Federal Reserve Bulletin, 1930-06

FEDERAL RESERVE BULLETIN JUNE, 1930 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Movement of Commodity Prices New Form of Weekly Statement Condition of All Member Banks Annual Reports of Central Banks— Austria, Norway, Poland, and Yugoslavia UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON: 1930 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD Ex officio members: ROY A. YOUNG, Governor. A. W. MELLON, EDMUND PLATT, Vice Governor. Secretary of the Treasury t Chairman. ADOLPH C. MILLER. CHARLES S. HAMLIN. J. W. POLE, GEORGE R. JAMES, Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel E. M. MCCLELLAND, Assistant Secretary. E. A. GOLDENWEISER, Director, Division of Research J. C. NOELL, Assistant Secretary. and Statistics. W. M. IMLAY, Fiscal Agent. CARL E. PARRY, Assistant Director, Division of Research 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) HERBERT K. HALLETT. District No. 2 (NEW YORK) WM. C. POTTER. District No. 3 (PHILADELPHIA) HOWARD A. LOEB. 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 0. WETMORE, President. District No. 8 (ST. LOUIS) W. W. SMITH. District No. 9 (MINNEAPOLIS) GEO. H. PRINCE. District No. 10 (KANSAS CITY). W. S. MCLUCAS. District No. 11 (DALLAS) B. A. MCKINNEY, Vice President. District No. 12 (SAN FRANCISCO) F. L. LIPMAN. WALTER LICHTENSTEIN,, Secretary. 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. W. Paddock W. Willett. New York _ J. H. Case Geo. L. Harrison L. F. Sailer C. H. Coe.i E. R. KenzeL.._ Ray M. Gidney.i W. R. Burgess J. W. Jones.i A. W. Gilbart W. B. Matteson.i L. R. Rounds... J. M. Rice.i J. E. Crane Allan Sproul.1 Walter S. Logan Philadelphia. R. L. Austin. Geo. W. Norris Wm. H. Hutt C. A. Mcllhennv. W. G. McCreedy.* Cleveland __ George DeCamp E. R. Fancher M. J. Fleming H. F. Strater. Richmond. Wm.W. Hoxton. George J. Seay C. A. Peple Geo. H. Keesee. John S. Walden, Jr.* ! 1 Atlanta Oscar Newton Eugene R Black Hugh Foster M. W. Bell. Creed Taylor _ Chicago Win. A. Heath J. B. McDougal C. R. McKay W. C. Bachman.* John H. Blair K. C. Childs.' J. H. Dillard.* D. A. Jones.* 0. J. Netterstrom.J St. Louis John S. Wood.. Wm. McC. Martin 0. M. Attebery S. F. Gilmore.* A. H. HailU F. N. Hall.* G. 0. Hollocher.* C. A. Schacht.* Minneapolis _. John R. Mitchell . . W. B. Geery _ Harry Yaeger _- Gray Warren. H, I. Ziemer Frank C, Dunlop.* Kansas City M. L. McClure W. J. Bailey C. A. Worthington J. W. Helm. T W TT«1 m Dallas C. C.Walsh Lynn P. Talley R. R. Gilbert Fred Harris. R. B. Coleman W. 0. Ford.* San Francisco Isaac B. Newton Jno. U. Calkins Wm. A. Day Wm. M. Hale. Ira Clerk 1 Assistant deputy governor. * Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch ... R. M. O'Hara. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch C. F. McCombs. 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 J. L. Hermann. Atlanta: Houston branch. W. D. Gentry. New Orleans branch Marcus Walker. San Antonio branch M. Crump. Jacksonville branch __ W. S. McLarin, jr. San Francisco: Birmingham branch.. _ A. E. Walker. Los Angeles branch W. N. Ambrose. Nashville branch J. B. Fort, jr. Portland branch R. B. West. Chicago: Salt Lake City branch W. L. Partner. Detroit branch W. R. Cation. Seattle branch C. R. Shaw. St. Louis: Spokane branch D. L. Davis. Louisville branch W. P. Kincheloe. Memphis branch W. H. Glasgow. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Movement of commodity prices 335 Commodity pric3 decline—Grouping by source of raw materials—Agricultural products—Metal prices—Attempts at price maintenance. Condition of all member banks on March 27, 1930 340, 388-393 Change in form of weekly statement of Federal reserve banks 341 Reparations plan and Bank for International Settlements 358 Annual report of the National Bank of Austria 359 Annual report of the Bank of Norway 363 Annual report of the Bank of Poland 364 Annual report of the National Bank of the Kingdom of Yugoslavia 368 National summary of business conditions 344 Financial, industrial, and commercial statistics: Reserve bank credit and factors in changes (chart and table) 345, 346 Analysis of changes in monetary gold stock 346 Gold movements to and from United States 346 Member bank borrowings at Federal reserve banks 347 Discount rates and money rates 347, 348 Member bank credit 349 Bankers' acceptances and commercial paper outstanding 349 Brokers' loans 349 Security prices, security issues, and building contracts awarded 350 Production, employment, car loadings, and commodity prices 351 Industrial production 352 Factory employment and pay rolls 353 Banking and business conditions in Federal reserve districts: Federal reserve banks— Discounts (chart and tables) 354, 355 Reserves, deposits, note circulation, and reserve percentages : ' 355 All member banks—Deposits subject to reserve, reserves held, and indebtedness at reserve banks-_ 355 Member banks in leading cities—Principal resources and liabilities 356 Building 357 Department stores—Indexes of sales and stocks 357 Commercial failures 357 Bank suspensions 357 Financial statistics for foreign countries: Gold holdings of central banks and governments 372 Gold exports and imports 372 Condition of central banks 373, 374 Condition of commercial banks 375 Discount rates of central banks 376 Money rates 376 Foreign exchange rates 377 Price movements 378, 379 Industrial statistics for England, France, Germany, and Canada 380, 381 Detailed Federal reserve statistics, etc.: Resources and liabilities of Federal reserve banks in detail and Federal reserve note statement 382 Condition of each Federal reserve bank at end of month 383, 384 Maturity distribution of bills and short-term securities held by Federal reserve banks 385 Membership in par collection system - 385 Bank debits - 385 Kinds of money in circulation 385 Changes in national and State bank membership 386 Fiduciary powers granted to national banks 387 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 16 JUNE, 1930 No. 6 REVIEW OF THE MONTH later spread to all classes of goods; and the continuation of price declines in 1930 appears to An important factor in the recent course of reflect the inactive condition of business and a business has been a continuous decline in loss of purchasing power by ultimate consumers wholesale commodity prices. This decline, which began in through the decrease of employment and the August of last year, carried the reduction in wage payments. Prices to the general average of prices in the United States to consumer have also tended downward in recent a level in April about 7 per cent below that of months, but the reduction has been conlast July and below any earlier date in the past siderably smaller than that of wholesale prices. 13 years. There was a further recession in Changes in the general level of prices, when prices, chiefly of industrial products, in May, they are as widespread geographically as in the while prices of grains and livestock products present recession and comprise became firmer in the latter part of the month. Grouping by changes in all groups of cornsource of raw . . T IT The downward movement of prices in recent material modities, as has been the case months has not been confined to the United in recent months, of necessity States, but has been in progress in all the reflect broad economic influences that are not important commercial countries of the world. confined to any country or to any class of goods. During the period from July, 1929, to April, Some of these general influences have been 1930, the price decrease of 7 per cent in the briefly mentioned in the preceding paragraphs. United States has been paralleled by declines of There have been, however, pronounced differ- 8 per cent in Germany, 10 per cent in England ences in the course of prices of the different and in Italy, and 12 per cent in France. groups of commodities and of individual com- Other countries, including Japan and Canada, modities, and these differences have reflected have also experienced declines in prices. In conditions in particular industries or groups of view of the fact that the commodities entering industries. The chart on page 336 presents in into the indexes of wholesale prices in the differ- aggregates the course of the general price index ent countries are largely articles of world of the Bureau of Labor Statistics since 1922 trade, whose prices are determined in inter- and a classification of this average into three national markets, a general similarity in the groups—farm products and their manufactures, course of the indexes is to be expected with the mineral and forest products and their manufacreestablishment of the gold standard and the tures, and raw imports and their manufactures. removal of restrictions on the movement of These three groups combined comprise nearly gold and of funds. Gradual price recessions, all of the commodities that enter into the which were reported for all countries beginning- wholesale price index. This chart is so conlast summer or earlier, appear to have accom- structed as to bring out the relative importance panied a general slowing down of trade and of the three groups in the general average and industry, to which the high level of money their influence upon the fluctuations in that rates throughout the world caused largely by average, but minimizes the relative extent of the strong demand for credit from the American price fluctuations in the two less important securities market was a contributing factor. groups. The more abrupt declines that occurred last It appears from the chart that the major autumn were in response to the break in movements in the general index since 1922 security prices, wThich at first affected chiefly have been dominated by changes in prices of commodities with organized exchanges, but farm products and their manufactures. Move- 335 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

336 FEDERAL RESERVE BULLETIN JUNE, 1930 ments in this group of commodities largely supply not readily adjustable to demand. account for the rise in the index in 1924 and When manufactured products in general are the early part of 1925, for the decline in 1926, considered, they show a definite downward and for the rise in the latter part of 1927 and trend in price throughout the period, accomin the subsequent six months. It is this group panying reduced cost of certain raw materials, a large volume of production, increased use of I V N A L B U IL E L I A O G N G S R E O G F A D T O E L S LARS N V B A IL L L U IO E N S A G O G F R C E O G L A L T A E R S S machinery, larger output per worker, with 50 bO consequent lower labor costs per unit, and B.L.S. Index-All Commodities 45 U r in many industries keen competition for the preference of the consumer. 40 40 The course of prices of four leading agricul- Three GroupsCombined tural commodities is shown by the chart on page 35 i ~ ! 1 35 337. As the chart indicates, Agricultural there are wide fluctuations from 30 if) products p y £ ther and one crO ear 0 ano Farm Products 25 & their Manufactures from season to season, reflecting the uncertainties of the weather and delays in 20 >^ 20 the adjustment of supplies to demand. In the 1 15price declines in recent months, decreased de- /- " ^ 15 Mineral and Forest Products mand has been an important factor. tk their Manufactures Cotton prices declined rapidly in 1925' and 10 10 i 1926, following large acreage and high yields Raw Imports in those years. In the following year the crop 5 . & _ th . e .. i r | Ma . n . u . f . a . c . t . res — 5 was smaller and prices rallied, and from 1927 0 0 until the latter part of 1929 fluctuated between 1922 1923 192<f 1925 1926 1927 1928 1929 1930 18 and 21 cents a pound. Prices have declined of commodities also that accounts for the sharply since the middle of last summer, remajor part of the downward trend of prices flecting reduced demand. Exports from the since the late summer of 1928 and of the sharper United States began to decrease before the decline since the autumn of 1929, though in beginning of the 1929-30 season and have conthis last decline the other two groups have also tinued at a low level largely because of reparticipated. duced activity in the industry abroad and Price trends over the period as a whole have some substitution of cheaper foreign cotton for been different in the three groups shown on the American staple. Domestic consumption the chart. Farm products have shown an up- also declined, beginning late in 1929. Stocks ward tendency from their relatively low level of American cotton abroad are now smaller in 1922, while prices of mineral and forest than at this time last year, while stocks in this products have tended downward; and prices of country are substantially larger. imported raw materials and their manufactures In the case of wheat, weather conditions in have also declined. These movements re- producing countries have determined in conflected largely fluctuations in the prices of siderable degree variations in the world supply. raw materials—rising prices of livestock and Wheat prices declined in general from 1925 to meats in the farm product group, which more 1929 with expansion of production in a number than offset lower prices of wheat and cotton; of countries. For the current season prices have and declining prices of petroleum and coal in averaged higher than the relatively low level the mineral group, and of rubber, silk, and of last year, but have declined unevenly since sugar in the import group. All of these January. The higher level from July, 1929, prices are chiefly influenced by conditions of to January, 1930, was largely due to the small Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1930 FEDERAL RESERVE BULLETIN 337 world crop, caused *by unfavorable weather ditions, with the result that there are wide conditions/and the decline since January has cyclical variations in prices of both livestock reflected chiefly the slow rate at which the and meats. Seasonal fluctuations are also visible commercial supply in this country was wi.de, especially in hog prices. The high price passing into consumption. Exports from the of hogs in late 1925 and 1926, relative to the United States since July have been at about price of corn, was followed by an increase in the low level of a year earlier, notwithstanding the number raised. In 1927 and 1928, when reduced crops in Canada, Argentina, and this increased supply was marketed, prices de- Australia. This relatively small volume of clined. By 1929, however, market supplies were smaller, and average prices for the year increased. Cattle prices, which in 1925 and WHOLESALE PRICES Wheai 1926 had risen only slightly from postwar low \IBO levels, increased rapidly in 1927, in response to a reduction in market supply, and were sus- J1W) tained at that high level until midsummer of 1929, when a decline began. The recent decline in prices of both hogs and cattle, especially in March and April, 1930, appears to too reflect decreased demand. The course of prices of four of the principal metals is illustrated by the third chart. Prices of pig iron and steel declined Metal prices gradually over a period of years until the middle of 1928, when -412 a rise began that continued for about 12 months. Since the summer of 1929, the steel industry has made gradual concessions in price, especially since the beginning of 1930, and, in May, steel prices were at their lowest level in a number of years. The course of copper prices is discussed in a later paragraph. In the case of silver, which is now at the lowest price in a century, the downward movement of prices, which has lasted for several years, has been due to diminished use of silver for monetary purposes, including decreases in silver contents 1925 1926 1927 1928 1929 1930 Wheat, dollars per bushel; cotton, cents per pound; cattle and hogs, of many coins, to sales of silver by India, which dollars per hundredweight is going through a transition from silver to exports from the United States has been gold as a monetary basis, a development that attributable in part to a small volume of con- is taking place also in other oriental countries, sumption in Europe, to larger European pro- and a diminished demand for silver from China duction, and to heavy shipments early in the in the past two years. Silver, at its present year from Argentina, where stocks have been price of less than 40 cents an ounce, is over 30 reduced materially as compared with a year ago. per cent below its pre-war level. The effect Cattle and hog production are also industries of this drop in the price of silver has been to which respond relatively slowly to market con- raise exchange rates in silver-using countries, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

338 FEDERAL RESERVE BULLETIN JUNE, 1930 especially China, and to curtail their buying association. The fourth chart shows the course power in western markets. of prices of four principal raw materials imported into the United States, prices of which have been influenced at one time or another during recent years by efforts at stabilization. The price of coffee, though it has but a small weight in the general price index, is important because it largely determines the prosperity and buying power of Brazil. The latest attempt at control of coffee prices under the direction of 2 Co 0 p p P er ~ the Coffee Institute was begun in 1924 by the State of Sao Paulo. Loans were made to producers and the price of coffee was regulated opper/ through limiting the amount available in the ports for export at any one time; fairly high Pig ron P/£ Iron SteeL 2.ar 2.6 Steel 2.2 2.0 1925 1926 1927 1928 1929 1930 Silver, cents per ounce; copper at refineries, cents per pound; pig iron, dollars per gross ton; steel, cents per pound Among the raw materials, price declines in recent years have occurred in commodities of which the supply can not be adjusted promptly to demand. Attempts at price main- This is true of the principal tenance agricultural staples, of such mineral products as petroleum and coal, and of such imported raw materials as rubber, silk, sugar, and coffee. In the case of many raw materials—among them coffee, silk, sugar, rubber, tin, and copper—organized attempts to stabilize prices have been made by governmental or private agencies. During 1925 1926 1927 1928 1929 1930 the past year, the first part of which was char- Sugar, dollars per hundred pounds; coffee, cents per pound; silk, dollars per pound; rubber, cents per pound acterized by high money rates and the last part by a falling off of demand, many of these prices were in general maintained from 1925 agencies found themselves unable further to to the last part of 1929. The problem of large maintain the prices of their commodities. production become especially acute in 1927-28 Examples are afforded by the Brazilian coffee and thereafter, largely on account of the maturpool, and the American copper exporters' ing of new trees that had been planted in Brazil Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

339 JUNE, 1930 FEDERAL RESERVE BULLETIN some years before. In the crop season of 1927- Declines in commodity prices in recent 28 production rose to about 29,000,000 bags, months, which have been world-wide in extent, equal to more than a year's consumption require- have accompanied a recession ment for the whole world. Last year, in spite Summary in business activity that has of a smaller crop, the coffee supply in Brazil reduced the volume of employcontinued to be excessive. At the same time ment and the purchasing power of consumers. production in other South American States, Differences in the course of prices in different in Central America, and in the Dutch East groups of commodities can be explained only Indies had been increasing. In 1929 the Cof- with reference to a large number of circumfee Institute had difficulty in obtaining funds to stances affecting individual industries and cany stocks of coffee. In the spring the price markets. In raw materials the principal cause of coffee began to move downward, and in the of price fluctuations has been the difficulty of autumn it declined rapidly, especially at the adjusting the supply to the demand, while in time of the break in the securities market. manufactured goods the trend of prices has The Bank of Brazil came to the relief of the been downward for a number of years, reflectinstitute for a short time; later loans from ing chiefly lower raw-material costs and British and American banking houses for economies of production through increased £2,000,000 were obtained; and recently arrange- efficiency. ments have been made principally in America There appears to be no evidence in the availand England for a loan of £20,000,000 to Sao able information that price declines in recent Paulo, with the understanding that stocks will years have at any time reflected a general be liquidated. Meanwhile the price of coffee shortage of banking reserves, or of gold, but fluctuates at levels that prevailed before the there are indications that the diversion of formation of the Coffee Institute. funds to this countiy during the period of high The Copper Exporters (Inc.) was organized money rates contributed to the difficulties of in 1926 by a group of American producers for economic reconstruction in Europe. Reduced the purpose of maintaining export prices of industrial activity abroad, in turn, diminished copper. The price of copper moved upward, the demand for raw materials, and w^as a factor beginning in the summer of 1927, accompany- in the price decline. Furthermore, unfavoring a sharp increase in European consumption. able conditions in our bond market in 1929 World production during 1927 and 1928 wasmade it difficult for foreign countries to arrange increasing. Consumption, however, exceeded for long-time financing in this country, and production, and stocks of copper were in were a further factor tending to delay indusgeneral being reduced during this period. trial recovery abroad and to depress the world Prices continued to rise in the first quarter level of commodity prices. of 1929, and for a short time late in March and early in April were at 24 cents a pound, but later declined to about 18 cents, which was Appointment of Federal Reserve Agent at St. Louis held for a year. During the last half of 1929 The Federal Reserve Board on May 9, 1930, and the first quarter of 1930, however, sales appointed John S. Wood, of St. Louis, Mo., as were small and on a hand-to-mouth basis, and a class C director of the Federal Reserve Bank stocks increased rapidly. On April 15, 1930,of St. Louis for the unexpired portion of the the price was reduced to 14 cents, with little term ending December 31, 1930, to succeed effect on the demand for copper. When the Rolla Wells, resigned, and designated him as chairman of the board of directors of the bank price declined to about 12 cents in May, and as Federal reserve agent for the balance however, large orders were placed both for of the current year. Since 1920 Mr. Wood has domestic and foreign consumption, and the been chief national bank examiner of the eighth price advanced to 13 cents. Federal reserve district. 115478—30 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

340 FEDERAL RESERVE BULLETIN JUNE, 1930 Changes in Discount Rates and Bill Rates CONDITION OF ALL MEMBER BANKS ON MARCH 27, 1930. The discount rate on all classes and maturities of paper was reduced at the Federal Re- Total loans and investments of all member serve Bank of New York, from 3% to 3 per banks on March 27, at $35,056,000,000, showed cent, effective May 2, and at the Federal a decrease of. $878,000,000 during the first quar- Reserve Bank of Boston, from 4 to 3K per cent, ter of 1930, according to figures based on the effective May 8. first call report of the year that have recently At the Federal Reserve Bank of New York become available. The following table sumbuying rates on bills of all maturities were marizes these figures, showing the condition of successively reduced during May and the early all member banks on March 27, 1930, compared part of June, as shown in the following table: with other call dates during the past year: 1 to CO 61 to 9091 to 120 121 to ALL MEMBER BANKS Date effective days days days 180 days [In millions of dollars] In effect Apr. 30_. 3 3 3 May 1 2% 2Vs 2H 334 May 2 2M 2% 2% 3 Loans and investments M Ma a y yS 19 2 2^ \h /2 2 2 5 H /8 2 2 H H 3 3 N de e t r B o o w r- - June 3 21/2 2H 3 Investments mand ings at and Federi Rate of 2Yi per cent for 46 to 60 day maturity. Total Loans , U. S. I Other d t e im po e s- s a e l r r v e e - Total ! securi- J securi- its banks Changes in Foreign Central Bank Discount Rates ties I ties The following changes have been made since the 1st of May in the discount rates of central Mar. 27, 1929 35,393 24,945 10,44Si 4,454 5,994 32,162 981 June 29, 1929 35,711, 25,658 10, 052 4,155 5,898 32,302 1,029 banks in foreign countries: Oct. 4, 1929 35,914! 26,165 9, 749i 4,022 5, 727 32. 269 899 Dec. 31, 1929 35,934: 26,150 9, 784! 5,921 33,030 646 May 1.—Bank of England, from 3}£ to 3 per cent, Mar. 27, 1930 35,056' 25,119 9,937^ 4, 0851 5, 85: 32, 008 206 and National Bank of Belgium, from 3}£ to 3 percent. Change since— May 2.—Bank of France, from 3 to 2J4 per cent Dec. 31, 1929. -878-1,031 + 153 +222, -69-1,023 -440 and Bank of Danzig from 5}£ to 5 per cent. Oct. 4, 1929-. -858-1,046 + 188 +63 +125 -261 -693 May 3.—Bank of Denmark, from 4}£ to 4 per cent. Mar. 27, 1929. -337 +174 -512 -369 -143 -155 -775 May 19.—Bank of Italy from 6 to b}i per cent. May 20.—German Reichsbank, from 5 to 4^ per cent. May 21.—Bank of the Republic of Colombia, from The decrease of $878,000,000 in loans and 9 to 8 per cent. investments during the quarter reflected a May 24.—Austrian National Bank, from 6 to 5% further decrease in loans of $1,031,000,000, per cent. offset in part by an increase in investment May 26.—Czechoslovak National Bank, from 5 to 4}£ per cent. holdings. Investments of member banks, May 28.—National Bank of the Kingdom of Yugo- which declined steadily between June, 1928 slavia, from 6 to 5% per cent. and October, 1929, increased by $188,000,000 May 30.—National Bank of Hungary, from 6 to during the past six months; the increase hY<L per cent. between the autumn call date and the end of the year was entirely in holdings of securities Annual Report of the Federal Reserve Board other than United States Government obliga- The complete edition of the annual report of tions, but during the past quarter the whole the Federal Reserve Board, covering operations increase took place in United States securities. for the year 1929, is now available. It contains, The decrease in member bank loans during in addition to the text of the report, which w^as the past three months was accompanied by a issued in April, tables giving all the items of decrease of $1,308,000,000 in their net demand the so-called elements analysis—reserve bank deposits and of $440,000,000 in their borrowcredit, gold stock, money in circulation, member ings at the Federal reserve banks. Time bank reserve balances, etc.—and statistics deposits, which, while tending downward from relating to discount rates and money rates and the high point reached in December, 1928, had to banking and business conditions generally. shown relatively little change on successive It also gives the recommendations made by call dates to the end of 1929, increased by the Federal Advisory Council during 1929 and $285,000,000 between December 31 and March court decisions relating to the Federal reserve 27, and were on that date in the largest volume system. on record. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

341 FEDERAL RESERVE BULLETIN JUNE, 1930 The accompanying chart shows the course During the quarter the decrease in loans of member bank loans, investments, and was entirely in those made to customers, deposits since the beginning of 1919. while open-market loans increased. Decreased loans to customers were shown in all of the BILLIONS OF DOLLARS BILLIONS OF DOLLARS classifications, except loans on farm land, 40 ALL MEMBER BANKS which increased slightly. Customers' loans, other than those made on collateral of stocks, 35 35 bonds, or real estate, were $920,000,000 smaller Loans & Investments on March 27 than at the end of 1929, and 30 30 loans to customers on securities decreased by $758,000,000. Open-market loans increased s $855,000,000 during the period, the large 25 25 part of the increase being due to an increase / Total Loans,, of $684,000,000 in loans on securities to brokers f 20 20 and dealers in New York City. Net purchases N of $208,000,000 of commercial paper were 5t Demand Deposits i AK ! 1 15 m do a m de e st d ic u r a i c n c g e p t t h a e n ce q s u a o r f t e o r t , h e w r h b il a e n k h s o l d d e i c n r g e s a se o d f Time Deposits^, $37,000,000, and holdings of acceptances and 1 10 fi j 10 bills payable in foreign countries remained A- -^i | Investments unchanged. i Condition figures of all member banks are published on pages 388-393 of this issue of the 0 0 BULLETIN, and in more detail, by States and 1919 1920 1921 1922 1923 1924- 1925 1926 1927 1928 1929 1930 cities, in member bank call report No. 47. Figures are for dates on which member banks made call reports The following table summarizes a classification of loans recently included in the CHANGE IN FORM OF WEEKLY STATEMENT OF reports of condition required of member CONDITION OF FEDERAL RESERVE BANKS banks. Similar figures are available for all Several changes in the form of presenting call dates since December 31, 1928, and are the weekly condition statement of the Federal shown in Table 44 of the Annual Report of reserve banks were inaugurated on May 29, the Federal Reserve Board covering operations 1930. The first page of the statement, which for the year 1929. The publication of these has heretofore shown changes in the principal figures is made possible through the courtesy balance-sheet items of the 12 Federal reserve of the Comptroller of the Currency. banks combined for the preceding week and the preceding year and text pointing out the CLASSIFICATION OF MEMBER BANK LOANS principal changes for these periods, has been fin millions of dollars] revised. In other parts of the release, how- Amount Crmnge since— ever, the complete balance sheet will continue o 2 n 7 , M 19 a 3 r 0 . De 19 c 2 . 9 31, O 1 c 9 t 2 . 9 4, M 1 a 9 r 2 . 2 9 7, t a o n d b e fo r s h t o h w e n 1 , 2 b i o n t d h i v f i o d r u a t l h e r es s e y r s v te e m b a a n s k s a . whole Loans—total 25,119 -1,031 -1,046 +174 Principal reason for change.—The first page Loans to customers—total 22, 022 -1,887 -1,868 -429 of the statement as. it will appear in the future To banks 527 -187 -113 -21 is devoted to a presentation of changes in the On securities (exclusive of loans to banks) 7,730 -758 -379 +190 items which make up the total of outstanding Real estate loans—total __ 3,170 -22 +17 +47 reserve-bank credit and in other items that On farm land _ 394 +6 +2 -9 On other real estate 2,776 -28 +15 +56 have a bearing upon changes in the demand for All other (including overdrafts) _. 10, 595 -920 -1,393 -645 reserve-bank credit or on the uses to which it is Open market loans—total 3, 097 +855 +822 +605 put. The more important of these items are Open market paper—total 753 +171 +363 +140 money in circulation and monetary gold stock, Acceptances of other banks payable in the United both of which are derived in part from other States 175 +81 +29 sources than the weekly statement of condition Bills, acceptances, etc., pay- -=, able in foreign countries 79 +10 -13 of the Federal reserve banks. The reason why Commercial paper bought in 0 open market .. 499 +272 +124 the balance sheet of the Federal reserve banks Street loans ! _ 2,344 + +6 2 8 0 4 8 +459 +465 fails to reflect accurately changes in these items is largely that under existing practice gains or 1 Loans on securities to brokers and dealers in New York City. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

342 FEDERAL RESERVE BULLETIN JUNE, 1930 losses in the gold holdings of the reserve banks for 1929. The figures that are given in the are caused not only by movements of gold into weekly statement refer to the Wednesday and out of the country but also by payments preceding this statement, however, while the by the reserve banks of gold into circulation or figures published in the BULLETIN are weekly withdrawals by them of gold from circulation. and monthly averages. Averages covering the Changes of this character have an influence on week preceding the current statement will the reserve ratio of the reserve banks, but in no hereafter be available on Tuesday of each week way affect the demand for reserve-bank credit. and can be obtained by writing to the Federal The fact that the reserve banks pay out gold Reserve Board. into circulation has also the effect of depriving Factors in demand for reserve bank credit.— changes in Federal reserve notes in circulation In general terms, the significance of the items of their character as indicators of the demand shown in the new statement is that they enable for currency, since an increase in Federal re- the public to determine accurately from week serve notes may be the result of withdrawals of to week changes in financial conditions that gold rather than of an increase in the demand account for changes in the outstanding volume for currency, and a decrease in Federal reserve of reserve-bank credit. Member banks require notes may reflect the payment out of gold balances with the reserve banks in order to rather than a decrease in total money in circu- comply with the requirements of the law, lation. It is for this reason that the Federal which prescribes that a certain proportion of reserve statement has been revised so as to member-bank deposits must be covered by show in the analysis changes in the country's reserves held with the reserve banks. When monetary stock of gold, rather than in the gold member banks have to meet an increased holdings of the reserve banks, and in total demand for currency from the public or for money in circulation, rather than in Federal gold for export they find it necessary to use an reserve notes alone. equivalent amount of their reserve balances to The new statement.—The table appearing meet this demand; in order to replenish their on the first page of the condition statement for balances, in accordance with legal requirements, May 28 is shown below: the banks borrow from the reserve banks, and the volume of reserve-bank credit consequently fin millions of dollars] increases. When, on the contrary, there is an inflow of gold from abroad or of currency from Increase or circulation, the member banks, to avoid the decrease since— May 28, accumulation of idle gold or cash in their 1930 vaults, deposit it with the reserve banks, and ! May 21,May 29. 1930 1929 thus obtain the means of reducing their borrowings from the reserve banks. In these Bills discounted 247 +37 -741 circumstances the volume of reserve-bank Bills bought.. -11 +58 United States securities 530 +1 +385 credit tends to decrease. Other reserve-bank credit.. 24 -4 -13 Changes in the volume of member-bank T M o o ta n l e t r a e r s y e r g v o e l - d b a s n to k c k c redit \ | 4, 9 5 7 1 6 6 \ + + 2 2 3 + -3 2 1 1 1 6 deposits, reflecting changes in their loans and Treasury currency—adjusted... __i 1, 766 i —6 -28 investments, constitute another important fac- Money in circulation \ 4,491 ; +53 i -203 tor in the demand for reserve-bank credit, U M n e e m x b p e e r n - d b e a d n k r c e a s p e i r t v a e l ba f l u a n n d ce s, s nonmember ! 2,347 — 27 i \ +61 since they result in changes in their legal deposits, etc j 421! -6 ! +20 reserve requirements. When member-bank deposits increase—their reserve requirements and In addition to gold stock and money in circu- their need for balances at the reserve banks are lation, this statement shows other items, the likewise increased—but an increase of $100 of derivation of which has been described in detail deposits under the law causes an increase of on page 432 of the FEDERAL RESERVE BULLE- reserve requirements of only $7.50, on the TIN for July, 1929, and also in a statement average. When deposits decrease, the reverse attached to the press release of May 29, 1930. takes place and in the same ratio, that is, a The items that appear in this table have been decrease of $100 in member-bank deposits published currently in the FEDERAL RESERVE results in a decrease, on the average, of $7.50 in BULLETIN since July, 1929 (see pp. 345-346 of member-bank reserve requirements and in this issue), in the form of weekly and monthly their need for balances with the reserve banks. averages of daily figures, and retrospective The other factors that affect the demand for figures back to 1918 are published in the reserve-bank credit are generally of minor Annual Report of the Federal Reserve Board importance over short periods of time. Cur- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JlNE, 1930 FEDERAL RESERVE BULLETIN 343 rent information on changes in the country's combined. The object of this change is to gold stock, in money in circulation, and in make it possible to determine from the weekly member-bank balances shows, therefore, statement the amount of Federal reserve notes through what channels changes in economic outside of the Federal reserve banks, and also conditions have influenced the demand for the net float carried by the reserve banks, reserve-bank credit; on the other hand, changes which arises principally from giving credit for in the volume of discounts, acceptances, and checks and other cash items, in accordance with United States Government securities held by published time schedules, in advance of actual the reserve banks show the channels through collection. which the reserve banks have met an increased In the note account of the Federal reserve demand for reserve-bank credit or have ab- agents the amount of Federal reserve notes sorbed funds arising from a diminished demand received from the Comptroller of the Currency for such credit. and of notes held by the Federal reserve agents Changes in body of statement.—Certain has been omitted and the remaining items have changes have been made also in the regular been rearranged with a view to bringing out condition statement of the Federal reserve more clearly the difference between Federal rebanks. The balance sheet of the Federal re- serve notes issued to the reserve banks, against serve banks has been modified to show the which 100 per cent collateral of gold or eligible reserve banks' holdings of Federal reserve notes paper must be pledged with the Federal reserve of other banks separately from uncollected agents, and notes in circulation, against which a items with which they had previously been reserve of 40 per cent in gold is required. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

344 FEDERAL RESERVE BULLETIN JUNE, 1930 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled May 21 and released for publication May 24] Industrial activity increased slightly in pay rolls from March to April was smaller April from the rate prevailing in March. than usual. Factory employment declined by the usual Distribution.—Department-store sales inseasonal amount, while factory pay rolls showed creased during the month by an amount estia smaller reduction than usual. Wholesale mated to be slightly larger than is accounted prices continued to decline in April and the for by the late Easter holiday. first half of May. There was a further easing The value of foreign trade decreased further of open-market money rates. in April, and for the first four months of the Production.—Production in basic industries year exports were about 20 per cent smaller in April was slightly larger than in March, and than a year ago, when trade was exceptionally the board's index, which makes allowance for active. In part this decline reflected the lower the usual seasonal changes, shows an increase level of wholesale prices. of about 2 per cent, offsetting a large part of Wholesale prices.—An increase in wholesale the decrease in March. prices in the first week in April was followed Output of automobiles showed the usual by a substantial decline which continued into seasonal expansion. Steel output declined May and brought the level of prices to the seasonally in April and the early part of May. lowest point in a number of years. Prices of The output of silk textiles was considerably important raw materials, such as wheat, cotton, reduced, and woolen mills curtailed operations, and silk, declined during most of the period, though less than seasonally. Cotton mills but steaded somewhat around the middle of were more active in April and there was some May, while prices of silver, hides, and coffee increase in stocks. In the first half of May, were comparatively stable. There were fairly however, a program of curtailment was insti- continuous price declines in steel, sugar, raw tuted in the industry. wool, and the textiles. Copper prices were In comparison with the first four months of reduced further early in May, but recovered 1929, a year of exceptionally active business, somewhat following large purchases for domesproduction was smaller in almost all major tic and foreign consumption. branches of industry, with the exception of Bank credit.—Loans and investments of tobacco. In comparison with 1928, however, member banks increased by about $160,000,000 output was larger in the automobile, petroleum, in the latter half of April, but declined by and silk industries, slightly smaller in steel $140,000,000 in the first two weeks in May, and coal, and considerably smaller in cotton both movements reflecting chiefly fluctuations and wool textiles, flour, meat packing, auto- in loans on securities. Investments increased mobile tires, and lumber. further, while "all other77 loans continued to Building contracts awarded during April, decline, and on May 14 at $8,560,000,000 were according to the F. W. Dodge Corporation, the smallest in more than two years. were 6 per cent larger than in March, reflect- The volume of reserve-bank credit declined ing further expansion in awards for public further by $125,000,000 between the weeks works and utilities, and some increase in resi- ending April 19 and May 17, largely as a dential construction, largely seasonal in charac- result of the addition of about $65,000,000 to ter. In the first two weeks in May there was the stock of monetary gold and of a further a further increase in building activity. In substantial reduction in the volume of money comparison with 1929, awards in the first four in circulation, which reflected chiefly smaller months of the year were 17 per cent smaller, volume of pay rolls and declines in retail reflecting chiefly the continued small volume prices. The system's holdings of bills declined, of residential building, which more than offset while United States securities and discounts increases in public works and in utility con- for member banks showed little change. struction. Money rates on all classes of paper declined Employment and pay rolls.—Factory employ- further in May. The discount rate of the ment, which had been decreasing since last Federal Reserve Bank of New York was reduc- September, declined by about 1 per cent in ed from 3}o to 3 per cent on May 2, and that April, which represents the usual development at the Federal Reserve Bank of Boston from for that month, while the reduction in factory 4 to 3% per cent on May 8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

345 JUNE, 1930 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS MILLIONS OF DOLLARS 5^00 ~~ — — — — — —— 0 L 1926 1927 1928 1929 1930 Based on weekly averages of daily figures; latest figures are for week ending May 31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

346 FEDERAL RESERVE BULLETIN JUNE, 1930 RESERVE BANE CREDIT OUTSTANDING AND FACTORS IN CHANGES [Averages of daily figures. In millions of dollars] Reserve bank credit outstanding Factors of decrease ] Factors of increase » Month or week B co il u ls n t d e i d s- bo B u il g ls ht se U S c n t u a i r t t i e e ti s d es c r O e b r s e a t e d h n r i e k v t r » e Total Mo s g t n o o e c ld t k ary T c j u r u e r ( s r a a t e e s d n u d - c r ) y y i M n l a o c ti i n o r e c n y u- M b r a e b e l s a a m e n n r b c v k e e e s r d m e N e p e m o t o c s n . b i - t e s r , p c U f e a u n p n n d e i d t x e a s d - l 1929—January 859 473 229 52 1,613 4,115 1,789 4,748 2,387 351 February 889 385 184 44 1,502 4,143 1,784 4,686 2,357 357 March 969 265 197 50 i 1,481 4,166 1,791 4,709 2,337 361 April 1,004 156 165 62 i 1,377 4,226 1,785 4,679 2,308 366 May 956 145 163 49 , 1,303 4,292 1,787 4,684 2,296 370 June 978 99 179 61 1,317 4,311 1,779 4,687 2,314 ' 376 July 1,096 75 147 62 1,380 4,335 1,790 4,764 2,334 i 376 August 1,043 124 155 64 i 1,376 4,351 1,781 4,777 2,322 < 383 September 969 | 229 165 64 ! 1,427 4,368 1,766 4,811 2,335 387 October 885 337 154 74 I 1,450 4,381 1,785 4,810 2,386 392 November 953 296 315 67 1,631 ! 4,374 1,789 4,845 2,521 395 December 803 320 446 74 1,643 ! 4,324 17W 4,943 2,395 i 1930—January 501 314 485 67 1,357 4,283 1,784 4,652 2,349 February 378 285 480 1,181 '• 4,319 1,781 4,556 2,305 i 393 March 274 246 540 1,095 4,395 1,797 4,533 2,330 397 April 231 ! 266 530 1,072 ! 4,443 1,781 4,518 2,350 400 May - 247 182 529 996 ; 4,505 1, 779 4, 497 2,356 ' 398 Week ending (Saturday)— May 3...- 252 210 529 1,033 i 4,481 1,780 4,502 2,361 ; 401 May 10 263 184 528 1, 018 i 4,496 1,781 4,508 2,356 ' 400 May 17. 226 173 528 971 | 4,502 1,798 4,484 2,359 i 400 May24___ 222 180 529 964 I 4,512 1,772 4,475 2,348 ; 398 May 31 - 263 180 529 999 • 4,516 1, 769 4,507 2,355 396 i For explanation see BULLETIN for July, 1929, pp. 432-438. 8 Includes "other securities," amounts due from foreign banks, and reserve bank float; for explanation see BULLETIN for July, 1929. Back figures.—See Annual Eeport for 1929 (Tables 1, 2, and 3). ANALYSIS OF CHANGES IN MONETARY GOLD STOCK GOLD MOVEMENTS TO AND FROM UNITED STATES [End of month basis. In millions of dollars] [In thousands of dollars} Increase or decrease (—) during month Gold 1930 stock Through Through Through Month m at o o e n f n t d h Total n im et o p g r o o r l t d m o a p e r a e k r r - a in - g d p o r t m o io d e n u s , t c i - c From or to— M lim ay in a (p ry re ) - April | Jan A u p a r r il yexport tions etc. i 1928—August . .. _ 4,123 10.3 0.7 5.9 3.7 Im- Ex- Im- Ex- Im- Ex- September 4,125 2.1 0.5 -1.2 2.8 ports ports ports j ports ports ports October 4,142 17.3 13.3 1.2 2.8 November . . 4,128 -14.0 6.7 -25.0 4.3 December _ 4,141 13.2 23.3 -15.7 5.6 England. 7 : 285 France... 28 ! 8.497 Total (12mos.)._ -237. 9 -392.0 119.6 34.5 Germany. 26 -I 156 Itaallyy.. 1929—January 4,127 -14.4 47.2 -65.0 3.4 Netherlands _. February 4,153 26.4 25.5 .9 Canada _. 15 11,156 March 4,188 34.4 24.8 7.5 2.1 Central America.. , 625 : April 4.260 72.4 23.1 48.6 0.7 Mexico 756 |_ I 7,484 i May 1,301 40.6 23.6 16.1 0.9 Argentina.. 66 i. j 391 : June 1,324 23.4 30.2 -7.5 0.7 Brazil 1 367,33 L i 59.411 ' July i1,341 16.3 34.7 -22.0 3. 6 Chile 3i ,. 115 j August 1,360 18.9 18.4 -1.0 1.5 Colombia _. 2. 513 I September 1,372 12.1 17.6 -6.6 1.1 Ecuadbr. _ _l 592 |- October 1 386 14 4 17.5 —4.5 1 4 Peru I 2,454 - 2, 3.186 !. November 1,366 -19.8 -23.2 1.0 2.4 Venezuela 188 L December 1.284 -82.3 -64.4 -22.0 4.1 British India 7 China and Hong | Total (12 mos.)- 142.4 175.1 -55.4 22.7 Kong ; 355 i 5 j 10, fOn 26 Dutch East Indies..! _. 103 '< A<2Q 50 1930—January 4,293 8.8 4.0 . 2.5 273 Japan. _ 13,023 286 i -j 93,507 February. _. 4,355 61.9 60.0 0.0 1.9 Philippine Islands _ _!. _ 263 i .I 1,027 March _ 4,423 68.2 55.5 13.0 -0.3 New Zealand \ is : April 4,491 68.5 65.7 0.5 2.3 All other countries. _ i 1360 130 i 3,290 i 41 May * 4,516 25.0 15.8 2.0 7.2 Total ....2 15,837 65,835 110 194,709 ! 9,555 1 For explanation of this figure, which is derived from preceding columns, see BULLETIN for December, 1928, p. 831. 1 Includes all movements of unreported origin or destination. » Preliminary. 1 At New York—imports, $2,814,000. Elsewhere—imports, $13,023,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1930 FEDERAL RESERVE BULLETIN 347 MEMBER BANK BORROWINGS AT FEDERAL RESERVE BANKS [Monthly averages of weekly figures. In millions of dollars] I | Reporting member banks in leading cities ! ! , Mem ber banks Total» Other leading cities 1 outsideleading Month or date i Total New York City ! cities> Total Chicago 1929 1930 1929 1930 . 1929 1930 1929 1930 1929 1930 1 1929 1930 January 891 462 I 663 247 ! 190 39 473 208 69 7 i 228 215 February 893 371 ; 659 174 1 131 21 528 153 93 1 234 197 March ._ .. 978 247 • 740 81 166 574 80 121 23S 166 April _._ 991 225 725 71 ; 162 17 563 54 46 2 ' 266 154 May 951 i 661 145 516 36 ; 290 June 972 i 670 | 165 505 «4 ! 302 July 1,100 801 319 482 47 299 August 1,013 ! 717 j 196 521 32 . . ! 296 September 974 706 166 540 18 ! 2f>8 October 885 i 634 i 74 560 38 ! 251 November 944 ! 655 f>0 595 28 i 289 December 755 i 490 80 410 37 i 265 i 1 Includes (in small amounts) discounts by Federal reserve banks for nonmembers: (1) bills discounted for intermediate credit banks arid (2) notes secured by adjusted service certificates discounted for nonmember banks. 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 Rate in Date Previous on— Federal reserve bank ef J f u e n ct e o 3 n e li s s t h a e b d - rate Call loans « U. S. Prime Treas- N B Ph o ew i s l t a o Y d n e o l r p k hia.. M M M a a a y y r. 2 2 8 0 Month or week m P c e r o r i i m m ca - e l ! a b a c n a c n c e e k p s - t , - d l T o a i 9 a y m n 0 s s e » , New ne R w e- a l | i i I I c c n e a a u o r n t r t t e i y d e f s s i , - b T o u r n e ry d a s s 3 - Cleveland Mar. 15 months: , 3 to 6 Richmond Apr. 11 'months Atlanta Apr. 12 Chicago Feb. 8 I St. Louis Apr. 12 1929 Minneapolis... Apr. 15 May 8.79 8.91 5.09 3.67 Kansas City... Feb. 15 June 8 -8H 7.83 7.70 •4.80 3.71 Dallas Apr. 8 July 9.41 9.23 4.55 3.68 San Francisco. Mar. 21 August 6 -6H 894-0 8.15 8.23 4.70 3.72 September 6H 5H 894-9 8.62 8.50 •4.58 3.70 October 6H 7 -9 6.10 6.43 4.37 3.67 BUYING RATES ON ACCEPTANCES November 5J4-6H 394-4*6 5.40 5.44 3.47 3.45 December 5 394-4 494-5 4.88 4.83 «3.03 3.46 [Buying rates at the Federal Reserve Bank of New York] 1930 Rate in j Date Previous January 494-5 3J6-4 494-5 4.31 4.64 3.39 3.51 Maturity ef J f u ec n t e o 3 n ! , l e i s s t h a e b d - rate February. 4H-5 394-3% 4H-5 4.28 4.32 3.36 3.50 March 394-494 2^-394 394-494 3.56 3.69 •2.95 3.40 April 394-4 2J6-3 4 -AH 3.79 4 00 3.00 3.46 1-15 days... ' June 3 i 2H May __ 296-296 3H-3U 3.05 3.12 2.41 3.41 16-30 days.. l2te Week ending- 31-45 days.. j *2H May 3 394-4 296-3 334-4 3.80 3.90 2.97 3.44 46-60 days.. 2J/2J May 8 2% May 10 33/4-4 2^-296 3% 3.02 3.20 2.68 3.42 61-90 days.. 2H\ May 19 »2% May 17 394-4 21/2 3^-394 3.00 3.00 2.45 3.41 »l-120 days. 2\i June 3 «2fs May 24 3.00 3.00 2.20 3.41 121-180 days 3 May 2 3H May 31 3.00 3.00 2.04 3.40 1 Reduced from 2% to 2H per cent on May 8. 1 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 a lo y a n ti s m ; e n e l w oa n a s n . d renewal rates. 2 Reduced from 2% to 2H per cent on May 8. 1 3 issues—394, 4. and 4H per cent; yields calculated on basis of last NOTE.—Rates on prime bankers' acceptances. Higher rates may redemption dates—1956, 1954, and 1952. be charged for other classes of bills. • Change of issues on which yield is computed. 115478—30 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

348 FEDERAL RESERVE BULLETIN JUNE, 1930 PREVAILING RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES WEIGHTED AVERAGES New York City Eight other northern and Twenty-seven southern and eastern cities western cities Month 1927 1928 1929 1930 1927 1928 1929 1930 1927 1928 1929 1930 January 4.66 4.56 5.74 5.64 4.99 4.73 5.87 5.88 5.72 5.53 5.94 6.12 February -- 4.56 4. 44 5. 73 5.35 4.98 4.76 5.86 5.66 5.71 5.53 5.96 6.04 March 4.56 4. 59 5. 81 5.22 4.88 4.81 5.91 5.47 5.65 5.54 6.04 5.98 April 4.63 4. 72 5. 85 4.91 4.90 4.91 6.00 5.22 5.57 5.54 6.07 '5.86 May 4.63 4.97 5.88 4.74 4.95 5.04 6.09 5.12 5.59 5.56 6.10 5.75 June 4.60 5.09 5.93 4.93 5.36 6.02 5.54 5.67 6.16 July -.. 4.56 5. 38 5. 88 4.90 5.57 6.08 5.52 5.77 6.17 August 4.41 5.56 ; 6.05 4.87 5.59 6.11 5.53 5.80 6.22 September - - - - __ _. 4.44 5.63 6.06 4.77 5.80 6.24 5.61 5.82 6.27 October 4.49 5.63 : 6.08 4.79 5.80 6.25 5.56 5.87 6.29 November - _ _ _ _ 4.35 5.56 5.86 4.82 5.82 6.12 5.56 5.90 6.29 December 4.50 5.63 ! 5.74 4.76 5.91 5.94 5.60 5.91 6.20 NOTE.—Figures relate to rates charged by reporting banks to their own customers as distinguished from open-market rates (which are given on preceding page). All averages are based on rates reported for three types of customer loans—commercial loans, and demand and time loans on securities. The method of computing the averages takes into account (a) the relative importance of each of these three types of loans and (6) the relative importance of each reporting bank, as measured by total loans. In the two group averages the average rate for each city included is weighted according to the importance of that city in the group, as measured by the loans of all banks. r Revised. PREVAILING QUOTATIONS Loans secured by prime stock- Loans secured by warehouse Prime commercial loans exchange collateral receipts Interbank loans Federal reserve bank or branch city March, April, May, March, April, May, March, April, May, March, April, May, 1930 1930 1930 1930 1930 1930 1930 1930 1930 1930 1930 1930 New York City 5 -6 41/2-51/2! 5 -5KI 5 41/2-6 41/2-5 Northern and Eastern Cities I Boston 5M 5 -6 454-5 4U-4H Buffalo 5 -6 5 -6 6 I 6 j 6 -&4 6H 6 -6J- VAA5 Philadelphia. 4^-5 6' 5 -6 5 -6 Pittsburgh. _. 5 -6 5 -6 6 6 6 6 6 Cleveland 4^-6i 5 -6 6 5 -6 5 -5 5 -6 '-• Cincinnati 5H-6 -7 6 -7 6 -7 5 -6 5 -G " Detroit.. 5 %/ 5 -5 5J.2-6 6 -6> 6 5H-6 5 -6 * Chicago 5 2-5>| 5 -5H 5 -6 5 -51/ 5 5 -5H Southern and Western Cities Richmond 5 -6 5H-6 5 -6 5 -5H Baltimore 4^-6 5 -6 5 -6 Charlotte 6 6 Atlanta 6 -6J, 514-6 6 -7 5 Birmingham_. 6 -8 6 -8 -7 6 -7 6 -7 6 -7 6 -8 6 -7 6 -8' 5M-6 Jacksonville.. 5 -6 -6 6 -7 6 -7 6 -7 6 -8 6 -8 6 -7 6 6 Nashville 6 6 6 6 H 51/2-6 6H-6 New Orleans.. 5 -6 -6 6 -7 6 -6 6 5H6 5 -6 St. Louis 5 -5 -5 5H-6 5 -6 5H-6 5 -6 5 -6 5 -6 Little Rock..- 6 -6 6 6 -7 6 -7 6 -7 6 -8 6 -8 6 -7 6 6 -7 Louisville 6 6 6 5 -6 5 -6 Minneapolis.. 5 -b 5M-6 5 -5H 414-5 5M-6 5H-6 Helena 8 6 8 6 -8 6 -8 6 -8 6 -8 Kansas City 5^6 5M-6 5H-6 H 5H-6 51/2-6 Denver.. 5^-6 6 -7 6 -8 6 -8 6 -8 6 -6M 6 -6M 6 -6i/ Oklahoma City 6 8 !J 6 -8 6 -8 6 -8 6 6 Omaha 5 -h\ 6 -7 6 6 6 -6H 6 Dallas 5 -7 6 -8 6 -7 6 -7 5H-6 El Paso 6 -8 6 -8 6 -8 6 -8 8 6 6 Houston 6 6 -7 6 6 6 5 -6 San Antonio 6 -6} 6 -6H 6 -8 6 -8 6 -7 6 -8 6 -8 6 -7 6 San Francisco 5 -1 6 -6H 6 -6> 6 6 5 -5 5 -5M 5 -m Los Angeles 6 -6 6 - 6 -7 6 -61. 6 -7 H 6 -6 6 6 S P S S p e a o a l o r t t t k t l L l a a e n a n e k d e . City 6 6 6 - - - 6 7 6H 6 6 6 - - - 6 7 6 J X - 6 6 - - e 6 m n \ ; 6 6 H - -7 7 7 6 6 H - -7 7 7 6 6 V2 -7 - 7 7 7 6 6 6 6 NOTE.—Rates shown are those at which the bulk of the loans of each class were made by representative banks during week ending 15th of month. Rates from about 200 banks with loans exceeding $8,000,000,000; reporting banks are usually the larger banks in their respective eities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

349 JUNE, 1930 FEDERAL RESERVE BULLETIN MEMBER BANK CREDIT BROKERS' LOANS REPORTING MEMBER BANKS REPORTED BY THE NEW YORK STOCK EXCHANGE [In millions of dollars. Monthly data are averages of weekly figures] [Net borrowings on demand and on time. In millions of dollars] From New From private Loans and investments ! York banks banks, brokers, Bor- Total ! and trust com- foreign banking row- End of month agencies, etc. Loans Due ings ba t n o ks F. a t R. 1929 1930 I 1929 1930 1929 1930 jjOnse- banks Total i curi- January 6,735 . 3,985 5,664 3,368 1,071 616 ties February... 6,679 4,168 5,619 3,529 1, 060 March 6,804 4,656 5,713 4,026 1,091 631 April 6,775 5,063 5,580 4,409 1,194 654 BY MONTHS May 6, 665 1 4,748 5,482 4,139 1,183 June __. 7,071 5,797 1,275 To 1 t 9 a 2 l: 9 — J A M M F u J e p a n a a b n r e r y i r u c l . u a h a r y ry 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , 1 3 2 4 2 3 1 8 3 7 6 2 3 8 1 2 3 0 ! i j r 1 1 1 1 1 1 6 6 6 6 6 6 , , , , , , 4 4 4 2 3 2 6 8 9 0 7 6 4 0 1 0 7 0 ] i I ! 7 7 7 7 7 7 , , , , , , 2 3 3 5 5 5 1 9 3 2 8 0 8 2 2 2 0 6 8 9 9 9 8 8 , , , , , , 9 0 1 7 0 7 1 5 3 4 7 9 1 9 7 9 3 4 ' : , | 5 6 5 5 5 6 , , , , , , " 9 0 0 9 7 ' 8 2 0 2 5 " 1 1 4 4 12 2 2 2 3 2 , , , , , , 5 7 5 8 9 0 0 4 3 6 1 7 9 5 2 1 8 4 7 6 6 6 7 6 6 2 7 5 4 6 1 5 0 9 0 3 J S N D O A u e c o e u p l t c g v y o t e u e e b . m m s m . e . t r b b b e e e r r r . . . . . . 4 6 3 8 7 7 , , , , , , 1 0 9 5 4 8 0 1 9 4 7 8 9 7 0 9 4 2 3 3 5 7 6 6 , , , , , , 3 1 3 4 4 0 1 5 7 3 9 7 3 4 0 2 2 7 i I 11 1 1 , , , 44 3 3 6 7 5 7 2 9 7 2 9 8 2 0 0 2 0 6 5 July 22,479j 16,950; j 7,716 9,234 5,529 2,738 801 A Se u p g t u e s m t ber 2 2 2 2 , , 4 64 6 6 5 j ! 1 17 6 , , 1 9 9 6 7 9 ) 1 7 7 , , 6 5 5 7 4 8 9 9 , , 3 5 9 4 0 3 5 5 , , 4 4 9 4 6 9 2 2 , , 6 7 0 1 4 8 7 70 1 6 7 1 Call loans, $3,967,000,000; time loans, $781,000,000. N O o ct v o e b m e b r. e . r 2 2 3 3 , , 1 ' 2 " 4 "' , 1 1 7 8 , , 7 0 0 4 6 1 8 8, , 2 0 4 9 9 8 9 1 , , 7 6 9 0 2 8 ! 5 5 , , 4 62 1 3 8 2 3 , , 9 0 1 0 4 8 6 65 3 5 4 MADE BY REPORTING MEMBER BANKS IN N. Y. CITY 1930— D Ja e n c u e a m ry b er 2 2 3 2 , , 0 3 1 6 2 8 ! !1 17 6 , ,8 4 2 4 1 4 7 7, , 7 9 9 6 4 8 1 i , , 4 0 7 2 6 7 | 5 5 , , 5 5 4 6 8 7 2,!"- 4 24 9 7 0 [In millions of dollars. Monthly data are averages of weekly figures] February 22, 083116, 542 7, 6718,871 5,541 2^818 174 March 22,352J 16, 746 7,964 8,781 5,607 81 For banks April : 22,657! 16,901 8,270 8, 6315,756 2*940 71 Ne 1 w 92 9 Y — o M r J k a a n C y u i a t r y y : \ ! I 2 7 2, , 6 2 6 6 2 2 \ 1 5 6 , ,8 37 2 8 5 ! j | 8 2 , , 3 9 1 0 2 4 8 2 , , 5 4 1 7 3 3 5 1 , , 8 88 3 4 7 2 1, ,8 0 7 1 0 2 1 5 9 9 0 Month or date Total Total i Y N I o e n w rk O Y N u o t e s r w i k de ot F h o e r rs February \ 7,190' 5, 306Ji 2,820 2,486 •., 885 949 131 ! Cityi City* March | 7, 296i! 5,424j! 2,823 2, 601 .,872 916 166 April 7,297i| 5,437! 2,729 2,708 874 162 •~r May I 7,182j' 5,344;! 2,653 2, 691 81 145 1929—January.. 5,408 2,974 1,173 1,801 2,434 June : 7,281! 5,46811 2,749 2, 719 ,812 796 165 February 5,555 2,899 1,082 1,817 2,656 July ; 7,496' 5,804'- 3, 0452, 758 ,692 935 319 March 5,679 2,800 1,071 1,729 2,879 August I 7,407i 5,688j 2,845 2,843 ,720 827 196 April 5,477 2,583 934 1,649 2,893 September 7, 507j! 5,803! 2,892 2,911 ,704 887 166 May 5,491 2,526 861 1,665 2,965 October j 7,837;: 6,108! 3,191 2, 916 ,729 1,023 74 June.. 5,383 2,443 895 1,548 2,940 November i 8,349; 6,380:' 3,340 3,040 , 9691,132 60 July. 5,841 2,849 1,198 1, 651 2,992 December ' 8, 001' 6, 021j I 3,1121 2,909 , 981 980 80 August 6, 069 2,778 993 1,786 3,290 1930—January • 7, 664!; 5, 705 j j 2,945! 2,760 1, 959 931 39 September 6,540 2,898 1,048 1,850 3,642 February | 7,493] i 5,584.1 2,909: 2,6r~ 1,909 902 21 October.. 6,498 2,896 1,257 1,639 3,602 March \ 7,649'! 5,720j! 3,115 2,605 1,929 952 1 November 4,023 1,869 1,090 779 2,154 April i 7,8291 5, 868! I 3, 3832,485 1, 961 982 17 December 3,391 1,601 888 713 1,790 May ! 7,852'; 5,878;| 3, 4592,418 1, 974 931 11 1930—January 3,351 1,706 844 862 1,644 Other leading cities: j February 3,459 1,913 942 971 1,546 1929— F J e a b nu ru a a ry r y j ; 1 15 5 , , 0 0 7 59 3 ; 1 1 0 0 . . 9 9 2 5 2 4 i 4 4 , , 7 6 0 0 3 26 6 , , 3 2 2 5 1 1 4 4 , , 1 1 3 1 6 9 2 1 , , 0 9 6 6 2 9 4 5 7 2 3 8 A M p a r r i c l h 3 3 4 , , 7 1 4 1 1 5 2 2 , , 7 3 4 1 0 0 1 1 , , 2 5 1 5 0 7 1 1 , , 1 1 0 8 0 3 1 1 , , 3 4 7 3 6 0 March I 15,176 \11,067! 4, 7566,310 4,109 1, 945 574 April ! 15, 092,'ll,027J 4, 6636, 3644, 0651,835 563 May 7... 4,074 2,734 1,611 1,123 1,341 May ! 14,931'j 10, 933 I 4, 5656, 3683,998 1, 72! 516 May 14.. 4,007 2,687 1,618 1,069 1, 320 June .. 14, 950. | 11,01211 4,582 6, 4303, 9381, 736 505 May 21.. 4,015 2,724 1,655 1, 069 1.290 July 14,983! 11,146 4, 6706, 4763,837 1, 803 482 May 28.. 4,022 2,765 1,777 988 1,257 August I 15, 058 ; ll,28lj 4,734 6,54' 3, 7761,77' 521 1930— N D S O J e a o e c p n t c v o u t e e b e a m m m e ry b r b b e e e r r r....! i j 1 1 1 1 1 5 5 5 4 5 , , , , , 1 3 0 2 7 3 1 1 0 8 9 1 4 5 8 ! ! , j : ' i i 1 1 1 1 1 1 1 1 1 1 , , , , , 1 4 3 6 5 1 2 9 6 9 4 5 4 1 8 ! . ! | ; 4 4 4 4 4 , , , , , 9 8 9 8 7 0 4 0 5 6 9 9 6 6 2 6 6 6 6 6 , , , , , 2 6 5 6 6 7 9 6 3 5 7 2 8 2 2 3 3 3 3 3 , , , , , 5 5 7 6 6 8 8 4 9 5 9 7 5 0 4 1 1 1 1 1 , , , , , 8 8 8 8 9 9 9 7 3 0 1 7 5 0 (: 5 5 4 2 5 6 0 9 1 4 1 8 4 0 0 ba > 1 3 n M C W ks a e e l o m l e n k l b o l l e y y a r ) n ; r s a e i , p n n $ o c d 3 l r , u n t 5 i d o 8 n e 5 n g s , m 0 m u 0 e 0 n e m , k 0 m 0 b n b 0 e o e ; r w r t b n i b m a a a n e n m k k l s o o s u o a i n n u n s t t s , N f i $ o d e 5 r e w 3 c 0 N u Y ,0 s e 0 o t w 0 o r , k m 0 Y 0 e C 0 o r . s i r t k y o . f C t i h ty es e ( d b o a m nk es s t . ic February 14,590! 10, 958 4, 7626,196 3,632 1,91fi 152 A M M p a a r y r i c l h ; i 1 1 1 4 4 4 , , , 8 8 7 1 2 0 0 8 3 J i 1 1 l 0 l 1 , , 0 ,0 9 2 3 4 6 3 8 i ' 4 4 4 , , , 8 8 8 5 8 5 0 8 3 | 6 6 6 , , , 1 1 0 7 4 9 6 6 53 3 3 , , , 8 6 7 6 7 9 2 7 5 1 1 1 , , , 9 9 9 5 3 4 9 9 6 8 4 5 0 8 4 ACCEPTANCES [ In A m N ill D ion s C o O f M dol M lar E s] RCIAL PAPER BY WEEKS : ! Bankers' acceptances out Total: | standing 1930—Apr. 30 ;'22, '53 16, 964 8,381 8,583 5,789 2,930 End of month _. May 7 : 22,645! I 16, 852 8,259! 8,593 5,792 2,924 May 14 22,6161' 16, 806 8, 2461 8,560 5,811 2, 935 May 21 j 22,66111 16,806 8,322| 8,484 5, 8552, 825 May 28 22, '26!| 16,837' 8,42l| 8,416 5,1 ""2,798 January.. 1,279 New York City: February 1,228 1930—Apr. 30 947j 5, 969 3,511 2, 4581, 9771, 030 March... 1,205 May 7 .,840: 5,870 3, 409 2, 4611,971 949 AA ppiril j 1,111 May 14 7,832, 5, 865 3,407 2,458 1,967 942 M•aay- 1,107 May 21 ! 7,831j 5,848 3, 456 2, 3911, 984 908 June 1,113 May 28 7,903 5, 928 3, 565 2,363 1,975 927 July 1,127 Other leading cities: j August ,201 1930—Apr. 30 !'14, 807! 10,995 4,870 6,125,-3,812 1,900 September. ,272 May 7 ; 14,804 10,983 4,850 6,132 3,822 1,974 October... ,541 May 14 i 14,784 10, 941 4,838 6,102 3,843 1,993 November. ,658 May 21 ! 14,830 10, 958 4, 866 6, 0923,871 1,917 December. 732 May 28 14,8231 10, 909 4, 856 6, 0533,914 1,871 Figures for acceptances as compiled by American Acceptance Council; r Revised. for commercial paper as reported by about 25 dealers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

350 FEDERAL RESERVE BULLETIN JUNE, L930 SECURITY PRICES, SECURITY ISSUES, AND BUILDING CONTRACTS SECURITY PRICES [Index numbers of Standard Statistics Co. Monthly data are averages of weekly figures] Common stocks (1926=100) ! Pre- Selected groups of industrial issues Month or date Bondsi ferred stocks2 Total In tr d ia u l s- R r a o i a l d - ! P u u b t l il i i c ty m A o u b t i o l - e I I e B q i u u n i i g l p d - - C s h t a or i e n Ch ic e a m l - C a p o n e p d r - Elec- | Oil j Steel T ti e l x e - ! ment brass ment I N 19 u 2 m 9— be J r a n o u f a i r s y sues. 97.0 1 2 2 0 9.2 185 3 1 3 93 7 1 3 4 3 2 1 3 93 4 28 1 1 3 ! 16 1 4 3 15 1 9 7 223 9 " 262 257 16 1 8 0 13 1 7 6 ; 17 1 4 0 14 3 4 0 February... 96.3 128.8 187 192 142 202 277 ; 163 153 231 286 258 174 133 ! 179 138 March 95.8 128.7 189 196 140 204 284 ! 160 150 232 329 257 167 141 187 136 A M p a r y il 9 95 5 . . 7 8 1 12 2 8 8 . . 6 6 1 18 8 8 7 1 1 9 9 3 3 1 1 3 3 9 8 2 2 0 1 1 2 2 2 6 7 1 8 1 1 5 5 8 7 1 1 4 4 9 8 2 2 3 4 5 8 2 2 9 8 4 0 2 2 8 5 2 5 1 1 6 6 1 3 1 14 4 6 8 ; 1 1 9 8 1 5 1 1 3 2 2 7 June 95.3 127.7 191 191 145 233 242 i 158 145 270 271 308 159 144: 188 122 July 95.2 127.0 207 203 160 ; 273 241 i 169 148 315 : 281 360 172 149 212 120 August 95.0 126.3 218 210 165 304 241 165 149 320 289 405 177 158 238 118 September.. 94.8 126.8 225 216 168 321 241 ! 172 155 338 294 399 191 167 244 114 October 95. 1 126.4 202 194 157 I 277 196 i 152 139 305 259 345 172 161 : 217 103 November.. 95.7 123.9 151 145 135 ''• 195 134 j 114 104 214 204 227 135 131 ! 169 78 December. . 96.5 126.4 154 147 136 201 134 | 113 106 228 196 241 143 132 : 170 77 1930—January 96.5 126.5 156 149 137 209 135 ! 117 102 240 193 265 I 146 129 ! 177 78 February.__ 96.4 126.9 166 156 143 ! 231 145 ! 125 100 254 193 307 ! 154 128 188 85 March 97.8 127.8 172 163 143 242 155 ! 125 100 266 193 323 ! 161 141 192 85 April 97.9 128.2 181 171 142 264 162 i 127 101 282 174 359 I 173 156 r196 83 May 127. 6 171 160 136 | 250 152 j 116 257 151 327 ! 170 148 174 77 May 7 97.9 ! 127.1 167 157 135 ! 243 | 144 ! 116 254 140 315 167 146 173 76 May 14 97.9 ! 127.7 174 164 137 256 154 117 264 159 338 174 152 , 177 77 May 21 97.9 127. 9 169 15* 137 246 | 153 H6 249 150 318 145 172 77 May 28 97.9 127.8 172 162 136 255 155 117 260 155 336 148 175 77 i Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity. * 20 high-grade industrials; average price. p Revised. DOMESTIC CAPITAL ISSUES FOREIGN CAPITAL ISSUES [In millions of dollars. Source: Commercial and Financial Chronicle] [In millions of dollars] January-April January-April April, 1930 April, 1930 1930 192* 1930 1929 Class of issue Class of issue New f R un e- d- New fu R n e d - - New fu R n e d - - Gov- Cor- G er o n v - - Cor- Goving ing ing ment porate ment Total 728.7 50.6 2, 568. 8 154. 4 3, 124. 2 460.6 Total 149. 1 21. 2 ! 264. 7 205.9 Corporate issues 581.9 47.2 2,096. 3 145. 5 2, 803. 4 455.4 New E i u s r s o u p e e s ... _._ _ _ _ . . 14 3 8 1 . . 0 1 2 8 1 . . 0 2 2 5 14 8 . .8 4 2 3 1 6 6. . 4 6 4 2 7 3. . 6 5 2 2 0 0 3 . . 8 9 F M a u rm n B S i - t c o o T l i o n c p o a S f d L k a t u n s h s a o l n l o n a i d i r s n s g n i t s s d n e u u t t g w e e e e n r s s r o m m a te n s d — re- _. 2 2 1 6 5 6 4 9 1 0 6 . . 7 . . 8 4 7 8 79 3 4 3 6 . . . 8 4 4 1, 4 6 2 1 7 2 5 6 5 2 8 2 0 7 0 , . . . . . 0 2 5 3 7 8 23. 1 1 2 2 8 1 1 2 . . . . 9 8 4 3 1, 9 7 3 5 6 2 8 3 1 , 7 0 5 . 5 . . . 1 8 3 0 84. 8 2 1 2 7 6 5 0 1 4 . . . . 2 0 0 4 Refu L U C M n a . a l d T i a t n s i S i o n n c c a n . t d g e o d a l i A r a l l n p i a m s s G o n a s u r e e o n u l a o r a d v e t i u r e s e c s , a r p N _ n o m e s w s e e f n s o t s u i a o n n n d d s _ - _ _ 10 3 7 1 1 4 . . . . . 7 5 3 0 7 1 1 2 . . 2 0 1 2 5 1 1 7 2 2 0 3 . . . . . 8 4 2 3 2 5 8 1.1 1 2 4 1 4 2 3 . . . 0 0 8 2 2 9 0 1 . . . . 3 0 4 5 262. 1 6 3 3 7 2 7 2 5 . . . . . 7 2 0 7 6 BUILDING CONTRACTS AWARDED. BY TYPES OF BUILDING [Value of contracts in millions of dollars] Total Residential Industrial Commercial P p u u b b li l c i c w u o t r i k li s t i a e n s d Educational All other 1929 1930 ! 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 January __ _ 410.0 324.0 i 138.1 6a 6 63.1 38.3 100.4 54.1 66.5 112.1 17.7 19.0 24.1 34.0 February 361.3 317.1 129.5 74.8 56.1 33.5 68.3 72.9 57.6 85.8 22.6 21.2 27.3 28.8 March 484.8 456. 1 i 197.2 101.5 55.8 74.3 75.6 77.0 71.5 105.3 37.5 35.4 47.2 62.6 April 642.1 483.3 256.8 123.1 68.2 38.1 78.0 73.2 152.1 149.7 29.9 35.4 57.1 63.7 Year to date 1,898.1 1, 580. 4 721.5 366.0 243.3 184.2 322.2 277.2 347.8 452.9 107.7 111.0 155.7 189.0 Mav 587.8 192.0 80.8 86.5 139.4 38.2 50.9 June 545.9 189.8 70.0 80.9 120.8 43.4 40.9 July 652.4 199.9 66.6 91.3 194.5 48.0 52 0 Ausrust 488.9 146.1 75.3 72.0 119.3 32.3 43.9 September 445.4 118.4 52.6 76.9 117.2 29.8 50.4 October 445.6 137. 7 60.9 67.7 85.1 36.9 57.3 Novem ber 391.0 113. 5 39.7 101.8 72.4 25.7 38.0 December 316.4 j 114.0 67.4 33.4 51.8 19.8 29.9 Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

351 JUNE, 1930 FEDERAL RESERVE BULLETIN PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND PRICES [Index numbers; 1923-1925 average=100. The terms "adjusted " and "unadjusted " refer to adjustment for seasonal variations] Industrial production* Freight car loadings* Commodity | l in B t g r u a i c c ld o ts - n' t F e o a m r c y - - t F p o a a r c y y - prices t Year and month Total i Manufactures i ! Minerals aw e a d rd- m pl e o n y t - rolls Total , M le e s r s c - h th an an d - i c se a r i - n ! load lots All Farm com- prodmod- ucts Ad- Unad- Ad- I Unad- Unad- Unad- Unad- Ad- Unad- Ad- ities justed justed I justed justed justed justed justed justed justed justed 1919_ 84 77 ' 64 107 98 84 139 158 1920. 87 89 63 108 118 91 72 154 151 1 1 1 9 9 9 2 2 2 3 2 1 _ _ _ 1 8 6 0 5 7 1 1 8 6 0 7 7 1 1 7 0 7 0 5 4 ! 8 8 5 1 4 7 1 8 9 0 2 0 4 1 8 0 7 1 3 7 1 8 7 0 6 9 0 9 8 9 6 7 3 1 9 0 7 1 o 9 Q 9 Oo 49 1924- 95 94 96 i 95 96 96 98 99 98 100 1925. 104 105 99 122 100 101 103 104 104 110 1926_ 108 108 108 130 101 104 107 107 100 100 1927_ 106 106 107 | 128 99 102 103 105 95 99 1928- 111 111 106 i 135 97 102 103 104 98 106 1929_ 118 119 115 117 100 107 106 104 97 105 1926 January r 106 '107 i 108 109 90 92 ! 111 101 101 94 102 98 107 104 107 February ' 109 ; 106 ' 111 108 92 95 106 102 106 96 104 102 106 102 105 March 107 , 111 108 98 104 146 103 107 99 104 107 106 100 102 April 108 107 ! 110 107 96 '108 j 139 102 105 98 107 107 106 100 103 May.- 107 106 j 108 106 '103 104 134 101 104 106 107 108 105 101 102 June 106 108 ; 106 108 109 106 ! 133 ' 101 104 110 109 108 107 101 101 July 103 • 107 | 102 107 110 | 107 126 99 99 111 108 106 106 100 99 August 109 ! 110 108 111 115 109 148 101 104 113 108 107 106 99 97 September 113 112 ' 112 112 '119 110 137 103 105 122 109 112 107 100 99 October 114 ! 111 112 '111 124 114 126 103 108 123 109 112 107 99 ' November 110 i 108 j 108 106 123 118 119 101 105 113 109 110 108 95 December 101 . ' 105 • 99 103 113 119 131 100 104 98 107 103 108 95 1927 January _ ' 105 106 ! 104 105 112 116 ! 94 ! 97 105 100 108 97 97 February rill 108 ' 110 107 113 117 j 96 I 100 105 100 109 104 109 96 95 March 113 111 . 113 '110 111 118 ! 151 I 100 106 102 108 108 107 95 94 April 110 109 i 112 109 96 107 ! 147 ! 100 105 100 108 108 107 94 j 94 May 112 111 ! 113 111 108 109 135 i 99 104 105 106 106 104 94 ,' 96 June 107 108 107 109 108 j 105 i 154 | 99 102 106 104 105 104 94 97 July 102 106 i 102 107 103 '100 ! 130 ! 98 99 104 101 104 104 94 i 98 August 105 107 i 104 107 in ! 106 135 : 99 102 109 104 105 104 95 i 102 September ' 107 105 i 106 I 105 Ill I 104 127 I 101 102 116 104 110 104 97 i 106 October 105 ' 103 i 104 ! 102 112 105 137 ! 99 103 114 101 109 105 97 i 105 N D o ec v e e m m b b e e r r 1 9 0 6 1 1 9 0 9 0 -•1 9 0 5 0 9 9 9 9 1 9 0 7 5 1 1 0 0 1 3 1 1 1 1 4 6 I j 9 9 7 5 1 8 0 8 1 9 9 7 5 1 9 0 8 6 1 1 0 0 4 3 9 9 7 7 , 1 1 0 0 4 4 1928 January 105 106 106 106 i 100 103 104 j 94 96 92 100 98 106 106 February ' 111 109 114 110 i 99 103 '• 113 ! 96 101 94 102 101 105 96 | 105 March 112 110 115 111 ! 98 103 , 144 i 97 103 97 102 105 104 96 i 104 April 110 109 113 110 , 94 105 ! 157 , 96 100 96 104 105 104 97 108 May 110 109 111 109 ! 104 105 ; 163 I 96 101 104 105 106 104 99 ! 110 June 108 j 109 '109 Ill 104 101 ! 158; 96 101 103 102 105 103 107 July 105 j 110 106 111 , 103 101 142 ! 90 98 105 102 104 104 107 August '110 ! 112 110 113 i 111 105 ! 126 j 98 103 109 104 104 103 107 September 116 i 114 116 116 ; 115 107 143 ! 100 104 119 106 109 104 100 109 October 118 115 117 115 ! '123 j 114 ! 145 i 100 107 119 106 109 105 104 November 115 ! 113 115 113 , 117 | 113 115 , 99 104 108 104 106 104 97 ! 102 December 108 I '113 109 '114 ! 106 i 112 i 105 I 98 104 95 103 100 105 97 104 i 1929 I January 116 117 i 116 117 | '114 ! 118 i 100 I 97 101 95 104 97 105 97 106 February 120 i 117 ! 120 116 ' 116 | 120 : 88 ! 100 ! 108 99 107 101 105 97 105 March 121 I 118 | 125 120 : 107 ! 118 ! 101 ; 111 98 103 106 105 98 107 April 123 ! 122 127 123 ! 104 I 115 156 ] 102 ' 111 102 111 107 106 97 | 105 May 125 i '124 i 127 125 , 116 116 143 102 i 111 110 111 108 108 96 | 102 June 125 | 127 126 129 116 113 133 ! 101 , 109 109 108 105 104 96 ! 103 July 119 i 124 119 126 I 118 114 159 'j 101 I 105 111 108 105 105 98 | 108 August 121 i 123 i 121 '125 121 '115 119 ! 102 109 114 109 106 105 98 I 107 September 123 ! '121 | 122 122 127 118 108 ! 103 I 111 121 108 110 105 107 October 120 j 117 i '119 117 127 118 109 i 102 I 110 118 104 109 105 104 November 108 ! 106 ! 107 105 114 110 95 98 ! 102 102 99 106 104 101 December 95 i 92 96 110 '117 77 95 ! 99 90 97 96 101 102 I 1930 January . 103 '104 | 102 , 102 107 '111 79 93 89 97 94 102 101 February. 109 107 i 110 '107 104 109 77 93 92 99 98 102 98 March 106 104 ! 109 105 91 96 111 93 ! 90 95 101 100 95 April 107 P106 : F1G7 M04 118 92 i 97 93 101 101 100 96 * Average per working-day, except for annual indexes. t Wholesale price index of Bureau of Labor Statistics; 1926=100. Index numbers for all major groups of commodities are given on p 379. i Slight revisions noted are occasioned by revisions of basic data. * Preliminary. 'Kevised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

352 FEDERAL RESERVE BULLETIN JUNE, 1930 INDUSTRIAL PRODUCTION, BY INDUSTRIES [Index numbers of the Federal Reserve Board. Adjusted for seasonal variations. 1923-1925 average=100] 1930 Industry MANUFACTURES * IRON AND STEEL Pi^iron Steel ingots _ TEXTILES ._ Cotton consumption Wool Consumption Machinery activity l Carpet, rug loom activity*. Silk —. Deliveries Loom activity FOOD PRODUCTS - Slaughtering, meat packing.. Hogs Cattle.... Calves Flour Sugar meltings... PAPER AND PRINTING Wood pulp and paper. Newsprint. Book paper Fine paper. Wiapping paper Paper board Wood pulp, mechanical .. Wood pulp, chemical Paper boxes Newsprint consumption TRANSPORTATION EQUIPMENT: Automobiles Locomotives Shipbuilding. LEATHER AND PRODUCTS Tanning Sole leather i Upper leather- Cattle Calf and kip Goat and kid Boots and shoes. CEMENT AND GLASS: Cement 108 Glass, plate 131 NONFERROUS METALS 2. 105 Copper ^smelter) 103 Tin&deliveries) *. 132 FUELS, MANUFACTURED: Petroleum refining 166 163 168 168 174 Gasoline 1. 201 199 204 204 214 Keroseni 90 89 96 99 93 Fuel oil* 132 121 125 117 121 Lubricating oil V 115 120 120 130 138 Coke (by-product) 131 132 136 135 138 RUBBER TIRES AND TUBES 80 106 107 105 122 Tires, pneumatic. 82 109 110 108 126 Inner tubes 87 74 70 85 85 84 96 TOBACCO PRODUCTS 135 130 133 131 133 128 136 Cigars QyQy Qyfci 83 84 92 87 92 Cigarettes. 168 160 ••172 167 ' 1C6 '161 172 MINERALS COAL: \ r" - A B n it t u h m ra i c n i o t u e, s . . _ •• 1 1 1 03 6 9 9 2 8 '1 1 0 2 4 1 •• 1 1 0 00 6 ' ' 1 9 01 2 8 6 1 9 9 7 7 3 Petroleum, crude.. 140 131 132 132 135 125 128 Iron ore shipments 107 98 Copper (mined) 123 118 '115 101 95 88 90 Zinc. 112 105 102 103 99 96 91 Lead. 115 114 105 92 106 '107 105 Silver 94 114 87 88 98 89 90 i Without seasonal adjustment. 2 Includes also lead and zinc; see " Minerals." » Preliminary. ' Revised. NOTE.—The combined index of industrial production is computed from figures for 58 statistical series, 50 of manufactures, and 8 of minerals, most of which are shown in this table. 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. * Slight revisions noted are occasioned by revisions of basic data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1930 FEDERAL RESERVE BULLETIN 353 FACTORY EMPLOYMENT AND PAY ROLLS INDEXES OF FACTORY EMPLOYMENT AND PAY ROLLS [Without seasonal adjustment. Monthly average 1923-1925=100] Factory employment Factory pay rolls Month 1927 1928 1929 1930 1927 1928 1929 1930 January 98.1 94.2 97.4 92.9 98.6 95.7 100.7 94.2 February 99.7 95.7 99.7 92.9 104.8 , 101.1 10S. 0 97.4 March.. 100.4 96.6 101.3 92.7 106.3 : 102.5 110.8 98.0 April... 99 8 96.0 101 8 92.1 105. 0 100.3 111 3 96 7 May -_ 99.1 95.7 101.6 !104.3 100.8 111.2 June __ 99.0 96.2 101.2 102. 5 100.9 109.2 July 98.0 95.7 100.7 98.6 : 98.3 104 8 August _. 99.2 98.3 102.0 102.2 102.5 109.4 /idjusted fcr Seasonal Variations September 100.6 100. 3 103.4 101.9 104.2 110. 5 Without Seasonal Ads'usfrce.'ir October __ 99.3 100.2 102.1 j102. 5 107.5 110 0 November 96.9 98.8 08.2 98.5 103. 6 102.0 80L December 05.5 98.1 94.8 99.4 104.2 98.7 1923 1924 1925 1926 1927 1328 1929 1930 Annual index. 98.8 97.2 100.4 102. 0 ' 101.8 107.2 Seasonal adjustment provisional FACTORY EMPLOYMENT: INDEXES BY GROUPS Transportation Month s I a t r n e o d e n l ch M in a e - ry Textiles p F u r o c o o t d s d - P p a r i a n n i p n g d e t r - L p u a b r u c n o e m t d d r s - - Gr e o q u u p ipm m e o n b t iles L p e u a r a n c o t t d h d s e - r m c g a C l l e n a a e n d y s - t s , , N m r o e o t n " u f 8 e s ls r | i Gro C u h p e m ! ; T i r c e e a f u i l n m s ing R p u u r c b o t b d s - er b p u T a r c o c o t c d - s o - 1928—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 97.1 106. 7 95.9 98.6 102.5 ! 85.5 94.0 118.3 91.9 84.3 102.4 i 107.6 j 104.0 112.2 84.1 February... 98.3 110.4 98.0 98.8 103.4 i 85.8 99.0 129.5 94.1 84.5 106.1 ! 110.9 j 106.7 112.3 92.0 March 99. 3 113.8 101.1 97.6 103.1 j 86.6 100.5 131.1 | 92.7 86.8 107.9 i 115.5 ! 109.2 113.3 92.0 April.. 99.7 116.7 99.3 96.2 102.5 i 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 i 89.2 101.5 130.0 90.3 93.1 105.3 I 110.3 114.4 115.3 90.3 June 100.8 120.8 96.3 99.2 103.2 i 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 j 90.5 96.4 117.8 94.6 91.6 100. 5 I 108.9 120.0 114.2 90.6 August. 101.0 119.4 94.2 99.7 104.1 92.2 95.5 115.0 98.1 93.8 111.2 121.9 111.5 93.0 September.. 101.0 119.5 98.4 102.4 106.0 ! 91.8 94.8 113.1 99.5 93.6 114.5 124.0 108.3 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 i 113.8 123.7 91.2 96.1 December... 92.2 112.1 94.3 100.5 106.9 81.6 81.3 79.6 90.0 82.3 89.9 i 111.8 120.9 89.2 80.2 1930—January 91.7 109.9 92.8 97.4 105.1 | 76.8 83.2 85.7 91.4 74.7 85.9 ! 110.6 120.8 89.7 84.2 February 93.5 109.3 92.9 96.7 104. 0 j 75.0 83.9 89.7 92.4 75.3 84. 6 i 110.2 120.9 87.9 88.9 March 92.8 108.5 92.9 95. 0 103.7 : 75.0 83.2 91.0 91.5 78.4 84.3 i 112.5 118.5 87.2 89.6 April 93. 0 106. 9 90.3 91.0 102.6 | 7-1.2 84.0 93. 9 89. 8 81.2 82.9 : 111.7 116.1 88. 0 SS.O FACTORY PAY ROLLS: INDEXES BY GROUPS Transportation Month s I a t r n e o d e n l ch M in a e - ry Textiles p F r o o o d d - p P a r i a n n i p n g d e t- r L p u a b r u c n o e m t d d r s - - Gr e o q u u p ipm m A e o u n b t t i o l - es L p e u a r a c o n t t d h d s - er; m c g a C l l e n a a e n d y s - s t , , N m o r e o n t u f a e s ls r -! I i | ! Gr C ou he p m . i r p c e l o a f e < i l - n u s rr i . m ng i ! . i R p u r u o c b t d s b - er ' b p u T a r c o c o t d c - s o - 1928—December...} 103.3 114.0 I 100.3 106.3 113.7 90.8 I 95.8 112.4 ». 0 ! 88. 4 j 120. 5 10S. 1 ; 107. 2 \ 114.1 94.3 1929—January 101.3 112.3 97.0 102.2 111.4 83.4 93.6 114.5 90.2 79.0 117.4 ! 106.3 ! 105.3 111.7 76.3 February. _. 107.2 120.7 103. 6 102.5 113.0 86.5 111.4 147.4 94.5 81.0 124.1 i 111.3 110.2 123.3 82.3 March 108.5 126.5 108.8 101.2 114.9 88.4 113.9 148.2 91.4 84.8 127.6 j 113.6 112.1 123.6 84.4 April 110.5 129. 5 103.2 100.4 113.3 90.9 117.0 152.0 87.9 '. 89.3 127.0 117.8 ! 117.1 124.4 86.1 May 111.6 131.9 99.3 103.1 114.3 92.8 116.0 147.1 88.1 i 91.8 123.1 i 113.1 118.9 125.7 86.1 June 109.9 131. 6 97.8 105.6 113.6 92.2 107.9 130.9 89.8 ; 92.5 117.0 [ 111.2 ' 120.0 120.6 88.5 July 103.5 128.2 90.4 105.6 111.4 93.5 97.1 110.2 97.8 ' 86.1 112.6 ! 111.2 123.3 115.1 87.9 August 109. 3 127.5 97.4 105.0 112.8 94.7 106.8 128.0 105.0 i 91.2 113.2 i ii3.o; 125.1 110.9 90.6 September.. 108.9 127.9 103. 0 108.1 116.3 96.6 103.3 120.3 104.3 , 91.3 112.1 ! 116.0 129.3 104.9 93.4 October 107.9 129.0 104.8 108.8 117.8 96.8 ! 99.8 108.0 100.0 90.6 112.5 ! 118.2 129.4 100.9 94.2 November. 100.0 121.6 96.2 105.5 117.2 89.2 89.4 84.3 83.9 ; 86.4 99.6 ! 115.6 126.3 85.9 94.3 December... 93.5 119.9 93.8 105. 5 118.2 82.7 85.6 72.9 84.1 80.2 96.1 j 114.0 124.8 ! 85.0 88.8 1930—January 90.5 113.8 92.2 102.5 114.9 72.8 80.9 74.0 85.4 i 67.3 91.5 109.3 , 121.1 88.9 77.0 February._ 98.1 115.2 94.1 101. 6 | 114.9 72.6 89.8 92.7 86. 2 j 70.2 91.7 110.0 ' 125.0 92.1 80.0 March 97.1 115.1 96.6 99.7 i 115.0 74.6 90.6 97.3 85.2 ! 73.4 91.0 111.6 I 123.1 90.0 81.0 April 97.7 113.1 89.3 99.7 ! 113.5 73.8 92.0 100.8 81.6 i 77.1 88.3 110.9 ! 122.1 94. 5 77.1 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

354 FEDERAL RESERVE BULLETIN JUNE, 1930 BANKING AND BUSINESS CONDITIONS IN FEDERAL RESERVE DISTRICTS FEDERAL RESERVE BANK DISCOUNTS-BY DISTRICTS MILLIONS OF DOLLARS ( Weekly report date figures ) MILLIONS OF DOLLARS O 300 i i DALLAS i 1926 1927 1928 1929 1930 1926 1927 1928 1929 1930 Latest figures are for May 28; see table on following page Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1930 FEDERAL RESERVE BULLETIN 355 FEDERAL RESERVE BANKS—RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES [Average daily figures. Amounts in thousands of dollars] Total cash reserves Total deposits Federal ci r r e c s u e l r a v ti e o n n » otes in K serve Federal reserve bank 1930 1929 1930 1929 1930 1929 1930 May April May May April May May April May May April May Boston I 254,110 258,974 172, 675 148,612 149, 531 143.464 158,819 163,789 138. 536 82.7 82.7 61.2 New York... 977,444 903, 055 987,419 987,162 970. 671 932, 550 176,748 184,993 284. 480 84.0 78.1 81.1 Philadelphia 227,216 234, 241 196,789 137,279 138,696 136, 669 139,184 146, 422 144.182 82.2 82.2 70.1 Cleveland.. 323,241 316,156 288. 704 193, 764 192, 266 186,995 183,612 182, 434 207, 346 85.7 84.4 73.2 Richmond | 105,712 109, 888 78, 285 67,016 68, 299 68, 303 68, 556 72. 339 67,526 i 78.0 78.1 57.6 Atlanta i 146,177 156, 704 120, 359 65,866 68, 212 66,149 126,765 128, 852 132,714 I 75.9 79.5 60.5 Chicago. 518, 746 540, 921 542, 543 351,107 350, 049 346, 855 270,381 307,225 ! 88.0 87.2 82.9 St. Louis 120, 994 124, 440 84, 419 79, 528 80. 684 80, 347 76, 521 78,141 58, 060 77.5 78.4 61.0 Minneapolis | 82,370 84, 568 88, 553 52,367 52, 770 51, 539 57,538 59. 858 63,423 74.9 75.1 77.0 Kansas City 126,643 138, 260 93, 825 88,877 89, 507 89, 035 73, 299 76, 582 66, 384 78.1 83.2 60.4 D alias . 61,216 63.993 66,196 63, 078 64, 263 66, 461 31, 771 33, 925 37, 561 64.5 65.2 63.6 San Francisco. 282,498 278. 267 267 717 183,774 183, 091 182, 560 154,464 157,194 156, 067 83.5 81.8 79.1 Total 13,226,367 3,209,467 |2, 987.484 2,418,430 2, 408, 0392,350,927 11,485,509 1,554,910 ,1,663,504 82.6 81.0 74.4 I i Includes " F. R. notes of other F. R. banks" as follows: Latest month, $19,475,000; month ago, $18,514,000; year ago, $16,636,000. ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, RESERVES HELD, AND INDEBTEDNESS AT FEDERAL RESERVE BANKS [Averages of daily figures. In millions of dollars] Reserves held Net demand deposits Time deposits Indebtedness at Federal reserve banks Federal reserve district Total Excess March February March February March February March I February March February Boston 1,334 1,342 961 956 144.6 145.3 1.6 1.8 21.1 23.2 New York 6,912 6,821 3,300 3,210 944.0 930.1 20.9 21.5 54.3 70.5 Philadelphia.. 1,136 1,130 1,106 1,097 134.7 133.1 2.6 2.0 35. 8 50.8 Cleveland 1.486 1,471 1,656 1,636 l?f>. 2 182.9 3.1 2.7 31.1 53.3 Richmond 543 559 550 5G4 64.2 65.4 1.8 1.4 17.0 22.4 Atlanta 570 575 443 443 65.0 64.4 2.9 1.8 21.6 25.7 Chicago 2,553 2,494 2,065 2,049 340.1 332. 5 7.8 7.3 35.2 63.0 St. Louis 6S1 682 536 531 77.7 78.7 1.0 2 7 14.0 16.7 Minneapolis.. 428 417 451 453 51.8 50.4 ' 2.8 2. 5 2.3 3.0 Kansas Citv.. 842 833 361 359 88.3 87.1 3.8 3.6 15.9 22.8 Dallas. ... 640 655 229 233 63.2 63.6 I 3.5 2.7 8.3 11.9 San Francisco j 1,257 1,277 1, 740 1, 735 171.0 172.4 | 3.6 3.3 15. 5 15.0 Total.. 18,384 18,256 13,397 13,265 2,330.0 2,305.9 55.7 53.2 271.8 378.3 DISCOUNTS OF FEDERAL RESERVE BANKS, BY WEEKS DISCOUNTS OF FEDERAL RESERVE BANKS, BY MONTHS [In thousands of dollars] [Averages of daily figures. In millions of dollars] 1930 1929 Apr. 30 May 7 | May 14 May 21 i May 28 Federal reserve bank May | April May N B A S M D P C S C R K t a h o h l e i a t a . i n e c l w i s i l n n a c v l L l h t s n a a o n a F e m o a s Y d e n g t l r s u a a a e o o a o i n p l n n s r C p d k o d c h i i l t s i i y c s a o . . . . . . 4 2 2 2 2 1 1 1 1 1 1 3 0 9 3 8 5 5 8 6 3 7 , , , , , , , , , , , , 6 1 0 9 1 7 1 2 2 7 5 6 8 9 3 1 3 9 7 7 9 8 1 5 1 1 7 9 8 8 0 0 8 1 7 2 5 2 2 2 2 1 1 1 1 1 7 0 4 3 9 7 7 1 5 4 3 0 , , , , , , , , , , , , 2 1 1 9 9 8 1 9 7 9 6 6 4 9 8 7 0 2 9 7 7 5 2 0 9 0 2 5 0 4 5 9 0 5 6 3 3 2 2 1 1 2 1 1 1 0 2 8 9 3 8 4 4 7 6 4 7 , , , , , , , , , , , , 9 9 4 7 8 5 9 3 9 5 5 7 3 5 7 4 0 0 6 1 0 7 7 1 5 3 7 6 6 7 9 9 4 4 8 8 " 2 2 1 1 1 2 1 1 1 8 6 9 9 3 5 8 8 8 6 6 , , , , , , , , , , , 4 2 2 0 7 7 0 9 3 7 6 3 3 6 5 8 7 0 3 7 3 0 1 1 9 0 9 1 3 2 1 7 6 5 3 1 2 1 2 1 1 1 1 1 9 1 7 6 3 8 2 9 8 6 1 , , , , , , , , , , , , 5 8 5 3 1 4 3 5 7 5 7 2 6 2 3 9 3 9 3 6 2 1 1 5 1 7 1 4 6 6 1 2 4 5 1 8 N B A P C R C S M K D S t h a o l h e i t a a . i e n c l w i s i n n l a v l c L h t l s n a n o a a e F m o a Y d e n g t s l r s u a a . a o e o o a i n p l n s n r C d p k d o c h i l i t i i s y s a c . . . o . . . . . . 5 2 2 1 2 1 2 1 1 1 3 8 8 1 9 7 7 7 0 5 5 1 . . . . . . . . . . . . 0 0 8 7 7 8 2 6 6 5 2 8 i : ; i 5 2 2 1 1 2 1 1 1 1 3 5 3 8 5 6 2 7 8 3 2 3 . . . . . . . . . . . . 7 7 3 6 1 0 7 5 8 9 8 1 2 1 9 9 8 7 5 4 4 3 1 2 0 6 6 3 6 3 8 8 4 9 9 8 3 4 . . . . . . . . . . . . 7 5 8 4 7 1 5 8 1 1 4 1 Total- 233,452 237,448 210,486 209, 999 247,046 Total.... 246.9 1 231. 2 956.3 115478—30 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

356 FEDERAL RESERVE BULLETIN JUNE, 1930 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES BY WEEKS [In millions of dollars] Federal Reserve District City Total Boston Y N o ew rk d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - la A n t t - a C c h a i g - o Lo S u t i . s n M o e i l a i n p s - - K C a i n t s y as Dallas F c S r i a s a c n n o - Y N o e r w k c C a h g i o - Loans and investments: May 7 _ 22,645 1,498 9,164 1,213 2,164 643 610 3,241 362 658 462 1,968 7,840 1,866 May 14 22,616 1,487 9,144 1,208 2,167 643 607 3,248 664 364 661 457 1,964 7,832 1,863 May 21 22,661 1,502 9,139 1,207 2,184 642 601 3,267 678 358 659 456 1,967 7,831 1,888 May 28..._ 22, 726 1,505 9,206 1,207 2,180 643 607 3,248 697 360 656 452 1,964 7,903 1,889 Loans: *- • m May 7 16,852 1,153 I 6,836 912 1,518 485 479 2,571 507 250 440 352 1,350 5,870 1,493 May 14 _ 16,806 1,142 6,815 907 1,519 482 478 2,571 505 249 442 348 1,350 5,865 1,482 May 21 16,806 1,153 6,802 904 1,529 480 470 2,592 496 240 441 347 1,352 5,848 1,504 May 28 16,837 1,152 6,873 904 1,519 479 2,578 492 241 438 344 1,347 5,928 1,510 On securities- im May? _ 8,259 520 i 3,903 486 728 198 153 1,252 230 91 142 119 438 3,409 879 May 14 8,246 513 ' 3,887 478 732 197 155 1,257 228 94 145 116 444 3,407 874 May 21 8,322 518 I 3,943 472 744 193 152 1,285 220 142 117 451 3,456 899 May 28 8,421 530 4,045 472 732 194 152 1,282 220 140 116 449 3,565 912 All other- May? 8,593 633 : 2,933 427 790 287 1,319 277 159 298 233 912 2,461 614 May 14. 8,560 628 2,928 429 787 285 322 1,314 276 155 297 231 906 2,458 : 608 May 21 8,484 636 2,859 432 I 786 287 319 1,308 276 152 299 230 901 2,391 I 605 May 28 8,416 622 2,828 432 j 787 285 317 1,295 272 152 298 228 2,363 j 598 Investments: May 7 5,792 345 2,328 301 646 157 131 670 156 113 217 110 618 1,971 I 373 May 14.. _ 5,811 346 2,329 301 j 649 161 130 678 160 116 219 109 615 1,967 , 381 May 21 5,855 349 2,337 303 j 655 162 131 675 182 118 218 110 615 1,984 I 384 May 28 5,889 353 2,333 304 j 661 164 138 670 204 119 218 109 616 1,975 j 379 U. S. Govt. securities- I May 7 2,837 158 1,225 77 I 314 75 63 314 40 61 95 67 349 1,099 i 161 May 14 2,831 157 1,216 77 315 75 62 320 39 64 95 345 1,091 j 167 May 21.. 2,842 158 1,216 314 75 62 311 61 65 94 343 1,097 j 163 May 28 _ 2,811 158 1,198 313 74 305 48 66 94 342 1,078 I 158 All other- May? 2,955 187 1,103 223 332 82 68 356 116 52 122 269 872 ' 213 May 14 2,980 189 1,113 225 333 86 358 120 52 123 270 876 214 May 21 3,013 190 1,121 226 341 364 121 53 125 272 886 220 May 28 3,078 196 1,135 226 348 365 156 53 124 274 897 221 Reserve with F. R. banks: May 7 1,727 96 805 79 j 135 41 260 54 107 741 175 May 14 1,755 101 825 82 128 41 270 58 108 760 183 May 21 1,757 96 78 j 138 42 271 56 105 765 186 May 28 _ 1,742 92 848 72 | 136 38 256 54 101 780 173 Cash in vault: May 7 218 15 13 27 11 36 10 17 47 13 May 14.. _ _. 225 16 62 14 28 11 10 36 11 19 49 13 May 21 213 15 58 13 27 11 34 6 5 i 10 17 46 13 Net M M de a a m y y a 2 7 n 8 d deposits: 13, 2 3 3 2 5 7 89 1 2 5 6,01 7 4 1 71 1 5 5 1,04 2 1 8 f34 1 4 1 331 1,8 3 9 7 7 37 7 8 22 5 2 i i 48 1 5 1 287 72 1 3 8 5,38 5 4 7 1,24 1 6 4 May 14 13,467 890 6,070 715 1,052 347 326 1,927 382 223 497 289 751 5,444 1,251 May 21 _. 13,389 887 6,050 701 1,070 342 318 1,940 366 215 485 290 726 5,417 1,269 Tim M e d a e y p 2 o 8 s . i — ts: 13,388 877 6,118 702 1,069 340 313 1,911 363 219 480 283 714 5,508 1,2G4 May 7 7,079 479 1,947 242 242 1,195 230 129 179 149 1,023 1,370 ! 539 May 14 7,100 482 1,950 297 966 247 243 1,202 229 129 180 150 1,024 1,372 I 540 May 21... 7,132 492 1,947 304 250 243 1,207 232 129 180 149 1,032 1,370 i 514 May 28__ 7,159 502 1,966 304 250 244 1,206 231 128 180 151 1,027 1,388 542 Government deposits: May 7 51 4 19 3 5 4 2 1 1 3 5 18 2 May 14 51 4 19 3 5 , 4 2 1 1 3 5 18 ] 2 May 21 51 4 19 5 ! 4 2 1 1 3 5 \ 18 | 2 May 28... 51 4 19 5 i 2 1 1 5 18 i 2 Due from banks: May 7 1,181 58 181 59 195 54 118 174 141 115 May 14 1,237 56 157 116 64 72 202 56 131 190 112 115 May 21 1,187 51 149 114 63 70 196 55 120 177 106 i 111 May 28 1,137 51 141 112 63 ! 66 195 51 115 160 96 114 Due to banks: May 7 2,924 124 1,017 167 233 106 465 121 192 233 949 334 May 14.. 2,935 124 1,010 169 250 99 103 466 120 193 240 942 ! 336 May 21 2,825 115 972 163 252 95 98 445 113 181 232 908 i 319 May 28 2,798 109 996 156 251 91 94 448 112 177 82 212 927 ! 321 Borrowings from F. R. banks: May 7 79 32 4 6 1 May 14 47 5 4 4 3 M M a a y y 2 2 1 8 4 6 3 7 2 2 2 S: 4 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1930 FEDERAL RESERVE BULLETIN 357 BUILDING CONTRACTS AWARDED BUILDING PERMITS ISSUED [Value of contracts in thousands of dollars] [Value of permits in thousands of dollars] 1930 1929 1930 1929 Num- Federal reserve district Federal reserve district ber of cities ! April '. March April April March '•• April Boston I 39,690 28,102 38,459 Boston 5,827 r7,453 ! 12,017 New York ! 123,494 ' 105,493 171,551 New York 53, 840 44,610 270,252 Philadelphia. 42,034 25,511 67, 064 Philadelphia.. 14, 229 11,020 13, 362 Cleveland 46,918 60,012 51, 469 Cleveland 13, 508 15,850 : 16, 030 Richmond 40,972 43, 220 52,139 Richmond 12, 351 12,126 I 11,476 Atlanta 21, 745 20,898 37,387 Atlanta 3,740 6,630 , 7,980 Chicago 81,424 73,812 ' 108,181 Chicago 18, 349 15,503 i 51,905 St. Louis 28, 331 23, 705 54, 363 St. Louis 6,605 3,085 , 7,381 Minneapolis.. 13,822 ; 15,131 14, 735 Minneapolis. . 3,707 2,035 10, 659 Kansas City.. 20,754 , 35,974 22,365 Kansas City.. 7,768 8,022 , 10, 568 Dallas 24,068 ; 24, 260 24, 346 Dallas 6,158 5,840 : 18, 659 San Francisco. 18, 491 r 19, 887 ' 28,014 Total (11 districts) ; 483,252: 456,119 j 642,061 Total __. 168 164,572 •152,060 j 458,302 Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. r Revised. INDEX OF DEPARTMENT STORE SALES INDEX OF DEPARTMENT STORE STOCKS [Monthly average 1923-1925=100] [Monthly average 1923-1925=100] j Wi a th d o ju u s t t m se e a n so t nal W ad it j h u s s t e m as e o n n t al j 1 Wit a h d o j u u t s t s m ea e s n o t nal W a r d it j h u s s t e m as e o n n t al Federal reserve hereof Federal reserve 1930 1929 1930 1929 district s b t e o r r e o s f 1 1 ,q9 o d00 1929 1930 1929 Apr. Mar. Apr. Apr. Mar. Apr. i Apr. Mar. Apr. Apr. Mar. Apr. Boston. ! 36 107 88 97 99 97 95 Boston 34 j 94 95 102 91 93 99 New York 60 120 103 108 115 115 109 NewYork 34 111 107 110 107 105 106 Philadelphia.- '. 57 95 83 90 90 88 91 Philadelphia- 45 85 85 90 81 81 86 Cleveland ' 55 112 88 105 103 95 102 Cleveland 49 : 92 92 100 86 '89 9a Richmond 28 113 98 102 107 103 103 Richmond 28 99 100 102 94 97 97 Atlanta 41 104 93 104 99 M03 104 Atlanta 29 , 95 94 103 91 91 98 Chicago • 97 . 119 96 113 111 rl07 111 Chicago 79 114 ••114 114 109 109 108 St. Louis . - 19 109 s? 99 102 100 ! 99 St.Louis 19 90 '89 93 85 '87 88 M Ka in n n sa e s a p C o i l t i y s ! ; 2 1 7 8 9 9 9 7 9 8 9 5 88 98 79 M Ka in ns n a e s a p C o i l t i y s. 1 . . 2 1 1 4 11 7 5 2 1 7 1 3 6 1 7 2 8 4 70 70 75 Dallas 22 106 89 105 104 106 110 Dallas 21 : 82 82 84 78 80 80 San Francisco. 36 114 99 111 113 120 117 San Francisco. 32 ! 109 ' 109 107 104 106 102 112 Total : 496 112 95 104 106 104 105 Total... 413 | 100 100 103 97 97 99 i Monthly average 1925=100. r Revised. i Monthly average 1925 = 100. r Revised. COMMERCIAL FAILURES l BANK SUSPENSIONS * IN APRIL, 1930 [Amounts in thousands of dollars] [Amounts in thousands of dollars] Number Liabilities All banks M ba e n m k b s e 2 r Non b m an e k m s ber Federal reserve Federal reserve district 1930 1930 district N b u e m r - po D s e i - ts 3 N b u e m r - po D s e i - ts 3 N b u e m r - po D si e t - s 3 I Apr. 1 Mar. ! Apr. Apr. Mar. Boston . 1 1,160 1 1,160 Cleveland 3 1,592 3 1,592 New York _ _ B N C S M P R C A t h o l h i e t . i e c l i w s i n a l v c h L t a n n o a e m o d e Y n g t l u a e a a o o o i l p n n s p r d o d k h . l i i a s , _. j ! ! 4 2 1 3 1 1 1 3 2 1 9 5 3 6 3 2 6 6 4 6 7 6 7 0 8 , ; ' ' 4 2 2 3 1 1 1 1 1 ( 1 3 0 3 2 0 3 5 6 3 4 2 6 6 1 3 4 9 ; ! I ; : ! i j : 3 2 2 1 1 1 2 2 9 9 9 8 3 5 2 8 3 5 0 4 1 2 8 6 8 2 8 5 2 4 7 1 , , , , , , , , 4 3 2 9 1 1 2 5 9 8 1 1 3 0 1 4 7 5 6 5 3 4 0 4 4 3 6 1 15 5 2 5 2 3 1 2 1 , , . , , . , , , 4 0 0 4 1 8 0 6 2 5 2 6 2 0 5 3 6 5 1 0 0 0 4 9 4 3 9 3 8 2 2 4 2 2 1 , , , , , , , , 5 9 0 0 8 9 7 5 9 3 7 1 8 9 4 1 7 0 9 6 5 3 4 8 7 3 4 R A C S M K D S P a t h h i a a t . i n c l i l n n i a L h l c l n s a a n F a m o a s e d t g r s u a a o a e o i p n n s C l . o p c d i l i h t i s y s i c a o . ._ 2 1 1 1 1 1 6 1 1 5 1 1 1 5 4 9 4 4 5 3 , , , , , , 1 1 4 0 8 2 2 2 7 4 1 7 9 4 7 7 6 2 3 6 8 3 6 5 3 1 1 1 1 _.. 1 1 , , 2 1 . 4 2 1 5 7 7 3 7 4 5 6 8 9 _ 2 1 1 1 1 8 6 0 4 1 4 1 1 2 9 4 4 3 3 , , , , , , 7 9 1 0 2 7 2 1 4 6 5 7 3 7 9 2 8 9 6 8 5 D K a a l n l s a a s s Ci _ t * y _ . _ . _ . . 11 5 8 8 ! ! 12 6 4 6 ! ! 12 5 8 1 2 1 , , 5 3 5 6 1 9 1, 9 8 2 2 6 7 1, 5 2 1 7 5 2 Total 95 34, 251 7 3,322 88 30, 929 San Francisco.. 332 ! 279 , 315 4,203 4, 685 3,833 1 Banks closed to the public on account of financial difficulties by Total j 2,198 2,347 ! 2,021 49, 059 56, 846 35, 270 order of supervisory authorities or directors of the bank. j 2 Includes 5 national banks with deposits of $2,911,000 and 2 State member banks with deposits of $411,000. 1 Figures reported by R. G. Dun Co. 3 Subject to revision Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

358 FEDERAL RESERVE BULLETIN JUNE, 1930 FOREIGN BANKING AND BUSINESS CONDITIONS REPARATIONS PLAN AND BANK FOR INTERNATIONAL SETTLEMENTS The "new plan" embodying the experts' Italy.—Signor Bonaldo Stringher, governor of report of June 7, 1929/ the protocol of August the Bank of Italy; Prof. Alberto Beneduce, 31, 1929,2 and The Hague agreements of deputy in the Italian Parliament and member January 20, 1930 ?—altogether constituting a of the organization committee of the Bank for final settlement of reparations and other finan- International Settlements. cial claims arising out of the World War4—went Japan.—Mr. Tetsunosuke Tanaka, London into force on May 17, 1930.5 representative of the Bank of Japan and mem- The Bank for International Settlements ber of the organization committee of the Bank created by the plan received its charter from for International Settlements; Mr. Daisuke Switzerland on February 25, 1930. On Feb- Nohara, London manager of the Yokohama ruary 26 the governors of the central banks of Specie Bank. Belgium, England, France, Germany, and Formal invitations were at the same time Italy, and a representative of the governor of sent to Mr. Gates W. McGarrah, chairman of the Bank of Japan met at Rome and appointed the board of the Federal Reserve Bank of New the following board of directors for the bank: York, and Mr. Leon Fraser, New York attorney Belgium.—M. Louis Franck, governor of the and former general counsel for the Dawes plan, National Bank of Belgium and member of the to become the representatives from the United organization committee of the Bank for Inter- States on the board. The German represennational Settlements; M. fimile Francqui, tatives were announced on April 4 as follows: Belgian financier and member of the Young Dr. Hans Luther, president of the Reichsbank; committee of experts. Dr. Carl Melchior, Hamburg banker and England.—Mr. Montagu Norman, governor alternate on the Young committee of experts; of the Bank of England; Sir Charles Addis, a Dr. Paul Reusch, well-known Rhenish indusdirector of the Bank of England and member of trialist. As his personal substitute, Doctor both the Young committee of experts and the Luther designated Dr. Wilhelm Vocke, memorganization committee of the Bank for ber of the board of directors of the Reichsbank International Settlements. since 1919. France.—M. Emile Moreau, governor of the The first meeting of the new board was held Bank of France; Baron Brincard, president of on April 22, at which time Mr. McGarrah was the Credit Lyonnaise; the Marquis de Vogue, elected chairman and president of the bank, president of the Compagnie de Suez. and other officers were appointed. Shares of the bank were issued and paid for on May 20. 1 See FEDERAL RESERVE BULLETIN for July, 1929, pp. 465-495. Of the 200,000 authorized shares (par 2,500 2 See FEDERAL RESERVE BULLETIN for December, 1929, pp. 792-796. Swiss gold francs equivalent to $482.37) 3 See FEDERAL RESERVE BULLETIN for April, 1930, pp. 172-249. 4 As noted in the FEDERAL RESERVE BULLETTN for April, 1930, p. 172, 124,000 were issued; and of this original issue the settlement with Hungary embodied in The Hague agreements "was not in all respects final, but was rather the definitive basis for a 112,000 shares were distributed among the more detailed agreement to follow." This detailed agreement was seven countries represented on the board, the reached in due course and signed by the various powers concerned on Apr. 28, 1930. remainder being taken in equal amounts by * At the same time sec. 31 of the German bank law of Aug. 30, 1924, became effective in accordance with the stipulations of the new plan. the central banks of Holland, Sweden, and This section requires the Reichsbank to redeem its notes in gold coin or Switzerland. The shares are 25 per cent gold bars, or in foreign exchange at the market value of the foreign currency in gold. Under sec. 52 the coming into force of sec. 31 required a paid-up and carry a liability for the unpaid 75 concurrent resolution of the managing board and the general council of the Reichsbank. This resolution was announced Apr. 17 to become per cent. The bank opened for business May effective on the same date as the new plan. 20, 1930, at its registered offices in Basel. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1930 FEDERAL RESERVE BULLETIN 359 ANNUAL REPORT OF THE NATIONAL BANK OF AUSTRIA The annual report of the National Bank of close of the year. The amendments to the Austria for 1929 was submitted to the general constitution may be differently estimated by meeting of shareholders on April 25, 1930. different political groups, but ope fact is un- Sections of the report dealing with the general deniable—that the manner of their introduction situation, the money market, and banking are may be regarded as a definite acknowledgment given herewith:l by the Austrian people of the fundamental principles of modern democracy. The year 1929 ushered in a new and difficult phase in the struggle for economic consolidation These achievements of the Schober Governwhich the Republic of Austria has had to wage ment, together with the relaxation in the interever since its establishment. national money market following the crash on As early as the preceding year the steadily the New York Stock Exchange, enabled us at rising cost of money—a development which the end of the year to face the future once again had its origin in America—and the further with confidence—a confidence which has since postponement of the capital loan, which the been further justified by the satisfactory out- Government had striven so long to procure come of The Hague conference. By its final and which was indispensable for an economic acceptance of the Young plan, this conference revival in Austria, had checked the more has strengthened public belief in the value of favorable economic trend observable in 1927. international negotiation and mediation, has In 1929 the persistence of these two factors contributed to a better understanding among brought about a serious recession, which was the great powers of Europe, and has on the most clearly reflected in the increase of unem- whole created an atmosphere favorable to inployment. Pessimism and discontent became creased concentration upon urgent economic widespread, and internal political disturbances problems. For Austria in particular the reensued. In addition, the position of the All- sults attained at The Hague—assuming congemeine osterreichische Boden-Credit-Anstalt stitutional ratification by the Governments became precarious and necessitated a further participating in the conference—have finally restriction of Austrian banking facilities, which removed the political obstacles which have was keenly felt by all business circles. hitherto blocked the capital loan. It may therefore be anticipated that, after having been In this disturbed period the great significance seriously handicapped for two and a half years, of a firmly established system of Government negotiations for floating the loan can shortly finance based on a farsighted financial policy, be resumed. Its prompt and successful conand of a currency stability supported by a clusion is particularly desirable, so that Austria strong central bank, was again clearly apparent. may take advantage of present easy conditions On these firm foundations the Federal Chancelin the international market. lor, Doctor Schober, who was called to the head of the Government at this critical moment, International money market.—The relaxasucceeded in solving the difficult political and tion in the money market came about suddenly economic problems with which he was faced. and in a somewhat drastic manner after the In cooperation with Doctor Juch, the Minister crash on the New York Stock Exchange, as of Finance, Doctor Schober very soon brought appears from the fact that the Federal Reserve about the amalgamation of the Allgemeine Bank of New York and the Bank of England osterreichische Boden-Credit-Anstalt with the were able several times during the next few Oesterreichische Credit-Anstalt fur Handel months to reduce their rates from the peak und Gewerbe, thus saving Austrian business levels recorded at the end of October. Openfrom impending catastrophe. By the introduc- market rates in some cases underwent a still tion of a constitutional reform bill the Chancel- greater decline, with the result that central lor succeeded during the following weeks in European countries once more received extenconcentrating within Parliament the political sive offers of funds from abroad on acceptable opposition which might easily have found other terms. On the other hand, the anticipated outlets; and after delicate negotiations, he revival in the American investment market conciliated the opposition sufficiently to enable has not yet taken place, and bond quotations, the new constitution to become law before the which at first tended to strengthen, proved able to offer but little resistance. A consider- 1 In addition the report deals with Government finances, the agricultural and industrial situation, and the operations of the bank in detail. able body of opinion holds that the period of For earlier reports see FEDERAL RESERVE BULLETIN, May, 1929, June, easy money will be of brief duration and will 1928, 1927, July, 1926, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

360 FEDERAL RESERVE BULLETIN JUNE, 1930 shortly be followed by a renewed advance on 9 reductions of one-half per cent in each case the stock exchange, such as will bring back were made, so that at the close of the year the monetary stringency and restrict the flotation rate stood at 7}i per cent, which has since been of large bond issues in America. On the other still further reduced. hand, it may be anticipated that the pending The development of conditions in the inter- Franco-German and Austrian issues will arouse national money markets, and particularly the interest in the banking centers of western Eu- large gold movements of the past year, suggest rope, especially in France, where the continued the advisability of more active cooperation favorable balance of payments and the increase between central banks; great interest, thereof national wealth have created conditions fore, is felt in the work of the Bank for Interfavorable to a more active participation in national Settlements, for among the functions international financial operations. The excep- of this bank as prescribed by law is the special tional facilities, however—which have devel- duty of promoting and developing the principle oped in London as the result of centuries of of cooperation. experience—for the negotiation of international The international economic situation was short-term financial operations will not soon be strongly influenced by the decline in prices of duplicated in the Paris market, even with the certain commodities important to wholesale coordinated efforts of all the parties concerned. trade; su6h a decline was to be noted in the Nevertheless, it certainly seems possible now case of certain metals, of crude rubber, coffee, that France will participate more actively in and grain. This price recession worked especial large international issues. harm to European agriculture, which finds itself The policy of European banks of issue has in a critical situation as the result of excessive been predominantly influenced by events in cheapening of agricultural products in foreign America. When, in consequence of the boom countries. In this connection mention should on the New York Stock Exchange and high be made of the decline in the price of silver, money rates in America, the export of capital which has reached the lowest level recorded for from the United States ceased and funds decades. It is generally believed that this flowed to America from Europe in ever-increas- decline in wholesale prices exercised considering volume, European countries were forced to able influence during recent months on the take steps to protect themselves against this discount policy of leading central banks. If, exodus of capital. The American boom, there- however, it is borne in mind that the recession fore, was followed by a series of extraordinary in wholesale prices is in most cases clearly the advances in discount rates. The Bank of result of overproduction, there remains some England, whose discount policy appears to doubt as to the efficiency of central bank policy have been considerably influenced recently by in this direction under existing circumstances, the business situation, hesitated to adopt this and there is even some question as to whether course, and not until its gold holdings had an advance in prices—creating a real incentive declined to £134,000,000 as the result of an to maintain overproduction—would indeed be outflow of gold to America, France, and Ger- a desirable aim for a policy of cooperation many did it decide to raise its rate to 6K per between central banks. cent. The country least affected by the inter- Bank amalgamation.—The most important national advance in money rates was France, event in the banking world was the amalgamawhere the bank of issue was able to keep its tion of the Allgemeine osterreichische Bodenrate at 3% per cent throughout the entire period, Credit-Anstalt with the Oesterreichische Creditand at the same time to add considerably to its Anstalt fur Handel und Gewerbe, rendered stock of gold. With the collapse on the New necessary in October last by the danger that York Stock Exchange, the peak of discount-rate the former bank might be forced to suspend advances was passed. Early in October a payments. The merger involved no danger to fairly general tendency toward rate reduction the creditors of the Allgemeine osterreichische by the banks of issue became evident. The Boden-Credit-Anstalt, as the resulting loss of Austrian National Bank, in order to keep its capital was borne exclusively by the sharerates in line with the movement just described holders. This occurrence, so regrettable from and to give due consideration to the special the standpoint of Austrian economy, was conditions in Austria during the past year, brought about through serious errors in bank raised its discount rate on April 24 from 6K to management, arising in part from the failure 7% per cent and on September 28 from 7% otof the banking authorities to adapt their poli- Sy per cent; on November 23 and December cies to changed conditions in Austria, in part 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1930 FEDERAL RESERVE BULLETIN 361 from the peculiar structure of the industrial und Gewerbe to effect substantial write-offs interests of the bank, and finally from adverse which had come to be necessary in the accufinancial and economic developments, the dura- mulated holdings of securities and in the large tion of which had been underestimated. The volume of liabilities on account of affiliated Allgemeine osterreichische Boden-Credit-An- industrial enterprises. stalt failed to adapt its policies soon enough to The board of the Oesterreichische Credit- Austria's restricted economic activity, and con- Anstalt fur Handel und Gewerbe and its chairtinued for reasons of prestige to maintain a man, the head of the Vienna firm of Rothhigher level of dividends and share quotations schild, deserve the lasting gratitude of the than was warranted under the present difficult Austrian business world for their decision in conditions. Encouraged by its industrial ex- favor of prompt amalgamation, which averted perts, it still hoped to maintain its various in- what might have proved a far-reaching catasdustrial enterprises—which ranked among the trophe. The Austrian National Bank assisted greatest in Austria—on as large a scale as for- the transaction by granting the Oesterreichische merly. It repeatedly obtained advances in Credit-Anstalt firr Handel und Gewerbe longer current account for this purpose, so that its maturities for somewhat more than half the resources became frozen to an increasing extent, discounted bills of the Allgemeine osterwhile it nevertheless continued to hope that reichische Boden-Credit-Anstalt, which were at an improvement in stock-exchange conditions the same time taken out of the bill portfolio would enable it to liquidate its obligations and allocated to the special reserves of the through issues of shares and obligations of the Austrian National Bank as an interest-bearing industrial enterprises concerned. This hope investment. Furthermore, the Austrian Naproved vain in view of the continued inactivity tional Bank guaranteed the Oesterreichische of the Vienna stock exchange, and at the same Credit-Anstalt fur Handel und Gewerbe, within time deposits fell off as a result of a less favor- certain limits as to time and amount, its supable opinion of the bank's position, and also of port in procuring foreign credits in the followa malicious press campaign directed against the ing manner—that in its foreign-exchange ininstitution. As a result, the liquidity of the vestments the Austrian National Bank would bank became more and more doubtful—a fact show special consideration to such foreign which led the Austrian National Bank to make correspondents of the Oesterreichische Creditrepresentations repeatedly to the Boden-Credit Anstalt fur Handel und Gewerbe as in their management, though without avail. turn should grant credits to Austria. In view When finally, in the autumn of 1929, political of the large volume of foreign exchange at the disturbances within the country, which w^ere disposal of the Austrian National Bank, the reported abroad by an unscrupulous press, observance of this reservation in regard to caused large and unexpected cancellations of part of its foreign-exchange investments is of credit and withdrawals of deposits, the Allge- no great importance. On the other hand, the meine osterreichische Boden-Credit-Anstalt Oesterreichische Credit-Anstalt fur Handel and could no longer obtain adequate support from Gewerbe took over the obligations of the the Austrian National Bank, inasmuch as Allgemeine osterreichische Boden-Credit-Ancredit had already been granted to the limit in stalt toward the Austrian National Bank withnormal times. The Austrian National Bank out any reservations or special stipulations. therefore could do nothing more than grant a It is to be hoped that the union of the two final emergency credit and recommend that foremost banks of Austria—even though it has the respite thus gained be used in seeking the unfortunately thrown a considerable number of necessary support from other credit institu- employees out of work—will benefit the general tions. Negotiations with the Oesterreichische business situation. It makes possible a consid- Credit-Anstalt fur Handel und Gewerbe re- erable saving in administrative and overhead specting amalgamation—initiated with the expenses. Likewise, the association of indusactive support of the Government and under tries of the same character under the control of the auspices of the Austrian National Bank— the combined bank will make for concentration were speedily concluded, thanks to the in- and rationalization, so that once the arduous telligent cooperation of that institution. As period of transition with its inevitable sacrifices mentioned earlier, the amalgamation required is over, the final result should be a strengthenthe shareholders of the Allgemeine oster- ing of the industrial situation of Austria. reichische Boden-Credit-Anstalt to make a con- Savings.-—In the movement of saving depossiderable sacrifice. This fact, however, enabled its, two periods may be clearly distinguished. the Oesterreichische Credit-Anstalt fxir Handel Up to the end of August there was a gradual Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

362 FEDERAL RESERVE BULLETIN JUNE, 1930 rise of about 184,600,000 schillings ($25,973,- With increasing dullness on the stock ex- 000), as compared with 215,000,000 schillings change and the unsatisfactory outlook for ($30,251,000) during the corresponding period business in foreign bills, the leading banks have of the previous year, but September and Octo- come to pay more attention to the financing of ber recorded a very pronounced drop in connec- industry, which is, however, only moderately tion with the critical situation of the Allgemeine profitable at present in view of the unfavorable osterreichische Boden-Credit-Anstalt and the business position. The limitation of their political disturbances. In the last two months activity on the one hand and heavy tax burdens of the year there was a renewed upward move- on the other force the banks to keep their ment, so that at the end of the year there was terms at a fairly high level in order to meet a total of 1,627,000,000 schillings ($228,919,000) overhead charges and to earn an .adequate at the more important savings banks in Vienna dividend for their shareholders. The reducand the provincial capitals—about the same tion of 2}i per cent effected in the special tax figure as shown at the end of August. on salaries (Fiirsorgeabgabe), imposed upon Foreign exchange.—The recession of our the Vienna banks, is not considered sufficient foreign-bill holdings noticeable in the autumn by the groups concerned; this measure, neveris by no means wholly to be attributed to a theless, is very welcome as a first step toward flight of capital. A greater demand for foreign the repeal of this special burden on banking. bills is a phenomenon recurring annually at that season and based on economic requirements, BALANCE SHEET OF THE AUSTRIAN NATIONAL BANK AS though it was more pronounced than usual in OF DECEMBER 31, 1929 1929. It may be assumed, moreover, that the call for foreign bills would have been more Schillings Dollars 1 moderate had an attempt not been made in (in thou- (in thousands) sands) various quarters to foster the misgivings of the public by an exaggeration and distortion of the RESOURCES events of the time and of their probable effects Cash: Gold coin and bullion 168,634 23,727 on the economic situation. Nevertheless, our Foreign exchange 2 3 237,714 33,446 currency suffered no harm, the cover in gold and 406, 348 57,173 foreign currency representing, even at its low- Foreign exchange not included in cash 3 334,169 47, 018 Subsidiary coin 2,461 346 est point on November 23, 64.72 per cent of the Bills discounted 305,634 43,003 total circulation. The average quotation of Advances on security 1,029 i 145 Government debt.. 108,649 ' 15, 287 Vienna exchange in New York, which had been Securities. 3,851 i 542 Premises... 6,000 I 844 99.92 per cent in January, rose to 100.02 per E quipment 590 I 83 cent in August, and during the following months Machinery 320 j 45 Materials, etc 569 80 remained close to par—100.01 per cent in Other resources: September, 99.97 per cent in October, 99.93 per Foreign exchange other than note cover. 113,729 ! 16,002 cent in November, and 100.02 per cent in Forward exchange 14,556 ! 2,048 Sundry accounts 154,307 j 21,711 December. Total other resources.. 282,591 39, 761 The security market.—The Vienna stock exchange continued inactive almost without Total resources 1,452,210 204,326 I interruption throughout the year. The index LIABILITIES of Austrian shares (exclusive of mining shares) Notes in circulation. 1,094,362 153,977 Demand deposits, _. 63, 927 8,995 quoted on the stock exchange declined from 1,053 in January to 882 in December, or by 1,158,289 162, 971 Capital 43,200 6,078 more than 16 per cent. On the investment Surplus 9,283 1,306 Reserve against losses 7,500 1,055 market quotations declined as the cost of money Currency reserve 9,731 1,369 rose, and reached their lowest level in October. Pension fund 47, 242 6,647 Interest carried forward to 1930.. 4,987 702 Not until the tension on the international Net profit - 19, 844 2,792 money market relaxed did investment quota- Other liabilities: tions change their trend; after that there was a Foreign currency liabilities 25,127 3,535 Foreign exchange per contra.. 14, 556 2,048 partial recovery. Austrian rentes and pre-war Sundry accounts 112,452 15, 822 obligations valued in silver showed consider- Total other liabilities- 152,134 21,405 able advances, owing probably to the recurrent Total liabilities 1,452,210 204,326 revival of expectations that they might be valorized. Mortgage bonds continued to be 1 Conversion at par: 1 schilling=$0.1407. in good demand. 2 Under art. 85 of the statutes of the bank. 3 Dollars and pounds only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1930 FEDERAL RESERVE BULLETIN 363 ANNUAL REPORT OF THE BANK OF NORWAY The annual report of the Bank of Norway Statistics relative to the turnover of securities for 1929 was submitted to the general meeting with foreign countries disclose an excess of purof shareholders on February 17, 1930. The chases from foreign countries over sales to foreign address of Mr. N. Rygg, governor of the bank, countries. Substantial amounts of Norwegian contains the following discussion of the credit dollar bonds were thus purchased. Finally it and banking situation:1 should be mentioned that in the past year loans were negotiated abroad to only a small extent. Reserve policy of the bank.—Since 1920 the The developments on the international note circulation has undergone a reduction of about one-third. The gold stock, howrever, market are responsible for the disparity between the level of interest rates at home and of those stands at practically the same level as the abroad. The attraction of higher rates conmaximum figure recorded during the war, and tinuously offered in foreign centers drained the as a consequence the reserve percentage is now domestic market of funds. Nevertheless the very high. Shipments of gold have been Bank of Norway tried to keep its discount rate avoided because the Bank of Norway mainas low as possible, and in fact did not advance tains a secondary reserve in the form of conits rate to the level of 6% per cent reached by siderable holdings of foreign exchange. The the Bank of England, but held its maximum at gold reserve alone represented 48 per cent of 6 per cent. While the British bank rate the average note circulation in 1929; and averaged 1 per cent higher in 1929 than in balances held abroad inclusive of foreign 1928, the Bank of Norway maintained practisecurities, which fluctuated between 31,500,000 cally the same average in both years. kroner ($8,442,000) and 66,000,000 kroner ($17,688,000), represented an additional 10 to BALANCE SHEET OF THE BANK OF NORWAY AS OF 20 per cent of the circulation. It may be DECEMBER 31, 1929 urged that this reserve ratio is excessive, and that the Bank of Norway would do well to Kroner Dollars i cooperate with endeavors to economize gold (in thou- (in thousands) sands) in the international credit system by bringing about a reduction in reserves. But even RESOURCES though this ratio should be considered too Gold... 146, 654 39, 303 Foreign bank notes - 105 28 high, the bank has been willing to maintain it Due from foreign banks 31, 243 8,373 Foreign bills 26,125 7, 002 for the sake of the sense of security which it Other foreign exchange 1,183 317 affords. Domestic bills 114,545 30, 698 Advances on collateral 2,478 664 International situation and the Norwegian Advances on current account 69, 921 18, 739 Mortgage loans 187 50 money market.—During 1929 the rise of Negotiable bonds 26,955 7,224 Other securities 15,611 4.184 interest rates in foreign centers had its influence Overdue bills 34, 225 9,172 on the Norwegian money market. Attractive Interim expenses 18 5 Stamps 11 3 investments abroad were found for short-term Capital adjustment account 6 2 Furniture and fixtures (taxes at 7,312,820 kroner).. 0 0 funds. Foreign investments of Norwegian banks Total^resources, exclusive of contra accounts. 469, 267 125, 764 showed an expansion of nearly 50,000,000 kroner Contra accounts: Subsidiary coin 6,614 1,770 ($13,400,000) between March and September, Guarantees 1,342 363 while through other channels as w^ell funds were Total resources.. 477, 223 127, 896 withdrawn from the domestic market. LIABILITIES The resumption of specie payments in Nor- Notes in circulation 317, 720 85,149 Demand deposits 89, 720 24,045 way in 1928 was followed by the reestablish- Checks 298 80 ment of stable conditions in the foreign ex- Collection accounts 82 22 Mortgage debt 15 4 change market. As a result of this, banks now Capital 35, 000 9, 380 Surplus 15,337 4,110 place part of their liquid funds in foreign Reserve for losses 2,838 761 exchange. The amount of foreign exchange Reserve for stabilizing dividends. 550 147 Reserve for construction 502 135 thus held by banks showed an increase of about Reserve for salary bonuses 4 1 Dividends unpaid 2, 856 765 30,000,000 kroner ($8,040,000) during 1929. Miscellaneous liabilities 4,347 1,165 Total liabilities, exclusive of contra accounts. 469, 267 125, 764 1 Taken with some textual revision from the English translation of Contra accounts: the governor's address published in abbreviated form in the February Subsidiary coin account of the Treasury. 6,614 1,773 Bulletin of the Bank of Norway. The full text of the annual report, Guarantees ^ 1,342 360 available in Norwegian, gives in addition detailed information regarding foreign trade, the industrial situation, prices, operations of the bank, Total liabilities.. 477,223 127,896 etc.. as well as a number of tables. For earlier reports, see FEDERAL RESERVE BULLETIN, August, 1929 and 1928. 1 Conversion at par: 1 krone = $0.268. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

364 FEDERAL RESERVE BULLETIN JUNE, 1930 ANNUAL REPORT OF THE BANK OF POLAND The annual report of the Bank of Poland for declined during the second quarter, but therethe year 1929 was presented to the general after showed a slight but continuous advance. meeting of shareholders on February 13, 1930. The legal reserve against bank notes and de- Sections of the report dealing with the banking mand liabilities never fell below the level of and economic situation are given herewith:* 60 per cent and continues to be one of the highest in Europe. After three years of improvement in the economic situation a recession in business ac- Government finances.—The budgetary year tivity occurred in 1929. The stabilization of ended March 31, 1929, was favorable for the the currency in 1927 and the subsequent influx Government Treasury. Actual budget receipts of foreign capital stimulated business activity, reached the highest level ever noted, exceeding but at the same time made this country de- estimates by 17 per cent. In spite of the pendent to a much greater extent on the inter- simultaneous increase of expenditures, exceednational economic situation. In 1929 the ing estimates by 5 per cent, the surplus allolatter underwent a period of depression, of cated to the cash reserve of the Treasury which the most distinguishing symptoms were amounted to approximately 200,000,000 zloty the financial and agricultural crisis. The pro- ($22,440,000). In the budget for the year longed period of speculation on the New York 1929-30 revenue estimates have been slightly Stock Exchange led to a flow of capital from reduced, while estimates of expenditures have Europe to America and to a considerable ad- been fixed at an amount somewhat above the vance in the rates of discount of European actual expenditures for the budgetary year banks. The crisis on the New York Stock 1928-29. Exchange in October helped to moderate the The budgetary surpluses thus obtained conrise in interest rates but has not up to the stitute a considerable cash reserve for the present time corrected the financial situation Treasury, guarantee the equilibrium of the on both sides of the Atlantic. The agricultural budget, and are an indication of the favorable crisis has likewise been prolonged as a result of position of Government finances. On Decemworld overproduction and the sharp decline in ber 31, 1929, the available funds in the vaults prices of agricultural products. of the Treasury and in the account of the Minister of Finance at the Postal Savings The situation in the international markets Bank and at the Bank of Poland amounted to produces similar conditions in the economic life 463,700,000 zloty ($52,027,000). of Poland, most particularly the lack of available capital in the money market and the Budgetary estimates for the financial year decline in the price of grains. Yet in spite of 1930-31, as presented to the Diet, were fixed the tension of the international situation the as follows: Revenues, 2,943,000,000 zloty economic organism of this country gives evi- ($330,205,000); expenditures, 2,934,700,000 dence of great power of resistance. Savings zloty ($329,273,000). have advanced, although in more moderate In comparison with budget estimates for the proportion. The returns from Government year 1929-30, it should be emphasized that the revenues have shown no appreciable decline; execution of the budget shows a tendency to monthly budgets continue in balance and keep public expenditures within the limits of regularly show a surplus. The rate of indus- a wise economy. trial production has fallen off but the number Trade balance.—The distinguishing feature of unemployed did not increase in any dis- of the foreign trade of Poland in 1929 was a turbing proportion until November. The decline in imports and a parallel advance in general price level showed a downward ten- exports. This reacted on the trade balance by dency. After more than two years of un- lessening considerably the unfavorable surplus. favorable trade balances a revival took place During the second part of the year, after 27 in the course of the summer and the merchan- months in which deficits occurred, the trade dise balance showed a surplus, a circumstance balance became favorable. all the more encouraging in that it was a result Monetary circulation.—The monetary cirof an increase in exports. The reserve in gold culation throughout the year tended to mainand foreign exchange of the Bank of Poland tain the level already reached and showed but a slight increase. Whereas in 1927 the ciri In addition the report deals with the agricultural, industrial, and culation increased by 28.5 per cent, the corcommercial situation, the General Exposition at Poznaii, and statistics of the bank's operations. For earlier reports see FEDERAL RESERVE responding increase in 1928 was 17.3 per cent BULLETIN April, 1929, May, 1928, 1927, 1926, etc. The official report is and in 1929 only 3.9 per cent. available in French. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1930 FEDERAL RESERVE BULLETIN 365 From the end of 1928 to the end of 1929 bank standpoint. It is, however, inferior to metallic notes rose from 1,295,300,000 zlotys ($145,- reserves from the psychological standpoint. 333,000) to 1,340,300,000 zlotys ($150,382,000). The needs of importing industries, the variable The total volume of circulation, including bank conditions of export, the redemption of foreign notes, Treasury bills, and subsidiary coins, loans, inevitably bring about frequent and conrose during the same period from 1,539,400,000 siderable fluctuations in the reserve held in zlotys ($172,721,000) to 1,599,700,000 zlotys foreign bills. The function of the gold reserve ($179,486,000). In order to consolidate the in a central bank is, first of all, to inspire and monetary circulation and in order that the sustain the conviction on the part of the public Bank of Poland might with its own resources that the national currency is sound and in all control the note issue in the country, the respects worthy of confidence. One of the stabilization plan provided for the withdrawal essential duties of the management of a central of 5-zloty Treasury notes which had been bank is to maintain between the foreign exissued in the amount of 280,000,000 zlotys change reserve and the metallic reserve a ($31,416,000). Accordingly, the Bank of Po- proportion corresponding to the functions— land gradually retired from circulation during partly identical and partly unlike—which each 1927 and 1928 140,000,000 zlotys ($15,708,000) of these reserves should perform. of Treasury notes and replaced them with its The gold reserves in the past year showed an own bank notes. In 1929 the Government increase of 79,400,000 zlotys ($8,909,000), or undertook the conversion of the remaining 12.9 per cent, in comparison with the end of Treasury notes into 5-zloty silver coins. At December, 1928. Purchases of gold were made the end of the year the circulation of Treasury abroad in the amount of 72,200,000 zlotys notes declined in comparison with the year ($8,101,000) and within the country in the before from 98,900,000 zlotys ($11,097,000) to amount of 7,200,000 zlotys ($808,000). 63,800,000 zlotys ($7,158,000), while new 5- The exchange value of the dollar was mainzloty silver coins were put into circulation in tained on the Warsaw bourse until October at the amount of 54,300,000 zlotys ($6,092,000). the stabilized level of 8.90 zlotys per dollar Reserve position of the bank.—The reserve for sight drafts on New York. The policy of injgold and foreign bills used as cover declined an unchanged quotation for New York sight until June, when it reached its lowest level. drafts gradually lost its raison d'etre as credit During the second part of the year the offerings relations were reestablished between the Polish of foreign exchange became larger and the total and foreign money markets. Under these reserve in gold and foreign bills declined on circumstances, the Bank of Poland adopted the balance during 1929 by only 29,600,000 zlotys system in practice on foreign bourses, under ($3,321,000). The reserve against bank notes which quotations are determined by supply and in circulation and other demand liabilities fluct- demand within the limits of the gold points. uated between 60.8 per cent and 64.9 per cent. At the end of October the sight quotation on Aside from the metallic reserves and foreign New York declined to 8.8975 zlotys, while at exchange bills included in the reserve, the the end of November it stood at 8.8950 zlotys Bank of Poland held foreign exchange reserves and at the end of December at 8.8775 zlotys. not used as cover amounting at the end of the Bank credit, business, and the security year to 107,600,000 zlotys ($12,073,000). If market.—After a period of increasing activity these holdings of foreign exchange are also in- up to the end of 1928, a recession in production cluded, the aggregate cover against bank notes and a general slowing down of business ocin circulation and other demand liabilities curred, as well as a crisis of solvency; and during amounted to 67.8 per cent. the second half of the year under review- there The cover in actual gold against bank notes developed a period of depression and stagnation. and other demand liabilities rose during 1927 to At the end of the year, the general situation the level of 30 per cent prescribed as the mini- still showed no signs of improvement. mum in the statutes, and then advanced from In the second half year the crisis affected 34.13 per cent at the end of 1928 to 38.74 per agriculture most of all. The marketing of crops cent at the end of the past year. The Bank of proceeded rather slowly because the price of Poland continued to strengthen its gold reserve, grains was below the normal average. Conserealizing the advantages of a metallic cover. quently, it was difficult to pay back the ad- Under existing conditions, a central bank is vances which had been granted on the security strong in proportion as it holds its reserves in of crops. Purchases of articles intended for •gold. The reserve against bank notes held in improvements and for consumption declined, the form of foreign exchange is equivalent to and deposits came more slowly into the banks. gold from the theoretical and commercial The situation of the textile and copper indus- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

366 FEDEKAL RESERVE BULLETIN JUNE, 1930 tries was particularly difficult. The building while during the corresponding period of the industry, which had been assisted during the previous year 87 companies increased their year to a limited extent by Government funds, share capital in an aggregate amount of 113,was driven by the force of circumstances to 100,000 zlotys ($12,690,000). seek support from private short-term credit. The quotations of shares and securities with During the last two months of the year the pres- fixed yield on the Warsaw bourse declined. sure on the Bank of Poland moderated, which Because of the high cost of credit, bonds genmay be regarded as evidence of the shrinkage erally showed a declining tendency except for in production and general business activity. certain types such as the 10 per cent railway The short-term credit situation developed bonds and those issued by Government banks, under favorable conditions. The fear that, which did not fluctuate. Share quotations bebecause of the advance of money rates in came steadily worse. As a result of the de- New York and in the countries of western cline, the volume of transactions on the Warsaw Europe, the investments of foreign banks would bourse was considerably smaller in 1929 than be withdrawn to seek higher rates of interest during previous years. proved to be unfounded. Instead there was a The unfavorable position of the bourse in new inflow of capital both through the medium this country coincided with the general downof the banks and through commercial and ward trend in New York for securities with industrial enterprises. fixed yield. Polish bonds lost several points in The retarded increase of bank deposits, which comparison with 1928. The monthly average characterized the second half of 1928, showed no of the quotation of the 1920 6 per cent loan improvement in 1929. The effects of the busi- declined from 82.30 in January, 1929, to 75.84 ness depression made themselves felt during the in December; the 1925 8 per cent loan declined third quarter of the year and brought about some from 98.69 to 92.80; and the 7 per cent stabilizaincrease in the total volume of deposits, but this tion loan of the year 1927 from 87.93 to 81.97. tendency was not continued after October 1. As a result of the collapse of speculation on the The total volume of bank deposits rose from New York Stock Exchange, and the reduction 2,542,000,000 zlotys ($285,212,000) at the end of of interest rates in the United States, one may 1928 to 2,709,900,000 zlotys ($304,051,000) on expect some improvement in these quotations. September 30> 1929. The character of these Shares of the Bank of Poland continued to deposits underwent a change for the better. be one of the securities most in demand in this Demand deposits at the end of October country. Transactions in these shares were amounted to 42 per cent of the total as against 49 very active and represented about 40 per per cent at the end of 1928, while the proportion cent of the total volume of share turnover of savings deposits rose from 31 to 37 per cent, on the Warsaw bourse. In January the and that of time deposits from 20 to 21 per cent. quotation of shares of the Bank of Poland The growth of long-term credit was appre- fluctuated between 178 zlotys and 195 zlotys, ciably retarded during the year under review, during the next few months between 168 because the principal resources of the country-— zlotys and 158 zlotys, and during the second in particular, the special funds allocated to half of December the quotation rose to 180 economic development—were almost entirely zlotys. The second issue of shares of the exhausted during 1928. Bank of Poland amounting to 50,000,000 zlotys The slower growth of deposits checked the ($5,610,000) is held entirely by the Treasury. expansion of credit granted by the banks. Credit policy of the bank.—The high level of Whereas in 1928 during the first nine months the metallic reserves of the Bank of Poland the monthly average of short-term credits was enabled it to expand its credit operations in 82,500,000 zlotys ($9,257,000), it declined to 1929, particularly as regards agriculture, in 50,100,000 zlotys ($5,621,000) during the corre- spite of the unfavorable conditions of the sponding period of 1929. market. The registration of grain as security The economic situation and the position of for loans, which was only partly developed the money market were unfavorable to the ac- during 1928, was considerably expanded. The cumulation of capital funds and to the creation Bank of Poland granted credits of this characor to the increase of share capital of joint-stock ter through the agency of commercial banks in companies. The number of new companies the amount of 54,900,000 zlotys ($6,160,000), organized during the first half of the year was as compared with 15,600,000 zlotys ($1,750,000) 32, as compared with 38 for the corresponding in 1928. This new type of credit was inperiod of the year before. Fifty-seven com- cluded in the discount portfolio; at the end of. panies showed an increase of share capital in the year 65 per cent of the available credits had the amount of 99,700,000 zlotys ($11,186,000), been taken up. They were granted on the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1930 FEDERAL RESERVE BULLETIN 367 basis of 50 per cent of the value of the grain ($10,098,000) had not been entirely used, the whether threshed or not. Government, by agreement with the financial In May 1929, the directors of the Bank of adviser and the Bank of Poland, transferred Poland decided under the provisions of article the sum of 32,000,000 zlotys ($3,590,000) from 56 of the bank statutes to participate in the the funds intended for the purchase of silver establishment of a company for the purpose of to the fund allocated to the economic developbuilding grain elevators. The bank also granted ment of the country. As a result of this inspecial credits, through the agency of the Bank crease in available funds, it was possible to use of the National Economy, to milling concerns for 50,000,000 zlotys ($5,610,000) for the purchase the purpose of facilitating purchases of grain. of securities with fixed yield. The total of protested bills fluctuated between Profits of the bank/—Profits of the Bank of 3.75 per cent in January and 5.44 per cent in De- Poland for the year under review amounted to cember of the total volume of discounted bills. a total of 97,640,978 zlotys ($11,677,861), and At the beginning of the year the discount were 21.3 per cent larger than the profits for rate stood at 8 per cent, at which level it had 1928. This increase was due to the expansion been maintained since May 13, 1927. Efforts of the portfolio of bills and to the advance in to reduce this relatively high rate were un- the discount rate of the bank as well as to high successful throughout the year, owing to the rates of interest on foreign balances. The dearness of money in America and the increase dividend for 1929 was fixed at 20 per cent, 4 per in the rates of interest on European markets cent higher than that for 1928. Shares of the as a result of the flow of funds to America. second issue, inasmuch as they are the property Under these circumstances the authorities of of the Treasury, carry a dividend of only 10 per the Bank of Poland decided on April 19 to cent in accordance with the stabilization plan. raise the discount rate from 8 to 9 per cent and the rate on advances from 9 to 10 per cent. BALANCE SHEET OF THE BANK OF POLAND AS OF This decision was taken in the belief that a DECEMBER 31, 1929 moderate advance in the cost of credit would Zlotys (in Dollars 1 have a less harmful effect upon the economic thousands) ( s in a n t d h s o ) usituation of the country than a decline in the RESOURCES volume of available credit. When, in the course Gold reserve: Gold in vault 5?0, 965 58, 452 of the second part of the year, the reserves in Gold held abroad 179, 553 20, 146 gold and foreign exchange gradually increased 700, 517 78, 598 and an easier situation made itself felt in foreign Foreign exchange included in the reserve 418, 571 46.964 money markets, the Bank of Poland lowered 1, 119,088 1 125, 502 Foreign exchange not included in the reserve 107, 577 12,070 its discount rate on November 15 from 9 to 8% Polish silver and copper coin 159 18 per cent and the rate on advances from 10 to Bills discounted 704, 220 79,013 Advances on securities 76, 947 8,633 9% per cent. Advances to the Government ._ 25,000 2, 805 Securities 5, 856 657 The rate of discount on foreign bills originating Assets in which the surplus of the bank is invested 76, 880 8, 626 in export transactions not only was not advanced Assets of employees' pension fund 30, 798 3, 456 Bank premises 20. 000 2, 244 in April but was even lowered by one-half of 1 Bank participations: per cent from the levels formerly adopted. In printing offices for bank notes and securities 14, 800 1,661 The portfolio of securities with fixed yield In the Polish Wheat Elevator Co 638 72 purchased by the bank for its own account or 15,438 1, 732 Suspense accounts of branches and agencies 5, 683 638 for account of the reserve portfolio and the Miscellaneous assets 67,990 7, 628 portfolio of the pension fund for employees in- Total resources 2. 255. 636 253. 082 creased during the year by 15,600,000 zlotys LIABILITIES ($1,750,000). The bank, moreover, purchased Notes in circulation 1,340,263 150,378 Demand deposits: public securities for the account of funds allo- Treasury current account 269, 125 30,196 cated to the economic development of the S O i t l h v e e r r c p u u r r r c e h n a t s e a c a c c o c u o n u ts nt... _ 1 1 7 3 7 , , 4 C 0 O 4 O 19 1 , , 9 4 0 5 5 9 country and administered, in accordance with Government funds allocated to economic development — - 2,231 250 stabilization plan, by the Government, the Other demand liabilities. 6, 095 684 financial adviser, and the Bank of Poland. The 467. 855 52, 493 available balance of these funds, provided in Special Treasury account 76, 000 8,415 Capital -- 150,000 16, 830 the stabilization plan in the amount of 141,- Surplus 110,000 12, 342 300,000 zlotvs ($15,854,000), was 18,900,000 Employees' pension fund 30, 798 3,456 Reserve for costs of printing bank notes 3,750 421 zlotys ($2,121,000) at the beginning of 1929. Net profits --- 48,192 5, 407 Unearned discount on bills... 10, 635 1,193 Inasmuch as in the execution of the plan it was Miscellaneous suspense accounts 19,142 2.148 found that funds allocated to the purchase of Total liabilities 2, 255, 636 2o6,082 silver in the amount of 90,000,000 zlotys 1 Conversion at par: 1 zloty—$0.1122. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

368 FEDERAL RESERVE BULLETIN JUNE, 1930 ANNUAL REPORT OF THE NATIONAL BANK OF THE KINGDOM OF YUGOSLAVIA The annual report of the National Bank of of the State, which have formed the "blocked" the Kingdom of Yugoslavia for 1929 was sub- part of the circulation, will entirely disappear. mitted to the meeting of shareholders on March The total circulation will then consist of notes 9, 1930. Selections from the report are given issued for account of the bank's own credit herewith:l operations. Up to the end of 1929, the aggregate reduction in the volume of notes issued for Change of name of bank.—By the law of account of the State is 510,963,554 dinars October 3, 1929, this country was given the ($8,992,959). name "Kingdom of Yugoslavia" in recognition Of the credit extended by the bank to the of the achievement of State and national unity, Government (under authority of clause 12 of which His Majesty the King had announced on the bank law) for the creation of working January 6 to be the purpose of the present capital in the amount of 1,000,000,000 dinars Government. In consequence the name of the ($17,600,000), the State drew another tranche bank had to be changed in conformity with the of^ 32,500,000 dinars ($572,000) last year, new law, so that the former "National Bank bringing the account up to 998,855,034 dinars of the Kingdom of the Serbs, Croats, and ($17,579,849). This account, however, can Slovenes" becomes "The National Bank of the not be considered as "blocked/7 nor can the Kingdom of Yugoslavia." issue of notes representing it be regarded as in Business with the State.—Liquidation of the circulation throughout the year, for if all Gov- State debt to the bank, as provided for in the ernment revenues accruing to the bank were bank law and by agreement with the Governdeducted from the sum mentioned above, the ment, was continued satisfactorily during the account would be only about 600,000,000 dinars past year. The amount of the debt outstanding ($10,560,000), and would reach the larger figure on the account "State debt without interest only at month ends, when the State settles its on crown notes" was reduced from 1,007,429,monthly accounts. This account bears interest 595 dinars ($17,730,761) on December 31, at 1 per cent, but in reckoning the interest, all 1928, to 948,330,056 dinars ($16,690,609) on sums included in the Government credit at the December 31, 1929—a reduction of 59,099,539 bank are taken into consideration, as indicated dinars ($1,040,152). Bank notes in the same by the amount of income representing interest amount, which had been issued on account of on that credit in the profjt-and-loss account. the Government, were accordingly withdrawn from circulation. In addition, the two accounts The permanent noninterest-bearing debt of temporary exchange2 of the Ministry of of the State to the bank, amounting to 2,000,- Finance, w^hich have been combined on the 000,000 dinars ($35,200,000) and authorized 1929 end-of-year balance sheet, were reduced by clause 10 of the provisional regulations of from 227,824,926 dinars ($4,009,719) to 205,- the bank law, again remained unchanged during 899,693 dinars ($3,623,835)—a reduction of the past year. This debt, in accordance with 21,925,233 dinars ($385,884). This repayment these regulations, must be repaid to the bank also represented a corresponding withdrawal on April 19, 1931, and all bank notes issued on of bank notes from circulation. Thus the total its account must be withdrawn from circulareduction during the past year of the State tion. The method of payment is prescribed in debt to the bank, and accordingly of notes in amendments to the bank law and statutes, circulation which had been issued on behalf which were adopted at the extraordinary of the State, amounted to 81,024,772 dinars meeting in 1928,3 and will become effective ($1,426,036). when the law respecting the stabilization of the dinar has been passed. It is evident that the unification of the note On debts dating from previous years, which circulation, through the withdrawal of notes the Ministry of Finance has undertaken to issued on behalf of the State at the time when repay—namely, the secured loan to the Ministry the bank law was passed, is making steady of Posts and Telegraph, the debt of the Minisprogress. This gradual withdrawal will wipe try of Social Policy, and the debt of the Agriout these accounts; and notes issued on behalf cultural Society at Zagreb, aggregating 87,766,- 182 dinars ($1,544,685)—repayment has been 1 Taken with some textual revision from the official English version published by the bank. In addition to the passages included here, the made thus far in the amount of 28,068,684 report deals with agriculture, industry, and foreign trade, and presents tables showing the operations of the bank in detail. For eariier reports dinars ($494,009), leaving 59,697,498 dinars see FEDERAL RESERVE BULLETIN, Jiuy, 1929, June, 1928, July, 1927, June, 1926, etc. 2 Of gold, silver, and foreign funds of the State for notes of the bank. 3 See annual report of the bank for 1928, in FEDERAL RESERVE BUL- [Ed.l LETIN, July, 1929, p. 497. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

369 JUNE, 1930 FEDERAL RESERVE BULLETIN ($1,050,676) still outstanding. The State the lack of precise information regarding credit budget for the fiscal year 1930-31 has allocated requirements and available capital. Such funds a sum of 8,500,000 dinars ($149,600) toward as are available seek short-term and safe emits amortization. ployment, whereas there is acute need for long- Policy in respect to foreign bills.—During the term capital, either for investment or for the past year, as in previous years, the National funding of short-term loans. Special diffi- Bank carried out its policy in respect to foreign culties also arise from the fact that in this bills in agreement with the Ministry of Finance transitional period long-term investments do in such a way as to maintain stability of the not offer that assurance of payment at maturity dinar, and to maintain convertibility of its which capital rightly demands. notes into foreign exchange. The bank was The absence of a land survey throughout able throughout the year to meet all demands the whole of pre-war Serbia and Montenegro for foreign exchange and still to have on hand has likewise created obstacles to mortgage a reserve of 1,633,508,211 dinars in foreign bills. business, and without mortgage credit large- Mention should be made in this connection scale improvements are practically impossible. of the important change (of ministries) on Townspeople, it is true, can get mortgage January 6, 1929, which was of great assistance loans on some terms or other; but peasants in establishing order in the country and in can get them only with difficulty, if at all. strengthening confidence in the stability of the There are very few genuine short-term loans dinar. During the year the last remaining of 92 days in this country; there are more of problem in connection with war debts was nine months to a year. Such bills may be satisfactorily settled with the French Govern- exceedingly good discount material, for being ment. The question of reparations also was commercial bills they are liquid in character settled advantageously to this country. even though their maturity is longer than that The solution of all these questions completed prescribed by the bank law. The question of the preliminaries necessary for stabilizing the the length of maturity is one of the chief difficurrency and provided a firm basis for stabili- culties in arranging discounts with the National zation. One grave problem in the matter of Bank. In order of liquidity, bills drawn by pre-war debts still remains to be solved, but is domestic industries stand first; then come to be disposed of during the present year. Its exporters' bills, not for three months, but for solution will mark the end of the series of six or nine; finally come the bills of other merobstacles which have heretofore prevented chants. This last group, however, does not financial stabilization. include wholesale merchants, who make every During the year there were some occasions effort to maintain the bills which they rediswhen the stability of the dinar seemed to be count at the bank liquid and of short maturity. threatened, and it was even made the object The National Bank in formulating its discount of attack from certain quarters; its value, how- policy has tried to furnish capital cheaply ever, remained unimpaired. wherever there was actual need, whether the It is worth while to state once again that the borrowers were large capitalists or not, so long question of the value of the dinar is settled, and as they were reputable and serious business men that the stabilization law, when introduced, and their work contributed to the economic will establish de jure the value at which it has welfare of the country. been de facto stabilized for almost five years. Industry, trade, and the large farmers Legal stabilization therefore will make no throughout the country have drawn upon the change in either the economic or financial condi- National Bank and the commercial banks. tions of the country—a fact which the Minister To serve the craftsmen of the country the of Finance has emphasized on several occasions. Crafts Bank was established. Small farmers When the Koyal Government undertakes have their cooperatives, the Management of legal stabilization of the dinar, the bank, under Agricultural Credit, and smaller banks. But, the agreement with the Government contained inasmuch as the first two were inadequate, in the amendments to the bank law and stat- and as small banks and private lenders charged utes, will take over the technical execution of far too high rates for their loans, the peasants— the stabilization plan. The Government will who constitute the largest group in the nation then be able to fulfill the obligations which it and whose need of credit is the greatest— has assumed, as successfully as it has hereto- were unable to obtain credit facilities organfore performed its duty of maintaining stability. ized on modern lines. The National Bank The money market.—Difficulties in connec- could not itself make direct grants of credit to tion with granting credit still persist, owing to the peasants. In order to meet this need the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

370 FEDERAL RESERVE BULLETIN JUNE, 1930 Koyal Government, on the initiative of His prevent the reduction of interest rates in small Majesty the King, and with the assistance of places on the excuse that money is dear and the National Bank, the State Mortgage Bank, that they can not afford to lend at lower rates. the Postal Savings Bank, and other credit Interest paid on savings deposits is still institutions, undertook the foundation of a high—from 6 to 10 per cent and even 12 per large bank intended exclusively for peasants— cent. Competition for deposits in small towns the Privileged Agrarian Bank—with an initial which have a number of banks still continues, capital of 700,000,000 dinars ($12,320,000), to and tends to keep rates high. Heavy taxes be increased as necessary. In a previous re- imposed both by the central and the local port we stated that as soon as an agricultural governments are another factor in maintaining bank should be founded the National Bank money costs at a high level. As a result, would be able to place a large part of its re- large enterprises which could be operated at a sources in agricultural bills. Hence the peas- profit under favorable credit conditions are ants will now be able to obtain loans with gradually passing into the hands of foreigners, convenient maturities according to their needs. to whom cheap money is available. Thus our Interest rates.—The rates of interest at the enterprises are losing their national character, National Bank throughout the year were 6 per while our citizens are faced with unemployment cent for discounts and 8 per cent for loans on or less remunerative work. securities. The total volume of bills dis- The control over bank credit exercised by counted with the National Bank was between the National Bank is inadequate to prevent 1,500,000,000 and 1,600,000,000 dinars ($26,- all the measures used to maintain unduly high 400,000 and $28,160,000), whereas the total terms for credit. At the meetings of the board credit operations of the country amounted to of directors two plans have been suggested— 12,500,000,000 dinars ($220,000,000). Thus first, that the National Bank should refuse to about 11,000,000,000 dinars ($193,600,000) were extent its credit facilities to any bank which lent by private banks at rates of interest far in charges excessive rates; second, that a maxiexcess of those charged by the National Bank. mum rate of interest should be fixed by law, as This country is one of those in which interest was attempted in Serbia before the war, and rates are abnormally high, and it is regrettably as is done in almost all countries. true that the poorest classes pay the highest The National Bank has opposed these rates. In respect to interest rates, the country measures in the belief, first, that this matter may be divided into three parts—Slovenia, can not be regulated by law; and, second, that where rates are lowest and do not differ greatly curtailment of credits to the small banks from official rates, owing to the excellent organ- would achieve results quite the reverse of those ization of savings banks; the large towns of intended. The National Bank has urged that Croatia and Serbia, where the rates may be as excessively high rates should be prevented high as 14 per cent; and the rest of the Kingdom, through agreements among the large banks as where rates move from 14 per cent upward. to rates charged on loans and paid on deposits; Earlier reports have described the measures and through bank amalgamations wherever taken to bring about a reduction in rates. they would promote economy of operation or Partly as a result of these measures, partly as greater efficiency. By this means capital a result of economic progress, some reduction of drawn from all parts of the country would be excessive rates has been effected at least in the concentrated in powerful banks in the larger large cities, but in small towns they are still banking centers. Only such banks can comfar too high. Large enterprises can obtain mand confidence, or offer depositors adequate credit cheaply, but all other merchants and guarantees, or aid in developing the productive business men pay high rates. power and economic strength of the country— Although the large banks complain that especially through reduction of excessive they have considerable amounts of cash w^hich interest rates. The National Bank must conthey are unable to place, and which, for this tinue to work along this line, and demand the reason, add to their current expenses, they still creation, through agreement among the large charge through their branches the same high banks, of a private discount rate which would rates as are charged by the small banks accord- be in harmony with the official rate. Such ing to local conditions. The large banks an agreement would furnish a basis for determake no distinction between rates to customers mining what rates were fair and what were who use the borrowed funds directly in their excessive. Cooperation between the large business and rates to small banks which use banks and the National Bank in respect to the borrowed funds for relending. Thus they discount operations is very desirable. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1930 FEDERAL RESERVE BULLETIN 371 I Reduction of excessive interest rates can BALANCE SHEET OF THE NATIONAL BANK OF THE also be effected through the creation of large KINGDOM OF YUGOSLAVIA AS OF DECEMBER 31, 1929—Continued city savings banks and other institutions for that purpose—of which Slovenia furnishes an excellent example. City savings banks, Dinars (in however, should not be allowed to undertake thousands) for account of municipalities any business other than discount and treasury operations, and should under no circumstances assume Notes in circulation: the financing of municipal budgets or municipal Permanent dinar notes.. 5,550,402 : 97,687 Dinar notes 258,315 ! 4,546 enterprises. Societies for mutual assistance Dinar-crown notes 9,249 | 163 and cooperative savings institutions in small 5,817, 966 102, 396 towns would enable their members to obtain Liabilities on current and various accounts: loans at lower rates than they are now forced On current accounts 1,250,062 22,001 On various accounts 160, 829 2,831 to pa}^ at the banks. 1,410, 891 24, 832 BALANCE SHEET OF THE NATIONAL BANK OF THE Credits of State: KINGDOM OF YUGOSLAVIA AS OF DECEMBER 31, On account of temporary exchange in various 1929 moneys.. _ 205, 900 3,624 On various accounts 99, 641 1,754 305,541 5,378 I Dinars ((in ! Capital; fixed at 50,000,000 in minted gold; paid h d )/ ^ up on this head: i thousands) In minted gold 10, 000 176 In bank notes __ 20,000 352 30,000 528 RESOURCES Metallic reserve: Bank reserve funds: Gold 2 95,470 2 1, 680 Surplus.._ 12,011 i 211 Silver •_. 2 17, 579 2 309 F F u u n n d d f fo o r r p su u p rc p h le a m se e o n f t i g n o g l d d i f v o i r d c e a n p d i s tal 8 3 3 7 , , 0 6 5 8 6 5 i i 1,4 6 6 6 2 3 2 113,049 ; 2 1, 990 Depreciation reserve 25,642 i 451 Fund for building warehouses 3,024 i 53 Foreign exchange: ! i Fund for assisting agriculture . 468 ; 8 In treasuries. | 2 1,311 , 2 23 Fund for assisting agricultural literature 310; 5 Deposited with correspondents abroad ; 2 266, 620 2 4, 693 162, 195 i 2. 855 2 267, 931 ; 2 4, 716 Pension fund of employees of bank ! 29,352 ! 517 Total reserves 2 380, 979 i 2 6, 705 Bonuses j 4,504 ) Cash in nickel coins,. 23.202 ; 408 Unpaid dividends . 505 ! Net year's profit for division among shareholders.. 28,224 ! Loans: \ On bills at ordinary discount 1,287,529 j 22, 661 Total liabilities exclusive of contra accounts^ 7, 789,179 137,090 On pledge of securities 230,120 '. 4,050 Contra accounts: , To owners of goods in safe keeping 40, 244 708 1,517,649 i 26,711 To owners of deposits on various accounts, and guarantees 5, 208, 666 91,673 State debt on account of— State credit for pledged domains : 2,138,377 37, 635 Purchase of crowns 985,619 I 17,347 To Ministry of Finance on account of metal ! Plus cost of printing notes 5,047 j 89 money deposits 30, 335 534 Less State share in profit of bank. 42,336 ! 745 Total liabilities . 15,206,801 267, 640 948,330 ; 16, 691 Temporary exchange 205,900 ' 3, 624 i Conversion at $0.0176, the rate at which de facto stabilization of the Regular credit of 1,000,000,000 dinars. 998,855 • 17, 580 dinar has been maintained for nearly five years. On the balance sheet Extraordinary credit 2,000,000 ' 35, 200 however, the bank carries the reserves at a "conventional" rate, based in general upon the pre-war parities of the dinar ($0,193) and of other 4.153,085 73,094 currencies. The actual situation of the reserves, as revalued by the bank in terms of the current dinar, is as follows: Securities held for account of bank's reserve funds: Surplus __. 12,010 211 Fund for supplementing dividends._ - 32,437 571 I "Con- Current Depreciation reserve 17,186 302 I ven- dinars as Fund for building warehouses 3,023 53 ! tional" revalued Dollars Fund for assisting agriculture 467 i or pre- by the (in thou- Fund for assisting agricultural literature 309 I war bank sands) I dinars (in thou- 65,432 1,152 ! (in thou- sands) Pension fund of employees of the bank 29,339 516 sands) Bank premises: Head office and branches.. 83,919 1,477 Bank-note printing works 41, 575 732 Metallic reserve: ' ! Furniture and equipment. _ 2,789 49 Gold ' 95,470 1,043,564 , 18,367 Difference on rate of exchange of foreign bills Silver : 17,579 , 59,921 1.055 chased 1,491, 209 26,245 113,049: 1103,485 19,421 Total resources, exclusive of contra ac- Foreign exchange: counts 7, 789,179 137,090 In treasuries 1,311 9 273 163 Contra accounts: Deposited with correspondents Deposits for safe keeping 40, 244 708 266, 620! 1414.073 24888 D V e a p lu o e s i o t f s S o t n a v te a r d i o o m us a a in c s c o p u le n d ts g , e a d n f d o r g n ua o r te a n is te su es e . . 5 2 , , 1 2 3 0 8 8, , 3 6 7 6 7 6 9 3 1 7 , , 6 6 7 3 3 5 267,9311 1423, 346 25,051 Deposit of coined money 534 Total reserves. 380,979i 2,526,830 44472 Total resources.. 15, 206,801 267, 640 2 Conventional value. For actual values see note 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

372 FEDERAL RESERVE BULLETIN JUNE, 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, 1929, p. 396] Month Ar- Aus- Bel- B z r i a l - C ad an a - E ld ng- j m G a e n r- y d In ia - N la e e n r t d - h s - R s u ia s- Spain S l z a w e n r d i - t- o c t o r t 2 h i u e 8 e n s r - 1929—April 10,048 3,8 569 110 134 j 150 762 ! 1,403 451 270 542 174 92 494 95 708 May 10,116 ! 3,931 ! 560 106 134 151 ' 795 I 1,435 420 128 270 ! 542 176 93 494 96 708 June. I 10,132 | 3,956 : 524 108 139 151 - 780 | 1,436 455 128 271 542 176 93 494 96 706 July ! 10,150 j 3,974 513 111 141 151 694 i 1,462 512 128 271 I 541 181 103 495 98 699 August I 10,233 3,995 i 507 111133 1.4„1 ! 151 670 ! 1,526 520 128 271 541 178 119 495 98 703 September...! 10,260 4,008 i 496 114 ! 142 151 648 I 1,545 527 128 272 i 541 178 132 495 103 704 October | 10,292 j 4,023 476 109 | 143 151 643 1,570 531 128 272 | 541 178 142 495 103 708 November..-! 10,296 i 4,003 ; 451 97 i 151 151 659 j 1,600 534 128 273 : 542 180 142 495 105 708 December...: 10,290 j 3,900 , 434 89 i 163 150 711 ! 1,633 544 128 273 ! 542 180 147 495 115 708 1930—January ! 10,356 3,921 445 88 | 164 139 732 1,683 547 128 273 520 177 147 495 108 711 February....! 30,429 ! 3,988 : 448 124 | 164 127 78 i 740 1,680 582 128 273 477 176 150 476 108 710 March | "10,500 j 4,061 i 126 ] 164 127 79 I 759 1,668 595 128 274 ! 453 174 156 476 108 »708 April ;Pl0,567 j 4,131 109 • 164 90 i | 795 1,659 611 128 274 ; 443 174 167 477 112 P710 May __j ! H, 156 | Pl,717 P617 177 , v Preliminary, based on latest available figures. * Figures for gold held in the Government conversion fund are as of the last day of the month instead of the last Wednesday, as previously. NOTE.—Table covers all countries for which satisfactory figures are available; see BULLETIN for April (p. 170), where separate figures for the 44 countries are given by years back to 1913. For the 16 countries here shown separately—all of which have held gold in recent years to the amount of $90,000,000 or more—the figures are for central banks only except as follows: United States—Treasury and Federal reserve banks; Argentina— Government conversion fund and Bank of the Nation; Brazil—Bank of Brazil and Government stabilization fund; Canada—Government reserve against Dominion notes and savings-bank deposits, and gold deposits of chartered banks in the central reserve; India—currency and gold standard reserves of Government; Japan—domestic holdings of Bank of Japan and Government. GOLD MOVEMENTS [In thousands of dollars] United States Germany Great Britain Netherlands South Africa India Month p I o m rt - s S ! p E o x rt - s ™ : pms p E o x rt - s JNN rpeft j p I o m r - ts p E o x rt - s N , i ! p I o m r - t s ; j p E o x r - ts Net Net Net 1929—February 26,913! 1,425 25,488 1,338 764 574 12,347 21,383 —9,036, 181: 6 175 -17, 848 7,700 March 26,470! 1,635 24,835 1, 701 804 7,746 17,987 j 133 14,320-14,187 -21, 542 13,063 April 24,687! 1,594 23,093 1, 768 223, 247 -221,480! 16', 144 3,714 12,430! 165 2 163 -15,871 6,580 May 24,0981 467 23, 630 1, 946 781 1,165! 28,284 4,652 23,632! 4,338 23 4,315 -17,975 6,076 June 30,762' 550 30, 212, 7, 493 681 6,812: 21,085 40,001-18,917; 190; 17 173 -22,625 3, 596 July 35,5251 807 34, 718 48, 728 716 48,012! 22,578 100,479-77,901: 129i 8 121 -14,816 4,164 August 19,271: 881 18, 390 27, 728 879 26,849 j 17,226 59, 278 -42, 052: 103! 2, 522 -2,419 -20,981 2,771 September 18, 781 i 1,205 17, 576 9,939 851 9, 088 18, 301 41,283-22, 982! 116! 17 '99 -15,375 3,390 October 21,321! 3,805 17, 516 4, 624 1, 002 3,622' 28,591 26,794 1,796; 177 12 166 -15,812 3,146 November 7,123 30,289 -23,166' 5, 093 919 4,174 i 36,249 27,844 8,405: 107: 15 92 -20, 922 4,408 December 8,12lj 72,547 -64,426 11,096 806 10,290, 65,343 16,439, 48,903, 297, 17 280 -18, 220 4,603 1930—January 12,9081 8,948 3,960; 5,052 629 4,423 41,702 16,102 25,600! 248' 3,224 -2,975 -17,808 5,370 February 60,198! 207 59,991 38, 252 687 37,565 38,961 34,074 4,886, 80 1,026 -946 -20,786 3,844 March 55, 7681 290 55,478 15,119 769 14, 350 38, 258 12,826 25,432! 89; 10 79 -13,777 3,473 April 65,835! 110 65, 725 18,670 703 17,967, 42,741 14,828 27,913, 81 21 60 -18,134 MOVEMENTS TO AND FROM GREAT BRITAIN MOVEMENTS TO AND FROM BRITISH INDIA fin thousands of dollars] [In thousands of dollars] 1930 I April 1 January-April Calendar year January-Feb- From or to— j From or to— February Im- Ex- Im- Ex- Im- ; Exports ports ports ports ports i ports ; Im- Ex- Im- j Ex- Im- Exi ports ports ports I ports ports ports France- 64 1,044 982 ! 12,385 2,066 1 162,527 Germany 9,827 7 | 48,517 3,203 j 92,991 England -! 4C8 1,731 10,461 Netherlands ! 21 , 301 14,382 , 2,006 United States j 22 Spain and Canaries, j 86 19,466 ' 96 4 '• 359 Aden and dependen- Switzerland 2, 684 3, 516 J 10,781 cies : 59 161 1,015 United States ' 282 | ! 283 23,090 i 61,293 Arabia ! 35 67 1, 287 South America ! 409 113,499! 49 39,129 ' British Oceania | 1,805 3, G65 7,701 British India I | 910 ' . 3,125 , 10,320 Bahrein Islands j 10 13 119 Australia _..i 29,444 i '• 59,329 24,603 Ceylon j 913 923 4,151 1 New Zealand 37 2,433 L._ China.. 58 188 Egypt i 6 : 3,786 Mesopotamia 191 385 2, (ji3 Rhodesia 430 1,607 ; 4,641 ! Straits Settlements.. 113 19 ~28 Transvaal 11, 614 64,769 ! 184,954 : Egypt 178 560 0,867 West Africa 390 1,516 , 5 4,216 ! 8 Natal 123 1,540 29,595 All other countries.. 255 168 ! 9,827 1,003 i 33,434 All other countries.. 20f> 19 Total.... 42, 741 14,828 i 161, 664 j 77,829303,725 ' 377,505 Total I 3,844 9,217 4 - til, 275 48 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

373 Jl'NE, 1930 FEDERAL RESERVE BULLETIN CONDITION OF CENTRAL BANKS [Figures are for the last report date of month] 1930 1929 1930 1929 April March Febru- April April March [ Febru- April i ary •. J Bank of England (millions of pounds National Bank of Belgium (millions j sterling): ofbelgas): Issue department- Gold i 1,1S3 1,181 1,179 : 962 Gold coin and bullion 163.3 155.1 151.3 156. 0 P"oreign bills and balances in gold.1 015 545 548 456 Notes issued ... 423. 3 415.1 411.3 416.0 Domestic and foreign bills ; 829 837 80S ; 764 Banking department- Loans to State ._' 309 309 309 345 Gold and silver coin .9 .9 .7 .5 Note circulation : 2, 877 2, 790 2, 798 2,431 Bank notes 64. 5 62.8 64.5 58.8 Deposits 105 128 99 ! 123 Government securities 59. 2 44.8 34.4 44.3 Other securities 10. 0 13.3 12.9 15. 6 Bank of Brazil (millions of milreis): ; Discounts and advances 0.8 6.1 4.7 11.0 Gold 407 Public deposits.. 21.0 18.8 12.0 IS. 3 Currency 725 Bankers' deposits.._ 06.2 54.9 50.7 58. 4 Correspondents abroad 412 Other deposits 36. 6 35. 9 36.2 35.7 Loans and discounts 1,196 Reserve ratio l (per cent) 58.1 65.9 52.7 Securities 147 Bank notes in circulation J 358. £ 352. 3 346.8 357.3 Note circulation 592 Deposits.. 1, 511 Bank of France (millions of francs): National Bank of Bulgaria (millions Gold __ 42, 351 42, 557 42,855 35, 788 of leva): Sight balances abroad I 6,902 6,920 6,956 ; 8, 544 Gold Foreign bills.... I 18,736 18, 746 18,738 i 18, 539 Net foreign exchange Loans and discounts '. 8, 296 8, 943 7,987 : 8,737 , Total foreign exchange Negotiable bonds. 5, 395 5,396 5, 453 5,930 j Loans and discounts Note circulation. 70, 770 70,826 71,116 ' 02,848 Government obligations Public deposits. . 6, 554 6, 802 8,767 '• 11,876 | Note circulation Other deposits... 7, 997 8, 719 7,136 j 7,283 I Other sight liabilities Central Bank of Chile (millions of German Reichsbank (millions of j pesos): rei G R G c e h o o s l l s d d e m rv a r a e b e r s s k r e o s r i ) a n v : d e f oreign exchange \ j I I 2,4 3 1 1 2 5 6 7 0 2, 3 1 3 8 5 4 7 0 6 2,2 3 1 9 8 5 4 4 0 1,7 1 1 9 7 9 9 3 N D L G o o o e a p l t d e n o s s c a i i t a t r s n c h d u a o b l m d a r t i e o i s o a c d n ounts D Lo e a p n o s s i a ts n d discounts i 2,1 5 5 3 2 7 2, 4 2 5 6 7 9 2,2 4 8 6 8 9 3,1 5 8 85 9 ! I • Deposits Reichsmarks in circulation | 4, 664 I 4,806 4,722 4,631 liBank of the Republic of Colombia j Rentenmarks in circulation I 380 382 384 498 !' (thousands of pesos): Gold at home 20, 553 I 21, 315 :25, 596 Bank of Italy (millions of lire): Gold abroad 9, 872 ' 9,477 i20,147 Gold at home j 5, 204 5,202 5,190 ! 5,125 Loans and discounts 17,016 17,689 i 15, 273 Credits and balances abroad ! 5,026 4,858 ! 4,855 i A, 879 Note circulation 31,573 j 33,241 ; 48, 302 Loans and discounts I 4, 359 4,379 | 4,614 ! 5,523 Deposits. 5,532 ' 6,573 ' 9, 596 Total note circulation 10,062 16,322 '. 16,095 ! 16, 274 Czechoslovak National Bank (mil- Public deposits 300 300 i 300 300 lions of Czechoslovak crowns): ! Other deposits 1, 514 1,436 ! 1,663 ! 1, 844 Gold | 1,262 1,262 1.158 Foreign balances and currency...) 1,907 1,980 : 1. 688 Bank of Japan (millions of yen): Loans and advances | 639 i 292 653 Gold 895 912 *965 : 1, 064 Assets of banking office in liqui- j Advances and discounts 749 755 8 755 792 dation ' 352 ' 354 411 Government bonds 85 131 » 144 175 Note circulation 7,011 , 6,838 7,133 Notes issued 1, 186 1,270 3 1, 277 1, 217 Deposits 417 395 466 Total deposits 693 706 • 733 789 Danish National Bank (millions of kroner) : Commonwealth Bank of Australia j Gold 172 172 173 (thousands of pounds sterling): : Foreign bills, etc 101 128 89 Issue department- Loans and discounts 77 79 Gold coin and bullion 22,493 25,993 I 25,379 22, 578 Note circulation 356 : 352 359 Securities 5,190 6,191 i 9,769 20,340; Deposits.. 31 : 29 33 Banking department— M Co o i n n e , y b u a l t l i s o h n o , r a t n c d a l c l as in h Lon- i 2,215 2, t,00 ! 1, 345 ; 1, 728 Bja z n ig k g o u f ld D e a n n ) z : ig (thousands of Dan- Lo d a o n n s and discounts I 13 6 , , 3 2 5 6 0 1 1 5 4 , , 1 6 0 3 0 7 ! i 1 4 5 , , 3 4 5 83 1 ! | 1 11 5 , , 4 7 6 3 0 3 • B Fo a r l e a i n g c n e s b w ill i s t , h e B tc ank of England . ' 1 9 5 , , 4 3 7 4 2 7 ! ! 1 1 3 4 , , 3 5 2 0 8 2 1 16 3 , , 4 0 0 3 7 2 Securities i 21, 208 20,308 : 17,208 : 11,448 ' Loans and discounts 21,812 j 20,155 24, 228 Bank D e n p o o te si s t s i n circulation. _i | 4 3 1 9 , , 9 7 8 9 0 7 4 37 2 , , 7 0 2 1 7 9 i i 3 3 7 8 , , 6 3 4 4 8 8 i 3 3 9 8 , , 6 8 4 4 9 1 , N D o ep te o c s i i r t c s u .. lation 3 T 6 1 , , 6 6 6 2 1 2 ! i 1 3 , 6 6 , 9 04 6 5 37 2 , , 1 4 0 0 7 2 Bank of Estonia (thousands of j Austrian National Bank (millions of i krones): schillings): I Gold 477 ! 6,461 C,450 6, 271 Gold. ! 169 169 I 169 ! 169 Net foreign exchange. 18,109 i 19,800 18,134 19, 803 Foreign exchange of the reserve.. j 231 221 ! 204 , 197 Loans and discounts 28,268 ;28, 336 28,202 30, 048 Other foreign exchange ! 365 336 315 [ 346 Note circulation 32, 327 '33,169 33,322 34, 728 Domestic bills | 146 166 234 207 Deposits- Government debt i 102 108 i 109 110 Government 11,439 13,948 9,289 12,044 Note circulation. _ I 982 980 : 974 ! 995 Bankers 3,302 ! 3,472 5,112 3, 705 Deposits _. 36 26 . 59 : 38 Other 1,584 1 1,849 1,4S0 2,702 1 Ratio of gold and notes in banking department to deposit liabilities. *• Revised. 3 Notes issued, less amounts heJd in banking department and in currency note account. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

374 FEDEKAL RESERVE BULLETIN JUNE, 1930 CONDITION OF CENTRAL BANKS—Continued [Figures are for the last report date of month] 1930 1929 1930 1929 Febru- Febru- April March ary April April March ary April 1 Bank of Finland (millions of Fin- Bank of Poland (millions of zlotys): nish marks): Gold at home. 483 483 521 ! 428. Gold _ 304 301 302 Gold abroad 219 219 180 ! 195 Balances abroad and foreign Foreign exchange of the reserve.. 298 325 360 i 483 credits 946 933 739 661 Other foreign exchange 112 116 100 i 94 Foreign bills 122 85 16 8 Loans and discounts 669 697 739 j 78a Domestic bills 916 1,130 1,223 1,323 Note circulation 1,326 1,324 1,282 ! 1,274 Note circulation 1,440 1,447 1,369 1, 556 Current account of the treasury.. 127 162 290 i 338 Demand liabilities 237 395 342 217 Other current accounts 174 ••175 166 153 Bank of Greece (millions of drach- Bank of Portugal (millions of escumas): dos): Gold 621 627 64S I 570 Gold 9 Net foreign exchange in reserve. . 2,716 2,768 2,537 3,470 Balances abroad 168 165 275 ; 314 Total foreign exchange 3,424 3,749 3,739 4,893 Bills 329 336 359 ! 278 Loans and discounts 233 i 295 340 | 108 Note circulation 1,879 1,906 | .,798 Government obligations 3,489 ! 3,513 3,513 I 3,656 Deposits 62 59 77: 70 Note circulation _ 4,991 I 4,890 4,842 ! 5,617 Other sight liabilities 1,525 !1,950 1,874 I 1,856 National Bank of Rumania (millions of lei): National Bank of Hungary (mil- Gold at home _ 5,346 5,331 5,307 5,049 lions of pengos): Gold abroad 3,919 3,919 3,919 3,592 Gold _._ _ 163 163 163 177 Foreign exchange of the reserve.. 2,154 2,353 3,610 2,520 Foreign bills, etc 10 8 25 33 Other foreign exchange 41 18 22 387 Loans and discounts 248 225 227 370 Loans and discounts 10, 398 10, 605 9, 661 9,427 Advances to treasury 83 83 83 92 State debt 3,797 3,797 5,197 7,672 Other assets. _ 58 72 93 59 Note circulation 19, 254 19, 708 19, 518 19,968 Note circulation. _ 464 431 441 485 Deposits 7,944 8,210 8,487 6,560 Deposits 25 46 77 154 State Bank of Russia (thousands of Miscellaneous liabilities 47 46 46 chervontsi): Loans and discounts.. 509,965 358, 798 Bank of Java (millions of florins): I Deposits 311,114 197, 325 F N G D L o o o o e r a p l t e e d n o i . s g s c n i i a t r s n c b d u i l l d l a s i t s . i . c o o n u . n __ ts _. 1 3 6 3 7 4 9 2 1 6 3 7 3 3 3 7 0 1 9 2 1 3 7 3 7 3 2 5 1 9 9 3 1 8 3 0 2 67 0 6 0 7 ; I j Issue N G F O o o o t d h r l t e e d e e p i r g a c n p i r r t r c m e e u x c e l c i a n o h t u t a i — s o n n g m e etals _. 1 2 5 9 3 6 3 , , , ,5 2 0 81 8 9 8 3 0 8 0 I 1 1 1 9 4 7 5 , , , , 1 4 3 9 7 5 7 7 0 0 5 2 Bank of Latvia (millions of lats): South African Reserve Bank (thou- I Gold ._ 24 24 sands of pounds sterling): Foreign exchange reserve 53 57 Gold 7,529 7,315 7,680 8,049 Bills 91 86 Foreign bills 6,170 6, 633 6, 237 7,706 Loans. 56 54 Domestic bills 1,575 1,211 I 2,333 1,431 Note circulation 48 45 Note circulation 7,726 8,436 j 9,032 8,755 Government deposits 107 105 Deposits- Other deposits 71 Government 2,462 2,450 i 2,573 2,392 Bankers 4,739 4,737 I 4,8'0 5,140 Bank of Lithuania (millions of litas): ! Others 129 393 ! 250 311 Gold I 35 35 Bank of Spain (millions of pesetas): Foreign currency ! 74 81 Gold 2,469 2,468 32,467 2, 560 Loans and discounts j 94 90 Silver _ 714 716 3 714 720 Note circulation j 102 101 Balances abroad 38 34 3 185 96 Deposits _ i 94 Loans and discounts 1,890 2, 018 32,041 1, 719 Note circulation 4,395 4, 365 34,431 4, 258 Netherlands Bank (millions of I Deposits 834 833 3 889 1,070 florins): ! Gold _ I 432! 432 437 Bank of Sweden (millions of kronor): Foreign bills. _ I 213 I 204 201 Gold.... 243 244 ! 244 235 Loans ami discounts _ .! 145 j 171 130 296 Foreign bills, etc , 356 262 I 234 186 Note circulation. _ ! 829 | 837 782 840 Loans and discounts 201 302 298 ! 364 Deposits | 18 ; 13 23 27 Note circulation _ I 545 575 ! 534 I 518 Deposits | 183 159 | 166 188 Bank of Norway (millions of kroner): Swiss National Bank (millions of Gold 147 147 147 147 francs): Foreign balances and bills 35 29 27 56 Gold.... 561 ! 561 | 493 Domestic credits 240 241 233 273 Foreign balances and bills. 335 ! 344 | 247 Note circulation. 310 305 297 308 Loans and discounts 119 j 120 j 201 Foreign deposits. 2 2 2 1 Note circulation 918 ! 893 I 875 Total deposits. _. _ 84 80 68 114 Demand deposits 122 i 129 i 112 Reserve Bank of Peru (thousands of National Bank of the Kingdom of soles):* Yugoslavia (millions of dinars): Gold . 49,340 49, 619 50, 721 Gold. 96 96 92 Gold against demand deposits 4,885 4,201 3,005 Foreign notes and credits 291 291 192 Foreign exchange reserve 5,450 6,025 10, 061 Loans and discounts 1,319 1,377 1,619 Bills 19,841 24,498 17,933 Advances to State 2,997 2,999 2,966 Note circulation 57, 263 59,919 60,459 Note circulation.. 5,363 5, 5< 0 5,212 Deposits 9,769 8,354 4,932 Deposits 1,397 1,409 891 8 Figures are for Mar. 1,1930. r Revised. < Figures previous to February, 1930, have been converted from libras (par $4.8665) into soles (par $0.4000). See Federal Reserve Bulletin for May, 1930. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1930 FEDERAL RESERVE BULLETIN 375 CONDITION OF COMMERCIAL BANKS Millions of national currency Millions of dollars Country 1929 1930 Fe a b ry ru- Fe a b r r y u- March April '.No b v er De b c e e r m- Ja ar n y u- Fe a b r r y u- March April Canada: Millions of dollars Gold coin and bullion * 60 60 60 64 63 64 61 61 61 60 60 60 Money at call and short notice 428 415 415 597 560 564 532 507 449 428 415 415 Current loans and discounts 1,628 1,626 1,601 1,506 1, 560 1,572 1,684 1,653 1,641 1,628 1,626 1,601 Public and railway securities - 423 418 428 530 524 516 475 448 431 423 418 428 Note circulation 159 163 155 162 189 171 187 175 156 159 163 155 Individual deposits 2, 455 2, 459 2,472 2, 560 2,560 2,596 2, 636 2, 605 2,485 2, 455 2, 459 2,472 Gold reserve against Dominion notes..- 63 63 64 i 59 58 59 60 60 63 63 63 64 Dominion note circulation 169 174 174 1 192 205 205 234 204 173 169 174 174 Argentina: Bank of the Nation- Millions of pesos Gold 7 ; 120 120 102 29 29 1 1 1 Other cash 115 114 ! 138 120 129 113 79 113 99 98 Loans and discounts 615 613 i 506 512 524 564 576 534 532 525 Deposits -. 750 736 I 753 745 745 694 681 668 649 631 Other banks in Buenos Aires- Gold 11 10 11 12 14 12 11 11 11 10 Other cash 181 194 190 184 164 145 146 155 156 166 Loans and discounts 911 880 832 839 850 835 831 829 789 754 D eposits 1,002 1,012 976 991 981 929 925 916 867 867 Millions of pounds England: sterling Cash in vault and at banks 182 181 187 908 917 907 979 935 884 882 911 Money at call and short notice__. 128 133 133 649 650 694 707 700 692 621 645 650 Advances and discounts 1,192 1,157 1,177 5,975 5, 815 5,734 5,842 5,829 5,903 \ 799 5, 631 5,729 Investments 229 225 225 1,197 1,187 1,188 1,142 1,147 1,134 l, 113 1. 096 1, 095 Deposits 1,714 1,682 1,712 8,648 8,463 8,363 8,522 8,628 8,600 8,341 8, 185 8, 331 France: Millions of francs Bills and national-defense bonds- 21, 136 ! ! 826 816 793 819 826 834 829 Loans and advances 10,876 ' 421 398 410 421 421 420 426 Demand deposits 33,777 : 1,370 1, 323 1,299 1,291 1,285 1,298 1 324 Time deposits 1,159 ; 42 37 38 41 42 39 45 Germany: Millions of reichsmarks Bill and treasury notes 3,148 3,234 3,168 687 750 770 755 Due from other banks 1,160 1,182 1,139 293 276 282 271 M iscellaneous loans 8,561 8, 619 8,710 1,969 2, 039 2,052 2,076 Deposits 12, 035 12,259 12, 265 2,774 2,867 2 920 2,921 Acceptances 525 510 491 116 125 122 117 Italy: Millions of lire Cash 61 62 66 Bills discounted 470 454 443 Due from correspondents 268 284 298 Due to correspondents 711 723 Deposits 160 160 166 Denmark: Millions of kroner Loans and discounts 1,811 1,822 462 462 466 476 479 479 485 488 Due from foreign banks 115 124 45 45 41 37 38 34 31 33 Due to foreign banks 84 88 25 24 21 16 19 20 23 24 Deposits and current accounts 1,971 1, 986 520 520 522 526 526 520 528 532 Norway: Millions of kroner Loans and discounts 1,233 i 1,228 1,241 348 347 336 335 332 330 329 333 Due from foreign banks 117 106 110 34 31 27 34 32 33 31 28 30 Due to foreign banks 75 22 23 23 23 21 20 20 20 21 Rediscounts - 92 88 27 27 27 26 24 25 25 24 24 Deposits 1,521 1,507 1,500 426 420 419 412 412 408 408 404 402 Sweden: Millions of kroner Loans and discounts 4,324 4,352 4,356 1,109 1,107 1,105 1,141 1,117 1,146 1,159 1,166 1,167 Foreign bills and credits abroad-. 265 270 262 71 71 74 80 79 80 71 72 70 Due to foreign banks 120 143 156 33 40 34 31 30 33 32 38 42 Rediscounts - .-- -- 154 157 91 45 62 56 45 67 42 41 42 24 Deposits 3,621 3,656 3,692 945 949 945 944 933 965 970 980 989 Japan: Mi'lions ofyen Cash on hand 238 230 281 156 116 117 168 156 138 119 114 140 Total loans 2,157 2,167 2,129 936 934 917 1,003 1, 058 1,071 1,075 1,080 1,061 Total deposits 2,063 2,050 2,040 953 953 941 1,021 1,023 1,033 1,028 1,022 1,017 1 Not including gold held abroad. NOTE.—Banks included are as follows: Canada—Chartered banks; England—nine London clearing banks; France—four commercial banks; Germany—six Berlin banks; Italy—four private banks; Denmark, Norway, and Sweden—joint-stock banks; Japan—Tokyo banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

376 FEDERAL RESERVE BULLETIN JUNE. 1930 DISCOUNT RATES OF CENTRAL BANKS [Rate prevailing June 1, 1930, with date of latest change] Country Rate I s n i n e c f e f — ect i Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Austria.. May 24, 1930 ' England.. 3 May 1, 1930 Japan _ 5.48 Oct. 10, 1927 Portugal 8 July 27, 1926 Belgium.. 3 May 1, 1930 : Estonia... 8 Oct. 3, 1929 Java _. 4^ Mar. 10, 1930 Rumania s9 Nov. 26, 1929 Bulgaria 10 July 2, 1929i Finland... 6H Apr. 28, 1930 Latvia 6-7 Apr. 1, 1928 Russia Mar. 22, 1927 Chile 6 Oct. 22, 1928 France 2H May 2, 1930 Lithuania. _. 6 Apr. 1, 1930 South Africa. Aug. 17, 1929 Colombia 8 May 21, 1930 Germany. 4fc Mav 20, 1930 Netherlands 3 Mar. 25, 1930 1 Spain Dec. 19, 1928 Czechoslovakia May 26, 1930 Greece 9 Nov. 30, 1928 Norway 4H Mar. 21, 1930 Sweden m Apr. 3, 1930 D Da e n n z m ig ark 5 4 M M a a y y 3 2 , , 1 1 9 9 3 3 0 0 I H n u d n ia gary.. 6 sy2 A M p a r y . . 3 3 0 , , 1 1 9 9 3 3 0 0 P Po er l u and 7 N M o a v r. . 2 1 3 4 , , 1 1 9 9 2 3 9 0 Y Sw ug it o z s e l r a l v a i n a d . . 3 A M p a r y . 2 3 8 , , 1 1 9 9 3 3 0 0 Ecuador 9 Jan. 10, 1930 Italy May 19, 1930 5M 5H f Changes.—Austria—May 24, from 6 to 5!/i per cent; Colombia—May 21, from 9 to 8 per cent; Czechoslovakia—May 26, from 5 to 4H per cent; Germany—May 20, from 5 to 4^ per cent; Hungary—May 30, from 6 to 5}4 per cent; Italy—May 19, from 6 to 5l/z per cent; Lithuania—Apr. \1, from 7 to 6 per cent; Yugoslavia—May 28, from 6 to hlA per cent. MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) Netherlands (Amster- Switzerdam) land Month B a m a n a c o n c c n e k e s t p e h , t r 3 - s s' T m b re i o l a l n s s t , u h 3 r s y Da m y- o t n o e -d y ay o a B n ll a o d n w e k p a e o n r s c s i e ' ts d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y o t n o e -d y ay d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or d P is r r c i a v o t a e u t n e t 1929—January 4.32 4.29 3.41 2H 5.80 7.51 5.13 4.20 4.4b 3.28 February 5.05 4.96 4.33 2H-3H 5.80 7.07 6.33 4.39 4.78 3.31 March 5.33 5.30 4.51 3^ 6.31 7.30 6.97 4.64 5.05 3.39 April 5.21 5.18 4.43 3& 6.63 7.57 6.85 5.36 5.81 3.45 May 5.21 5.21 4.67 3H 7.49 9.65 9.32 5.37 5.88 3.34 June 5.32 5.35 4.23 3^ 7.50 9.89 7.90 5.30 5.30 3.26 July 5.38 5.39 4.54 3H 7.39 9.35 8.21 5.20 4.90 3.19 August 5.47 5.48 4.35 3>i 7.18 9.43 7.42 5.06 4.68 3.33 September 5.59 5.63 4.39 3H-4H 7.18 9.48 7.86 5.36 5.32 3.38 October 6.13 6.19 5.45 4H-* 7.28 9.06 8.06 5.15 4.52 3.38 November 5.35 5.30 5.15 4 -3H 6.89 8.29 7.79 4.26 4.17 3.32 December 4.76 4.75 4.23 3^-3 6.98 8.78 a 14 3.52 3.87 3.15 1930—January 4.07 4.04 3.62 3 6.33 7.71 6.03 2.99 2.85 2.97 February 3.82 3.72 3.76 3 -2H 5.53 6.72 6.01 2.80 2.94 2.71 A M p a r r i c l h 2 2. . 4 7 8 8 2 2. . 4 5 9 5 3.20 2y2-iy2 4 5 . . 4 1 6 2 6 5. . 5 3 7 5 4 5 . . 4 5 0 7 2 2 . . 5 5 0 2 2 3 . .0 6 8 1 2 2 . . 6 6 0 1 2.28 (B B r e u lg s i s u e m ls) ( F P r a a r n i c s) e (M It i a l l a y n) Austria (Vienna) Hungary S ( h S w o t e o lm d c e k ) n - Japan (Tokyo) Month d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t M m f o o o n n rl t e h y c c i o a P l m r i p m m ap e e r e - r Da m y o -t n o e - y day L m oa t o o n n s t 3 h u s p Disc b o il u l n s ted ov m e C o r a n n l i e l g y ht 1929—January 3.97 3.50 5.83 6fi«-6H 7H-8H 7H -&H 6J4-834 4H-6H 5.84-6.21 2.37 February 3.97 3.39 6.00 6M«-6Mo 7M-8H 7H -8fc 6J4-8J4 4^-6^ 5.66-5.84 2.92 March 3.97 3.37 6.31 6H -6H 7*4-8*4 7H-8H 6H-8V4 5.66-5.84 3.10 April 3.97 3.44 6.75 6Mft-7H 7^-8*4 SH -9 7 -9 4H-6H 5.48-5.66 3.65 May_ 3.96 3.49 6.83 7H-7^ 8 -9 8H-9^ 7 -9 4H-6H 5.48-5. 66 3.29 June 3.97 3.50 6.75 7*i«-7M 8J4-9 sn -m 7 -9 4^-6^ 5.48-5.66 3.29 J N A S O u e u o c p l v g t y t o e u e . m b m st e b b r e e .. r r 4 4 4 4 4 . . . . . 9 9 9 5 0 3 4 4 7 4 3 3 3 3 3 . . . . . 5 5 5 5 5 0 0 0 0 0 6 6 7 7 7 . . . . . 8 7 1 0 0 5 5 8 1 0 8 7 7 7 U \ H i - - - 7 8 - m 7 H m A« 8 8 8 9 H J K 4 - - - - & 1 9 9 0 M 8 8 8 9 2 9 % 4 4 - - - - 1 1 1 1 0 0 0 0 H H H 7 7 7 6 6 f H ^ 4 - - - - - 7 8 8 8 8 5 M 4 4 4 5 5 5 H H H ^ ^ - - - - - 7 7 6 7 6 H # 5.48-5 5 5 5 5 . . . . . 6 4 4 4 4 8 8 8 6 8 2 3 3 3 3 . . . . . 9 4 1 4 1 2 7 0 7 0 December 4.40 3.50 7.00 7H-7% 8H-9J4 m-m 7 -7H 5H-7 5.48 3.10 1930— A M F J e a p a b n r r u i r c l u a h r a y ry 3 3 3 3 . . . . 3 3 4 4 1 3 1 0 2 2 2 3 . . . . 5 7 9 3 7 0 1 8 6 6 6 7 . . . . 9 5 4 0 5 7 3 0 6 6 5 5 3 M $ H ^ £ e - - - - 5 6 6 7 M M H 7 6 7 H $i - - - 8 7 8 % H 8 7 6 ^ ^ M - - 7 1 9 - - 0 9 8 % H H 5 V H A - - 6 7 U H 4 4 4 3 H H ^- - - - 6 5 6 6 M f 5 5 i . . . 4 4 4 8 8 8 3 2 3 . . . 8 8 7 3 3 4 NOTE.—For sources used, methods of quotation, and back figures, see BULLETIN for November, 1926, April, 1927, July, 1929, November, 1929, and May, 1930. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

377 JUNE, 1930 FEDERAL EESERVE BULLETIN FOREIGN EXCHANGE RATES [Monthly averages of daily quotations.1 In cents per unit of foreign currency] 1930 1930 Par Par Country Monetary unit of ex- Country Monetary unit of exchange March April May change March April May EUROPE SOUTH AMERICA Austria— .. _ _ Schilling 14.07 14. 0705 14.0801 14. 0864 Argentina Peso 96.48 85. 6357 88. 6349 87. 2153 Belgium Belga 13.90 13.9373 13.9565 13.9541 Bolivia 2 Boliviano 36.50 36. 0385 36 5000 36. 5000 Bulgaria Lev .72 .7216 .7221 .7219 Brazil Milreis 11.96 11.5012 11. 7206 11. 8349 Czechoslovakia Crown 2 96 2. 9622 2. 9621 2. 9634 Chile Peso 12.17 12. 0518 12 0549 12. 0746 Denmark Krone 26. 80 26. 7693 26. 7745 26. 7556 Colombia do 97. 33 96. 3900 96.3900 96. 4962 Ecuador 2 Sucre 20.00 20. 0000 20 0000 20 0000 England Pound 486. 65 486.3085 486. 3104 485. 9675 Peru 2 . Libra 486. 65 400. 0000 400. 0000 400. 0000 Finland Markka 2 52 2. 5166 2.5171 2. 5172 Uruguay Peso 103 42 89 0137 92 9001 92 2102 France Franc 3 92 3.9132 3. 9185 3. 9222 Venezuela 2 Bolivar 19.30 19. 2408 19 1300 19 1300 Germany Reichsmark 23.82 23.8573 23. 8684 23. 8627 Greece Drachma 1.30 1. 2960 1. 2967 1. 2960 ASIA Hungary Pengo 17.49 17. 4738 17.4718 17.4772 China 4 Mexican dollar 32. 24 33. 8100 33 6670 32 0607 Italy Lira 5 26 5. 2375 5. 2415 5. 2414 China 4 Shanghai tael..- 44. 45 47.1132 46.9037 44. 6901 Netherlands Florin 40 20 40.1066 40. 2013 40. 2255 China 4 Yuan dollar 31.54 33 6009 33 3822 31 8181 Norway Krone 26.80 26. 7589 26. 7719 26. 7570 Hong Kong 4 Dollar- 32.01 37. 2238 37.1905 35 7697 Poland Zloty _. 11.22 11. 2027 11. 2037 11. 2020 India Rupee 36.50 36.1138 36.1163 36. 0567 Portugal Escudo 108. 05 4. 4930 4. 4954 4. 5013 Japan Yen- 49.85 49.3298 49. 3661 49. 3809 Java2.. .. Florin 40.20 40.1365 40. 2350 40. 2385 Rumania Leu .60 . 5953 . 5957 .5953 Straits Settle- Singapore dol- 56.78 55.8994 55.8744 55. 8892 Russia 2 Chervonetz 514. 603 515.00003 515.00003 515.0000 ments. lar. Spain Peseta 19. 30 12. 3131 12. 4828 12. 2283 Turkey Turkish pound.. 439. 65«47. 3035 6 46. 69557 47. 0823 Sweden Krona 26.80 26.8563 26.8796 26. 8342 Switzerland Franc 19. 30 19. 3453 19. 3790 19. 3550 AFRICA Yugoslavia Dinar 19.30 1. 7637 1. 7674 1. 7669 Egypt Egyptian pound 494. 315 499.29976 498.59707 498. 6789 NORTH AMERICA Canada Dollar. _. 100. 00 99. 7637 99.9501 99. 8360 Cuba Peso 100. 00 99. 9596 99. 9189 100. 0032 Mexico do._ 49. 85 47. 4921 47. 5414 47. 5356 1 Based on noon buying rates for cable transfers in New York. 2 Averages based on daily quotations of closing rates as published by New York Journal of Commerce. 3 Chervonetz quotations nominal. * Silver currency. The figure given for parity represents gold value of unit in May, 1930, computed by multiplying silver content of unit by New York average price of silver for May, 1930, which was $0.41036 per fine ounce. On the same basis, parity in May, 1929, for the Chinese-Mexican dollar was 42.77 cents; for the Shanghai tael, 58.97 cents; for the Yuan dollar, 41.83 cents; and for the Hong Kong dollar, 42.46 cents. s January, 1930. 6 February, 1930. 7 March, 1930. Back figures.—See BULLETIN for January, 1930, 1929, and 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

378 FEDEKAL RESERVE BULLETIN JUNE, 1930 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES 1929 1930 Country Feb. Mar. j Apr. May June I July Aug. ; Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. United States. 97 \ 97 96 I 96 94 94 93 92 91 ' Canada... 96 i 96 94 92 93 96 98 97 97 96 96 94 92 92 England.. 138 140 139 136 136 i 137 136 136 136 134 133 131 128 125' 124 France 660 | 654 648 643 629 I 624 598 | 608 607 603 596 576 567 558 548 Germany. 139 I 140 137 136 135 I 138 138 : 138 137 136 134 132 129 126 127 Italy 463 ( 461 455 452 447 440 437 i 437 436 431 425 417 408 400 396 Japan 226 I 226 225 223 222 I 220 218 I 218 216 211 205 201 199 196 193 Australia 156 I 157 158 156 158 159 160 163 161 158 j 154 151 147 144 146 Austria 130 | 133 134 135 134 132 132 128 127 125 i 123 125 123 121 119 Belgium 865 ! 869 862 851 848 858 850 846 838 834 I 823 808 791 774 777 China 162 164 161 162 163 163 165 I 167 168 165 ! 165 170 175 174 174 Czechoslovakia 139 141 141 137 134 135 134 | 132 131 130 I 128 126 124 122 121 Denmark 159 154 150 148 146 149 150 j 150 149 147 ! 146 143 140 136 135 Dutch East Indies. 149 150 148 150 149 149 148 148 147 146 i 144 143 141 Egypt 122 123 120 114 108 109 112 113 115 112 | 110 109 106 101 101 Finland 100 100 99 98 98 97 97 96 96 95 ; 95 94 93 92 92 Hungary 136 136 135 123 122 119 114 109 111 107 107 106 104 100 India 144 143 140 139 138 142 143 143 140 137 i 134 131 126 125 Netherlands 146 147 144 142 141 141 142 | 141 140 137 ! 135 131 126 122 New Zealand 155 155 155 155 155 156 156 I 157 156 155 | 154 155 155 Norway 150 150 148 146 147 149 148 ! 148 147 146 146 144 143 142 141 Peru 185 189 185 186 186 187 187 i 186 186 184 ! 182 181 181 180 179 Poland.... 99 99 98 95 95 96 95 94 93 95 92 88 85 85 89 Russia 177 178 179 180 181 180 180 i 181 182 181 i 182 182 South Africa 131 129 128 121 Spain 173 174 174 171 170 169 170 171 172 171 , 172 172 172 172 Sweden 145 144 141 140 139 140 141 | 140 138 135 134 131 128 125 124 Switzerland 143 142 140 139 139 143 143 ' 142 142 140 i 139 136 133 131 129 NOTE.—All of the indexes shown, with two or three exceptions, are compiled by official agencies in the countries to which they relate, as indicated specifically in the BULLETIN for March (p. 124), where references are also given to sources in which current figures of the index numbers may be found. The base periods, which were systematically indicated in the BULLETIN for April (p. 256), are as follows: United States—1926; Australia—July, 1914; Austria—January-July, 1914; Belgium— April, 1914; Canada—1926; China— February, 1913; Czechoslovakia—July, 1914; Denmark—1913; Dutch East Indies—1913; Egypt—January 1, 1913-July 31, 1914; England—1913; Finland—1926; France—1913; Germany—1913; Hungary—1913; India—July, 1914; Italy—1913; Japan—October, 1900; Netherlands—1913; New Zealand—1909-1913; Norway—December 31, 1913-June 30, 1914; Perit-1913; Poland—1927; Russia—1913; South Africa—1910; Spain—1913; Sweden—1913; Switzerland—July, 1914. Annual indexes for the years 1925-1929, and in certain cases for 1913 and 1914, were given in the BULLETIN for April. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

379 JUNE, 1930 FEDERAL RESERVE BULLETIN WHOLESALE PRICES—Continued GROUPS OF COMMODITIES 1929 1930 Country and group Feb. Mar. Apr. May Junine e JJuullyy Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr, UNITED STATES (1926=100) Farm products _ 105 107 105 102 103 108 107 107 104 101 102 101 95 96 Foods 98 98 99 103 103 103 101 99 99 97 96 94 95 Hides and leather products.. ! 109 108 107 108 109 110 111 111 108 107 105 104 103 Textile products . 96 96 96 94 93 93 93 93 93 92 90 89 88 87 Fuel and lighting materials. 81 81 81 81 83 82 81 81 82 82 81 80 79 77 78 Metals and metal products.. 104 106 106 105 105 105 104 104 104 102 102 101 101 101 Building materials 98 99 98 97 96 97 97 98 96 96 96 96 95 95 Chemicals and drugs 96 96 95 94 93 93 94 94 94 94 93 92 91 91 Hqusefurnishing goods 97 97 : 97 97 97 97 97 97 97 97 97 97 97 Miscellaneous 80 80 j 80 81 81 81 80 80 79 78 79 Nonagricultural. 94 95 95 94 95 96 94 94 93 92 91 91 90 ENGLAND (1913=100) Total food 149 150 147 144 143 149 144 143 145 142 141 139 135 129 129 Cereals 142 140 137 133 132 143 146 141 137 132 132 129 122 114 117 Meat and fish _ 144 145 146 146 144 144 145 143 148 150 158 154 152 i 145 141 Other foods... 160 165 158 152 155 158 144 145 150 145 135 135 133 131 130 Total not food... 133 135 134 132 131 131 131 132 131 129 128 127 124 122 121 Iron and steel 113 113 114 115 115 115 115 115 115 115 115 115 115 115 114 Coal 123 130 126 121 121 121 121 126 128 128 130 130 129 127 L22 Other minerals and metals. 114 123 123 118 118 117 117 116 114 111 111 110 110 107 104 Cotton... .- 159 162 159 155 154 153 154 154 152 147 144 141 134 1?1 131 Wool 177 175 174 172 167 163 161 158 154 156 152 145 135 i 129 127 Other textiles. 136 135 134 131 131 131 132 132 130 127 125 123 120 ! 116 115 Miscellaneous 137 136 135 134 134 136 134 138 137 134 131 130 129 : 127 127 FRANCE (1913=100) I I Farm and food products 620 609 I 605 607 584 578 524 | 551 556 555 546 512 503 ; 495 481 Animal products 642 603 610 595 614 603 590 ' 639 670 686 695 647 634 622 599 Vegetable products 607 612 602 614 565 563 484 499 487 476 456 432 424 419 411 All industrial products 693 692 688 675 668 664 664 656 652 645 640 630 623 I 612 607 Minerals and metals 551 568 558 560 560 561 562 561 567 566 568 571 570 562 551 Textiles 812 802 793 771 758 748 745 ! 725 705 694 684 655 639 621 620 Hides and leather 530 498 499 453 450 445 442 452 455 432 433 438 439 425 405 Chemical products 590 596 596 598 586 579 593 603 608 606 603 602 613 607 Rubber 141 140 132 129 126 133 129 117 114 96 97 89 94 90 Paper 677 677 677 677 677 677 677 677 677 685 685 685 667 667 667 Lumber 930 930 930 968 969 969 969 1,003 1,003 987 987 987 987 Cement and brick, etc. 592 592 606 606 606 636 636 636 636 636 708 708 GERMANY (1913=100) Total agricultural products 134 ! 134 128 126 125 132 133 133 132 128 126 122 116 110 112 Vegetable foods 132 I 133 130 125 120 131 130 125 122 119 120 117 112 109 118 Cattle 120 | 123 122 120 127 134 134 134 134 128 126 128 123 116 113 Animal products 151 ! 142 127 130 130 136 140 149 153 153 146 134 129 118 110 Fodder 140 I 142 140 133 122 127 123 120 113 107 105 98 88 86 I 99 Provisions. _ 125 | 128 127 125 124 128 130 131 126 120 115 115 115 118 118 Total industrial raw ma terials and semifinished products 134 | 134 133 131 132 131 132 132 131 130 129 128 127 126 125 Coal 139 I 138 136 136 136 137 137 137 138 139 138 138 138 138 136 Iron___ 128 128 128 128 130 131 131 131 131 130 130 130 129 129 128 Nonferrous metals... _. 118 132 127 118 118 118 118 118 116 113 112 112 111 109 103 Textiles 149 150 148 144 141 139 137 136 133 130 128 125 118 114 116 Hides and leather. 131 130 129 120 123 124 122 122 121 118 116 116 ! 114 111 110 Chemicals _ 126 127 126 126 127 126 127 127 127 . 127 127 127 ! 127 127 127 Artificial fertilizers 87 88 88 87 87 81 82 82 82 ! 83 84 85 ! 86 86 86 Technical oils and fats 126 i 126 126 126 125 127 129 134 | 132 j 129 130 128 127 126 127 Rubber _ 34 | 34 29 30 30 31 29 28 I 26 23 22 21 22 22 21 Paper materials and paper 151 ! 151 150 151 151 152 152 151 '• 151 I 152 151 151 150 150 149 Building material 157 157 157 157 158 159 161 162 ; 162 I 161 161 158 158 157 157 Total industrial finished products. 158 158 158 158 158 157 158 157 ! 157 I 157 156 156 155 153 152 Producers' goods.. 138 137 138 138 138 139 140 140 140 ! 139 ! 140 140 139 139 139 Consumers' goods. 174 174 173 172 172 171 171 170 170 169 169 168 166 163 162 NOTE.—For corresponding indexes for all commodities, see preceding page. Annual indexes for the groups shown in the table are given in the April BULLETIN for the years 1925-1929 and also for 1913. For current figures of the group indexes given in this table the following sources may be used: United States— Wholesale Prices of Commodities, Bureau of Labor Statistics, Department of Labor; England—Board of Trade Journal and Commercial Gazette, Board of Trade; France—Bulletin de la Statistique G6n6rale de la France, Supplement Mensuel, Statistique G6n6rale de la France; and Germany—Wirstschaft und Statistik, Statistisches Reichsamt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

380 FEDERAL RESERVE BULLETIN JUNE, 1930 INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA ENGLAND PRODUCTION TRANSPORTATION j Unem- Coal i P ro ig n in S c i a n a g t n e g s o d e t s t - l s i s F s t h e in e e - d l s v c u R i o p s t a i p t b w o l l y n e ] m t u s I a u t r f n e a a r o e e d n c n s l - - Coal m t u C u t f o a a r o e n c n t s - - - w W ti o s a o s r n s o u d t l e e e s d n R c to o a n t w - w R o a o w l r C u r b u b d e e r h m R i a d a e w e s s c i c a S w l r e h i g a t i h r o p e 2 s , d F 1 r B r t e e r r i a c g i i e h t n i i t- s p h ts r F a t i r t r l e r a w a i f g f i a i n h y c t s - , \ ! | | i i a p n m m l s o u e o y n r n - e t g d Thousand long tons T b h a o le u s s. T lo h n o g u s to an n d s s M q li . o y i n l d - . T sq h . o y u d s . . M po i u ll n io d n s T p h o o u u n sa d n s d ! Thous. i ! T £ l h i s n o t g u er s - . M m to i i l l n l e i - o s n c P e e n r t 1928 ! i November.. 19,213 544 763 628 1,070 4,231 335 12,492 216 i 12,146 6,074 5,488 9,033 1,524 12.2 December... 23,310 540 683 546 1,255 359 4,184 293 12,406 225 34,921 6,860 5,158 8,339 1,440 11.2 1929 January 19,778 564 765 1, 277 421 4,473 383 18, 563 241 103 42,005 5,407 9,132 1,592 12.3 February 21,326 520 775 599 1,326 380 3,890 329 14, 587 128 100 20, 374 3,622 4,617 8,239 1, 478 12.2 March 3 26,992 591 860 660 1,268 350 4,763 337 12,061 144 85 30, 237 4,947 5,510 9,279 1,662 10.1 April 19,462 611 809 621 1,267 340 4,756 353 9,513 118 119 28, 387 6,437 5,514 8,946 1,519 9.9 May 18,401 655 844 577 1,190 443 5,328 325 11, 286 115 99 22, 748 4,071 6,013 8,943 1,552 9.9 June .3 24,786 658 831 575 1,047 307 4,883 227 10, 211 76 70 20,123 4,713 5, 750 8,388 1,476 9.8 July 18,875 672 805 555 956 376 5,848 360 17, 543 68 39 22, 501 7,058 6,183 9,054 1,580 9.9 August ....323,589 682 753 594 910 358 4,977 325 17,084 66 33 43,192 5,229 6,485 8,821 1,571 10.1 September 20,380 665 848 646 892 300 5,206 240 11, 287 64 18 46,122 5. 737 5, 967 8,875 1,564 10.0 October i 20,613 689 890 610 923 390 5,761 269 11,105 131 22 46, 379 7.161 6,220 9,690 1,695 10.4 November 326,420 631 815 568 1,060 383 5,394 287 10 815 191 49 38. 580 9,256 5,857 9,329 1,658 11.0 December 19,975 643 661 551 1,154 332 4.988 276 11,410 196 34,561 8,556 5,167 8,244 1,518 11.1 1930 j i January 21,087 I 650 771 559 1,213 ' 3525,493 316 14, 089 172 95 35,685 6, 383 5,788 9,133 1,636 12.6 February | 22,085 : 607 776 552 1,175 ! 2944,736 302 13,050 125 82 32,833 6,720 4,953 8,409 1,529 13.1 March... „ 26,966 | 666 826 1.129 j 3384,783 284 9,844 91 101 35,364 5,643 5,341 14.0 April - 18,120 620 696 1,096 268 4,423 219 6, 985 76 86 j 35,427 4,211 5,259 14.6 i End-of-month figures. 2 Includes Irish Free State. 3 5 weeks. FRANCE EX- PRODUCTION PORTS IMPORTS TRANSPORTATION Registered Busi- Coal* i P ro ig n C s r te u e d l e C y o a t r t n on C c o lo tt t o h n v T o o lu t m al e v T ol o u t m al e f c s o R u o t r i m t a o t c w n o o p n n - - f s o R " u t r s i m a i o l c w n k p o - n- f s o C u t r i m o o c a n o p l - n - c S c l w e a h a i r i t g r p h e o s d Fr l i o e c n i a a g g d r s h - t- o R p f a e w l p c a r e r y i i a n s p i c l t - s i- p u l n o e y m ed - u n fa r e i e s l s s - Thousand metric tons T g k h r i a o l m o u - s s . o m P f i e e 1 t c , e 0 e r 0 s s 0 m T e h t o ri u c s a to n n d s Metric tons m T • h e to o tr n u i s c s . Th t nt , o " ns * | A [ d n v a u e i m l r y a b g e e r Th fr o a u n s c a s n d j i i X b u e m r -X b u e m r - I 1928 November.. 5,562 850 800 11,043 28,063 3,337 4,199 36, 684 933 1, 369 3, 973 07, 861 1,149,542 : 503 6S7 December... 5,263 828 12,137 26, 820 3,262 4,240 45, 85* 622 1, 386 4,050 62, 805 1,430,715 895 703 1929 i January 5,485 903 841 12,402 31,811 3.006 4,316 j 44,154 439 1, 510 3,534 59, 984 1,023,011 1,604 757 February. __ 5, 227 782 743 10,641 28,190 3,273 4,288 ! 39,988 437 1,703 3,236 61,193 1,055,400 3, 527 750 March 5,803 880 805 11,457 29,678 3,108 % 690i 29,380 645 2,005 4,034 05,185 1,102, 258 1,078 930 April ... 5, 713 871 810 11,193 26, 983 3, 217 5,073 28, 508 321 2,018 4, 279 07, 5S0 3 1,480,393 700 561 May 5,472 897 820 10, 766 28, 651 3,087 4,921 28,675 521 1, 889 4, 378 63, 358 1,154,193 558 791 June 5, 626 865 795 10,894 26,346 3,617 5,322 21,987 450 1, 998 t,426 00, 370 1,198,412 394 740 July 6, 077 878 815 11,525 26, 36G 3,741 5, 062 20, 717 361 2,056 4, 207 03, 510 3 1, 525,234 399 812 August 5, 894 893 827 11,445 25, 558 3,214 5,121 22,346 420 2,013 4, 578 03, 536 1,260,026 403 645 September. 5, 504 851 763 10, 851 27,248 3, (509 5,151 14,324 556 2,130 4, 275 66,776 3 1,637,854 385 420 October 6,220 894 847 11,488 29, 699 3,217 5,037 28,708 602 2,073 4,403 C9,674 1,278,657 396 734 November.. 5,S50 852 786 10. 235 26, 590 3,314 5,173 38, 709 547 2,064 4,191 68,153 1,189,981 577 804 December... 5,631 879 812 10,826 26,884 3,485 5,292 47, 756 385 2,192 3,649 r 66, 332 3 1,497,782 817 764 1930 January 6,254 875 800 2,908 5,210 45,166 280 2,371 3,099 64,300 1,105,281 1,484 907 February... 5, 768 815 772 3,227 5,383 31,807 322 2,393 3,337 66, 700 1,122,822 1,683 772 March 4,800 899 849 4,078 O6, 300 1,128, 663 1, 630 871 April 3 1,451,352 1,203 732 i Coal and lignite, including Lorraine and the Saar. 2 End-of-month figures. 3 5 weeks. r Revised. »Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1930 FEDERAL RESERVE BULLETIN 381 INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA—Continued GERMANY TRANSPORTA- UNEMPLOY- PRODUCTION TION MENT Coal L ni i t g e - i i P ro ig n C s r te u e d l e P a o sh t- ' !in t I i a u f r r a a n r o o m c e d n n - s i - • I j | c t h e p M i a i i i l n n e i c a e d e c a - s - r l y i ! ' | s D d a tu y y n e f d e - f s s ' ; Coal ton Iron ore I I A H a v b s l r a e u i e s r n m l s r i s v g o - - f - F l r m o c e a a i g d g r s - h t' i j j u p u T m l n b n o r e e e a i y r m o m d e s n e d - - - ! j p U p r e e S l a n o r c t i s e a e y d o i m t e i v e n d - - s B u n fa r e u i e s l s s s - i- Per Thousand metric tons Metric tons Number reg. cent tons 1928 ! November..! 12,141|14, 548 3571 410, 54.014! 14,'33, 2, 278, 5545, 818 14, 089 49, 662 1,157, 8911j,760 3.957 9. n! 1,137,772| 674 December-. j 11.819; 14,105 8831.0911 298, 890 63,S46| 14,353 2,120, 29111,682 15, 560 44, 645 615, 6301,752 3, 404 16.7 1,829, /16; 624 1929 January 13,490114,817 1, l,470! 143 419, 58961.386,14, 9751. 909. 657 17, 78.65, 16,60 54,282=1.312, 346' 1, 679 3. 376 19. 4 2, 391, 637! 832 February.. 12,104113, 689 982 1. 270! 11 341. 31263. 239!11,639 1, 307,227 20, 294~ 1!,22.27i31,893 496,159: 1,30' 3.072 22. 312, 622, 253 775 March 13,502114,727 1,061 1, 314j 121 346. 26258,463113, 5852,240,475 19,899 181,,490 28,9001,090, 958! 1, 666 3,733 16. 9 2, 091, 435 930 April 13,407114, 226 1,105 118 619, 46068,159116, 4692,355,068 24,544 21,,34G;32,933il, 658 6071 1, 933 3,929 11. 11. 324, 748 885 May 12, 759113, 669 1,133 1,421 108 u87, 11567, 59816, 6552, 258, 510 19. 6341 ,1482;1 4225,1 32355,,1933, 229 2,030 3,922 9.11,010,781 846 June 13, 221 13, 763 1,164 1,430 115 522, 03: 62,946 16, 6302,152,011 15,890 225..69319, 589jl.925 538 1,922 3,934 8" .5" 929,579 803 July 14, 362 14, 885 1,204 1, 466 12. 545, 56869,177 14, 8312, 385. 043 12,57717, 367i20, 698 1635,792 1,932 4,218 8.6 863, 594 845 August 14, 467 15,136 1,168 1,402 125 519, 56976, 20314, 7782, 541. 646 10, 81116.209 20,268,2.108. 464 2,010 4.182 8. 883, 002 739 September- 13.480 14,220 1,109 124 470, 06867, 49313,6ie 2,687,443 5, ~~~14.646 20,55511,755, 834 1, 856 3. 9.6 910, 245 657 October.-. 14,835 16,050 1 157 133 505, 88375,516113, 3262,214,582 5,51113, 610 38, 875; 1,704, 731 1.926 4,454 10. 9 1, 061,134 840 N D o ec v e e m m b b e e r r . .•_ . _ ! ! 1 1 3 4 , , 6 1 5 5 2 / 1 15 4 , ,5 6 2 2 0 3 1 1 , ,0 1 9 0 1 0 1 1 , , 1 2 5 3 6 7 ! ' 132 4 4 7 6 3 3 , , 0 41 8 5 26 63 6 , , 9 09 0 4 3 ! !1 12 3 , , 1 3 6 8 4 1 2 2 , , 1 6 0 1 6 1 , . 1 3 2 8 8 9 5 1 , 0 4 , 8 4 7 2 1 29 4t , ,, 4 5 3 2 7 3 : 4 5 7 8, , 4 0 6 4 6 51 1 1 , , 4 5 9 7 1 9 , ,9 6 9 2 9 7 1 1 , , 8 9 5 4 6 9 4 3, , 4 1 3 3 1 1 2 1 0 3 . . 1 71 1 . , 3 9 8 8 7 4 , , 0 7 8 9 11 8 88 1 1 3 1930 January. ...j 14,398 14,008 1,092 1, 275! 521, 39876,162 12, 696j 2,556, 693 19, 559 11,823 43,950;i, 619, 111 1,763 3,281 22. 0 2, 482,6481.106 February...; 12,168 11,372 965 1,1761 434, 09376,370 1~2, 8~1 4 2,056.75212, 998 9,607 33,6741,686,050 1,725 2,989 23.52,655,723 1,103 March 12,539 11,303 1,008 l,20l!_ 491,149 82. 33416, 554| 2. 028. 909 11. 95' 10, 684'29, 8371, 327, 068 3,416 21. 2,347,102 1,142 April I 11,481 10,826 981 1,033. 423,996 72, 698 14, 403! 1, 729, 329 14, 683 9,496 29,742 2,934,590 2,081,038 1,006 1 End-of-month figures. CANADA Re- Receipts at ceipts stock- Index PRODUCTION of vards in EXPORTS IMPORTS d i u o n s f - - s C t t i r o o u n n c - - w F h a o t e rt at To "W ro i n n t n o i p a e n g d T r n e o v u t e e a - l T O r1 f B ne u s s s itrial con- "Wil- car failpro- tracts liam load- ploy ures2 d t u io c- n Coal N pr e i w n s t - Flour aw e a d rd- P a A o n r d r - t C t a ie t Hogs P b l o a a n r k d s s « p ' ulp ^ Wheat Coal p C le e r u t u r m o d - e R c to o a n t w - c M e h r i a y n - - ! ings thur '• T 1 1 9 9 1 2 1 0 9 4 0 - = T sh h o o r u t s t a o n n d s T b h re a o l r u s - s.Th d la o o r l u s - s T b h u e o s ls u h- s. Number £ ; £rT b h u e o s ls u h s - . T t h o o n u s s.T g h a o l u s. s.Th lb o s u . s. Th d la o o r l u s - s. N b u e m r - 19 1 2 0 6 0 = N b u e m r - 1928 November.. 17,. ,7* 224 2,175 29. 038 72. 861 60, S06 38, 484 158 155,448 75,417 1, 637 86, 014 16, 955 4, 963 380,405 118.9 193 December. _ 165.3 1,523 208 1,672 18, 905 51, 633 36, 941 47,316 124153, 875 49,089 1,639 79, 939 17, 481 4, 682 275, 678 116.7 230 1929 Januaiv 20).0 1, 58.3 212 1. 698 41,963 10, 971 39,459 60,978 111136,365 20, 831 1,344 60,753 18,485 5,004 252, 217 109.1 252 February.-. 203.1 1, 650 187 1. 600 28, 426 2, 918 27, 507 42, 226 94112,273 15, 220 1,409 49, 214 13, 089 4,675 261,410 110. 5 197 March 200.1 1. 388 213 1, 631 27,125 5, 223 32,101 38, 597 145 142. 909 21,207 1, 651 76,445 16, 671 6,922.282,315 111.4 M80 April 197 5 1, 394 222 1,606 43 328 9, 691 42,003 47, 464 109115,075 7,314 982 71,130 12 201 5 377;283 745 110 4 174 Mav 199. 9 1, 405 246 1, 749 64,860 13,839 38, 956 43,609 168 151,249 27,073 1,369 55. 969 11, 219 6, 925 306, 728 116.2 185 June ... _ - 189. 9 1, 361 225 1,548 72, 420 14, 683 30, 969 36, 744 158144, 976 25, 588 1,313124. 275 6,402 6 390 310 885 122 2 r MS Julv 192.2 1. 316 229 1, 603 57, 941 14,606 54,388 36, 874 172121,390 17, 019 1,428117,725 6, 447 5,969 313,292 124.7 149 August 193. 6 * 1, 362 226 1,607 58.622 2, 373 52, 587 30, 270 186 166,421 10,156 1,608123, 627 5,233 5, 838 318. 200 127.8 r 137 September- 174.5 1, 408 228 1, 283 46. 959 27, 759 57, 547 25, 808 165 143, 419 7, 410 1,583 84, 759 3,550 5, 597 335. 338 126.8 <• 151 October 197. 5 r 1, 599 252 1, 528 57, 0S4 28. 918 73, 078 41,514 193140,482 20. 722 1,942128,959 11,812 6,454353. 095 125.6 ' 176 November- 195. 8 r 1, 534 252 1. 629 45, 376 17, 010 63, 668 50, 085 152165,169 22, 445 1, 649 i 162, 979 18,159 5, 214 284, 740 124. 6 r 176 December. . 161. 3 r 1, 491 230 1,073 32, 548 6,178 39, 060 54, 558 116131,694 15. 961 1,451 73, 583 13, 029 5, 210 230, 630 119.1 '224 1930 January 187.8 1, 630 206 1,168 37, 530 2, 789 36,361 50, 587 138150,618 4, 994 1, 763 81, 900 10, 626 5,173 241. 603 111.2 '261 February. .- 164. 3 1,135 189 1,051 28, 464 1, 832 27, 062 37, 535 10S133, 024 6, 733 1, 309 80, 522 7,678 4,415231. 515 111.6 205 March 167.0 1,130 207 1,219 24, 263 1, 576 25,871 34, 605 156172, 403 11,592 1,627 72.772 10,153 6,575i257,460 110.2 201 April 169.8 228 48,779 90 3,428 5,262 |243,810 107.8 1 First,of month. 2 Total number of firms failing during the month. e vised. 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382 FEDERAL RESERVE BULLETIN JUNE, 1930 DETAILED FEDERAL RESERVE STATISTICS, ETC. FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES IN DETAIL AND FEDERAL RESERVE NOTE STATEMENT fin thousands of dollarsj 1930 1929 May 31 Apr. 30 May 31 Gold with Federal reserve agents _ 1,607,714 ; ],642,214 1, 304, 948 Gold redemption fund with United States Treasury 37,857 41,097 68,071 Gold held exclusively against Federal reserve notes.. 1,645,571 1,683,311 1, 373,019 Gold settlement fund with Federal Reserve Board 626,631 , 634,847 673, 330 Gold and gold certificates held by banks 766,236 ! 754,502 767,054 Total gold reserves _ 3,038,438 i 3,072,660 2, 813,403 Reserves other than gold--- -- - 156,940 • 178,937 137, 320 Total reserves - 3,195, 378 3,251.597 2, 950, 723 55,969 ; 62,607 71,262 Nonreserve cash - 312,602 | 233,452 1,067,867 Bills discounted 1 - Bills bought: 135,413 j 161,845 104,448 Outright* - - 49,653 47,719 12, 331 Under resale agreement -- 209, 564 116, 779 Total bills bought - United States securities: Bought outright --- --- 525, 772 | 527,124 137, 209 Under resale agreement - - 2,495 | 2,385 5,785 Total United States securities 528,267 | 529,509 142,994 Other reserve bank credit: Other securities - - 6,400 ! 9,700 7,816 Due from foreign banks 709 | 711 * 727 Reserve bank float3 15,697 I 24,060 Total reserve bank credit outstanding... 1,048,741 ! 1,005,818 1, 360, 243 Federal reserve notes of other reserve banks... 20,614 20, 968 16, 378 Other uncollected items not included in float 511,695 562,769 602, 724 Bank premises 58,671 ! 58, 580 58,581 All other resources - • 12,055 ! 11, 542 7,947 Total resources.. 4,903,123 4,973,881 5, 067,858 LIABILITIES Federal reserve notes: Held by other Federal reserve banks. 20, 614 20,968 16, 378 Outside Federal reserve banks 1,468, 313 1,486, 300 1,655,863 Total notes in circulation. 1,488,927 j 1,507,258 1,672,241 Deposits: Member bank—reserve account.. 2,369,314 I 2,384,721 2, 288,192 Government 42,700 ! 22,674 32,126 Foreign bank 5,711 I 5,365 7,742 Other deposits 18,228 21,173 25,198 Total deposits.. 2,435,953 2,433,933 2, 353, 258 ===== Deferred availability items.. 511, 695 562, 769 602, 724 Capital paid in 170, 546 174,209 157, 600 Surplus 276, 936 276,936 254, 398 All other liabilities 19, 066 18, 766 27, 637 Total liabilities. 4, 903,123 4,973, 881 5,067,858 ======== Contingent liability on bills purchased for foreign correspondents 462, 845 465,458 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to Federal reserve banks by Federal reserve agents 1,784,041 1,826,987 2, 072, 243 Held by Federal reserve banks * -- - 295,114 319,719 400,002 In actual circulation - 1,488, 927 1, 507,268 1, 672, 241 Collateral held by agents as security for notes issued to banks: Gold — - - — 1, 606,914 1,642,214 1, 304,948 Eligible paper - - 491, 048 430,807 1,114, 794 Total collateral. 2, 097,962 2,073,021 2,419,742 i Includes bills discounted for intermediate credit banks as follows: Latest month, $1,076,000; month ago, $1,401,000; year ago, $3,421,000; and notes secured by adjusted service certificates discounted for nonmember banks as follows: Latest month, $53,000; month ago, $39,000; year ago, $130,000. * Includes bills payable in foreign currencies as follows: Latest month, $1,058,000; month ago, $1,054,000; year ago, $1,040,000. « Uncollected items (exclusive of Federal reserve notes of other Federal reserve banks) in excess of deferred availability items. * Excludes "F. R. notes of other F. R. banks," which are consequently included in "actual circulation." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

383 JUNE, 1930 FEDERAL RESERVE BULLETIN RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON APRIL 30, 1930 [In thousands of dollars] San Total Boston! Y N o e r w k 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 - " Atlanta Chicago L S o t u . is . ; M ap i o n l n is e -; K C a i n ty s as ' ' F ci r s a c n o i . RESOURCES Gold with Federal reserve ; agents i 1,642, 214| 184,917: 258,594| 140,000 175,550 73,000; 107,400 279, 000 72, 345 55, 845 75, OOO: 30,800 189, 763 Gold redemption fund with j 17. 3. Treasury \ 41, 097 1,347J 15,257 2,922 2,385 2, 000; 2, 641 1,814 T, 886 1,922 1, 635 912 6,376 Gold held exclusively i against Federal reserve I i notes... I 1, 683, 311 186, 264! 273, 851 142, 922 177, 935 75,000' 110,041 280,814 74,231! 57, 767| 76, 635 31, 712 196,139 Gold settlement fund with J Federal Reserve Board _ 634, 847 21, 806! 217, 079 29, 639 13,563J 14,088: 148,100 24, 042 17,147 38, 076! 14, 049 27, 362 Gold and gold certificates held ! by banks 754, 502 35, 535j 449, 616 39, 317 52, 337 8, 6301 5, 851: 99,963 8,051j 6,459 10, 892! 9,009 28, 842 Total gold reserves 3, 072, 660'I 243, 60s! 940,5461 211,878 300,168! 97,193 129,980 528,877 106, 324 81,373 125,603 54,770 252,343 Reserves other than gold 178, 937 13, 224| 55, 663' 14, 272 13,003 7, 014 14, 790 16, 320 12, 926 4, 357j 8, 589 7, 552 11, 227 Total reserves. 3, 251, 597! 256,829) 996,209; 226,1501 313,1711 104,207 144,770 545,197 119, 250 85,730 134,192 62,322. 263,570 Nonreserve cash 62, 607 6, 957] 11,319! 3,633 4,753J 4,491 5,091 4,42" 1, 503J 2,124 4, 656 5,173 Bills discounted: Secured by U. S. Government obligations 105, 979, 6,038! 29,153' 15, 042 11, 721 5, 14, 645 5, 474 975! 3,499 1, 3381 11, 306 Other bills discounted 127,473 7, 699 12,117 ! 14, 539 13,823 23^ 9721 8, 653 10, 644 2, 706| 11, 600 6, 852? 5,872 Total bills discounted... 233,452 13,737 41,270; 29,581 20, 717 18, 931 25,6521 23,298! 16,118 3, 681 15, 099 8,1901 17,178 Bills bought 209, 564 15,075; 49, 7941 7,987 19, 611 8,978 22, 262| 19,429| 9,863 8, 615! 11, 703 6,4201 29,827 U. S. Government securities: Bonds 66,1361 1,190 27, 200 978 670 1,299 112 20, 564 645 4,752 81 8,279, 366 Treasury notes 175,491 12, 646! 53, 397 17, 318 22, 695 3, 66O1 4, 508 16,140 11,511 6, 503 1, 886 6, 978! 18, 249 Certificates and bills..""." 287,882 26, 487 114, 571 27,829 26,631 7,681 4,1721 33, 760 7,112 7, 222' 3, 957 10,380j 18, 080 Total U. S. Government securities 529, 509; 40, 323| 195,168 46,125 49,996 12, 640 8,792 70,464 19, 268 18,477 5,924 25,637j 36,695 O ther securities 9, 700| 1,000! 7,700 1,000 Total bills and securities. 982, 225| 70,135 293,932 84,693 90, 324 40, 549 56, 706 113,191 45, 249 30,773 32,726 40,247; 83,700 Due from foreign banks 711 53 226 70 72 30! 97 26 17 22| 22! 50 Federal reserve notes of other Federal reserve banks 20,968 205! 6,195 464 1,183 1,247 1,144 3,160 853 2,056 l,52ll 612! 2,328 Other uncollected items 585, 651 61, 724 160, 503 48,186 58,943 41, 273 19, 696 76,438 24, 902 10,520' 32,924| 19,844j 30,698 Bank premises ...... 58, 580! 3,580: 15,664| 1,762 7,059 3,204 2,658 8,295 3,811 2,018 3,972 1,876 4,681 All other resources 11, 542 53j 3,550 174 1,120 632 3,639 382 308 462 334 412 476 Total resources. 4, 973,881 399, 536J 1,487,598 365,132 476,625 195,633 233,730 755,240 133,079! 207,815] 129,9911 390,676 LIABILITIES Federal reserve notes in actual circulation 1, 507, 2681 159, 991 175,803 142,200 182, 277 68, 726 127, 896254, 510 76,000 59, 616 74, 203 32,409J 153,637 Deposits: Member bank — reserve account 2,384, 721 142, 622! 991,131! 134,329 187,220 63, 736 64,599 361, 241 75,836 51,113 87, 285 61,709 163,900 F G o o r v e e ig m n i n b e an n k t 22 5 , , 3 6 6 7 5 4 l4 4 5 1 | 9i 2 1 , , 5 7 6 8 8 7 ' j 1, 5 3 4 0 9 6 2, 5 0 6 3 6 7 2, 2 9 3 4 7 9 2, 2 4 0 3 4 3 2, 7 0 5 6 8 4 1, 1,1 1 9 3 4 0! ! 1, 1 5 7 7 0 3 1,0 1 6 7 7 0 2, 3 0 9 04 0 Other deposits 21,173 1021 10,528| 65 1,317 117 103 504 204 14L 411 7,896 290 Total deposits 2,433,933 144,5941 1,006,014 136,249 191,140 67, 039 67, 339364, 567 78,139 52, 578J 89,097 62,987 174,190 Deferred availability items 562, 769j 61,252i 149,907 42, 218 56, 636 40,473 20, C12 73,043 26, 954 9, 7401 30,644 20, 548 31,342 Capital paid in 174, 209 11, 659i 69,756! 16, 727 15,898 5,896 5,461 20, 325 5,348 3, 096; 4, 332 4,360 11,351 Surplus 276,936 21,751 80,001! 26,965 29,141 12,496 10, 857 40, 094 10, 877 7,143! 9,162 8, 935 19,514 All other liabilities. ZZ_Z 1ZIZZI 18, 766 289 6,117] 773 1,533 1,003 2,165 2,701 1,508 906: 377 752 642 Total liabilities... 4,973,88lj 399,536j 1,487,598 365,132 476, 625 195, 633 233, 730 755,240| 198,826 133,079. 207,815 129,991 390,676 Reserve/atio (per cent). 82. 5|| 84.3 84. 3! 81. 2 76.8 74.2 88.1 77.4 76.4! 82.2 65.3| 80.4 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to Federal reserve banks by Federal reserve agents.. 1,826,9871 j 188,899: 230,287: 166,365 212,938 91,345 153, 828 291,940| 92, 324 64,400 84,194 42, 603 207,864 Held by Federal reserve I banks 1 319,719|| 28,908, 54,484; 24,165 30, 661 22,619 25,932 37,430j 16, 324 4, 784; 9,991 10,194 54,227 In actual circulation _ _ 1,507, 268j| 159,991 175,803: 142,200182, 277 68, 726 127, 896 254, £10 76,000 >9, 616| 74,203 32,409 153, 637 Collateral held by agents as security for notes issued to I I banks: Gold 1, 642, 214 184,917! 258,5941 140,000 175, 550 73,000 107,400 279,000, 72, 345 55, 845 75, 000 30,800 189, 763 Eligible paper. _. 430,807| 28,735; 87,677! 34,1\ 38, 740 27,015 47, 083 42, 546 24, 683 12,065 26, 500 14,204 46,801 1 Excludes " Federal reserve notes of other Federal reserve banks," which are consequently included in "actual circulation." 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384 FEDERAL RESERVE BULLETIN JUNE, 1930 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON MAY 31, 1930 [In thousands of dollars] I 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 - Atlanta Chi- L S ou t. is n M o e l i a i n s p - - jK C an it s y as Dallas F c S r is a a e n n o * RESOURCES Gold with Federal reserve agents_ 1,607,714 164,917; 258,594; 140,000 185, 550 73,000 110,000 249,000 69, 245 53,845; 75,000 28,800 199, 763. Gold redemption fund with U. S. Treasury 37, 857 1,156 15,006; 2,693 2,205 1,333 2,371 1,595 1,817 902: 1,592 6,281 Gold held exclusively against Federal reserve notes 1,645,571 166,073 273,600! 142,693 187, 755 74, 333 112,37! 250, 595 71,062 54, 747 76,592 29, 699 206, 044 Gold settlement fund with Federal Reserve Board 626, 631 36,866 161,9791 49,273 81,436 16,956 10, 817 146, 091 25, 284! 14,874 29,809 15, 502 37, 744 Gold and gold certificates held I | by banks 766, 236J 38,077 459,681: 30,651 54,3951 8, 948 6,036j 109,067 8,179J 5,125 10,088 9,193 26, 796. Total gold reserves _ 3, 038, 438' 241,016. 895,260! 222,61* 323, 586 100, 23: 129,231 505,753 104, 525; 74, 746 116,489 54,394! 270,584 Reserves other than gold- 156, 940 12,059, 49, 964: 7, 39' 10, 903 6,101 14,461 14,127 12,152: 4,584 8, 371 6,711 10,104 Total reserves !3,195,37! 253,075! 945,224! 230,014 334,489 106,344 143,692; 519.880' 116,677 79,330 124, 860 61,105| 280,688 Nonreserve cash I 55, 969 5, 446| 13, 730| 3,144 3, 036' 3, 696| 3, 583; 7, 874 3, 897 1,748 1, 696 3, 629 4, 490 Bills discounted: Secured by U. S. Government obligations 132,657! 9,348! 67,472! 15.9151 12,823! 3,160: 2, 218! 7, 456! 6, 074 603 2,626 1, 039 3, 923- Other bills discounted 179,945. 10,711, 46,119: 16,892' 7,135! 14, 906 29, 3041 10,819' 14, 080] 3,081i 13,207 8,4r 5,274 Total bills discounted 312, 602j 20,059. 113,591! 32,807. 19,9o8: 18, 066 31,522! 18,275 20,154 3, 684; 15, 833! 9, 456 9,197 Bills bought 185,066 16,921 57,494j 3,930; 11,982; 8,186 13,895; 20,383 7, 472! 6, 984' 6, 694! 6,150 24,975 IT. S. Government securities: ! ! ! B T C r o e e r n a t d i s f s u i c r a y t e n s o a te n s d bills ! 2 2 4 4 3 5 9 3 , , , 3 3 6 5 1 0 5 0 2 : ! j 2 1 2 1 6 , , , 6 6 0 2 1 8 4 4 5 ; ; : 9 7 1 9 6 , , , 6 8 1 3 5 5 9 7 2 ! ; ' 2 2 4 1 0 , , , 3 3 4 7 1 4 0 4 0 , 2 2 6 2 1 , , , 2 0 69 3 9 5 6 5 ; | 6 4 1 , , , 4 4 8 0 2 1 4 2 4 i ! 3 5, , 4 2 1 7 1 5 0 0 5 | ! ; 2 2 2 1 8 1 , , , 7 1 1 8 9 0 3 2 4 ; ! : 12 5 , ,9 5 7 2 5 8 9 9 0 ! ' 8 9 5 , , , 9 1 6 6 5 78 0 3 ! ' ; 8 6, , 1 8 6 7 7 4 3 8 8 8 , , , 6 4 5 4 4 5 1 6 0 2 1 0 5 , , 0 6 9 7 5 6 3 5 7 Total U. S. Government securities 528, 267 • 40,323! 177,648 46, 124 j 49,996. 12,640! 8,84lj 71,079. 19, -268 23,79l! 16,225 25,637 36, 695 Other securities 6, 4001 1,0C0! 4,400: 1,000! Total bills and securities... 1, 032, 335! 78,303 353,133! 83,8611 81,936! 38,892! 54,258' 109,7371 46,894' 34, 459J 38,752 41,243 70, 867 Due from foreign banks 709! 53 232; 69| 711 30 26i 95 26, 161 21 21 49 Federal reserve notes of other Federal reserve banks 20, 614' 243: 6,84s! 274 1,162 1,809 901' 2,728 971 1, 388 1, 54' 515 2,231 Other uncollected items 527, 392 i 59,173; 150,778! 46,676 41, 8551 36, 2211 16, 260| 68,317| 21,361 11,0571 30,180 17, 886 27, 628 Bank premises 58, 671! 3,580! 15,664: 1,78' ' 7, 059i 3, 204: 2, 658 8, 295 3,811' 2,018i 3,972 1,876 4, 747 All other resources 12,055 49 4,173; 208: 1,163, 609! 3,448 410 293 494: 287 414 507 Total resources J4, 903,123! 399, 922 1, 489, 779! 366, 033 470, 771! 190,8051 224,826; 717,336' 193,930 130, 510J 201,315 126, 689391, 207 LIABILITIES Federal reserve notes in actual circulation '1,488, 927! 159,811 190,812! 138,890; 186,996 125,440 225,497 76,348 56,375. 72,088 31,415 Deposits: Member bank—reserve ac- ! I count 2,369,314 144,340 986,589i 137,694 182, 805! 62,938 63,541! 357,874 72,533' 49,601! 84,371 60,154 166,874 Government 42, 700: 3,119; 7,442! 2,354 2, 243' 6, 602 3,917 5,438 3,420 2,490! 2» 144 1,540 1,991 Foreign bank 5,711! 397 2,111 521 537; 225 193 719 193 123! 161 161 370 Other deposits 18, 2281 16 8,630: 58 1,437| 123 51 581 311| 203J 58 38 6,722 Total deposits 2,435,953! 147,872! 1,004, 772 140,627 187,022 69,888i 67,702 364,612 76,457; 52,417 86, 734 61,893 175,957 Deferred availability items 511,695 58, 311 141,520 41, 50,170 32,703i 13,249 64,277 23,434 10,579 28, 639 19,345 27, 469 S C u a r p p i l t u a s l paid in 2 17 7 0 6 , , 9 5 3 4 6 6 ! , 2 1 1 1 , ,8 7 2 5 2 1 6 8 6 0 , , 0 2 0 5 1 2 1 2 1 6 6 , , 9 7 6 4 5 5 ; | 2 15 9 , , 1 8 4 9 1 9 12 5K , , 8Q 4 7V 9 4A 6 \1 1 5 0 K, , 3 8 o 5 7r A 7 4 ! o2 4 n0 0 , , o 0 2n0 9 s3 4 1 1 K 0 5 , , O 8 2U8 7 O2 7 ,1 ! O3 7 , ,n 1 0c 4 8n 3 9 ! 4 9, , 1 3 6 3 2 0 4 8, , 9 3 3 50 5 0 11 19 11 , ,3 32 5 2 1 6 4 All other liabilities 19,066 355 6,422 807 1,543 957 2, 204! 2, 653 1, 5321 907; 362 7511 573 Total liabilities 4,903,123; 399,9221,489, 779 366, C 470, 7711 190,805224,826! 717,336 193,930| 130, 510; 201,3151 126,689] 391,207 Reserve ratio (per cent). 81.4 82.3 79.1; 82.3 76.6 88.1 76.4 72.9 78.6 65.5 84.5 FEDERAL RESERVE NOTE STATE- MENT Federal reserve notes: Issued to Federal reserve I banks by Federal reserve agents 1,784,0411182, 527 240,750 155,636 213,953 88,269 150,127 260,795 89, 094 62,154 81,489 40,129 219,118 Held by Federal reserve banks 1 295,114! 22, 716 49,938 16, 746;26,957 19,382 24,687 35, 298 12, 746 5,779 9,401 8,714 62, 750 In actual circulation 1,488, 927 j 159,811190,812 138,8901 186,996; 68,887 125,440 225,497 76,348 56,375 72,088 31,415 156,368 Collateral held by agents as security for notes issued to banks: Gold 1, 606, 914164,917 258,594 140,000 185,550 73,000 110,000 249,000 69, 245 53,845 75,000 28,000 199,763 Eligible paper 491,048j 36,900 169,196 34,859! 31,218! 25,819 45,111 38, 480 26,955 10, 558 22,415 15,519 34,018 1 Excludes "Federal reserve notes of other Federal reserve banks," which are consequently included in "actual circulation." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

385 JUNE, 1930 FEDERAL RESERVE BULLETIN BANK DEBITS KINDS OF MONEY IN CIRCULATION [Debits to individual accounts. In millions of dollars] [End of month figures in thousands of dollars] Number '< April, March, April, of centers 1930 1930 1929 Feb. 28 Mar. 31 Apr. 30 May 31 New York Citv 1 38,631 40, 740 47, 979 Gold coin 366, 789 362, 272 360, 016 360, 725 Outside New York City 140 24,347 25, 014 26, 803 Gold certificate 841, 235 873, 366 885,820 950, 820 Standard silver dollars.__ 39, 451 39,172 38, 798 Federal reserve district: Silver certificates 384, 339 385, 583 382,423 390,152 Boston . 11 2,698 2. 615 2,936 Treasury notes of 1870 1,268 1, 265 1, 263 1,261 New York 7 39,597 41,715 49, 021 Subsidiary silver 280, 395 280, 364 281,181 281,155 Philadelphia 10 i 2,273 2, 505 2,899 Minor coin 116, 773 116,544 117,108 117,575 Cleveland 13 | 2.733 2, 667 3,111 United States notes 268, 964 268, 526 277,111 289, 220 Richmond __ 7 756 764 792 Federal reserve notes 1, 628,064 1,571,519 1,483,711 1,466, 549 Atlanta 15 i 1,053 1.068 1,227 Federal reserve bank notes 3,322 3,275 3,248 3,221 Chicago 21 6,489 6, 635 6, 932 National-bank notes 647, 908 647, 301 645, 389 649,926 St. Louis 5 i 1,159 1,188 1.299 Minneapolis 9 730 730 738 Total 4, 578, 508 4, 549,187 4,476,068 ' 4,549,213 Kansas City 15 i I,bl5 1, 348 1,428 D Sa a n l la F s rancisco 1 1 0 8 ; 3,4 (5 9 8 3 1 3,7 7 8 3 4 4 3. 7 6 4 5 1 6 v Preliminary. Total 141 | 62,978 65, 754 74, 782 FEDERAL^iRESERVE BANKS—MATURITY DIS- TRIBUTION rOF BILLS AND SHORT TERM t SECURITIES MEMBERSHIP IN PAR-COLLECTION SYSTEM [In thousands of dollars] [Number of banks at end of April] .1. Member banks Nonmember banks 16 to i 31 to 61 to 91 dfsl0ver6 Fede d r i a s l t r r ic e t serve On par list Not on par list , Total da 30 y s da 6 y 0 s da 9 y 0 s m l o n nths'™nths 1930 1929 1930 j 1929 1930 1929 Bills discounted: May 7 237,448!153, 260 18, 888 29, 991 16, 483 17, 047 1, 779 United States. 8.382 8,743 11, 703 12,411 3, 645 3,903 May 14 1210, 4861 124, 065" 191,,15"4'30,082116, 254 19,1601 1, 771 May 21 209,999:12!00,; 809 19, 81531, 074J17, 202 19, 956i 1,143 Boston 403 408 270 252 May 28 ;247, 046 j| 15'"2 ,044 20,73633, 329! 18, 431 21, 3121 1,194 New York 929 937 401 404 Bills bought in open Philadelphia 758 472 485 market: Cleveland 794 811 977 1 005 9 9 May 7 175, 20311 99,090 32,293 29,864 12, 082 1,8741 Richmond 501 539 561 608 503 567 May 14 J171, 035!l 86,374 38,448 36i,,375 9" ,4'1 421! Atlanta 417 442 230 295 902 958 May 21 186, 8S4J 103,146 36, 75437, 118 9,212 654, Chicago 1, 151 1, 236 3, 379 3 543 226 213 May 28 175, 5C0 103,869 29, 069 32, 5''3 9,177 872 St. Louis .'54 585 1, 600 1, 713 480 485 Certificates and Minneapolis 668 708 549 632 1, 000 1,132 bills: Kansas Citv _ . __ 891 917 2, 037 2, 191 191 268 May 7 285,950 26, 0C0 54,973 48, 350 82, 691 73, 936 Dallas 721 594 617 214 211 May 14 !281, 655, 26,000 49, 642148, 355 84, 736 72,921 San Francisco 595 619 630 666 60 60 May 21 !291,857! 47,188 48, 350|52, 363 74, 656 69, 300 May 28 244,868 13,4''4 40, 000 63, 213 86,176 42, 005 1 Incorporated banks other than mutual savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

386 FEDERAL RESERVE BULLETIN JUNE, 1930 CHANGES IN MEMBERSHIP STATE BANK MEMBERSHIP NATIONAL BANK MEMBERSHIP The following list shows the changes affecting State The following list shows reported changes (except bank membership during the month ended May 21, suspensions and insolvencies) affecting national bank 1930, on which date 1,097 State institutions were membership, concerning which information became members of the system: available between April 22 and May 19: Date Federal reserve district Capital Date Federal reserve district Capital 1930 No. 2—NEW YORK No. 2—NEW YORK I Apr. 19 Hooart Trust Co., Passaic, N. J $500, 000 1930 Absorbed by Peoples Bank & Trust Co., Apr. 19 North Ward National Bank, Newark, N. J '' $400,000 Succeeded by North Ward Trust Co. Passaic, N. J., member. May 1 Third National Bank, Walden, N. Y., title 30 Bank of La Salle, Niagara Falls, N. Y.__ _ 50,000 changed to First National Bank and Trust Co. Absorbed by Power City Bank, Niagara Falls, N. Y., member. May 13 Park Row Trust Co., New York, N. Y ._ 500, 000 No. 3—PHILADELPHIA Admitted to membership. Apr. 30 First National Bank, Philadelphia, Pa j 2,500,00C 20 North Ward Trust Co. and Equitable Trust Co., Eighth National Bank j 275,000 n F o id n e m li e t m y b U e n rs io , n N T e r w us a t r k C . o. N. J., absorbed by Co N n a s t o i l o i n d a a l t e B d a u n n k d . e . r charter and title of First J : 3,111,000 May 10 Farmers National Bank, New Holland, Pa., title No. 5—RICHMOND changed to Farmers National Bank and Trust Apr. 24 Bank of Victoria (Inc.), Victoria, Va 30, 000 Co. Absorbed by First National Bank of Victoria. No. 4—CLEVELAND May 20 Savings Bank & Trust Co., Richmond, Va 200,000 Voluntary withdrawal. May 12 Second National Bank of Allegheny, Pittsburgh, Farmers Banking & Trust Co., Tarbcro, N. C... 100,000 Pa., title changed to Second National Bank. Absorbed by nonmember. No. 5—RICHMOND No. 6—ATLANTA Apr. 22 Columbus Bank & Trust Co., Columbus, Ga 250, 000 Apr. 22 Planters National Bank, Bennettsville, S. C 100,000 Absorbed by Peoples State Bank of South Admitted to membership. Carolina, Charleston, S. C, nonmember. May 8 Peoples Bank, Evergreen, Ala 100, 000 Admitted to membership. No. 7—CHICAGO 12 Monroe County Bank, Forsyth, Ga .... 55,000 Voluntary withdrawal. Feb. 24 Commercial National Bank, Corydon, Iowa 40,000 19 Roanoke Banking Co., Roanoke, Ala_ 400, 000 Absorbed by Corydon State Bank, non- Voluntary withdrawal. member. Apr. 19 National Bank & Trust Co., Chariton, Iowa 100,0C0 No. 7—CHICAGO Primary organization. Apr. 28 Marshall State Bank, Marshall, 111 60,000 26 Mechanics National Bank, Milwaukee, Wis 200, 000 Voluntary withdrawal. Bay View Bank, nonmember 100, 000 May 12 Royal Oak Savings Bank, Royal Oak, Mich., Consolidated under charter of Mechanics title changed to Royal Oak Trust & Savings National Bank and title of Bay View Bank. National Bank 200,000 No. 8—ST. Loins May 6 First National Bank, Williamsburg, Ind 25,000 Absorbed by First National Bank, Greens May 1 Bremen Bank, St. Louis, Mo 200, 000 Fork, Ind. Succeeded by Bremen Bank & Trust Co., 12 Merchants National Bank, Burlington, Iowa 100,000 St. Louis, Mo., member 400,000 Absorbed by First Iowa State Trust & Savings Bank, Burlington Savings Bank, No. 9—MINNEAPOLIS American Savings Bank & Trust Co., and May 5 Commercial State Bank, Gregorv, S. Dak 50,000 Farmers & Merchants Savings Bank. Succeeded by Northwestern Bank, Gregory, S. Dak., nonmember. No. 8—ST. LOUIS 20 Ihlen State Bank, Ihlen, Minn 24,000 Voluntary withdrawal. Apr. 14 National City Bank, St. Louis Mo 1,000,000 Absorbed by Franklin-American Trust Co., No. 12—SAN FRANCISCO member. | May 9 Security State Bank, Odessa, Wash 50,000 29 First A N bs a o t r i b o e n d a l b B y a F n a k r , m L e a rs m N ar a , t i A on rk al . . B . ank, _ C _ l arks- I 25,000 Admitted to membership. Succession to ville, Ark. F W a a rm sh e ., r s m e & m be M r. erchants Bank, _ O . dessa, 25, 000 May 6 First P r N im at a io ry n a o l r B ga a n n i k z a & ti o T n r . ust Co. Alton, 111 500,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1930 FEDERAL RESERVE BULLETIN 387 NATIONAL BANK MEMBERSHIP-Continued ! Amount of Date Federal reserve district Capital Mnks New charters issued _ 11 i $1,055,000 Restored to solvency _ _ 0 ' 0 No. 9—MINNEAPOLIS ; Increase of capital approved 1__ 12 1,818,464 Jan. 29 First National Bank of Neche, N. Dak ! $25, COO Succeeded by First National Bank in Neche. j Aggregate of new charters, banks restored ! 29 Bathgate National Bank, Bathgate, N. Dak I 25,000 to solvency, and banks increasing capital, j 23 : 2,873,464 Absorbed by First National Bank in Neche,' N. Dak. i Liquidations _ _ 37 4,085, 000 Apr. 15 First National Bank, Egeland, N. Dak I 25,000 Reducing capital _ 0 0 Absorbed by First National Bank, Cando, N. Dak. ! Total liquidations and reductions of capital. 37 , 4,085,000 17 Union National Bank, Minot, N. Dak 100,000 Consolidation of national banks under act of Nov. Succeeded by Union National Bank <t Trust 7, 1918 ; 1 ; 3,111,000 Co. Consolidation of national banks and State banks 22 First National Bank, Leola, S. Dak 25, 000 under act of Feb. 25, 1927 _ 3 425,000 j Conversion of Bank of Leola, nonmember. 25 ; First National Bank, Britton, S. Dak 25, 000 Total consolidations _ _.; 4 > 3, 536,000 Primary organization. 28 First National Bank, Sauk Center, Minn. 50, 000 Aggregate increased capital for period j 2,873,464 Absorbed by Merchants National Bank. Reduction of capital owing to liquidations, etc 4,085,000 28 First National Bank, Madison, Minn. 25, 000 Absorbed by Lac qui Parle County Bank and Net decrease. 1,211,536 Madison State Bank, nonmembers. 30 First National Bank, Chinook, Mcnt 80, 000 i Includes 1 increase in capital of $336,000 incident to a consolidation Absorbed by Farmers National Bank. under act of Nov. 7, 1918. 30 S LaDor National Bank, Great Falls, Mont.. 100, 000 i Absorbed by Conrad Banking Co., nonmem- ! ber. Fiduciary Powers Granted to National Banks May 12 | Onida National Bank, Onida, S. Dak. 25,000 I First State Bank, nonmember... 25,000 During the month ended May 21, 1930, the Federal Consolidated under charter and title of Onida National Bank 25,000 Reserve Board approved applications of the national 13 Security National Bank, Huron, S. Dak 200, 000 banks listed below for permission to exercise one or more Primary organization. of the fiduciary powers named in section 11 (k) of the 16 First National Bank, Mobridge, S. Dak. 50, 000 Federal reserve act as amended, as follows: (1) Trustee; ; Primary organization. (2) executor; (3) administrator; (4) registrar of stocks No. 10.—KANSAS CITY and bonds; (5) guardian of estates; (6) assignee; Apr. 23 Manufacturers National Bank, Leavenworth, j (7) receiver; (8) committee of estates of lunatics; Kans. _ _ | 100, 000 (9) in any other fiduciary capacity in which State Succeeded by Manufacturers State Bank. ! banks, trust companies, or other corporations which 28 City National Bank, Greeley, Nebr j 30, 000 Primary organization. ; come into competition with national banks are per- May 1 Citizens National Bank, St. Paul, Nebr.. i 35, 000 mitted to act under the laws of the State in which the Conversion of Citizens State Bank, nonmem- national bank is located. ber. St. Paul National Bank, St. Paul, Nebr ! 40, 000 Conversion of the St. Paul State Bank, non- ! i member. I | Powers j No. 11.—DALLAS j Name of bank ; granted Apr. 15 First National Bank, Merit, Tex ! 25, 000 J Absorbed by Citizens State Bank, Green- I 29 ! Firs A t N b v s i a l o l t r e i b o , e n T d a e l x b B . y , a m B nk e a , m n k M b e o i r f n . d W en e , b s L te a r . , nonmembc _ r. . . > i i 50, 000 S N P H p o T a r u n e i g w n o h g v to k v e n e r i , l , e l M p e N , s . a i N e s H , s . N Y . Y__ N D F C i i e a r t w r s iz t t m t e o N n n o s a u t N N t i h o a a n t t N i a i o o l a n n t B a a io l l a n n B B a k a l a n n B k k a nk.. i j 2 1 1 1 . i t t t o o o 9 9 9 . . . New Holland, Pa Farmers National Bank & 1 to 9. No. 12.—SAN FRANCISCO TrutsCo. Apr. 4 First National Bank, Bingham Canyon, Utah 100, 000 Ludlow, Ky_. First National Bank __ 1 to 9. Absorbed by First Security Bank, nonmem- Butler, Pa.... Butler County National 1 to 9. ber. Bank. 8 First National Bank, Odessa, Wash _._ 40,000 Arnold, Pa National Deposit Bank I 1 to 9. Absorbed by Security State Bank, non- Adrian, Mich. National Bank of Com- j 2, 3, 5, and member. merce. I 8. 11 West Coast National Bank, Portland, Oreg 500, 000 Alton, 111 First National Bank & j 1 to 9. Absorbed by United States National Bank. Trust Co. i May 3 Reardan National Bank, Reardan, Wash 50, 000 Owensboro, Ky_. National Deposit Bank j 1 to 9. Succeeded by First National Bank. Monett, Mo First National Bank i 1 to 9. 12 Brotherhood Cooperative National Bank, Ta- Sedalia, Mo Sedalia, National Bank j 1 to 9. coma, Wash., title changed to Washington National Bank in the City of Tacoma. i Supplementary. 12 First National Bank, Orosi, Calif 25, 000 Primary organization. Acceptances to 100 Per Cent The following named bank has been granted The Comptroller of the Currency presents the follow- authority by the Federal Reserve Board to accept ing summary of increases and reductions in the number drafts and bills of exchange up to 100 per cent of its and capital of national banks during the period from capital and surplus: Public National Bank & Trust April 19, to May 23, 1930, inclusive: Co, New York, N. Y. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS CO OO 00 ALL MEMBER BANKS—CONDITION ON CALL DATES MARCH 23, 1927, TO MARCH 27, 1930 [Amounts in thousands of dollars] Mar. 23, June 30, Oct. 10, Dec. 31, Feb. 28, June 30, Oct. 3, Dec. 31, Mar. 27, June 29, Oct. 4, Dec. 31, Mar. 27, 1927 1927 1927 1927 1928 1928 1928 1928 1929 1929 1929 1929 1930 RESOURCES Loans (including overdrafts) 22,327,037 22,938, 207 23, 226, 513 23, 886, 393^23, 098, 936 24, 302,787 325, 010 25,155, 255 24, 944, 641 25, 658, 491J26,164, 829 26,150, 061 25,118, 783 United States Government securities 3, 835,151 3,796,347 3,856,149i 3,977,557: 4,215,822' 4,224, 730 385, 830 4,311,790 4,453,953 4,154,929 4,021,636 3,862,968 4,085,006 T O o th t e a r l l s o ec a u n r s it i a e n s d investments 31 5, , 9 7 4 86 8 , ,9 7 6 7 4 6 3 6 21, , , 0 7 2 5 1 6 , , 9 4 2 8 7 1 3 6 3 , , 1 1 0 8 3 5 , , 1 7 1 8 9 1 : 3 6 4 , , 2 3 4 8 6 2 , , 9 9 1 6 2 2 : 3 o 3 , , 6 3 8 7 8 3 , , 3 6 8 3 8 0 J 3 5 6 , , 0 5 6 3 1 3 , ,6 1 5 7 6 3 34,9 2 2 1 8 8 , , 9 1 8 4 5 5 3 6 5, ,2 6 21 8 16 3 6, , ,8 9 89 3 90 5 0 3 5 5 , , 9 3 9 9 4 3 , , 4 0 3 2 2 6 3 5 5 , , 8 7 9 1 7 0 ,5 ,9 4 6 1 1 3 5 5 , , 7 9 2 1 7 3 , , 3 7 0 7 6 1 35 5, ,9 92 3 0 3 , , 9 9 2 5 1 0 3 5 5 , , 8 0 5 5 1 5 , , 9 6 0 9 8 7 Customers' liability on account of acceptances 500, 232 502,024 576,223 699,701 095,319! 710,207 727, 258 929, 540 836, 028 802,188 988, 912 1, 252, 1471,111,153 Banking house, furniture, and fixtures 1,012,103 1,036,731 1,059,930 1,067,200 1,077, 529! 1,099,210 105, 558 107, 2871,118,418 1,169, 7521,175, 3931,190, 3061, 202,486 Other real estate owned 178, 230 175,829 180,546 177,229: 180,511; 184,109 178, 443 177, 716 184, 873 179,878 182, 796 183,989 188,815 Cash in vault 538, 305 537,856 539,1371 523,370, 525,992! 449,198 519, 564, 384 516,742 433, 491 497, 212 558, 450 496,633 Reserve with Federal reserve banks 2, 321, 414 2,280,439 2,319,736 2,514,465! 2,366, 605! 2,342,045 348, 409, 3672, 338, 5692, 359, 0772,321,806 2, 373, 7602, 352, 738 Items with Federal reserve banks in process of collection 673, 512 740,816 739,871 784,39l| 686,881! 680,492 856, 967, 836! 841,606' 775,822 S23, 363 994, 373 719, 201 Due from banks in United States 1,896, 383 1,968,326 2,077,441 2,209,831! 1,940, 619! 1,897,231 026, 124,252 1,741,478 1,885,167 2, 004, 9382,167, 7561, 901, 517 Due from banks in foreign countries (including own branches) 287,104 275,887 255, 821 258,337 269,373 291,490 286, 686 305, 299 287, 248 272, 682 246, 996 263,834 247,612 Exchanges for clearing house and other checks on local banks 1, 222, 670 1,912,942 1, 564, 796 ., 508, 418 1,311,817 1, 447, 219 1, 634, 6893, 493, 0612,486, 2031, 446,1862,132, 3312, 762, 4631, 616,954 Outside checks and other cash items 101, 676 177, 771 157, 841 200,159 134, 916 217,291 163, 527 203, 884 142, 395 117,298 102, 363 139,056 65, 331 Redemption fund and due from United States Treasurer. 32,480 32, 891 33,054 33, 281 32, 823 33, 025 33, 001 32, 995 32, 761 32, 715 32,828 32,889 32,823 Acceptances of other banks and bills of exchange or drafts sold with indorsement. 205,382 210, 519 265, 00: 431, 968 454, 958 436, 486 433, 668 677, 994 475,155 453, 826 551, 587 735,193 612,193 Securities borrowed.. 41,521 33,539 29, 464 35,212 29,248 37, 733 36, 551 35, 947 48, 844 36, 337 32, 592 35, 533 25, 744 Other assets 158,488 168,141 171,070 197, 666 186, 677 204, 940 205, 273 222,149 229, 751 232, 621 198, 700 219, 379 231,482 Total 41,118, 464 42,810,192 43,155, 718 44, 888,140 43, 581, 656 45, 091, 849 45, 483, 697 48, 935, 646 46, 673, 097 45, 908, 001 47, 305, 588 48,843, 078 45, 860, 379 LIABILITIES Capital stock paid in 2,248,210 2,273,737 2,304,708 2,337,780 2, 345, 519 2, 415,376 2,453, 8592,474, 2232, 563, 27 2, 646, 9282, 739, 6452, 757,113 2, 744,975 Surplus 1,992,174 2,030,342 2, 049, 325J 2,124, 020 2,144,182 2, 285, 536 2, 382, 3932,440, 7092, 548,1552, 650, 3362, 811, 2692,864, 6122, 881,944 U Re n s d e i r v v i e d s e d fo p r r d o i f v it i s d — en n d e s t , contingencies, etc } 845,596 843,319 940,505 879,480 914,114 924, 012 f I 8 1 8 2 6 0 , , 0 0 2 2 5 0 8 1 3 5 2 1 , , 7 5 4 6 4 4 9 1 1 4 8 4 , , 1 2 4 4 5 2 8 1 8 6 2 4 , , 8 4 0 3 6 0 9 1 8 4 0 3 , , 9 6 2 0 8 3 9 1 0 7 9 7 , , 5 2 4 5 8 2 9 1 5 7 6 6 , , 0 6 5 1 3 0 Reserves for interest, taxes, and other expenses accrued and unpaid 139,315 128,142; 152,531! 128,757 137, 345 145,458 150,438 120, 676 157,144 148,825 172,193 137, 660 175,896 Due to Federal reserve banks 47,221 53,043| 54,402 52,073 45, 360 49,823 65, 379 56, 510 51,433 51, 883 55, 720 54,458 51,915 Due to other banks in United States 3,388,441 3, 507, 732 3, 567,193 3, 808, 222 3,495, 722| 3, 263,494 3,462, 3773, 649, 0373, 070,0843, 091, 6393,153, 0773, 517, 3253, 204,316 Due to banks in foreign countries (including own branches) _ 451, 747 567,800| 586, 869 745,691 643,372 613,732 508, 571 543, 273 162, 649 464, 871 481, 696 576, 664 498,075 Certified and officers' checks outstanding._ 788, 522 1,064, 605| 977,944 839, 556 848, 064 787, 770 1,041,114 2,184,138 1,739,947 753, 6201, 405, 4461, 603, 5621,134, 283 Cash letters of credit and travelers' checks outstanding 25, 015 41,696 26, 391 21,6411 29,015 43,177 27, 338 23,128 27, 385 43,182 27, 613 23,460 25,038 Demand deposits 16,830, 709 T7,735,244 17,374,426 18,1"0,140'17, 304, 646 17, 606, 564 17'., 501,430 18, 903, 658 17, 708, 2'6,9 18714,, 603' ,1973,7,478 18,861, 58^2 17,078,905 Time deposits 11,817,694 12^,,209,834 12,459,24812,70414;, 798 12,922, 638 13, 438, 585 133J, 409, 608 13,453, 311 13, 328, 71I2, 1332,5, 066 t1,3 ;317, 649 13, 233, 41831,518, 731 United States deposits 406,850 217, 622j 435,475 266, 981 86, 032 256, 681 158,761 261,505 410,867 347,967 315,479 143,203 Agreements to repurchase U.S. Government or other securities sold 13,248 17,967i 17,845 32, 785 21,375 18,103 95,161 134, 084 102,423 103, 758 149,090 136,957 66,214 Bills payable and rediscounts: With Federal reserve banks 463,900 440, 565! 457, 758 583, 266 485, 874 1,095,997 1,019,789 1, 040, 608 981,434 1, 029, 391 899,311 646, 334 206,124 Allother 82,533 100, 683 70,457 80, 2091 95, 018 113,440 134,127 121, 570 171, 601 168,975 250, 587 232,188 140,467 Acceptances of other banks and bills of exchange or drafts sold with indorsement 205,382 210, 519 265,007 431,968 454,958 436, 433, 665 677, 994 475,155 453, 826 551, 586 735,193 612,193 Acceptances executed for customers 505, 586 503, 595 575, 636 721,473 705, 001 716, 270 717, 931 928, 329 846, 370 800,423 984, 670 1, 276,1591,125, 907 Acceptances executed by other banks for account of reporting banks 29, 013 32,042 26, 075 22, 318 26, 008 28, 235 41,417 43, 636 45, 025 42, 075 40,400 29, 647 24, 654 National-bank notes outstanding 642, 067 650,445 649, 390 649,877! 646,162 648, 602 648, 046 649,893 647, 354 640, 610 645, 562 647,481 Securities borrowed 41, 546 33, 564 29,471 35, 936 29,352 37, 782 36, 556 35, 947 48,844 36, 337 32, 592 35, 533 25, 744 Other liabilities 153, 695 147, 696 135, 062 191,169 201, 899 166, 726 189, 692 209,109 224, 581 238,116 214,946 245, 585 239,961 Total 41,118,464 42, 810,192;43,155, 718 44, 888,140 43, 581, 656 45, 091,849 45,483, 697 48, 935, 646 46, 673,097 45, 908, 001 47, 305, 588 48, 843,078 45,860, 379 Number of banks 9,144 9,099 9,087 9, 034 8, 983 !,896 8,837 8, 755 8,707 8,616 8,522 8,406 CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMfcER BANKS—CONDITION OF NATIONAL AND OF STATE MEMBERS ON MARCH 27, 1930 [Amounts in thousands of dollars] All member banks National banks ! State bank members Central Other Central Other Central Other reserve reserve Country reserve reserve Country reserve reserve Country Total city city bank Total city city banks Total city city banks banks banks banks banks banks banks RESOURCES Loans (including overdrafts) ... 25,118, 783 7,598,711 8,752, 478 767, 59414, 035, 349 400 5,238, 564 6, 520, 385'10, 483, 434 !4,.'22,3113.,513,914 2,247, 209 United States Government securties 4, 085, 000 1.295, 651! 1,515,916 273, 439 2, 718, 307 953 1,077, 053 1,063, 3011 1,366,699 717, 098 j 438, 863 210,138 Other securities 5. 851, 908 1,000,047: 1,589,515 201,746 3, 820, 250, 090 880, 712 2, 536, 448i 2, 025, 652! 051, 551 i 708, 803 665, 298 Total loans and investments 35,055,697 9,955,009|ll,857,909 13 242,779 21,179,91213 449 7,196,329|10,120,134 13,875,785 fi,091,500 4, 661,580 3,122,645 Customers' liability on account of acceptances 1, 111, 153 835, 3141 260, 069 15, 770 519, 514j| ' 852 202, 294! 9, 368 591, 639 i 527,462; 57, 775 6,402 Banking house, furniture, and fixtures 1, 202, 480 235, 914 433, 094 533, 478 765,464' 655 265, 922 413,887 437, 022; 150, 259 167,172 119,591 Other real estate owned 188, 815 9, 538 66, 493 112,784 125, 798 162 31,73f 88, 901 63,017: 4, 376 34, 758 23, 883 Cash in vault 496,633 72, 4081 137,954! 286, 271 347,910 939 89, 930 228, 047 148,717: 42, 469 48, 024 58, 224 Reserve with Federal reserve banks 2, 352, 738 964, 611 771,613; 616,514 1,303,051 393,967 493, 932 475, 752: 989, 087 570, 644 277, 681 140,762 Items with Federal reserve banks in process of collection 719,201 278,951 337,127: 103, 123: 428, 532 130,516 222, 036 69, 980! 290, 669 142,4351 115,0911 33,143 Due from banks in United States 1,901,517 235, 235 849,396 816,886! 1,391,071 89,201 617,470 685, 0001 509, 8-16 140, 0341 231,926 131,886 A D O E R x c e u u c c d t e s h e e i p a f m d r n t o e a p g m n t e c c i s h o e b e n s f c a o k o n f r u s k f c n s o a l d e t n i h a n d r a e i n r f n o o d g t b r h e a d h i e n g u o r k n e u c s s a c f e a r s o o n h u a m d n n i t d t b e r U i m i o e l n l t s s s h i t e ( e o i r d f n c c e S l x h u t c e a d h c t i k a e n n s s g g o T e o n r w o e l a r n o s c d u b a r r r a l e a f b n r ts a c n h s k e o s s ld ) with 1,6 2 1 3 4 6 2 7 6 5 , , , , 9 8 6 3 5 2 3 1 4 3 1 2 1, 1 3 1 9 5 2 1 1 4 , , , , 6 7 0 2 7 9 5 5 0 8 6 2 | 2 5 1 3 2 3 2 7 , , , , 7 7 1 7 7 1 6 9 5 6 0 3 4 2 1 9 2 3 9 , , , , 0 9 9 9 5 7 2 4 4 4 7 5 ! 0 1 0 4 3 5 8 5 2 8 , , , , 8 8 0 2 2 7 9 2 3 5 0 9 ; ' 4 1 3 1 0 1 2 , , , 6 4 0 1 1 3 5 7 5 0 0 1 1 4 4 2 3 3 4 7 , , , , 4 4 1 7 1 6 1 9 1 4 5 3 3 2 1 2 4 2 6 , , , , 8 7 3 9 2 6 9 7 8 6 4 4 ! 1,00 8 2 8 8 0 , , , 0 7 3 5 3 0 8 7 2 9 8 2 0 3 6 , , , 8 1 4 3 0 9 7 2 9 ' 6 1 7 9 0 , , , 2 6 7 5 6 4 2 0 9 1 3 5 , , 1 8 5 6 2 5 1 6 1 indorsement 612,193 545, 55; 65,195 1,441 203,960 161, 600 41, 230 1,136 408, 227 383, 957 23,965 305 S O e t c h u e r r i t a ie ss s e b ts orrowed 23 2 1 5 , , 4 7 § 4 2 4 1 95, 151 8 1 7 4 , , 4 0 2 6 0 0 1 ! 4 1 9 1 , , 3 2 2 0 4 5 ; | : 1 1 1 8 7 , , 0 00 7 0 0 1 . 33400 5 1 1 0 , , 3 05 0 4 2 32 7 , , 3 9 0 4 2 6 11 7 4 , , 4 7 1 4 2 4. 61,685 3 4 5, , 7 3 6 6 4 6 1 3 6 , , 3 9 7 6 8 3 1 Total. 45, 860, 379 14, 787, 46415, 180, 780J15, 880, 135 !27, 300, 517 |5, 056, 085-9, 441, 01127, 209, 41.r)!jl8, 553, 802 ;9,131, 379 5, 745, 763 3, 676, 720 LIABILITIES S C u a r p p i l t u a s l stock paid in 2 2 , , 7 88 4 1 4 , , 9 9 4 75 4 1 1, 8 1 8 44 3, , 7 4 7 8 8 1 8 8 6 6 5 6 , , 3 7 5 0 9 4 4 3 3 7 5 0 . , 0 1 8 8 8 2 4 5 6 53 1 , , 2 3 3 6 8 5 ( 7 5 7 5 7 5 , , 4 1 3 0 6 0 1 1 . . 0 3 4 3 3 0 , , 9 4 9 5 2 2 , ; 5 7 1 0 3 9 , . 2 0 9 9 9 0 4 3 0 1 5 1 , , 9 5 9 2 4 6 2 21 1 5 8 , , 6 2 9 3 9 6 E c W j Undivided profits—net 956, 053! 324, 285 250, 979, 89, 686 154,312 296, 389 415,666 234, 599 102, 667 78,400 Reserves for dividends, contingencies, etc 176,610 77, 732 54, 4021 22. 806 28, 299 28, 027; 97,478 54, 920 26,103 16.449 Reserves for interest, taxes, and other expenses accrued and unpaid. 175.896 61, 973 07, 33fi! 18, 533 39. 328 30, 806! 87, 229 43, 440 28. 008 15, 781 Due to Federal reserve banks. 51,915 33 8, 927 7, 514 32. 7571 11,644 33 1,413 10,198 Due to other banks in United States 3, 204. 316 1.297, 124 1,542,510 560. 0331,147,521 291,450' 1, 205, 306 737.091 394,995 73, 220 Due to banks in foreign countries ("including own branches) 498, 075 442, 716 52,018 ! 187,249 40. 722 2,230 207, 874! 255, 467i 11.896! 511 Certified and officers' checks outstanding 1,134. 283 949, 423 110,950 ! 386,572 72. 988 55, 692 619,031 562,851 37,962; 18,218 Cash letters of credit and travelers' checks outstanding 25, 03S 17, 853 6. 465 ! 4,527 6,116 304 14,091 13,326! 349^ 416 Demand deposits 17,078,90, 5. 989, 7485, 548, 543 2,302, 059;3, 008,065,4, 238. 657 fi, 929, 524;3.687,089 1,940,478:1 301, 957 Time deposits 13,518,731 1,895, 20P 4, 963, 208 090, 41212, 735. 8505, 067, 245 5.019, 224 1,198, 79412, 227, 418 1 593,012 United States deposits 324, 893 98, 777 159,088 37,501 110,908 49, 603 126,761 61,216! 48,120 17,425 Agreements to repurchase U. S. Government or other securities sold. 66, 214 30, 552 28, 395 507 5,526 4,090 56,091; 30, 045 22, 869 3,177 Bills payable and rediscounts: With Federal reserve banks 206,124 2, 765 32, 859 2,150 17,162 139,475 47, 337i 615 15, 697 31,025 Allother 140, 467 39, 025 35, 943 3, 350 13, 805 49, 687! 73,625! 35, 675 22,138 15,812 Acceptances of other banks and bills of exchange or drafts sold with I indorsement 612.193 545, 557 05. 195 101,600 41,230 1.130! 408, 227 383,957 23,965 305 Acceptances executed for customers 1,125,90' 845, 355 205, 879 310, 853; 203. 869: 8, 450j 002, 729 534, 502 62.010! 6,217 Acceptances executed by other banks for account of reporting banks. 24, 654 15,444 7,819 4, 429 5,671- 1,204' 13, 350 11,015 2,148: 187 National-bank notes outstanding 647, 481 40, 860 151,424 40, 860 151,424 455,197 Securities borrowed ._ . _ . 25. 744 14.420 10,054 7, 940 7,744 4, 366 3, 378 Other liabilities 239, 961 ,4, 777 81,631 21,028 25, 990 10,450 176.487 63, 749 55, 641 i 57,097 Total. 45, 860, 379|14, 787, 404 15,180. 780 15, 880.135,127, 300, 517: 5, 050,085J9, 441,017 12, 209, 415 18, 553, 8629,131, 379 5, 745, 76313. 676, 720 Number of banks.. 8,406 440 7,8951 7,311)1 33 0, 970 1,095 38 132! 925 1 Member banks only, i. e., exclusive of national banks in Alaska and Hawaii. C 00 O CD Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—CONDITION ON MARCH 27, 1930, BY FEDERAL RESERVE DISTRICTS CO CO [Amounts in thousands of doliarsj O Federal Reserve District Total St. ! Minne- [ Kansas San Louis apolis City Dallas F ci r s a c n o - RESOURCES Loans (including overdrafts) - 25,118,783 1.868,945 8,541,4371,833,980 2, 374,125 928, 736 844, 621 3,645, 785 929,3871 548, 434 768, 724 687, 83C 2,146, 773 United States Government securities _ i 4,085,006 245,5821 1,417,399j 189, 544; 444,159 123, 601 120,013, 466,433 113,828 130.824 174,125 137,074 522,424 Other securities I 5,851,908; 456,377! 1,823, 722; 647,088i 636,019 170,908 142, 728! 724, 313 271,974 216,925 222,149 82,283 457, 422 Total loans and investments __ _ 35,055,697 570,904 11,782,558 2,670,612 3,454,3031 223,2451,107,362 4,836,531 315,189; 896,183 1,164,998 907,193 1,126,619 Customers' liability on account of acceptances _ j 1, 111, 153, 98, 705! 771, 2841 26,371 27,525 9,001 12, 836 88,960| 2, 277! 6,669 545 4,381 62, 599 Banking house, furniture, and fixtures - __' 1,202,486! 72, 339 312,110 104,973 j 14"7 ,437- 62, 430 60,113 175, 542 40, 472| 24, 254! 42, 208 46,491 114,117 Other real* est"a t'e owned' 188,815' 7,181 23, 782! 22,087 i 28,163 15,895 14, 624 24, 576 12, 779! 6,322 7,346 9,675 16,385 flash in vault 496, 633: 33, 742 113,683' 41,1731 53, 201 24, 881 26, 723 73,516 21,241 18,145i 26,355 23,386 40,587 Reserve with Federal reserve banks.. _ 2,352, 738 141, 753 949,841! 135,211 189,145' 65,915 65, 236 344, 344 78,407 i 50, 249 88,9F0 65, 343 178,314 Items with Federal reserve banks in process of collection 719, 201 52, 631 292,902: 49, 3791 71,146 33,616 21,366 80,083 31, 542 6,152 30,540 21,056 28,788 Due from banks in United States _ - 1,901,517, 82, 524 219,566! 105,969; 163,521 86,133 134,143 329,382 104,699 97, 257: 203, 621 141,676 233,026 Due from banks in foreign countries (including own branches) _ _. 247, 612 28,542 154,570 4, 210 2,130 413! 1,273! 42,715; 326 2,105 699 10, 001 Exchanges for clearing house and other checks on local banks 1,616, 954 30, 651 317,906! 43, 923! 29, 570 10, 535! 11,505 83, 218| 13. 686 6, 317, 17,319 6,611 45, 713 Outside checks and other cash items.._ 65,3311 4,068 13.5101 1, 779' 5,784 1,887| 2,934 13, 680 2,046 2,733 3,019 2.560 11,331 Redemption fund and due from United States Treasurer 32,823 2, 355', 4, 444, 2,772 3,917 2, 555; 2,194| 4,410, 1,814 1,341, 1,623 2,291 3,107 Ac w c i e t p h t a i n n c d e o s r s o e f m o e t n h t er banks and bills of exchange or drafts sold 612,193 i 25, 228; 515, 448 5,184' 6,386 1,843 2, 708 41,370 1, 515 I 538 36 11, «46 Securities borrowed 25,744 | 273; 565 397! 7,947 2,706 2, 053 2,707 4,978! 96 1,564 356 2,102 Other assets 231,482ii 13,183 105.465 21, 708 19, 565 6,413l 4,085 21,072 5,125 6,993! 3,749 2,066 22,058 Total- 45, 860, 379 ,3,164, 079,16, 577, 63^ 3, 235, 748 4. 209, 740 1, 547, 468J1, 469,155 6,162, 106 1, 636, 096 1,124,907,1, 593,104 1, 233, 749 3, 906, 593 I LIABILITIES Capital stock paid in 2, 744, 975 193, 980 948, 369 184,046i 234,240 103,115 376,844 111,269 64, 5371 93, 587 93, 678 232, 315 Surplus 2,881,944! 178, 620!1, 251, 790 373, 706| 292,827 84,929 72, 383 291, 076 63,133, 35,891! 44,892 47,884 144,813 Undivided profits—net _ 956,053;| 77, 281 403, 808 88, 765] 82,023 31, 229 25,187| 90, 731 29, 656: 15, 713' 25,025 27,461 59,174 Reserves for dividends, contingencies, etc 176,610 9,757 66,964 11,370 18,149 5,906 3, 390 37,849 4, 692| 3,225 2,843 3,472 8,993 Reserves for interest, taxes, and other expenses accrued and unpaid. 175,896 13, 749 63,440 7, 745; 17, 725 4,081 32,866 3,819 3, 936 2,988 15,027 Due to Federal reserve banks 51,915 7,597 18,485 5,971! 5, 765 2,125 4,291 '397: 64 84 1, 683 630 Due to other banks in United States 3, 204,316 144, 777 1,043, 768 173,743 246^ 732 107,988 129, 502 526,175 149, 500, 97, 389 216,915 112,735 255,092 Due to banks in foreign countries (including own branches) 498,075 20, 217 417,193 3,929 3,0511 703 3,496 29,330 4611 1, 250, 605 1,303 16, 537 Certified and officers' checks outstanding 1,134, 283 22,188 944, 900 11,172 20,469 9,092 6,966 43, 853 8, 638 8, 627,' 14, 990 11,624 31, 764 Cash letters of credit and travelers' checks outstanding 25,038 607 16, 265| 139 4,160 39| 40 2,269 44 151; 115 30 1,179 Demand deposits 17,078,905 277, 269 6, 303, 537 ,1 084, 592 , 1410, 520, 514, 869, 544,106 2,327, 999 626, 591 395, 499 770, 725 614, 353 1,208,845 Time deposits . 13, 518,731 968,882 3, 357, 316 ,1108, 362 1, 679, 379 553, 619 445, 273 2, 074,416 537, 006 456,978! 364, 428 233,998 1,739, 074 United States deposits 324,893 23,888 109, 321 22,887 25,113 27, 899 29, 317 21, 446 6,749 3,404: 5,255 19, 220 30, 394 Agreements to repurchase U. S. Government or other securities sold. 66, 214 4,991 37, 749 677 6,541 2,e 2,039 6,469 1,607 34 454 1,1 1,129 Bills payable and rediscounts: With Federal reserve banks -. 206,124 19,182 37, 367 32, 377 24, 581 14, 660i 14, 741 22, 621 12, 52o| 2, 262, 12,109 5, 522 8,177 Allother 140,467 12,046 45, 484 16, 328 11,335 6, 462! 11,8351 21,186 6,461! 523i 849 5,665 Acceptances of other banks and bills of exchange or drafts sold with indorsement 612,193 ] 25, 228 515,448 5,184 6,386 1,843 2, 708! 41, 370 1,51 538 36 11,846 Acceptances executed for customers , 125,907 100,164 779,042 23, 254 26, 940 9,048 17, 503| 90,452 2, 367! 6,774 548 5,042 64, 773 Acceptances executed by other banks for account of reporting banks 24, 654 946 16, 217 3,906 1,106 137 1,297 329 10! 10. 696 National-bank notes outstanding 647,481 44, 964 88, 588 55,186 77, r * 50, 732 44,169! 87, 635 33, 014! 26, 543^ 32,107 45. 439 61, 208 Securities borrowed. _ 25, 744 273 565 397 7,947 2,706 2,053; 2, 707 4,978 96; 1, 564 356 2,102 Other liabilities - 239,961 17, 473 112,018 22, 012 7,797 1,974 3, 829 30,192 31,172 2,027 1,535 2,772 7,160 Total. 45,860, 3793,164,079116, 577, 634 3, 235,748 4, 209, 740 1, 547,468 1,469,155 6,162,106 1, 636, 096 1,124,907 1, 593,104 1, 233, 749 3,906, 593 Number of banks. 8,406 403! 927 759 789, 504 1,156 562'; 671; 893 722 601 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

391 JUNE, 1930 FEDERAL RESERVE BULLETIN ALL MEMBER BANKS—RESERVE POSITION ON MARCH 27, 1930 [Amounts in thousands of dollars] Net demand deposits Reserve with Federal reserve banks j Ratio of I required Class of bank d i a s n t d ri c F t ederal reserve i I j e d D x e c e p l m o u s s a i i n t v s d e , Due to Ti p m o e si t d s e - : i m N an t e i d t m d p e e lu - s i ! | | i I d re t e o s m e n r a v e n t e d s | | a o n f d b G an o k v- b n an e k t2 s, Total I deP°sits I Required ! Held Excess 3 I p d l e u p s o t s i i m ts e j eminent i (per cent) i deposits ! All member banks 17,078,905 1 1,409,764 18, 488, 669 13,518,731 I 32,007,400 . 2,290,644 j 2,352,738 62,094 7.2 Central reserve city banks. 5,989,748 \ 840,438 6, 830,186 1,895,206 ! 8,725,392 944,780 i 964,611 19,831 10.8 Reserve city banks 5,548,543 j 486,950 6,035, 493 4,963,268 ! 10,998,761 | 752,447 I 771,613 19,166 6.8 Country banks 5,540,614 i 82, 376 5, 622, 990 6,660,257 ! 12,283,247 : 593,417 i 616,514 23,097 ! 4.8 All member banks: Boston 1,277,269 ' 59,496 1,336, 765 2, 305, 647 143,603 141,753 -1,850 i 6.2 New York 6,303,537 666, 684 6,970, 221 3, 357, 316 10,327,537 932, 023 949,841 17,818 ! 9.0 Philadelphia j 1,084,592 ! 51,440 1,136,032 1,108, 362 2, 244,394 132, 328 135,211 2,883 i 5.9 Cleveland. ! 1,410,520 • 95,893 1, 506,413 1, 679,379 3,185,792 185,000 189,145 4,145 • 5.8 Richmond I 514,869 i 31,266 546,135 553, 619 1,099, 754 62,479 65,915 3,436 ! 5.7 Atlanta I 544,106 I 22, 759 566,865 445, 273 1,012,138 61,965 65,236 3,271 j 6.1 Chicago 2,327,c ' 241, 631 2, 569, 630 2,074, 416 4, 644, 046 334, 807 344,344 9,537 ! 7.2 St. Louis.. "I 626, 591 53,500 680. 091 537,006 1,217,097 76,180 78,407 2,227 ! 6.3 Minneapolis. _. 395,499 36,231 431,730 456,978 888,708 49,474 50,249 775 i 5.6 Kansas City... 770, 725 56,821 827, 546 364,428 1,191, 974 83, 295 5,685 ; 7.0 Dallas 614, 353 16,599 630,952 233,998 864, 950 59,190 65, 343 6,153 : 6.8 San Francisco.. 1, 208, 845 77, 444 1, 286, 289 1,739,074 3,025, 363 170, 300 178,314 8,014 ; 5.6 Central reserve city banks: New York....'. 4,987,434 644,109 5,631,543 1, 461, 530 7,093,073 : 775,946 : 792,613 16,667 ! 10.9 Chicago 1,002,314 196, 329 1,198, 643 433, 676 1,632,319 I 168,834 i 171,998 3,164 \ 10.3 Reserve city banks: Boston 646,862 51,901 698, 763 288, 379 987,142 78,528 77, 387 -1,141 I 8.0 New York 182, 609 591 183,200 295, 276 478,476 27,178 26, 812 -366 ! 5.7 Philadelphia.... 603,097 48, 728 651, 825 260, 576 912, 401 73,000 : 72, 219 -781 8.0 Cleveland 878,007 94, 314 972,321 901, 668 1,873,989 124,282 .! 126,642 2,360 6.6 Richmond 230, 520 24,192 254,712 162, 524 417, 236 30, 347 31,367 1,020 7.3 Atlanta 278,963 18, 568 297, 531 205, 662 503,193 35, 923 36, 671 748 7.1 Chicago 656, 433 36, 321 692, 754 735,436 1,428,190 91,338 94, 023 2,685 6.4 St. Louis 370, 658 44, 808 415,466 251,749 667,215 49, 099 50,239 1,140 7.4 Minneapolis 153,045 31, 730 184,775 ! 99,313 284, 088 21,457 21,016 -441 7.6 Kansas City 429, 331 51, 784 481,115 i 176,102 657,217 53,395 56, 338 2,943 8.1 Dallas 254,843 11,938 266,781 I 138,402 405,183 30,830 35,168 4,338 7.6 San Francisco... 864, 175 72,075 936,250 i 1,448,181 2, 384, 431 137, 070 143,731 6,661 5.7 Country banks: I Boston... 630,407 7, 595 638, 002 | 680,503 1,318,505 65, 075 64,366 4.9 New York 1, 133,494 21,984 1,155,478 ! 1,600,510 2, 755,988 130,416 4.7 Philadelphia... 481,495 2,712 484,207 : 847,786 I 1,331,993 59,328 62,992 4.5 Cleveland 532,513 1,579 534,092 i 777,711 1,311,803 60,718 ! 62, 503 4.6 Richmond 284,349 7,074 291,423 I 391,095 682, 518 32,132 ; 34, 548 4.7 Atlanta 265,143 4,191 269,334 ! 239,611 508,945 j 26,042 i 28, 565 5.1 Chicago 669, 252 8.981 678,233 905,304 1,583,537 i 74,635 ! 78, 323 4.7 St. Louis. 255, 933 8, 692 264,625 ! 285,257 549,882 ' 27,081 i 28,168 4.9 Minneapolis... 242, 454 4,501 246,955 j 357, 665 604, 620 28,017 : 29, 233 4.6 Kansas City.. 341,394 | 5, 037 346,431 ; 188, 326 534,757 29,900 I 32,642 5.6 Dallas _.. 859,510 4,661 I 364,171 ! 95, 596 459, 767 28,360 : 30,175 6.2 San Francisco.. 344,670 5,369 350,039 I 290,893 640,932 33,230 : 34,583 5.2 1 Exclusive also of certified and cashiers' or treasurers' checks outstanding and of letters of credit and travelers' checks sold for cash and outstanding. 2 Combined excess of amounts due to banks over amounts due from banks as shown by individual bank reports. When for a given bank, amounts due from banks exceed amounts due to banks, the excess due from can not be deducted in determining deposits on which reserves are computed, and for this reason amounts in this column do not agree with the difference between aggregate amounts due to banks and due from banks. In this calculation the amounts due to banks include due to Federal reserve banks, bankers, and trust companies, certified and cashiers' or treasurers' checks outstanding, and letters of credit and travelers' checks sold for cash and outstanding, while amounts due from banks include items with Federal reserve banks in process of collection, amounts due from banks and trust companies in United States, balances payable in dollars due Irom foreign branches of other American banks, and exchanges for clearing house and other checks on local banks. » Deficiencies in reserves indicated by a minus (—) sign. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—CLASSIFICATION OF LOANS, INVESTMENTS, DEMAND AND TIME DEPOSITS, AND BORROWINGS OF CO NATIONAL AND OF STATE MEMBERS ON MARCH 27, 1930 C t O [Amounts in thousands of dollars| All member banks National banks i State bank members Total C r b e e c s a n i e n t r t y k r v a s e l r b e O c s a t i e n h t r y k e v r s e C ba t o r n u y k n s - Total C r b e e c s a n i e n t r t y k r v s a e l r b O e c s a t i e n h t r y k e v r s e C ba t o r n u y k n s - Total C r b e e c s a n i e n t t r y k r v a s e l r b O e c s a t i e n h t r y k e v r s e C ba t o r n u y k n s - Loans—Total 35,118,783 7,598,7113,752,478 8,767,594 14^635,349 >,876,400 ,520,385 10, 483,434 722,311 3,513,91412,247,209 Acceptances payable in United States.. 174, 509 92,533 55,381 26, 595 114,914 " 55,369 34, 260 25, 285 59,595 37,164 1, 310 Bills, acceptances, etc., payable in foreign countries 79, 219 50, 844 24, 157 4,218 42, 586j 21,842 16, 739 4,005 36, 033 29, 002 7,4181 213 Commercial paper bought in open market 499, 286 82,772 209,135 207, 379 382,081! 37, 656 166,803 177,622 117,205 45,116 42, 332! 29,757 Loans to banks—On securities.--. 260,1241 142,187 104, 214 13,723 135,935! 48,151 76,162 11,622;! 124, 189 94, 036 28,052 2,101 All other 266,957 115,141 100, 607 51,209 179,391! 65, 231 69, 602 44,558 ] 87, 566 49, 910 31,005 6,651 Loans on securities, exclusive of loans tobanks 0,073,809 4, 220, 095i, 405, 065 448, 649! 5, 210, 706:1,555,1451,922,61' 732,944 4,863,103 664, 950 1,, 482,448 715, 705 Real-estate loans—On farm land 394,117 2, 250 112,744 279,123, 299, 486' 262 83,919 215, 305 i| 94,631 1,988 28,825 63,818 All other loans (inc O lu n d i o n t g he o r v r e e r a d l r a e f s t t s a ) te 0 2 , , 7 5 7 9 5 5 , , 6 0 7 8 3 9! | 2, 7 1 2 6 4 8 , , 3 5 2 G 4 E , , 4 3 1 2 1 9 , , 1 9 7 9 6 9 4,5 1 4 9 0 5 , , 9 7 3 66 2 ! 7 1 , , 1 1 0 6 3 6 , ,7 4 6 89 1 1,07 16 6 , , 4 3 3 1 2 2 2,3 5 3 37 1 , , 1 2 6 9 9 3 3, 6 69 1 5 3 , , 1 8 5 8 6 8 ! ; ' 1 3 , ,4 6 9 0 1 8 , ,9 6 1 0 2 0 i [ ! |l 6 1 4 5 7 2 , , 8 2 9 5 f 3 8 99 7 8 3 , , 8 8 8 3 3 0 : ! 5 8 8 4 2 4 , , 8 7 7 7 8 6 Loans eligible for rediscount with Federal reserve banks 4, 204, 395 j1,193,69b ,348,738-1,661,959! 2, 836, 823 445,991 989,130 1,401, 702;!" 1,367, 572J 747,707 359, 008: 260, 257 United States Government securities—Total 4,085,006 j1,295,651 [75157916 I,273,439 2,718,307 577,953 1,077,053 1,063,3011j 1,366,699,! 717,698 438,8631 210,138 Bonds 3, 287, 968 1,066, 43G ,200,857 1,020,681 2,157,789 443, 203j" 847,892 ~~860~694!"1,130, 179; 023, 227 352,965? "153,987 Treasury notes 524, 452: 170, 286 179,176 174,990 362, 435 99,447! 132, 260 130, 728: 162,017 70,839 46, 916! 44, 262 Certificates of indebtedness 234, 543 56, 859 117,274 60, 410 176, 703 35, 287; 90, 599 50, 817 i 57, 840 21,572 26, 6751 9, 593 Allother 38,043! 2,076 18, 60<) 17,358 21, 380 16| 6, 302 15,062!; 16,663 I 2, 060 12,307! 2,296 Other securities—Total 851,908 , 060, 64 < ,589,515)3 201,746 3,826,256 40U,096| 880,712 7536,44$jl 2,025,652 j 651,551 708,803 J>65,298 Domestic securities—Total "242~ 297 974, 382 "454.262J2,813,~653 _3, 365,"300| 364,914 JHJO, 208 2,,200,118[ 1376,997" 609,468 653,994 _613, 535 S R t a a i t l e ro , a c d o u b n o t n y d , s and municipal bonds 7 16 8 8 1 , ,4 2 7 7 1 5 1 i 2 1 0 5 0 2 , , 3 7 8 9 1 9 4 1 1 6 7 0 , , 0 4 2 9 9 3 4 55 6 0 8 , ,1 8 7 0 9 5 " 5 7 7 6 6 2 , , 7 4 1 02 8 1 1 " 9 6 5 5 , , 7 2 4 9 3 3 2 10 6 2 3 , ,7 0 5 3 1 2 1 3 3 7 3 8 , , 3 9 5 4 8 3 4 20 0 4 5 , , 7 8 5 7 3 3 1 5 3 7 5 , , 0 0 8 5 8 6 15 5 ~ 8 3 , , 4 ~ 6 27 1 8 : ~11 8 7 9 , , 2 5 3 0 6 7 i Other public service corporation bonds 980, 210i 84, 977 200,734 694,499 745,76311 43, 608 122,892 579, 263 234, 4471 41,369 77,842 115,236 All other bonds 222,847! 186,409 303,719 732,71 835, 220 •;' 75,93" 166,990 592, 293 387, 627;' 110,472 136,729] 140, 426 Stock of Federal reserve banks 173,384 64, 461 52,411 56,512 98,166 24, 20' 30, 539 43, 420 75,218; 40, 254 21, 872| 13,092 A S M C t o l o u l l c n l o a k i t t c h e o i r p e f a r a l o . l t _ t h w r . u e a r s r t r c a a o n n rp t d s o r o a t t h io er n s corporation notes 5 1 1 6 2 6 6 4 0 7 3 , , , , 4 9 2 5 3 1 1 4 4 4 7 5 _ 1 1 5 4 6 9 9 0 4 , , , / 7 8 9 7 U 7 7 8 9 ; 8 3 21 6 2 1 7 3 4 4 , , , , 4 4 5 4 3 9 0 4 1 0 7 8 1 7 5 2 5 9 4 7 0 , , , , 4 0 3 0 3 6 8 0 S 5 2 0 1 1 1 9 3 0 0 8 2 5 , , , , 5 17 3 6 69 2 4 7 1 9 ! 1 ! 2 2 1 0 1 7 , , ,7 0 9 3 1 9 9 2 9 0 7 0 5 3 1 6 7 2 7 , , , , 9 1 3 6 5 4 3 2 9 3 8 4 _ 3 6 5 2 5 0 1 4 , , , , 3 8 9 6 1 9 9 4 3 2 4 2 ! ; ._ 4 _2 2 5 6 _ 2 3 4 8 , , , ,_ 8 0 7 5 0 0 4 2 8 5 3 3 j i ! 1 4 1 4 1 4 8 9 2 , , , , 2 6 7 4 5 9 9 8 9 3 f 2 _ 1 2 6 7 6 6 5 , , , , 4 8 3 1 7 2 6 5 2 4 4 2 : ; ! 1 1 1 7 2 5 3 , , , , 1 1 3 3 2 7 8 5 0 1 9 8 d F W Fore G ig o n v e se rn cu m r e it n ie t s — bo T nd ot s a . l " '2 6 8 09 0 , ," 6 8 1 3 1 5 ~ " 86 3 , 3 , 2 9 6 4 5 4 1 6 3 0 5 , , 5 2 1 5 9 3 3 1 8 8 8 6 , , 0 3 9 7 3 2 215,439 "1 4 8 4 , , 1 1 9 8 0 2 "_8 3 0 6, _ L 5 4 " 4 7 4 2 3 1 3 6 6 0 , , 6 3 7 3 7 0 14 6 8 5 " , ; 3 6 9 5 6 5 ~42 15 , , ~ 0 7 8 M 3 j _M 23 / ^ S 0 0 4 9 71 "" 5 25 1 , ,7 6 6 9 3 5 F Other foreign securities 328, 776! 52, 321 74,734 201,721 245,517 25,992 43,8' 175,653 83, 259 26, 329| 30, 8621 26, 068 Demand deposits—Total 078,905! 5,989,7485,548,543 5,540,614J110,149,38112,302,65!9 i1,608,065 4,238,657 6,929,524 ^687^089.l,_940,478 1,301,957 I A C S n t e l d a l r t o i t e v i t f , i h i d c c e a u o r t a u e l s n d t o y e , f p o a d n s e i p d ts o m s s i u t u b n j i e c c ip t a t l o d c e h p e o c s k its , 2 1 1 9 8 5 4 4 2 4 4 , , , 6 8 8 8 , 8 2 2 3 3 8 ' 8 6 J ) 6 5 , ! " 1 72 2 4 9 5 6 , 8 , , " 7 7 2 8 , 4 4 5 9 9 2 4 0 4 3 , 9 4 8 3 7 5 3 3 6 4 , , " , , 5 1 8 9 "( 1 7 8 3 5 5 8 5 4,4 8 12 8 8 5 0 2 3 4 , , , , 0 5 0 8 7 9 8 5 6 1 8 9 1 i 8 1 , , 8 0 1 1 3 5 3 2 3 2 8 4 , , , , 1 6 8 7 6 0 4 6 8 5 7 1 !2,18 4 6 10 3 4 4 , , , , 0 9 0 5 9 6 1 8 6 7 2 4 3, 3 2 1 3 2 2 9 4 7 6 , , , , 4 4 5 5 9 8 0 7 4 4 8 9 3, 6 4 3 9 9 1 2 7 8 , , 0 , , 0 3 6 4 9 9 7 9 9 3 2 3~6, 3 3 12 5 6 8 9 7 0 1 , , , , 7 0 7 9 6 6 1 8 1 7 5 1 ' : [ I3,"5 4 8 4 1 3 ~ 1 5 6 , , , 2 7 8 ,1 7 8 9 4 0 1 2 0 1 j : 1, 1 7 2 5 1 4 8 1 6 3 , , , , 6 3 4 9 3 8 8 8 1 1 0 6 1 j . 1, 0 1 7 2 8 2 1 1 5 3 , , , , 4 7 5 1 8 1 8 6 9 9 3 6 Net demand deposits (see p. 11) 18,488, 669 ,6,830,1866,035,4935, 622,99011,068,214 2,768,831 3, 990, 113,4', 309, 270 7, 420, 45." 4. 061, 35512,045,38011,313, 720 Time deposits—Total 13,518,731 11,895,206 M63,268 6,66031,257 8,4997507 J>96,412 2,735,850.5,067,245! 5,019,224 j 1,198,794 !2,227,418 1 States, counties, and municipalities 535,564 74, 561 313, 994 147,009" 386, 613 54,424 215,211 116,9781~ 148,951!; 20,137, 98,783 30,031 B B O a a th n n e k k r s s t i i i n n m f U e o r n d e i e i t g e p n d o s c S i o t t a u s t n - e t s ries 1 1 0 7 2 5 , , 7 5 9 2 3 9 16 6 2 4 , , 2 7 4 4 6 2 3 1 2 2 , , 4 7 7 8 2 7 6,075 8 6 4 5 , , 7 9 6 3 2 5 1 5 5 3 3 , , 3 1 1 4 1 8 2 12 6 , ,4 7 5 8 7 7 4,994 10 1 9 8 , ,03 59 1 41 i 1 I 1 1 0 0 9 , , 9 5 3 9 5 4 ; ' 6,015 1,081 Evidenced by savings pass books.. ), 626, 033 800, 2423, 745,429 5, 080,362 6,031,242J 255,155 2,, 006, 352 3, 7r6699,, T7,35 3, 594,791i' 545,087 1, 739, 077 1,310, 627 Certificates of deposit L, 811,315 155,06' 439, 147 1,217,107 1,330,852 37, 86' 267,6921,025, 293 480, 463 j; 117,194 171,455 191,814 Post O al p s e a n v i a n c g c s ounts, Christmas savings accounts, etc L, 1 1 2 3 7 9 , , 9 5 7 1 9 8j 61 2 6 1 , , 5 7 8 6 6 8 3 4 7 1 7 , , 4 9 7 6 1 8 1 6 4 4 4 , , 9 7 2 8 2 2 ' 4 1 9 0 9 0 , , 3 7 9 1 3 0 23 9 3 , , 0 4 8 2 1 0 17 3 3 3 , , 6 7 2 3 1 0 9 5 2 7 , ,8 3 9 4 9 6 6 2 40 7 , ,2 1 6 25 9 M 1 38 1 3 2 , ,5 3 0 4 5 2 | 20 7 4 , , 7 3 4 4 1 7 5 7 2 . ,4 0 3 2 6 3 Bills payable and rediscounts—Total 346,591 68,802 235,^99J! 225,629 5,500 ^0,967! 189,162 120,962) _36,2_90 37,835 46,837 Bills payable—With Federal reserve banks. 105, 2091 2,015 18,538 84,656j ""82,154 1,600 11,304' 69,250!;' 237055, "415 7,234 15,406 Allother 134, 761 38, 92£ 35,711 60,125 i 62, 515 3, 250 13,747 45, 518 ! 72,246 35, 675; 21, 964 14, 607 Rediscounts—W Al i l t o h t h F e e r d .- eral reserve banks. 100 5 , ,7 9 0 1 6 5 7 1 5 0 C C 14,3 2 2 3 1 2 8 5 5 , , 3 8 7 4 4 4 ! | 7 4 6, , 3 6 2 3 7 3 5 1 5 0 0 0 5,85 5 8 8 7 4 0 , , 1 2 6 2 9 5 I 24 1, , 2 3 8 7 2 9 200! 8,4 1 6 7 3 4 15 1 , , 6 2 1 0 9 5 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

ALL MEMBER BANKS CLASSIFICATION OF LOANS, INVESTMENTS, DEMAND AND TIME DEPOSITS, AND BORROWINGS ON MARCH 27, 1930, AND DECEMBER 31, 1929, BY CLASSES OF BANKS [Amounts in thousands of dollars] Other reserve city All member banks Central reserve city banks banks Loans—Total 25,118,783 26,150,061 6,192,326 6,682,565 1,44_7,6_72 8,752,478 9,084,286 8,935,538 Acceptances payable in United States ~ "174, 509 211,950 89,081 127,875 8,~9~3l 55, 381 """ 427525 32,614 Bills, acceptances, etc., payable in foreign countries 79, 219 79, 577 40,298 | 45,855 4,941 24,157 24,071 4, 710 Commercial paper bought in open market 499, 286 290, 822 49,438 I 20, 738 5, 0G8 209,135 102, 469 162, 547 Loans to banks—O A n ll s o e t c h u e r r ities.__ 2 26 6 6 0 , , 1 9 2 5 4 7 714, 076 1 9 0 1 7 , , 8 3 1 0 4 3 , 88,044 1 1 0 0 0 4 , , 6 2 0 1 7 4 258,320 Loans on securities, exclusive of loans to banks 10, 073, 809 10,147,866 3,411,727 i 784, 402 3, 405, 065 3, 439, 800 Real estate loans—On farm land 394,117 387,714 336 ! 1, 788 112,744 109, 641 On other real estate 2, 775, 673 2, 803, 281 150,307 : 19, 352 1,411,176 1, 428, 450 All other loans (including overdrafts) 10, 595, 089 11, 514, 775 2, 252, 022 535. 141 329, 999 3, 679, 0.10 Loans eligible for rediscount with Federal reserve banks 1,348,738 I 1,402,711 United States Government securities—Total 1,149,559 1,112,027 146,092 j 116,306 1,367,885 ! J,273,_439 Bonds " 947, 0~60 "888/721 119,370 93,853 1,112,408 "l"~ 020,681 Treasury notes 153,296 165, 624 16,990 19,139 164,568 I 174,990 Certificates of indebtedness. 49,109 23, 477 7,750 I 2,404 66,366 60,410 Allother 94 34, 205 1,982 | 910 24,543 17, 358 Other securities—Total 896,521 192,634 3,201,746 3,172,380 Domestic securities—Total 827, 080 L47, 302 177,405 2, 813, 653 X782,899 1 State, county, and municipal bonds 1,168, 275 1, 224, 030 176, 634 213, 980 237747 427334 550,865 548, 749 Railroad bonds 781, 471 785,867 142, 098 142, 487 10, 701 12,617 468,179 471,270 Other public service corporation bonds 980, 210 905, 606 70, 603 65, 215 14, 374 16,014 694, 499 650,185 All other bonds. 1, 222, 847 1, 253, 469 171, 515 179, 559 14, 894 14,846 732, 719 739, 379 Stock of Federal reserve banks 173, 384 170, 517 56, 348 54,123 8,113 8,102 56, 512 56, 039 Stock of other corporations 527,917 558, 794 154, 907 192, 022 5,071 7,080 150, 432 147, 623 Collateral trust and other corporation notes 164, 214 166, 049 37, 251 30, 525 3,532 11,427 59, 000 61,656 d Municipal warrants. 163,434 168, 947 7,909 7,683 56, 970 54,117 74, 065 77,806 Fore A ig l n lo s th ec e u r rities—Total . 60 6 9 0 , , 5 6 4 1 5 1 69 9 , ,8 4 1 4 5 1 4, 386 9,900 1 15 0 , i8 2 6 2 8 9 27, 382 30,192 Government bonds 280, 835 Other foreign securities 328, 776 Demand deposits—Total 17,078^905 18,861,582 4,987,434 1,082^834 5,548,543 5,970,365 5,540,614 5,833,373 Individual deposits subject to check 15,194, 883 16,935,643 4/760,080 5, 574, 324 1, 033,136 4, 983, 565 5,422, 522 4, 482,076 A, 905, 661 Certificates of deposit 182, 828 201, 671 22, 638 24,116 3.021 36,115 41, 043 120,859 133,491 State, county, and municipal deposits 1, 446, 366 1, 335, 485 60, 926 127, 744 42, 237 474, 875 423, 370 ,588 742,134 Allother 254, 828 388, 783 143, 790 248, 826 4,440 53, 988 83, 430 54, 091 52,087 Net demand deposit (see p. 11) Time deposits—Total 13,233,481 1,336,182 6,660,257 | 6,590,408 States, counties, and municipalities 594,896'i ~33,"154 49, 655 313, 994 370, 783 147,009 ! 1327874 Banks in United States- 95,170 j 39 21, 787 32, 472 29, 528 6, 075 6, 493 Banks in foreign countries 133, 197 18, 549 12,787 13, 675 87 Other time deposits- Evidenced by savings pass books , 626,033 , 592, 096 635, 675 617,125 164, 567 155, 688 3, 745, 4293, 723, 860 5,080, 362 5, 095,423 Certificates of deposit 1,811,315 1, 740, 944 101,136 77,162 53, 925 54, 371 439,147 410, 600 1, 217,107 1,198,811 Open accounts, Christmas savings accounts, etc. 1,139,518 933, 902 494, 360 417, 421 122,408 122,064 377, 968 299, 035 144, 782 95, 382 Postal savings 127,979 122, 464 18,801 18, 435 2, 785 2,113 41, 471 40, 578 64, 922 61, 338 Bills payable and rediscounts—Total 878,522 178,931 41,227 291,700 235,999 366,664 Bills payable—With Federal reserve banks 453,574 111,715 33, 627 18,538 17l7l72 84, 656" 137,060 Allother 214, 209 61.05Q 5,100 35,711 42, 716 60,125 105, 343 Rediscounts—With Federal reserve banks 192, 760 1, 266 2,500 14,321 70, 906 85, 844 118,088 Allother 17, 979 4, 900 232 6, 906 5, 374 6,173 CO co Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS MINNEAPOLIS IOWA CHICA OKLA. Oklahoma City ATLANTA Birmingham DALLAS® TEXAS > Houston i 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