUILDING CONTRACTS AWARDED December 131 116 105 77 142 126 116 85 ^» With Seasonal Adjustment — Without Adjustment Annual Index ! 130128 135 1 1925 1926 1927 1928 1929 BUILDING CONTRACTS AWARDED. BY FEDERAL RESERVE DISTRICTS [Value of contracts in thousands of dollars] Federal Reserve District Month 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 Dallas 1928 November... 471,482 29,154 136,525 28,017 j 56,684 33,621 18,550 99,429 I 27,302 7,896 13,908 20,397 December 432,756 26,405 140,159 32,082 : 31,755 ! 29,973 23,362 76,924 \ 31,378 5,886 16,511 18.323 | 1929 January 409,968 26,556 104,447 26,306 i 54,680 28,748 25,745 77,439 ! 25,479 7,466 15,668 17,434 February.... 361,274 25,352 76,064 32,369 36, 360 34,252 69,845 i 23,372 4,757 12,874 23, 665 March 484,848 30,044 113,466 35,399 47,078 32,979 25,398 107,289 i 38,795 8,343 22,854 23, 204 April 642,061 38, 459 171,551 67,064 i 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 j 33, 578 141,450 i 41,020 I 17,309 23,955 24,610 June 545,891 33,050 I 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 i 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 I 97,130 24,902 i 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, 465 10, 346 20, 8S3 16, 960 October, 445,642 36,619 I 105,025 33,574 ' 74,307 25, 601 17,434 83,609 25,649 6,343 16,397 21, 085 November. ...j 391,013 22,746 j 168, 750 24, 226 23,950 22,870 12, 568 57, 879 18,679 11, 703 13, 541 14,100 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 t d ri u a s l - m C e o rc m ia - l i j p w a u o n b r d l k i s c E ti d o u n c a a l - ot A h l e l r utilities Number ! Novem- | October, Novem- Federal reserve district of cities | ber, 1929 ; 1929 ber, 1928 1928 October 239,692 62,259 67,330 148,697 31,293 47,833 United States. 168 I 159,651 199,031 207, 603 November 200,226 38,665 68,309 93,228 30,023 41,032 ! December 178,323 38,248 06,773 80,194 25,370 43,849 jBoston 4,174 9,063 10, 377 New York 62, 208 61,485 70,161 1929 Philadelphia.. 10, 284 14, 258 12,971 January 138,069 63,109 100,378 66,522 17,746 24,145 Cleveland 12, 678 17,563 11,418 February 129, 486 56, 092 68,265 57,593 22, 577 27, 261 March 197,172 55, 837 75, 584 71,508 37, 525 47,221 Richmond 5,312 9,686 13, 266 April 256, 780 68, 230 77,988 152,127 29,857 57,079 Atlanta 2,595 3,615 5,450 May 192,015 80, 769 86,471 139,388 38,195 50, 928 Chicago 28,658 41,183 39,597 June 189,809 70, 036 80,884 120, 841 43, 417 40, 904 St. Louis 3,024 3,637 7,514 July _ 199,926 66, 604 91,348 194, 547 47,979 52, 032 August 146, 088 75, 265 71,955 119, 288 32, 349 43,937 Minneapolis.. 2,759 3,385 3,651 September 118, 381 52,640 76,921 117,229 29. 826 50,405 Kansas City.. 14 ; 6,627 6,678 0,486 October 137,690 60,864 67,733 85,116 36,893 57,347 Dallas 4,684 7,554 7,844 November 113, 523 39, 674 101, 769 72, 361 25, 702 37,984 San Francisco. 20 I 16, 649 20,924 18,869 NOTK.—Figures for building contracts awarded are for 37 States east ot the Rocky Mountains, as reported by the F. W. Dodge Corporation. Adjusted indeids by months back to 1923 were published in the BULLETIN for March, 1929, p. 196. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 FEDERAL RESERVE BULLETIN JANUARY, 1930 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 Grain c d h i a s n e - Month adjustment adjustment Month Total p g a r r n o a d i d n - s L t i o v c e k - Coal F p u o r c o re t d s s - t m l. a i c s L c i . d e l. l- 1928 1929 1927 1928 1929 ucts lane- January 93 95 101 ous February.- 91 90 97 96 March 102 100 101 98 96 97 April 92 88 96 I 95 92 100 1928—October 106 107 91 102 91 111 May 91 93 96 97 99 102 November 104 108 82 105 92 107 June 91 89 91 | 96 92 96 December 103 105 85 102 91 108 July 91 90 96 | 96 94 101 1929—January 104 99 82 108 90 109 August 112 110 113 102 101 '104 February 107 106 82 118 80 109 September 113 111 114 | 98 96 99 March 103 103 81 89 87 111 October _ 108 112 115 ; 94 97 100 April 111 98 90 102 94 114 November 97 99 97 99 May 111 99 86 103 98 114 December 85 84 95 95 June 108 113 79 98 92 112 July 108 132 80 94 92 112 Annual average 97 96 August 109 109 78 100 94 113 September 108 91 86 106 88 113 October 104 88 88 102 87 111 SALES IN INDIVIDUAL LINES OF WHOLESALE TRADE November 99 80 80 103 79 103 [Index numbers. Monthly average, 1923-1925=100] DEPARTMENT STORE SALES AND STOCKS [Index numbers. Monthly average 1923-1925=100] Drugs Furniture Without seasonal With seasonal adjustment adjustment Num- Without seasonal adjustment Fede d r i a s l t r r i e c s t erve s b t e o r r e o s f 1929 1928 1929 1928 1928 November. 100 117 90 66 105 98 114 106 Nov. Oct. Nov. Nov. Oct. Nov. December . 88 108 69 51 59 86 120 89 1929 SALES J F a e n b u r a u r a y ry. _ 8 9 3 1 1 1 1 1 3 7 8 8 4 4 11 7 4 4 8 9 4 8 8 7 2 6 1 10 3 5 1 9 8 1 0 United States... 523 123 128 122 108 109 106 March 90 117 92 136 110 95 119 105 Boston _ 38 119 127 119 106 110 106 April 92 115 80 85 100 99 118 101 New York 64 133 146 134 113 118 114 May 96 121 78 60 113 98 111 09 Philadelphia 60 114 122 114 91 106 90 June 95 122 70 49 90 97 105 93 Cleveland 59 108 118 110 100 102 101 July 99 123 74 69 110 95 HI 88 Richmond 29 133 131 127 110 109 106 August 101 120 111 156 130 99 121 118 Atlanta 44 112 121 120 98 96 105 September. ••102 127 110 139 129 105 124 129 Chicago 105 135 129 132 122 112 119 October 110 129 102 110 114 112 '140 140 St. Louis 19 119 117 119 104 97 104 November. 99 *112 83 60 91 95 118 106 Minneapolis 20 91 87 91 86 77 86 Kansas City l 27 112 112 108 With seasonal adjustment Dallas 22 129 129 126 114 105 111 San Francisco 36 125 129 118 120 116 114 1928 STOCKS N D o ec v e e m m b b e e r r 1 1 2 1 2 5 101 1 7 0 2 0 100 1 1 1 2 3 8 1 9 0 4 1 D A S S N M B K R C P C a t h h o i l a e t a . i n e c l i w l i s n n a l v c l h L t U n s a a o a n F e m o a s d e Y g n n l t r s u a a e a o o a i o i p n l _ . t n n C s p r e d o d c k d h i l i t i i s y s a S c 1 o t _ a _ tes... 4 3 3 2 8 3 4 2 2 3 4 1 5 1 2 3 1 1 8 7 3 1 9 1 5 6 9 1 1 1 1 1 1 1 1 1 1 1 9 7 0 3 0 0 1 1 1 1 0 2 3 7 3 9 7 0 3 4 5 4 0 3 5 0 1 1 1 1 1 1 1 1 1 1 9 9 1 0 1 7 0 2 0 1 0 3 1 4 6 9 3 7 5 8 S 4 2 3 0 1 1 1 1 1 1 1 1 1 1 1 1 8 9 0 2 1 2 1 1 1 2 0 1 1 1 6 2 6 4 8 5 2 3 0 8 4 8 1 1 1 1 9 9 9 9 9 7 9 8 0 0 1 1 7 5 0 5 3 9 2 9 7 0 5 0 1 1 1 1 9 9 9 9 9 0 7 8 0 1 0 0 6 5 0 7 4 3 4 6 1 1 7 6 1 1 1 1 1 1 1 9 9 9 0 8 0 1 0 7 0 0 0 0 7 2 4 2 4 0 2 7 3 8 7 J J J M A M F A S N O u a u e e p u c o n a a n l p b t r y g v y r u e o t i r c u e l e 1 a b u h m s 9 m r e a t 2 y r b r b 9 y e e - r r 100 1 1 1 1 1 1 1 1 1 1 2 2 2 1 1 1 2 1 2 1 1 1 3 9 9 7 2 6 0 8 1 8 9 8 9 9 8 0 8 9 8 9 0 6 8 8 1 7 1 8 5 8 6 1 1 1 1 1 1 8 9 3 9 9 1 0 9 0 1 1 7 5 8 6 1 2 6 5 7 9 8 1 9 8 9 9 9 9 9 9 9 9 0 7 6 7 8 7 2 2 3 7 6 0 i 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 2 1 1 1 3 0 6 6 7 4 J 2 4 8 6 3 8 ' ' 1 1 1 1 1 1 1 1 1 1 9 0 0 9 9 0 0 0 1 8 5 3 1 1 6 0 4 7 1 5 i Monthly average 1925=100. * Preliminary. ' Revised. Index described in BULLETIN for February, 1928. Index described in BULLETIN for December, 1927. SALES OF CHAIN STORES [Index numbers of sales. Monthly average 1923-1925 = 100] Num- Number of stores Sales wi j t u h s o t u m t e s n e t a » sonal ad- Sales with s m ea e s n o t n l al adjustber of Chains reporting Novem- October, Novem- Novem- October, Novem- Novem- October, Novemfirms ber, 1929 1929 ber, 1928 ber, 1929 1929 ber, 1928 ber, 1929 1929 ber, 1928 Grocery 34 30,417 30, 339 29,455 241 257 219 237 244 215 5-and-10-cent - 14 3, 609 3,574 3,200 174 176 158 166 159 151 Drug _ 13 1,350 1,280 1,083 215 209 169 227 202 178 - 1 Figures relate to reporting firms—with no adjustment to eliminate the influence of increase in the number of stores operated; thus indexes given reflect the full growth of the business of the reporting companies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1930 FEDERAL RESERVE BULLETIN 21 DECEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates, by States, for Dec, 1 as made by the Department of Agriculture] [In thousands of units] Corn Total wheat Spring wheat Winter wheat Federal reserve district (Production, Estimate, iProduction, Estimate, Production, Estimate, Production,! Estimate, ! 1928 Dec, 1,1929! 1928 Dec. 1,1929 1928 Dec. 1,1929 I 1928 j Dec. 1,1929 ; Bushels Bushels i Bushels Bushels Bushels Bushels Bushels \ Bushels Boston ___ 8,890 8,818 ! 96 110 96 110 I. New York _ 25,884 24,625 : 5, 506 5,373 173 136 I 5,333 5,237 Philadelphia .... 45,500 42,371 • 16,140 18,620 85 99 16,055 18, 521 Cleveland _ ... : 117744,338811 170, 082 13,107 38, 539 164 07 ! 13, 003 38, 442 Richmond... __ ...i 139,133 148,109 25, 880 26,147 25,880 26,147 Atlanta _ : 138. 091 174,605 4, 392 4,144 4,392 j 4,144 Chicago ..; 1,002,745 888,623 ; 43, 321 63, 268 6, 582 4,576 ! 36,739 i 58, 692 St. Louis . 3(51,225 312,957 ; 30, 821 44, 676 724 417 I 30,097 j 44,259 Minneapolis. _. 277, 651 294,781 : 292, 178 184, 66.5 275, 780 172,350 10, 398 12,315 Kansas City... 519, 901 445,415 i 334, 755 267, 493 14, 320 12,187 320,435 | 255,306 Dallas 114, 742 101,149 I 23, 064 39,923 188 343 22,876 ! 39, 580 San Francisco. 10,758 10,654 ; 125, 556 113,550 38, 091 37,857 87,465 j 75,693 Total _._j 2,818,901 2,622,189 j 914,876 336, 203 228,172 ! 578, 673 j 578,336 ! Oats Tame hay Tobacco White potatoes Cotton Federal reserve ! r j — district iProduction,! Estimate, !Production,! Estimate, !Production, Estimate, Production,! Estimate, Production, Estimate, 1928 Dec. 1,1929 ; 1928 [Dec. 1,1929 j 1928 Dec. 1,1929 1928 Dec. 1, 1929! 1928 Dec. 1,1929 I Bushels Bushels i Tons Tons i Pounds Pounds Bushels Bushels Bales Bales Boston 7,921 8,722 : 4, 996 4,981 j 38,915 | 38, 090 48,112 56,117 New York 35, 050 25,937 ! 6,811 6,958 j 1,317 j 1,076 36, 991 28,010 Philadelphia.. 21,770 18,771 3, 347 3,061 ! 49, 5S0 47, 601 30, 208 23, 623 Cleveland 106,377 64,498 ! 5, 932 7,168 • 121,494 141,099 23,511 20,175 Richmond 22, 865 26,875 ' 4', 449 4.190 i 707, 020 741,560 48, 386 37,845 1, 606 1,626 Atlanta.. 10, 746 15,814 : 2, 881 2,942 ' 157,013 181, 396 14,843 11, 964 2,758 3,463 Chicago 615, 066 505,205 I 16, 853 23,201 i 48,135 46, 583 76, 982 45, 869 St. Louis 66,278 51,166 i 7, 900 9,114 ! 244, 039 296, 264 19, 510 13,313 12,715 Minneapolis.. 321,611 284,881 : 12. 048 12, 190 i 4,086 4, 508 75, 449 46, 233 Kansas City.. 158, 510 152,447 i 12, 424 12,348 i 2, 948 2,714 40,118 31,933 1,147 1,211 Dallas.. 37,983 49,434 ! 1,281 1,284 j. 3, 746 3,122 5, 946 4,878 San Francisco. 35,230 34,904 ! 14,429 14.278 47, 494 39,247 306 382 i 1,439, 407 1,238,654 ; : 93, 351 101, 715 1, 374, 547 1, 500,891 465, 350 357,451 14,478 14,919 1 Includes 7,000 bales grown in miscellaneous territory. NOTE.—Figures for 1928 are as revised in December, 1929. 87228—30 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 FEDERAL RESERVE BULLETIN JANUARY, 1930 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. 396] Month t T c r ( i o o 4 e u s 0 t n a ) l - i U St n a i t t e e s d 3 t g A i e n r n a - - 3 A t l r u i a a s - - g B iu e m l- B zi r l a « - C ad a a n - «l E a n n g d - * France m G a e n r y - d I i n a - » Italy p J a a n - " N la e e n r t d - h s - R si u a s- Spain S l z a w e n r i d - t- c o t o r t 2 i h u 4 e e n s r - 1927—December... 9,536 3,977 529 105 100 101 152 742 954 444 119 239 542 161 97 502 100 672 1928—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 1,200 571 119 266 541 175 76 504 90 699 October 9,944 3,769 611 107 113 146 108 803 L, 207 603 119 266 541 175 82 504 91 701 November. _ 9,990 3,754 610 107 115 148 133 778 L, 239 625 120 266 541 175 92 494 91 702 Deceinber... 9,999 3,746 607 108 126 149 114 750 1,254 650 124 266 541 175 92 494 103 702 1929—January 10, 032 3,746 605 109 126 149 79 744 1,333 650 128 266 541 175 92 494 93 702 February 10,054 3,776 603 109 126 150 78 736 1,334 650 128 266 541 175 92 494 93 703 March 10,085 3,814 585 110 126 150 78 748 1,340 639 128 270 542 170 92 494 93 706 April 10, 042 3, 889 569 110 134 150 78 762 L, 403 451 128 270 542 174 92 494 95 701 May 10,113 3, 931 564 106 134 151 78 795 L, 435 420 128 270 542 176 93 494 96 701 June _ 10,12G 3, 956 527 108 139 151 76 780 1,436 455 128 271 542 176 93 494 96 699 July 10,142 3,974 513 111 141 151 76 694 1,462 512 128 271 541 181 103 495 98 692 August 10, 224 3,995 507 113 141 151 77 670 1,526 520 128 271 541 178 119 495 98 694 September.. ' 10, 259 4,008 497 114 142 151 77 648 L, 545 527 128 272 541 178 132 495 103 ••694 October n 0.283 4,023 476 109 143 151 77 643 L, 570 531 128 272 541 178 142 495 103 *699 November._ »10,289 4,003 » 453 97 151 »151 78 659 I, COO 534 128 273 542 180 142 495 105 »699 December »3 900 711 VL 633 *>544 147 ' .Revised. » Government conversion fund and Bank of the Nation. *» Preliminary, based on latest available figures. 4 Bank of Brazil and stabilization fund. 1 All countries for which satisfactory figures are available; see explana- »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. 1 Treasury and Federal reserve banks. 8 Domestic holdings of Bank of Japan and the Japanese Government. GOLD MOVEMENTS [In thousands of dollars] South United States Germany Great Britain Netherlands Africa India Month p I o m rt - s > E o x r - ts Net p i o m rt - s p E o x r - ts i | 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 ! March ! 26,470 1,635 24,835 1,70i 804 897 25,734; 7,746' 17,987 133| 14,320 -14,187; —21, 542 13,063 April 24.687 1,594 23, 093 1, 768 223, 247 -221,4S0 16,144: 3,714' 12,430l 1651 2 163! — 15,871 6,580 May 24,097 467 23, 630 1,946 781 1,165 28, 284. 4, 652 23. 632| 4,338: 23 4,315i -17,975 6,076 June ; 30,762 550 30,212 7,493 681 6,812 2!,08n! 40, 001 i—18, 917} 1901 17 173| -22,625 3,596 July i 35.525' 807 34,718 48, 728 716 48,012 22, 578! 100,479!-77,901 129! 8 121' — 14,816' 4,161 August _.-_! 19,271 881 18,390 27, 728 879 26, 849 17,226 59. 278; -42, 052: 103: 2,522 -2,419! -20, 981 2,774 September ! 18,781 1,205 17,576 9, 939 851 9, 088 18,301i 41,283^-22, 9S2; 80 17 63 —15,375 3,390 October. _ ' 21,321 3, 805 17, 516 4, 621 1,002 3,622 28, 59 i | 26,794: 1,796 177: 12 166 -15, 378; 3,146 November j 7,123 30,289 -23,166 5,093 919 4,174 36,249j 27,844 8,405 107i 15 92 -20, 922: MOVEMENTS TO AND FROM GREAT BRITAIN MOVEMENTS TO AND FROM BRITISH INDIA [In thousands of dollars] [In thousands of dollars] 1929 1928 1929 1928 From or to— November Jan v u e a m ry b - e N r o- Calendar year From or to— September Jan t u e a m ry b - e S r ep- 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 i 156 19,470 1,834 151,118 912 j~97,178 Germany _ I 5 1, 309 3, 200 90, 649 258 ! 102,423 England 436 8,430 ! 11,071 I N Ru e s th si e a r lands ; i 93 14,382 1,070 18,5 1 8 4 2 5 j i . 7,081 A U d n e it n e d a n S d t a d t e e p s enden- 22 j 4,086 Spain and Canaries.1 22 357 9,733 ! 199 cies 70 7S1 i 910 Switzerland ' 631 10, 083 13,493 Arabia 34 1, 001 i 870 United States ' 64 61, 293 32,532 j 32,132 British Oceania 3S7 2, 504 i 6,067 South America 10,774 29,195 1,166 j 1,074 Bahrein Islands 112 I 285 British India L__ C91 0, 352 10, 770 Ceylon 878 3.551 1 j 720 British Malaya ' 86 2,138 71 ! 1,810 China.. 9 151 ! 153 Egypt.. __..: 2 3, 78G 1,309 1,384 Mesopotamia 237 1, 755 I 1,543 Rhodesia. ! 410 4,228 I 5,280 Straits Settlements.. 17 28 j 200 48 Transvaal ' 16,269 108,584 j 144,482 Egypt 403 ! 6,714 West Africa _.._: 159 3,384 16 Natal 28,397 j 44,387 All other countries..! 2, 475 5, 540 13* 228 30, 612 14,803 26,978 All other countries.. 5 19 ! 44 Total ... 36,249 ! 27,844 |238,383 361,006 232,658 ! 294,539 Total.. i 3,390 I 52,116 46 76,007 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1930 FEDERAL RESERVE BULLETIN 23 CONDITION OF CENTRAL BANKS [Figures are for the last report date of month] 1929 1928 1929 1928 No- : i Sep- I No- j ; No- Octo- Sep- Nojvember [ (ember vember | i vember ber tember vember Bank of England (millions of pounds National Bank of Belgium (millions sterling): of belgas): Issue department- Gold 1,083 1,028 1,023 829 Gold coin and bullion 134.7 131.0 • 131.9 ; 159.1 Foreign bills and balances in gold.. 567 604 551 539 Notes issued . 394. 7 391.0 | 391.9 ! 419.1 Domestic and foreign bills 82*> 820 748 637 Banking department— Loans to State „ ... 344 344 343 366 Gold and silver coin .7! 1.1! 1.3 • .8 Note circulation 2, 694 2,722 2,628 2,306 Bank notes 40. 2 32. 2 30.9 i 52.1 Deposits HU 127 90 109 Government securities 57.7 i 68.9 ! 68.9 i 52. 2 Other securities 17. 9 : 20. 2 i 22.2 ! 20.2 Bank of Brazil (millions of milreis): Discounts and advances 15.3 ; 5.9 ! 3.2 j 13. S Gold 407 407 407 Public deposits. .. 17.4 ! 14.4 j 14.7 21.5 Currency.- _ 661 709 511 Bankers deposits...- . 5S.2 ' 58.1 i 57.0 : 62. 4 Correspondents abroad _» 270 264 221 Other deposits 38.2 ; 38.1 ! 36.4 ; 37.2 Loans and discounts „„ 1, 364 1, 282 1,196 Reserve fatio' (per cent) 85.9 1 30.1 \ 29.7 i 43. 6 Securities 128 133 109 Bank notes in circulation J ..: 354. 0 ; 358.8 j 361.1 3G7. 0 Note circulation 592 592 592 Deposits.... 1,519 1,514 1,339 Bank of France (millions of francs): Gold 40, SOS i 40,051 39,411 ! 31,600 National Bank of Bulgaria (millions Sight balances abroad.. 7, .107 7,220 7,210 13,336 of leva): Foreign bills 18, 741 18, 705 18,623 i 18,805 Gold. ....... 1,386 1. 3S3 1,385 1,319 Loans and discounts... —j 13,155 11, 231 11,576 j 5,535 Net foreign exchange. 846 1, 222 1,200 Negotiable bonds | 5,012 5, 612 5,612 | 5, 930 Total foreign exchange 1,318 1, &>4 1,640 1,390 Note circulation • 08,159 j 68,267 66, 639 62, 660 Loans and discounts 1, 583 1. 719 1,614 1,205 Public deposits—— -; 13,871 i 13,373 13,629 12, 576 Government obligations 3, 505 3,546 3, 546 4,421 Other deposits —. 7,105 ! 6,681 5,958 6,119 Note circulation 3,900 4, 2T>5 4, 222 4,379 Other sight liabilities 2,144 2,267 2, 204 2, 664 German Reichsbank (millions of | Central Bank of Chile (millions of reichsmarks): pesos): G G R R L D o e e o o e s i a l l p c d d e n o h r s v a r s s e i b e m a t s s r n s e a o . d i r r a n v k d d e s f i o . s — i r c n e o i c g u i n n r c ts e u x la ch ti a o n n g e .-j ! ' j : 2 2 4 , , , 0 9 3 4 1 5 1 9 9 4 5 7 0 1 7 5 0 4 2 2 4 , , , 0 5 8 3 4 1 7 4 3 5 5 5 0 2 3 9 4 0 2 2 4 , , , 0 8 9 3 5 1 6 2 1 3 0 5 2 8 4 0 5 1 I i ; ; | ! 2 2 4, , , 5 3 4 1 7 3 8 S 7 7 2 8 2 3 3 o 4 D N G L D o o e o e a p l t p d e n o o s s c a s i i a i t t r t s n h c s d a . u o , b l m d a r i o t e s i a . c o . d o _ n u .. nts 4 1 1 6 8 6 0 3 4 2 ; 4 3 1 4 6 7 3 8 2 3 0 2 0 4 3 2 7 6 1 3 7 1 3 1 9 7 ! 5 3 1 6 0 1 1 6 1 5 9 1 2 Ilentenmarks in circulation 410 421 439 ! 537 Bank of the Republic of Colombia (thousands of pesos): Bank G T C L P u o o r o o e b a t l f a d d n l l I i i s c t t a n s a a t d o l n a y h e t d n e o p ( d m o m c d s i i b e i r i s l a t c c l s l u i o a o l u n a n n c t s i e t o s o s n f a l b ir r e o ) a : d ; ; j ' 1 5 5 5 6 , , , , 1 1 1 3 8 6 9 8 0 2 7 4 9 8 0 1 5 5 5 6 , , , , 1 1 3 4 9 9 8 0 3 7 6 0 0 6 7 1 5 5 5 6 , , , , 1 0 4 9 3 7 6 1 3 0 6 4 6 3 0 ! ! ; | 1 5 5 4 7 , , , , 8 3 0 9 1 4 0 1 5 9 1 0 9 2 2 G N G D Lo o o o e a p l l t d d e n o s s c a a i i b a t t r s r n c h o d u o a l m d d at i e i s o c n ounts 2 3 1 1 3 8 6 8 7 , , , , , 0 3 0 7 5 4 9 5 8 8 4 6 7 5 4 2 2 4 1 0 9 3 1 6 , , , , , 4 0 1 0 8 9 3 4 4 4 4 5 1 3 3 2 2 1 4 2 4 1 5 9 , , , , , 3 9 8 7 6 9 2 5 6 4 0 2 7 2 1 4 2 5 1 1 7 5 2 1 , , , , , 7 0 9 0 5 4 1 2 7 4 9 4 7 6 0 Other deposits ! 1,422 1,507 1,544 2,157 Czechoslovak National Bank (millions of Czechoslovak crowns): Bank of Japan (millions of yen): Gold. 1,259 j 1,192 1,157 1,098 Gold - i 1,063 ] 1,062 1,062 1,063 Foreign balances and currency. __ 1,954 1, 825 1,838 2,339 Advances and discounts 769 | 758 770 842 Loans and advances 994 1,197 1,147 392 Government bonds I 195 ! 195 194 192 Assets of banking office in liqui- Notes issued... I 1,279 | 1,290 1,286 1, 258 dation 366 391 392 437 Total deposits j 872 j 882 837 943 Note circulation 7,689 7,763 7,697 7,818 Deposits.. 416 449 475 777 Commonwealth Bank of Australia ! (thousands of pounds sterling): Danish National Bank (millions of I Issue department— ; kroner): Gold coin and bullion j 19,951 i 22,451 23,441 22,001 Gold 172 172 ! 173 173 Securities | 19,650 | 19,092 18,27222,184 Foreign bills, etc 87 92 I 94 96 Banking department— j ; Loans and discounts 82 , 70 63 Coin, bullion, and cash ; 1,386 j 1,975 2,504 1,316 ! Note circulation 370 ! 372 | 353 354 M d o o n n e y at short call in Lon- \ j 6,851 \ j 6,334 6,653 19,823 ; Deposits. fc 34 35 ! 30 26 Loans and discounts I 12,413 15,339 13, 691 11,314 Bank of Danzig (thousands of Dan- Securities | 13,423 14,030 14,922 10,414 zig gulden): Deposits ! 33,719 37,108 36, 558 43,589 Balances with Bank of England- 15,956 15,801 17,070 17,211 Bank notes in circulation i 37,915 38,342 37, 908 40, 633 Foreign bills, etc 11,711 I 12,500 I 12,360 18, 559 Loans and discounts 22,520 I 22,905 ! 22,92622, 560 Austrian National Bank (millions of i Note circulation 38,121 j 38,199 i 39, 49438, 567 schillings): ! Deposits 998 | 1,744 | 2,007 2,513 Gold i 169 169 169 169 Foreign exchange of the reserve..: 225 218 216 I 237 Bank of Estonia (thousands of Other foreign exchange , 328 331 357 | 327 krones): Domestic bills.. i 301 ! 307 289 I 145 Gold 6,373 6,361 | 6.350 6,414 Government debt ; 109 110 110 166 Net foreign exchange 18,932 20,177 '21,025 '26, 684 Note circulation j 1,072 1,081 1,079 984 Loans and discounts 28,329 27,542 :26,356 !30,186 Deposits.. i 61 56 65 63 Note circulation 35,15d 36,342 !35,791 j37, 709 ren * • c N R y a o n t t i e o o s t e o i s f a s g c u o c e l o d d u , a n le n t. s d s n a o m te o s u i n n ts b h a e n l k d i n in g d b e an p k ar in tm g e d n e t p t a o r t d m ep e o n s t it a n li d a b i i n l i c ti u e r s - Dep B G o a o s n i v t k e s e r - n rs ment 8 5 1 , , , 1 1 8 1 4 6 7 5 3 7 5 1 , , 59 9 8 0 9 1 8 8 2 ' ! i9 4 1 , , , 1 9 4 5 2 2 8 1 0 j ! | 1 4 1 7 , , , 0 1 5 8 1 6 2 8 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

24 FEDERAL RESERVE BULLETIN JANUARY, 1930 CONDITION OF CENTRAL BANKS—Continued [Figures are for the last report date of month] 1929 1928 1929 1928 Octo- Sep- Novem- Novem-I Octo- ! Sep- November i tember ber ber ber tember ber Bank of Finland (millions of Fin- j Bank of Poland (millions of zlotys): ! nish marks): j Gold at home 521 433 i 432 426 Gold 303 304 Gold abroad - ,_. 162 250 ' 232 182 Balances abroad and foreign j Foreign exchange of the reserve.... 422 412 i 422 508 credits ! 595 599 547 Other foreign exchange 94 100 ! 96 194 Foreign bills. 28 31 19 Loans and discounts 795 j 820 i 805 709 Domestic bills 1,225 1,217 1,290 Note circulation 1,366 | 1,392 I 1,354 1,270 Note circulation —I 1,347 1,377 1,440 Current account of the treasury. _ 270 1 275 | 282 286 Demand liabilities-.. I 236 241 | 146 Other current accounts 144 I 137 | 157 247 Bank of Greece (millions of drach- j Bank of Portugal (millions of escu- ~r mas): ; dos): Gold.... 636 623 Gold Net foreign exchange in reserve- 2, 665 2,822 Balances abroad 350 366 i 380 279 Total foreign exchange 4, 551 4,996 Bills 312 311 I 321 240 Loans and discounts 270 174 Note circulation 1,932 1,950 |, 1,936 1,924 Government obligations 3,596 3, 597 Deposits 55 48 ! 48 70 Note circulation 5,173 5,414 Other sight liabilities 1,660 1, 496 Na o t f i o le n i a ) l : Bank of Rumania (millions I National Bank of Hungary (mil- Gold at home 5,243 5,216 5,178 » 5,046 lions of pengos): Gold abroad 3,319 3,854 3,592 3 3, 654 Gold — Foreign exchange of the reserve.. 6,748 6,449 6,032 (4) F L o o r a e n i s g n a n b d i ll d s i , s e c t o c unts— : O Lo th a e n r s f a o n r d ei g d n i s e c x o c u h n a t n s ge 9,8 4 0 6 5 9,9 8 3 0 5 10,00 79 0 0) Advances to treasury State debt 6,062 6,752 7,472 * 12, 425 Other assets Note circulation 21,387 21, 962 21,393 10, 679 Note circulation Deposits 10,125 10, 894 10, 757 21, 756 Deposits - State Bank of Russia (thousands 1, 567 Miscellaneous liabilities of cbervontsi): Bank of Java (millions of florins): Loans and discounts .1438,670 1419,897 365,026 Gold -. Deposits _ .243,051 214,757 200,782 Foreign bills.. l3sue department— Loans and discounts i Gold J 27,603 25,595 17,819 Note circulation Other precious metals ' 3,687 3,848 4,507 Deposits • Foreign exchange 8, 555 7,762 8,183 I Note circulation.. 156,586 ! 146, 628112,130 Bank of Latvia (millions of lats): I South African Reserve Bank (thou- Gold ' sands of pounds sterling): N G F L B o o o o i r l a v t e l e n e s i s g r . c n . n i . r m c e u e x l n c a t h t a i d o n e n g p e o r s e i s ts e . r _ ve i I ! ! [ F G D N D o o o o e r l m t e p d e i o e g c s s n i t i r i t c b c s u i - l b l l a i s l t l i s on _ 3 9 7 5 , , , , 0 2 8 2 9 7 8 9 0 8 f ' i 8 6 7 1, , , , 6 2 9 3 0 3 8 0 0 8 8 7 1 V 7 7 , , , 3 9 9 1 1 4 9 8 1 5 : 5 • 7 6 1 9 , , , , 1 7 9 2 6 4 5 8 8 6 1 3 Other deposits.. Government 1,714 I,p34 2,160* 2,121 | Bankers... 4, 695 4,780 4,625 5,183 Bank of Lithuania (millions of litas): Others 382 322 291 275 Gold Foreign currency _. Bank of Spain (millions of pesetas): Loans and discounts Gold 2,565 2,565 2,565 2,559 Note circulation Silver 711 705 712 698 Deposits- Balances abroad... 90 89 89 91 Loans and discounts 2,181 2,212 2,241 1,916 Netherlands Bank (millions of flor- Note circulation 4,390 4,442 4,359 4,327* ins): Deposits 908 924 933 Gold.... Bank of Sweden (millions of kronor): Foreign bills. _. Gold. _ 240 241 242 237 Loans and discounts Foreign bills, etc 256 233 222 179 Note circulation Loans and discounts 323 313 376 308 Deposits Note circulation 573 554 580 538 Deposits 153 141 163 112 Bank of Norway (millions of kroner): Gold _ Swiss National Bank (millions of Foreign balances and bills francs): Domestic credits Gold 546 534 533 469 Note circulation—— Foreign balances and bills 288 281 216 263 Foreign deposits.. Loans and discounts 174 189 226 197 Total deposits 101 D N e o m te a c n i d rc u d l e a p ti o o s n its.. 9 1 2 0 8 2 9 8 4 0 4 9 7 4 1 4 8 1 7 0 8 9 Reserve Bank of Peru (thousands of National Bank of the Kingdom of libra): Yugoslavia (millions of dinars): Gold 3,836 3,863 3,779 4,105 Gold 95 94 94 91 Gold against demand deposits j 580 553 637 3,011 Foreign notes and credits 289 276 282 267 Foreign exchange reserve ! 60S 1,283 1,739 1,463 Loans and discounts 1,507 1,588 1,591 1,660 Bills., I 3,090 2,182 1,834 1,160 Advances to State 3,000 3,000 3,000 2,966 Note circulation | 6,422 6,362 6,434 6,059 Note circulation 5,690 5,773 5,695 5,598 Deposits 1,160 1,106 1,273 621 ! Deposits 1,308 1,176 1,025 639 ' 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

JANUARY, 1930 FEDERAL RESERVE BULLETIN 25 CONDITION OF COMMERCIAL BANKS [Figures are for the last report date of month except for London clearing banks, which are daily averages] 1929 1928 1928 Nine London clearing banks (mil- Joint-stock banks of Denmark (millions of pounds sterling): ; lions of kroner): Money at call arid short notice • Loans and discounts Advances and discounts .__; Due from foreign banks Investments _ i Due to foreign banks _ : Deposits i Deposits and current accounts : Six Berlin banks (millions of reichs- ; Joint-stock banks of Finland (mil- j marks): ; lions of Finnish marks): • Bills and treasury notes^.. Loans and discounts __, M Du is e c e fr l o la m n e o o t u h s e r l o b a a n n s k s_ ,....„ ; ! D D u u e e f t r o o m ab r a o b a r d o ad.. i j D A e c p ce o p si t t a s n ces „ „ .-.. • : Deposits .; Tokyo banks (millions of yen): Four commercial banks of France Cash on hand (millions of francs): Total loans _; Bills and national-defense bonds.. 19, 661 19, 299 20,457 Total deposits I Loans and advances 10, 773 10, 667 9,002 Total clearings ._ Demand deposits 31,833 I 31,548 33, 224 Time deposits 1,031 1,066 764 Four private banks of Italy (millions of lire): Cash 1,103 1,126 Bills discounted 8,404 8,855 Due from correspondents 5,501 5,144 Banks of Buenos Aires, Argentina | Due to correspondents. 13, 556 13, 735 (millions of gold pesos): | Deposits _. 3,102 2, 925 Gold- Bank of the Nation Joint-stock banks of Norway (mil- Other banks lions of kroner): Other cash- Loans and discounts 1, 252 1,258 1,268 1,393 Bank of the Nation .... Due from foreign banks _. 142 138 129 104 Other banks _, Due to foreign banks 85 83 86 i 94 Loans and discounts— Rediscounts 101 101 102 j 137 Bank of the Nation Deposits _. 1, 545 1, 555 1,558 ! 1,576 Other banks .... Deposits- Joint-stock banks of Poland (mil- B O a th n e k r o b f a t n h k e s Nation. 1,0 7 0 4 2 3 lio L D n o s u a e o n f f s r z o a l m o nd t y f o s d ) r i : e s i c g o n u n b t a s nks 84 3 3 8 | 84 3 2 6 ; | 7 3 6 4 0 Ch li a o r n t s e r o e f d do b l a la n r k s s ) : of Canada, (mil- 1 D Re u d e is to c o f u o n re t i s gn banks v 1 1 6 5 1 3 1 15 7 3 4 i i 1 1 7 4 2 9 1 1 4 4 6 9 Gold coin and bullion *__ 62 61 61 68 Deposits 545 • 541 471 C M N I D P G n u u o o o n o d b r l m t o n i d e r l v t e e i i c e i C y n n r d s i t e i a u o r . a s n . c l n a t . e o u d l r c a l n v a a d n r e o l t a e s l i t i o p e l a a a n o w g n n c s a a d d i i r y t i c s n d s u s s h _ i t l e s t a c c o t o u D i t o u r t o i n o n t m i o t e s t i s i n c i e on ... . 1 2 , , 7 6 2 4 5 1 1 7 1 2 6 8 8 2 1 5 0 9 5 7 2 1 , , 6 5 4 2 1 6 3 9 8 0 6 9 5 4 7 1 0 9 7 4 2 1 , ,5 5 5 4 1 1 8 5 8 6 9 9 6 4 2 1 5 9 0 0 2 1 , ,4 5 5 4 2 1 7 8 4 4 2 8 9 6 2 6 0 4 5 0 ! Jo l i io n F D L D R n t- o o s e e u s r a d p e t o e n o i o i f s t s g c s o c k k n i a o t r f s n o u o b b d n n r i a e l o t l d i s n s g r i k ) n s a : s c n b o d o a u f n n c k t r S s e s w di e ts d e a n b r ( o m ad il . - _ J j 4 3 , , 2 5 3 1 1 5 6 5 4 7 8 1 0 6 6 4 3 , , 5 3 2 2 1 6 4 1 2 0 6 2 8 3 9 4 3 , , 1 5 3 2 1 9 3 0 0 1 7 6 2 7 0 4 3 , , 3 1 5 1 1 4 1 7 3 6 9 5 6 4 5 1 Not including gold held abroad. » Preliminary. DISCOUNT RATES OF 34 CENTRAL BANKS [Rate prevailing January 1, 1930, with date of latest change] Country Rate j I s n i n e c f e f — ect Country Rate I s n i n ef c f e ec - t Country I Rate I s n i n e c f e f — ect Country I Rate In effect Austria 7W Dec. 9,1929 England... 5 Dee. 12,1929 Japan 5.48 Oct. 10,1927 j Portugal 8 July 27,1926 'Belgium 3^1 Jan. 1, 1930 Estonia... g Oct. 3,1929 Java July 22,1929 Rumania Nov. 26,1929 Bulgaria 10 ! July 2,1929 Finland... 7 Nov. 16,1928 Latvia Apr. 1,1928 Russia Mar. 22,1927 Chile.. Oct. 22,1928 France m Jan. 19,1928 Lithuania.. _, Feb. 1,1925 South Africa 6 | Aug. 17,1929 Colombia Nov. 20,1929 Germany. Nov. 2,1929 Netherlands I 4. Nov. 16,1929 Spain 5H' Dec. 19,1928 Czechoslovakia- Mar. 8,1927 Greece i 9 Nov. 30,1928 Norway j 5 Dec. 27,1929 Sweden 4^! Jan. 1,1930 Danzig.._ Nov. 23,1929 Hungary.. I 7H Nov. 4,1929 Peru.. 7 Nov. 23,1929 Switzerland- 33^' Oct. 22,1925 Denmark Dec. 27,1929 India I Oct. 31,1929 Poland I 8 Nov. 15f 1929 Yugoslavia.. 6 ! June 23,1922 Ecuador— May 15,1929 Italy 7 Mar. 14,1929 Changes.—Danish National Bank from 5^ to 5 per cent on Dec. 27, 1929; Bank of Norway from 5H to 5 per cent on Dec. 27, 1929; Bank of Sweden from 5 to 4H per cent on Jan. 1,1930; National Bank of Belgium from 4H.to_3^ per cent on Jan. 1,1930. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

26 FEDERAL RESERVE BULLETIN JANUARY, 1930 MONEY RATES IN FOREIGN COUNTRIES England (London) I Netherla d n a d m s ) ( Amster- ; i Sw l i a t n ze d r Bankers accept- T^suory Day-to-day ances, 3 months a. 27 4.10 3.29 6.20 3.80 3.12 6.72 3.89 3.20 6.71 3.93 3.29 6.66 4.17 3.32 6.59 4.11 3.40 6.74 3.84 3.44 6.68 3.90 3.41 .65 4. 35 3.38 6.57 4.42 3.38 6.28 i 4.74 3.35 6.28 i 4.68 I 3.32 1929 January 4.32 i 4.29 5. SO : 7.51 5.13 4.20 I 4.46 I 3.28 February 5.05 I 4.96 5.80 j 7.07 6.33 4.39 i 4.78 3.31 March 5.33 i 5.30 6.31 7.30 6.97 4.64 j 5.05 3.39 April 5.21 I 5.18 6.63 ! 7.57 6.85 5.36 5.81 3.45 May 5.21 i 5.21 7.49 9. 65 9.32 5.37 5.88 3.34 June 5.35 7.50 9.89 7.90 5.30 5.30 3.26 July 5.39 7.39 9.35 8.21 5.20 4.90 3.19 August 5.48 7.18 9.43 7.42 5.06 4.68 3.33 September 5.63 7.18 .48 7.86 I 5.36 5.32 3. October 6.19 7. 28 9.06 8.06 5.15 4.52 3.38 November 5.30 6.89 8.29 7.79 P4.23 "4.17 3.32 Sweden Belgium i (Stock- (Brussels) holm) Private Private Loans up Call discount discount to 3 money rate rate months overnight 1927 November... 6.27 6** -6*4 December-.. 6.00 6** -6Me 1928 January 4.08 2.81 1.64-5.10 February 3.90 2.75 1.46-4. 20 March 4.10 2.72 7*4-8*4 6. 57-6.94 2. 92-4. 20 April 4.25 2.62 7H-8J4 6. 57-6. 75 2. 56-4.12 May._ 4.25 2.62 7*4-8*$ -6*4 6. 39-6. 75 1.46-4. 02 June. 4.27 2.90 -6*$ 6. 39-6. 57 1. 46-4. 02 July 4.02 3.12 -6*$ 6.21-6. 57 1. 46-4. 02 August 4.00 3.23 7*4-8*$ 7*4-8*$ i 4*$-6*$ 6.21-6. 39 2. 92-4. 02 September-. 3.96 3.26 7*$-8*$ 7*4-8*$ I 4*$-6*$ 6.02-6. 39 2. 37-4. 02 October 3.94 3.37 7*$-8*$ 794-9 4*$-6*$ 6 21-6. 2. 92-4. 02 November... 3.94 3.37 794-9 4*$-6*$ 6 02-6. 21 2.01-4. 02 December... 3.94 3.41 4*$-6*$ 5.84-6.21 1. 83-6. 57 1929 January 3.50 7W-89* 5.84-6.21 1.46-5.84 February 3.39 7H-8H 5. 66-5.84 2.01-4.02 March 3.37 7H-8H 5.66-5. 84 2.19-4.02 April.. 3.44 79*-«94 5. 48-6. 68 3.47-4. 02 May 3.49 -9 5.48-5.68 2. 56-4.02 June 3.50 5. 48-5. 66 2. 56-4. 02 July 350 8*4-9 5. 48-5. 66 2. 74-4. 02 August 3.50 8*4-9 5.48 2.56-4.02 September... 3.50 8*4-9*4 5.48 2.19-4.02 October 3.50 9 -10 5.48 2.92-4.02 November... 3.50 894-10 i Revised series; see BULLETIN for July, 1929. ^Preliminary. r Revised. NOTE.—For sources used, methods of quotation, and back figures, see BULLETIN for November, 1926, April, 1927, July, 1929, and November, 1929 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1930 FEDERAL RESERVE BULLETIN 27 FOREIGN EXCHANGE RATES, 1922-1929 YEARLY AVERAGES [In cents per unit of foreign currency. For explanation see note on p. 25 Country Present monetary unit i 1922 1923 1924 1925 1926 1927 1928 1929 Europe: i Austria Schilling 1 14.07 0.0097 0. 0014 0.0014 | 214. 0612 14. 0740 14.0764 14. 0743 14.0575 Belgium Belgai 13.90 7.6829 5.2190 4. 6438I 4.7580 3 3.3721 13.9157 13. 9281 13.9124 Bulgaria Lev i .72 .6883 .8837 .7281 ! . 7317 .7210 .7235 .7207 .7216 Czechoslovakia.. Crown <2.96 2. 4151 2.9550 2.9542 2.9656 2.9618 2.9622 2. 9625 2. 9609 Denmark Krone 26.80 20. 9470 18. 3643 16. 7228I 21.1310 26. 2257 26. 7251 26. 7426 26.6802 England Pound 48G. 65 442. 9165 457.4825 441. 7064 | 482.8944 485.8235 486.1024 486.6223 , 485. 6879 Finland Markka i 2.52 2.1634 2. 6831 2. 5076i 2.5218 2. 5209 2. 5197 2.5173 i 2. 5160 France , Franc K 3.92 8. 2013 6.0811 5.2368 ! 4.7671 3. 2427 3. 9240 3. 9210 ! 3.9161 Germany Reichsmark i_ 23.82 .4323 .0020 5 22. 9980! 23.8013 23. 7996 23. 7638 23.8614 ! 23.8086 Greece Drachma l 1.30 3. 3059 1.7141 1.7900i 1.5614 1. 2579 1. 3173 1. 3044 I 1.2934 Hungary. Pengo i. 17. 49 . 0906 . 0164 . 0017 . 0014 17.5612 17. 4741 17. 4443 17.4414 Italy Lira* _ ; 5. 26 4. 7559 4.6016 4.3580 ; 3.9776 3. 8894 5.1560 5. 2571 5. 2334 Netherlands.. Florin _ i 40.20 38. 4975 39.1005 38.2109 i 40.1601 40. 0984 40.1065 40. 2238 40.1622 Norway.. Krone j 26.80 17. 5016 16. 6710 13.9403 17.8836 22. 3347 26. 0477 26. 6876 26. 6827 Poland... Zloty i _ 11.22 . 0188 . 0014 e 19. 2280 17.7432 11.1796 11.2881 11. 2097 11.1940 Portugal. Escudo : 108. 05 6. 6700 4. 2527 3.3850 5. 0397 5.1254 5. 0290 4,4675 I 4.4714 Rumania. Leui ; .60 . 6969 . 4937 .4982 .4832 . 4620. .6042 .6133 I .5961 Russia Chervonetz ! 514. 60 "515.0000 75J5. 0000 '515.0000 7515.0000 Spain I Peseta._ _• 19. 30 " 15." 4828" 14.4529 i 13.3375 14.3443 14. 8959 17. 0592 16. 5942 14.6833 Sweden Krona • 26.80 26.1061 26.5548 i 26.5223 26. 8479 26.7646 26. 8148 26. 8002 26.7839 Switzerland I Franc 19.30 19.0652 i 18.0600 ! 18.2228 19. 3268! 19.3130 19. 2618 19.2596 19.2792 Yugoslavia i Dinar _ 19. 30 1. 3524 1.0722 ! 1.2818 1. 7054| 1.7647 1.7598 1.7598 | 1. 7591 North America: I Canada | Dollar 100. 00 98. 4783 98.0352 ' G8.7322 99. 9615! 99.98S9 99. 9720 99.9094 I 99. 2472 M Cu e b x a ic o j ! Peso d o _ _. : ; 1 4 00 9 . . 8 0 5 0 | 9 4 9 8 . . 8 7 5 1 1 5 6 0 9 4 9 8 . . 9 5 5 4 0 0 8 5 ' ' 9 4 9 8 . . 9 5 7 1 8 4 3 3 9 4 9 9 . . 3 9 9 3 2 5 6 9i | 9 4 9 8 . . 9 3 3 0 1 8 0 7 9 4 9 7 . . 2 9 0 6 4 7 9 5 9 4 9 8 . . 9 1 6 0 3 6 4 7 I I 4 99 8 . . 1 9 8 6 3 4 0 7 South America: ' A B r o g li e v n i t a i . n . a _ ! j Boli d v o iano i 9 3 6 6 . . 5 4 0 8 i I 81.8166 78.5727 i 78.1308 91.3822 9 34 2 . . 1 0 4 9 9 4 7 1 3 9 4 6 . . 3 2 9 9 1 5 3 0 3 9 5 6 . . 3 4 9 8 1 0 1 1 9 35 5 . . 5 1 5 2 1 7 5 4 Brazil. _J Milreis i__ 11.96 Ii 12.9486 10.2285 i 10.9403 " 12." 1962".14. 4357 11.8383 11.9737 11.8078 Chile ! Peso i 12.17 I| 12.2159 12.2423 i 10. 5448 11. 6031 12. 0766 12.0652 !12.1451 12. 0601 Colombia j do 97.33 j 98. 4547 97.6879 ! 97. 6937 96.5512 Ecuador. ! Sucre 1 20. 00 ; 20. 0571 IS. 9724 i19.9127 20. 0000 Peru I Libra 486.65 : 374. 0965 373.7739 397. 0488 399.9835 Uruguay j Peso.. 103. 42 : 79. 3966 79.0815 I 82.2695 j 98.4009 101.4740 101.3361 102. 6567 98.6294 Venezuela I Bolivar 19.30 | 19. 2565 18.9835 :19. 2525 19.2973 Asia: | China... ! Mexican dollar 8 41.88 j 54. 6337 52.0153 ! 52. 3642 55.5471 : 49.9159 | 45.0315 4(J. 4710 42.1541 China | Shanghai tael8 58.18 ! 74. 9281 72.0248 i 72.6814 ! 75.7738 I 68.4214 j62.0994 64.3014 58.4153 China j Yuan dollar8 41.42 i 55. 6073 52.6223 ! 52.6973 i 56.9006 49.9807 j43.9414 46. 1378 41.9007 Hong Kong j Dollar 8 41.58 ! 55. 7126 52.8985 i 52.4691 i 56. 5199 53. 3290 I49.2085 50. 0717 47.1669 India _ : Rupee l 36. 50 I 28. 7409 31.1103 i 31.7835 I 36.2642 I 36. 3267 i36.3117 36. 4663 36. 2020 Japan._ i Yen 49.85 ; 47. 8037 48.5845 i 41.1857 ;41.0362 :47.1163 | 47.4113 46. 4096 46.0997 Java __ j Florin 40. 20 . 40. 2862 40.2377 ; 40. 2208 40.0568 Straits Settlements..! Singapore dollar 56. 78 : 50.7753 j 53.4984 : 51.2523 | 56.1546 56. 2705 56. 0476 56. 2838 56.0117 Turkey i Turkish pound 439.65 ! 52. 2549 51.3204 50. 9987 Africa: Egypt. _ Egyptian pound 494.31 I ' : 498.0954 i 498.3123 i 499.0254 1 In the following cases the present monetary unit witli present par value was quoted for only a part of the period 1922-1929, and the averages given for earlier years are for the unit which has hevji superseded: | Far j; Par Country i Pr u i e n n s e i N t n e t f i w r m s t Y o q n o u e r o k ta t — e r d y i ; ; mo P n r e e ta v r io y u u s nit I j I m p v r o a e l n v u e i e o ta u o r s y f H i I i I Country Pr u i e n n s e it N n f t e i r w m st o Y q n u o e o r t k a t — e ry d \ mo P n r e e t v ar io y u u s nit m p v r o a e n l v u e i e t o a o u r f s y | unit li unit Austria j Mar. 13, 1926 Krone -| 20.26 i France June 25, 1928.. Franc 19.30 Belgium j Oct. 25, 1926 Franc... | 19.30 j| Germany Oct. 29, 1924... Mark 23.82 Bolivia ; Aug. 20, 1028 Boliviano i 38.93 !l Greece May 14, 1928. Drachma.. 19. 30 Brazil j Doc. 18, 1926 Milreis _| 32.44 l| Hungary Jan. 2, 1926.. Krone 20.26 Bulgaria I Nov. 22, 192S Lev ____! 19.30 il India.__ Apr. 1, 1927.. Rupee 48. 66 Chile... .1 Aug. 21, 1925 Peso.. ; 36.50 Italy Dec. 21, 1927. Lira.. 19.30 Ecuador. _.! Mar. 19, 1927 Sucre__ | 48.66 Poland.. Oct. 13, 1927.. Zloty * 19.30 Finland I Dec. 21,1925 Markka 19.30 i Rumania... Feb. 7, 1929. _ Leu 19.30 * The zloty (par value 10.30 cents) superseded the Polish mark (par value 23.82 cents) May 26, 1924. 2 Average for schilling Mar. 13 to Dec. 31, inclusive. Average for krone, Jan. 2 to Mar. 12, was 0.0014 cent. 3 Average for franc Jan. 2 to Oct. 25, inclusive. Average for belga, Oct. 26 to Dec. 31, was 13.9095 cents. * Established by new currency law, effective Nov. 27, 1929; for previous status of Czechoslovak crown see BULLETIN for November, p. 737. « Avcraga for 1,000,000,000,000 marks Jan. 2 to Oct. 28, inclusive. Average for reichsmark, Ow. 29 to Dec. 31, was 23.8008 cents. tt Average for zloty May 26 to Dec. 31, inclusive. Average for Polish mark, Jan. 2 to May 24, was 0.0113 cent per thousand. ' Nominal. 8 Silver currency. Par of exchange represents gold value of unit in 1929 computed by multiplying silver content of unit by New York average price of silver for 1929, which was $0.53306. Corresponding parities for the years 1922 to 1928 are as follows: 1922 | 1923 1924 1925 1926 i 1927 1928 Mexican dollar 53.37 i 52.72 54.53 49.04 44.53 I 45.95 Shanghai tael 74.15 i 73.25 75.76 68.14 61.87 I 63.84 Yuan dollar 52.79 i 52.15 53.93 48.51 44.05 45.45 Hong Kong dollar. 52.99 i 52.35 54.14 48.69 44. 21 I 45.62 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

28 FEDERAL RESERVE BULLETIN JANUARY, 1930 FOREIGN EXCHANGE RATES, 1928-1929 MONTHLY AVERAGES [In cents per unit of foreign currency] j Austria Belgium Bulgaria Denmark England Finland France Germany Greece Hungary j' 1928 January 14.0936 13.9444 0.7234 2.9628 26.7829 i 487.5330 2. 5187 3.9308 23.8264 1.3255 17.4748 February 14.0823 13.9232 .7214 2.9625 26.7733 I 487.4840 2. 5179 3.9304 23.8577 1.3229 17.4663 March 14.0728 13.9387 .7218 2. 9622 26. 7912 487.9944 2. 5176 3.9343 23.9047 1.3237 : 17.4685 April. 14.0674 13.9641 .7211 2.9624 26.8224 ! 488.2045 ' 2. 5176 3.9363 23.9154 1.3158 I 17.4608 May 14.0656 13.9597 .7191 2.9624 26.8245 488.1594 2. 5174 3.9359 23.9292 1.3030 ! 17.4589 June 14.0685 13.9615 " .7199 2.9025 26.8173 488.0262 2. 5171 3.9311 23.9009 1.3023 ; 17.4475 July 14.0852 13.9351 .7212 2.9624 26. 7349 486.3571 2.5171 3.9163 23.8626 1.2991 : 17. 4350 August 14.0860 13.9070 .7213 2.9623 26.6890 485. 3525 2. 5169 3.9070 23.8327 1. 2952 17.4273 September 14.0788 13.8988 .7213 2. 9624 26.6662 485.0516 2.5166 3.9055 23.8287 1. 2937 17. 4251 October 14.0679 13.8959 .7203 2.9627 26.6578 ! 484.9500 2.5167 3.9061 23.8143 1.2868 17. 4256 November 14.0602 13.8966 .7193 2. 9626 26. 6541i 484.9213 2. 5173 3.9066 23.8234 1. 2925 17.4220 December 14.0628 13.9073 .7190 2.9624 I 485.2442 2. 5170 3.9098 23.8325 1. 2924 17.4185 1929 January 14.0598 13.8958 .7191 2.9605 26.6704 I484.9878 2. 5171 3.9082 23. 7694 1.2917 17.4246 February 14.0543 13.8944 • .7202 2.9604 26.6664 1485. 2140 2.5169 3. 9057 23.7306 1.291-5 17.4278 March.._ 14.0522 13.8836 . 7206 2. 9610 26.6493 I485. 2626 2. 5165 3. 9058 23. 7218 1.2920 17.4255 April 14.0467 13.8847 i .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 i .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 I485.1018 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 November 14.0536 13.9852 .7235 2.9624 26.7911 487. 7481 2.5164 3.9375 23.9185 1. 29S3 17. 4767 December 14.0636 13.9977 .7229 2.9670 26. 8309 488.1632 2. 5169 3. 9390 23. 9430 1. 2993 17. 5079 i Italy N l e a t n h d e s r- Norway Poland ; Portugal Rumania Russia 1 Spain Sweden | Sw l i a t n z d er- Y sl u a g v o i - a I 1928 January 5. 2881 40.3334 26.5985 11.2402 i 4. 9285 0. 6177 515. 0000 17.0975 20. 8780 19. 2095 . 7625 February,_ 5. 2930 40. 2550 23. C09S 11.2312 i 4. 7573 .6145 515. 0000 16.9782 |20. 8371 19. 2389 .. 7598 March 5. 2822 40. 2501 26. 6634 11.2255 ! 4. 2572 . 6185 515. 0000 16.8212 20. 8388 19.2561 I .. 7596 April 5. 2764 40. 3091 26. 7390 11.1968 4. 2101 .6273 515. 0000 16. 7641 26. 8492 in. 2713 I .. 7599 May 5. 2888 40. 3473 26. 7829 11.2133 | 4. 2207 . 6194 515. 0000 16. 7309 26. 8300 19. 2724 ! .. 7602 June__ 5. 2(107 40. 3331 26. 7845 11.2094 ! 4. 4258 . 6152 515. 0000 16. 5681 26. 8334 19.2754 I . 7605 July 5. 2403 40. 2479 26. 7270 11.2011 ! 4. 4565 . 6136 515. 0000 16.4759 26. 7843 19. 2012 I 'f>02 August 5. 2334 40.1056 20. 6881 11.2053 j 4. 5260 .6110 515. 0000 16. 6101 26. 7619 19.2521 i 1. 7598 September. 5. 2303 40. 0946 26. 6656 11.2032 ! 4. 4966 . 6098 515. 0000 16. 5325 20. 7556 19.2491 1. 7596 October 5. 2365 40. 0908 26. 6543 11. 2012 4. 4993 .6072 515. 0000 16.1798 26. 7378 19.2447 j 1. 7585 November. 5. 2385 40.1374 20. G5U 11. 1985 4. 4708 . C042 515. 0000 16.1201 26. 7278 19.2494 i 1. 7581 December. . 5. 2369 40.1748 20. 6728 11.1913 i 4. 4082 . t!005 515. 0000 16. 2348 26. 7633 19.2729 ! 1. 7587 1929 January 5. 2337 40.1096 26. 6560 11.1883 4. 4281 . C018 515. 0000 16. 2954 26.7392 19. 2405 1. 7580 February. _ 5. 2343 40. 0490 2(3. 6633 11. 1942 4. 4089 .6001 515. 0000 15. 5587 26. 7275 19. 2318 1. 7573 March 5. 2351 40. 0535 26. 6C09 11.1923 4. 4495 . 5964 515. 0000 15. 0056 20.7101 19.2333 | 1. 7563 April. 5. 2355 40.1409 26. 6644 11. 1910 4. 4645 , 5955 515. 0000 14. 7495 26. 7054 19. 2048 | 1. 7563 May 5. 2357 40.1984 26. 6550 11.1859 4. 4738 . 5946 515. 0000 14. 2245 26. 7181 19. 2572 I 1. 7570 June 5. 2313 40.1512 26. 6393 11.1858 4.4854 . 5935 515. 0000 14. 1315 26. 7623 19.2409 i 1. 7568 July 5. 2302 40.1362 26.6471 11. 1866 4. 4822 . 5937 515. 0000 14. 5070 26.8020 19.2347 1. 7559 August 5. 2286 40. 0597 26. 6325 11. 2039 4. 4668 .5940 515. 0000 14. 6664 26. 7865 19. 2379 1. 7558 September. 5. 2300 40. 0897 26. 6299 11. 2011 4. 4809 .5937 515. 0000 14.7559 26.7831 19. 2041 1.7563 October 5. 2357 40. 2511 26. 7433 11.1986 4. 4929 . 5955 515. 0000 14. 5046 26. 8412 19. 3402 1. 7617 November, 5. 2357 40. 3523 26. 7909 11.1876 4. 5099 . 5975 515. 0000 13. 9S93 26.8711 19.3899 1. 7669 December.. 5. 2355 40. 3569 26.8171 11. 2031 4. 5113 .5972 515.0000 13. 7826 26.9637 19.4401 1. 7715 I 1 Chervonetz quotations nominal. NOTE.—For back figures (monthly basis) see BULLETIN for January, 1929, and January, 1928. All of the averages are based on daily quotations, most of which are furnished by the Federal Reserve Bank of New York, in accordance with tariff legislation passed in May, 1921; the others are taken from unofficial sources, as indicated in detail in the BULLETIN for November, 1929, p. 737. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

29 JANUARY, 1930 FEDERAL RESERVE BULLETIN FOREIGN EXCHANGE RATES, 1928-1929—Continued MONTHLY AVERAGES—Continued CCaannaaddaa CCuubbaa Mexico Argentina Bolivia Brazil Chile Colombia} Ecuador Peru Uruguay 1928 January 99.8159 99.9157 48. 6946 97.1136 34.8000 11. 9977 12. 2098 98. 0036 i19.3750 390. 3400 102. 7734 February -. 99.8126 100. 0428 48. 6710 97.1376 34.8000 12.0088 12. 2065 98.0400 i 19. 5870 390.1600 102. 9357 March 99.9963 100. 0644 48. 7436 97. 2547 34.8000 12.0265 12. 2115 97. 7944 j19.9537 391.0925 103. 6775 April _ 100.0290 99. 9877 48. 7387 97.1915 34.8000 12. 0329 12. 2038 98.2128 j20. 0000 397. 7600 103. 5345 May._ 99. 9117 99.9615 48. 5588 97. 2008 34.8000 12. 0327 12.1910 98.1923 i 20. 0000 399.2692 102.9908 June 99. 7605 99. 9495 47. 8267 96. 9438 34.8000 11.9924 12.1980 98.1046 ! 20. 0000 399.5000 102.2513 July _. 99. 7894 99. 9344 47. 2920 96.1408 34.8000 11.9385 12.1390 98.1024 20. 0000 400. 4800 102. 2849 August 99. 9958 99. 9667 47. 4859 95.8955 35. 3007 11. 9404 12. 0779 97.2604 j 20. 0000 398. 0000 102. 5100 September 100. 0382 99. 9441 47. 8517 95. 6642 36. 4900 11. 9293 12/0860 97.2596 j 20. 0000 398.1250 102.1055 October 99. 9667 99. 9270 47. 5742 95. 5933 36. 4900 11.9477 12.0843 97. 5146 ;20. 0000 399. 0385 101.8431 November 100. 0043 99. 9300 47. 8901 95.8150 36. 4900 11. 9429 12.0603 97.1109 20. 0000 400.3043 102. 3049 December 99. 7872 99. 9332 47. 9841 95. 7504 36.4696 11.8900 12. 0678 97. 0900 20.0000 400.4000 102. 6068 1929 January.__ 99.7509 99. 9583 48.3678; 95.7642 36.3308 11.9160 12. 0630 97.0900 20.0000 400. 0000 102. 7469 February 99. 6411 100. 0307 48.4581 i95. 7650 36.5000 11.9171 12.0479 97.0900 20.0000 399. 7727 102.6037 March 99.4030 100. 0261 48.0515 i95. 5624 36. 5000 11.8235 12. 0645 96.7669 20. 0000 400.0000 101. 6177 April 99. 2394 99.9721 48.2419 i 95. 5563 36. 5000 11.8348 12. 0644 96.3900 20. 0000 400. 0000 99.1120 May 99.3012 100. 0101 47.9715! 95. 5184 36. 5000 11. 8634 12. 0423 96.3900 20. 0000 400. 0000 97. 7018 June 99.1632 99.9522 47.8536 95.2760 36. 5000 11.8553 12.0362 96.4320 20.0000 400.0000 96.6934 July. 99.4760 99.9083 48.0883 95. 3678 36. 5000 11. 8579 12. 0448 96. 5712 20.0000 400. 0000 97. 5731 August 99. 4390 99. 9655 48.5676 95. 3901 36. 0000 11. 8598 12. 0589 96. 3900 20.0000 400. 0000 98. 5723 September 99. 2420 99. 9301 48. 4325 95. 3409 36. 0000 11. 8577 12. 0642 96.3900 20.0000 400. 0000 97. 8166 October 98.8341 99.9396 48.1571 95. 0015 36.0000 11.8715 12.0681 96. 3900 20.0000 400. 0000 97.6941 November _. 98. 3780 99. 9567 48.0086 .93. 9192 36. 0000 11. 7453 12. 0755 96. 3775 20. 0000 400 0000 96. 7937 December 99. 0742 99. 9322 48.0113 !93. 0029 36. 0000 11. 2874 12. 0913 96. 3888 20. 0000 400. 0000 94. 8166 Venezuela (M d C o e h l x l i a n ic r a a ) n (Sh C t a a h n e i g l n ) h a ai ( d C Y o h l u l i a n a r n a ) H K o o n n g g India Japan Java S S m t e r e t a t n l i t e t s s - Turkey Egypt I 1928 January 19.1700 45. 7410 63. 7548 45.140S 50. 4096 36. 7224 46. 8784 40. 5596 56. 7650 51. 5040 499. 8315 February 19.1943 45. 3620 63.1137 44. 9818 49. 8564 36. 5189 46. 8740 40. 5243 56. 7038 50. 4843 499. 7511 March 19. 2500 45. 6106 03. 0545 45. 3688 49. 8008 36. 5280 47.1463 40. 3498 56. 3469 50. 5000 500. 3780 April 19. 2500 45. 7972 63. 2502 45. 4958 49. 8(358 36. 5647 47. 7136 40. 2228 56. 2508 51. 2023 500. 6343 May 19. 2500 47. 7899 66. 4450 47. 2948 51. 0168 36. 5913 46. 6097 40. 2446 56.1362 51. 2023 500. 5540 June 19. 2500 47. 7930 66. 2321 47. 4815 50. 5411 36. 4618 46. 6149 40. 2327 66.1426 £1. 0877 500. 4409 July 19. 2500 47. 0840 65. 2332 40. 8483 49. 9917 36. 2571 45. 847 40.1528 56. 0416 50. 8384 498. 9014 August 19. 2500 46. 9617 64. 9965 46. 8549 49. 8974 36. 2501 45.0505 I 39,9752 55.9815 51. 4C07 497. 8298 September. __ 19.2500 j 46.1813 63. 6945 45. 9461 49. 7146 36. 3312 45. 7832 | 40. 0300 56. 0731 51. 6896 497. 4590 October 19.2500 ! 46. 5591 64.0374 j 46.1963 49. 9471 36. 4541 46. 2019 | 40.1161 56. 3404 50. 8354 497. 4003 November 19.2839 i 4fi. 5538 64. 0020 i 46.1675 49. 97(53 36. 4563 46.3503 i 40.1226 56. 4409 50. 0867 497. 2970 December 19.3800 ; 46. 0455 63. 551C i 45. C808 49. 7879 36. 4653 45. 8940 I 40.1396 56. 2488 49. 2924 497. 6198 I 1929 January 19.3400 | 45. (!837 63.1168 45. 4070 49. 8161 36. 4487 45.5102 i 40. 0623 56. 0027 48. 7296 497. 3430 February 19.2636 44. 7932 6**. 1973 44.5558 36. 3629 45.2103 ! 39. 9218 55. 9681 49. 2150 497. 5544 March 19.2500 I 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. t,963 36. 3107 44. 6170 39. 9896 55. 9615 49. 0731 497. 0030 May .._. 19. 3300 | 43. 28^4 59. 6191 42. 8005 48. 3424 36.1817 44. 6460 40.1000 55. 9824 48. 5304 497. 4362 June 19.3800 i 42.1116 57. 7650 41. 486C 47.8013 36. 0li92 43. 8830 40. 0520 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 l 40. 2639 56. 0136 40. 09G3 47. 7035 | 36. 0324 47. 2731 40. 0000 55. 9884 48. 0329 497. 2008 October 19.2500 | 39. 3666 54. 7721 39.1065 44.1532 I 36.1646 47. 7599 40.1377 50. 2211 47.4812 499. 4394 November 19.2500 ! 39. 373C 54.7154 39.1987 43.2180 | 36. 24G0 48. 7268 40. 2313 56. 2144 December 19.2900 i 38. 7331 53. 6839 38. 5741 42. 2258 36. 3638 48. 9564 40.2520 56. 0658 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 FEDERAL RESERVE BULLETIN JANUARY, 1936 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES EUROPE United States France Ger- Month r S L t e ( i t a a B c a b u s t u i o ) o s - ! r - f b ( A t g a r u s o i i a s l s d - ) g B iu el m - g B a u r l i - a C v h 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 g f d r e - d ) b ( l a F g a s i o n i n s l d - d ) »B S t u t i a r c e t a i a s l u - ' F R B e e o d se a e r r r v a d l eS c m ( a t e F a l a r t e B a i n d s l y u t - i - - b H fg a u s o i n l 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) 1028 March 96 129 848 2,839 978 153 141 103 645 587 139 464 153 157 April 97 131 847 2,891 984 154 143 103 650 601 140 464 153 156 May 99 131 844 2,906 987 155 144 103 660 «618 141 465 152 156 June . 98 133 844 2,866 986 155 143 103 649 621 141 462 152 158 July 98 133 841 2,911 979 155 141 103 646 613 142 453 148 160 August 99 133 831 2,790 996 154 139 103 645 607 142 456 145 153 September _„ 100 131 830 2,805 986 151 138 101 637 598 140 458 146 15S October 98 129 835 2,844 971 150 138 101 640 585 140 463 146 151 November 97 128 847 2,875 957 151 138 101 652 580 140 466 148 160 December 97 127 855 2,865 955 151 138 101 651 588 140 464 148 150 1929 January 97 128 867 2,869 953 151 138 100 657 591 139 132 461 146 149 February 97 130 865 2,945 950 159 138 100 660 599 139 136 463 146 150 March.. 98 133 869 2,974 964 154 140 100 654 616 140 136 461 147 150 April 97 134 862 2,991 963 150 139 99 648 621 137 135 455 144 148 May 96 135 851 3,034 940 148 136 98 643 606 136 123 •452 142 146 June . 96 134 848 «3,083 917 146 136 98 629 598 135 122 447 141 147 July . 98 132 858 3,061 922 149 137 97 624 593 138 119 440 141 149 August 98 132 850 2,917 916 150 136 97 598 581 138 114 437 142 148 September 98 128 846 2,887 902 150 136 96 608 571 138 109 437 141 148 October .. >- 96 127 838 2,916 895 149 136 96 607 567 137 '111 436 147 November _ 94 125 834 888 147 134 95 603 561 136 146 December E UROPE—continued ASIA ANDOCEANIA AFRICA Month Can- Peru la P n o d - » Russia* Spain SwedenSw la i n tz d er- ada i t A ra u l s ia - ( C S h h h a a i i n n ) a g- D In E u d a t i s c e t h s c I ( u n C t d a t i a l a - ) J k ( a T y p o o a - ) n N l Z a e e n a w d - (C E a g i y r p o t ) A So fr u ic th a 1928 March 102 171 165 149 145 98 193 160 163 149 144 169 147 116 April 105 171 166 151 146 98 197 162 163 150 146 170 147 126 121 May 103 171 164 152 145 98 195 159 165 151 147 171 148 117 June 103 172 164 151 145 97 195 158 160 150 145 169 148 117 July__ 102 172 164 150 144 96 193 157 159 150 148 169 148 117 119 August 100 173 166 149 144 95 190 154 157 '147 143 170 147 119 September 100 173 168 146 145 96 188 153 156 ' 148 142 174 148 120 October 100 176 174 145 145 95 187 152 159 '148 143 174 149 126 120 November 100 176 176 145 145 95 186 152 159 149 146 173 150 129 December 100 177 175 145 144 95 185 154 160 149 145 174 149 126 1929 January 98 177 171 144 143 95 186 157 160 '149 145 172 147 125 120 February 99 177 175 145 143 96 186 156 162 '149 144 171 146 122 March 99 178 174 144 142 96 189 157 164 ' 150 143 171 146 123 April 98 179 174 141 140 94 185 158 161 '148 140 170 146 120 117 May r95 180 171 140 139 92 186 156 162 150 139 169 147 114 June r95 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 '95 180 170 141 143 98 187 160 165 148 143 165 148 112 September 94 171 140 142 97 186 163 167 148 143 164 148 113 October 93 172 138 142 97 186 161 168 140 «163 113 November 140 96 184 158 165 137 160 December 182 165 1 New index-1926« 100. »1927-100 < First of month figures. • Corrected. ' Revised. 1 New officia.l iniddeexx.. Full description is given in the Bulletin de la Statistique Generate de la France for January-March, 1928; brief description and back figures to January, 1923, are given in the issue for July-September, 1929. The index covers 126 commodities and is computed on a 1913 base. NOTE.—These indexes are in most cases published here on their original bases, usually 1913 or 1914, as determined by the various foreign statistical offices which compile the index numbers and furnish them to the Federal Reserve Board. In several cases, however, viz, Netherlands, Japan, New Zealand, and South Africa, they have been 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 oGice of the Division of Research and Statistics and may be had upon request. Further information as to base periods, sources, numbers of commodities, and the period of the month to which the figures refer may be found on pages 769-770 of the BULLETIN for November, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1930 FEDERAL RESERVE BULLETIN 31 WHOLESALE PRICES—Continued GROUPS OF COMMODITIES ENGLAND—BOARD OF TRADE SWEDEN—BOARD OF TRADE 1929 1928 1929 1928 Nov. Oct. Sept. Aug. July j Nov. Nov. Oct. Sept. Aug. July Nov. All commodities _ . 134 136 136 136 137 138 Total food 142 145 143 144 149 149 Indu I M C M O C O O s r e t o o t t t i e r h h h r s n t i a e t c e e e a t o a r r r e a l n l l a n s t f m l p e n o a d r x o i n d o n s t d e i t d e s f o l e i r e u s u e a s h c l s l t s s a . nd . metals.. 1 1 1 1 1 1 1 1 1 3 4 4 5 4 2 2 1 3 4 0 5 4 7 9 0 5 2 1 1 1 1 1 1 1 1 1 3 4 5 3 3 2 1 5 4 7 4 2 7 1 1 5 0 8 1 1 1 1 1 1 1 1 1 5 4 1 3 3 4 4 2 4 4 7 5 8 2 5 1 1 3 1 1 1 1 1 1 1 1 1 1 5 3 4 1 4 4 3 4 9 4 4 4 5 6 9 1 5 1 1 1 1 1 1 1 1 1 1 4 5 3 1 5 5 3 4 9 4 0 6 5 8 3 1 3 1 1 1 1 1 1 1 1 1 1 5 3 1 5 6 3 4 4 4 9 2 2 9 1 8 3 2 A V A R F R P u a a a l e n f i l p e n w a w g im l c e d c e s t r o t u u a m m a a m s p l r b n e t a a u l m r p d t e t y l i e e r p o n r r o o p d i i i i d a r a a l r i o s u n l l t o s s i d c d n e u t s f f s p a c o o a n t r r s p d e m m m r a a e n n t u u a . l - - 1 1 1 1 1 1 2 3 1 6 2 4 0 8 8 5 2 1 1 1 1 1 1 1 1 4 6 2 4 2 9 0 6 3 0 2 1 m 1 1 1 1 2 3 4 6 3 0 1 1 3 7 1 1 1 1 1 1 2 1 3 2 6 4 0 8 3 8 9 0 1 1 1 1 1 1 4 3 4 1 1 6 1 5 6 7 5 0 facture in leather indus- FRANCE—STATISTICAL BUREAU i try 124 124 125 124 139 Raw and manufactured chemicals 162 162 156 154 166 All commodities... 603 607 608 598 624 652 Raw materials 131 132 136 136 140 Farm and food products 555 556 551 524 578 602 Semifinished materials 139 142 144 143 144 Animal products \ 686 670 639 590 603 630 Finished materials._ 140 143 141 141 148 Vegetable products I 476 487 499 484 563 585 Producers' goods 131 133 134 134 136 All industrial products ! 645 652 656 664 664 697 Consumers' goods . 143 146 146 145 152 Minerals and metals j 566 567 561 562 561 536 Textiles ! 694 705 725 745 748 822 Hides and leather 432 455 452 442 445 577 C hemical pro ducts 606 '608 603 593 579 579 CANADA—DOMINION BUREAU OF STATISTICS Rubber 96 114 117 129 133 120 Paper 685 677 677 677 677 677 Lumber 1,003 1,003 969 969 969 930 All commodities .._.._ 97 98 96 95 Cement and brick, etc. 636 636 636 636 636 586 Vegetable products 98 99 96 '87 Animal products 109 108 108 '110 1 New official index. Full description is given in the Bulletin de la Textiles 91 91 92 92 Statistique G6n6rale de la France for January-March, 1928; brief descrip- Wood and paper products. 94 94 94 99 tion and back figures to January, 1926, are given in the issue for July- Iron and its products 94 94 94 93 September, 1929. The index covers 126 commodities and is computed Nonferrous metals 98 99 99 91 on a 1913 base. r Revised. Noninetallic minerals 93 94 93 93 Chemicals 96 96 96 94 GERMANY-FEDERAL STATISTICAL BUREAU i New index—1926=100. r Revised. All commodities ! 130 137 ' 138 !138 138 140 Total agricultural products I 128 132 i 133 133 132 | 135 Vegetable foods 119 122 ••125 130 131 i 127 AUSTRALIA—BUREAU OF CENSUS AND STATISTICS Cattle 128 134 !134 134 134 i 119 Animal products i 153 153 I 149 140 136 j 164 Prov F i o si d o d n e s r . j 1 1 0 2 7 0 1 1 1 2 3 6 i !1 1 3 2 1 0 1 1 3 2 0 3 I 1 1 2 2 8 7 , i 1 12 3 8 9 A M l e l t c a o ls m a m n o d d c i o ti a e l s . 1 17 5 4 8 1 1 6 7 1 4 1 1 7 6 4 3 1 1 7 6 4 0 1 1 5 7 9 4 1 1 5 7 2 2 To a t n a I N T C H C d l r e o h o o i s i x d a n e n e n t e l m f m i d s e l u i e r i a c f r s s i a o n t n l r u d s i i s s a l h l e m e a d r e th a t p a e w r l r s o m du a c te ts r ials 1 1 1 1 1 1 1 1 3 1 3 2 3 3 8 0 3 0 7 0 9 1 1 1 1 1 1 1 2 3 3 1 3 2 3 1 1 3 6 8 7 1 ; i ! • ! ; , 1 1 1 1 1 1 1 1 3 3 3 3 2 2 8 7 6 2 7 2 1 ! i '• 1 1 1 1 1 1 1 3 3 3 1 2 2 3 7 8 7 2 1 7 2 i I : ; 1 1 1 1 1 3 3 3 1 1 1 7 1 3 1 2 2 9 8 4 6 1 1 1 1 1 1 1 0 3 2 5 4 2 3 9 5 8 2 2 7 8 A M C T D G B e h u r g a e o x i e r i a l c r t i m d y i c e t l i u r . e i n . p i c l s e g t r a s u o l m r s d a a . u n a l t c d p e t s r t r o i o a _ b d l _ a s u c c _ c t o s ! i 1 1 1 1 1 1 1 2 4 6 5 9 8 2 9 5 8 9 3 9 1 j ; I i 1 1 1 1 1 1 1 8 6 4 6 5 2 8 9 0 6 3 4 6 4 I ! i \ ! i 1 1 1 1 1 1 1 6 5 8 6 5 8 3 4 3 9 1 3 1 9 1 1 1 1 1 1 1 3 6 6 8 5 3 5 9 0 3 9 3 9 8 1 1 1 1 1 1 1 6 6 8 3 5 3 7 0 3 9 5 6 8 6 1 1 1 1 1 1 1 1 8 6 6 4 5 5 4 6 0 5 6 4 5 Artificial fertilizers 83 82 : 82 82 81 83 R Te u c b h b n e i r c al oils and fats. 12 2 9 3 1 2 3 6 2 i i 1 2 3 8 4 1 2 2 9 9 •: 31 127 1 2 2 5 9 INDIA (CALCUTTA)—DEPARTMENT OF STATISTICS Paper materials and paper. _ 152 151 ; 151 152 : 152 152 Building material 161 162 ,162 161 i 159 159 Total industrial finished prod- I 1929 1928 ucts 157 157 ; 157 ; 158 : 157 i 160 Producers' goods 139 140 : 140 i 140 ! 139 i 139 Oct. Sept. Aug. July June Oct. Consumers'goods . 169 170 170 i 171 | 171 176 All commodities 140 143 143 142 138 143 ITALY-CHAMBER OF COMMERCE OF MILAN Cereals 126 128 128 126 122 135 Pulses 156 155 149 150 143 164 A A l l l l c i S T T V C A B O M n o u e o h d u e n t m n i x h g t e i u n i d a l t m m e m e s e d r i l r t l t r i i o a a e i r f a n v c e l o i b d s l g a s a e o s l i f l e l t g o d s i m a o e p e f n d t s o a r a d o s o t b e d d m l r s e u i a e c p l t t s a s r l o s ducts... 4 4 4 4 4 4 5 5 5 3 4 7 3 6 0 4 4 9 9 3 3 3 5 4 9 7 2 3 0 5 ':4 4 4 4 4 4 4 5 5 £ 5 9 6 5 4 3 7 1 0 3 0 4 9 8 2 7 8 0 0 5 4 3 2 4 4 5 4 5 5 5 4 4 4 5 0 6 4 7 4 1 3 1 5 0 3 9 4 7 2 3 6 8 3 5 4 2 4 5 4 4 4 4 4 5 5 5 5 5 0 4 3 7 4 5 2 1 2 3 6 5 6 8 4 4 3 4 2 7 2 4 4 4 4 5 4 4 5 5 5 5 0 1 5 3 6 4 4 7 4 3 3 6 1 4 8 7 5 1 7 3 5 8 ! ! ' ! 4 4 5 4 4 5 4 5 5 5 5 5 4 3 8 6 0 2 4 9 3 6 4 8 8 1 9 4 5 7 5 9 3 J T H M O R R C O O O u e a a o i i t t t e t l d h h h a w w e t t e t e e e s a o e s r r r m l j c n e s u a t a f o d a e o t r n m t n s e x t . o t d i u o t d a c i f n s n l l s a e e k u c s s i f t n a u s c re tu s res 1 1 1 1 1 1 1 1 1 1 4 3 8 0 0 3 5 3 3 6 6 2 0 5 9 2 4 9 8 1 4 8 1 1 1 1 1 1 1 1 1 1 4 9 3 0 4 2 6 2 3 7 7 4 0 0 9 9 6 2 1 1 0 5 1 1 1 1 1 1 1 1 1 4 6 9 3 3 0 3 4 6 3 6 4 9 0 5 2 3 0 6 2 1 1 1 1 1 1 1 1 1 1 4 9 3 0 6 2 5 5 3 4 7 0 5 0 2 9 0 2 2 3 1 0 1 1 1 1 1 1 1 1 1 1 4 4 3 2 3 1 9 2 4 5 6 1 0 2 1 4 4 4 0 0 8 0 1 1 1 1 1 1 1 1 1 1 3 2 2 9 6 3 5 4 4 4 5 9 4 6 9 3 9 5 8 1 1 0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

32 FEDERAL RESERVE BULLETIN JANUARY, 1930 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- i g B a u ri l a - s C lo z v ec a h k o ia - l E a n n g d - * E n s i t a o * -F (P ra a n ri c s e ) m G a e n r- y Gr ( e 3) ece I ( I t M a a n l ) y i- ! 1 l N a e n e r t d h - s - ' . N w ™ ay £ R si u a s - * S l z a w e n r i d - t- a C d a a n ' - A t l r i u a a s - - ( I b B n a o d y m i ) a - N Z la e e n a w d - S A o fr u i t c h a 1 i 1928 i January... 152 118 211 2,660 913 162 118 152 140 ! 170 201 158 151 154 151 147 119 February.. 149 117 207 2,701 910 159 118 151 141 ! 170 202 157 149 152 146 145 118 March 148 116 201 2,713 902 155 ! 122 151 141 I 166 171 203 156 147 153 142 145 118 April 149 117 202 "2,763 905 155 126 152 141 ! 171 203 156 146 154 140 144 119 May 151 117 197 2,778 908 156 126 151 140 ! 172 205 156 46 154 140 146 120 June 150 122 200 2,740 928 157 «125 ""1I3" 152 142 ! 169 170 206 157 145 154 142 147 116 July 150 119 202 2,783 943 156 '132 111 154 140 i 17< 211 157 146 152 143 147 114 August 151 120 205 2,667 943 156 129 e 110 156 138 ; 170 211 156 149 150 142 146 115 September- 155 120 210 2,682 928 156 124 110 163 """129" 140 | 166 164 210 157 150 150 141 147 115 October 153 120 215 2,719 907 157 125 115 152 134 141 ! 163 211 158 152 149 142 149 115 November- 154 120 223 2,749 900 159 126 119 152 136 144 ! 161 213 158 152 150 144 150 118 December. 153 119 222 2,739 905 160 125 121 153 133 145 164 161 215 158 152 152 145 152 115 1929 January... 151 120 221 2,742 900 159 133 122 153 135 147 1 158 216 157 152 161 146 149 115 February. _ 151 123 221 2,816 911 156 138 122 156 136 •147 ! 157 218 157 150 161 146 148 115 March 150 121 215 2,843 913 157 142 123 159 136 155 163 158 223 156 151 160 146 146 117 April 149 119 212 2,860 901 150 137 125 154 135 151 : 156 230 155 148 162 145 147 115 May 150 120 211 2,900 906 149 136 127 154 136 e146 ! 156 154 147 160 143 147 115 June 152 124 210 «2,904 907 147 136 127 154 135 148 i 165 156 156 147 161 C144 147 115 July 156 123 215 2,926 925 149 139 123 j 156 136 144 ! 157 155 148 160 145 146 116 A Se u p g t u e s m t ber. 1 1 5 5 8 7 1 12 2 2 4 '2 2 2 2 2 8 2 2 , , 7 7 8 6 9 0 9 88 0 6 0 1 15 5 4 3 1 1 3 2 2 7 1 12 2 2 3 1 1 5 5 5 4 1 1 3 3 3 1 1 14 4 6 4 ! ! 160 1 16 6 0 1 ------ '1 1 5 5 8 6 1 1 5 5 7 7 1 16 6 2 1 1 1 4 4 6 6 1 1 4 4 6 7 1 1 1 1 4 4 October... 157 122 234 2,787 879 156 124 : 154 133 147 ;- 160 158 157 165 147 113 November- 157 122 159 125 159 158 167 147 December. 148 1 I COST OF LIVING EUROPEANCOUNTRIES OTHER COUNTRIES Mas- Month sas c e h t u ts - g B iu e m l- ' s C lo z v ec a h k o ia - l E a n nd g- » 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 Gr ( e 3 e ) c e i H g u a n ry - I ( l t M a a n l i y - ) N la e n e r t d - h s - 4 N w o a r y - la P n o d - 8Spain S d w en e- S l z a w e n r i d - t- a C d a a n * - A t l r u i a a s - - 1928 January . 157 210 741 168 '• 1.216 151 121 145 102 178 171 161 151 154 132 February.. 156 207 739 166 1.206 151 120 145 100 175 161 150 148 131 March. __ 155 204 737 164 1,214 151 119 145 169 193 101 176 160 149 157 145 132 April _ 155 205 741 164 1,212 151 121 145 102 175 171 160 149 144 133 May 156 202 743 164 1,207 151 121 144 103 171 160 149 147 133 June 155 204 741 165 1,219 105 151 121 145 170 193 103 172 161 148 •157 146 132 July 157 205 753 165 1,236 153 121 143 104 173 "173" 161 148 146 131 August 157 207 761 165 L, 258 154 126 142 104 174 161 150 146 131 September- 158 211 756 165 ,249 105 152 126 127 143 169 185 104 178 161 151 «155 145 131 October... 157 215 735 166 1,254 152 130 126 144 104 179 "172" 162 152 146 131 November. 157 220 730 167 L, 262 152 131 125 146 106 181 162 152 147 132 December. 157 219 734 168 1,260 108 153 129 126 147 168 183 106 187 162 152 cl55 148 131 1929 January 157 219 737 167 1,242 153 130 126 148 106 184 170 161 152 149 131 February.. 156 220 745 165 1,232 154 132 127 148 108 183 161 151 149 131 March 157 217 754 166 1,229 til 157 131 127 153 169 180 106 184 161 152 '161 149 132 April 157 215 746 162 ,219 154 131 125 150 106 184 "In" 159 150 148 131 May._. 157 215 744 161 1,210 154 129 126 148 106 182 160 151 147 136 June 156 215 744 160 1,215 113 153 131 126 •148 169 179 104 179 161 149 ~~161~ 147 135 July _ 157 218 761 161 1,223 154 131 124 148 105 177 ~~169~ 161 150 148 131 August 159 «223 751 163 L, 232 154 129 121 146 ••104 178 162 155 149 131 September. 158 227 735 164 L 230 113 154 127 121 147 167 180 '104 178 163 155 149 131 October 158 231 734 165 1,236 154 127 121 148 105 179 170 163 155 149 130 November- 157 167 1,228 155 150 December. i 1 150 ! 1 1921=100. 1 First of month figures. • Index of General Statistical Office. * Amsterdam only; 1911-1913=100. •1927=100. ! Corrected. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1930 FEDERAL RESERVE BULLETIN 33 CHANGES IN MEMBERSHIP CHANGES IN MEMBERSHIP—Continued STATE BANK MEMBERSHIP NATIONAL BANK MEMBERSHIP The following list shows the changes affecting State bank membership during the month ended December The following list shows reported changes (except 21, 1929, on which date 1,136 State institutions were suspensions and insolvencies) affecting national bank members of the system: membership, concerning which information became available between November 19 and December 16, Date Federal reserve district Capital 1929: ADMISSIONS Date Federal reserve district Capital No. 5—RICHMOND Nov. 25 Baltimore Trust Co., Baltimore, Md $6,250,000 Consolidation of the Baltimore Trust Co., 1929 No. 1—BOSTON member, and the Century Trust Co., nonmember, under new charter. Nov. 20 Spencer National Bank, Spencer, Mass $100,000 Primary organization. No. 8—ST. LOUIS Nov. 21 Barnstable County National Bank, Hyannis, Dec. 19 Normandy State Bank, Normandy, Mo. _ 30,000 Mass.. _ , 100, 000 CHANGES Nov. 22 Primary organization. Worcester County National Bank, Worcester, No. 1—BOSTON Mass. _ 1, 535, 650 NOT, 30 The Thames Bank, Norwich, Conn 1,000,000 Spencer National Bank, Spencer, Mass i 100, 000 Consolidated with Bankers Trust Co., non- Clin C to o n n s T o r l u id s a t t e C d o u ., n C d l e i r n t c o h n a , r t M er a a s n s. d . title of Wor _ - | j 300, 000 member. cester County National Bank, Worcester, No. 2—NEW YORK Dec. 4 Mass 1, 773,150 Dec. 5 I I C Fi i r ty st B T a r n u k s t T r & us t D C e o p . o , s S it y ra C c o u . s , e , S N yr . a Y cu ., s e m , e N m . b Y er . . , _ 3,000,000 Dec. 14 Cam A b b ri s d o g rb e e N d a b ti y o n C a e l n B tr a a n l k T , r C us a t m C b o ri . d , g n e o , n M m a e s m s ber. 200, 000 • | m C em on b s e o r l idated under title of _ First Trust & 3,600,000 F O i l r d s t C N o a lo ti n o y n a N l a B ti a o n n k a , l B B o a s n t k on, Mass 27 1 , , 5 0 0 0 0 0 , , 0 0 0 0 0 0 Nov. 27 j I Intern D at e i p o o n s a i l t A C c o c ., e p m ta e n m c b e e r T rust Co., N _ ew York, 5,400,000 Co N n a s t o i l o id n a a t l e B d a u n n k d er charter _ and title of First 43, 500, 000 N T . r u Y st . C f o ti . tle changed to Bank of Manhattan No. 2—NEW YORK No. 3—PHILADELPHIA Nov. 23 Stewart National Bank, Livonia, N. Y 75,000 Dec. 19 First Bank & Trust Co., Mechanicsburg, Pa 250,000 Livonia State Bank 40, 000 Voluntary withdrawal. Consolidated under charter of Stewart National Bank and title of Stewart National No. 4—CLEVELAND Bank & Trust Co 115,000 Nov.26 Union Trust Co., Greensburg, Pa., member, has Nov. 30 Genesee River National Bank, Mount Morris, absorbed the Merchants <k Farmers National NY 50, 000 Bank of Greensburg _ _ 150,000 Bingham State Bank _J 50, 000 No. 5—RICHMOND Consolidated under charter of Genesee River I National Bank and under title of Genesee '• Nov.25 Baltimore Trust Co., Baltimore, Md 4,250,000 River National Bank & Trust Co. = 100, 000 Consolidated with Century Trust Co., nonmember, under new charter and title of No. 3—PHILADELPHIA Baltimore Trust Co., a member. ! No. 6—ATLANTA Nov. 30 First National Bank, Scranton, Pa.__ 3,000,000 Traders National Bank, Scranton, Pa 1, 000, 000 Nov.30 Farmers & Merchants Bank, Samson, Ala., Consolidated under charter and title of First closed _ _ _ 60,000 National Bank 5, 000, 000 Dec. 5 Jefferson Trust & Savings Bank, Gretna, La 80,000 Nov. 30 National Union Bank, Reading, Pa 200, 000 Absorbed by Gretna Trust & Savings Bank, Absorbed by Reading Trust Co., nonmemnonmember. ber. No. 7—CHICAGO No. 4—CLEVELAND Nov.30 Lilley State Bank, Tecumseh, Mich., closed 40,000 Nov. 30 City-National Bank of Commerce, Columbus, Dec. 2 Peoples State Savings Bank, Britton, Mich., Ohio 600, 000 closed 25,000 Commercial National Bank 600, 000 Reopened Dec. 11,1929. Consolidated under charter of City-National Dec. 14 South Side Trust & Savings Bank, Chicago, 111. 750,000 Bank of Commerce and under title of City Voluntary withdrawal. National Bank & Trust Co 1,200,000 Dec. 14 State Bank of Chicago, Chicago, 111 5,000,000 Nov. 30 Citizens National Bank, Slippery Rock, P~a 35, 000 Absorbed by Foreman National Bank, Absorbed by First National Bank... _. 25,000 Chicago, 111. Nov. 15 Rempel National Bank, Logan, Ohio__ 50, 000 Dec. 14 Plymouth Exchange Bank, Plymouth, Wis., Absorbed by First National Bank 50,000 closed 100,000 Nov. 26 Merchants & Farmers National Bank, Greens- No. 8—ST.Louis burg, Pa 150, 000 Absorbed by Union Trust Co., member 400,000 Dec. 9 State Exchange Bank, Macon, Mo 100,000 Succeeded by First State Bank & Trust Co., No. 5—RICHMOND Macon, Mo., nonmember. No. 9—MINNEAPOLIS Nov. 23 First National Bank, Pennsboro, W. Va 50,000 Citizens National Bank, Pennsboro, W. Va.~.~-. 50,000 Nov 30 Swift County Bank (Inc.), Benson, Minn., Consolidated under charter of First National closed _ 100,000 Bank and under title of First-Citizens Na- No. 11—DALLAS tional Bank __ 100, 000 Nov. 27 Peoples National Bank, Fairmont, W. Va__~_.I_. 200, 000 Dec. 2 Farmers & Merchants State Bank, Edge wood, Fairmont Trust Co 200, 000 Tex 35,000 Home Savings Bank 100, 000 Absorbed by First National Bank of Edge- Consolidated under charter of Peoples Nawood. tional Bank and title of Union National Dec. 12 Security State Bank, Rockwall, Tex 50,000 Bank 420, 000 Succeeded by First National Bank in Rock- Nov. 25 Woodside National Bank, Greenville, S. C 250, 000 wall. Absorbed by Peoples State Bank of South No. 12—SAN FRANCISCO Carolina, Charleston, S. C, nonmember. Dec. 7 First Security Bank, Bingham Canyon, Utah 26,000 Dec. 3 National State Bank, Columbia, S. C._ 200,000 Absorbed by Peoples State Bank of South Voluntary withdrawal. Carolina, Charleston, S. C, nonmember. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

34 FEDERAL RESERVE BULLETIN JANUARY, 193O CHANGES IN MEMBERSHIP—Continued national banks listed below for permission to exercise one or more of the fiduciary powers named in section 11 (k) of the Federal reserve act as amended, as fol- NATIONAL BANK MEMBERSHIP—Continued lows: (1) Trustee; (2) executor; (3) administiator; (4) registrar of stocks and bonds; (5) guardian of estates; Date Federal reserve district Capital (6) assignee; (7) receiver; (8) committee of estates of lunatics; (9) in any other fiduciary capacity in which No. 6—ATLANTA State banks, trust companies, or other corporations which come into competition with national banks are Nov. 23 Atlanta and Lowry National Bank, Atlanta, Ga_. $4,000,000 Fourth National Bank, Atlanta, Ga 1,400,000 permitted to act under the laws of the State in which Consolidated under charter of Atlanta & the national bank is located. Lowry National Bank and under title of First National Bank 5, 400, 000 Nov. 29 Leeds-American National Bank of Leeds, Ala., t B it a le n k. changed No to . 7— Le C e H d I s C -A AG m O erican National Location t D N r i i o s c - . t Name of bank g P r o a w nt e e r d s Nov. 22 La Salle National Bank, La Salle, 111., title c C h o. anged to La Salle National Bank & Trust Cohasset, Mass 1 Cohasset National Bank 1 to 9. Nov. 25 First National Bank of College Springs, Iowa 50,000 Baldwin, N. Y _ 2 Baldwin National Back 1 to 9. Absorbed by Citizens State Bank of Clarinda, Livonia, N. Y 2 Stewart National Bank & 1 to 9. Iowa, nonmember. Trust Co. Dec. 9 First National Bank in Sioux Rapids, Iowa 50,000 Mount Morris N. Y__ 2 Genesee River National Bank 1 to 9. Primary organization. <k Trust Co. Dec. 14 First National Bank, Fort Wayne, Ind-_ 1,000,000 Roebling, N. J 3 First National Bank Ito9. Tri-State Loan & Trust Co 1, 000,000 Philadelphia, Pa 3 North Broad National Bank Ito9. Co B n a s n o k li d a a n t d ed u u n n d d er e r ti c t h le a r o te f r F o i f r s F t ir & st T N ri a - t S io ta n t a e l M Fa o i o rm re o fi n e t l , d , \ V W . . V V a a.__ 5 5 U So n B u io a th n n k B N . r a a t n io c n h a V l a B ll a e n y k N ationa _ l _ 1 I - t 3 o , 9 5 . -9. Dec. 14 Forem N an a ti N o a n t a i l o n B a a l n B k a & nk T , r C u h s i t ca C g o o, 111 2 6 , , 0 0 0 00 0 . , 0 0 0 0 0 0 Greensburg, Ind 7 Citizer.s National Bank Ito9. Haugan State Bank, nonmember 200, 000 Hastings, Minn 9 First National Bank 1 to 9. Consolidated under charter of Foreman Na- Bismarck, N. Dak 9 Dakota National Bank & Ito9. tional Bank and under title of Foreman- Trust Co. State National Bank... - - 11, 000, 000 No. 9—MINNEAPOLIS The Comptroller of the Currency presents the follow- Nov. 21 James River National Bank, Jamestown, N. ing summary of increases and reductions in the number Dak., title changed to James River National and capital of national banks during the period from Bank & Trust Co. November 23 to December 27, 1929, inclusive. Nov. 26 Security National Bank & Trust Co., Red Wing, Minn 100,000 Nov. 20 First A S u N b m c s a c e o t e m r i e o b d b n e s e d a r l S . b B e y c a M u n r k e i , t r y c O h B m an a e t n m s k e N e & a , t N i T o . n ru D al s a t B k C an o k ., , W no i n l _ - - . 25,000 N b b e a u r n m k o s - f A c m a o p u it n a t l of low City, N. Dak 25,000 New charters issued 16 $1,195,000 Dec. 3 National Bank of Benson, Minn 50,000 Restored to solvency..,. 0 0 Primary organization. Increase of capital approved l 27 24, 505,000 Dec. 4 Dakota National Bank & Trust Co., Bismarck, N. Dak 100,000 Aggregate of new charters, banks restored Succeeds First Guaranty Bank, nonmember. to solvency, and banks increasing capital... 43 25,700,000 Dec. 7 Pipestone National Bank, Pipestone, Minn 75,000 Liquidations 24 2,335,000 Dec. 1 Nati P o r n i a m l a P r a y r k o r B ga a n n i k z a o t f io L n i . vingston, Mont 100,000 Reducing capital 2 70,000 Succeeded by National Park Bank in Liv- Total liquidations and reductions of capital.. 26 2,405,000 ingston. Consolidation of national banks under act of Dec 9 Security National Bank, Willmar, Minn 100,000 Nov. 7, 1918 6 57,088,150 Primary organization. Consolidation of national banks and State banks under act of Feb. 25,1927 5 13,635,000 No. 10.—KANSAS CITY Total consolidations. 11 _7_a 723,150 Nov. 20 First National Bank in Pawhuska, Okla., title Aggregate increased capital for period 25,700,000 Nov. 9 Fi c r h st a n N g a e t d i o t n o a l L i B v a e n S k t , o Q ck u i N n a to ti n o , n O al k l B a ank. 25,000 Reduction of capital owing to liquidations, etc 2,405,000 Absorbed by Farmers State Bank, nonmem- Net increase 23, 295,000 ber. No. 11—DALLAS i Includes three increases in capital aggregating $16,015,000 incident to Nov. 9 New First National Bank in Silver City, N. Mex. 100,000 consolidations under act of Nov. 7, 1918; also five increases aggregating Absorbed by American National Bank __ 50,000 $6,310,000 under act of Feb. 25,1927. Nov. 1 Bridgeport National Bank, Bridgeport, Tex 25,000 Absorbed by First National Bank, Bridgeport, Tex 35,000 Dec. 11 First National Bank in Rockwall, Tex 25,000 Primary organization. Acceptances to 100 Per Cent Nov. 12 Seaport National Bank, Houston, Tex 250,000 Absorbed by City Bank & Trust Co., non- The following member institutions have been member. authorized by the Federal Reserve Board to accept drafts and bills of exchange up to 100 per cent of their Fiduciary Powers Granted to National Banks capital and surplus: The Baltimore Trust Co., Baltimore, Md. During the month ended December 21, 1929, the Midland National Bank & Trust Co., Minneapolis, Federal Reserve Board approved applications of the Minn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1930 FEDERAL RESERVE BULLETIN 35 DETAILED BANKING STATISTICS FOR THE UNITED STATES FEDERAL RESERVE BANKS BILLS DISCOUNTED, AND DEPOSITS BY CLASS OF DEPOSIT [Monthly averages of daily figures. In millions of dollars] Federal Reserve Bank Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco Bills discounted: 1928—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 !j 60.4 245.9 731 79.7 40.7 58.5 142.7 37.4 12.0 33.3 20,6 55.0 February 889.2 : 61.9 216.3 85.5 84.7 41.0 55.8 165.9 37.8 12.8 32.5 19,2 75.8 March.. 968.6 ! 58,6 231.5 101.6 76.0 43.4 51.7 210.6 48.1 15.6 31.8 14.8 85 0 April 1.004.4 jj 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 i 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 66.6 65.9 135.9 49.9 15.2 48.3 22.3 57 7 July 1.095.6 'i 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 il 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 ji 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 ii 60.7 160.0 78.7 95.2 53.1 57.6 120.2 54.7 41.2 44.6 31.6 86.9 November... 952. 6 46.9 154. 7 106. 8 124.4 51.9 59.1 139.3 47.1 28.6 57.7 30.2 106.0 December- _ 803.4 40.4 188.3 80.2 98.4 41.8 43.0 133.0 30.9 17.4 . 45.9 19.1 65.0 Total deposits: 1928—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 65.3 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 64.1 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 62.7 90.3 65.4 183.0 July.. 2, 385. 0 149.5 948.0 137.4 190.2 68.3 64.0 352.0 79.1 54.0 93.7 64.2 184.6 August 2, 368. 4 147.8 932.5 136.2 191.7 68.4 62.0 357.4 78.4 63.9 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 November.. 2, 576. 5 157. 0 1,126.2 136. 2 186.5 68.0 63.9 359. 3 80.3 54.8 91.3 66. 7 186.3 December^ 2.437. 9 151.6 1,013.7 135.2 183.5 67.5 64.3 346.0 80.6 54.6 90.1 65.7 185.2 Member bank reserve balances: 1928—December 2, 366. 8 148.6 923.4 134.5 183.4 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 65.1 171.6 June 2,314. 3 142.4 931.9 134.7 184.2 65.5 63.4 341.0 75.9 61.3 88.6 63.3 172.0 July.. 2, 333. 5 147.6 930.9 135. 3 1S7. 2 65.7 61.9 347.2 77.0 52.4 92.0 62.5 173 9 August 2, 322. 4 146.2 919.9 134.2 188.5 65.4 60.2 352.7 76.7 52.5 92.8 61.2 172.1 September 2,334. 5 147.5 930.5 134.6 187.1 64.5 61.1 351.2 76.7 53.3 91.2 62.8 174.1 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 November 2, 521. 3 154. 11,107. 7 133. 8 182.9 (M.8 61.5 353. 6 78.7 53.4 89.7 65.2 175.8 December_ 2, 395. 0 150.1 999. 6 133.5 180.1 65.4 62.6 342.7 79.3 53.3 89.0 64.4 175.2 Government deposits: 1928—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 .7 1.9 April 24.8 1.6 6.6 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 2.0 7.6 1.4 2.2 3.6 1.7 4.2 1.1 .9 1.2 1.8 1.6 July 20.4 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 L6 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 L.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 L.8 November. 22.6 1.8 4.0 1.7 1.7 2.6 2.0 - 2.7 1.1 .9 1.2 1.2 1.7 December_ _ 15.9 1.0 3.1 1.1 1.2 1.8 1.4 1.6 .8 .9 .8 1.1 1.2 AH ether deposits: 1928—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 2.3 .7 .5 .5 .3 9 3 February 28.5 1.2 10.0 .7 1.8 .4 1.9 .8 .4 .6 1.0 9.3 March... 31.3 .6 13.7 .7 1.5 .4 1.9 2.4 .5 .2 8.6 A M p a r y il _. 3 3 4 2 . . 8 0 . . 6 6 1 1 5 3 . . 4 3 . . 9 8 1 1 . . 8 5 . . 5 4 2 2 . . 1 1 2 2 . . 6 5 #, . . 7 4 . . 3 3 9 9. . 2 1 June 30 29.7 .7 10,1 .8 1.8 .5 2.4 2.6 .4 .3 9.4 July 31.0 .6 13.7 .7 1.8 .4 8.2 1.0 .4 .2 8.3 A Se u p g t u e s m t ber 2 2 7 7. . 1 5 . . 5 5 1 9 0 . . 6 9 . . 6 7 1 1 . . 8 7 . . 4 4 2 2 . . 8 6 . . 5 5 t 4 1 . . 7 1 . . 2 2 8 8 . . 3 t October 28.1 .5 10.1 .7 1.4 .3 2.9 1.3 1.0 .2 8.6 November __ 32.5 1.1 14.6 .7 1.8 .5 3.0 .5 .4 .4 .3 8.8 December 27.0 .5 11.0 .6 2.3 .4 1.7 .5 •41 .3 .2 J3.9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

36 FEDERAL RESERVE BULLETIN JANUARY, ] FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES AT END OF MONTH lln thousands of dollars] 1929 1928 Dec. 31 Nov. 30 Dec. 31 Total gold reserves 2, 857, 051 2,948, 259 2, 584, 232 Reserves other than gold- 153,877 142,065 124, 608 Total reserves.. 3,010, 928 3, 090,324 2, 708,840 Nonreserve cash 81, 909 74,423 79,885 Bills discounted 632, 421 1, 030, 442 1, 056,466 Bills bought: Outright _. 236,974 244, 703 439, 004 Under resale agreement. 155, 235 11,372 50, 066 Total bills bought 392, 209 256,075 489,070 United States securities: Bought outright... 487, 291 322,155 197,133 Under resale agreement. 23, 296 3,910 30, 931 Total United States securities.. 510, 587 326, 065 228, 064 Other securities _ 12, 300 18, 698 9,885 Total bills and securities. 1, 547, 517 1, 631, 280 1, 783, 485 Due from foreign banks 721 724 728 Reserve bank float i 33, 666 44,897 24,468 Total reserve bank credit outstanding... 1, 581,904 1,676,901 1. Federal reserve notes of other reserve banks... 42,148 28,706 Other uncollected items not included in float.. 672,922 639,810 659, 500 Bank premises... 57, 359 59,157 58,591 All other resources _ 11, 275 11, 837 7,340 Total resources 5,458,445 5, 579,440 5,351, 543 Federal reserve notes: Held by other Federal reserve banks.. 42,148 ! 28, 706 Outside Federal reserve banks 1,867,575 ! 1, 922, 618 1, 809,488 Total notes in circulation 1, 909, 723 1, 949, 606 1,838,194 Deposits: 2, 355, 263 Member bank—reserve account. 2,458,021 2,388,964 Government 28,852 38,871 23,472 Foreign bank 5,710 5,278 5,775 Other deposits 23,850 20,233 21,475 Total deposits 2, 413, 675 2, 522,403 2, 439, 686 Deferred availability items.. 672,922 639,810 659, 500 Capital paid in _ 170, 973 168, 369 146, 936 Surplus 276, 936 254,398 254,398 All other liabilities 14, 216 44,854 12,829 Total liabilities 5,458, 445 5,351,543 Contingent liability on bills purchased for foreign correspondents_ 547, 962 503, 792 324,699 i Uncollected items (exclusive of Federal reserve notes of other Federal reserve banks) in excess of deferred availability items KINDS OF MONEY IN CIRCULATION, BY MONTHS [End of month figures. In thousands of dollars] Date Total G co o i l n d G ti o fi l c d a t c e e s r- S d s o t i a a l l r v l n d a e d r r s - S c i a l t v e e s r S s u i i a b lv r s y e id r - M co in in or U S n n t o a i t t t e e e s s d F re n e s o d e t e r e r v s a e l F re n b e s o a d e t n e r e k r v s a e l l ! | I t n b i N o o a n t n a e - k a s l 1928—Dec. 31— 4,973,168 395,310 990,996 46,475 410,334 ' 1,294 291,314 115,613 294,199 ., 808,053 3,820 615, 761 1920—Jan. 31— 4,658,617 380,952 923,193 44,456 381,672 I 1,292 280,751 114,007 282,172 I, 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 :, 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 ., 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 ., 648,392 3,680 643,639 May 31 4,737,636 369,997 944,058 43, 651 392,411 I 1,286 282, 936 114,454 288, 216 ., 654, 7573,650 642, 221 June 30 4, 746,297 368,488 934,994 43,684 387,073 1,283 284, 226 115,210 262,188 , 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 , 748, 442 3,587 619,855 Aug.31. 4,839,859 364,603 887,102 43, 055 411,293 j 1,280 286, 270 115,985 248, 670 , 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 "19,143 3,500 630, 497 Oct. 31. 4,838,185 363,051 845,908 42,573 414,952 1,276 291,200 117,556 266, 504 >9,173 3,466 622, 527 Nov. 30. 4,929,562 364,070 888, 650 42, 244 418,085 1,275 292,214 118, 223 275,125 , 919,888 3,432 606, 356 Dec. 31 * 4,864, 703 383, 742 879, 563 42,184 416,874 I 1,273 293,804 119,461 264,878 1,862,411 3,413 597,100 * Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1930 FEDERAL RESERVE BULLETIN 37 FEDERAL RESERVE BANKS—AVERAGE DAILY RESERVES AND DEMAND LIABILITIES IN DECEMBER AND NOVEMBER, 1929 lln thousands of dollars] Federal reserve notes Total cash reserves Total deposits in circulation Reserve percentages Federal reserve bank ! December November December November December November December November Boston 302,904 305,441 151,583 157,022 210, 317 207,352 83.7 83.8 New York 874,425 1,172,924 013, 693 1,126,248 328,332 376,181 65.2 78.1 Philadelphia. . 209, 358 166,856 135, 234 136,206 167, 826 143,512 69.1 59.7 Cleveland 251, 691 210,100 183, 529 186,504 191,812 178,306 67.1 57.6 Richmond 108,139 95,724 67, 499 67,956 97, 997 92,031 65.3 59.8 Atlanta 148,831 133,357 64, 282 63,904 147,893 154,081 70.1 61.2 Chicago 461, 696 479, 696 345,984 359,287 313,114 307,650 70.0 71.9 St. Louis 122, 095 118,800 80, 550 80,292 94, 465 92,040 69.8 68.9 Minneapolis. _. 87,866 80,671 54, 571 54, 763 66, 318 66, 553 72.7 66.5 Kansas City___ 117, 214 90, 075 91,331 89, 255 85,195 65.4 55.9 Dallas. 71,816 66,995 65, 728 66,685 49, 323 50,922 62.4 57.0 San Francisco . 283,979 237,549 185,189 186,316 189, 766 183, 595 75.7 64.2 Total. 3,040,014 3,166, 713 2,437,917 I 2,576,514 1,946,418 ! 1,937,418 69.3 70.2 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS RESOURCES fin thousands of dollars] Federal Reserve Bank Cleve- J Rich- Mm- j, ! San land mond Atlanta neap- I V"T+X"" Dallas ! Franolis UU3r cisco Gold with Federal reserve agents: Dec. 4 214, 917| 106, 900 61,190 108,380 259,564; 73,800 49,157 50,000 30,723 186,763 Dec. 11 224,917 114,900 71,190 113,280; 269, 5G4| 77,800 54,157 50,000 30,723! 191,763 Dec. 18 224, 917 112, 900; 71,190 119,5801 269,564! 73,650 57,157! 70,000 35,723! 191,763 Dec. 24__- -. 224,917 120,900 71,190 124,080! 269,564! 76,630 66,157! 70, 000 40,723; 211,763 Dec. 31 224, 917 130, 900. 76,190 126,880 269,564: 84,630, 66,157: 70, 000 40,723' 211,763 Gold redemption fund with U. S. Treasury: Dec. 4 6,493 3,180 4,169; 11, 420 6,734 3,970 2, 741; 2, 459; 6, 459 Dec. 11 6, 493 3,180| 4,169! 11, 420! 6,734 3,970 3, 2411 2, 459: 6,459 Dec. 18 6, 493! 3,180; 3,169: 11, 420 5,734 3,970 3, 241; 2,459 6,459 Dec. 24.__ 6,493 3,180| 3,169; 11,420- 5,734 3,970 3,241: 1,459' 6,459 Dec. 31 6,493 3,180 2, 669j 11,420; 5, 734: 3, 970! 3. 241- 1,459: 6,459 Gold held exclusively against I I Federal reserve notes: Dec. 4 1, 718, 352 j 221, 845 417,485! 104,920 113,393! 64,370, 112,549; 270,984: 80, 534 53,127 52,7411 33,182 193,222 Dec. 11 1,704,994 ! 231,845 331,7271 119,920: 121,393: 74, 370; 117,449 280,984! 84, 534 58,127 53,241 33,182! 198,222 Dec. 18 l,830,807i 231, 845 417,450! 133,920' 119,393 74,370 122,749 280,984? 79,384. 61, 127 73,241! 38,182: 198,222 Dec. 24.__ 1,805,947: 231, 845 342,450! 135,520 127,393 74,370' 127,249: 280,984! 82, 364; 70,127 73,2411 42,1821 218,222 Dec. 31 1,750,205 231, 845! 255,408 141,520 137,303 79,370 129,549; 280,984! 90, 364! 70,1271 73, 2411 42,182: 218,222 Gold settlement fund with Federal Reserve Board: Dec. 4 550, 717 53, 088 114, 541 33,101 84, 919; 29, 450 8,802; 91, 612' 30, 606: 19, 042; 32, 624! 19, 479 33, 453 Dec. 11. 523, 502, 25, 066 98, 253! 42, 543 84,923: 18, 045! 6, 305 i94, 944! 26, 972 20, 807 j 43, 599! 24, 486! 37, 559 Dec. 18 .-_ 485,5311 20, 258 105,973! 39,116 70, 588! 16, 666! 9,93l! 86, 714; 18, 377; 15, 608! 31,808! 18, 949: 45, 543 Dec. 24 489,879! 24,744 83, 730; 31,379 79, 772; 23,656. 10,937 i 79,008'; 23,737! 22, 526; 47,737 20, 398; 42, 255 Dec. 31 511,243' 4, 359 154, 835 25, 212; 70, 0C0; 8, 092! 5,604: 86, 463 j21, 021 18, 085] 52, 002 15, 826i 48, 784 Gold and gold certificates held i by banks: Dec. 4 723,897 :30, 815 449, 919 40,053; 41, 857 11,084: 3,437 95, 693: 5,8eo; 4, 468| 5,406 9,120 26,185 Dec. 11 735,652; 30,783 458, 232 43, 333 40, 052 11,254! 3,383 94, 738 6, 2fi8! 5, 270 5,567 9, 0311 27, 741 Dec. 18 566,410,' 29,786 301,736 40, G51 43,187 11,079 3,368 85, 768 5,430' 4, 230 5,251 9, 066; Dec. 24 ._. __. 525,814'i 28, 247 284, 265 38, 329 40,810 11,278 3,319 69,140 5,121' 3,8231 5,60T 27,039 Dec. 31 595,603: 31, 008 339, 61" 36, 989 45, 906 11,915 4,438 73, 601j 5,497 4, 254- 6,47i 7951 27,107 Total gold reserves: Dec. 4 2,992,966: 305,748 981, 945 178,074 240,169 104,904 124,788 458,289 117,000 76, 637; 90, 7711 61,781 252,860 Dec. 11 2,904,1481: 287,694 888, 212 205,796 246,368 103,669 127,137 j 470,666 117, 774! 84, 204: 102, 4071 66,699 263,522 Dec. 18 2,882,8081: 281,889! 825,159 213,687 239,168 102,115 136,0481 453,466 103,241! 80,965 110, 300 66,197 270,573 Dec. 24 2,821,640- 284,836: 710,445 205,228 247,975! 109,304 141,505 429,132 111,222' 96,476 126, 586, 71,415 287,516 Dec. 31 2,857,051' 267,212! 749,860] 203,721 254,259 99,377 113399,,55991 1441,048 116,882 92,466: 131,719 66,803' 294,113 Reserves other than gold: Dec. 4 .._. 145, 782' 15, 237 42, 214 10, 782 7,159 5,194 16, 596 11,145 9,367 3,387 5,474 5,879' 13348 Dec. 11 145,719. 14,966 43,303 10,433 0, 7151 5,133 17,276 11, 6711 9,831 2, 629 5,139 5602. 13021 Dec. 18 143,345 14, 904 47,366 11,760 6, 572 4, 478' 14481 10, 347| 8,860 2,176 4,951 5,309 12,141 Dec. 24 129,106,: 13,247 45, 023 9,851 6,371 4, 265 11951 8, 642j 7,371 2,241 4,643 4198 11,303 Dec. 31 153,877!: 16,772 50, 382 12,471! 8,618 5,830: 13925 12, 6521 8,581 2,731 6,172 4346 11397 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

38 FEDERAL RESERVE BULLETIN JANUARY, ] FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands of dollars] Federal Reserve Bank Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is 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: Dec. 4 3,138,748' 320,985 1,024,159 188,856 247,328 110,098 141,384!469,434 126, 367 80,024 96, 245 67, 660 Dec. 11 3,109,867 302,660 931,515 216,229 253,083 108,802 144,413 482,337 127,605 86,833 107,546 72,301 276,543 Dec. 18 3, 026,153 296,793 872,525 225,447 245,740 106,593 150,529 463,813 112,101 83,141 115,251 71, 506282,714 Dec. 24 _. 2,950, 746 755,468 215,079 254,346 113, 569153,456 437, 774 118,593 98,717 131,229 75,613 298,819 Dec. 31... 3,010, 928 283,984 800,242 216,192 262,877 105, 207153, 516453, 700 125,463 95,197 137,891 71,149 305, 510 Nonreserve cash: Dec. 4 79,883 10,780 31,874 1,405 3,870 4,818 7,125 4,105 1,561 1,607 2,363 5,707 Dec. 11 76,472 11,780 24,340 2,303 3,539 5,189 4,365 8,000 4,598 1,957 2,105 2,560 5,736 Dec. 18. 67,687 11,132 19,417 2,551 3,790 3,361 3,137 8,670 4,274 1,593 1,855 2,288 5,619 Dec. 24 61,310' 8,798 14, 721 2,525 3,305 4,159 3,009 8,655 4,311 1,799 1,943 2,395 5,690 Dec. 31 81, 909 10,902 12, 946 3,483 6,724 5,904 5,559 12,405 6,531 2,467 2,867 4,"" 7, 835 Bills discounted: Secured by U. S. Government obligations— Dec. 4 424,932 18,173 68,543 38,484 46, 617 17,032 7,337 93,303 19, 571 15,994 26,923 7,550 65,405 Dec. 11 398,729 19,299 109,744 34,401 55,271 11,078 6,183 64,937 15,092 7,922 19,289 4,383 51,130 Dec. 18 382,461 17,505 112,405 34,740 49,846 10,397 3,429 71,521 15,879 6,323 14,230 3,556 42,630 Dec. 24 430, 556 24,063 155,471 38, 643 53,635 12,192 2,660 97,456 15,852 1,892 14,993 4,361 9,338 Dec. 31 353, 559 13, 355 127, 012 34, 511 45, 563 11, 288 2,680 75,121 12, 555 3,552 12,996 3,267 11, 659 Other bills discounted— Dec. 4 447,378 20,729 61,818 60, 611 59,299 26,373 43,659 65,811 17,824 13,900 36,157 22,049 19,148 Dec. 11 370,193 20,488 45,533 38,723 47,503 26,905 38,562 54,498 14, 732 12,858 32,847 16,479 21,065 Dec. 18 354,577 19,107 63,768 35,965 44,604 30, 062 36,331 47,216 12, 746 9,491 23,836 10,117 21,334 Dec. 24... 332, 225 17,912 42, 249 34,816 43,501 35,041 46, 376 12, 766 5,523 22,435 9,528 33,430 Dec. 31 278,862 13,289 44, 747 31,266 31,156 27, 651 26, 667 37,547 5,383 6,625 16,653 10, 024 27,854 Total bills discounted: Dec. 4 872,310 38,902 130, 361 99,095 105,916 43,405 50,996 159,114 37,395 29,894 63,080 29,599 84,553 Dec. 11 768,922 39,787 155,277 73,124 102,774 37,983 44,745 119,435 29,824 20,780 52,136 20,862 72,195 Dec. 18 737,038 36,612 176,173 70,705 94,450 40,459 39,760 118, 737 28, 625 15,814 38,066 13,673 63,964 Dec. 24 762, 781 41,975 197, 720 73,459 97,136 40, 840 37, 701143,832 28, 618 7,415 37,428 13,889 42, 768 Dec. 31 632,421 26, 644 171, 759 65, 777 76, 719 38, 939 29, 347112,668 17, 938 10,177 29, 649 13,291 39,513 Bills bought in open market: Dec. 4 _ 256,518 7,715 87, 524 29,838 16,432 18,823 33, 375 116 2,811 16,276 9,437 25,903 Dec. 11 321,840 11, 647 145,180 8,052 27, 470 16,239 18,395 35,835 2,203 3,412 15,704 9,557 28,146 Dec. 18 309,411 13,044 118,025 8,455 29,032 17, 922 18, 774 39,614 6,028 4,804 13, 013 9,845 30, 55 Dec. 24 354,943 14,829 173,825 7,724 24,654 14,948 18, 218 38, 693 6,743 4,791 10,944 8,647 30,927 Dec. 31 392,209 29, 878 191, 745 8,540 23,499 13, 336 19,196 37, 561 9,801 6,636 8,195 9,209 34, 613 U. S. Government securities: Bonds- Dec. 4 37,955 689 155 585 548 1,152 55 19,927 2,125 4,838 7,813 Dec. 11 50,971 1,923 4,772 1,910 2,087 2,486 26 22,304 1,598 5,252 8,545 Dec. 18.. _ 68,664 3,466 10,542 3,567 3,932 3,391 34 25.274 2,969 5,962 9,459 Dec. 24 68,683 3,466 10,542 3,567 3,932 3,391 38 25.275 2,969 5,976 9,459 68 Dec. 31 76,817 3,551 16, 997 3,658 4,055 3,441 1,172 25,438 3,044 5,996 9,465 Treasury notes— Dec. 4 183,413 4,629 111, 999 12,268 10, 922 372 3.379 9,018 9,857 5,101 263 5,005 10,600 Dec. 11 193,374 5,387 114, 967 13,081 11,230 1,041 3,377 10, 501 12,154 5,319 263 5,454 10, 600 Dec. 18 198,948 5,621 118,434 13, 332 11,568 1,178 3,376 11,188 12,363 5,432 263 5,593 10,600 Dec. 24 201,236 5,689 120,179 13,405 11,667 1,218 3,376 11, 319 12,423 5,464 263 5,633 10,600 Dec. 31 215, 604 6,072 131, 383 13,818 12, 221 1,443 3,377 12,209 12, 765 5,693 263 5,760 10,600 Certificates and bills- Dec. 4 133, 776 9,907 57, 570 17, 539 4,259 285 5,396 19, 246 7,837 1,814 2,800 5,907 1,216 Dec. 11 142, 589 10,034 65,096 17,678 4,259 1,041 5,380 19, 289 7,951 1, 862! 2,800 1,216 Dec. 18 265,653 18,092 108,407 19,889 20, 231 2,249 8,433 23, 292 19, 780 10,062; 15,800 15, 702 3,716 Dec. 24 215,124 15,407 94,317 23,449 12,019 4,194 5,414 29,665 12, 727 4,749! 2,800 9,167 1,216 Dec. 31 218,166 16,227 90,826 24,330 13,203 4,675 5,396 31,199 13,457 5,184| 2,800 9,653 1,216 Total U. S. Government securities: Dec. 4 355,144 15, 225 169,724 30, 392 15, 729 l, 8,830 48,191 19,819 11, 753 3,063 18. 725 11,884 Dec. 11 17, 344 184,835 32,669 17, 576 4,568 8,783 52,094 21, 703 12,433 3,063 19, 982 11,884 Dec. 18 533, 265 27,179 237, 383 36,788 35, 731 6,818 11,843 59,754 35,112 21,456! 16,063 30, 754 14,384 Dec. 24 485, 043 24, 562 225, 038 40,421 27,618 8,803 66, 259 28,119 16,189, 3,063 24,259 11,884 Dec. 31 510,587 25,850 239, 206 41,806 29,479 9,559 9,945 29,266 16,873 3,063 24, 878 11, 816 Other securities: Dec. 4 18,698 1,000 9,350 1,150 1,500 2,000 Dec. 11 13,603 1,000 7,100 1,150 1,500 1,500 1,353 Dec. 18 9,752 1,000 4,500 1,150 1,500 1,500 102. Dec. 24... 9,770 1,000 4,500 1,150 l,500! 1,500 120| Dec. 31 12,300 1,000 7,150 1,000 l,500!. 1,500 30 120 Total bills and securities: Dec. 4 1,502,670 62,842 396,959 138,905 152,983 61, 646 78,649 242,680 57, 330 48,156 82,419 57, 761122, 340 Dec. 11 1,491,299 69, 778 492, 392114, 995149,320 58,790 71,923 208,864 53, 730 37.978 70,903 50,401 112, 225 Dec. 18 1,589,466 77,835 536,081 117,098 160,713; 65,199 70,377 219,605 69, 765 42,176 67,142 54,272 109,203 Dec. 24 1,612,537 82,366 601,083 122, 754150,908! 64,591 64,747 250, 284 63,480 28,515 51,435 46, 795 85, 579 Dec. 31 1,547,517 83,372 609,860 117,123 131,197| 61,834 58,488 220,575 57,035 33,806 40,907 47,378 85,942 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 39 JANUARY, 1930 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, B 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 - AtlantaChicago L S ou t. is n M ea in p - - K C an it s y as Dallas F S r a a n nolis cisco Due from foreign banks: Dec. 4 724 54 220 69 74' 33 29 18 24 24 52 Dec. 11 724 54 219 70 74 33 99 29 18 24 24 52 Dec. 18 722 54 217 70 74 33 28 99 29 18 24 24 52 Dec. 24___ 721 54 216 70 74 33 28 99 29 18! 24 24 52 Dec. 31 721 53 218 69 74 33 28 99 29 18 24 24 52 Uncollected items: Dec. 4 689, 918 68, 969 192,154 59,175 63,305 52,440 20,884 79,047 31, 267 14,475 41,151 27,401 39, 650 Dec. 11 682, 767 68,157 179, 621 57,638 61, 027 52, 518 21, 213 82,471 32, 686 15,059 42,348 29,646 40, 383 Dec. 18 870.381 83,037 240,132 73,191 79,401 63, 634 27, 349125,105 37,460 17, 807 48, 270 31,475 43, 520 Dec. 24 776, 546 71, 253 213,815 68, 301 79,847 56,186 26,412 91,195 37, 790 16,584 44,321 29, 111 41,731 Dec. 31 748, 736 78, 859 220, 003 59,284 66, 852 58, 285 26, 749 84, 034 35,110 14, 791 40, 637 28, 017 36,115 Bank premises: Dec.4 59.171 3,702 16,087 1,762 6,535 3,395 2,744 8.529 3,996 2,110 4,140 1,922 4,249 Dec. 11 59.172 3,702 16, 087 1,762 6, 535! 3,395 2,744 8,529 3,997 2,110 4,140 1,922 4,249 Dec. 18 59, 268 3,702 16, 087 1,762 6, 535| 3,395 2,744 8,529 3,997 2,110 4,140 1,922 4,345 H Dec. 24 59, 329 3,702 16,087 1,762 6,535! 3,395 2,744 8,529 4,001 2,110 4,140 1,922 4,402 Dec. 31 57,359 3,580 15, 664 1,762 6, 208; 3,194 2,658 8,295 3,811 2,*018 3,972 1,876 4,261 All other resources: Dec. 4 11,928 92 3,548 215 i, 176; 624 3,631 586 401 618 163 357 517 Dec. 11 13,021 130 4,466 233 1,189 615 3,770 596 386 591 155 367 523 Dec. 18 10,779 90 2,867 81 1,014 621 3,814 599 316 513 155 348 361 Dec. 24... 11,089 122 3,118 95 1, 018 618 3,817 630 304 515 132 356 364 Dec. 31 11, 275 81 3,283 106 1,013 680 3,845 559 297 542 164 359 346 Total resources: Dec. 4 5,483,042; 467,424 , 665,001390,387 475,271 233,054 251,988 807,500 223,495 146,962 225,749 157,488 438,723 Dec. 11 5,433,322' 456,261 ,648,640 393,230 474,767 229,342 248,456 790,896 223,031 144,546 227,221 157,221 439,711 Dec. 18.. 5,624,456 472,643 687,326 420,200 497,267 242,836 257,978 826,420 227,942 147,358 236,837 161,835 445,814 D D e e c c . . 2 3 4 1 5 5 , t 4 4 5 72 8 , , 4 2 4 7 5 8 4 4 6 60 4 , , 8 3 3 7 1 8 6 6 0 6 4 2 , , 5 21 0 6 84 3 1 9 0 8 , , 0 5 1 8 9 64 47 9 5 6 , , 0 0 0 3 5 3 2 2 4 3 2 5 , , 1 5 3 5 7 12 25 5 0 4 , , 8 2 4 1 3 3 7 77 9 9 7 , ,1 6 6 6 6 7 2 2 2 2 8 8 , , 5 27 0 6 8 1 1 4 4 8 8 , , 8 2 3 5 9 82 2 3 2 3 6 , , 4 2 6 2 2 41 15 5 3 6 , , 2 0 1 8 6 9 4 4 3 4 6 0, , 0 6 6 3 1 7 LIABILITIES Federal reserve notes in circulation: Dec. 4 1,938,470 208,413 348,490 157,317 183,531 95,125 149,049 315,601 92,860 65,770 87,556 50,214 184,544 Dec. 11 1,918,314 207,435 323,352 164,324 190,081 94,767 146,016 311,200 92,198 65,388 88,293 49,014 186,246 Dec. 18 1,926,023 210,421 312,489 169,814 191,815 97,454 146,351 309,689 94,031 65,869 89,455 48,879 189,756 Dec. 24 1,989,159 216,047 321, 538175,169 202,732 101,993 149, 606317,602 97, 717 68,211 92,125 50,060 196, 359 Dec. 31 1,909, 723 206, 558 318,971 162,344 188,198 98,670 143,084 304, 538 94, 744 66,856 89, 434 46,947 189, 379 Deposits: Member bank—reserve account- Dec. 4 2,401,001 155,192 133,580 183,805 66,406 61,456 351,684 78,405 54,981 87,236 63,253 174,067 Dec. 11 2,396,984 148,318 1,012,403 131,825 179,292 64,240 61,722 340,504 78,683 53,966 87,369 64,406 174,256 Dec. 18 2,408,216 146,760 1,007,381 136,095 183,326 66,033 63,588 343,068 78,003 54,871 89,970 65,734 173,387 Dec. 24 2,320,118 148,470 945, 777131, 846177, 027 66,051 59,855 340, 242 77, 502 54,312 90, 331 63,125 165, 580 Dec. 31 2,355,263 141, 547 985, 791133,193 173, 739 64, 742 62,895 331,302 79,771 56,861 86,408 175, 317 Government- Dec. 4... 25,346 1,934 4,483 1,704 1,513 2,358 2,145 3,192 1,950 1,416 681 2,272 1,698 Dec. 11 3,310 8 857 30 437 116 481 51 152 770 227 103 78 Dec. 18 3,091 70 937 279 338 146 81 390 52 203 420! 55 120 Dec. 24 30,671 1,772 6,063 1,787 2,837 3,551 2,563 2,470 1,606 1,280 1,024 2,701 3,017 Dec. 3* _. 28,852 2,013 5,851 2,329 1,982 2,150 2,484 2,930 1,197 2,129 1,555 1,321 2,911 Foreign bank- Dec. 4 5,774 390 2,096 507 538 243 206 723 211 132 174 174 380 Dec. 11 5,880 390 2,202 507 538 243 206 723 211 132 174 174 380 Dec. 18 5,798 391 2,119 507 538 243 206 723 211 132 174 174 380 Dec. 24 5,539 390 1,861 507 538 243 206 723 211 132 174 174 380 Dec. 31.. 5,710 415 1,801 539 572 258 219 768 224 140 185 185 404 Other deposits- Dec. 4.. 20, 562 57 8,876 38 1,651 132 183 630 228 248 153! 36 8,330 Dec. 11._. 19, 519 245 7,289 106 1,759 113 110 665 299 212 68 32 8,621 Dec. 18 22,027 117 8,746 161 1,851 174 155 974 384 286 122L.65! 8,992 Dec. 24.... 18,883 42 7,""" 54 1, """ 108 122 1,097 272 243 113 43 7,238 Dec. 31... 23,850 67 10,927 60 1,683 159 165 1,484 303 268 141 8,530 Total deposits: Dec.4 2,452,683 157, 5731,006,391 135,829 187, 507 69,139 63,990 356, 229 80,794 56,777 88,244 65,735 184,475 Dec. 11 2,425,693 148,961 1,022, 751132,468 182,026 64, 712 62, 519341,943 79,345 55,080 87,838 64,715 183,335 Dec. 18 2,439,132 147,338 1,019,183 137,042 186,053 66,596 64,030 345,155 78,650 55,492 90,686 66,028 182,879- Dec. 24 2,375,211 150. 674 961, 568134,194 182,086 69,953 62,746 344, 532 79,591 55,967 91, 642 66,043 176,215 Dec. 31 2,413,675 144,042 1,004, 370136,121 177,976 67,309 65, 763336,484 81,495 59, 398 65, 266 187,162 Deferred availability items: Dec.4 623,940 67,862 160,639 53,315 57,872 48,103 19,884 72,208 31, 558 12,709 34,881 27,133 37,776 Dec. 11 620,399 152,464 52,499 56, 239 49,186 20,819 74,215 33,167 12,347 36,032 29,065 38,128 Dec. 18 787,634 81, 236 203,302 69, 382 72,944 58,080 28,502 107,943 36,861 14,018 41,680 32, 512 41,174 Dec. 24 634,746 63,294 168, 515 57,191 64, 660 49,887 22, 795 71,345 32,805 12,046 34,488 25,666 32,054 Dec. 31 672,922 187, 721 55,931 62,95" 49,683 23,907 76, 345 34, 549 11, 535 34,8041 26,871 31,924 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

40 FEDERAL RESERVE BULLETIN JANUARY, 1930 FEDERAL RESERife BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued LIABILITIES-Continued [In thousands of dollars] Federal Reserve Bank Total Boston Y Ne o w rk : I d P e h l i p l h a- ia ; C l l a e n v d e- m Ri o c n h d - Atlanta1 I Chicago L S o t u . is n M o e i l a n i p s - K C an it s y as' Dallas F c S r i a s a n c n o - I Capital paid in: Dec. 4 168,388 11,280 64,887 16, 532 15,667 6,080 5,381 20, 041.1 5, 268 3,081 4, 284! 4,465 11,422 Dec. 11 168,357 11,318 64,889 16,482 15, 646 6,086 5,384 20,034 5, 267 3,087 4, 284! 4,462 11,418 Dec. 18. 170,148 11,318 66, 723, 16,482 15,634 6,086| 5, 385 20,006 5,271 3,087 4,281 4,461 11.414 Dec. 24 170,7 11,987 66, 6971 16,467 15,632 6,072j 5,385 20,006 5,268 3,089 4, 282 4,461 li; 414 Dec. 31 170,973 11, 592 67,301; 16,467 j 15, 632 6, 072i 5,384 20,013 5,268 3,091 4,286 4,453 11,414 Surplus: Dec. 4 254, 398 19,619 71, 282! 24,1011 26, 345 12, 399! 10, 554 36,442 10,820 7,082 9,086 17,978 Dec. 11 254, 398 19,619 71, 282j 24,101 j 26. 345 12,399! 10, 554 36,442 10,820 7,082 17,978 Dec. 18 254,398 19,619 71,282 2~-4 ,1—01' ! 26,345 12, 399i 10, 554 36,442 10, 820 7,"" 8,690 17,978 Dec. 24 254, 398 19,619 71, 282 24,101 26, 345 12, 399! 10, 554 36,442 10, 820 7,' 9,086 17,978 Dec. 31 276,936 21, 751 80,001! 26, 9651 29,141 12,4 10,857 40,094 10, 877 7,143 9,162 19,514 All other liabilities: Dec. 4 45,163 2,677 13, 312; 3, 293! 4, 349! 2, 208 3,130 6,979 2,195 1,543 1,698 1, 251 j 2, 528 Dec. 11 46,161 2,690 13,902 3, 356| 4,430i 2,192 3,164 7,062 2, 234 1,562 1,688 1,275; 2, 606 Dec. 18 47,121 2,711 14, 347 3, 379i 4,476 2, 2211 3,156 7,185 2,309 1,810 1,649 1, 265; 2, 613 Dec. 24 48,004 2,757 14,908 i ~464| 4,578 2,247! 3,127 7,239 2,307 1,863 1,601 1, 296i 2,617 Dec. 31 14, 216 193 3,852! 1,101 907i 1,848 2,193 1,343 816 487 617: 668 Total liabilities: I Dec. 4 5,483,042 467, 424 1,665,001! 390,3871 475,271 233,054: 251,988 807, 500 223,4951 146,962 225, 749 157,488! 438,723 Dec. 11 5,433,322 456, 261 l,648,640| 393,230: 474,767" 229,3421 248,456 790,896 223,031 144,546 227, 221 157,2211 439,711 Dec. 18 _ 5, 624,456 472, 643 1,687,326: 420,200 497, 267 242,836 257,978 826, 420227,942 147,358 236, 837 161,8351 445,814 Dec. 24_._ 5,472,278 464,378 1, 604, 508! 410, 586 496, 033 242, 551 254, 213 797,166 228,508 148,258 233,224 156,216! 436, 631 Dec. 31 5, 458,445 460,831 l,662,216i 398,019 475, 005 235,137 250,843 779, 667228,276 148,839 226, 462 153,089! 440,061 MEMORANDA Ratio of total reserves to Federal reserve note and deposit liabilities combined (per I cent): Dec. 4 71.5 75.6i 64.4 66.7 67.0 66.4 69.9 72.8 65.3 54. 58.4! 72.1 Dec. 11... 71.6 84. 69.2 72.9 68.0 68.2 69.3 73. 74.4 72.1 61.1 63.6 74.8 Dec. 18 69.3 83.0 65.5 73.5 65.0 65.0 71.6 70.8 64.9 64.0 62.2 75.9 Dec. 24 67.6 81. 58. 91 69.5 66.1 66.0 72.3 66.1 66.9 79.5 71.4 65.1 80.2 Dec. 31 69.6 81.0 60.5 72.4 71.8 63.4 73.5 70.8 71.2 75.4 77.6! 63.4 81.1 Contingent liability on bills purchased for foreign correspondents: Dec. 4__ 505,490 37, 281 154,347: 48,364 51,387 23,174 19, 648 69, 019 20,152 12, 595 16, 625 16, 625 36, 273 Dec. 11 517, 659 38, 239 157,489 49,607 52, 708 23, 770 20,153 70, 794 20, 670 12, 918 17,053 17, 053; 37,205 Dec. 18 539, 798 39, 981 163,221: 51,867 55,109 24, 853 21, 071 74, 019 21,611 13,507 17,829 17, 829! 38, 901 Dec. 24 540, 863 39,981 164,285 51,86' 55,1091 24, 853 21,071! 74, 019 21,612 13, 507 17,829 17, 829! 38,901 Dec. 31 547,962 40,454 166,928; 52,481 55, 761 25,147 21,321! 74,895 21,867 13, 66: 18,040 18, 040 39,361 Own Federal reserve notes held by Federal reserve banks: Dec. 4 511,775 50,124 206,059 17,830 23,974 17,433 28,972 62, 300 14, 512 5,90l! 10,330 65,452 Dec. 11 539,872 53,174 221,395 18, 669 23,054 20,362 30,281 61,894 15, 233 6,908! 12,481! 8, 56G1 67,855 Dec. 18 _ 574,623 55, 836 251,832i 20,0891 24,973 24,938 31,685 60,092 13,149 6,779! 11,862; 7,454! 65,934 Dec. 24 516,759 56, 650 214, 6021 19, 300: 18,325 21,465 30,263 53, 350 13,410 6,911| 10,322: 7, 705; 64,456 Dec. 31 516,861 67,764 135,193 30,241 30,741 24,503 32,142 71, 347 16,836 7,064 13,133! 78, 059 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

41 JANUARY, 1930 FEDERAL RESERVE BULLETIN FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Federal Reserve Bank Total San I Boston 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 Ch a i g - o L S ou t. is M ap i o n l n i e s -K C an it s y as Dallas F ci r s a c n o - Federal reserve notes received from Comptroller: I ! I Dec. 4 3,617,348i 333,187 945,199 235,047 304,325 165,952 280,201 536,001 133,122: 126,148; 123,546 79,324, 355,296 Dec. 11 3,687,654 \333,859 957,397 242,653 322,715 171,953 282, 517534,694 135,2811 124,898. 137,434 77,852! 366,401 Dec. 18 !3,692,970 I342, 507 962,061 238,203 318,468 171,991 279,976 539,082 133,590: 126,170: 137,977 76,355 366,590 Dec. 24 |3, 672,456 !' 345,347953,880 236,369 313, 537 170, 637 278,319 533, 052 133,657] 126,044! 137,307 75,392; 368,915 Dec. 31 I 3, 644, 332! 349,472936, 564 236,885 309, 719 170,112 272, 236 531, 285134,750: 124,232' 137,427 75,112! 366, 538 Federal reserve notes held by j Federal reserve agent: j Dec. 4 ..I 1,167,103 74,650 390,650' 59,900i 96,820 53,394 102,180 158,100 25,750i 54,477 25,660 20,222: 105,300 Dec. 11 _ _ ! 1,229,468' 73,250 412,650; 59,660! 109,580 56,824 106,220 161,600 27,850! 52,602 36,660 20,272! 112,300 Dec. 18 ' 1,192,3241 76,250 397,740, 48,300i 101,680 49,599 101,940 169,301 26,410! 53,522 36,660 20,022! 110,900 Dec. 24 | 1,166,538' 72,650 417, 740; 41, 900| 92,480 47,179 98,450 162,100 22,530 i 50, 9221 34, 860 17,627| 108,100 Dec. 31 ! 1,217,748; 75,150 482,400^ 44,300! 90,780 46, 939 97, 010 155, 400 23,170; 50, 312| 34,860| 18,327; 99,100 Federal reserve notes issued to | j | I Federal reserve bank: ! Dec. 4 ' 2,450,245 258, 537 554,5491 175,1471 207,505 112, 558178,021 377,901 107,372 71,671 97,886 59,102| 249,996 Dec. 11 i 2,458,186! 260,609 544,747j 182,993[ 213,135 115,129 176,29" 373,094 107,431 72,296 100,774 57,580 254,101 Dec. 18 2,500,646 | 266,25" 564,321! 189,903; 216,788 122,392 178,036 369,781 107,180 72,648 101,317 56,333, 255,690 Dec. 24 2,505,918:! 272,69' 536,140' 194,469 221,057 123,458 179, 869 370,952 111, 1271 75,122 102,44' 57,765 260,815 Dec. 31 2,426,584! 274,322 454,164| 192, 585! 218, 939 123,173 175, 226 375, 885 111, 580' 73,920 102,567 56,785 267,438 Collateral held as security for Federal reserve notes issued to Federal reserve bank: Gold and gold certificates- Dec. 4 355,695;; 35,300 177,045 28,600! 16,900 16,190 7,480 7,800 14,157:. 17,223; 35,000 Dec. 11 342,937!; 35,300 166,287 28, 600 14,900 16,190 7,480 7,8001 14,157!. 17,2231 35,000 Dec. 18 455,510;; 35,300 277,010 32,6001 12, 900 16,190 7,480 7,650 14,157!. 17,223, 35,000 D D e e c c . . 2 3 4 1 _._. 4 4 5 1 5 4 , , 0 0 4 90 8 j ; ' 3 3 5 5 , , 3 3 0 0 0 0 2 2 7 2 7 9 , , 0 9 1 6 0 8 3 4 4 0 , , 2 2 0 0 0 0 ' | 1 1 0 0 , , 9 9 0 0 0 0 1 1 6 6 , , 1 1 9 9 0 0 7 7 , , 4 4 8 8 0 0 7 7 , , 6 6 3 3 0 0 1 1 4 4 , , 1 1 5 5 7 7 : . . 1 1 7 7 , , 2 2 2 2 3 3 3 3 5 5 , , 0 0 0 0 0 0 Gold fund- Dec. 4 1,286,370 179,617 223,626 71,400! 90,000 45,000 100,900 259, 564 66,000 ] 35,000' 50,000 13,500; 151,763 Dec. 11 1,285, 270 189, 617 148,626j 86,4001100,000 55,000 105,800 269,564 70,000 i 40,000: 50,000! 13,5001 156,763 D D D e e e c c c . . . 2 1 3 4 8 1 1 1 1 , , , 3 2 2 0 6 7 0 2 7 , , , 8 5 7 7 0 0 0 7 j 0 1 1 1 8 8 8 9 9 9 , , , 6 6 6 1 1 1 7 7 1 4 2 8 8 3 , , , 6 6 6 2 2 2 6 6 6 1 ' i 9 9 9 6 6 6 , , , 4 4 4 0 0 0 0 0 0 J ! | 1 1 12 0 1 0 0 0 , , , 0 0 0 0 0 0 0 0 0 5 5 6 5 0 5 , , , 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 9 2 6 , , , 1 6 4 0 0 0 0 0 0 2 2 2 6 6 6 9 9 9 , , , 5 5 5 6 6 6 4 4 4 6 6 7 9 6 7 , , , 0 0 0 0 0 0 0 0 0 4 5 5 3 2 2 , , , 0 0 0 0 0 0 0 0 0 : | 7 7 7 0 0 0 , , , 0 0 0 0 0 0 0 0 0 2 2 18 3 3 , , , 5 5 5 0 0 0 0 0 0 : 1 1 1 7 7 5 6 6 6 , , , 7 7 7 6 6 6 3 3 3 Eligible paper- i i Dec. 4 .1 1,094, 7711 46,54(1 207, 7681 89,60S] 135,498j 55, 796 69,693 192, 37, 386 32,447 78,968j 38,856; 110,125 Dec. 11 1,044,119 51,35' 271,170 68,817j 128,852 52,078' 63,068 154,974 31,705 23,997 67,489 30,378: 100,234 Dec. 18 1,017,101 49, 57fl279,354 70,690 123,148 53,879 58,469 158,075 34, 529 20,437 50,876 23,348! 94,717 Dec. 24... _ 1,084,535! 56, 72' 354, 385 68,373 120, 566 55, 0621 55, 846 182,2531 35,129 12,029 48.137 22,469! 73,559 Dec. 31 970,462! 56, 44, 334, 483 56, 415 95, 985 50,853! 48,417 149, 863 27, 599 16,511' 37, 627 22,357; 73,907 Total collateral: Dec. 4.. 2,736,836 i 261,45' 608,439 189,608 242,398 116,986 178,073 451,650 111,186 81,604 128,968 69,579 296,888 Dec. 11 2,672,326 1 276,274586,083 183,817 243, 752 123,268 176,348 424,538 109,505 78,154 117,489 61,101 291,997 Dec. 18 2,773,181' 274,496 679,990 199,690 236,048 125,0691 178,049 427,639 108,179 77, 594 120,876 59,071 286,480 Dec. 24 ._ 2,816,695.: 281,64' 680, 021 198, 973 241, 466 126,252 179,926 451, 817 111, 759 78,186 118,137 63,192 285,322 Dec. 31 2,647,3801: 281,362 573,077 193, 015 226,885 127,043 175,297 419,427 112, 229 82, 668 107, 627 63,08G 285,670 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

42 FEDERAL RESERVE BULLETIN JANUARY, 1930 MATURITY DISTRIBUTION OF BILLS AND SHORT-TERM SECURITIES [In thousands of dollars] Total Wi d th ay in s 15 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 9 6 1 m d o ay n s th t s o m O o v n e t r h 6 s Bills discounted: Dec. 4 -. 872,310 667,708 65,403 81,928 40,410 16,047 814 Dec. 11 768,922 588,602 60,820 70,713 32,669 15,543 575 Dec. 18 _ _ _ 737,038 584,000 52,654 58,326 28,200 13,463 395 Dec 24 762, 781 619, 597 45.414 54,317 29,578 13,394 481 Dec. 31 632, 421 508, 072 36,331 48, 742 25,932 12, 706 638 Bills bought in open market: Dec. 4 256,518 93,042 93, 268 63, 078 6,604 526 Dec. 11 321,840 176, 762 99,308 36,346 8,803 621 Dec. 18 _ 309,411 177,017 90,483 32,940 8,493 478 Dec. 24 354,943 258,148 55,742 30,234 10,344 475 Dec. 31 ._ 392, 209 280,459 45,814 47, 422 18,310 204 Certificates and bills: Dec. 4 133,776 61,453 26, 714 45, 609 Dec 11 142, 589 62, 751 32,596 47,242 Dec. 18 265,653 69,800 65,101 77,416 53,336 Dec. 24 , 215,124 160 80,409 71,316 63,239 Dec 31 218,166 81, 338 71,964 64,864 Municipal warrants: Dec 4 598 556 25 17 Dec. 11 253 125 50 60 18 Dec. 18 _ 252 150 85 17 Dec 24 270 ' 150 103 17 Dec. 31 150 103 47 GOLD SETTLEMENT FUND—INTERBANK TRANSACTIONS FROM NOVEMBER 21 TO DECEMBER 18, 1929, INCLUSIVE [In thousands of dollars] Changes in ownership Tran m sf e e n rs t a fo c r c o G un o t vern- Transit clearing Federa c l le re ar s i e n r g ve note o tr f a nsf g e o rs ld and th r c o le u a g r h - Balance in Federal reserve bank ings f c u lo n s d e o a f t period Debits Credits Debits Credits Debits Credits Decrease Increase Boston 14, 000 1,135,438 1,134, 055 6,630 4,551 17,462 20, 258 New York.... 27,200 70,500 4,441, 881 4, 252, 829 10,985 15,411 141, 326 105,973 Philadelphia 18,000 1,411,641 1,464,914 6,497 5,068 33,844 39,116 Cleveland _ 11, 000 2,500 783, 422 838, 423 7,462 4,791 76, 588 Richmond 7,000 3,500 813, 860 832, 717 3,601 5,172 16, 928 16,667 Atlanta '.... 6,000 2,000 334, 935 356, 270 3,600 4,710 18,445 9,931 Chicago 16,000 2,600 1, 766,445 1, 767,612 11,048 8,049 15, 232 86, 714 St. Louis 1,000 9,300 585, 722 572, 911 3,371 4,766 3,116 18,377 Minneapolis _. 1,500 1,000 177, 395 182,178 2,199 2,774 4,858 15, 609 Kansas City _. 1,000 4,500 45*, 638 464, 828 3,239 3,166 13,617 31, 807 Dallas. 2,500 4,400 367, 593 363, 794 1,904 2,568 1,235 18,950 San Francisco 3,000 7,900 433,681 476,120 3,632 3,142 46, 849 45, 543 Total 4 weeks ending- Dec. 18, 1929. 108, 200 108, 200 12, 706, 651 12, 706, 651 64,168 61,168 178, 371 178, 371 485, 533 Nov. 20, 1929 52, 200 52, 200 14, 492, 849 14,492, 849 61, 685 61, 685 718, 728 Dec. 19, 1928 131, 700 131, 700 11, 279, 572 11, 279, 572 46,152 46,152 736,445 Nov. 21, 1928 22,500 22, 500 10, 551, 714 10, 551, 714 59,444 59,444 796, 380 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1930 FEDERAL RESERVE BULLETIN 43 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAI. RESOURCES AND LIABILITIES, BYr WEEKS [In millions of dollars] Total Boston Y N o e r w k P p d h h e i l i l - a 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 M ap i o n l n is e- K C a i n ty sas Dallas F c S i r s a a c n n o - Loans and investments: Dec 4 23,142 1,556 9,294 1,253 2,185 667 628 3,343 684 400 692 483 1,957 Dec 11 22,922 1,538 9,163 1,238 2,177 663 628 3,309 688 396 685 479 1,957 Dec. 18 22,942 1, 5C9 9,190 1,232 2,178 666 633 3,302 687 393 684 491 1,978 Dec 24 22, 890 1,526 9,141 1,226 2,171 663 631 3,281 683 386 686 490 2,006 Dec. 31 23,163 1,510 9,487 1,219 2,174 668 630 3,266 676 383 676 478 1,996 Loans: Dec 4 17, 538 1,220 7,004 962 1,580 508 508 2,691 535 278 468 373 1,409 Dec. 11 - . . 17, 375 1,207 6, 921 950 1,568 506 506 2,664 540 273 464 372 1,403 Dec 18 17, 356 1,197 6,887 947 1,567 508 509 2,650 539 271 469 381 1,430 Dec 24 17, 305 1,206 6,858 936 1,567 506 506 2,637 535 267 471 380 1,436 Dec. 31 17, 649 1,228 7,215 930 1,570 514 508 2,630 528 265 459 375 1,426 On securities- Dec 4 - 7,889 514 3,511 504 743 192 143 1,299 247 87 122 104 422 Dec. 11 _ 7,818 514 3,465 497 737 191 143 1,281 253 87 122 106 423 Dec 18 7,898 510 3,479 502 741 188 152 1,283 254 85 130 118 457 Dec. 24 _ 7,931 517 3,498 498 747 187 151 1,281 253 84 133 116 466 Dec. 31 8,304 542 3,862 506 752 195 152 1,277 249 85 125 107 452 All other- Dec. 4 - - 9,649 706 3,493 458 837 317 366 1,392 288 191 346 269 987 Dec. 11 9,557 693 3,456 453 831 315 363 1,383 287 186 342 266 981 Dec 18 9, 458 688 3,408 445 826 320 356 1,367 285 186 339 263 973 Dec. 24 9,374 689 3,360 439 820 319 355 1,356 282 183 338 264 970 Dec. 31 _ 9,344 686 3,353 424 818 319 356 1,353 279 179 334 268 974 Investments: Dec 4 5,604 336 2,290 291 605 158 119 652 149 121 224 109 549 Dec 11 _ 5, 547 331 2,242 288 609 157 122 645 148 123 222 107 554 Dec. 18 - 5,587 311 2,302 285 610 158 124 652 148 121 216 110 548 Dec 24 5,585 320 2,283 290 604 157 125 645 148 119 215 110 570 Dec. 31 _ 5, 514 281 2,272 289 C04 154 122 636 148 119 218 102 570 U. S. Government securities- Dec 4 2,755 160 1,227 83 284 74 54 291 38 66 102 68 307 Dec. 11 -.. 2, 719 157 1,204 81 289 71 57 283 38 67 100 65 307 Dec 18 2,743 159 1,210 81 292 72 58 289 38 66 95 67 315 Dec 24 2,710 159 1,186 82 286 71 58 284 38 66 94 68 319 Dec. 31 2,593 126 1,166 82 281 69 55 237 37 66 93 63 318 All other- Dec. 4 2,849 176 1,062 208 321 84 65 361 111 55 122 42 241 Dec 11 2,828 174 1,038 207 320 86 65 362 110 56 121 42 247 Dec. 18 - 2,844 152 1,093 204 318 86 66 363 110 55 121 42 233 Dec. 24 - 2,876 161 1,097 208 318 86 67 360 111 53 121 42 251 Dec 31 2,921 155 1,106 207 323 85 66 399 112 53 124 39 252 Reserve with Federal reserve bank: Dec 4 1, 766 106 846 76 129 41 39 261 44 29 55 32 108 Dec. 11 -- 1,747 101 847 77 125 39 39 252 45 27 55 33 107 Dec 18 1,774 100 862 79 128 41 40 256 44 27 56 34 106 Dec 24 1,703 102 801 75 124 40 36 257 45 28 58 32 106 Dec 31 1,726 97 838 78 120 40 38 243 46 30 52 32 111 Cash in vault: Dec. 4 261 18 82 17 31 12 10 39 7 6 11 8 20 Dec 11 280 19 89 19 34 13 10 40 7 6 12 8 21 Dec 18 296 20 97 19 37 14 9 43 7 6 12 8 22 Dec. 24 __ -. 291 21 94 18 32 15 10 44 8 7 12 8 23 Dec 31 262 19 76 16 31 13 11 43 7 6 11 7 22 Net demand deposits: Dec 4 13, 714 964 6 334 695 1,025 352 317 1,884 380 233 475 286 769 Dec 11 13,776 947 6,343 713 1,020 354 326 1,875 394 239 490 292 784 Dec 18 13 676 927 6 299 717 1,009 350 324 1,854 392 235 492 302 775 Dec 24 13, 589 952 6,230 706 1,014 349 320 1,845 389 232 495 298 760 Dec. 31 14,118 959 6,651 724 1,033 359 338 1,840 398 232 501 293 789 Time deposits: Dec 4 6,722 465 1,799 265 925 235 225 1,206 222 129 177 138 937 Dec 11 6,698 470 1,763 263 926 233 223 1,208 221 129 176 137 950 Dec. 18 6,702 468 1,761 268 929 233 228 1,206 220 129 176 138 947 Dec. 24 6,723 468 1,746 267 927 232 228 1,183 220 133 175 137 1,007 Dec 31 6,787 465 1,779 270 935 235 230 1,190 220 134 169 138 1,024 Government deposits: Dec 4 33 2 10 3 4 1 2 3 1 3 3 Dec 11 27 2 8 3 3 1 2 3 2 3 Dec. 18 - - 113 4 27 10 12 5 9 12 1 1 12 20 Dec 24 92 3 21 8 10 4 8 11 1 1 10 17 Dec. 31 _ 82 3 19 7 8 3 7 9 1 1 9 16 Due from banks: Dec. 4 1,150 56 144 62 89 52 79 205 65 53 125 62 156 Dec. 11 1,120 53 126 58 87 52 76 197 61 55 128 63 165 Dec 18 1,166 71 134 62 92 50 81 202 62 52 132 64 163 Dec. 24 1,122 66 123 59 88 51 78 197 58 51 124 57 170 Dec. 31, -_ - 1,316 102 170 71 99 58 75 217 57 50 125 64 228 Due to banks: Dec. 4 2,900 142 1,068 163 191 104 107 428 125 79 203 100 191 Dec 11 2,762 124 964 165 185 104 106 408 124 84 206 100 192 Dec. 18 2,822 129 967 172 183 101 111 425 127 86 216 103 202 Dec. 24 2,797 128 959 174 188 99 110 420 124 78 212 100 204 Dec. 31 _ 3,150 124 1,223 178 199 108 119 435 122 83 210 103 247 Borrowings from Federal reserve banks: Dec. 4 _ 580 11 72 54 72 23 35 116 23 26 47 24 77 Dec 11 493 14 102 28 70 21 28 77 17 18 37 16 66 Dec 18 468 11 125 27 64 24 26 70 16 13 25 9 58 Dec 24 502 18 146 29 65 24 25 106 16 5 25 9 37 Dec. 31 -- 405 7 127 25 49 24 20 78 7 8 18 9 33 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

44 FEDERAL RESERVE BULLETIN JANUARY, 1930 LAND BANKS AND INTERMEDIATE CREDIT BANK SUSPENSIONS1 IN NOVEMBER, 1929 BANKS [Amounts in thousands of dollars] LOANS OF FEDERAL AND JOINT-STOCK LAND BANES Member Nonmember [In thousands of dollars] All banks banks 2 banks Federal reserve district ; Net amount of loans outstanding N b u e m r -j j T p o o t s a i l t s d 3 e -'N b u e m r -T p o o t s a i l ts d a e- N b u e m r -T p o o t s a i l t s d 3 e Date Total l ( a 1 F n 2 e d d b b e a a r n a n k l k s s ) J la o n in d t - b s a t n o k ck s * B N o e s w to Y n ork 210 !. 1 210 Philadelphia. 243 j. 1 243 Cleveland 1,754 :.. 2 1,754 N De o c v . . 3 3 1 0 1927 i ! j 1 1 , , 7 7 5 6 8 5 , , 8 1 3 2 4 1 . , , 1 1 5 5 5 0 , , 6 9 4 4 4 3 6 6 0 0 7 9 , , 8 4 9 7 1 7 A S R C t h i t . c l i a h c L a n m o g t u o a o i n . s d 7 l 1 , , , 7 6 2 1 2 5 1 8 1 3 5 2 : ; ! I. 7 3 2 7 3 0 1 1 7 9 6 7 1 6 1 , , 9 6 7 2 8 8 7 1 2 4 5 Jan. 31 1928 ., 767,515 ., 158,717 608,798 M D Ka a i n n ll s n a a s e s . a . p C o i l t i y s. . . _ 2 8 , , 8 7 3 9 8 3 i L 1,010 31 7 I 8 1 , , 7 8 9 2 3 8 Feb. 29.... ., 778,338 ., 168,354 609,984 Mar. 31.... ., 786,862 ., 175,858 611,004 San Francisco.. Apr. 30 ,791,341 ., 180,420 610,921 May 31.... , 793,035 ., 183, 672 609,363 Total..... 69 : 24,609 | 2,319 | 65 22,290 June 30 1,794, 236 ,184,656 j 609, 580 July 31 1,793, 610 , 185,714 607,896 * Banks closed to the public on account of financial difficulties by Aug. 31.... 1,796,591 1,187,365 order of supervisory authorities or directors of the bank. Sept. 30 1, 797,796 1,189,345 608,451 2 Includes 1 national bank with deposits of $331,000 and 3 State member Oct. 31 ,797,910 1,190,278 607,632 banks with deposits of $1,988,000. Nov. 30—. ., 797,319 1,191, 724 605,595 3 Subject to revision; figures given are for latest available date prior to Dec. 31 [,799,045 1,193, 846 605,199 suspension. 1929 BANK DEBITS Jan. 31..... ., 799,464 , 195,089 604,375 Feb. 28.... 1,803,593 ,199,766 603,827 [Debits to individual accounts. In thousands of dollars] Mar. 30... ,803,691 ,202,570 601,121 Apr. 30..., , 803,115 [, 203,724 599, 391 May 31... , 802,160 , 204,128 598,032 Num- June 30... ,802,872 ., 204,916 597,956 ber ofNovember, October, November, July 31... 1,800,766 [, 204,363 596,403 cen- 1929 1929 1928 Aug. 31... .798,682 ,203,806 594,876 ters Sept. 30... , 795,878 , 202,490 593,388 Oct. 31_... ,791,439 , 200,932 590, 507 Nov. 30... "86, 897 1,199,174 587, 723 New York City 1 53, 603, 709 63,325,290 45,469, 235 Outside New York City___ 140 28, 519, 077 32,261, 245 25, 879, 883 i Number of banks, 1927: November, 52; December, 51. 1928: January- Federal reserve district: April, 51; May-November, 50; December, 49. 1929: January to Boston . 11 3, 296,077 3,847,474 2, 950, 274 date, 49. New York 7 54, 699, 543 64, 613,901 46,437,991 Philadelphia.. 10 2,926, 384 3,026,395 2, 657, 730 Cleveland 13 2, 984, 988 3,346,238 2, 758,040 LOANS OF INTERMEDIATE CREDIT BANKS Richmond.. 7 805, 227 865, 202 737, 635 Atlanta.. 15 1,148, 362 1,317,439 1, 205,135 [In thousands of dollars] Chicago. 21 7, 624, 532 8,755,289 6,612, 726 St. Louis 5 1, 374, 922 1, 580,090 1, 295, 503 Minneapolis 9 911, 601 1,014,788 839, 350 1929 K D a a n ll s a a s s City 1 1 5 0 1, 8 5 1 3 2 2 , , 2 7 6 4 4 4 1,6 9 7 34 1 , , 9 7 4 2 2 8 1, 7 3 5 1 8 6 , , 4 6 7 2 2 7 Class of loan San Francisco 18 4, 006,142 4, 613,049 3, 779,635 Nov. 30 : Oct. 31 Sept. 30 Aug. 3l|Nov. 30 Total 141 82,122, 786 ; 95, 586, 535 71, 349,118 Direct loans outstanding on- MEMBERSHIP IN PAR-COLLECTION SYSTEM Cotton 13, 277 11,167 5,513 213 19, 549 Tobacco 63 84 87 1,676 [Number of banks at end of November] Wheat 3,693 2,857 2,311 694 2,519 Canned fruits and vegetables 1,461 1,604 1,546 ! 968 2,370 Member banks Nonmember banks Raisins 3,290 3,120 3,348 I 3,860 4,696 Federal reserve Wool 3,211 3,564 3,859 ! 3,932 663 district On par list Not on par list * Rice 1,178 469 25 j 30 1,397 1929 1928 Allother 655 533 174 155 259 1929 1928 1929 1928 Total 26, 765 23,377 16,860 ; 9,939 33,129 United States. 8,569 8,882 12,104 12, 713 3,761 3,913 Re fo d r N S A L i O — s t i c a g c p p t a v h o t o r o a t e i i e e u n o m r s c r a n t i n u b o e t p t a l i a b c s s t a o l n u k a n n k b r n i s a o s a e k l n u s s l . k o t c . s a r a s e t n n a d d n it d c tr o c i u o n m s r g t - - 2 2 5 2 1 , , , 9 8 2 3 5 2 0 7 1 7 2 2 5 4 1 , , , 9 4 5 7 0 6 5 9 1 0 5 2 29 3 1 , , ,9 2 9 8 9 8 6 2 0 0 2 8 3 I 2 3 1 4 , 2 , 8 , 8 1 2 8 0 6 0 1 7 0 8 0 4 2 2 3 1 , , 4 1 7 9 8 4 3 5 2 5 B N A S P M C R K C t h o l h i e t a . i e c l i s i w n n a l v h c L t a s n n o a e m o a d Y g e t l n s u a a e o a o o n l i n p C p s r d d o k h i l t i i y a s.. 1,1 4 9 7 4 8 8 6 5 5 9 0 3 6 3 9 8 0 2 7 4 6 3 7 3 5 5 1 0 0 1,2 4 9 4 7 8 5 7 9 5 5 0 5 3 7 2 5 3 2 8 5 8 4 7 9 0 0 6 3 9 3 2 1 , , , 6 4 1 4 4 9 2 5 2 5 7 9 1 9 7 0 5 7 8 8 7 3 3 4 8 6 4 1 3 3 3 1 2 1 , , , , 0 7 5 2 4 4 2 6 3 6 1 6 8 4 9 0 1 5 3 8 2 2 2 1 4 9 6 1 1 7 1,1 9 4 5 2 1 0 2 4 7 2 9 5 9 8 7 8 8 8 1,1 9 5 4 2 2 1 6 7 8 8 1 7 9 9 0 6 6 1 Total. 50,015 I 51,996 55,343 58,943 45, 1 5 3 5 1 6 D Sa a n ll a F s rancisco 6 7 1 5 0 5 6 7 4 8 4 7 6 63 1 9 3 6 6 3 9 3 5 2 6 0 1 7 21 5 0 5 1 Incorporated banks other than mutual savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1930 FEDERAL RESERVE BULLETIN 45 CONDITION OF ALL BANKS IN THE UNITED STATES TABLE l.-ALL BANKS IN THE UNITED STATES i-PRINCIPAL RESOURCES AND LIABILITIES, ON CALL DATES, BY FEDERAL RESERVE DISTRICTS [In millions of dollars. Figures for nonmember banks are for the dates indicated or nearest dates thereto for which figures are available] Total loans and invest- Loans (including over- Deposits, exclusive of Rediscounts and ments drafts) I interbank deposits bills payable Federal reserve district and call date ba A n l k l s i j M b e e m r - m N b e o e m n r - - ba A n l k l s M b e e m r - m N b e o e m n r - - | h £ b A a |{U nk L s All districts: 1928—June 30. _ 57.265 11 35,06122,204 39,464 24,303 I15,161 Dec. 31.. 58.266 |! 35,68422,582 40,763 25,155 •15,607 1929-Mar. 27.. 58,019 ;| 35,39322, 626 40, 557 24,945 15, 612 June 29-. 58,474 !i 35,711 22, 763 41,512 25,658 15,853 Oct. 4-_. 58,835 !j 35,91422,922 42,201 26,165 16,036 Boston: 1928—June 30-. 6,644 i 2,642 4,002 4,226 1,849 2,377 ! Dec. 31.. 6,649 ; 2,571 4,078 4,271 1,824 2,446 ' 1929—Mar. 27.. 6,692 i 2,600 4,092 4, 279 1,823 2,456 June 29.. 6,818 | 2,613 4,205 4,434 1,871 2, 563 Oct. 4__. 6,865 i 2,634 4,231 4,508 1,920 2,588 New York: 1928—June 30-.. 18,202 i, 11,098 7,104 12, 605 7,759 4,846 Dec. 31-.! 18,776 i! 11.593 7,183 13,435 8,404 5,031 1929—Mar. 27...! 18,349 :! 1L'317 7,031 13,028 8,139 4,888 June 29..= 18,898 :i 11,775 7.122 13,801 8,769 5,031 Oct. 4__..; 18,835 i 11,763 7,072 13, 839 8,813 5,025 Philadelphia: 1928—June 30-. 4,365 2,656 1,709 2,636 1,690 , 946 1,729 Dec. 31.. 4,395 ;j 2,666 1,730 2,747 1,745 I 1,002 1,649 1929—Mar. 27.. 4,422 j 2,714 1,708 2,818 1,813 ; 1,005 I1,604 June 29.. 4,460 ] 2,710 1,750 2,859 1,832 1,027 1,601 Oct. 4__. 4,505 2,755 1,750 2,929 1,890 | 1,039 1,576 | Cleveland: 1928—June 30.. 4,898 :l 3,448 1,450 3,237 2,266 972 1,660 Dec. 31.. 4,854 ;l 3,414 1,440 3,279 2,291 988 1,575 1929—Mar. 27.. 4,948 ij 3,478 1,471 3,359 2,352 1,007 1,589 June 29.. 4,927 i! 3,488 1,439 3,380 2,376 1,004 1,547 Oct. 4-_. 4,964 j| 1,466 3,450 2,418 1,031 1,515 Richmond: 1928—June 30.. 2,531 1,344 1,187 1,881 ! 1,021 861 650 Dec. 31.. 2,522 1,338 1,183 1,879 I 1,022 857 643 1929—Mar. 27.. 2,537 1,351 1,186 1,883 1,024 860 653 June 29.. 2,501 1,329 1,172 1,865 1,010 855 636 Oct. 4—. 2,501 j 1, 299 1,202 1, 868 990 633 Atlanta: 1928—June 30.. 1,753 \\ 1,173 579 1,378 910 468 375 263 Dec. 31 . 1,749 •! 1,188 560 1,346 895 451 402 293 1929—Mar. 27.. 1,763 i! 1,191 572 1,370 907 463 393 284 June 29.. 1,734 j 1,177 558 1,345 898 447 | 389 279 Oct. 4.... 1,719 | 1,149 570 1,346 889 457 | 373 260 Chicago: i 1928—June 30.. 7,826 : 5,118 2, 709 5,810 3, 698 2,113 ! 2,016 1,420 Dec. 31.. 7,904 ; 5,163 2,741 5,933 ; 3,812 2,121 1,971 1,350 1929—Mar. 27.. 7,963 : 5,072 2,891 5,999 i 3,777 2,222 1,964 1,295 June 29. 7,958 ! 5,052 2,906 6,046 3,792 2,254 1,912 1,260 Oct.4._.. 8,065 ; 5,117 2,949 6,195 j 3,901 2,294 1,871 1,216 St. Louis: i 1928—June 30- 2,141 ' 1,384 756 1,535 942 ! 593 | 605 442 Dec.31. 2,163 1,406 757 1,546 954 ! 592 ! 617 452 1929—Mar. 27_ 2,162 ! 1,377 784 1,561 i 945 i 616 601 433 June 29. 2,099 : 1,341 757 1,531 ! 937 594 568 405 Oct.4..- 2,160 ! 1,375 785 1,596 | 984 j 612 ; 564 391 Minneapolis: 1928—June 30. 1,549 - 909 640 947 544 : 403 ! 601 365 Dec.31- 1,555 933 622 951 560 j 391 ! 605 373 1929—Mar. 27- 1,563 : 938 625 953 564 ! 389 , 610 374 June 29. 1,539 ' 923 616 945 559 I 387 I 594 364 Oct.4.-. 1,580 11 957 623 987 li 597 | 390 | 593 360 Kansas City: 1928—June 30. 1,893 || 1,224 669 1,336 789 ! 547 557 436 122 Dec. 31. 1,929 jj 1,250 679 1,332 803 I 530 596 447 149 1929—Mar. 27_ 1,898 !i 1,242 656 1,310 800 511 588 443 145 June 29_ 1,881 ;| 1,241 640 1,310 810 499 571 430 141 Oct. 4— 1,901 ,| 1,247 655 1,332 ' 823 509 424 145 Dallas: 1928—June 30. 1,163 916 248 692 i 203 224 44 Dec.31. 1,247 993 254 938 736 j 201 310 257 53 1929—Mar. 27. 1,265 1,000 266 940 730 ! 210 325 270 56 June 29. 1, 217 957 260 914 705 j 209 302 251 51 San Franc O isc c o t. : 4— 1,245 987 258 957 ( 749 j 208 238 50 1928—June 30. 4,300 3,149 1,151 2,977 | 2,144 | 833 1,323 1,005 318 4,297 Dec.31. 4,523 3,169 1,354 3,107 I 2,109 1,416 1,060 356 4,576 1929—Mar. 27. 4,457 3,113 1,344 3,056 2, 071 1,401 1,042 358 4,342 June 29. 4,443 3,105 1,338 3,082 2, 099 983 1,361 1,007 355 4,391 Oct.4— 4,494 3,133 1,362 3,196 2,192 1,004 1,298 941 357 4,332 i Includes all national and State banks (including stock and mutual savings banks) and all private banks under State supervision. Back figures.—See Tables 44, 45, and 85-88, Annual Report of Federal Reserve Board for 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

46 FEDERAL RESERVE BULLETIN JANUARY, 1930 TABLE 2.—ALL BANKS IN THE UNITED STATES i—PRINCIPAL RESOURCES AND LIABILITIES ON OCTOBER 4 AND JUNE 29, 1929, BY STATES [Amounts in thousands of dollars] Loans and investments Deposits, exclusive Rediscounts and Number of Loans (including of d i e n p te o r s b it a s nk bills payable re b p a o n rt k in s g State Total overdrafts) Investments Octo- October June October June October June October June October June ber June New England: Maine 445,461 437,013 240,142 230, 329 205, 319 206, 684 408,014 396, 210i 10, 599 13,115 133 134 New Hampshire 314,913 312,481 159,975 157,726 154,938 154, 755 284,980 279, 683 j 3,503 4,897 123 123 Vermont 254,769 256, 611 161, 565 162,055 93,204 94, 556 237,929 241, 644 5,663 5,885 104 104 M assachusetts _ 4, 281,1584, 256,805 2,993, 5242,947,4891 1,287,634 1,309,316 3,928,178 3,861,900j 67,136 67,981 452 452 Rhode Island 535,851 533, 554 310, 231 306,642 j 225,620 226,912 501, 730 7,176 6,225 33 33 Connecticut 1,347,964 1, 334, 356 809,321 794,812 538, 643 539, 5441, 235, 5061,215,908 13,177 18, 574 238 237 Middle Atlantic: New York 16, 527,858 16, 563,16012, 319,030 12, 281,,719 4, 208, 8284, 281, 44115,948, 209 14,844, 221246,037 431, 554 1,134 1,141 New Jersey _._ 2,420,878 2,449, 523 1,653,591 l', 654,231 767, 287 795,292 2,242,866 2,284,676 50, 632 72,029 567 567 Pennsylvania _ _ 5,831, 6805,794, 577 3, 648,9403, 568,1542,182, 7402,226,423 4,911,371 4,935,055^ 183, 746 187,125 1,583 1,589 East North Central: Ohio _ 2,758, 5202, 715,099 2,085, 5692,030,179 672,951 684,920 2, 627, 3652, 569,047 73,936 81, 536 1,027 1,029 Indiana _._ 894.443 896,262 669, 609 670, 493 224,834 225,769 827.796 835,050 62,943 58, 579 983 986 Illinois 3,951,019 3,918, 544 3,030,814 2,951, 576 920,205 3, 638,7083,645,638! 79,742 85,335 1,793 1,801 Michigan 2,140,891 2,070,043 1, 579, 5361, 515,099 561, 355 554,944 2,020, 713 1,975,821! 71,635 57, 233 739 742 Wisconsin 938,110 952,998 667,605 676,316 270, 505 276, 682 906,422 918,472 19,102 26, 632 959 964 West North Central: Minnesota 955,179 915, 698 582,490 541, 526 372, 689 374,172 892,631 894,369 41, 522 12,017 1,062 1,072 Iowa „ 807, 669 797, 323 678,441 668, 380 129, 228 128,943 834, 650 821,913 10, 762 11,906 1,269 1,286 Missouri _ 1, 225,8271,175, 786 881,054 835,145 344, 773 340, 641 1,172,473 1,106, 878 49,843 42,830 1,302 1,325 North Dakota __ 117.625 114,686 83, 692 83,192 33,933 31, 494 133,613 121, 283 1,289 2,814 425 433 South Dakota 141,654 136,114 99, 645 95,356 42,009 40,758 155, 401 148, 777 1,526 2,424 391 396 Nebraska 384,911 385,441 290, 299 291,801 94,612 93,640 385,703 389,814 10, 602 11,815 841 846 Kansas 411,377 412,875 293,135 295, 617 118, 242 117, 258 419,842 421,159 5,721 7,470 1,070 1,077 South Atlantic: Delaware 170,693 167,852 122,458 119, 325 48, 235 48, 527 140, 250 138,312 2,668 j 4,036 48 Maryland... 854,155 845,069 524, 442 515,876 329,713 329,193 791, 594 782, 723; 16,351! 15, 340 235 235 District of Columbia.._ 259, 597 255,968 199,860 194,331 59,737 61, 637 254, 200 249, 710' 5, 358! 6,021 41 41 Virginia 553,782 554, 293 456,959 456,136 96,823 98,157 463, 270 457, 016' 26, 435 32,084 476 481 West Virginia 351, 224 357,639 283,837 288, 601 67,387 69,038 318,983 332,053 14,895 15,065 303 310 North Carolina 386,963 390,376 331, 736 335, 542 55, 227 54,834 337, 236 339, 874! 43,438 40,141 419 428 South Carolina 177,866 180,992 135, 269 138,851 42, 597 42,141 170, 916 169, 768 6,631 7,296 222 223 Georgia 352.444 352,429 298,877 295, 757 53, 567 56, 672 318, 705 313, 742 15, 571 18,353 415 420 Florida.. 299, 829 311,464 182,066 190,069 117, 763 121, 395 295,049 311,854 9,588 7,230 255 257 East South Central: Kentucky 564, 348 560,293 439, 512 434, 595 124,836 125, 698 444, 734 443, 369 32,107 572 572 Tennessee 457,462 431,956 387, 088 356, 809 70,374 75,147 427, 503 413,002 32,304 20, 229 491 490 Alabama 301,511 306, 865 245,038 249, 357 56,473 57, 508 267,447 257,033 28,872 33,118 353 350 Mississippi 224,203 222, 291 173, 659 170, 095 50,544 52,196 227,802 213, 399 16,195 15,858 311 312 West South Central: Arkansas 209,033 208,174 167, 757 164,407 41,276 43,767 207.797 201,989 16,392 10,052 420 420 Louisiana 431,908 426,907 352,229 345,688 79,679 81,219 390,316 388,925 44,2881 27,584 227 226 T O e k x l a a s homa. 1, 4 1 1 0 1 0 , , 6 4 5 6 8 0 1, 4 0 0 7 9 1 , , 8 6 9 3 6 2 8 2 4 6 5 6 , , 8 35 3 3 9 2 80 6 3 2 , , 4 2 4 2 3 0 2 1 5 4 4 5 , , 6 3 2 0 1 5 147,676 1, 4 0 3 60 1 , , 7 7 6 8 2 2 !1, 4 0 3 3 1 3 , , 4 32 62 3 3 1 4 4 , , 2 3 0 4 4 6 J J 2 1 2 3 , ,6 4 6 7 5 3 1,3 6 2 4 5 4 1,3 6 3 4 3 9 Mountain: Montana... 147,080 150,598 91,413 94,242 55,667 56,356 159,522 157,573 1,229' 2,498 195 198 Idaho 80,083 77,237 51,347 48,494 28,736 28,743 89,214 85,448 680i 949 137 137 Wyoming 57,702 58,499 40,293 40,345 17,409| 18,154 62,757J 60,103 1,4611 2,006 87 87 Colorado.. 269,333 265,424 177,855 171,380 91,478; 94,044 287,839 281,856 4,919! 3,200 277 278 New Mexico __ 40,523• 40,688 25,972 25,932 14,551 14,756 41,505 42,610 1,966' 1,024 58 58 Arizona _ 82,231 84,929 51,633 54,331 30,598 30,598 88,578 93,216 923 425 46 46 Utah _ 161,374 157,980 125,585 121,972 35,789 36,008 133,225 132,769 4,558 3,242 105 105 Nevada 38,999 40,505 29,838 30,819 9,161 41,788 44,430 34 35 Pacific: Washington. 459,185 447,335 305,067 286,305 154,118 161,030 456,465 450,683 4,9821 5,756 344 344 Oregon 263.626 260,023 149,576 145,445 114,050 114,578 272,886 263,340 2,468 6,993 235 235 California 3,440,283 3,407,742 2,501,453 2,413,599 938,830 994,143 3,283,556 3,356,346 112,304 42,858 448 455 Total 58,835,312 58,474,005 42,201,219 41,511,803 16,634,093 16,962,202 55,179,781 53,851,845 1,512,496 1,597,579 24,95l| 25,110 1 Includes all national and State banks and all private banks under State supervision. Figures for State institutions are taken from Table 4 and represent in some cases the condition of banks as of dates other than October 4 and June 29. 2 Excess over figures shown in Tables 3 and 4 is chiefly due to technical differences between reports to the board and reports to State banking authorities. Back figures.—See Tables 89-91, Annual Report of Federal Reserve Board for 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, ] FEDERAL RESERVE BULLETIN 47 TABLE 3.—NATIONAL BANKS 1—PRINCIPAL RESOURCES AND LIABILITIES ON OCTOBER 4 AND JUNE 29, 1929, BY STATES [Amounts in thousands of dollars] Loans and investments Deposits, exclusive Rediscounts Number of of interbank and bills reporting Loans (including deposits payable banks State Total overdrafts) Investments I Octo- Octo- October June October June October June October June ber June ber June New England: Maine 143, 250 140,300 79,504 76,263 63,746 64,037 129,294 123,230 3,048 4,889 53 53 New Hampshire 74,910 72,478 47,357 45,108 27,553 27,370 63,474 58,177 2,951 4,345 56 56 Vermont __. 72,028 71,417 43,420 42,772 28,608 28, 645 62, 646 60,962 2,001 2,441 46 46 Massachusetts 1,209,923 1,196,162 853,780 323,659 342,382 1,067,445 1,012,870 38,558 45,917 154 155 Rhode Island 53,292 53,476 33,765 33,756 19,527 19,720 40,405 39,791 1,926 2,806 10 10 Connecticut 263,903 276,260 198.290 202.817 65, 613 73,443 237, 240 247,760 6,554 8,343 62 64 Middle Atlantic: New York 4,354,215! 4,488,239 3,078,307 3,201,437 1,275,908 1,286,802 4,126,413 3,861,320 59,973 560 562 New Jersey. 907,181j 905,421 605,732 595, 641 301,449 309,780 845,263 19,766 27,553 299 299 Pennsylvania 2,643,275! 2,643,764 1,679, 0921, 654,336 964,183 989,428 2,232,810 2,258,331 82, 268 91,575 856 861 East North Central: Ohio.- 717,285J 727,501 496, 252 496,392 221,033 231,109 645,195 659,512 29,595 24,606 321 323 Indiana 370,514! 372,333 256,005 256,889 114,509 115,444 335,238 342,492 14,495 10,131 221 224 Illinois 1,251,602 1,245,633 935, 540 918,054 316,062 327,579 1,157,006 1,149,232 24,444 31,095 484 487 Michigan _ _. 545,487 527,438 394,256 373,524 151,231 153,914 539,098 528,081 11,297 11, 305 130 133 Wisconsin 428, 716! 434,462 308,355 311,129 120, 361 123,333 390, 692 393,199 11, 616 17,152 157 157 West North Central: Minnesota 566,565 531, 784 369,917 331,639 196, 648 200,145 499, 866 504, 710 36,353 6,956 269 272 Iowa ___ 290, 758 284,405 190,608 184.818 100,150 99,587 280,101 269,358 4,709 5,627 259 265 Missouri 436,467 471,791 314,837 338,190 121,630 133, 601 370, 759 400,382 20,418 21,023 129 134 North Dakota 72,908 69,651 45,412 43,673 27,496 25,978 79,313! 71,349 699 1,548 122 125 South Dakota 65,136 63,226 38,442 37,018 26,694 26,208 68,585: 66,548 422 637 92 93 Nebraska 192,867 192, 073 137,953 135,302 54,914 56,771 172,166! 170,444 7,357 8,117 159 158 Kansas. „_ 204,181 205,182 133,241 135,377 70,940 69,805 198,636 206,251 3,967 3,674 246 247 South Atlantic: Delaware 23,008 22, 506 13,820 13,081 9,188 9,425 19,604 18,420 528 1,117 17 17 Maryland. 239,592 230, 506 161, 585 153,019 78,007 77,487 212,197 203,326 7,680 6,669 82 82 District of Columbia j 133,894; 130,887 99,019 95.191 34,875 35,696 129, 643 126,472 3,827 4,715 12 12 Virginia : 317,467 j 320,130 254, 588 255,849 62,879 64,281 269,496 269,475 13,744 16,245 160 164 West Virginia.. ! 166,639' 169,194 128,296 129,854 38,343 39,340 147,093 151,676 7,555 8,188 116 116 North Carolina j 121,054; 150, 681 98,978 122,534 22.076 28,147 101,255 126,852 13,028 15, 619 67 73 South Carolina i 96,037 101, 380 71, 2951 76, 417 24, 742 24,963 87,128 91,315 3,588 4,001 52 53 Georgia 210,365 209,482 174, 618 169, 646 35, 747 39,836 196,474 194, 096 4,184 5,231 79 80 Florida 161,494 173,129 89,503 97, 506 71,991 75,623 154,409 171,214 3,860 1,502 53 55 East South Central: Kentucky __, 251,792! 247,737 186,150 181, 233 65,642 66, 504 200,846 199, 481 21,889 20,808 138 138 Tennessee 263, 222| 237, 716 219, 736 189,457 43,486 48, 259 221, 622 207,121 24,137 12,062 100 99 Alabama 196, 639 j 197, 595 151.291 150,975 45,348 46, 620 168,449 161,940 16,806 19,985 107 106 Mississippi 76,8811 76, 030 57, 656 56,378 19,225 19, 652 71,565 70, 243 6,866 6,122 35 35 West South Central: j Arkansas 79,47o! 78, 794 55,963 54,454 23, 512 24,340 74, 532 74,322 3,397 1,719 73 73 Louisiana 104, 832: 103,402 89,479 87,002 15,353 16,400 88, 723 88,527 9,956 5,705 34 33 Oklahoma 336,116! 334, 673 213, 055 209,325 123, 061 125,348 345,870 347,333 12, 739 11, 547 300 307 Texas 850,820; 830,849 643,335 607,331 207,485 223, 518 801,329 789, 650 27,548 16,747 619 623 Mountain: Montana 79, 702; 81,085 48,845 49, 554 30,857 31,531 85, 681 84, 606 513 1,146 67 69 Idaho 37,406: 35, 729 25,815 24,331 11,591 11,398 39, 874 38,843 486 492 43 43 Wyoming 32, 7551 33, 613 20,878 20,852 11, 877 12, 761 34,672 33, 505 493 809 2J 25 Colorado 210,103i 206,194 134,205 127, 730 75,898 78,464 225,334 219,351 3,968 2,249 120 121 New Mexico 29, 029! 29, 352 18,112 18,162 10,917 11,190 29, 939 31,040 1,338 553 28 28 Arizona 27, 583! 29,180; 15, 873 17.192 11,710 11,988 28, 903 30, 785 16 14 14 Utah 47, 784! 46,476 33,470 32,161 14,314 14,315 41, 070 40,891 958 986 20 20 17, 714: 17,340 12,147 11,852 5,567 5,488 18, 296 17, 523 10 10 Pacific: Washington.. 271, 792 267, 005 177, 531 166,049 94, 261 100, 956 267,386 266, 394 2,608 2, 945 108 106 Oregon _. 192, 086] 189, 600 102,125 98, 734 89,961 90,866 195,427 188,885 1,273 5,206 94 93 California 1,949,811: 1,933,302 1,384,611 1, 321, 617 565, 200 611, 6851, 846,7191, 79, 620 23,373 210 211 Total 21,389, 555 21,456, 563 14,954, 528 14,805,401 6,435,027 6,651,162 19,646,504 19,411,384 655,022 714,107 7,468 7,530 1 Member banks only; i. e., exclusive of national banks in Alaska and Hawaii. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

48 FEDERAL RESERVE BULLETIN JANUARY, 1930 TABLE 4.—STATE BANKS i -PRINCIPAL RESOURCES AND LIABILITIES ON OCTOBER 4 AND JUNE 29, 1929. BY STATES [Amounts in thousands of dollars] Loans and investments _ i Deposits, exclusive Rediscounts Number of i of interbank and bills reporting Loans (including ! deposits payable banks State Total overdrafts) Investments October June October | June October June j October : June October June New England: Maine.. ! 302,211 296,713 160,638 154, 066 141,573 142,647 278,720! 272,980 7,551 g 81 New Hampshire ! 240,003 240,003 112,618 112,618 127,385 127,385; 221,506' 221,506 552 67: 67 Vermont .! 182,741 185,194 118,145 119, 283 64,596 65,911: 175,283 180,682 3,662 58 58 Massachusetts.. ! 3,071,235 060,6431 2,107,260: 2,093,709 963, 975 966, 934! 2, 860, 733! 2, 849, 03028, 578 3,444 298; 297 Rhode Island ! 482,559 480,078; 276,466! 272,886 206,093 207,1921 461,325^ 458,608! 5,250 22,064 23 23 Connecticut -j 1,084,061 058,096 611,031! 591,995 473,030 466,101 998,266! 968,148 6,623 10,231 176 173 Middle Atlantic: I New York {12,173,64312,074,921 9,240,723! 9,080,282 2,932,920! 2,994,63911,821,79610,982,901! 125,458 242, 928 574: 579 New Jersey I 1,513,697 ' 544,102 1,047,8591 1,058,590 465,838: 485,512 1,396,280! 1,439,4131 30,866 44,476 268! 268 Pennsylvania | 3,188,405 150, 813 1,969,848 1,913,818 1,218,557; 1,236,995 2,678,561 2,676,724 101,478 95, 550 727 728 East North Central: j Ohio.— : 2,041,235 1, 589,3171, 533, 787 451, 918i 453,811 1,982,170 1,909,535 2 44,341 2 56,930 706 706 Indiana i 523,929 523,929 413,604 413, 6041 110,325! 110,325 492,558 492,558 48,448! 48,448 762 762 IIlllliinnooiiss :: 2,,669999,,441177 1,672, 911 ;2i, 095, 2742,033,522| 604,143' 639,389 2,481,702 2,496,406 55,298' 54,240 1,309 1,314 MMichigian h ii _1.5.i 915,450945,404 ,542,605 !1,185, 2801,141, 575 410,124, 401,030 1,481,615 1,447,740! 60,338! 45,928 609 609 Wisconsin I 509,394 518,536;; 359, 250 365,187 150,144; 153,349: 515,730 525,273! 7,486; 9,480 802 807 West North Central: ; I Minnesota.. _ : 388,614! 383,914^ 212,573 209, 887 176,041: 174, 027 392,765 5,169 5,061 793 800 Iowa i 516,91l! 512,918!: 487,833 483, 562 29,078 29,356 3 554,549 3 552,555 6,053 6, 279 1,010 1,021 Missouri .__. • 789,360 703,995 566, 217 496, 955 223,143 207,040 3 801, 714 3 706,496 29,425 21,807 1,173 1,191 North Dakota... ! 44,717 45,035 j 39,519 6, 437' 5,516 54, 300 49,934 580 1,266 303 308 South Dakota.. ; 76,518 72,888 ! 61, 203 58,338 15,315i 14,550 86, 816 82, 229 i 1,104 1,787 299 303 Nebraska _.-' 192,044 193,368 152,346 156,499 39,698 36, 869 213,537 219,370! 3,245 3,698 682 688 Kansas.. i 207,196 207,693 : 159,894 160, 240 47,302 47,453 3 221,206 3 214, 908; 1,754 3,796 824 830 South Atlantic: | Delaware. _. ; 147,685 145,346* 108, 638 106, 244! 39,047 39,102 120,646 119,892 2,140 2,919 31 31 Maryland... I 614,563 614,563 362,857 362,857 251, 706 251,706 579,397 579,397 8,671 8,671 153 153 District of Columbia i 125,703 125,081 100,841 99,140 24,862 25,941 124,557 123, 238 1,531 1,306 29 29 Virginia I 236,315 234,163; 202,371 200, 287 33, 944 33,876 193, 774 187, 541 12, 691 15,839 316 317 West Virginia ! 184,585! 188, 445 155,541 158, 747 29, 044 29,698 171,890 180,377 7,340 6,877 187 194 North Carolina : 265,909 239,695!: 232, 758 213,008 33,151 26,687 235, 981 213, 022 30,410 24,522 352 355 South Carolina , 81,829' 79,612: 63, 974 62, 434 17, 855' 17,178 83, 788 78,453 3,043 3,295 170 170 Georgia i 142,0791 142, 947 h 124,259 126, 111 17, 820 16,836 122, 231 119, 646 11,387 13,122 336 340 Florida ___! 138,335| 138,335 92, 563 92, 563 45, 772 45, 772 140, 640 140, 640 5,728 5,728 202 202 East South Central: I Kentucky.. j 312,556j 312, 556; ; 253,362 253,362 59,194 59,194 243,888 11,299! 11,299! 434 434 Tennessee j 194,240 194,240J 167, 352 167,352 26,888 3 205, 881 3 205,881! 8,167; 8,167! 391 391 Alabama - 104,872| 109,270! 93,747 98,382| 11,125 10.888 3 98, 998 3 95,093! 12,066' 13,1331 246 244 Mississippi 147,322< 146,261 ; 116, 003 113,717 31,319 32,544 156, 237 143,156J 9,329 9,736! 276 277 West South Central: j ! Arkansas... ! 129, 558 129, 380, 111, 794 109,953 17, 764 19, 427 133, 265 127, 667] 12,995! 8,333i 347 347 Louisiana __! 327,076 323, 505 262, 750 258, 686 64, 326 64, 819 301, 593 300,398 34,332 21,879 193! 193 Oklahoma ; 75,542 75, 223 53, 298 52, 895 22, 244 22,328| 85, 912 84,129 i 1, 607. 2,118 344 342 Texas ; 249,640 240, 783 202, 504 196,112 47,136 44, 6711 259,433 243,673! 6, 656 5, 726 706 710 Mountain: • j Montana 67,378 69, 513 42, 568 44, 688 24, 810 24, 825 73, 841 72, 967! 716 1,352 I28i 129 Idaho ! 42, 677 41, 508 25, 532] 24,163 17, 145: 17, 345; 49, 340 46, 605 194 457: 94j 94 Paci N A U N W C fic o r e t e y i : a w l v z o o h a o r m d M n a a a d in e o x g ico \ | 1 2 1 2 5 5 1 1 9 4 1 3 4 , , , , , , 4 9 5 6 2 2 9 4 9 4 8 3 4 7 0 8 5 0 1 2 1 5 5 1 2 4 1 5 9 1 3 , , , , , , 1 8 3 2 5 7 6 8 3 4 3 0 5 6 6 9 0 4 4 3 9 1 1 3 5 2 7 9 7 , , , , , , 1 4 r 6 7 6 1 1 " 5 6 9 5 5 0 0 1 4 3 8 1 1 3 9 7 7 9 8 , , , , , , 1 4 9 6 8 7 3 9 6 1 5 7 9 3 7 1 0 0 2 1 18 5 1 3 5 3 , , , , , , 4 8 5 6 5 5 7 8 8 3 3 9 5 8 0 2 4 4 j ; ; : ; ! 1 2 1 5 1 8 3 5 4 , , , , , , 1 6 5 6 3 5 9 9 8 1 6 9 8 3 0 0 6 3 3 9 2 6 1 2 5 2 8 2 3 1 9 , , , , , , 5 1 0 5 4 6 6 5 8 0 9 6 7 5 5 5 2 5 3 2 9 6 1 2 6 6 2 1 6 2 1 , , , , , , 5 8 9 5 5 4 7 7 0 9 0 3 0 8 7 8 5 1 j. 3 4 , 6 9 9 9 6 0 5 0 2 5 1 7 0 8 8 ! j ! ; ! 2 1 * , , 1 4 4 9 2 7 9 2 5 5 1 7 5 1 6 : ! 1 1 3 3 8 2 5 6 0 2 5 4 7 2 1 3 6 3 8 2 5 2 2 0 5 5 7 Washington 187,393 180, 330 127, 536 120, 256 59, 857; 60, 074! 189, 079 184, 289! 2, 374! 2, 811 238 Oregon. I 71, 540 70,423 47,451 46, 711 24, 089 23, 712 77, 459 74,455 1,195| 1, 787 141 142 California 1,490,472 L, 474,4401,116, 8421, 091, 982 373, 630| 382, 458 1, 436,8371,457, 510 32, 684' 19, 485; 238 244 Total 37, 445,757|37, 017,442 27, 246, 691 26, 706, 402 10,199,066 10, 311,040 35, 533, 277J34,440,4611 796,868; 880,053, 17,483 17, 580 1 Includes all State banks (including stock and mutual savings banks) and all private banks under State supervision. Figures relate to dates given or dates nearest thereto for which figures are available. 2 Includes bonds borrowed. 3 Includes due to banks. 4 Includes all other liabilities. NOTE.—All figures in the October columns are as of Oct. 4, except as follows: Maine, Sept. 28; New Hampshire, June 29; Massachusetts, savings banks, June 29; Rhode Island, State banks, Sept. 5, savings banks, June 29; New York, State banks, Sept. 27, savings banks, June 29; Ohio, Sept. 12; Indiana, June 29; Missouri, Aug. 23; Nebraska, Sept. 24; Kansas, Sept. 26; Maryland, June 29; Florida, June 29; Kentucky, June 30; Tennessee, Apr. 15; Louisiana, Sept. 30; Colorado, June 29; Utah, Sept. 28. All figures in the June columns are as of June 29 except as follows: Minnesota, July 15; Missouri, Apr. 10; Kansas, June 27; Tennessee, Apr. 15. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1930 FEDERAL RESERVE BULLETIN 49 EARNINGS AND EXPENSES OF MEMBER BANKS Table 1.—NATIONAL BANKS, BY FEDERAL RESERVE DISTRICTS, FIRST SIX MONTHS OF 1929 NOTE.—The following statistics of earnings and expenses of national banks were compiled by the Comptroller of the Currency from reports submitted by national banks. Similar information for the last half of 1928 was published on page 591 of the August, 1929, issue of the FEDERAL RESERVE BULLETIN; additional statistics for the fiscal year ending June 30, 1929, will be found in the Annual Report of the Comptroller of the Currency for 1929. [In thousands of dollars] Member national banks, by Federal reserve districts Nonmem- All na- Total B to o n s- I Y N o e r w k P p d h h e i l i l - a a- C la le n v d e - I R m i o ch n - d j • l A an t- t a j | C ca h g i- o j St. M li i s n - j K C a it n y - Dallas Fran- ba b n e k r si tional Gross earnings: Interest received— On loans 2.--. 445,083| 35, 7901 94,958 36,130 33,789'; 25,359; 23,678; 59,774: 18,630; 15,7121 25,543 25*867 49,853 194 445,277 On investments 3 : 156,699 16,413 1in6 ,771130'1 5c ,3o9n3o!; 4A, 3o6a3o!\ 1u 5,5c3o7vj' a6 , o2n9-7ri1 <7-,r4 5A7 KT C XJI4,592 17,440 118 156,817 On balances with 12, 3141 41,609 I other banks ; 11,064 571 970! 641 j 802j 1,444| 565; 737 1,370 1,147 1,4 17 11,081 Domestic exchange and i j 670i 659 i ~ collection charges | 8,5731 254 283 5241 920| 1, lloi 346. 8941 648 658 683| 28 8,601 Foreign exchange de- I | 243: 2,005 I partment ; 5,659; 240; 3,002 4051 146 i 21; 206; 641! 29! 23) 111 826! 1 5,660 Commissions received ; 402 ! 8 2| 9 3i- 95! 14 19l| 1 39! 402 Trust department _.; 9,971, 907; 4,103; 433! 523 286 j 276: 949i 165! 44! 339| 12: 1,819 2 9,973 Profits on securities sold. '•• 15,616; 1,734! 5,381! 1,8281 2,191' 463| 357^ 1,000' 388 259; 256! 137 1, 622 j 58 15,674 Other earnings : 53,550 4,804 11,278j 1,634 3,122; 1,978| 2,126; 13,765! 1,217; 1,191] 3,1641 2,095 7,1761 149 53,699 Total earnings , 706,617; 56, 702; 163, 003! 57, 670J 57,746; 34,668: 32,728: 94, 320j 27, 651 j 26,508! 39, 940| 34,735 80,946 567 707,184 Expenses: ! Salaries and wages : 131,653; 9,160; 26, 936J 9,633 9,840' 6,579J 6,644^ 16,275; 5,595| 5,669; 9,073; 7,405 18,844 115; 131,768 Interest paid— | || i On borrowed money 2j 17,553!j 1,860: 3,260 1,939 1,502 1,334! 1,381: 2,054| 992; 356! 863: 781j 1,231| 17, 559 On deposits— i .. 11 Time ! 140,561]! 12,055 26,374 13,252! 14,269 8,758: 6,691 15,5m3\7 5,431 7,254; 6,089; 4,020 20,831 55 140, 616 Demand : 60,800 1 6,165i 19,935j 4,397J 5,407 1,849 1,882 7,890 2,116! 1,312| 3,0361 2,7411 4,070 60,828 BT}a«_n,kI,. _.i. 2on0 ,7*72O80! I l1,2 o4/il !1 1 5K,2 9o9no 8811 1 540 on.ri u8o3o2 o 276,71 5l!1 o1o,o2 28; nr"7i 9717 jO 1Q11, 811 8O;O R1 ,2o2 1501 2,131; 20, 734 Taxes i 29,480 1 1,578! 4,711 3,098j 3,166 1,593: 1,161 4,195| 1,552: 1,6491 1,919! 1,971 2,887: 29,495 Other expenses I 80,558! 5,153! 17,412! 5,465; 5,871 3,952| 4,302 10,829 3,073: 3,33l| 5,881; 4,449 10,840: 80, 625 Total expenses j 481,333; 37,212103,927j 38,665! 41,595 24,870; 22,893 59, 5311 19,987; 20,548 28,6791 22,592 60,834: 292 481, 625 Net earnings ...' 225,284jj 19,490; 59,076| 19, 0051 16,151 9,798! 9,835 34,789! 7,664: 5, 960| 11,261 12,143| 20,112 2751 225,559 Recoveries on charged-off assets: : Loans and discounts 9,100 402 1,581' 323 334 335; 425 1,4731 541 629! 1,306 1,055 696 3 9,103 Bonds, securities, etc 3,159 709 666; 167! 394 70 23 158! 240: 161! 91 22 458 1 3,160 Allother 5,763 199 641! 61! 95 2861 617 499! 2371 126; 765 181 2,056;- 5,763 Total net earnings and ; jj i i recoveries 243,306;! 20,800 61,964| 19,556! 16,974 10,489 10,900 36,919! 8,682 6,876! 13,423 13,401 23,322! 279 243,585 Losses charged off: On loans and discounts.. 40,0011 2,636 6,382| 1,815! 2,228 2,591 3,041 7,184: 1^ 774| 2,283 3,699 2,802 3, 566 i 8 40, 009 On bonds, securities, etc. 25,642;j 10,385 4,854; l,056: 1,416 479 277 2 071 i 6t'2o3o' Koft! 8c9o9n Q3«6«6 2,617; 75 25,717 On banking house, fur- i| ; niture, and fixtures 9,863! 617 1,180; 301; 51o| 145| 229 1,404- 235, 2,684: 747 1,360 5 9,868 On foreign exchange 112jJ 6' 81! 3 4i li ll l1- 1 14 112 All other losses . 8,576 271 1,352; 2,164; 1731 '~322| 431 880| 246: 488! 783 733 733, 1 8,577 Total losses charged off. 84,194! 13,915 13,849 5,399: 4,336 3,537 3,978 ll,600| 2,879| 6,055; 6,128; 4,228 8,290: 89 84,283 Net additions to profits j 159,112 6,885 48,115; 14,157| 12,638 6,952 6,922 25,319J 5,803^ 821 j 7,295; 9,173 15,032! 190 159,302 Dividends declared 116,215 1 7,983 23,913J 9,592] 7,649 5,771 4,408 15,535 4,565| 3,839! 5,970: 3,971 23,019; 39 116, 254 Capital stock paid in * 1,626,500 !l26,257400,519 121,482il25,005 91,357 80,015 190,165 65,603 60,045; 84,422 90,270 191,360' 875 1,627,375 Surplus fund * 1,477, 990 1108,304;471, 288 221, 545j 140, 348 72, 509 57,193 129,251 36,421 33,710; 40,967 46,332120,122! 1,0621,479,052 Capital and surplus. *.. 3,104,490 •234, 561 871,807J343,027265, 353 163,866 137, 208 319,416 102,024, 93, 755125, 389136, 602 311,482' 1,937 3,106,427 Number of banks*. 7,530 371 772 686 704 490 366 960! 4741 645 891 678 493 7,536 1 National banks in Alaska and Hawaii. 2 Includes discount. 3 Includes dividends. * As on June 30, 1929. 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50 FEDERAL RESERVE BULLETIN JANUARY, 1930 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued Table 2.—STATE BANK MEMBERS, BY FEDERAL RESERVE DISTRICTS, FIRST SIX MONTHS OF 1929 [In thousands of dollars] ]Federal Reserve District Total Boston Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a C ca h g i o - L S ou t. is M ap i o n l n is e- K C s a i a t n s y - D la a s l- F c S i r s a a c n n o - Gross earnings: Interest received— On loans 1 305,303 18,869 143, 541 14,719 37,379 6,048 6,641 49,102 10,041 1,344 1,927 1,876 13,816 On investments 2 84, 364 5,443 36,881 6,557 11,182 1,095 1,385 12, 001 3,914 488 795 230 4,393 On balances with other banks 4 305 179 1,480 202 513 145 173 724 199 53 104 67 466 Domestic exchange and collection charges 2,017 61 249 42 190 135 107 690 314 47 19 43 120 Foreign department._ 6,167 211 4,799 14 169 32 89 531 31 2 6 28a Commissions received 15,450 605 11, 077 377 628 225 131 1,499 590 78 20 26 194 Trust department . ._ _ 25, 395 1,421 12,839 2,863 2,957 196 287 . 3, 243 608 7 118 8 848 Profits on securities sold 19,872 2,047 9,787 2,293 1,180 245 618 2,488 467 15 205 103 424 Other earnings. 28,473 966 12, 724 1,039 3,959 478 1,207 4,018 1,108 56 788 201 1,92& Total earnings 491, 346 29,802 233, 377 28,106 58,157 8,599 10, 638 74, 296 17, 272 2,090 3,982 2,554 22,47a Expenses: Salaries and wages 91, 480 4,633 42, 775 5,093 10, 374 1,671 1,941 14, 918 3,260 423 940 646 4,806 Interest paid— On borrowed money 1__. 12,476 559 4,332 1,200 1,164 485 1,110 2,052 839 37 157 61 480 On deposits- Time 80, 716 5,736 26, 574 3,364 15, 397 1,703 1,309 15, 729 3,389 636 291 227 3 6, 361 Demand 57, 823 4,854 31, 443 3,302 5,475 626 1,003 7,972 1,235 83 504 104 1,222 Bank 12, 745 348 7,317 346 1,298 293 435 1,605 302 51 237 64 449 Taxes 20,417 1,107 9,462 1,450 3,089 490 599 2,326 lib 49 114 132 824 Other expenses 57, 643 3,251 26, 096 3,241 5,774 1,170 1,448 9,669 2,592 248 829 392 2,93a Total expenses 333, 300 20,488 147, 999 17, 996 42, 571 6,438 7,845 54, 271 12, 392 1,527 3,072 1,626 17,075. Net earnings _ - -- 158, 046 9,314 85, 378 10,110 15, 586 2,161 2,793 20,025 4,'880 563 910 928 5,39a Recoveries on charged-off assets: Loans and discounts __ 3,982 201 2,174 82 337 46 57 613 128 113 25 75 131 Bonds securities, etc 10, 618 28 9,715 383 221 38 99 126 2 1 5 All other.. 3,303 69 1, 296 76 484 10 66 750 397 10 79 14 52- Total net earnings and recoveries 175, 949 9,612 98, 563 10, 651 16,628 2,255 2,916 21,487 5,531 688 1,014 1,018 5,586 1 Losses charged off: On loans and discounts 19, 602 1,390 10, 900 841 940 188 309 3,168 467 155 31 246 967 On bonds, securities, etc 13, 360 668 9,173 926 514 105 441 490 740 10 6 35 252 On banking house, furniture, and fixtures 3,445 311 1,114 228 784 43 46 473 150 13 6 32 245 All other losses 2,804 412 565 60 260 30 37 384 128 45 133 99 651 Total losses charged off 39, 211 2,781 21, 752 2,055 2,498 366 833 4,515 1,485 223 176 412 2,115 Net addition to profits. 136, 738 6,831 76,811 8,596 14,130 1,889 2,083 16,972 4,046 465 838 606 3,471 Dividends paid _ 77,121 3,354 41, 624 4,796 7,174 1,067 1,130 13,136 2,199 227 465 187 1,762 Capital stock paid in * .. _. 1,019,948 49, 225 475, 350 57, 618 105,070 23, 723 23,415 184,477 42, 095 3,707 8,505 6,987 39, 776 Surplus fund * _ _1,172,170 54,827 599,941 133,136 139, 296 16, 062 15,991 155, 707 25,298 1,762 3,162 2,350 24,638 Capital and surplus *. 2,192,118 104, 052 1,075, 291 190, 754 244, 366 39, 785 39,406 340,184 67, 393 5,469 11, 667 9,337 64,414 Number of banks * _, . 1,174 36 167 90 103 47 70 268 106 54 21 88 124 i Includes discount. 2 Includes dividends. 3 Includes $29,000 of unclassified interest. * As of June 30, 1929. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS MINNEAPOLIS^ S.DAK. ! \ • ' BOUNDARIES OF FEDERAL RESERVE DISTRICTS ——BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis