Federal Reserve Bulletin, 1930-11

FEDERAL RESERVE BULLETIN NOVEMBER, 1930 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Gold Movements Seasonally Adjusted Index of Factory Employment Condition of All Member Banks Report of the Agent General for Reparations 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: EUGENE MEYER, Governor. A. W. MELLON, , Vice Governor. Secretary of the Treasury, Chairman. ADOLPH C. MILLER. CHARLES S. HAMLIN. J. W. POLE, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. 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) MELVIN A. TRAYLOR. District No. 8 (ST. LOUIS) W. W. SMITH, Vice President. District No. 9 (MINNEAPOLIS) GEO. H. PRINCE. District No. 10 (KANSAS CITY) W. S. MCLUCAS. District No. 11 (DALLAS) B. A. MCKINNBY, 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 II. Curtiss Roy A. Young W. W. Paddock W. Willett. New York J. H. Case Geo. L. Harrison _. W. R. Burgess C. H. Coe.i J. E. Crane Ray M. Gidney.i A. W. Gilbart J. W. Jones.i E. R. Kenzel W. B. Matteson.i Walter S. Logan J. M. Rice.i L. R. Rounds Allan Sproul.i L. F. Sailer Philadelphia R. L. Austin Geo. W. Norris Wm. H. Hutt C. A. Mcllhenny. W. G. McCreedy.i Cleveland .. George DeCamp E. R. Fancher M. J. Fleming _ U. F. Strater. Frank J. Zurlinden Richmond.. Wm. W. Hoxton George J. Seay C. A. Peple Geo. II. Keesee. R. H. Broaddus John S. Walden, jr.» Atlanta Oscar Newton Eugene R. Black. Hugh Foster M. W. Bell Chicago Wm. A. Heath _ J. B. McDougal C. R. McKay W. C. Bachman.i John II. Blair D. A. Jones.i J. H. Dillard 0. J. Netterstrom.i E. A. Delaney.i St. Louis John S. Wood Wm. McC. Martin 0. M. Attebery S. F. Gilmore.a A. H. Haill.J F. N. Hall.* G. 0. Hollocher 2 C. A. Schacht.2 Minneapolis John R. Mitchell _ W. B. Geery Harry Yaeger _ II. I. Ziemer. H.I. Ziemer Frank C. Dunlop.a Kansas City M. L. McClure W. J. Bailey.._ C. A. Worthington J. W. Helm. J. W. Helm Dallas C. C. Walsh Lynn £. Talley R.R.Gilbert.-. Fred Harris. R. B. Coleman W. 0. Ford.i San Francisco Isaac B. Newton Jno. U. Calkins Wm. A. Day Wm. M. Hale. I [J Ira Clerk »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 coat 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—Recent gold movements 655 Gold movements, 1927-1929—First half of 1930—Movement to France—Canadian gold movements—Summary of figures—Concentration in commercial countries. Seasonally adj usted index of factory employment 622 Condition of all member banks on September 24, 1930 659, 753-761 Security loans in September, 1930 659 Report of the Agent General for Reparations 694 National summary of business conditions 661 Financial, industrial, and commercial statistics: Reserve bank credit and factors in changes (chart and table) 678. 679 Analysis of changes in monetary gold stock 679 Gold movements to and from United States 679 Member bank borrowing at Federal reserve banks 680 Discount rates and money rates 680 Member bank credit 681 Bankers' acceptances and commercial paper outstanding 681 Brokers' loans 681 Security prices, security issues, and building contracts awarded 682 Production, employment, car loadings, and commodity prices 683 Industrial production 684 Factory employment and pay rolls 685 Department stores—Indexes of sales and stocks 686 Banking and business conditions in Federal reserve districts: Federal reserve banks— Discounts (chart and tables) 687, 688 Reserves, deposits, note circulation, and reserve percentages 688 All member banks—Deposits subject to reserve, reserves held, and indebtedness at reserve banks. _ 688 Member banks in leading cities—Prinicpal resources and liabilities 690 Discount rates and money rates 689 Building 692 Commercial failures 692 Bank debits . 692 Bank suspensions '. 692 October crop report 693 Financial statistics for foreign countries: Gold holdings of central banks and governments 1 738 Gold exports and imports 738 Foreign exchange rates 739 Condition of Bank for International Settlements 739 Condition of central banks 740, 741 Condition of commercial banks 742 Discount rates of central banks 743 Money rates 1 743 Price movements 744, 745 Law department: Surrender of trust powers by national banks—Amendment to Regulation F 746 Eligibility of a note of an insurance agency for rediscount by Federal reserve bank 746 Limitation on deposits of member banks with nonmember banks 747 Detailed Federal reserve statistics, etc.: Resources and liabilities of Federal reserve banks in detail and Federal reserve note statement 748 Condition of each Federal reserve bank at end of month 749 Maturity distribution of bills and short-term securities held by Federal reserve banks 750 Membership in par collection system 750 Loans and investments of all banks in the United States 750 Kinds of money in circulation 750 Changes in national and State bank membership 751 Fiduciary powers granted to national banks 752 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 16 NOVEMBER, 1930 No. 11 REVIEW OF THE MONTH decline in money rates was reflected in an outward movement of gold, particularly to France Gold holdings of the United States increased and England, causing a decrease of $100,000,000 in October, as is not unusual at this season of in the monetary gold stock of the United the year when exports of Amer- States by the end of the year. *can Pr°ducts are m largest imCortt Money rates abroad, which had been kept volume and dollar exchange is at up largely to protect the reserves of foreign a premium. Recent gold imports, however countries against the attraction have not come from Europe, but from the First half of -, , - j i • i_ £ Orient and South America, where special condi- 1939 oi speculative and nigh-money tions have resulted in particularly sharp conditions in the United States, declines of the exchanges. The total stock of declined rapidly when these conditions had monetary gold in the United States at the end changed. After the beginning of 1930 there of October was $4,530,000,000, an amount was a cessation of the outward movement of $140,000,000 above that of a year ago but $150,- MONETARY GOLD STOCK OF THE UNITED STATES MILLIQNS OF DOLLARS 000,000 below the peak figure of May, 1927. 5000 A survey of gold movements in the past year r r with some reference to earlier years is presented y V.— in this review. The chart shows the monetary gold stock of 4000 ^ 4000 the United States from 1922 to date. Between May, 1927, and June, 1928, the 3500 GoId, mo7oe^ United States lost $580,000,000 ments: lyz/— P IT i IT 1922 1923 1924 1925 1926 1927 1928 1929 1930 1929 oi gold as the result largely ol a Weekly averages of daily figures lower level of money rates in gold, and during the first half of the year gold this country than prevailed in other parts movements between the United States and of the world. This movement was reversed Europe were on a small scale. In the meanfollowing the rise in money rates in the United time, however, gold flowed into the United States, which began early in 1928, and by States in the amount of $225,000,000, coming October, 1929, this country's stock of gold largely from Japan, China, Brazil, and other had increased by $280,000,000, most of the Central and South American countries. In the gold coming from Canada, England, Germany, case of Japan the exports followed upon the and Argentina. Gold imports in the first 10 return of the country to the gold standard, months of 1929 were on a large scale and were which involved removal of all restrictions on due to movements of funds to the United States gold movements. Decreased exports of silk to caused by the prevailing high level of money the United States and of cotton goods to China rates, the increasing participation of foreigners and India contributed to the weakness of Japin the American stock market, and the diminu- anese exchange. Taking the first 10 months of tion in foreign capital flotations in this country. 1930 as a whole, gold imports to this country Toward the end of October, 1929, the fall in from Japan amounted to $140,000,000. China security prices and the accompanying rapid 655 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

656 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 also contributed to the flow of gold to the being arranged by commercial banks, which United States, but in this case, since the have been under the necessity of meeting a country is on a silver basis, her exports of gold growing demand for currency and have drawn were in much smaller volume, amounting in upon their foreign balances for the purpose of all to about $22,000,000. An important factor importing gold to be exchanged for notes at the in this movement was the drop in the price of Bank of France. The increased demand for silver, which resulted in an increase to China currency in France has been due in part to an in the cost of goods imported from abroad. increase in the country's business activity and Gold movements from Central and South its prosperity, but has also reflected a reduced America amounted to about $138,000,000 dur- velocity of circulation such as usually follows ing the first 10 months of the year, and re- stabilization of a currency. flected chiefly a decline both in the volume and While the Bank of France has not directly in the prices of raw materials exported by imported gold since the spring of 1929, about these countries, following upon a long period $550,000,000 of gold has been added to its of conditions in the United States unfavorable reserves between that time and the autumn of for the flotation of foreign bonds. Declining 1930. French imports of gold during this value of exports and the absence of the usual period, not being in response to central bank volume of borrowing from abroad left these policy, have come from different countries at countries no alternative other than to cover different times, depending on market conditheir unfavorable balance of payments through tions. Between June and October, 1929, the export of gold. most of the gold came from England, where During July and August gold continued to money rates at that time were lower than in flow into the United States from the Orient the United States or Germany. After the and from South America, but there were at break in the stock market in the United States the same time exports of gold from this coun- in the autumn of 1929 and the subsequent detry to France and to Canada. The circum- cline in money rates in this market there was stances leading to these movements call for a a considerable movement of gold to France brief explanation. from this country. There followed a period of France has been the principal taker of gold several months during which gold movements in the world market since the spring of 1927, to France ceased altogether, and there was soon after the value of the franc even an export from France to Germany in t0 was stabilized at approximately response to the higher rates prevailing in that its present level. During the country. The movement toward France was period immediately following stabilization, soon resumed, however, gold once more being large foreign balances were accumulated by the shipped from England. By the summer of this Bank of France, the French commercial banks, year the amount of gold imported from England and the Government, chiefly in consequence of to France was in such large volume that the repatriation of French capital as the confidence Bank of England no longer paid out gold of the degree of fineness required by the Bank of of the French people in the stability of their France (995/1000 fine), but began to exercise currency was reestablished. Until the spring its legal authority to pay out gold of lesser of 1929 the Bank of France utilized a part of fineness, known as standard gold (916%/1000 its foreign balances for the purpose of building fine). French purchasers of gold from the up its gold reserves. From that time on, how- Bank of England were thus forced to pay the ever, the bank has kept its foreign balances at cost of refining it, and this fact, together with an approximately constant level and has taken some tightening of money rates in London as no direct part in the importation of gold. a result of previous gold losses, led to a diver- Gold movements into France, however, have sion of French purchases to the United States, continued with little interruption, the imports Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

657 NOVEMBER, 1930 FEDERAL RESERVE BULLETIN from which $65,000,000 of gold was taken in seasonal requirements were met by the Cana- July and August. Since that time the French dian banks through additional borrowing from demand for gold has once more turned to the Finance Minister. In the autumn of 1929, England and for a period to Germany. after the stock-market break and the decline From an international point of view, the in money rates in th's country, Canadian significance of this movement is found in the exchange continued to be low, owing to an fact that for several years France has had a unusually small volume of wheat exports and continuous demand for gold, first from the also to a movement of funds from Canada for central bank and later from the commercial the protection of margins in the New York banks, coupled with the ability to satisfy this stock market. After the turn of 1930, currency demand by the use of large foreign balances. returning from circulation was used by the In these circumstances gold has moved to Canadian banks to reduce their indebtedness France in an almost uninterrupted stream, to the Finance Minister, and consequently the though the origin of this gold has shifted from usual flow of funds and of gold from Canada to time to time in response to changes in relative the United States did not occur in January of money-market conditions. this year. The banks, in fact, drew upon their Gold movements between Canada and the dollar funds to meet the unfavorable balance of United States are to a considerable extent payments arising from the decline in wheat seasonal in character. In the exports. By the middle of the year, however, movements0 autumn months, when Cana- Canadian exchange, owing to the low level of dian demand for currency is at rates in New York and to the flotation of its maximum, there is usually a movement of Canadian securities in this market, advanced gold from the United States to Canada, while to the gold-import point, and about $20,000,after the turn of the year, when currency re- 000 of gold was imported from the United turns from circulation, surplus funds are States during the third quarter of the year, an transferred to the United States, causing an unusual movement at that season, which in export of gold from Canada to this country. part restored the Canadian gold reserves Over a series of years the result of gold move- diminished by the exceptionally large gold ments between the United States and Canada exports of 1928. More recently there have has been a net export from Canada of an been additional gold exports to Canada, but in amount of gold not infrequently approximating smaller volume and in accordance with the her annual production of about $40,000,000. usual movements at this season. Movements during the past tw^o years, how- The following table brings together the ever, have not followed the usual course. Dur- figures of gold movements between the United ing 1928 the high level of money rates prevail- States and other countries for f ing in the New York market caused Canadian ° the Past year. During that banks, in addition to the usual exports, to period the gold stock of the borrow $40,000,000 from the Finance Minister United States increased by $140,000,000, of and to export this amount in gold, so that which $122,000,000 represented net imports Canadian gold exports to the United States from abroad, the difference being accounted for during that year were approximately twice as by domestic production and a change in gold large as usual. In 1929 gold exports from earmarked for foreign account. The table Canada continued, and Canadian reserves shows gold movements for the entire year and declined to a point where informal measures for the periods that have been discussed above— for the cessation of further movements were (1) November and December, 1929, when adopted. During the period of high money gold was exported, chiefly to France and Engrates in New York in 1929 Canadian balances land; (2) January to June, 1930, when gold were not withdrawn from this country, and was received largely from Japan and South Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

658 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 America; (3) July and August, 1930, when In Europe there has been a large growth in gold was exported to France and Canada; the gold stock of France, the holdings of the and (4) September and October, 1930, when Bank of France amounting now to about once more there were gold imports from Japan 50,000,000,000 francs, or $2,000,000,000. The and South America. increase in the gold stock of the United States and France, however, has not been at the ex- UNITED STATES GOLD IMPORTS (+) AND EXPORTS ( —) pense of other European countries. England's [In millions of dollars losses of gold to France and to Germany have 1929 1930 1929-30 been more than made up by the receipt of new Novem- Country Novem- Janu- July Septem- ber, gold from South Africa and by imports from b D e e r c a e n m d - a J r u y n t e o Au an gu d st b O e c r t o a b n e d r 1 O 92 c 9 t , o t - o Australia, where the decline in the price of ber, 1930 wool and wheat has been largely responsible France -62 -8 -65 -136 for an unfavorable balance of payments lead- England . _. .. _ -21 -21 ing to a decline in the exchange value of the Switzerland -10 -10 Canada +5 +16 -13 -15 Australian pound and to exports of gold. Of Japan .. +114 +8 +18 +140 Other Far Eastern countries- +2 +15 +8 +2 +27 the other major European countries, Ger- Brazil . . +59 +6 +17 +83 Other Central and South many's gold holdings increased considerably American countries +7 +26 +17 +5 +55 Other countries -8 1 -1 -8 until June, but declined more recently to a Total -88 +223 -39 +26 +122 level somewhat below that of a }rear ago. Gold reserves of the Netherlands also declined As already stated, the net effect of gold somewhat, while there was a substantial inmovements during the past crease in the reserves of Switzerland, Belgium, Concentration ^ United States has year on t e and Canada, and a smaller increase in those of in commercial , . . Italy. A characteristic of the year's gold movecountries been to increase its stock oi ments has been a shifting of gold from outgold. The table below shows lying countries producing raw materials, which gold holdings of some of the principal countries have felt the effects of the decline in the value of the world at the end of September, 1929 and of their exports, to France, the United States, 1930. Total monetary gold holdings of the 44 England, and other important commercial principal countries of the world, not including countries. Russia, increased by about $470,000,000 during the year, as the result of new production and the absorption into central reserves of Change of Agent at Chicago Bank gold previously held by commercial banks Mr. William A. Heath, who has served as and by individuals. Federal reserve agent and chairman of the GOLD HOLDINGS OF PRINCIPAL CENTRAL BANKS AND board of directors of the Federal Reserve Bank GOVERNMENTS [In millions of dollars] of Chicago since January 1, 1917, has resigned, effective December 31, 1930. Oct. 31, Oct. 31, Increase Country 1929 19301 or de- The board has appointed Mr. Eugene M. crease (—) Stevens, of Chicago, as class C director, with United States (Treasury and F. R. designation as chairman of the board of dibanks) 4,023 4,183 160 France •. i 1,570 1,992 422 rectors and Federal reserve agent, in succes- England ! 643 782 139 Germany I 531 519 -12 sion to Mr. Heath, effective January 1, 1931. Italy 1 272 278 6 Netherlands 178 171 -7 Belgium I 143 ISO 37 Switzerland j 103 129 26 Argentina I 476 429 -47 Changes in Foreign Central Bank Discount Rates Brazil I 151 43 -108 Australia ! 109 bS -26 The following changes have been made since Japan 541 418 -123 Canada 77 122 45 the 28 th of September in the discount rates of central banks in foreign countries: Partly estimated on basis of latest available figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1930 FEDERAL RESERVE BULLETIN 659 September 29.—South African Reserve Bank, from 6 and investments of all member banks on Septo 5% per cent. tember 24 and the changes for the quarter and October 1.—Bank of Latvia, from 6-7 to 6 per cent. for the year: October 3.—Bank of Poland, from 6}^ to 7% per cent. ALL MEMBER BANKS—LOANS AND INVESTMENTS October 7.—Bank of Estonia, from 8 to 7 per cent and Bank of Japan, from 5.48 to 5.11 per cent. [Preliminary figures in millions of dollars] October 9.—German Reichsbank, from 4 to 5 per cent. Sept. 24, C f h r a o n m ge C f h r a o n m ge October 10.—Bank of Danzig, from 4 to 5 per cent. 1930 June 30, Oct. 4, 1930 1929 Loans and investments—total 35, 472 -183 CONDITION OF ALL MEMBER BANKS ON SEP- Loans to banks—total 466 -70 -175 TEMBER 24, 1930 On securities 175 -55 0) All others 291 -14 0) Detailed figures of condition of all member Loans to customers (exclusive of banks on September 24, including the detailed banks)—total 21,010 —555 -2,239 Secured by stocks and bonds—total 7,864 -196 -245 classification of loans, are given on pages 753- To brokers outside New York 761 of this issue of the BULLETIN, and in To C o it t y her customers 7, 7 0 7 9 4 0 -1 -4 5 5 1 -1 -7 6 9 5 greater detail by States, cities, and class of Secured by farm land 387 + 1 —5 Secured by other real estate 2,776 +7 +16 bank in Member Bank Call Report No. 49. Otherwise secursd and unsecured,.. 9,982 -367 -2,006 During the third quarter of the year total Open-market loans—total 3,262 +149 loans and investments of member banks, Purchased acceptances payable in +987 United States 205 +36 amounting on September 24 to $35,472,000,000, Purchased acceptances, etc., pay- +112 decreased by $180,000,000, reflecting a decrease Co a m bl m e e a r b c r i o a a l d p aper • p _ urchased 52 6 3 2 + -1 2 6 3 +296 of $475,000,000 in their loans and a further Street loans 2 2,472 +107 +587 increase of $290,000,000 in their investments. Investments—total 10, 734 +292 +985 In comparison with a year ago—the call date Un ti i e t s ed States Government securi- 4, 095 +34 +74 of October 4, 1929—member bank loans de- Other securities 6, 639 +258 +912 creased by $1,425,000,000 and their investments increased by $985,000,000. 2 1 L F o ig a u n r s e o s n n o se t c a u v i a it i i l e a s b l t e o p b r r i o o k r e t r o s M an a d r . d 2 e 7 a , l e 1 rs 9 3 i 0 n . securities in New York The detailed figures for the third quarter of City. 1930 show the influence on the demand for These figures are shown separately elsewhere bank credit of the continued business recession, in this BULLETIN (p. 753) for banks in New since much the larger part of the decrease in York City, Chicago, other reserve cities, and loans was in the further decline of $365,000,000 outside such cities (country banks) for the in loans to customers, exclusive of loans sewhole period for which they are available— cured by stocks, bonds, or real estate. Cusfrom October 3, 1928, to September 24, 1930. tomer loans secured by real estate showed little change during the quarter, while security loans to customers (exclusive of loans to banks) SECURITY LOANS IN SEPTEMBER, 1930 decreased by $200,000,000. At the same time the member banks increased by $43,000,000 By combining statistics from the quarterly their total holdings of paper purchased in the member bank call report and monthly reports open market, including both acceptances and of the New York Stock Exchange, it is possible commercial paper, and increased their street to arrive at quarterly data for aggregate loans loans at New York City by $107,00u,000. The secured by stocks and bonds that are more open-market portfolio of the member banks at comprehensive than those available weekly or the end of the third quarter amounted alto- monthly. This aggregate, here designated as gether to $14,000,000,000, including $267,000,- total reported security loans, includes those 000 of acceptances, $523,000,000 of commercial reported on call dates by all member banks and paper, $2,472,000 of street loans, and $10,- in addition that part of the brokers' borrowings 734,000,000 of bonds and other securities. at New York City reported by the stock ex- The following table shows the classified loans change arrived at after subtracting the call 19367—30 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

660 FEDEKAL RESERVE BULLETIN NOVEMBER. I93t date figures of member bank loans to brokers TOTAL REPORTED SECURITY LOANS in New York. It includes no security loans for [In millions of dollars] nonmember banks or nonbanking lenders except those made at New York to members of By member banks the stock exchange. This compilation, now l l a 1 o o v 9 w a a 2 n i i 8 l s n , a g b o t l o f t e a m S b fo l e e e p r m , t q e b w u m e h a r b i r c e t b e h r a , r l n s y 1 k h 9 s o i 3 , n w 0 t b s e , y r i s v s e c a p l l g a s a i s v r s f a e r t o n o e m l f y i n l o O s t a e c h n c t e , o u b a f r o i e n t r l y d - , Call date Tot • a l i ; ! ! Total ba T n o ksi b e Y N C r r T s o o e i o t r w k i y k n - w b e T r e h l o s r o e e s k r - - e ot T he o rs o l e e B t r h n s y e d 2 r those of other lenders on securities. The compilation shows that the total of 1928—Oct. 3 12,429 8,819 274 1,899 850 5,796 3,610 Dec. 31 14,062 i10,172 269 2,556 975 6,373 3,890 reported security loans decreased further dur- 1929—Mar. 27 14, 613 j 9,693 274 1,879 1,014 6,526 4,920 ing the third quarter, by $500,000,000, and June 29 15,144 !10, 094 335 2,025 921 6,813 5,050 Oct. 4 16,974 !10,314 320 1,885 939 7,170 6,660 that the total decrease from October, 1929, Dec. 31 12,835 110, 505 357 1,660 803 7,685 2,330 1930—Mar. 27 12, 644 •10, 334 260 2,344 706 7,024 2,310 when these loans were at their peak, to Sep- June 30 12, 015 I10, 655 230 2, 365 819 7,242 1,360 tember, 1930, amounted to $5,450,000,000. Sept. 24 11,521 ! 1 10, 511 175 2,472 774 7,090 1,010 For member banks the decrease in security 1 Security loans to banks, not available separately prior to 1930, estiloans for the quarter was $150,000,000 and for mated for 1928 and 1929 at half of total loans to banks. 2 Total borrowings at New York as reported for end of month by memother lenders included in the compilation it bers of Stock Exchange minus loans to brokers in New York as reported was $350,000,000. for call dates by all member banks; resulting figures, except in December and June, reflect in part differences in these dates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBEK, 1930 FEDERAL RESERVE BULLETIN 661 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled October 21 and released for publication October 24] Volume of factory production increased by Department of Agriculture estimates based about the usual seasonal amount in September, on October 1 conditions indicate somewhat while factory employment increased somewhat larger crops than the estimates made a month less than in other recent years. The general earlier for cotton, corn, oats, hay, potatoes, and level of prices, which had advanced during tobacco. August, declined during September and the Distribution.—Freight car loadings continued first half of October. At member banks in at low levels during September, the increases leading cities there was a liquidation of security reported for most classes of freight being less loans, and a considerable growth in commercial than ordinarily occur in this month. Dollar loans and in investments. volume of department-store sales increased by Industrial production and employment.— nearly 30 per cent, an increase about equal to Output of factories increased seasonally in Sep- the estimated seasonal growth. tember, while that of mines declined. The Wholesale prices.—The index of wholesale board's seasonally adjusted index of production prices on the average for the month of Sepin factories and mines, which had shown a sub- tember as a whole, according to the Bureau of stantial decrease for each of the preceding four Labor Statistics, was at about the same level months, declined by about one-half of 1 per as in July and August. The movement of cent in September. Production of iron and prices, however, was upward in August, reflectsteel, lumber, and cement decreased, and the ing chiefly advances in the prices of livestock output of automobiles continued to be in small and meats, while in September the movement volume. Activity in the textile industries, in- was downward, reflecting declines in a large cluding cotton, wool, and silk, increased sub- number of commodities, including grains, livestantially, and stocks of cotton cloth were stock, meats, cotton, and copper. In the first further reduced. At bituminous coal mines half of October there were wide fluctuations in there was an increase in output of more than many agricultural prices, decreases in prices of seasonal amount; output of copper was larger nonferrous metals, and considerable increases than in August, and there was a further increase in the prices of sugar and coffee. in stocks of copper. Anthracite coal and pe- Bank credit.—Security loans of reporting troleum production and shipments of iron ore member banks in leading cities increased in the declined. latter part of September, but declined rapidly Employment in manufacturing establish- early in October, the decline reflecting a large ments increased less than is usual at this season, volume of liquidation in loans to brokers and the increase being chiefly in fruit and vegetable dealers in securities. Commercial loans, which canning and in clothing industries, while reduc- up to the last week in September had not tions in number of employees were reported for shown the usual seasonal growth, increased by the iron and steel, automobile, and lumber $150,000,000 in the following three weeks. The industries. Outside of factories increased em- banks' holdings of investments continued to ployment was reported in retail establishments increase. and coal mines. In response to the seasonal demand for cur- Residential building increased materially in rency, outstanding volume of reserve-bank September, contrary to the usual seasonal credit showed an increase of $30,000,000 on the trend, while the volume of contracts for com- average between the weeks ending September mercial buildings and public works and utilities 20 and October 18. decreased. Total value of building contracts Money rates in the open market continued awarded, as reported by the F. W. Dodge Cor- at low levels. The yield on high grade bonds poration, showed little change during the declined further until early in October, when month. In the first 10 days of October there bond prices declined and there was a correwas an increase in the daily average volume of sponding rise in yields. contracts awarded. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

662 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 SEASONALLY ADJUSTED INDEX OF FACTORY EMPLOYMENT Employment in manufacturing industries from the seasonally adjusted index, represented fluctuates every year from month to month in by the smoother solid curve. response to seasonal requirements, and adjust- While the amplitude of the purely seasonal ment for these regular fluctuations is necessary swing varies slightly from year to year, it has in order to observe changes in employment that been found that in general the monthly variareflect variations in the general condition of tion attributable to seasonal influences in the business. For this reason the Federal Reserve past 12 years has corresponded to that indicated Board's index of factory employment, which by the curve in Chart II. This curve shows an has been described in the BULLETIN for Novem- index of average seasonal variation in employber, 1929, has now been adjusted to allow for ment in each month in relation to the average seasonal variation, and the new general index, for the 12 months of a typical year. From with component indexes, is presented in the the peak in mid-September to the low point accompanying tables and charts. of activity in mid-January the average seasonal In making this adjustment measures of sea- change in number of workers employed in all sonal variation in employment have been deter- manufacturing industries is about 4 per cent, FACTORY EMPLOYMENT INDEX NUMBERS, 1923-25*100 Adjusted for Seasonal Variation Without Seasonal Adjustment 1920 1921 1922 1923 192^ 1925 1926 1927 1928 1929 1930 CHART I mined for each of the 54 manufacturing indus- employment in September being in a typical tries currently represented in the general index, year about 2 per cent larger, and in January 2 and these measures have been used in comput- per cent smaller than the average for the year. ing adjusted indexes for particular industries, In terms of number of workers this seasonal which in turn have been combined into group fluctuation is equivalent to about one-third of a indexes and into a composite index. The million, out of some 8,400,000 wage earners emcomposite index, adjusted for seasonal varia- ployed in factories, although the actual seasonal tion, is shown in Table 1 and Chart I, and displacement of labor may be considerably indexes for 13 industrial groups and for indi- greater than this, since it does not follow that vidual industries included in the composite are those seasonally unemployed in one industry in given in Tables 3 and 4. excess of the average are absorbed by employ- Manufacturing industries, as a group, have ment in some other industry. The relatively two busy and two dull seasons each year. narrow range of the seasonal fluctuation in em- Working forces are enlarged in the spring and ployment in manufacturing industries taken as again in the autumn months, and are reduced a group results partly from the overlapping of in midsummer and in midwinter. This typical slack aad busy seasons which come in different seasonal movement is evident in the recurring months in different industries, and partly from divergence of the Board's unadjusted index, a desire on the part of employers to keep their represented by the broken line on Chart I, forces intact. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

663 NOVEMBER, 1930 FEDERAL RESERVE BULLETIN Although seasonal variations in employment (1923-1925 = 100) for each of the industries are the rule, rather than the exception, regular in the index. Reports of employment from changes of this character do not appear in all which seasonal indexes were computed extend industries. Employment is relatively free of over a period of either 11% or of 7% years, the seasonal factors, for example, in the manufac- period covered by the data beginning in Januture of electrical machinery and of paper and ary, 1919, for 22 of the industries and for the wood pulp. In certain machinery and metal remaining 29 in January, 1923. industries seasonal variations in employment In computing these measures of seasonality, are smaller than in manufacturing industries the method used is the " ratio-to-moving-avertaken as a group. This is true of foundries and age" method, used also in the board's indexes machine shops, railway car building and repair of production and trade, and described in the shops, machine-tool factories, and steel works FEDERAL RESERVE BULLETIN for April, 1928. and rolling mills. The same is true also of In the case of each industry, as a first step, the newspaper printing. At the other extreme, influence of long-time trend and of broad cyclishowing regular and wide seasonal fluctuations, cal fluctuations was determined by computation are the industries in which perishable raw of a 12-month moving average of the unadmaterials are used—such as fruit and vegetable justed relatives (1923-1925 = 100) for the induscanning; those in which, as in the clothing try. This moving average, centered at the industries, style is the dominant factor and in seventh month, approximately measured nonseasonal influences, with exception of those SEASONAL VARIATION IN FACTORY EMPLOYMENT which have been purely accidental or erratic. PERCENT ( AVERAGE FOR YEAR = 100 ) f>ERCENT Each monthly relative of the original unadjusted index was then divided by the moving average for the month, the resulting ratios 100 reflecting solely the influence of seasonal and accidental variations. These seasonal ratios were then grouped by months and arrayed in order of magnitude—those for January of different years in one array, and similarly those for each other month in separate arrays. The very high and low ratios were then struck out, 60 J80 Jan. Feb. Mar. Apr. May June July Au£. Sept. Oct. Nov. Dec. in order to eliminate so far as possible the CHART II.—These figures were computed by (1) dividing the composite influence of erratic fluctuations. Finally, 12 unadjusted index for each month by the adjusted index for the corresponding month, in order to determine monthly divergences due to monthly ratios were derived by averaging the seasonal'factors, which vary somewhat from year to year, and (2) remaining medium-sized ratios for each month, grouping these ratios by months—all the Januaries, all the Februaries, etc., and (3) selecting therefrom a set of 12 typical monthly ratios. and these ratios, adjusted to average 100 for the 12 months, became the measure of seasonal which, consequently, inventories may result in movement. costly losses; and those in which demand is affected by weather—as, for instance, in the It was found that seasonal fluctuations in manufacture of ice cream. employment have for the most part been fairly The magnitude of fluctuation in individual regular—that not only has the maximum and industries is shown in Table 2, which gives the minimum of employment occurred in the same indexes of seasonal variation used in computing month year after year, but that the relative the Board's adjusted index of factory employ- variation from month to month has been reament. It is to be noted that these measure? sonably constant over a number of years. of seasonal variation apply to the number of Where this has been the case, a single set of wage earners employed in the pay-roll period seasonal indexes, derived as described above, ending nearest the loth of the month—the has given a fair picture of seasonally. In a period covered by the original reports col- number of industries, however, there was evilected by the Bureau of Labor-Statistics and dence of a shift in the periods of seasonal by the State departments of labor of New fluctuation. In such industries employment in York and New Jersey—and are not necessarily certain months may have become progressively representative of complete calendar months. larger, and in other months progressively Method of seasonal adjustment.—The meas- smaller over the course of several years, so that ures of seasonal variation given in Table 2 have occasionally it happened that the month of been derived from the unadjusted relatives greatest activity during the early part of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

664 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 period under review had gradually yielded first Adjusted indexes, in which the effect of place to another month. In any industry in seasonality is eliminated, were derived by which the shift in seasonality was marked, dividing the unadjusted monthly indexes for changing seasonal indexes varying from year to each industry by the monthly index of seasonal year have been computed. The particular change. These seasonally adjusted indexes industries for which such indexes were com- were combined into group indexes and into a puted are indicated in Table 2. general index for all manufacturing industries. TABLE 1.—INDEX OF FACTORY EMPLOYMENT, ADJUSTED FOR SEASONAL VARIATION [Monthly average 1923-1925=100] 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 January 107.9 116.9 83.0 84.1 102.3 101.4 98.0 102.4 100.0 96.1 99.8 95.6 February 103.3 114.8 83.6 85.2 102.7 101.1 98.4 102.1 99.9 96.1 100.3 93.9 March 102.2 115.3 82.9 85.4 104.2 100.5 98.8 101.8 99.8 96.1 100.9 92.9 April 102.3 114.2 82.2 85.6 104.7 99.1 99.0 101.4 99.4 95.7 101.7 92.4 May 103.2 112.1 82.4 87.9 105.4 96.4 98.8 101.2 99.4 96.1 102.4 91.4 June 104.1 111.1 81.4 89.8 106.4 93.9 98.9 101.2 99.5 96.7 102.7 89.7 July 106.9 108.9 80.4 87.6 105.9 91.7 j 99.4 100.5 99.2 96.6 102.8 86.6 August 107.9 107.6 80.9 89.7 105.3 91. 7 i 99.4 100.7 98.7 97.3 102.7 84.4 September 109.0 105.2 82.0 92.0 104.3 92.8 i 99.8 101.5 98.4 97.7 102.4 83.4 October 108.4 101.9 82.7 95.1 103.7 94.0 ! 101.0 101.7 97.6 98.3 101.3 November 111.1 96.7 83.5 98.0 103.3 94.7 I 102.1 101.4 97.1 99.3 99.3 December 113.8 90.2 83.4 100.2 101.9 96.5 I 102.4 100.9 96.5 99.8 96.9 Annual index. 106.7 107.9 82.4 90.1 104.2 96.2 j 99.6 101.4 98.8 97.2 101.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1930 FEDERAL RESERVE BULLETIN 665 TABLE 2.—FACTORY EMPLOYMENT: INDEXES OF SEASONAL VARIATION, BY INDUSTRIES [Average lor the year=100] Ja a n ry u- Fe± ar r Ty u" March May June July October ve N m o b - er j De b c e e r m- IRON AND STEEL AND PRODUCTS: Steel works and rolling mills.. 101.5 102.2 102.1 101.5 99.7 99.2 i 99.9 99.3 98.4 Hardware 1 100.5 101.7 101.5 99.0 101.0 100.5 98.1 97. 5 100. 7 99.5 100.0 100.0 Structural iron work 97.1 97.7 97.4 97.8 99.4 100.9 101.3 103.4 103. 3 102.3 100.2 99.2 Heating apparatus— • Steam fittings 101.0 101.3 101.1 100.7 100.7 97.9 101.4 < 102.3 102.1 99. 5 95.1 Stoves i 88.0 97.0 99.0 100.5 101.0 100.5 93.0 100.4 < 105.2 108.6 106.1 100.7 Cast-iron pipe 95.6 96.3 99.4 101.0 102.0 102.4 103.2 102.6 , 101.3 100.3 98.3 97.6 MACHINERY: Foundry, machine-shop products.. 98.0 100.5 101.8 101.6 101.0 101.1 100.5 100.2 ! 99.8 99.2 98.1 '• 98.2 Machine tools 100.0 101.8 101.9 100.9 100.2 99.2 98.6 98. 9 98. 8 99. 7 99.9 i 100.1 Agricultural implements 103.4 106.4 107.4 106.3 103.1 99.3 94.7 94.7 ! 92.8 95.3 96.9 99.7 TEXTILES AND PRODUCTS: j A. Fabrics- Cotton goods 1 ! 101.5 102.5 102.0 100.0 I 99.6 99.0 96.8 95. 6 1 98. 5 100.8 101. C 102.1 Woolen, worsted manufactures— I Woolen and worsted goods j 102.1 102.0 98.4 97.8 98.2 95.1 97.9 ; 102.4 103.9 j 103.4 Carpets and rugs j 102. 5 102.3 103.6 102. 7 101.0 97.6 94.7 96.3 96.8 99.1 101.3 I 102.1 Hosiery and knit goods__ 99.0 101.2 102.1 102.2 I 100.9 100.2 95.7 97.3 I 99.0 100.7 101.4 : 100.3 Silk manufactures 99.4 101.5 102.7 101.4 100.4 98.7 97.8 98.4 99.1 100.6 99.8 ! 100.2 Dyeing and finishing textiles i , 100.7 102.5 102.5 103.0 99.8 99.0 96.5 96.0 j 97.5 100.2 100.8 101.5 B. Wearing apparel- i Clothing, men's 99.9 102.7 102.0 96.9 95.1 100.3 100.9 103.0 102.4 101.1 97.4 98.3 Shirts and collars i 101.2 102.0 102.0 100.3 98.8 96.9 95.2 95.9 98.9 102.0 103.3 103.5 Clothing, women's 102.6 108.7 113.4 108.7 97.3 87.5 84.3 92.0 102.1 105.5 98.3 98. 6 Millinery i__ 94.5 98.0 113.1 117.1 108.0 98.0 70.5 83.5 107.4 109. 9 103.5 96.5 FOOD AND PRODUCTS: B aking ] 97.6 j 98.2 99.4 98.4 101.9 100.7 ! 99.5 101.4 103.2 101.1 99.2 Slaughtering and meat packing i 103.5 ! 103.0 ! 98.0 95.9 99. 5 100.0 i 99.0 99.0 99.5 101.0 105.0 Confectionery 98.0 i 98.0 I 96.1 90.9 89.8 87. 7 ! 93.6 110.0 120.7 115. 0 110.3 Ice cream 85.7 86.5 ' 89.3 96.1 104.7 114.7 120.6 j 117.4 109.1 97.9 90.2 87.8 Flour i... _ 99.5 I 100.0 99.2 95.5 96.0 96.2 99.7 i 102.0 103.9 104.5 102.8 100.7 Sugar refining, cane * 92.0 i 95.7 101.0 102.7 100.5 101.7 104.0 ! 105.5 101.1 103.5 99.0 93.3 PAPER AND PRINTING: Printing, book and job __. 102.3 101.0 101. 2 99.3 i 98.9 98.7 98. 7 j 99.4 99.1 100. 6 102. 5 Printing, newspapers and periodicals.__ 100.4 100.2 100.2 100.3 | 100.3 99. 7 98.7 !. 98.9 100.2 101.3 101.8 Paper boxes ._ ._ 99.4 98.6 98.7 97.2 i 96.2 96.3 97.2 ! 101.6 105.4 106.8 104.2 LUMBER AND PRODUCTS: Lumber, sawmills _. 95.5 95.7 96.7 99.4 101.5 102.6 102.2 ! 102.8 103.2 101.7 100.7 98.0 Lumber, mill work _ __ 97.5 98.6 99.8 100.6 100.8 101.1 101.4 j 102.0 101.4 99.9 98.4 98.5 Furniture * 99.0 99 2 96.8 94.5 94.6 96. 5 . 100. 0 103.5 108.0 106.4 102.7 TRANSPORTATION EQUIPMENT: Car building and repairing—steam 98. 4 98. 5 99.5 100.7 i 100.7 100.8 100.6 \ 100.3 : 100.5 i 100.5 99.7 99.8 Automobiles i 95.0 101.5 104.6 106.3 ! 108.5 102.2 i 99.7 102. 5 , 103. 0 !100. 0 89.2 87.5 Shipbuilding ___ 103. 0 105. 6 106.2 106.1 102.5 101.2 j 97.7 94.6 j 93.2 ; 93.8 96.1 100.0 I LEATHER AND MANUFACTURES: Boots and shoes i _. | 100. 3 102.5 101.1 97.8 95.6 94. 5 100.0 ! 103. 5 105. 0 104.2 99.0 96.5 Leather . i 101.8 103.1 102.4 99.2 97.6 97.1 98.2 i 99.5 100.1 99.9 100.7 100.4 CEMENT, CLAY, AND GLASS PRODUCTS: Clay products- Brick, tile, and terra cotta 87.8 92.2 100.7 105.8 107.4 108.2 108.3 105. 8 102.4 99.7 94.8 Pottery 98.1 101.2 102.0 101.5 100.9 100.2 96.3 98.9 99.8 100. 6 100.2 100. 3 Glass i 93.8 97.3 100.5 101.3 101.5 102.5 96.0 101. 5 103.5 I 102.9 101.7 97.5 Cement 1 91.5 90.8 93.5 98.3 102.0 104.7 105.2 107.0 105. 3 104.0 101.3 96.4 NONFERROUS METAL PRODUCTS: Stamped and enameled ware.. 96.1 102.6 106.5 105.1 103.9 102.4 97.5 96.4 97.3 ! 97.1 96.0 Brass, bronze, and copper 99.5 101.9 102.7 101.8 100.6 99.4 99.0 99.2 98.9 ! 98.! 99.3 CHEMICALS AND PRODUCTS: Chemicals and drugs 100. 7 I 102.0 i 101.3 100.9 98.5 98.0 96. 6 j 97. 5 99.9 j 101.0 ! 101.9 101.7 Petroleum refining 98.1 j 98. 7 ! 99. 0 100.0 99.8 100.9 102.2 I 101.9 101. 8 99. 8 99. 0 98.8 Fertilizers i 98.0 105.8 148.0 160.8 91.0 68.4 68. 5 77.0 99.0 97.0 94.5 92.0 RUBBER PRODUCTS: Automobile tires and tubes.. 97.9 100.4 101.4 101.7 102.0 101.9 101.9 102.9 102.8 ' 98.4 93.6 95.1 Rubber boots and shoes i.._ 103.5 102.0 98.0 97.5 95.5 94.5 95.0 95.5 102. 0 ! 104.0 105.5 107.0 TOBACCO MANUFACTURES: C igars and cigarettes l 91.5 98.3 ; 97.6 98.5 99.5 98.2 99.5 103. 5 : 106.2 106. 3 102.1 Chewing and smoking tobacco, snuff L_ 103.6 106.3 ! 105.0 96.3 97.8 92.9 97.9 99. 0 I 99.7 100.1 102.1 MUSICAL INSTRUMENTS: Pianos and organs 103.2 102.0 100.4 99.5 96.0 95.4 90.7 100. 6 I 103. 8 106.2 105.4 1 In these industries there was evidence of progressive change in seasonal movement from year to year, and separate sets of seasonal indexes were computed for each year. They may be obtained from the Division of Research and Statistics; indexes shown are for the year 1929. NOTE.—No seasonal variation in employment was evident in the following industries: Electrical machinery, paper and pulp, and electric carbuilding and car-repair shops. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

666 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 TABLE 3.—FACTORY EMPLOYMENT: INDEXES BY GROUPS [Adjusted for seasonal variation. Monthly average 1923-1925= 100] Trans- Year and month Iro st n e e a l n d M e a r c y hin- Textiles pr F o o d o u d cts p P ri a a n n p t d i e n r g ^ j ; p L r u o a m n d d u b c er ts e p q t o i u o rt i n a p - - p L r e o a a d n t u d h c e t r s " c e a l m n a d y e , nt, f m e N r e r o t o a n u l - s s Ch ca e l m s i- p R ro u d b u b c e t r sp T r o o b d a u c c o ts a ment 1919 99.7 117.2 109.0 96.9 93.1 96.3 107.6 84.2 114.7 108.3 113.0 1920 107.0 128.9 104.1 104.4 88.2 104.2 98.4 89.3 121.3 97.1 111.8 1921 65.3 77.0 93.1 94.6 89.1 74.4 71.6 87.8 73.4 74.5 70.8 110.4 1922.... 84.0 82.2 97.3 95.4 92.7 95.5 78.3 97.7 87.7 90.1 81.0 107.2 1923.— 104.4 107.7 105.3 102. 0 99.2 100.9 106.9 106.2 100.8 107.1 101.5 102. 5 105.8 1924._. 97.2 93.6 95.1 100.0 99.8 98.1 94.8 96.3 99.0 95.0 95.9 91.8 98.8 1925— 98.4 98.7 99.6 98.0 101.0 101.0 98.3 97.5 100.2 97.9 102.6 105.7 95.4 1926._. 101.3 107.9 97.8 98.4 103.6 100.5 98.3 96.8 101.9 99.5 108.9 104.6 90.8 1927.... 96.8 100.0 100.8 99.2 103.1 92.4 88.3 97.2 97.5 97.4 107. 9 104.0 93.6 1928.— 95.4 98.8 95.1 98.7 101. 7 88.1 90.7 93.5 92.4 96.7 105.3 108.7 93.6 1929.... 116.1 99.7 104.2 88.2 94.4 93.7 101.1 112.3 108.1 91.6 1919—January 109.7 121.0 90.4 114.8 95.4 86.3 97.4 103.9 73.3 110.3 128.9 129.2 February--. 103.3 118.2 82.9 112.5 95.1 86.0 94.5 102.6 73.9 107.2 124.9 126.8 March 98.6 ! 114.5 84.9 110.2 95.2 87.7 92.4 100.4 75.1 104.4 117.2 125.2 April — 93.8 I 113.2 CO. 3 110.4 94.9 86.7 91.2 101.4 81.4 105.4 110.6 126.0 May 92.2 ! 110.2 95.8 108.0 93.4 87.6 91.2 104.4 85.7 109.2 107.4 123.1 J A J u u u l n y g e ust. — - 1 1 9 0 0 3 1 3 . . . 9 0 0 I ! ! 1 1 1 0 0 1 7 8 4 . . . 9 7 2 1 1 9 0 0 9 4 5 . . . 4 7 5 1 1 1 0 0 0 6 8 7 . . . 4 0 8 9 9 9 8 7 6 . . . 4 5 0 9 8 9 4 7 1 . . . 4 2 1 9 9 95 1 5 . . . 8 1 9 1 1 1 0 0 0 9 5 7 . . . 4 8 0 8 8 £ 2 9 2 . . . 4 3 1 1 1 1 1 2 1 8. 1 1 . . 6 8 8 1 1 10 0 0 6 3 1 . . . 7 7 2 1 1 0 9 1 0 0 2 . . . 4 3 7 September. 102.8 117.9 103. 6 107.4 98.2 98.3 99. 0 110.8 89.0 120.7 100.4 95.1 D N O e o c c t v o e e m b m e b r e b r e — r. 1 1 9 0 0 1 6 0 . . . 3 3 7 i j 1 1 1 2 2 3 2 6 1 . . . 4 8 2 1 1 1 0 0 0 7 3 5 . . . 6 6 8 1 1 1 0 0 0 6 9 7 . . . 3 3 3 1 9 9 0 7 8 1 . . . 7 9 3 1 1 1 0 0 0 6 2 3 . . . 7 0 7 1 1 9 0 0 9 2 5 . . . 9 4 1 1 1 1 1 1 1 6 2 5 . . . 9 7 4 9 8 8 8 1 8 . . . 4 7 5 1 1 1 2 2 2 3 1 2 . . . 8 1 1 1 9 6 0 9 9 0 . . . 1 0 4 1 1 9 1 1 9 3 4 . . . 6 4 2 1920—January— 111.6 I 134.8 109.0 111.3 103.6 | 105.8 112.4 116.2 91.9 127.4 101.1 118.6 February. - 110.8 I 133.0 105.9 107. 4 102. 5 ! 105.4 109.4 112.3 93.3 122.1 98.1 112.0 March 111.8 I 135.6 107.7 106.8 104.3 j 104.8 108.9 111.4 90.5 127.2 98.5 112.7 April 110.1 134.3 108.8 107.8 104.8 ! 97.8 106.3 111.9 87.9 126.8 97.9 116.4 May 105.1 I 132.0 108.8 107.4 104.7 j 90.4 105. 8 110.3 88.7 123.5 97.8 111.4 June 109.2 I 133.0 105.6 107.0 104.8 i 83.9 106.0 105.3 90.2 128.5 98.0 110.9 July -- 110.4 133.7 i 99.4 106.1 106.8 ! 106.0 98.0 89.4 128.4 101.2 110.4 August.---- 107.7 i 131.0 j 86.2 103.6 106.7 : 85^2 106.3 93.5 88.6 126.7 100.8 110.0 September. 108.4 128.0 I 94.0 101.7 105.9 ! 82.3 103. 7 84.7 88.6 126.6 95.9 109.8 October.--- 107.2 123.2 I 89.6 98.7 105.3 ! 80.3 j 98.8 82.4 87.1 123.5 97.3 107. 7 November - 101.7 117.8 I 81.7 96.6 103.4 i 74.8 95.0 78.5 89.0 108.0 92.7 110.4 December.. 90.0 110.4 j 73.0 94.4 99.8 j 70.4 92.2 76.0 86.4 86.6 86.4 110.7 1921—January—- 73.4 103.0 j 70.9 92.4 95.8 i 71.4 75.0 73.4 77.8 78.3 80.9 111.6 February... 74.9 94.8 J 81.9 93.9 94.9 73.8 71.2 78. 4 70.6 69.4 74.4 106.9 March..--- 71.6 89.7 i 86.4 94.3 93.6 74.7 68.4 80.4 71.1 68.5 74.5 102.0 April 64.6 84.0 91.2 93.7 89.3 74.9 67.8 82.0 71.8 70.6 70.3 111.2 May 64.8 78.6 94.4 94.2 83.9 74.4 69.0 86.6 72.9 72.9 70.4 112.8 June 61.0 74.3 96.0 93.7 84.5 74.0 67.4 91.3 73.1 72.4 70.2 113.8 July 54.5 68.6 98.6 94.2 85.2 72.4 69.4 92.8 72.5 69.5 68.6 112.7 August 57.9 67.0 98.7 93.3 86.5 I 72.1 72.0 93.3 72.6 75.3 66.3 113.1 September. 60.2 66.0 100.8 95.8 87.2 | 73.4 73.8 94.4 74.6 76.2 65.1 112.0 October— 64.3 65.0 100. 3 97.2 88.4 ! 75.0 74.6 93.8 74.1 80.4 69.5 112.0 November. 67.9 65.4 99.2 97.9 89.9 i 78.3 75.8 93.1 74.3 80.9 71.2 109. 3 December.. 68.6 67.3 98.4 94.9 79.1 74.9 94.4 75.1 79.8 67.9 108.2 1922—January 66.0 70.0 97.8 94.4 92.6 87.3 73.6 94.4 76.0 78.2 69.0 101.9 February-. 70. 1 71.0 98.0 95.0 92.3 91.3 73.7 94.5 77.0 78.0 69.2 106. 0 March 72.1 74.5 94.1 95.1 91.1 94.4 74.8 91.5 81.4 78.8 72.5 106.3 April 77.0 76.9 92.3 93.0 89.3 92.8 75. 4 91.0 83.2 80.1 73.8 103. 0 May 80.7 79.8 93.3 93.4 91.5 96.3 78.3 91.5 87.1 85.4 77.8 105.4 June 85.9 80.6 93.9 93.6 91.2 98.8 82.3 94.8 87.8 88.4 78.2 105. 1 July --. 88.1 80.8 96.1 95.3 91.7 98.3 57.2 97.7 88.8 93.1 83.4 113.2. August 88.6 82.0 97.1 96.9 93.7 97.8 66.3 98.7 91.4 96.2 85.7 112.1 September. 89.2 87.1 98.4 95. 0 94.0 96.2 i 77.0 101.9 93. 1 96.8 86.8 109.3 October 93.6 90.3 99.2 95.7 94.4 97.3 ! 88.3 103.2 94,0 99.3 89.3 1C9.0 November . 96.6 94.1 102.4 98.7 94.4 98.1 93.7 105.3 95.7 102. 8 92.3 107. 4 December.. 99.4 99.0 104.7 98.2 95.7 98.6 107.4 96.7 104. 4 • 94.2 107.3 1923—January 101.5 101.9 105.7 97.6 96.1 104.7 108.3 98.1 106. 3 111.0 109.0 February- 100.8 103.9 105.1 99.0 97.1 100.4 104.4 108. 5 98.5 105.9 101.4 113.7 107.7 March 102.0 106.5 106.8 100.7 99.3 100. 4 105.9 107.8 98.6 107.3 102. 3 114.7 107. 8 April 102.5 108.6 107.8 101. 3 100.2 100. 3 104. 5 109.9 100.0 109. 6 100. 4 114.6 109.4 May 104. 3 109.6 108.7 101.6 99.7 100. 6 105. 3 108.7 101. 2 110.3 105. 7 114.5 107.1 June 107.7 110.1 108. 0 102.7 100. 5 102.2 107.9 109.0 103.0 110.8 105.0 109.9 106.9 July 106.8 111.1 107.4 102.8 100.1 103.2 107.2 104.8 101.9 110.4 103.9 102.3 104.7 August 107.9 110.7 105. 4 103.6 100.2 101.9 108.6 104.0 102.4 109.0 103.0 91.7 103.1 September. 106.4 110.0 104.0 103.8 99.4 101.0 108.0 104. 0 102.2 105.0 100.0 85.9 103.8 October 106.1 108. 0 102.1 104. 5 99.6 101.1 109.2 103.1 101.6 104.0 99.2 87.4 104.1 November. 104.7 107.3 101.4 103.7 99.4 100.8 110.0 103. 7 100.3 102.8 99.1 91.0 103. 4 December.. 102.1 104.7 100.8 101. 5 99.5 100.2 106.6 102.3 101.0 103.1 98. 5 93.3 102.9 1924—January 103.9 101.4 100.7 101.4 100.1 99.5 104.6 100.3 102.1 103.4 99.3 92.5 102.8 February. . 105. 3 99.0 100.4 102.8 100.4 101.4 102.7 99.9 101.6 104.2 98.3 92.3 102.3 March 106.2 98.6 99.2 102.4 100.4 100.7 101.0 100.2 102.9 102.6 97.9 91.7 100.9 April 105.6 97.9 96.6 101.4 100.7 100.2 98.3 98.8 102.4 101.1 97.8 90.3 101.4 May 99.1 94.4 94.6 100.6 100.3 99.3 93.7 95.7 100.6 96.7 97.8 89.6 98.6 June 94.7 91.6 93.0 100.1 99.9 96.5 90.6 93.3 98.6 91.8 92.9 87.2 98.0 July 90.6 88.2 89. 2 99.6 98.3 95.5 90.0 91.3 95.9 88.1 93.0 84.2 99. 3- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

667 NOVEMBER, 1930 FEDERAL RESERVE BULLETIN TABLE 3.—FACTORY EMPLOYMENT: INDEXES BY GROUPS—Continued [Adjusted for seasonal variation. Monthly average 1923-1925=100] Trans- Year and month Iro st n e e a l nd Ma e c ry hin- Textiles pr F o o d o u d cts p P ri a a n n p t d i e n r g p L r u o a m d n u d b c e t r s e p m q t o i u e o rt i n n a p t - - p L r e o a a d n t u d h c e t r s C c g e a l l m n a a d y s e s , nt, f m e N r e r o t o a n u l - s s Ch c e al m s i- p R ro u d b u b c e t r s • p T ro o d b u a c c t c s o 1924—August 88.2 90.4 99.4 94.9 91.9 96.9 86.6 92.8 83.9 99.9 September. 89.8 92. 7 99.4 95.5 90.1 94.2 96.0 88.6 92.8 92.5 98.3 October 92.6 94.2 97.8 97.4 91.4 95.8 96.3 90.0 94.7 95. 0 90.0 November. 1 93.2 91.3 94.1 97.4 97.4 92.0 97.1 96. 6 92.1 95.6 101.4 97.3 December... 97.2 96.1 98.6 98.7 93.5 98.5 94.8 97.4 101.0 97.0 1925—January 100.8 95.0 97.1 99.0 100.1 100.8 94.8 99.1 96.6 97.5 97.4 February 100. 3 95. 2 98.3 99.2 100.6 102.1 94.4 97.9 99.6 96.1 98.7 I 101.4 96.9 March 100.3 95.4 99.0 98.1 101.3 100.9 95.4 98.5 100.4 95.1 100.7 101.7 96.9 April 98.3 96.4 99.6 97.2 101.2 100.9 96.7 98.7 100.7 94.8 101.6 i 102. 9 93.9 May 97.2 96.5 99.4 97.3 100. 5 100.2 96.8 98.4 100. 0 97.3 100.2 106.4 96.9 June 96.6 96.8 99.8 98.2 100.4 100. 6 96.8 96.0 99.7 98.4 102.0 108. 0 95.3 July 96.4 96.9 100.7 97.3 100.7 100.3 98.0 96.4 100.4 97.9 103.9 110.1 95.5 August. 96.0 97.8 100.2 97.5 100.5 100.0 98.4 97.0 99.3 98.0 103.7 109.8 95.7 September. _ 96.0 99.8 99.2 97.3 100.7 100.8 99.7 98.2 100.0 98.5 104.8 107.9 94.3 October 97.6 102.4 99.9 98.1 101.7 101.9 101.9 98.2 100.6 98.9 105.3 104. 5 94.7 November. _ 99.2 105.3 100.9 98.3 101.8 101.8 104.3 97.2 100.8 100.8 105. 8 106.6 93.6 December... 101.8 107.1 100.4 102.0 102.2 103.3 95.6 102.3 102.2 106.4 109.1 94.3 1926—January 101.8 108.2 100.2 98.8 102.8 102.0 102.4 95.0 102.8 101.2 107.7 108.3 91.8 February... 101.1 108.1 99.1 98.2 102. 5 101.7 102.3 95.3 102. 3 100.6 106.9 107.0 92.7 March 100.4 107.9 98.6 98.3 103.0 101.4 102.2 95.2 100.3 100.7 106.5 106.0 92.1 April 101.2 107.4 98.2 97.8 103.3 101.8 99.7 94.5 99.8 100.6 106.5 105.6 91.9 May 100.6 107.1 98.4 98.3 103.5 101.4 97.8 94.9 101.3 99.4 108.1 102.7 89.9 June 100.6 108.2 97.3 98.4 103.6 101.1 98.2 95.8 102.3 98.3 109.9 101.9 92.3 July 101.2 107.6 94.3 98.4 103.4 100.7 98.0 97.3 102.3 98.3 109.5 97.8 90.6 August 101.3 108.0 94.4 98.9 103.7 100.6 97.8 97.8 102.9 98.9 109.6 104.1 89.2 September . 102.2 108.6 97.2 98.8 104.3 99.3 97.9 98.1 103. 2 100.0 110.3 106.6 89.3 October.._ . 102.4 109.2 98.1 99.0 104.8 99.4 95.6 98.6 102.4 99.0 111.2 108.1 89.6 November. 102.0 107.4 98.4 98.6 104.8 98.7 95.1 99.5 102.4 99.2 110.7 105.0 89.8 December.. 100.4 107.3 99.7 97.7 104.0 98.3 92.6 99.4 101.2 98.0 109.6 102.5 90.5 1927—January 105.4 99.9 98.4 103.2 96.0 90.2 98.4 99.7 97.7 110.6 101.0 90.3- February.. 98.0 104.7 100.0 98.4 103.9 94.7 92.2 97.5 99.8 95.4 109.7 100.9 91.6 March 98.6 103.3 100.1 98.4 1C3.7 93.7 91.6 98.0 100.6 97.0 110.2 101.4 91.7 April. 98.4 102.0 100.1 99.2 103.7 92.4 90.6 97.3 100.0 97.9 109.5 105.4 92.7 May 98.3 100.6 100.7 99.0 103.0 92.7 90.1 97.7 99.0 100.3 108.7 108.7 93.0 June 98.2 100.5 101.2 101.0 102.9 92.4 89.7 98.2 98.3 98.9 108.3 107.8 94.6 July 97.5 102.1 100.0 102.4 92.2 88.0 98.8 98.1 99.4 107.8 105.7 96.3 August 96.1 102.4 99.4 103.2 92.0 87.4 98.3 95.1 99.2 107.0 104.1 91.1 September- 95.5 98.0 102.3 99.8 103.1 91.7 86.2 97.5 95.1 97.4 106.4 102.8 95.6- October 94.9 97.4 . 100.7 98.7 102.9 91.2 85.3 96.6 94.4 96.5 105.9 102.7 96.0 November. 94.0 95.7 100.8 98.8 102.9 90.5 84.2 94.2 95.5 95.0 105.6 103.0 95.4 December__ 93.5 94.6 99.6 98.4 102.6 H.4 94.5 94.4 94.2 104.8 104.3 94.4 1928—January 92.8 98.6 98.2 102.2 88.0 85.4 95.5 93.6 90.9 103.6 105.4 94.6 February. . 93.2 93.4 98.0 98.8 102.2 87.9 85.9 95.4 93.3 91.7 104.9 106. 4 93.3 March 94.0 94.1 96.7 99.4 101.1 88.6 86.3 95.3 92.7 91.4 105.1 105.0 93.7 April 94.0 94.7 95.2 99.2 100.8 88.3 86.6 94.2 91.2 93.6 103.8 104.7 93.7 May 94.6 96.7 94.2 98.9 101.4 87.8 88.7 93.6 92.4 94.7 103.4 104.7 y3.7 June 95.4 97.6 94.0 97.8 101.4 88.0 91.1 94.0 92.2 96.0 105.0 105.0 93.6 July 95.1 97.9 92.8 98.2 101. 6 87.1 91.7 94.7 92.4 96. 6 104.9 110.7 89.9 August 96.2 99.7 92.8 97.6 102. 1 88.0 93.2 93.3 92.5 97.4 104.4 110.8 95.7 September _ 95.7 101.9 93.3 98.0 101.4 87.9 94.5 92.7 92.3 99.1 106. 3 111.0 93.8 October 9C.6 103. 6 94.0 98.2 102.0 88.1 94.4 91.8 91.9 101.4 107. 1 113.8 93.9 November. 98.2 105.2 95.2 99.4 102.3 89.0 95.4 90. 1 91.2 103.4 107.0 114.4 93.8 December. _ 98.5 106.4 96. 0 100.2 101.7 88.7 95.6 91.1 92.4 103.9 108.0 112.3 93.8 1929—January 99.0 ', 107.8 05.2 101.7 88.4 96.9 91.4 91.9 103.6 108.0 113.2 90.8 February. _ 97.6 109.8 95. 4 99.8 103.2 88.4 98.6 91.7 90.9 104.0 109.5 111.4 92.9 March 97.8 i 112.0 97.4 99.5 102.8 88.5 98.0 91.5 90.0 104.2 110.4 112.6 92.6 April 98.5 115. 2 97.5 99.6 103.0 89.3 98.0 92.4 89.9 105.1 112.0 113.3 93.3 May 99.5 ; 118.3 98.1 100.0 103. 6 89.7 97.0 94.1 90.2 104.0 112,2 114.6 91.9 June 100.8 ; 120.1 98.6 99.4 104.2 89.8 96.2 94.1 89.9 102.9 111.8 114.7 92.0 July 101.3 ! 121.5 96. 6 100.1 104.8 90.1 96.4 94.9 89.6 101.9 113.4 113.8 92. 6 August 101.4 ! 119.6 97.8 99.9 105.4 90.5 94.5 95.4 89.7 101.2 114.4 110.3 93. 6 ScpteTTiber. 100.2 120. 1 tK 7 99. 9 106.3 89.1 93.7 95.6 89.9 100.1 114.0 105. 6 90.9 October 99.1 119. 5 97.9 99.8 105. 6 87.2 90.4 96.0 89.7 S9. 9 115.8 102.9 89.9 November. 97.4 I 116.4 96.2 99.1 105. 2 85.0 87.3 95.1 88.4 94.8 113.4 94.4 90.9 December.. 93.6 j 113.3 93.4 98.7 105.0 82.1 8e. 0 92.6 85.0 91.1 111.9 90.8 87.4 1930—January 93.6 ; 111.0 92.2 98.7 104.3 79.6 85.6 90.9 81.2 111.1 90.4 90.8 February.. 92.8 I 108.6 90.3 97.6 103.8 77.4 83.6 90.2 80.7 82.9 109.0 87.3 90.1 March 91.6 ! 106.9 89.4 96.9 103.4 76.8 81.4 90.4 81.1 81.6 107.5 86.8 90.2 April 91.9 | 105.6 88.6 97.5 103.1 75.2 81.0 91.5 80.7 81.0 105.6 88.0 90.1 May 91.6 I 102.8 87.4 97.1 103.2 73.9 80.4 90.4 79.3 80.2 106. 5 88.0 90.9 June 90.0 I 99.5 85.7 95.8 102.4 71.6 78.9 88.9 77.1 80.3 105.7 88.0 89.7 July 87.3 ! 95. 2 8J.0 95.2 101. 7 67.8 74.9 86.8 74.3 78.7 105.4 82.4 90.4 August 83.9 j 90.8 81.0 93. 0 101.1 65.1 71.7 85.1 71.4 76.1 104.4 80.0 84.1 September. 81.7 i 90.2 82.4 92.9 99.0 62.4 69.7 82.7 71.7 73.6 102.3 75.3 85.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

668 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 TABLE 4.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES [Adjusted for seasonal variation. Monthly average 1923-1925=100] Iron and steel group Machinery group (?rude irori and steeI Heating apparatus Found- Elec- Year and month Total r w o S a l o t n l e r i d e n k l g s C p ir i a o p s n e t- S w t i u t r r o o r u r n a k c - l - H w a a r r d e - Total f S it e t t e i t n c a . g m s, Stoves Total an s c h r d h i o i e m n p s e s a- c j ( u h t u r m s i n i n t c a a e e a - d d r l - y ) M t a o c o h l i s ne A i m m t g u e r p r i n c a l t e u l s - lmills 1919 100.5 106 1 88.4 117.2 1920 - , 108.9 105.2 96.7 128.9 1921 64.2 70.8 67.2 77.0 1922 81 9 1 91.2 90.0 82.2 1923 104.4 104 9 95.9 104.6 104.2 104.0 102.1 105.8 107.7 111. I 99 9 108.3 110.0 1924 97.3 97.0 102.0 97.7 97.0 96.8 97.9 95.8 93.6 92.1 97.8 91.5 87.9 1925 98.2 98.1 102.1. 97.7 98.8 99.2 100.0 98.4 98.7 96.8 102.3 100.2 102.1 1926 101.6 100 8 106.9 107.6 97.7 102.9 102.5 103.3 107.9 1 105.1 111.6 119.8 115.4 1927 - 97.3 96 3 100.0 106.6 92.7 97.6 99.5 95.9 100.0 96. 9' 102.6 114.5 118.7 1928 96.6 95.7 91.3 108.9 90.6 91.9 90.9 92.9 98.8 1 94.4 99.6 126.2 140.7 1929 100.7 99 8 86.6 117.0 93.6 91.8 86.9 96.4 116.1 1 106.7 125.6 161.8 159.1 1919—January 114.5 103.8 84.8 121.0 February 107 1 104.4 77.3 118.2 March 101.4 1 103.6 75.9 ! 114.5 April -- 95.4 101.7 75.2 113.2 May 93.3 103.3 74.5 110.2 _ _ June 95.9 96.5 78.2 107.9 _ July 102 8 101 1 89 9 j 108.7 August 104.1 107.4 91.3 114.2 September 103 3 110 3 92 4 117.9 October 86 6 110.7 102.1 122.4 November 97 2 114 4 106 7 126 8 December 104.4 116.3 111.8 131.2 1920—January 110 2 117.7 114.5 134.8 February - 110.4 117.8 106.2 133.0 M^arch 112.4 114.7 104.4 135.6 109 9 112.0 109.2 134.2 M!ay 105 2 103 6 106 2 132 0 June 111 4 106.3 97.1 133.0 July 111.5 106.9 106.8 ! 133.7 \ugust 109 3 105.8 99.0 1 131.0 September 112.2 102.8 89.2 _ 128.0 October 112 2 98.1 84.9 123.2 November 107 5 91 7 74 0 117 8 I December 94 2 85 1 68 2 110.4 192i—January 75.9 69.7 61.3 103.0 Februarv 76 4 71 2 69 2 94 8 March 72.2 72.2 67.0 89.7 April 63 2 72 4 66 2 84 0 63 4 73 1 65.6 78.6 June 60 3 71.6 55.8 74.3 1 July 52 4 66.3 55.6 68.6 | August 55 4 66.9 65.3 67.0 September 57 5 69.3 68.5 66.0 October 62 1 70 4 72 3 65 0 November 65.4 72.4 79.2 65.4 December 66.0 73.4 80.6 67.3 1922—January 62.4 74.8 80.2 70.0 February 66.9 79.9 81.7 71.0 Miarch 69 3 82 1 80 5 74.5 April 75 1 85.4 81.3 76.9 I IVIay 79 1 88 7 82 7 79.8 June 84.6 91.3 88.7 80.6 July 86 6 94.5 91.3 80.8 August 86 6 97.2 93.7 82.0 SeDtember 86 8 97.3 97.0 87 1 October 92 4 98.5 95.7 90.3 November 95 4 100.9 99.7 94.1 J December : 97 4 103 4 107 3 99.0 1923—January 1 99.8 100.4 90.9 97.7 103.5 110.4 102.3 117.7 101.9 105.9 93.0 100.9 103.7 February 100.0 100.4 92 7 98.1 104.4 102.5 100.3 104.6 103.9 107.4 95.4 103.6 113.1 March . 101.3 101.5 92.5 102.9 104.4 104.6 103.4 105.8 106.5 109. 6 98.4 108.2 116.9 April 101.7 101.9 92.8 103.3 105.0 105.6 103.3 107.6 108.6 111.9 99.8 113.4 117.8 May 104.0 104.5 93.1 103.9 104.4 105.8 103.8 107.7 109.6 113.2 99.8 115.8 118.8 June 108.5 109.1 96.4 107.4 103.8 106.3 103.6 108.7 110.1 114.2 99.3 115.9 117.8 fuly_. 106.4 107.1 97.8 104.4 106.3 109.3 106.1 112.3 111.1 j 115.6 100.8 113.6 114.6 August 108.7 109.2 97.3 108.8 107.1 103.6 102.7 104.3 110.7 115.4 100.6 111.5 109.5 September 107.1 107.4 96.9 108.2 106.1 101.8 101.1 102.4 110.0 1 113.9 102.3 107.6 106.6 October _. 107.4 107.8 98.6 107.6 103.8 100.1 100.0 100.2 108.0 i 111.0 102.4 106.1 100.5 November •• 106.2 106.3 100.4 107.8 100.5 99.4 98.7 100.2 107.3 1 109.6 103.9 101.3 101.1 December 102.7 102.6 100.9 105.1 100.5 99.5 99.8 99.2 104.7 105.7 103.4 101.1 99.9 1924—January. _ ! 104.9 104.9 104.5 104.8 102.2 98.9 99.9 97.9 101.4 101.0 103.1 98.0 100.0 February 106.5 106.8 106.5 104.0 104.4 98.0 97.6 98.3 99.0 97.3 102.7 98.1 99.1 March 107.9 108.6 104.9 101.9 102.1 99.1 100.3 98.1 98.6 96.2 103.9 98.6 98.5 April 107.1 107.9 104.7 100.2 101.3 99.9 102.4 97.6 97.9 95.8 103.3 97.2 92.7 May 99.1 98.8 104.0 99.2 99.6 98.8 100.4 97.2 94.4 92.8 99.1 94.4 86.1 June.. i 94.1 93.4 101.4 97.8 96.3 97.3 98.6 96.0 91.6 90.7 95.0 93.1 78.2 July ! 89.9 1 88.8 99.6 96.8 91.3 94.7 98.1 91.4 88.2 87.5 91.5 87.1 75.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1930 FEDERAL RESERVE BULLETIN 669 TABLE 4.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued I Adjusted for seasonal variation. Monthly average 1923-1925=100] j Iron and steel group Machinery group Crude iron and steel Heating apparatus I Year and month ! Total r w o S a o l t n l e r i d e k n l s g C p ir a i o p s n e t- S w t i u r tr o o r u n r a c k - l - H w a a r r d e - Total f S it e t t e i t n c a g . m s, Stoves Total a F n s c o h r d h i u o e i n m n p s e d s a - - c j ( u h t E u m r s i n i l n t c e e a a e c a d - d r - l ) y - M t a o c o h l i s ne A i m m t g u e r p r i n c a le t u l s - lmills 1924—August 87.1 85.7 100.7 I 95.2 89.4 94.4 95.5 93.5 88.0 86.7 92.3 86.1 77.7 September.. 88.6 87.5 98.6 ! 95.0 92.8 94.7 95.2 94.2 88.4 86.4 94.0 85.4 81.3 October 92.0 91.6 101.3 ; 91.3 ! 93.7 95.3 : 95.6 95.0 89.8 87.5 96.0 85.0 85.0 November.. 92.6 92.4 100.4 ! 91.1 94. 5 95.6 96.1 95.0 91.3 90.0 95.3 86.4 88.6 December.. 97.7 98.0 97.8 | 94.7 96.2 95.2 1 94.4 95.8 93.9 92.9 96.9 92.6 1925—January 101.8 102.4 100.4 I 96.4 96.5 98.2 99.4 97.2 95.0 94.0 97.9 91.8 91.0 February... 101.0 101.-* 103.4 95. 9 97. 7 97.8 I! 97.3 98.3 95.2 94.0 98.6 92.0 93.6 March 100. 9 101.2 102.4 ! 96.7 98.7 97.7 97.1 98.2 95.4 94.1 98.8 91.6 96.0 April 98.8 99.0 100.9 | 96.3 97.7 95.3 I. 96.3 94.4 96.4 95.0 100.0 93.1 97.9 May 97.3 97.1 101.9 ! 97.1 98.6 95.9 j: 96.2 95.6 96. 5 95. 5 98.8 94.7 98.2 June _ 96.3 95 9 100. 9 j 99.0 98.3 96.9 | 96.3 97.4 96.8 96. 2 97.7 97.6 98.4 July... 96.0 95.4 100.5 100.6 97.7 97.8 !: 99.4 96.4 96.9 96.0 98.2 100.1 99.4 August 95.1 94.6 102.1 97.4 99.2 98.4 ,: 98.4 98.5 97.8 96.2 99.8 102.4 105.1 September.. 94.8 94.3 102.7 96.7 99.8 99.6 j! 99.7 99.4 99.8 jl 97.2 103.6 104.4 I 109.5 October 96.7 96.2 103.2 98.8 99.9 101.7 j: 103.7 99.9 102.4 l! 99.2 108.2 107.7 109.8 November.. 98.3 98.0 102.8 98.5 100.4 104.4 : 106.5 102.4 105.3 |i 101.4 112.2 111.9 112.7 December. _ 101.1 101.2 103.9 99.1 101.2 106.6 V 110.8 102.8 107.1 U 103.0 114.2 115.4 113.0 1926—January 101.4 101.3 105.6 100.7 100.9 105.5 [• 106.9 104.1 108.2 104.7 114.0 117.6 113. 9 February... 100.7 100.3 107.4 102.3 101.0 103.8 I 104.8 102.9 108.1 104.9 113.4 116.2 113.3 March 100.1 99.6 105.9 103.2 99.8 , 102.9 !.i 103.4 I 102.4 107.9 104.9 112.8 117.9 111.6 April 101.1 100.4 105.8 106.1 99.2 ' 103.9 I, 103.1 104.6 107.4 105. 0 110. 4 118.8 112.8 May 100.7 100.0 105.0 106.4 98.4 ' 102.3 s. 102.1 102.5 107.1 105.0 109.7 118.4 112.9 June 101.0 1G0.2 103.4 107.2 95.8 I 102.7 \ 102.9 I 102.4 108.2 106.6 109.4 119.2 115.2 July 101.5 100.0 109.3 112.7 96.8 i 103.9 i, 102.8 105.0 107.6 105.9 108.8 120.0 114.7 August 101.7 100.6 108.2 | 110.6 96.9 | 102.9 I, 101.8 103.8 108.0 105.9 109.7 120.4 118.1 September... 102.9 101.8 109.7 I 111.4 96.9 I 102.4 !• 101.4 103.3 108.6 105.7 111.7 121.4 120.6 October 103.4 102.4 108.4 ! 110.5 98.7 i 102.0 I, 100.7 103.1 109.2 105.2 115.2 122.1 118.4 November.. 102.9 102.1 107.3 I 110.0 96. 0 i 101.7 ! 100.1 103.1 107.4 103.3 113.3 122.8 118.4 December.. 101.3 100.3 104.2 ! 109.8 93.6 101.2 l| 100.1 102.2 107.3 104.6 110.4 122.3 115.9 1927—January 99.4 98.4 104.8 107.7 93.4 100.2 101.5 105.4 103.3 106.9 121.7 113.0 February... 98.4 97.4 103. 8 107.4 93.8 99.2 99.3 99.2 104.7 103.1 105.3 118.8 113.6 March 99.2 98.2 103.7 107.4 94.4 98.8 98.3 99.3 103.3 101.8 103.6 117.4 113. 6 April 99.2 98.1 102.7 108.1 93.9 98. 1 99.0 97.4 102.0 100.1 102.9 116.7 112.8 May __ 99.0 98.0 103.9 107.1 94.0 98.1 98.6 97.6 100.6 98.4 101.7 114.8 114.4 June 98.8 97.9 102.0 107.1 93.3 98.7 99.7 97.9 100.4 97.2 103.8 115.0 118.1 July... 98.1 97.2 99.8 106.7 93.5 97.2 103.4 91.5 98.9 96.3 100.3 112.7 120.0 August 96.8 95.7 98.2 106.6 90.1 97.5 100.6 94.7 98.8 95. 9 100.4 112.5 122.6 September- 95.6 94.6 95.8 105.9 92.0 98.2 101.6 95.0 98.0 93.9 102.0 112.8 123.1 October 95.1 94.3 94.4 104.4 92.1 96.4 99.8 93 3 97.4 92.4 103. 1 111.7 124.1 November- 94.4 93.4 94.6 105.0 90.9 94.8 97.4 92^4 95.7 90.4 102.0 110.1 123.1 December.. 93. 8 92.6 96. 1 105.5 90.8 94.1 I 96. 9 91.5 94.6 90.0 98.9 110.0 126.4 1928—January 92.6 95.1 105.9 89.0 90.1 j 92.2 88.1 93.8 90.0 96.0 i 109. 9 127.0 February... 94.2 93.1 92.0 105.9 89.2 90.7 i 91.0 90.4 93.4 89. 9 ! 94. 8 I 110.7 127.9 March 95.1 94.3 92.5 105.2 89.5 91. 3 92.0 90.7 94.1 90. 3 | 95.4 j 113. 0 130.6 April 95. 1 . 94.2 92.2 105.4 88.7 91.9 j 92.2 91.7 94.7 91. 2 i 94.8 I 117.1 132.1 May 95.7 I 94.6 94.2 107.5 88.9 92.8 92.7 92.9 96.7 93. 5 ! 95.6 '• 121.2 136.2 June 96.6 I 95.6 94.0 108.9 89.9 93.3 I. 92.4 94.1 97.6 93. 9 I 96.9 ' 124.6 142.2 July 96.4 95.7 89.1 108.2 89.0 92.6 i 91.1 94.0 97. 9 94.3 | 96. 2 j 127.2 145. 4 August 97.2 96.3 89. 5 110.4 91.9 94.1 I 94.6 93.7 99.7 95. 2 100.2 i 130.6 144.6 September- 97.0 96.1 91.2 108.9 91. 5 91.8 i 89.6 93.7 101.9 96.6 104. 0 I 134.3 146.6 October 97.9 97.0 90.5 110.5 92.3 | 92.3 i 89.8 94.6 103.6 97.9 106. 0 I 137.4 150.3 November... 99.9 99.2 88.0 112.6 93.2 j 91.8 ' 88.2 95.0 105.2 99.7 106.8 j 142.2 151.3 December.. 100.4 99.4 86.7 116.9 94. 0 90. 7 I 84.7 96.2 106.4 100.3 108. 8 .1 146.7 153.7 1929—January 100.4 99.6 87.3 115.2 93.4 95.3 i 92.6 97.7 107.8 il 101.8 109.8 I 149.4 154.1 February 98.4 97.6 81.7 114.4 94.9 94.6 ! 92.3 96.7 109.8 || 103.2 112.6 i 151.9 156.6 March _ 98.8 97.8 84.1 115.4 95.6 I 93.8 ; 90.2 97.1 112.0 ; 104.9 116.1 : 157.4 158.3 April 99.7 98.9 84.0 115.6 95. 6 I 93.4 , 89.1 97.6 115.2 ! 107. 5 | 119.9 ! 159. 8 166.0 May 101.4 100.8 84.9 115.7 94.3 ! 92.0 j| 85.9 97.7 118.3 109.7 I 125. 3 ' 161.7 167.7 June 103.3 102.7 87.4 116.3 94.0 91.1 ,| 84.1 97.4 112.1 109.9 I 130.6 ' 165.9 168.0 July 103.9 103.2 88.8 118.0 95.1 90.4 | 82.3 97.8 121.5 110.4 134. 0 | 168.1 169.4 August 104.3 103.6 90.7 118.4 93.4 90.4 J 83.6 96.8 119.6 107.4 ; 134. 7 168.7 161.2 September... 102.7 101.6 91.9 119.4 93.3 91.0 \\ 83.4 98.0 120.1 108.4 I 135.2 i 169.8 154.6 October 101.0 99.7 90.1 119.8 94.2 92.1 85.7 98.0 119.5 108. 0 j 134.3 169.4 151.8 November... 99.7 98.4 85.8 118.8 90.5 90.0 87.2 92.6 116.4 105.6 129. 8 ! 164.4 150.8 December... 95.1 93.6 82.3 116.6 89.1 87.7 86.0 89.3 113.3 103.4 125. 0 i 154.9 150.7 1930—January 95.7 94.5 79.4 115.0 89.0 84.0 79.4 88.2 111.0 101.6 122.0 ; 148.7 150.1 February 95.1 94.2 80.0 111.1 86.8 83.8 78.3 88.9 108.6 ' 99.5 119. 0 142.4 149. 8 March 94.0 93.0 80.5 110.3 85.6 81.8 76.4 86.7 106.9 ! 97.5 118.1 i 139.4 149. 2 April 94.6 93.6 , 81.4 111.0 86.3 79.8 75.2 83.9 105.6 97.0 115.9 ! 136.1 141.8 May 94.9 94.1 j 80.9 110.0 82.9 78.4 74.3 82.1 102.8 95.2 111.5 ,: 133.1 136.3 June 93.6 92.6 81.0 109.0 80.8 75.7 68.8 82.0 99.5 92.3 108. 6 j 130.5 121. 1 July... 90.7 89.6 77.6 108.2 78.6 74.1 68.2 79.5 95.2 88.8 103.9 ! 120.6 110.2 August 86.8 85.8 76.1 101.9 76.8 72.6 67.6 77.1 90.8 84.4 101.0 115.9 95.9 September... 84.5 83.3 75.4 101.0 74.6 70.1 67.4 72.6 90.2 83.3 101.3 i 111.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

670 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 TABLE 4.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Monthly average 1923-1925=100] Textiles and products group Fabrics Wearing apparel Year and month Woolen and worsted manufactures C g o o t o t d o s n Total W o ' a o r n o s d t l e e n d a C n a d _ d r p ru et g s s a H n g d o o s o i k d e n s r i y t ; f m a S c a t i n u lk u re - s a D t i e n s y x d h e t i i i n f l n i e g n g s - Cl m ot e h n i ' n s g, a S n l d h a i r r c s t o s l- C w l o o m th e in n' g s , Millinery goods 1919.. 96.7 89.9 92.9 i 101.9 84.9 96.5 92.1 131.2 95.1 1920... 97.0 84.2 96.8 ; 104.4 80.5 101.6 106.8 123.6 98.0 1921— 92.5 87.7 87.4 ! 97.8 77.9 90.6 97.7 114.1 100. 2 1922_. 92.3 96.7 103.8 95.1 83.3 100.1 108.4 104.8 103.3 1923— 106.0 108. 7 109.7 103.9 104.9 99.6 97.0 106.9 107.5 105.7 100.9 1924.. 93.9 97.2 97.3 96.2 94.3 ' 94.9 94.9 97.6 93.7 93.9 99.0 1925__ 100.1 94.1 93.0 99.9 100.8 , 105. 5 108.1 95.5 98.8 100.4 100.1 1926.. 99.9 86.7 84.6 97.6 101.1 102.8 109.9 89.2 101.2 104.0 97.8 1927._ 10c, 0 88.9 87.4 96.6 102.9 ; 101.2 113.2 79.8 105.2 123.0 102.4 1928.. 95.2 86.1 84.6 93.4 99.6 i 99.7 112.5 71.5 105.4 123.4 84.5 1929_ .. 95.5 87.8 85.7 98.9 103.3 100.6 115.2 71.3 106.0 133.2 83.5 1919—January 94.1 72.0 87.3 95.3 84.2 80.0 87.9 126.2 92.6 February.. 48.2 79.8 90.8 75.9 82.0 87.2 114.6 93.3 March 60.9 79.5 92.0 73.9 83.3 84.5 112.8 93.2 April 91.4 77.8 80.4 100.7 79.5 89.6 83.0 120. 5 90.8 May 97.7 88.4 85.6 104.3 82.6 93.4 85.7 119.9 101.7 June 98.3 101.8 92. 0 103.1 85.9 93.3 88.1 127.9 98.8 July 99.0 108.7 100.9 107.2 86.9 99.2 87.7 159.2 99.4 August 100.4 170.3 101. 5 108.0 87.8 96.9 92.4 145.9 98.1 September. 99.3 106.6 98.6 100.9 87.9 102.9 96.5 139.3 97.0 October 99.3 102.4 101.2 102.0 89.2 108.2 99.1 135.1 90.2 November. 99.4 102.3 101.7 107.7 92.1 118.3 104.5 134.9 90.6 December.. 103.4 101.7 1C6.4 111.0 93.2 111.3 108.8 137.8 94.9 1920—January 103.6 108.2 108.8 113.2 93.5 110.9 109.2 135.5 99.6 February I 100.1 105.4 105.6 111.2 92.4 109.1 107.7 129.4 95.2 March [ 102.6 109.8 108.1 108.2 89.0 114.7 108.4 126.9 94.6 April | 102.7 110.3 109. 2 112. 1 86.3 123.0 109.0 122.0 95.2 May I 100.3 111.0 110.6 113.6 83.7 125.3 109. 4 123.3 96.6 June I 100.5 100.2 107. 112.2 83.8 114.4 110.2 124.2 97.4 July 102.2 61.9 107. 5 107.3 82.8 108.7 111.6 123.3 96.1 August 100.2 57.8 103.3 102.8 81.5 101.4 110.0 123.4 94.8 September 96.8 68.2 93.8 98.0 75.7 96.2 109.8 120.4 99.0 October 92.8 68.4 80.9 95. 4 68.4 86.4 108.6 121.5 102.8 November 84.8 59.1 68.6 93.1 66.1 73.3 98.8 118.7 103.3 December 77. 7 | 49.7 57.9 86.1 63.3 55.4 88.7 115.1 100.9 1921—January 75.8 44.0 54.6 82.8 ! 61.0 61.0 84.1 112.2 96.6 February 89.3 I 61.5 66.8 84.9 70.7 73.2 93.3 111.8 104.3 March.. 89.2 ! 74.3 75.6 90.0 73.7 78.3 96.6 115.5 103.7 April 89.4 I 89.8 81.4 95.2 76.0 87.3 97.8 116.1 102.8 May 91.3 i 96.7 86.8 98.8 79.1 87.8 100.4 121.4 99.2 June 91.9 I 99.2 90.1 102.2 80.9 90.8 97.8 120.6 102.1 July T4.5 i 101.9 91.3 104.5 80.4 97.7 95.6 125.1 98.6 August 96.5 100.4 93.7 102.4 81.6 101.8 73.1 123.4 98.3 September 97.9 I 100.8 97.6 104.7 82.5 101.9 104.9 119.0 99.1 October 98.3 | 96.1 101.7 103.4 82.7 102.0 107.3 114.1 98.3 November 98.6 I 93.9 104.2 101.9 84.1 102.6 109.0 99.2 98.7 December 97.5 j 93.8 105.0 102.2 81.3 103.4 112.7 90.7 100.2 1922—January 97.7 I 89.9 105. 5 103.1 82.5 102.2 112,3 88.7 100.6 February 93.9 91.0 106.9 101.0 77.8 99.1 111.7 110.3 101.0 March 81.4 ! 91.7 106.3 99.7 79.4 99.9 111.1 109.9 101.2 April 82.0 89.1 105. 4 93.8 71.2 96.2 110.5 107.3 104.0 May 84.2 92.0 103.9 91.7 73.2 96.2 109.6 108.4 104.7 June 85.5 94.2 103. 9 91.0 77.2 97.7 109.2 105.6 103.1 July 88.8 97.6 102.8 91.3 80.7 99.6 107.2 109.4 107.2 August 91.4 97.6 104.3 90.3 82.9 98.3 110.7 109.3 105.4 September 94.8 102.2 100.6 91.4 90.0 99.5 106.8 105. 6 103.2 October 97.6 102.8 100.9 92.7 92.1 100.3 103.3 101.9 103.4 November 103.7 105.1 101.7 96.4 95.6 103.4 103.3 102.2 102.7 December 106.7 107.0 103.7 98.7 97.4 108.3 105.2 99.0 103.7 1923—January 106.2 106. 2 107.0 102.0 105. 0 99.1 99.6 109.2 108.0 107.8 105.6 February 106.1 107.1 108.4 100.4 104.2 99.1 98.9 108.8 107.3 105.4 97.3 March 108.1 109.9 111.8 100.1 105. 0 99.4 97.8 111.6 107.8 106.4 102.4 April 109.6 112.3 114.5 100.6 105.6 100.9 99.7 109.8 107.0 108.6 100.6 May 110.9 113.1 115.2 102.4 107.0 101.5 99.5 111.1 107.3 108.9 100.7 June 110.7 112.3 113.5 106.1 106. 6 101.6 98.6 107.8 107.0 109.0 99.2 July 108.3 114.6 115.4 109.9 107.2 100. 9 98.4 107.2 107.9 107. 8 98.4 August 105. 8 110.4 110.9 107.9 106.0 100.7 94.6 104.6 109.0 106.4 100.9 September 104. 6 107.8 107.9 106. 9 103. 2 99.9 93.0 104.9 108.1 104.3 100.9 October 100.7 104.4 104.3 105.2 102.9 97.9 94.7 103.2 107.9 105.6 102.2 November 100.7 103.8 103.9 103.2 103.0 97.5 94.3 102.5 107.2 101.4 101.9 December 100.8 103.2 103.3 102.2 103.2 96.8 94.9 102.4 105. 7 96.2 100.9 1924—January 98.8 102.4 102.6 101.1 103. 41 97.3 89.5 106.3 104.7 100.4 100.6 February 98.6 102.4 102.4 102.3 102.4 97.4 93.6 106.6 101.4 99.4 98.0 March 96.1 103.6 103.6 103.5 102.7 95.8 93.5 103.7 100.9 97.2 99.9 April 94.4 99.2 99.2 98.7 100.8 94.2 94.1 96.9 97.9 96.3 97.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

671 NOVEMBER, 1930 FEDERAL RESERVE BULLETIN TABLE 4.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Monthly average 1923-1925=100] Textiles and products group Fabrics Wearing apparel Woolen and worsted manu- Year and month C g o o t o t d o s n Total f w W a o c a o t r n u o s d r t l e e e s d n a C n a d r p ru e g ts s a H n g o d o s o i k d e n r s y it f m ac S a t i u n lk r u e - s a D t i e n s y x d h e t i i f i n l n i e g n g s - Cl m ot e h n i ' n s g a S n l d h a i r c r s t o s l- Clothing, Millinery goods 1924—May 92.5 97.1 95.4 97.7 92.7 93.1 95.8 95.7 93.7 98.0 June 91.5 92.4 92.9 90.1 93.4 92.4 93.9 98.5 91.7 89.7 96.3 July 90.0 90.6 91.0 88.4 83.5 90.4 93.3 97.0 86.8 75.7 96.8 August 90.5 89.8 89.6 90.8 85.0 93.4 93.5 94.1 83.4 87.5 101.0 September. 90.3 94.2 94.4 92.9 87.8 95.3 96.5 92.9 89.2 97.0 105.4 October 93. 4 97.1 97.5 94.7 89.3 96.4 97.2 92.8 90.0 97.7 99.0 November. 92. 6 97.7 98.0 96.3 91.0 96.5 98.9 92.0 90.4 95.9 98.4 December.. 96.2 99.7 99.7 99.2 94.0 96.2 101.6 93.4 90.5 95.7 97.0 1925—January 98.0 98.8 98.7 99.7 96.4 98.1 104.4 94.5 92.0 92.8 99.1 February 99.0 97.9 97.4 100.4 98.4 98.6 104.9 96.3 93.7 95.8 102.4 March 99.4 97.5 97.0 100.0 99.3 99.4 106.9 95.5 94.9 102.4 99.8 April 101.0 97.5 96.8 101.3 99.6 101.3 107.7 95.4 96.5 99.8 99.0 May 101.8 95.4 94.1 102.0 100.3 103.3 108.3 93.2 99.4 97.7 98.5 June 102.1 94.3 92.6 102.0 100.1 106. 2 107.2 94.8 99.3 97.2 101.1 July 100.9 94.9 94.0 99.4 102.9 108.6 109.2 95.3 101.4 101.1 103.1 August 100.3 92.7 91.4 99.4 101. 4 109. 8 108.9 95.5 101.9 100.9 103.0 September 97.5 92.1 90.7 99.4 101.4 110.1 108.9 95. 8 101.9 103.1 96.2 October 100.4 89.9 88.4 97.6 102.8 109. 6 110.1 95.6 100.3 103.2 96.9 November 101.1 89.6 87.8 98.9 103.0 110.7 110.2 97.6 102.4 106.7 99.7 December 100.0 89.2 87.3 98.8 103.4 110.8 110.1 96.9 102.1 105.2 102.6 1926—January 99.9 89.2 87.4 98.9 103.6 111.5 111.4 95.3 102.3 103.7 99.3 February 100.2 84.4 81.7 98.5 102.6 108.4 110.3 94.3 102.3 105. 6 97.6 March 100.9 84.3 81.5 98.8 102.1 104.0 110.6 93.0 102.4 104.7 97.2 April 101.1 85.0 82.3 99.0 100.7 101. 9 109.4 91.4 99.8 103.7 102.3 May 100.8 84.8 82.4 97.0 100.4 99.8 108.9 90.1 100.7 111.1 105.8 June 99.3 84.1 81.9 95.6 100.0 99.2 109. 6 89.2 100.8 111.2 95.1 July 97.8 86.3 84.6 95.3 99.2 107. 5 85.8 101.3 87.0 92.7 August 97.0 84.9 82.6 97.0 100.4 110.2 86.7 99.9 89.7 90.6 September 300.4 87.7 85.8 97.6 99. 8 101.4 110.4 85.7 101.2 101.9 94.5 October 100.4 89.5 87.9 98.1 101.3 102.4 109. 5 85.9 101.8 104.1 98.3 November 100.3 88.4 97.9 101.7 103.1 110.7 85.7 101.6 106.2 100.3 December 100.2 88.3 97.4 103.0 102.3 110.2 87.8 100.4 119.0 99.3 1927—January 101.2 90.6 89.2 97.8 103.5 102.1 110.2 84.8 101.3 117.9 103.1 February 101.8 91.1 89.8 97.9 102.1 100.5 110.3 85.0 101.6 117.3 107.1 March.. ._ 103.0 90.0 88.8 96.4 101.3 101.3 111.1 83.2 101.6 118.2 108.3 April 104.3 89.1 87.8 96.3 101.4 102.4 111.5 80.8 101.8 118.1 104.2 May 105.1 88.2 86.6 96.2 102.3 102. 6 112.6 80.3 102.8 122.0 104.0 June 106. 4 88.8 86.9 98.7 102.9 101.7 113.0 80.0 104.4 121.8 102.4 July 109.2 88.5 86.2 100.3 101.4 101.4 113.9 79.1 106.1 125.1 103.3 August 109.1 89.2 87.7 97.6 101.6 102.0 114.9 79.1 107.4 125. 9 101.2 September 108.5 89.3 87.9 96. 6 104.1 101.6 115.4 78.0 108.1 124.9 101.4 October 105. 7 87.2 85.9 93.9 104.2 99.2 115.0 77.5 108.1 122.7 102.0 November 104.7 87.1 86.0 93.0 105.2 98.8 115. 4 75.8 109. 3 131.0 96. 2 December 101.4 87.3 86.0 94.4 104.8 100.6 114.4 74.5 109.3 131.0 95.8 1928—January 100.4 86.7 85.6 92.6 103.8 100.4 114.1 74.4 109.3 127.1 92.6 February 98.8 86.4 85.0 93. 8 103.0 101.9 114.0 74.0 108.0 127.9 90.9 March 97.0 85.1 83.7 92.2 101.3 101.8 112.8 73.3 108.8 128.1 85.6 April 96.6 84.6 83.2 92.0 98.9 98.2 110.1 71.6 106.0 125.0 85.1 May 92.8 86.0 84.8 92. 2 99.3 111.6 71.2 104.8 124.8 83.0 June. -_. 92.6 87.0 86.1 92.1 100.0 110.8 71.4 104.3 120.1 86.8 July 93.0 86.6 85.3 93.3 97.7 97.4 111.7 69.6 104.3 115.8 77.6 August 92.7 86.0 84.7 92.5 97.1 97.8 111.9 70.3 102.3 116.3 82.7 September 92.6 83.8 82.1 92.3 98.3 98.6 112.0 70.6 104.0 122. 0 81.8 October 93.6 85.9 83.9 96.2 98.5 100.3 112.2 70.4 104.8 121.4 82.0 November 95.4 87.2 85.6 95.9 99.2 99.9 114.3 70.8 104.1 123. 5 83.3 December 96.2 87.4 85.6 96.6 99.9 100.5 114.5 70.4 104.1 128.3 82.9 1929—January 97.1 87.7 85.9 97.4 98.7 98.5 114.6 69.4 103.4 120.9 81.2 February 96.7 87.4 85.3 98.1 99.3 99.2 115.4 69.7 103. 7 123.0 83.0 March 96.7 88.0 86.1 97.9 100.1 100.1 116.0 71.3 105.8 139.8 84.8 April 96.7 89.4 87.8 98.4 100.7 102.0 114. 6 71.2 106.1 135.4 85.4 May 97.2 90.3 88.8 98.6 102.3 101.6 116.9 71.8 107.2 133. 3 86.7 June 97.8 89.4 87.3 100.6 102. 6 102.0 116.1 72.4 107.5 136.6 88.0 July 96.6 89.9 87.9 100.2 106.1 102.9 116.6 72.0 106.9 113.5 85.2 August 95.8 90.3 88.2 101.0 105.1 102. 8 115. 4 72.2 108.6 129.9 87.1 September 95.4 89.6 87.8 99.3 106.9 101.8 116.9 72.3 108.6 141.9 84.3 October.. 94.0 88.3 85.7 101.9 107.9 100.3 115. 6 71.6 106.1 141.9 83.5 November 92.3 83.3 80.3 99.0 106.4 99.7 113.2 71.8 104.4 144.0 78.7 December 90.1 80.0 77.2 | 94.6 103.1 98.6 110.4 70.2 104.0 137.8 74.1 1930—January 89.3 79.2 76.8 I 91.9 98.2 97.5 111.6 68.7 102.4 133.4 82.4 February 86.6 76.7 74.1 ! 89.9 97.3 98.3 110.8 67.8 101.8 128.9 82.9 March 86.0 72.9 70.3 i 86.3 94.0 97.3 110.2 66.0 100.5 136.6 83.4 . April 86.9 69.8 66.7 \ 85.6 93.7 96.7 107.7 65.5 99.3 133.3 79.4 May _ 84.2 72.4 71.2 I 79.4 93.8 91.4 107.5 64.1 94.3 135.1 79.1 June 82.1 72.9 72.5 ' 74.8 93.4 89.8 103.3 63.1 94.3 129.8 72.8 July 78.3 71.6 72.4 ! 67.2 89.0 82.7 98.7 61.1 91.3 111.8 72.5 August 76.3 71.3 71.4 70.6 86.1 81.4 102.1 60.0 88.1 124.4 78.2 September 70.0 70.4 68.2 89.4 79.1 99 2 61.6 88.9 140.2 79.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

672 FEDERAL RESERVE BULLETIN NOVEMBER, 193 0 TABLE 4.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Monthly average 1923-1925=100] Food products group Paper and printing group Lumber and products group ConfectioneryT and Drinting Lumber Year and month B in a g k- S t p m e l a i a a r n n e u c i g d n a k g t g - h- Total ice C t f i e c e o o r r c e y n n - a - - rrl cr I e c a e m Flour S r c e u i a f n g i n g n a e , - r Total B a j o o n o b d k p p N e a a e r p n i w d o e s r d s - - j ( P u u p a a s n u n t p a e l d p e d d r - ) P bo a x p e e s r Total • m Sa il w ls w M o i r l k l F t u u r r n e iicals 1919 87.0 127 0 111 7 135 2 124 0 98 1 93 7 98.2 96.4 81 7 1920 95.3 111.8 100.1 122.2 116.5 102.5 108.3* 104.3 87.7 90.2 1921 92.0 94.3 93.9 105.5 106.0 91.8 86.9 81.8 75.1 72.4 1922 91.9 92.2 97.3 107.1 122.5 95.1 90.1 87.3 98.2 85.9 1923 99.7 104.7 100.6 101.0 99.6 105.2 103 4 98.8 98.3*~~~99."3~ 99.8 100.3 101.7 102.9 96.6 98.1 1924 101.0 100.3 98.3 97.4 100.7 99.7 98.2 100.9 100.7 101.1 97.6 99.5 98.6 98.6 98.6 96.1 1925 - 99.3 95.0 101.1 101.6 99.7 95.1 98.4 100.3 101.0 99.6 102.6 100.2 99.7 98.5 104.8 105.8 1926 101.8 93.2 103.1 105.1 98.3 91.5 94.8 103.1 104.9 101.0 105.6 101. 8 97.7 96.6 102.6 110.4 1927 - _- 105.6 93.9 99.1 100.6 94.9 89.6 95.0 104.5 107.1 101.6 101.9 99.4 87.6 86.7 91.5 108.8 1928 106.2 94.3 96.0 96.4 91.7 89.7 88.6 104.5 106.7 102.1 98.1 96.8 82.9 81.8 87.7 106. 0 1929 ._ 107.4 95.7 95.4 95.8 94.3 91.4 91.4 107.9 101.3 105.1 99.2 98.9 81.8 81.1 85.3 110.0 1919—January 87.0 142.3 119.1 132.0 121.0 95.0 93.0 102.8 89.4 75.6 February 86.6 134.5 120.2 132.4 121 0 95.8 90.4 102.0 89.0 75.4 March 85.4 131.2 119 (5 123 9 118 5 96 3 91.1 99.0 90.9 76.4 April 86.7 126.1 122.2 133.4 118 8 97.4 88.2 97.9 89.4 77.4 May 86.8 123.1 111.2 , 138.7 124.1 97.7 82.1 99.3 89.9 79.9 June 86.6 125.4 105.3 13& 4 125.4 98.6 90.1 97.4 90.1 78.3 July 85.6 124.6 111.3 ; 137.3 127 0 99.8 92.9 97.4 93.9 81.3 August __ __ _85.5 125.0 106.1 : 136.4 122.1 100.4 94.4 97.8 97.3 83.6 September 86.0 124.0 107.1 138.3 132.8 100.0 98.5 90.0 102.1 84.9 October 86.6 121.9 103.5 ' 139.7 128 9 97.4 99.4 95.1 106.3 87.1 November 89.1 120.6 107.6 136.4 127 0 97.9 101.7 97.2 107.9 89.0 December 91.8 124.9 107.2 i 135.6 120.9 100.4 ! 102.7 102.1 111.3 90.7 1920—January 95.2 121.1 116.4 i 135.0 121 5 103 5 103.6 104.2 109.0 95.0 February 94.8 119.7 104.2 ! 126.7 117 9 102.9 102.4 101.3 108.9 93.6 March 94.5 119.4 102.3 i 128.0 113.0 103.0 107.2 103.8 108.4 92.2 April 95.3 119.6 107.2 ! 122.1 116 4 103 3 107.2 105.8 99.4 92.4 May 96.2 115.3 109.4 i 120.6 121 4 102.4 108.5 106.3 90.1 91.3 June 95.6 114.8 105.9 129.4 122.3 102.4 109.2 105.6 81.4 92.2 July 96.2 110.7 106.4 127.7 124.4 103.4 111.3 111.5 73.4 92.5 August 97.4 109.0 96.2 121.3 128 3 103.1 112.0 111.6 83.4 91.4 September 95.4 107.4 96.8 117.3 114.6 102.0 111.8 110.6 79.5 91.3 October 94,7 103.7 89.1 117.1 112 9 102 6 112.0 103.0 77.9 88.4 November 94.4 101.4 87.4 108.9 103 4 102.1 109.4 96.2 72.3 83.3 December 93.8 99.6 79.3 112.8 101.9 99.1 104.9 92.1 68.1 78.4 1921—January 91.5 94.9 82.9 108.0 99.2 95.7 99.9 87.2 73.1 i 65.9 February 89.9 97.1 89.8 109.4 100 2 95.0 97.6 88.6 75.0 1 69.5 March. 88.9 96.9 91.3 110.1 111 6 94.1 95.2 88.2 75.9 70.6 April 89.9 95.7 89. 2 ; 110.0 108 1 90.4 87.6 88.1 75.4 73.0 May 91.3 98.4 89.6 103 1 97 7 87.0 78.4 82.1 74.6 73.4 June 92.9 94.1 92.0 99.7 97 0 90 4 77.4 73.9 74. 1 ' 73.4 July 93.1 94.9 89.0 109.0 97.7 90.3 79.9 73.7 72.4 72.9 August 93.6 93.1 87.3 103.1 104 9 90 7 81.4 78.9 72.1 72.2 September 93.5 91.7 102.7 103.4 99.2 91.2 82.8 79.1 73.8 72.4 October 94.4 93.4 103.5 :::: 104.6 108 0 92.9 84.3 77.0 75.7 72.6 November 93.7 94.3 105.2 104.3 118 2 92.3 i 88.8 81.4 78.9 76. 1 December 91.8 87.1 104.1 101.2 130.0 92.0 88.7 83.1 79.6 77.3 1922—January 92.3 89.9 94.8 104.2 132 4 97.2 88.0 82.4 89.4 79.9 February 91.6 89.4 100.6 104.7 125.1 95.7 89.5 83.2 94.2 81.5 March 92.1 89.4 99.0 109.2 123 9 94.0 88.5 S4. 3 98.1 81.9 April 89.4 89.9 93.7 106 9 123 3 92 5 85.6 83.1 96.0 82.0 May 90.2 90.1 93.0 110 0 121 4 94 7 87 9 85.4 100.1 83.0 June 90.9 91.2 90.6 110.2 124 3 93.7 88.9 85.4 102.8 84.9 July 94.2 91 7 93 4 106 2 125 7 93 0 90 5 88 3 102 0 85 4 August.__ _ __ 92.0 91.9 105.8 104.0 127 3 96.0 89.9 91.1 101.0 86.4 September 91.2 94.0 94.3 105 6 125 0 96 4 90 7 90.4 98.6 87.9 October 91.8 94.1 99.2 1 • 105.0 110 1 95.7 93.8 90.0 99.3 90.1 November 93.8 96.2 104.4 110.3 114.2 95.5 93.7 90.9 99.7 92.4 December 93.1 99.1 99.1 109.5 117.3 96.6 94.7 93.3 97.6 94.8 1923—January 93.9 99.9 96.3 98.7 89 9 103.7 113 2 97.1 96 1 98.2 94.6 94.7 99.1 100.2 94.4 97.5 February 97.1 100.1 97.1 99.4 90.5 103.8 112.0 97.7 97.6 97.7 96.5 96.1 101.1 102.5 94.4 97.9 March 98.3 101.7 100.2 102.4 94.0 105.0 112.4 97.9 97.7 98.1 102.1 99.8 101.2 102.3 95.9 97.7 April 98.1 103.3 100.4 101.7 97.1 106. 9 112.8 98.4 99.0 97.7 103.8 100.4 101.0 101.9 96.7 98.0 May _ 98.9 104.5 99.1 98.6 100.6 106.4 110.8 98.0 97.0 99.2 102.7 100.9 101.0 102.0 97.1 99.1 June 100.5 105.1 102.0 100.1 107.0 105.2 104.3 98.7 98.4 99.1 103.4 102.4 102.8 103.8 98.5 99.9 July. 102.1 106.1 99.] 97.6 103.0 105.1 99.4 99.1 99 3 98.9 100 9 102.7 103.8 105.0 98.4 101.2 August 101.9 108.0 100.8 101.1 99.8 108.8 89.8 99.0 98.5 99.6 101.5 102.8 102.4 103.6 97.2 100.2 September 101.8 108. 7 101.4 101.7 100.8 105.1 95.0 99.3 98.6 100.2 98.5 101.3 101.9 103.4 95.3 98.1 October 102.9 107.4 103.0 103.0 102.8 105.6 103.4 100.1 99.5 100.7 97.7 101.2 102.1 103.4 96.0 97.4 November _. 99.8 106.3 107.1 108.1 104.5 104.4 103.2 100.1 99.2 101.0 97.4 100.4 102.1 103.2 97.4 96.3 100.8 104.9 100.1 98.0 105.6 102.9 84.7 99.9 99.0 100.9 98.4 100.4 102.0 102.9 97.9 94.0 1924—January 101.3 104.9 99.4 97.1 105.3 102.6 84.9 101.2 100.2 102.3 97.5 101.0 101.2 101.9 97.8 94.0 February _ 103.3 105.1 98.7 96.4 104.8 103.2 100.3 100.9 100.2 101.7 98.8 101.6 103.1 103.8 100.0 95.8 March 102.3 104.5 100.7 99.2 104.6 102.6 96.4 100.9 100.1 101.7 98.7 102.1 102.0 102.3 100. 4 96.4 April 101.3 103.4 98.9 96.7 104.7 102.4 97.1 101.1 100.1 102.2 98.9 102.3 101.3 101.3 101.4 96.1 May. 101.7 100.8 96.3 93.6 103.6 101.8 102.3 101.3 101.0 101.7 98.6 99.4 100.2 100.2 100.1 96.1 June 101.7 99.2 98.0 98.3 96.9 100.2 102.7 100.9 100.8 101.1 98.0 99.1 97.1 96.8 98.2 94.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

673 NOVEMBER, 1930 FEDERAL RESERVE BULLETIN TABLE 4.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Monthly average 1923-1925= 100] Food products group Paper and printing group Lumber and products group Confectionery and ice cream Printing Slaugh- Year and month tering Sugar 1 Paper! B in a g k- m an e d at Con- Flour refin- Book News- i * an * d >' i£S F t u u r r n e ipack- Total foc- Ice Total and ing tion- cream job period- i justed) ery icals 1924—July 99.7 99.1 93.8 93.4 100.8 103.7 100.5 100.1 101.0 94.7 96.0 96.0 96.0 95.7 94.1 August 99.6 98.3 100.9 101.4 99.7 97.0 102.4 100.2 99.5 101.0 95.1 97.9 95.3 95.3 95.4 93.8 September 100.2 98.1 99.7 99.6 99.7 97.1 105.7 101.7 101.4 102.0 96.3 99.2 95.4 95. 2 96.6 95.8 October.- .. 99.6 95.6 97.9 97.8 98.2 96.7 99.2 100.9 101.8 99.9 97.8 99.4 97.2 97.0 98.4 97.8 N o vembcr . 100.7 95. 9 94.5 93.6 97.0 96.9 91.4 100.3 100.9 99.7 98.2 98.3 97.0 96.6 98.8 98.6 December 101.0 98.4 96.3 96.5 95.4 95.9 92.2 100.7 101.8 99.6 98.1 98.6 98.2 97.6 100.7 100.6 1925—January 1 101.0 98.2 97.6 98.3 95.3 i 98.7 92.2 101.0 102.4 | 99.6 98.4 99.4 100.0 99.6 101.7 103.5 February .._] 100.5 97.3 100.0 101.0 97.0 : 99.4 96.8 j 101.8 i 98.8 100.6 101.4 101.4 101.1 102.9 104.4 March ' 98.4 96.3 100.3 101.4 97.1 i 97.3 98.6 100.5 | 101.4 j 99.4 103.4 100.0 99.7 99.1 102.4 104.8 April 98.4 94.2 99.7 100.6 97.4 | 95.4 97.8 i 100.0 101.2 98.7 103.5 101.2 100.0 99.1 103.6 104.1 May 98.4 94.3 100.3 101. 3 97.8 ! 94.6 98.0 ; 99.4 100.0 i 98.8 102.7 100.6 98.1 102.4 104. 6 June 99.0 94. 2 104.0 102.0 109.2 94.4 97.3 I100.3 100.4 j 100.2 101.3 99.4 99.4 98.8 102.2 104.7 J A S N D O u e e u o c l p c t v g y o t e e e u . b m m . m s e . t b r b b - e e e . r - r r 1 1 1 9 9 9 0 0 0 7 8 8 0 0 0 . . . . . . 7 0 0 9 4 1 9 9 9 9 9 9 4 4 4 4 3 4 . . . . . . 9 7 0 6 4 5 1 1 1 1 1 9 0 0 0 0 0 9 3 1 2 3 1 . . . . . . 7 4 5 3 1 3 i 1 1 1 1 1 9 0 0 0 0 0 5 3 9 0 1 4 . . . . . . 4 4 6 6 2 2 1 1 1 9 9 9 0 0 0 1 8 9 9 2 0 . . . . . . 4 5 8 8 3 2 i ! j : 9 9 9 9 9 9 3 3 1 5 3 3 . . . . . 4 6 0 9 7 8 9 9 9 9 9 8 9 9 9 8 . . . . . 2 2 8 0 0 I j I I ; 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 . . . . . . 2 2 2 7 5 6 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 1 1 0 . . . . . . 4 4 4 3 3 7 ! | I 1 1 1 9 0 0 0 9 0 0 0 . . . . 0 0 3 9 1 1 1 1 1 1 0 0 0 0 0 0 2 5 1 4 4 2 . . . . . 9 6 5 6 3 4 1 1 1 1 9 9 0 0 0 0 8 8 0 0 0 1 . . . . . . 2 7 9 4 1 5 1 1 9 9 9 9 0 0 9 9 8 9 0 0 . . . . . . 2 6 3 1 3 1 9 9 9 9 9 9 7 7 7 8 8 8 . . . . . . 0 4 0 7 2 3 j 1 1 1 1 1 1 0 0 0 0 0 0 4 8 4 6 9 9 . . . . . . 4 4 0 3 3 6 ] I 1 1 1 1 1 1 0 0 0 0 0 0 6 6 4 9 7 8 . . . . . . 2 9 7 0 2 6 105.8 ! 1926—January 100.1 93.4 105.6 | 108.0 99.0 I 93.4 102.6 I 101. 6 102.7 100.3 105.5 102.3 99.8 98.0 I 107.8 109.5 February 99.0 93.2 106.4 i 108.9 99.9 | 90.7 101.4 | 101.2 101.9 100.4 105. 7 101.8 99.3 97.6 106.9 110.1 March 100. 7 92.6 105.2 107.7 98.6 : 91.3 97.8 | 102.0 103.0 100.8 105.9 101.6 98.6 96. 8 106. 6 111.1 April 100.9 92.1 103.0 105. 4 96.4 i 90.6 96.9 I102.1 103.6 100.3 106 4 101.8 99.3 98.3 I103.5 110.7 May 101.4 92.7 104.6 105.9 101.4 : 90.4 93.8 102.4 103.8 100.7 106. 6 102.1 98.8 98.1 : 102.2 110.4 June ._ 102. 6 92.7 103.2 104.0 101.1 91.0 93. 6 102.8 104.9 100.4 106.0 102.1 98.5 97.9 I101.7 109.7 July 102.7 92.7 103.2 105.3 97.4 i 91.3 90.8 I 102.8 104.9 100.4 104.8 102.6 98.2 97.5 ! 101.2 109.4 August 102.6 94.1 102.2 103.6 98.4 ! 93.7 91.9 ' 103.3 105.2 101.1 105.1 102.6 97.9 97.3 i100.7 ! 109.9 September 102.6 94.4 102.1 104.6 95.3 92.1 91.4 j 104.2 106.7 101.3 105. 7 101.6 95.8 94.9 ' 100.1 111.0 October 102.8 94.4 102.6 104.1 98.3 : 91.2 91.3 I105.0 107.3 102.3 106.0 101.1 95.8 94.6 I 101.3 111.9 November 102.7 93.4 101.8 103.6 97.0 : 92.2 93.7 105.4 108.0 102.4 105.4 101.4 95.1 93.8 ; 101.3 110.9 December __ 103.0 92.4 99.2 99.9 97.3 ' 90.2 92.1 104.7 107.2 101.9 103.8 100.9 94.7 94.0 i 97.9 110.4 1927—January 103.7 93.0 101.4 102.9 97.4 i 89.7 92.6 103. 6 104.9 102.1 103.7 100.7 92.2 91.3 ' 96.2 109.1 February 104.4 93.4 99.9 100.8 97.4 88.8 89.6 104.9 106. 8 102.7 103.7 99.6 90.6 89.9 93.8 108.8 March 104.4 93.3 99.4 100.1 97.4 ! 89.4 90.8 105.0 107.4 102.4 103.4 98.5 89.2 88.6 92.1 109.2 April 105. 6 94.1 99.6 101.1 95.4 89.5 92.6 104.9 107.1 102.3 103. 2 99.5 87.5 86. 5 92.2 109.1 May 104. 3 94.3 99.4 100.9 95.4 ! 91.4 96.4 104.8 ]07.3 102.0 100.9 99.6 87.9 87.0 I 92.0 109,1 June 106. 2 96.8 101. 6 104.4 94.0 91.4 97.9 104.7 107.2 101.8 100. 6 99.7 87.4 86. 2 92. 6 109. 7 July 105.1 96.9 98.5 100.6 93.0 i 90.7 98.7 103.9 105. 8 101.8 100.7 99. 4 87.2 86.2 j 91.8 109.4 August 106. 3 94.1 98.4 100.4 92.8 88.9 97.5 104.7 107.6 . 101.4 101.7 99.5 87.0 86.1 I 91.3 109.0 September _ 107.1 93.6 99.6 102.4 92.1 ! 89.5 96. 6 104.4 107. 7 100.8 101. 7 | 99.8 86.8 86.0 90.1 108.8 October 106. 4 93.0 96. 6 97.7 93.5 89. 0 97.6 1014 107.1 101.3 101.6 99.4 86.3 85.6 89.8 108.1 November 106. 7 92.7 97.1 97.7 95.5 i 88.5 95.2 104.4 108.2 100.3 101.3 99.0 85.2 84.4 89.0 108.8 December _ 107.1 91.4 97.1 97.9 94.7 | 88.6 95.1 104.7 108.0 I 100.9 100.3 98.4 83.6 82.7 87.7 106.8 1928—January 106. 4 91.9 96.7 97.4 94.7 ! 89.8 88.3 104.4 107.4 101.1 99.2 98.2 82.7 81.8 87.1 106.3 February 105. 7 94.9 96.9 97.9 93.9 ! 89.6 88.6 105.2 108.9 101.0 98.2 97.5 82.2 81.3 86.5 ! 107. 3 March 105.2 97.5 96.9 97. 6 95.1 , 90.4 86.2 103.4 105.3 101.2 98.2 97.3 83.0 82.4 85.7 I 107. 7 April 105. 8 95.7 97.2 97.9 95.4 i 90.8 87.0 103.3 104. 6 101. 9 97.6 96.6 83.1 82.2 87.2 j 106. 3 May 106.6 94. 2 96.8 97.8 94.2 91. 0 83.4 104.5 106. 9 101, 8 97.1 i 96.8 82.5 81.2 88.6 ! 105.7 June 105.4 94.2 95.4 96. 4 92. 6 88.2 81.2 104.2 106.1 102.1 97.7 ! 97. 2 83.0 81.7 89.1 f 105.1 July 105. 7 94.2 95.3 95.0 95.9 j 88.0 88.7 105.2 107.7 102.4 97.1 i 95.6 82.1 80.6 89.0 104.2 August 105. 8 93.0 93.4 92.3 96.7 I 89.0 88.6 105.7 108.5 102.5 98.0 I 95.0 83.2 81.9 89.4 104.2 September 107.3 92.5 93.7 93.3 94.6 ' 88.6 89.4 104.2 105. 6 102.5 98.3 95.8 83.0 81.8 88.2 105. 0 October 105.9 93.2 95.6 96. 0 94.3 i 89.0 91.1 104.8 106. 7 102.7 98.3 97.2 83.2 82.4 86.9 104.6 November 106.6 94. 7 97.0 97.8 94.9 i 89.8 94.4 104.8 106.3 103. 0 99.2 97.8 83.8 82.6 89.1 106.8 December 107.6 95.6 96.9 97.8 94.4 ; 91.8 96.0 104.7 105.8 103.4 97.8 96.7 82.9 82.2 86.2 108.4 1929—January 106.4 97.0 96.1 96.3 j 95.5 91.1 95.5 104.8 105. 9 103.5 98.1 95.6 82.4 81.2 87.7 109. 0 February 107.7 95.1 95. 3 25"? I 93.9 93.3 93.9 106.7 109.5 103.6 98.7 96.8 82.0 80.9 87.0 110.6 March 107.6 95.0 94.7 1 95.4 92.7 91.8 94.4 106.2 108. 9 103. 2 98.7 96.7 82.4 81.2 88.4 109. 3 April 107.6 95. 3 95.9 95. 8 96.2 91.8 92.8 106.0 108.1 103.6 99. 0 98.5 83.2 82.1 88.6 110.0 May 108. 0 96.0 95.7 97.1 91.9 90.4 91.4 107. 0 109.7 104.0 98.7 99.1 83.4 82.2 89.0 111.2 June 107.1 95.3 95.7 96.0 95.0 90.4 93.2 107.5 109.9 104.8 99.4 99.7 83.4 82.4 88.7 111.4 July 108.3 95. 7 95.5 96.1 94.0 92.6 90.2 108.7 112.0 105.1 99.1 99.8 83.7 82.7 88. 2 111. 9 August 108. 2 95.7 94.8 95. 0 94.3 92.2 91.4 109.6 112.7 106.0 99.8 99.6 84.1 83.4 87.4 112.5 September 108.4 96.3 94.8 94.1 96.4 91.8 86.1 110.7 114.1 106.9 100.0 100.4 82.1 81.4 85.2 113.1 October 107.2 96.6 95.2 95.3 94.9 91.3 90. 9 109.0 110.4 107.4 100.6 101.4 80.4 80.0 i 82.1 110.6 November 106.7 95.5 95.1 95.7 93.6 90.2 89.2 109.0 111.1 106.5 99.7 100.4 78.4 78.6 I 77.7 107.6 December 106.1 94.8 95.4 96.4 92.7 90.6 87.8 109. 2 111.3 106.8 99. 2 98.8 76.2 76.8 | 73.4 102.3 1930—January 105. 3 94.9 95.6 97.0 91.8 90.2 94.6 108.3 110.2 106.1 99.7 96.2 73.6 73.9 ! 72.5 100.0 February 104.7 94.4 92.8 93.2 91.6 90.5 91.3 107.7 109.4 105.7 99.8 95.1 71.8 71.4 I 73.0 96.9 March 102.7 94.6 92.9 93.0 92.5 90.0 90.4 107. 4 108.9 105.7 99.3 94.7 71.6 71.9 ! 70.1 94.8 April 104.1 94.1 94.2 95.0 92.0 90.0 90.4 107.2 108.7 105.4 98.6 94.7 69.8 70.0 I 69.3 93.6 May 103.5 93.9 93.5 92.7 95.6 88.7 94.2 107.6 109.6 105.4 98.3 94.1 68.6 68.4 j 69.6 92.1 June 102.2 93.9 90.7 91.4 88.7 88.3 89.4 106.7 108.0 105.3 97.4 94.2 66.2 66.0 i 67.4 90.1 July- 102.6 91.8 89.7 90.5 87.4 87.4 93.3 107.7 109.2 106.0 93.4 92.7 63.2 62.9 | 64.4 83.5 August 101.6 90.3 84.8 83.5 88.4 85.6 85.4 106.4 107.4 105.4 93.5 93.2 60.4 60.0 62.0 81.4 September 100.8 90.3 86.1 86.0 86.4 84.4 87.7 104.2 103.1 105.4 91.4 92.0 57.6 57.3 I 58.9 79.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

674 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 TABLE 4.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Monthly average 1923-1925=100] Leather and Ti•ansportation equipment group products group Cement, clay, and glass group Car building and repairing Clay products Year and month Shipmobiles Total Steam E (u le n c a t d ric bu in il g d- Leather Shoes Total Brick, Pottery Glass Cement justed) tile, etc. 1919 85.3 104 5 132 4 101.5 74. 2 112.8 68.5 1920 88.3 116.0 118.5 93.5 75.6 119.8 83.2 1921 52.7 85 6 91 9 86.8 69.9 82.4 69.4 1922 72.0 82.9 106.1 95.6 82.4 97.4 89.6 1923 . 100.6 110.7 111.1 105.0 113.8 108.4 105.6 100.1 100.7 98.5 105.2 95.0 1924 93.4 96.0 95.9 97.2 93 1 95.3 96.6 100.3 98.9 104.1 95.4 100.9 1925 106.0 93.3 93.0 97.8 93.1 96.3 97.8 99.6 100.4 97.4 99.4 104.1 1926 104.7 93.4 93.4 97.0 98.9 97.0 96.7 101.3 102.6 97.9 103.3 101.6 1927 91.5 84.8 84.2 94.8 100.1 95.6 97.6 98.9 99.1 98.3 94.3 98.3 1928 109.1 78.5 77.9 87.8 77.6 92.6 93.7 93.3 90.7 100.4 91.4 90.6 1929 113.8 79.7 79.4 85.0 98.9 89.5 94.7 89.4 85.9 98.9 93.0 83.8 1919—January 79.7 110.5 119. 1 100.2 60.7 110.2 51.2 February 77.2 107 3 117.8 99.0 58.4 115.5 53.6 March 76.4 104.2 120.7 95.4 59.2 115.0 59.8 A pril 76.3 102.3 125.7 95.5 69.7 116.3 60.1 May 76.4 102.1 131 5 97.8 76.7 116.3 62.0 June 80.1 100.5 136.2 97.9 79.4 117.3 73.4 July 82,9 104 1 133 4 101.6 82.0 87.1 75.3 \ upust 86.1 103. 2 138.7 101.8 83.3 118.0 76.2 September 90.4 105.2 140.8 103.4 78.9 115. 5 77.0 October 95.9 102.8 141.1 105.8 80.2 121.8 78.0 November 100 1 104 0 141 6 109.1 79.5 111.6 78.7 December 102.1 107.3 143.0 110.6 81.6 108.6 76.0 1920—January 109.7 114.4 143.0 109.7 85.0 109. 4 84.4 February 106.2 111.9 136.4 106. 4 86.1 114.7 80.0 March 103.1 113.2 135.8 105.5 81.0 116.1 78.1 April 97.0 113.1 134. 6 106. 4 75.1 115.9 83.2 May 91.7 116.1 132 6 104.9 75.9 116.2 84.9 June 90.1 117.7 126.0 100.3 74.8 123. 6 85.2 July 89 4 118 2 122 0 92.1 74.3 123. 9 81.8 August 85.1 121.9 114.0 88.6 72.6 124.4 81.2 September 80.3 121.0 104.6 79.9 71.9 125.0 82.5 October 73.2 117.7 99.3 78. 3 68.9 125.7 82.4 November 67 3 115 4 90 0 75.7 71.8 125.8 84.0 December 66.1 111.4 83.9 74.1 70.3 116.5 91.0 1921—January 34.4 104.9 80.2 71.7 64.8 103.8 78.0 February 40 0 94.2 81.3 77.7 65.4 88.4 56.8 March 46.7 84.4 85.5 79.2 64.3 87.7 •65.2 April 55 9 76.6 81.0 82.2 68.2 77.8 74.0 May 56 4 78 2 87 9 86.3 68.7 81.0 73.4 June 55 7 76 0 95.4 90.3 71.4 77. % 70.1 July 55.3 79.7 97.8 91.6 73.8 70.3 72.1 August 56.6 83.4 97.0 92.4 73.2 78.1 59.6 September 57.4 85.9 96.4 93.9 75.7 74.7 70.5 October 58.3 86.6 97. 1 93.0 74.3 75.1 71.3 November 58 2 88 7 99 3 91.6 70.4 84.1 70.0 December 57.0 88.0 103.7 - 68.4 90.1 72.0 1922'—January 57 4 85 5 103.9 92.1 65.7 99.1 71.2 February 58 6 84 9 105 0 91.9 64.9 98.5 82.0 March 60.0 85.8 102.3 88.9 73.9 95.2 84.2 April 63 0 84 5 102.1 88.3 77.1 93.4 86.7 IVIay 67 7 86 2 102 1 89.0 82.9 94.2 89.5 June 73.9 88.4 103.7 92.6 85.1 90.4 93.1 July 75 6 43 6 105.6 95.8 84.2 96.3 92.2 August 78 1 57 4 108 0 96.4 87.0 98.6 94.5 September 79.0 75.4 109.7 100.0 89.6 99.1 95.0 October 79 7 94 6 109 2 101.7 90 8 100 3 94.5 November 83 2 101 4 110 4 104.0 92.4 101.8 96.3 December 87.7 106.7 111.4 106.4 94.6 101.4 95.8 1923—January 93.0 112.8 113.7 98.4 111.1 111.8 107.4 95.7 96.9 92.6 105.2 93.4 February 96.1 110.0 110.8 98.9 108.2 112.0 10 7.7 95.9 97.3 92.3 104.8 96.3 March 98.0 110.9 111.6 100.1 115.2 111.7 106.8 97.5 99.1 93.2 102. 4 95.7 April 98.4 108.0 108.6 99.1 115.2 113.5 109.0 99.8 101.8 94.4 104.4 92.8 May 99.0 108.9 109.5 100.4 115. 5 111.0 108.2 99.9 101.0 97.1 108.3 92.6 June 101.2 111.8 112.4 102.0 117.6 110.9 108.5 100.6 101.2 99.1 112.8 93.4 July 99.9 111.5 111.8 107.4 117.7 109.0 103.8 101.0 101.8 99.0 107.7 94.4 August 100.4 113.8 114.1 109.7 115.7 106.1 103.5 102.1 101.7 103.2 107.5 94.2 September 101.4 112.2 112.2 112.1 113.8 104.4 103.8 102.6 102.4 102.9 105.4 94.9 October 103.8 112.6 112.7 111.2 115.0 104.3 102.8 102.7 102.7 102.7 103.3 94.1 November __ _ 107.6 111.4 111.3 111.7 114.2 104.3 103.6 100.9 100.7 101.7 100.9 97.0 December 108.7 105.0 104.8 108.9 106.9 101.9 102.3 101.8 101.2 103.6 99.2 101.0 1924—January 110.2 ' 100.7 100.7 100.6 101.2 100.7 100.2 103.2 102.3 105.7 98.2 105.3 February 109.2 97.9 97.9 98.1 102.2 99.9 99.9 101.9 101.4 103.0 99.3 105.4 March__ 107.4 96.4 96.4 97.3 99.6 99.6 100.4 103.7 102.8 106.0 100.8 103.9 April 101.1 96.3 96.2 96.9 97.2 98.6 98.9 103.4 102.2 106.8 100.7 101.8 May 91.0 96.0 95.9 97.3 90.2 95.3 95.9 101.6 100.8 104.0 98.4 100.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

675 NOVEMBER, 1930 FEDERAL RESERVE BULLETIN TABLE 4.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adusted for seasonal variation. Monthly average 1923-1925=100] Transportation equipment group pr L o e d a u t c h t e s r g a r n o d up Cement, clay, and glass group Car building and repairing Clay products Year and month Ship- | m A o u b t i o le - s , Electric bu in il g d- Leather Shoes Glass Cement Total I Steam (unad- Total justed) 1924—June 94.4 96.9 90.6 92.8 93.4 99.9 98.5 103. 6 96.0 99.0 July 94.2 96.2 91.6 89.0 91.8 97.3 95.3 103.0 91.7 98.3 August 93.9 96.0 87.3 88.8 92.6 98.8 95.7 107.1 92.1 September 94.3 95.7 87.7 92.9 94.5 97.7 94.9 105.6 91.3 October--. 95.5 97.6 89.7 94.2 96.2 98.0 96.7 101.5 92.3 97.3 November 95.6 97.4 88.7 94.7 97.7 98.2 97.2 100.9 91.2 100.9 December 96.2 96.3 88.6 96.7 97.0 100.4 100.0 101.4 92.7 102.7 1925—January 97.4 94.6 91.9 96.4 98.0 99.5 99.7 98.9 96.3 102.8 February 98.0 95.9 92.4 96.5 98.3 100.7 100.5 101.4 95.7 102.5 March 97.1 98.4 93.5 97.0 98.8 102. 4 103.3 99.9 95.4 102.4 April 95.0 98.6 95.2 97.4 I 99.0 102. 0 102.1 101.8 96.4 104.3 May__ 91.1 98.4 94.9 96.4 j 98.8 101.0 101.5 99.6 96.1 103.4 June- 90.9 99.1 92.0 96.4 ! 95.8 99.7 100.2 98.3 98.0 103.1 July— 91.0 97.1 96.1 94.1 ! 97.0 98.9 99.4 97.4 101.4 103.9 August 91.5 95.2 95.9 94.4 i 97.7 96.8 97.5 95.0 101.4 104.7 September. 90.5 97.7 1 93.7 96.1 I 98.8 97.7 98.7 95.2 101.7 105.4 October 90.0 98.9 | 90.3 96.9 i 98.5 98.1 99.1 95.6 103.2 105.1 November. 90.4 99.7 1 90.1 96.8 ; 97.3 98.4 100.2 93.8 103.6 104.8 December 92.6 100.1 j 91.3 96.7 95.3 100.3 103.2 92.4 104.1 106.3 1926—January 93.8 99.1 93.8 96.9 94.6 101.6 104. 6 93.4 104.8 103. 6 February. 95.1 98.4 94.4 96.4 ! 95.0 101.9 104. 6 94.7 102.2 103. 6 M arch 95.7 98.6 1 95.2 97.2 94.7 99.2 100.8 94.8 102.8 99.6 April 95.6 99.3 1 91.8 97.8 93.7 98.7 99.2 97.4 102.4 99.2 May 95.2 98.8 94.6 97.4 i 94.3 100.8 102.1 97.2 102.5 100.6 June 93.9 96.3 95.0 95.1 i 95.9 101.7 102.8 98.6 104.2 101.1 July... 93.0 96.3 98.1 95.8 i 97.7 102.1 103.2 99.0 102.7 102.1 August 93.4 95.3 99.7 97.1 | 98.0 102.8 103.8 99.9 103.4 102.4 September. 92.4 95.2 102.7 98.2 | 98.1 102.9 103.8 100.2 104.5 102.3 October 91.2 95.6 103.0 98.2 98.7 102.0 103.2 98.8 103.3 101.8 November. 90.9 95. 0 107.2 97.5 100.0 101.7 102.1 100.7 104.2 101.8 December 90.1 95 7 110.7 97.0 100.1 100.9 101.3 99.6 102.1 100.6 1927—January 88.5 94.7 108.2 97.3 98.7 101.2 101.9 99.3 96.9 99.4 February 87.9 95. 5 109. 6 97.8 97.4 101.1 101.0 101. 3 98.1 98.4 March 85.8 95.6 109.2 £6. 7 98.3 102.2 102.7 100.7 97.0 101.3 April 85.1 95. 4 106.4 95.3 97.7 101.6 102.7 98.9 96.7 100.2 May. . 85.2 94.1 105.4 95.4 98.2 101.0 102.0 98.1 95.0 99.0 June. 85.5 95.2 102.7 96.0 98.7 100.1 100.8 98.2 94.4 98.6 July_._ 84.9 95. 5 99.0 95.7 99.5 99.4 99.6 98.8 94.8 99.3 August 83.5 95. 9 97.4 94.8 99.2 96.2 97.3 93.3- 91.0 98.3 September 82.7 95.6 • 95.1 94.9 98.1 96.2 96.8 94.6 91.2 98.6 October 82.0 94.4 92.7 94.6 97.0 95. 4 95.3 95.9 91.0 97.1 November. 80.4 93.0 88.9 94.0 94.3 96.3 95.3 98.9 93.8 96.1 December 78.8 92.2 86.5 94.2 94.6 96.3 94.3 101.7 91.2 93.7 1928—January 94.4 78.4 90.6 81.2 94.6 95.7 94.9 93.0 100.2 90.9 93.4 February 96.9 78.1 90.8 75.0 94.1 95.7 95.8 93.6 101.8 88.7 92.3 March 98.1 78 3 90.9 72.2 94.0 95.6 94.4 92.4 99.7 89.7 92.2 April .0 78'. 1 90.0 | 73.4 93.8 94.3 91.6 98.0 98.8 90.8 90.4 May. 103.0 78.8 89.0 75.5 95.3 93.1 92.4 89.9 99.5 93.0 90.8 June 108.9 78.9 88.3 75.7 94.4 93.9 92.6 89.6 100.6 92.0 90.9 July 111.7 77.9 87.0 76.9 93.9 94.9 92.6 89.7 100.5 93.2 90.8 August 115.4 78.0 86. 4 77.4 93.2 93.4 92.6 89.8 100.4 93.2 91.0 September 119. 2 77.4 85. S , 78.8 92.4 92.8 92.7 90.0 100.1 93.0 89.4 October 119.8 76.7 85. 7 j 79.6 91.4 91.9 93. I 90.0 101. 5 90.9 88.9 November. 121.2 77.3 85. 2 ' 80.5 87.6 90.7 93.2 90.3 101.1 89.0 88.2 December 121.7 77.2 83.8 84.4 86.4 92.3 93.7 91.2 100.5 92.1 88.4 1929—January 77.7 77.3 83.8 85.4 86.6 92.6 91.7 88.4 100.7 94.0 88.5 February 78.7 78.4 83.8 83.5 86.0 93.0 89.6 86.3 98.8 95.0 88.2 March 78.8 78.3 86.7 89.1 85. 3 93.0 88.4 84.4 99.7 94.0 87.8 April 79.3 79.0 84.4 95.0 87.5 93.6 89.1 85.3 99.6 93.8 85.3 May 79.9 79.4 86.4 99.2 88. 7 95.3 90.2 86.6 100.0 93.1 84.8 June 79.7 79.4 83.9 99.3 90.0 95.] 90.0 87.1 98.1 92.5 84.3 July 79.8 79.4 85.8 103.0 92.1 95.6 90.3 87.4 98.0 91.0 84.4 August 80.5 80.2 85.9 104. 0 92.0 96.3 90.1 87.4 97.4 92.7 82.8 September. 80.5 80.3 84.6 106.2 92.4 96. 4 90.6 88.1 97.3 92.5 82.5 October.... 80.8 80.4 85.4 105.8 93.5 96.6 90.1 87.2 97.9 93.9 80.4 November. 80.4 80.1 85.7 108.0 90.9 96.1 88.3 84.1 99.6 93.4 79.4 December 80.1 79.8 83.8 108.1 89.4 93.4 84.5 79.0 99.6 89.9 77.6 1930—January 79.2 83.7 110.1 86.4 92.0 78.7 71.6 98.1 89.3 74.9 February 77.3 83.4 107.2 84.7 91.6 77.5 70.9 95.6 90.0 75.2 March. 74.4 82.5 105.4 84.4 91.8 77.2 71.3 93. 4 90.0 78.9 April 72.7 82.7 107.4 86.4 92.7 77.1 71.0 93.5 87.7 81.2 May 71.9 81.9 107.7 86.4 91.4 75.4 70.1 89.7 85.4 82.4 Juno 69.6 81.0 108.5 85.1 89.9 73.8 69.0 86.9 81.1 82.3 July 65.9 80.0 108.0 83.4 87.7 71.9 66.4 86.8 76.7 78.8 August 64.4 79.6 112.4 82.6 85.7 70.4 65.1 84.7 70.6 77.3 September. 63.3 79.1 113.8 81.7 83.0 70.5 65.4 84.4 71.6 76.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

676 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 TABLE 4.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Monthly average 1923-1925=100] Nonferrous metals group Chemicals group Rubbe g r r o p u r p oducts ; Tobacco g m ro a u n p ufactures M m u e s n ic t a s l g i r n o s u tr p u- Chew- Year and month Total S a a t n m w a d m a e r l e p e e n e d - d b c B r o a o r p n a n p s d z e s e , r , c C a d h l r s e u a m g n s i d - re P l f e e i u n tr m i o n - g F li e ze rt r i s - m A t o i u r b e to i s l - e B s a h o n o o d e t s s Total a a C n r d i e g t a c te r ig s s - t s i o n m s b g n o a u c a k f c n i f n o d g ; Total P or i a g a n n a d n o s s 1919 114.7 108.3 .. ; 113.0 130.4 _ - __ 1920 121 3 97.1 111 8 i 138 4 1921. 74.5 ' 70.8 110.4 86.8 ! „ 1922 90 1 i 81.0 107 2 98.8 1923 107.1 114.0 104.7 100.9 102.9 100.8 97.6 117.2 105.8 106.2 102.8 110.4 104.8 1924 95.0 89.5 96.9 95.9 96.5 93.6 94.6 83.4 98.8 98.3 102.6 104.3 98.6 1925 97.9 i 96.5 98.4 103.2 100.6 105. 6 107.8 99.4 95.4 95.5 94.6 85.3 96.6 1926 . ._ 99.5 | 97.4 100.2 107.6 110.2 112.4 105.4 102.4 90.8 1 90.6 93.0 94.6 93.4 1927 97.4 . 92.4 99.1 107.7 110.2 101.0 103.4 105.8 93 6 i 95 0 82.3 78.9 76.6 1928 96.7 82.4 101.5 106.9 102.4 104.8 110.4 103.6 93.6 95.8 76.7 70.2 62.2 1929 101.1 79.0 108.6 111.2 116.4 104.3 111.9 100.0 91.6 94.1 72.0 68.4 53.7 1919—January 110.3 128.9 129.2 112.5 February 107.2 124.9 126.8 117.6 March 104 4 117.2 125.2 122.0 April 105.4 ; 110.6 126.0 129.7 i May 109.2 107.4 123.1 131.9 L _ _ June 111 8 ! 106.2 112.3 i 137.4 July 118.8 103.7 100.7 i 132.6 August 121 6 101.7 90.4 132.8 September 120.7 100.4 95.1 141.3 October 121.1 ! 99.0 99.6 1 134.1 November 122.1 99.1 114 2 1 134.1 December 123.8 100.4 113.4 ::::::::: 139.1 1920—January 127 4 101 1 118.6 139.6 February 122.1 ! G8.1 112 0 142.2 March 127 2 98 5 112 7 146.3 April 126 8 97.9 116 4 146.4 May 123. 5 97.8 111.4 144.9 June 128.5 98 0 110 9 145.9 July 128 4 101.2 i 110.4 151.6 August 126.7 100.8 110.0 148.1 ' September 126 6 95.9 109.8 i42.o; October 123.5 97.3 107.7 128.1 '_ November 108 0 92 7 110.4 i 117.3 l December 86 6 86.4 110 7 107.8 1921—January ' 78.3 80.9 111.6 81.0 February 69 4 74 4 106.9 79.7 i March... 68.5 74.5 102.0 86.2 ! April . 70.6 70.3 111.2 82.7 ! May 72 9 70.4 112.8 87.3 June 72 4 70.2 113 8 86.9 ' July 69 5 68.6 112.7 79.0 •' August 75.3 66.3 i 113.1 82.6 | September 76 2 65.1 112 0 87.3 . October 80 4 69 5 112 0 92.4 November.. -. 80.9 71.2 109.3 97.2 December 79 8 67 9 108 2i 99.4 ' 1922 January 78 2 69 0 101 9 99.7 . February 78.0 69 2 106.0 98.3 : A M p a r r i c l h 8 7 0 8 .8 1 7 7 2 3 . . 5 8 ! | 1 1 0 0 6 3 . . 3 0 9 9 7 6 . . 7 2 ! May 85 4 77 8 105.4 96.7 June 88.4 ! 78.2 105.1 96.0 i July 93 1 83.4 113.2 97.2 August _. 96.2 85.7 112.1 100.2 * September 96.8 86.8 109.3 99.7 : October 99.3 89.3 109.0 99.7 ; November._. 102.8 92.3 107.4 100.5 December 104.4 94.2 107.3 103.7 1923—January 106.3 118.4 102.2 100.0 99.4 99.3 111.8 108.6 109.0 109.5 105.2 104.7 96.5 February 105.9 i 111.6 104.0 100.7 100.1 110.1 114.3 111.9 107.7 108.5 100.9 106.3 98.4 March... 107.3 113.9 105.1 102.5 101.8 • 102.9 114.3 116.0 107.8 109.3 95.6 109.9 103.0 April 109.6 114.7 107.8 98.6 105.4 94.4 112.8 119.9 109.4 I 110.9 98.0 110.6 103.4 May 110.3 116.9 108.0 104.4 109.4 101.4 110.7 125.6 107.1 ! 107.4 104.4 113.9 106.7 June 110.8 117.1 108.7 104.0 107.4 103.8 104.2 127.1 106.9 106.8 107.5 115.4 108.1 July 110.4 121.6 106.7 102.8 105.5 105.5 93.4 128.7 104.7 104.4 106.4 119.1 115.1 August 109.0 116.9 106.3 101.5 104.6 106.8 80.1 126.4 103.1 ! 103.1 102.8 112.1 109.0 September 105.0 111.8 102.7 99.1 102.2 98.4 76.4 114.6 103.8 1 104.0 102.4 110.0 107.2 October 104.0 111.4 101.4 98.4 101.2 96.9 78.6 114.0 104.1 ' 104.1 104.0 107.7 103.6 November 102.8 106. 4 101.5 99.3 99.6 96.7 85.3 108.4 103.4 i 103.2 104.5 107.7 102.7 December 103.1 106.4 102.0 99.8 97.7 93.3 89.4 104.8 102.9 j 103.0 102.2 106.9 103.9 1924—January 103.4 108.6 101.7 100.4 97.8 97.4 90.0 100.0 102.8 : 102.4 106.0 114.9 105.5 February 104.2 108.6 102.7 99.4 98.0 92.3 90.9 96.6 102.3 101.9 105.2 115.0 104.6 March 102.6 105.8 101.4 99.6 97.8 87.8 91.7 91.5 100.9 100.3 105.3 113.7 105.4 April 101.1 98.8 101.8 99.0 97.7 90.1 91.2 87.8 101.4 100.7 107.0 109.1 102.0 May 96.7 85.7 100.4 97.8 98.2 96.9 90.3 87.3 98.6 1 98.0 103.7 105.4 96.4 June 91.8 , 77.1 96.8 91.3 97.2 88.0 87.9 85.1 98.0 97.8 99.6 103.0 92.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

677 NOVEMBER, 1930 FEDERAL RESERVE BULLETIN TABLE 4.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Monthly average 1923-1925=100] Nonferrous metals group Chemicals group Rubbe g r r o p u r p o ducts i ; Tobacco g m ro a u n p ufactures M m u e si n c t a s l g i r n o s u tr p u- Year and month r l p onttca>l ] : I ' : a a S m n t w a e d m a l e r e p e d n e - d bD c mr o a ° p n i p 1z i e ee> r c C al h s e a m n i' d ' i r P e le e fi u t n r m 0 ing « F » er " t » i- m A t o i u r b t e o i s l - e B s a h o n o o d e t s s Total a a C n r d i e g t a c te r ig s s -! j ; i s i t C m n o s g b h n o a e u k a c w f i c n f n - o d g ; Total ; o P r a i g a n a n d n o s s 1924—July 88.1 !• 80.2 90.9 92.6 | 96.0 | 85.4 85.6 I 79.9 99.3 99.1 100.9 101.3 92.6 August 86.6 i, 81.2 88.4 92.4 i 95.4 I 86.1 92.5 I 58.2 I 99.9 99.9 99.4 100.4 96.6 September... 88.6 ,; 82.2 90.7 ! 92.2 i 93.9 93.1 101.1 ! 66.6 I 98.3 97.8 102.1 98.6 95.4 October 90.0 79.6 93.6 I 94.1 i 94.6 99.2 104.4 ! 66.8 i 90.0 88.7 100.2 96.7 95.7 November... 92.1 ; 82.4 95.4 i 94.7 i 95.5 102.1 105.0 ! 90.6 ! 97.3 i 96.9 100.4 96.0 96.6 December... 94.8 : 83.2 98.7 | 97.2 | 95.6 105.2 104.4 ! 90.7 i 97.0 i 96.5 101.0 98.0 99.6 1925—January 96.6 ! 90.3 98.7 | 98.6 i 96.0 96.3 101.4 ! 94.8 j 97.4 ! 97.5 96.0 86.3 99 2 February 96.1 . 92.9 97.2 j 98.7 i 96.4 106.7 101.9 99.9 96.9 ! 97.0 96. 4 84.4 98! 9 March 95.1 89.6 97.0 j 100.9 j 96.1 115.4 102.5 99.3 96.9 97.6 92.1 83.8 99.9 April 94.8 i' 91. 6 95.9 101.8 i 96.6 117.9 104.4 98.4 ! 93.9 94.2 91.7 81.8 98.9 May 97.3 |i 95.4 97.9 ! 102.0 ! 97.4 98.5 109.4 97.5 | 96.9 97.2 94.2 81.4 98.9 June 98.4 97.1 98.8 | 102.7 i 99.2 107.7 111.1 98.7 I 95.3 95.4 94.6 81.9 99.0 July 97.9 ! 93.8 99.3 104.8 | 100.8 109.3 112.3 103.7 , 95. 5 95.4 95.9 80.2 96.1 August 98.0 , 96. 4 98.4 103.9 i 102.2 107.9 113.4 99.0 j 95.7 95.6 96.7 77.6 81.7 September.., 98.5 99.1 98.4 105.4 103.8 104.4 110.2 101.2 ! 94.3 94. 2 95.0 89.6 95.9 October 98.9 i: •99. 3 98.8 106.1 ! 105. 4 100.4 106. 3 99.2 | 94.7 1 94.6 95.7 90.7 97.4 November... 100.8 ,: 104.7 99.5 106.3 ! 106.4 100.4 109.3 98.5 j 93.6 I 93.6 93.1 90.8 95.8 December. _. 102.2 : 107.7 100.4 I 106.8 | 107.2 102.2 111.3 102.4 ! 94.3 ! 94.4 93.7 94.9 97.4 1926—January 101.2 I 103.1 100.6 ! 106.9 106.8 115. 8 109.4 104. 6 91.8 i 91.8 91.8 98.0 97.1 February 100.6 102.2 100.1 j 105.6 107.1 115.4 108.3 102.9 92.7 92.7 92.9 99.0 95.8 March 100.7 | 101.4 100.4 ; 106.4 106.5 107.3 105.6 107.3 92.1 ! 91.3 97.7 98.9 96.1 April 100.6 ! 102.9 99.8 i 107.2 107.5 98.6 105. 2 106.8 91.9 91.2 96.8 98.4 95.4 May 99.4 L 98.0 99.9 108.0 108.2 108.9 101.4 106.3 89.9 ! 89.3 95.1 99.3 96.6 J J u u n ly e 9 9 8 8 . . 3 3 : ' 9 98 4 . . 0 3 99.7 I 1 1 0 0 8 9 . . 7 0 1 1 0 0 9 9 . . 7 6 1 11 1 3 6 . . 6 2 1 1 0 0 0 2 . . 6 3 1 8 05 4 . . 1 7 9 9 0 2 . . 6 3 9 9 2 0 . . 0 0 9 95 5 . . 4 0 9 9 8 4 . . 7 6 9 9 6 4 . . 7 4 August 98.9 |. 98.8 98.4 j 108.4 110.3 114.7 103.8 104.8 89. 2 88.4 94.8 91.7 92.5 September... 100.0 95.9 98.9 i 108.4 111.9 I 117.3 107.4 103.9 89.3 89.2 90.7 89.4 90.6 October 99.0 92.6 101.4 108.4 114.6 | 116.9 110.2 101.7 89.6 89.6 89.8 89.9 89.9 N D o ec v e e m m b b e e r r . . _ .. . 9 9 9 8 . . 0 2 9 8 2 8 . . 4 6 1 1 10 0 0 1 1 1 . . . 2 5 1 i ! I 1 1 0 0 7 7 . . 3 1 1 11 1 5 5 . . 1 1 I j 1 1 1 06 7 . . 7 1 1 1 0 0 6 3 . . 4 6 1 10 0 0 0 . . 0 3 8 9 9 0 . . 8 5 9 9 1 0 . . 0 0 8 8 8 7 . . 3 2 8 88 8 . . 7 2 8 8 7 7 . . 9 4 1927—January 97.7 88.6 100.8 ! 107.8 117.3 ; 104.7 100.9 I 101.4 90.3 91.1 84.7 90.2 84.9 February 95.4 88.5 97.8 j 106.6 117.6 ! 101.9 100.2 j 102.8 91.6 92.3 86.0 84.7 82.1 March 97.0 91.8 S8.8 j 108.1 118.3 I 95.9 100.8 103.1 91.7 92.4 85.9 83.4 79.9 April 97.9 12. 5 99.7 108.3 114.7 ! 98.8 106.3 102.8 92.7 94.0 82.4 81.3 77.0 May 100.3 96.4 101.6 107.0 112.4 j 106.3 109.9 105.0 93.0 94.4 82.1 80.1 77.4 June 98.9 95.7 100.0 I 108.4 110.3 | 100.8 108.0 107.2 94.6 96.4 81.3 78.4 77.3 July-.. 99.4 99.0 99.5 j 108.6 108.9 ! 98.8 105.9 105.2 96.3 98.4 79.8 76.3 76.4 August 99.2 94.7 100.7 i 108.2 107.3 ! 98.5 103.9 104.8 91.1 92.4 80.6 76.8 75.8 September... 97.4 91.3 99.5 ! 107.8 105.4 101.0 100.7 109.1 95.6 97.7 80.0 75.6 74.1 October 96.5 91.4 98.2 [ 107.7 104.5 ! 99.4 100.8 108.3 96.0 97.7 82.6 75.0 73.4 November... 95.0 90.8 96.4 | 107.7 103.0 101.3 101.2 108.5 95.4 97.2 81.8 73.5 71.8 December... 94.2 87.7 96.4 106.1 102.4 104.6 101.9 111.2 94.4 96.2 80.4 71.5 68.4 1928—January 90.9 95.1 ! 104.4 103.1 100.4 104.4 108.3 94.6 96.4 80.4 70.3 60.8 February 91.7 81.9 95.1 106.1 102.2 107.0 106.0 107.9 93.3 95.1 79.4 71.4 63.4 March 91.4 80.4 95.1 106.3 102.1 108.5 106.0 102.1 93.7 95.8 77.4 69.1 62.6 April 93. 6 81.4 97.7 106.4 99.4 103.0 104.2 106.5 93.7 95.7 78.6 70.6 64.1 May 94.7 : 82.4 98.9 105.8 99.4 101.7 104.4 105.4 93.7 95.8 77.6 71.7 64.4 June 96.0 82.4 100. 7 107.3 100. 5 105.5 107.2 98.4 93.6 I1 95. 8 76.7 71.3 63.8 July 96. 6 81.6 101.6 107.2 100.4 105. 8 112.0 106.7 89.9 i 92. 0 74.0 70.2 60.4 August 97.4 81.4 102.8 106.1 102.0 101. 8 113.4 102.7 95.7 I 98.3 75. 3 72.9 63.0 September... 99. 1 82.8 104. 6 107.9 103. 9 104.4 114. 1 101.9 93.8 ' 96. 2 75.4 69.6 61.4 October 101.4 I 84.8 107.0 108.7 104. 5 105. 3 117.8 101.9 93.9 96.4 74.5 68.3 60.6 November... 103. 4 85.4 109. 6 108. 5 105. 1 104.0 118.4 102.0 93.8 96.2 69.0 61.2 December... 103. 9 85.2 110.2 108.7 106.0 109.7 116. 6 99.4 93.8 96.2 : I 67.4 60.2 1929—January 103. 6 85. 3 1019 109.8 106.0 103.2 118.0 98.8 90.8 ! 92.9 74.0 58.0 59.6 February 104.0 83.6 110.9 112.0 108.1 98.9 116.4 96.6 92.9 i 95. 4 73.0 56.6 58.7 March 104.2 84.2 111.0 111.7 110.3 103.0 117.3 98.4 92.6 ! 95.2 72.4 55.9 57.8 April.. 105.1 82.2 112.9 111.7 111.9 114.6 118.6 97.7 93.3 | 96.2 71.5 59.6 57.1 May _. 104.0 81.2 111.8 111.4 114.6 108.9 120.0 98.2 91.9 i. 94.5 71.6 68.8 55.8 June 102.9 79.4 110.9 111.4 115.3 102.3 119.3 101.0 92.0 94.7 71.8 68.3 54.5 July 101.9 79.6 109.4 112.0 117.4 108.3 117.1 104.1 92.6 | 95. 3 72.0 82.0 54.7 August 101.2 79.4 108.6 112.9 119.7 105. 3 111.2 107.5 93. 6 i 96.7 69.4 81.1 48.2 September. _. 100.1 77.1 107.9 111.7 121.8 101.0 106.2 103.8 90.9 ' 93.3 72.7 82.7 52,3 October 99.9 1 76.6 107.8 112.7 124.9 103.9 103.2 102.0 89.9 11 92.6 69.4 81.3 51.6 November. _. 94.8 | 70.9 102.9 108.8 124.9 103. 2 93.7 96.2 90.9 i 93.4 71.0 67.4 50.6 December... 91.1 ' 67.7 99.0 108.1 122.4 99.6 89.1 96.0 87.4 89.0 74.7 58.5 43.7 1930—January 86.8 ! 64.0 ! 94.6 105.6 123.1 104. 1 89.0 94.4 90.8 92. 9 74.2 40.8 37.1 February 82.9 59.3 j 90.9 102.4 122.4 103.7 85.3 93.4 90.1 92.5 71.3 42.3 40.0 March 81.6 59.4 !. 89.1 101.6 119. 7 102.6 84.5 93.4 90.2 92.5 71.9 42.2 40.1 April 81.0 58.7 | 88.6 100.8 116.1 99.3 87.2 90.4 90.1 92.4 72.3 42.4 39.9 May 80.2 57.2 ' 88.1 102. 8 114.3 102.6 89.3 84.3 90.9 93. 2 73.2 44.4 39.9 June 80.3 57.4 i 88.1 102.3 113. 0 101.2 90.1 81.6 89.7 92.0 72.4 45.4 38.4 July 78.7 58.2 l 85.7 102.2 111.1 105. 6 83.9 77.7 90.4 92.2 75.9 59.9 38.0 August. 76. 1 55. 1 I 83.3 102.0 110.1 100.1 80.2 79.2 84.1 85. 5 72.6 71.1 | 35.6 September... 73.6 51.4 ; 81.1 101.2 106.6 94.3 76.2 72.6 85.1 86.8 72.1 97.4 37.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

678 FEDERAL RESERVE BULLETIN NOVEMBER, 193ft FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS MILLIONS OF DOLLARS 5«r00 5W0 1600 teOO 1200 1000 600 600 400 200 1926 1927 1928 1929 1930 Based on weekly averages of daily figures; latest figures are for week ending October 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1930 FEDERAL RESERVE BULLETIN 679 RESERVE BANE CREDIT OUTSTANDING AND FACTORS IN CHANGES [Average of daily figures. In millions of dollars] R e bank credit outstanding Factors of decreasel Factors of increase 1 Month or week B co il u ls n t d e i d s- bo B u il g ls ht s U e S n c t u i a r t t i e e t s d ies c r O e b r t s e a h e d n r e i k v r t e J Total s g to o c ld k ju ( s a te d d - ) i M n l a c o 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 k c v e e e s r d m e N e p e m o o tc s n b . i - t e s r , p c U f e a u n n p n d e i d t e x a s d - l 1929—May 956 145 153 49 1,303 4,292 1,787 4,684 2,296 32 370 June _-. 978 99 179 61 1,317 4,311 1,779 4,687 2,314 30 376 July.. _. 1,096 75 147 62 1,380 4,335 1,790 4,764 2,334 31 376 August 1,043 124 155 54 1,376 4,351 1,781 4,777 2,322 27 382 September 969 229 165 64 1,427 4,368 1,766 I 4,811 2,335 28 387 October 885 337 154 74 1,450 4,381 1,785 4,810 2,386 28 392 November 953 296 315 67 1,631 4,374 1,789 ] 4,845 2,521 33 395 December 803 320 446 74 1,643 4,324 1,797 I 4,943 2,395 27 399 1930—January - 501 314 485 57 . 1,357 4,283 1.784 j 4,652 2,349 29 394 February. 378 285 480 38 1,181 4,319 1,781 • 4,556 2,305 27 393 March.. 274 246 540 35 ! 1,095 4,395 1,797 ! 4,533 2,330 27 397 April — 231 266 530 45 j 1,072 4,443 1.781 : 4,518 2,350 28 400 May 247 182 529 38 I 996 4,505 1,779 : 4,497 2,356 29 398 June .- 251 141 571 37 1,000 4,528 1,775 ! 4,489 2,392 27 395 July 226 154 583 40 1,003 4,532 1,789 i 4,483 2,417 35 389 August 214 153 599 32 998 4,496 1,787 : 4,476 2,392 28 385 September 189 197 597 33 1,016 4, 503 1.785 ." 4.492 2.397 2fi 389 October 196 185 602 37 1,020 4,520 1,787 j 4,501 ! 2,407 27 392 Week ending (Saturday)— I i Oct. 4 ! 205 195 '. 599 39 1,038 4,508 1.782 j 4,517 j 2,395 25 391 Oct. 11 189 200 | 601 35 1,025 4,515 1,789 : 4,521 ! 2,391 25 392 Oct. 18 197 193 i 602 46 1,038 4,519 1,783 4,520 I 2,395 34 391 Oct. 25-._ 195 178 , 602 32 1,007 4,522 1,783 4,482 i 2,414 25 391 Nov. 1 204 164; 602 22 992 4,530 1,71,3 4,467 j 2,430 27 391 1 For explanation see BULLETIN for July, 1929, pp. 432-438. s Includes "other securities," amounts due from foreign banks, and reserve bank float; for explanation see BULLETIN for July, 1929. Back figures.—See Annual Report 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 1930 month Gold Month a s t t o e c n k d Througgh Through Through From or to— (pr O el c im to i b n e a r ry) September S J e a p n t u em ar b y e - r of net gold ear domestic month Total import marking producor opera- tion, Im- Ex- Im- Ex- Im- Exexport tions etc.* ports ports ports ports ports ports 1928—Total (12mos.)_ -237.9 -392. 0 119.6 34.5 England. 13 289 France 112 73, 808 1929—January 4,127 -14.4 47.2 -65.0 Germanv 10 27 171 February,_. 4,153 26.4 25.5 Italy 3 000 2 3,000 March 4,188 34.4 24.8 7.5 2.1 Netherlands . . _. 17 April 4,260 72.4 23.1 48.6 0.7 Canada ... . 9, 000 98° 7 059 19, 082 22, 706 May 4,301 40.6 23.6 16.1 0.9 Central America _. 103 1,315 J J u u n ly e 4 4 , , 3 3 2 4 4 1 2 1 3 6 . . 4 3 3 34 0 . . 7 2 -2 -7 2 . . 5 0 0 3 . . 7 6 A M r e g x e i n c t o i . n . a _ . 575 1 147 18,5 3 7 9 1 1 415 August 4,360 18.9 18.4 -1.0 1.5 Brazil 15, 000 1 525 67 371 S O e c p to te b m er ber.. 4 4, , 3 3 8 7 6 2 1 1 4 2 . . 4 1 1 1 7 7 . . 6 5 - - 6 4 . . 6 5 1 1 . . 4 1 C Co h l i o le m bia -. 1,017 14 1 0 0 5, 2 1 1 2 3 4 November.. 4,367 -19.2 -23.2 1.0 2.3 Ecuador 1,117 December.. 4,284 -82.9 -64.4 -22.0 3.5 Peru. 87 6 318 Venezuela 1,073 965 4,615 965 Total (12 mos.)_ 142.4 175.1 -55.4 22.7 Uruguav -.. i 2,301 8, 301 China and Hong 1930—January 4,293 8.8 4.0 2.5 2.3 Kong 864 200 1,155 100 20, 692 161 February... 4,355 61.9 60.0 0.0 1.9 Dutch East Indies 146 1, 235 50 March 4,423 68.2 55.5 13.0 -0.3 Japan 13, 750 4, 577 126,609 April 4,491 68.5 65. 7 0.5 2.3 Philippine Islands _ 212 2, 634 May.. 4,517 25.9 23.5 2.0 0.5 New Zealand 22 157 J Ju u l n y e... 4 4, , 5 5 1 3 7 5 -1 1 8 7 . . 4 6 -1 1 9 3 . . 6 9 -3 2 . . 0 0 4 1 . . 3 7 All other countries i_ ],692 30 200 3,566 91 August. 4,501 -15.5 -19.6 0.0 4.2 Total 2 32,898 2 9, 230 13,680 11,133 287,482 101, 657 September.. 4,511 10.2 2.5 4.0 3.7 October »__. 4,534 23.0 23.7 -6.1 5.5 1 Includes all movements of unreported origin or destination. 2 At New York—imports, $17,023,000; exports $30,000. Elsewhere— 1 For explanation of this figure, which is derived from preceding col- imports, $15,875,000; exports, $9,200,000. umns, see BULLETIN for December, 1928, p. 831. p Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

680 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 MEMBER BANK BORROWINGS AT FEDERAL OPEN-MARKET RATES RESERVE BANKS RATES IN NEW YORK CITY [Monthly averages of weekly figures. In millions of dollars] Average rate Average yield on— on— Reporting member banks in leading cities Member banks Call loans * U. S. Total i outside Treas- Month 1929 1930 N 19 e 2 w C 9 i Y ty 1 o 9 r 3 k 0 O 1 i 9 n t 2 h g 9 e r c i l t 1 e i 9 e a 3 s d 0 - 19 l 2 c e 9 i a ti d e i s n 1 9 g i 30 Month or week months da on ys l d T o a i a 9 y m n 0 s s e 2 , New n R ew e- al c c n 3 e a u a o r t n r t t t o e y i d e f s s i 6 , - b T o u r n e ry d as s - * months January _ . _ __ 891 462 190 39 473 208 228 215 February 893 371 131 21 528 152 234 198 1929 A M p a r r i c l h . 9 9 7 9 8 1 2 2 4 2 7 5 1 1 6 6 2 6 17 1 5 5 7 6 4 3 8 5 0 4 2 2 3 6 8 6 1 15 6 4 6 October 6H 7 -9 6.10 6.43 4.37 3.67 May 951 226 145 11 516 48 290 167 November 5H-6H 434-6 5.40 5.44 3.47 3.45 June 972 222 165 5 505 48 302 169 December 5 4.88 4.83 <3.03 July 1,100 218 319 482 53 299 165 A Se u p g t u e s m t ber 1,0 9 1 74 3 1 18 9 6 6 1 1 9 6 6 6 4 9 5 54 2 0 1 3 35 9 2 26 9 8 6 1 14 5 2 3 1930 October 885 193 74 6 561 50 250 137 January 4.31 4.64 3.39 3.51 November 944 60 595 289 February 4.28 4.32 3.36 3.50 December 755 80 410 265 __ March 33/4-4% 21^-334 334-43/4 3.56 3.69 <2.95 3.40 April 324-4 ^-3 4 -4M 3.79 4.00 3.00 3.46 1 Includes (in small amounts) discounts by Federal reserve banks for May—. 2%-2% 3H-334 3.05 3.12 2.41 3.41 n (2 o ) n m no e t m es b e s r e s c : u r (1 ed ) B b i y l ls a d d j i u s s c t o e u d n -s t e e r d v ic fo e r c i e n r t t e if r i m ca e t d e i s a t d e is c c r o e u d n it t ed b an fo k r s n a o n n d - June.. VA-2% 2.60 2.62 *1.89 3.37 member banks. July -3H m 2.18 2.20 1.83 3.37 August 3 2.22 2.21 1.53 3.38 FEDERAL RESERVE BANK RATES September 3 m 2^-234 2.17 2.19 *»1.84 3.37 October 3 m 2.00 2.00 1.90 3.34 DISCOUNT RATES Week ending— Oct. 4 3 m 2U-2V2 1.90 1.90 1.99 3.34 [Rates on all classes and maturities of eligible paperj Oct. 11 3 214-234 2.00 2.00 2.00 3.34 Oct. 18 3 2^-2% 2.00 2.00 1.96 3.34 Rate in Date Previous Oct. 25 3 2V2-2U 2.00 2.00 1.94 3.34 Federal reserve bank e N ffe o c v t . o 1 n e li s s t h a e b d - rate 1 Stock exchange call loans; new and renewal rates. 8 Stock exchange 90-day time loans. Boston July 3H 8 3 issues—3%, 334, 4 per cent; yields calculated on basis of last redemp- New York.... June 3 tion dates—1947, 1956, and 1954. Philadelphia.. July 4 < Change of issues on which yield is computed. Cleveland June 4 * Maturities of 6-9 months. Richmond July 4 Atlanta July 4 RATES CHARGED CUSTOMERS BY BANKS IN Chicago June 4 PRINCIPAL CITIES St. Louis Aug. 4 [Weighted averages] Minneapolis- Sept. 4 Kansas City- Aug. 4 Eight other north- Twenty-seven Dallas Sept. 4 New York City ern and eastern southern and San Francisco Aug. 4 cities western cities Month 1928 1929 1930 1928 1929 193Q 1928 1929 1930 BUYING RATES ON ACCEPTANCES [Buying rates at the Federal Reserve Bank of New York] January 4.56 5.74 5.64 4.73 5.87 5.88 5.53 : 5.94 6.12 February 4.44 5.73 5.35 4.76 5.86 5.66 5.53 5.96 6.04 March 4.59 5.81 5.22 4.81 5.91 5.47 5.54 6.04 5.98 Rate in Date April.. 4.72 5.85 4.91 4.91 6.00 5.22 5.54 ! 6.07 5.86 Maturity e N ffe o c v t . o 1 n l e i s s t h a e b d - Pre ra v t i e ous J M un ay e 4 5. . 0 9 9 7 5 5 . . 9 8 3 8 4 4 . . 7 5 4 9 5 5 . . 0 3 4 6 6 6 . . 0 0 9 2 5 5 . . 0 1 6 3 5 5 . . 5 6 6 7 '. 6 6 .1 .1 6 0 5 5 . . 6 7 9 5 July 5.38 5.88 4.48 5.57 6.08 4.81 5. 77 6.17 5.62 August 5.56 6.05 4.41 5.59 6.11 '4.79 5.80 6.22 5.57 September... 5.63 6.06 4.29 5.80- 6.24 '4.74 5. 82 6. 27 5.54 1-15 days... ; June 30 2 October 5.63 6.08 4.26 5.80 6.25 4.75 5.87 : 6.29 5.53 16-30 days.. 2 November... 5.56 5.86 5.82 6.12 5.90 6.29 December-._ 5.63 5.74 5.91 5.94 5. 91 6. 20 31-45 days.. l^L.do 2 46-60 days.. 1^1 July 21 2 NOTE.—Figures relate to rates charged by reporting banks to their 61-75 days.. 2 own customers as distinguished from open-market rates (which are given 76-90 days.. June 20 2H in preceding table). All averages are based on rates reported for 3 types 91-120 days. 21/6L_ .do 2\i of customer loans—commercial loans, and demand and time loans on securities. The method of computing the averages takes into account 121-180 days 2% ...do 2% (a) the relative importance of each of these 3 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 NOTE.—Rates on prime bankers' acceptances. Higher rates may be weighted according to the importance of that city in the group, as meascharged for other classes of bills. ured by the loans of all banks. * Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBEK, 1930 FEDERAL RESERVE BULLETIN 681 MEMBER BANK CREDIT BROKERS' LOANS REPORTING MEMBER BANKS REPORTED BY THE NEW YORK STOCK EXCHANGE fin millions of dollars. Monthly data are averages of weekly figures] [Net borrowings on demand and on time. In millions of dollars] Loans and investments ; From New From private I Bor- Total I an Y d o t r r k u s b t a n co k m s - f b o a r n ei k g s n , b b r a o n k k e i r n s g , Loans Due row- End of month ; panies agencies, etc. to ings I Total Total O c t n u ie r s i s - e- o A th l e l r - i m v I e e n r s i - t t - s banks . b F a a . n t k R s . January.. 6 19 ,7 29 35 3 1 , 9 9 3 8 0 5 5 19 ,6 29 64 3 1 , 93 3 0 68 1 1 9 ,0 2 7 9 1 1930 616 February.. 6,679 4,168 5,619 3,529 1,060 639 March 6,804 4,656 5,713 4,026 1,091 631 BY MONTHS A M p a r y il 6 6 , , 6 7 6 7 5 5 4 5 , ,0 7 6 4 3 8 5 5 , , 4 58 8 0 2 4 4, , 1 4 3 0 9 9 1 1 , ,1 1 9 8 4 3 6 6 0 5 9 4 To 1 t 9 a 2 l 9 : — N D A S O J e u o e c u p l c t v g y o t e e u e b m m s m e t b r b b e e e r r r 2 2 2 2 2 2 3 3 3 2 2 2 , , , , , , 1 6 4 4 0 6 2 4 7 6 1 6 4 0 9 5 2 3 1 1 1 1 1 1 7 8 7 6 6 7 , , , , , , 4 0 9 9 1 7 4 6 4 9 5 0 4 9 1 7 0 6 8 8 7 7 7 7 , , , , , , 0 5 7 2 9 6 9 7 1 4 6 5 8 6 8 9 8 4 9 9 9 9 9 9 , , , , , , 4 2 6 5 7 3 7 3 0 4 9 9 6 4 8 2 3 0 ' i 5 5 5 5 5 5 , , , , , , 4 5 4 4 6 5 1 6 9 4 2 2 8 7 9 6 3 9 | 2 2 3 2 2 2 , , , , , , 9 7 8 0 6 7 1 1 8 0 0 3 4 8 6 8 4 8 4 6 6 8 7 7 9 3 5 0 0 1 0 4 5 6 1 7 N D J J A S O u u e o e u c n l p c v y g t e t o e e u _ e m m b m st e b b b r e e e . r r . r . . . . 4 3 8 6 7 7 7 , , , , , , , 0 1 0 9 5 8 4 1 0 7 9 4 8 7 7 9 1 0 9 2 4 2 3 3 3 3 , , , , , 5 4 5 6 7 8 5 9 8 2 1 6 9 9 8 3 3 5 6 7 5 6 , , , , , , , 3 1 3 4 4 0 7 1 5 7 3 9 9 7 3 4 0 2 2 7 7 3 3 2 3 3 , , , , , 1 2 0 2 2 0 0 9 5 2 9 1 9 7 7 I 1 ! J ! I 1 1 1 1 , , , ,3 3 4 2 5 7 6 9 2 7 7 8 9 2 0 0 2 5 5 6 0 4 4 4 2 5 2 8 5 6 2 5 9 7 2 7 1930—January 22, 368 16,821 7, 7949,027| 5,548 2,828 247 F M e a b r r c u h ary 2 22 2 , , 0 3 8 5 3 2 1 16 6 , ,5 7 4 4 2 6 7 7 , , 9 6 6 7 4 18 8 , , 8 7 7 8 1 1 15 5 , , 5 6 4 0 1 7 2 2, , 8 8 1 9 8 8 17 8 4 1 1 Call loans, $1,986,000,000; time loans, $569,000,000. April.__ 22, 657 16,901 8,270 8,631 5, 756 2, 940 71 May 22, 662 16,825 8,312 8, 513 5,837 2,870 59 MADE BY REPORTING MEMBER BANKS IN N. Y. CITY June. I 23,024 17,0481 8, 5088,480: 5, 977!3,063 53 July ! 23, 101 16,9061 8, 3988,508 6,194 3,404 53 [In millions of dollars. Monthly data are averages of weekly figures] August I 23,128 16.838; 8, 3578,481 6,291 3,334 43 S O e c p to te b m er ber j 2 23 3 , , 4 2 0 2 9 0 1 1 6 6 , , 8 8 3 5 4 91 8 8, , 2 3 4 9 1 0 8 8, , 5 4 9 6 2 9 6 6, , 3 5 6 7 1 5 3 3 , , 5 50 4 5 5 1 5 4 6 4 For banks New York City: 1929— S A O J e u c u p l t g y o t u e b s m e t r ber \ ! j 7 7 7 7, , , , 8 4 5 4 3 0 0 9 7 7 7 6 5 6 5 5 , , , , 1 6 8 8 8 0 0 0 8 8 4 3 ! j ; 2 2 3 3 , , , , 1 8 8 0 9 4 9 4 1 5 2 5 2 2 2 2 , , , , 9 8 9 7 1 4 1 5 1 3 6 81 1 1 1 1 , , , , 6 7 7 7 9 0 2 2 2 4 9 0 1 1,0 8 9 8 2 8 2 3 7 7 3 5 1 3 1 1 9 6 1 7 6 6 9 4 Month or date Total Total C Y N i I o e n t w y rk 1 O C Y N u i o e t t s w r y i k d 2 e ot F h o e r rs November 8,349 6,3801 3,340 3,040 1,969: 1,132 60 Ot 1 1 h 9 9 e 2 3 r 9 0 — — le J S J A O D M A M A F a J J u u e e u c p a e u u d a l a n p b y n y t l c r i g i r e y o t m i u n r e c u e l . b u a m g h s m s e r a t t y r b c r . b . y e i . e t r r ies: 1 1 8 8 8 8 8 7 7 8 7 7 7 5 4 , , , , , , , , , , , , , 0 0 0 0 8 6 4 6 8 1 0 9 0 3 8 9 7 2 4 5 6 5 9 8 1 1 1 8 3 9 7 8 9 * 9 2 3 3j 1 1 6 6 5 5 5 6 6 5 5 5 1 1 , , , , , , , , , , , , 1 5 0 8 0 9 7 0 8 7 1 2 4 8 6 9 9 0 0 2 7 4 2 8 1 8 4 9 8 5 1 4 6 8 0 1 1 ! , ! j j ' ! ! j 4 4 3 3 3 3 3 3 3 3 3 2 2 , , , , , , , , , , , , , 7 6 6 5 5 1 7 4 1 3 9 9 3 7 2 8 5 8 0 1 5 4 8 0 1 4 0 9 4 5 8 1 5 9 5 9 3 8 2 6 6 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , , 5 4 4 4 4 5 3 4 7 6 4 4 7 6 1 9 1 8 1 2 9 6 0 1 7 0 7 6 6 5 5 22 6 8 0 5 8 5 9 ; : ! !, ! ; ; , 2 2 2 2 3 3 2 1 1 1 1 1 1 , , , , , , , , . , , , 9 1 9 8 7 0 0 0 0 6 7 9 9 9 8 9 3 7 9 9 1 9 1 2 5 7 0 2 1 9 4 0 3 7 6 9 4 9 9 1 1 ! 1 1 1 1 1 1 11 , , , , , , 7 8 0 0 1 1 9 9 9 9 9 9 5 7 7 0 0 9 0 8 5 0 3 5 3 " 4 9 2 7 2 1 2 1 4 6 3 9 0 ' 4 5 8 2 8 3 2 1 1 2 1 0 9 1 5 7 1 1 1 1 9 9 2 3 9 0 — — J A O J S N D F M A M u u O e J e c u p e o n a l a p a t b g y c c r v o y r e n t i r t u e c e b e l o u u m h s m m e b a t a r b r e b r b y r y e e e . . r . . r r . . . _ . . . 3 4 3 6 3 3 3 3 3 4 4 3 3 2 , , , , , , , , , , , , 1 3 7 1 3 , 1 2 4 0 4 0 8 5 7 9 4 5 1 2 9 5 3 2 2 7 0 4 1 1 1 5 6 4 0 8 9 3 5 9 2 2 2 2 1 2 2 2 2 1 1 2 1 , , , , , , , , , , , , , 2 3 3 8 8 3 7 9 7 6 4 7 7 1 5 1 6 9 0 7 4 1 0 2 2 4 2 1 0 6 9 8 0 6 6 7 3 1 8 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 6 6 2 6 5 6 0 2 8 8 9 8 6 3 7 1 5 6 7 9 5 3 8 4 4 5 1 8 2 4 5 0 7 5 6 0 7 1 9 1 1 1 1 , , , , 0 1 1 6 7 6 7 5 9 9 8 7 7 4 0 9 6 8 3 7 1 6 3 5 7 1 7 2 1 7 2 9 3 7 0 0 2 3 9 3 2 1 1 1 1 1 1 1 , , , , , , , , , 0 3 6 4 3 5 7 1 6 5 7 4 3 7 7 0 4 9 5 5 0 4 4 0 8 6 2 6 0 4 7 2 8 1930— N D O F S J e e e a o c p b n c t v o t e u r e e b u m a m m e a ry b r b r b y e e e r r r 1 1 1 1 1 1 4 4 5 5 5 5 , , , , , , 5 3 2 0 1 7 9 1 8 3 1 0 0 4 8 9 1 5 i 1 1 1 1 1 1 1 1 0 1 1 1 , , , , , , 1 6 4 9 3 5 1 6 2 5 9 9 5 1 4 8 8 4 , ! ; ! j ' 4 4 4 4 4 4 , , , , , , 8 9 9 7 8 7 5 0 4 0 6 6 6 9 9 6 2 2 6 6 6 6 6 6 , , , , , , 1 5 7 6 9 6 2 6 5 3 9 6 6 8 2 2 2 7 ! ! i 1 ; | 3 3 3 3 3 3 , , , , , , 6 5 6 5 6 7 5 8 3 8 9 4 4 7 2 9 0 5 1 1 1 1 1 1 , , , , , , 9 8 9 8 8 8 1 9 0 7 3 9 6 7 6 5 0 1 4 5 5 2 5 1 1 9 6 4 0 5 0 4 1 0 8 2 O O O O O c c c c c t t t t t . . . . . 2 2 8 1 1 9 2 5 2 2 3 2 2 , , , , , 5 6 9 7 0 1 1 0 5 6 2 3 5 2 3 2 2 2 2 2 , , , , , 2 0 1 2 4 1 1 0 9 3 6 2 1 5 6 1 1 1 1 1 , , , , , 8 7 5 7 5 3 4 1 0 9 4 0 0 2 0 6 5 5 5 5 1 0 5 0 1 4 2 5 2 1 6 5 5 5 6 3 0 1 1 2 6 0 0 2 7 March 14, 703 ll,026J 4,850 6,17613, 677 1,946 80 J J A M A u u p u a n l y r e y e i u — l st - 1 1 1 1 1 5 4 5 4 4 , , , , , 8 0 9 8 1 0 2 0 2 3 0 3 7 8 1 1 ! , j ! ; i ' ; 1 1 1 1 1 0 0 0 0 1 , , , , ,0 8 9 9 9 3 3 4 4 2 3 4 8 2 9 : | | 4 4 4 4 4 , , , , , 8 8 7 8 8 3 6 6 8 5 9 6 9 8 3 6 6 6 6 6 , , , , , 0 1 0 0 0 8 4 8 9 6 2 6 5 2 5 , ; 1 , 4 3 3 3 4 , , , , , 1 9 8 1 9 7 5 6 0 9 8 8 2 5 li ) 2 2 1 1 2, , , , , 3 0 9 9 3 0 5 5 3 3 4 4 9 9 6 4 4 5 3 5 8 8 4 9 3 ba 1 1 « n C M k W s a e e l o l m e n k l b o l l y y e a r ) n ; r s e a , i p n n $ o d c 2 r l , u t 1 n i 6 d n o 5 e g n , s 0 m m 0 u e 0 n e , m 0 m k 0 b n b 0 e o e ; r w r t b i n b m a a a n e n m k k l s o s o a u o i n n n u s t t , N s f $ i o e d 6 w r e 0 4 c N , Y u 0 s 0 e o t 0 w r o , k 0 m 0 Y C e 0 o r . i s r t k y o . f C t i h t e y s e ( d b o a m nk es s t . ic September 15, 132, 10, 860 4, 806 6, 054 4,272• 2,429 35 October 15,090 10, 6921 4, 612| 6,080, 4,403 2,391 50 ACCEPTANCES AND COMMERCIAL PAPER BY WEEKS Total: [In millions of dollars] 1930—Sept. 24 23,2971! 16 912| 8,461 8.4511 6,385/3,497 Oct. I 23,4671 i17.013J 8,483 8,530 6,454' 3,664 Bankers' acceptances out- Commercial paper out- Oct. 8 23, 297!i 16,813i 8,268 8, 545: 6,485; 3,604 standing standing Oct. 15 23,404': 16,864 8, 258 8.606 6, 5411 3,639 End of month Oct. 22__ 23,383' 16,716' 8. 142: 8,573 6,667, 3,389 1927 1928 I 1929 I 1930 1927 1928 I 1929 1930 Oct. 29 23,495,; 16, 764 8, 0571 8,707, 6,731: 3,42' New York City: 1930—Sept. 24 8,092 | 6.033 3,619l 2, 414i 2,0591 1.0S6J January 774 1,058 !1,279 1,6 551 577 407 404 Oct. 1 8,325!- 6,244 3, 7961 2,448: 2, 0811 1,224 February 785 1,056 :1,228 ,624 577 567 411 457 Oct. 8 8,236: 6,127 3,660j 2,466; 2,110; 1,147 March 809 1,085 !1,205 ,539 606 570 387 529 Oct. 15 8.318] 6, 1 3, 640J 2,535. 2,143j 1,160 April 811 1,071 :1,111 ,414 599 571 351 553 Oct. 22 8, 273! 6.046 3.550i 2,496! 2,227i 1,099 May 775 1,041 I1,107 ,382 582 541 304 541 Oct. 29 8,414|| 6,116 3, 500! 2, 616! 2,299! 1,138 June 751 1,026 I1,113 ,305 579 503 274 527 Other leading cities: July — 741 978 1,127 ,350 569 483 265 528 1930—Sept. 24 15,205!! 10,879; 4,842 6,037; 4, 326;' 2,411 August 782 952 1,201 ,339 591 458 267 526 Oct. 1. _ 15. 142. 10,769 4,687 6,082, 4,373 2,439 September 864 1,004 1,272 ,367 600 430 265 513 Oct. 8 15,061' 10.686! 4,607: 6,079: 4,375 2,457 October.. 975 1,123 1,541 611 427 285 Oct. 15 15, 087 | 10.689: 4.618, 6.07V 4,398! 2,478 November 1,029 1,200 1,658 603 421 316 I Oct. 22 15, 110 10,670! 4,592' 6.078' 4,440! 2,290 December 1,081 1,284 1,732 555 383 334 Oct. 29 15, 081 10, 648 4,557 6,092 4,433, 2,290, 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

682 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 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 Bonds1 ferred stocks' Total In tr d ia u l s- R ro a a i d l- P ut u i b li l t i y c m A o u b to il - e e B m q i u n u e i g l i n p d t - - C st h o a r i e n C i h c e a m l - b C a p r o n e a p d r s - s e t m E q r l u i e e c i n a c p t - l - c M e h r i a y n - - Oil Steel T ti e l x e - Number of issues 60 20 404 337 33 34 13 13 17 9 9 4 10 16 10 30 1929—October 95.1 126.4 202 194 157 277 196 152 139 305 259 345 172 161 217 103 November 95.7 123.9 151 145 135 195 134 114 104 214 204 227 135 131 169 78 December 96.5 126.4 154 147 136 201 134 113 106 228 196 241 143 132 170 77 1930—January 96.5 126.5 156 149 137 209 135 117 102 240 193 265 146 129 177 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 97.9 128.2 181 171 142 264 162 127 101 282 174 359 173 156 196 83 May - 97.9 127.6 171 160 136 250 152 116 97 257 151 237 170 148 174 77 98.2 126.8 153 143 125 224 134 100 90 223 135 290 152 133 161 69 July 98.7 125.9 149 140 124 215 132 98 89 217 129 277 155 133 159 67 Aucust 99.6 126.5 148 139 121 213 134 97 90 219 121 278 152 130 160 66 September 100.0 127.9 149 139 123 216 133 100 96 230 114 283 154 125 162 67 October 99.9 126.8 128 118 111 187 108 84 88 191 93 225 134 106 142 58 Oct. 1 100.5 128.2 137 127 117 200 118 87 91 207 100 257 143 113 151 61 Oct 8 100.2 127.6 130 120 112 191 112 85 89 191 95 234 137 110 143 59 Oct. 15 99.7 126.2 128 118 111 188 107 85 89 191 93 229 134 108 142 57 Oct. 22 99.6 125. 9 120 110 106 175 99 82 84 178 83 197 128 99 135 56 Oct 29 99.6 125.9 124 114 109 182 105 81 87 187 91 208 132 102 137 59 1 Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity. > 20 high-grade industrials; average price. DOMESTIC CAPITAL ISSUES FOREIGN CAPITAL ISSUES [In millions of dollars. Source: Commercial and Financial Chronicle] [In millions of dollars] January-September January-September September, September, 1930 1930 1929 1930 1930 1929 Class of issue Class of issue New f R u in n e g d - - New fu R in n e g d - - New f R i u n n e g d - - m G er o e n v n - - t C r p a o o t r - e - m G er o e n v n - - t C r p a o o t r e - - G m er o e n v n - - t C r p a o o t - r e - Total 57.8 0.2 693.7 321.2 237.5 414.1 Total 375.6 58.6 5,102.5 , 438.8 i 7,769.4 1,251.8 New issues.. 7. 6 i .2 555.5 321.2 220.1 398. 6 Corporate issues 283.9 57.3 4, 055. 8 408. 4 6, 865. 61,242.9 Europe 1.0 135.3 36.6 84.1 82.5 Bonds and notes- Canada and Newfound- Long-term 177.6 49.9 2, 264. 5 328. 6 1, 545.1 475.3 land 6 6 _2 109.4 76.0 63.3 96.4 Short-term 44.5 7.4 399. 4 65. 0 143.3 43.9 Latin America 147.1 17.6 70.7 49.7 Stocks 61.8 1,391.9 14.8 5,177. 2 723.7 U.S. insular possessions 106.5 2.0 7.7 Farm-loan issues 15.0 45.5 Miscellaneous.. 57.3 190.9 162.2 Municipal issues 76.7 1.3 1,001.2 30.4 903.8 8.9 Refunding issues 50.2 138. 2 17.5 15.5 Total new and re- Total Government and funding 434.2 5, 541. 1 9,021.2 corporate. .. 58.0 1,014.8 65]L 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 l s it i a e n s d Educational All other 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 January ... ... _ 410.0 324.0 138.1 66.6 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 | 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 ,._ , __. 642.1 482. 9 256.8 123.1 68.2 38.1 78.0 73.2 152. 1 149.7 29.9 35.2 57.1 63.5 May 587.8 457.4 192.0 116.6 80.8 54.6 86.5 73.3 139.4 134.9 38.2 36.9 50.9 41.1 June __.____._- 545.9 600.6 189.8 96.8 70.0 93.6 80.9 59.1 120.8 251.9 43.4 48.9 40.9 50.2 July 652.4 367.5 199.9 84.3 66.6 35.2 91.3 46.9 194.5 114.9 48.0 42.7 52.0 43.5 August 488.9 347.3 146.1 82.7 75.3 20.7 72.0 50.9 119.3 124.2 32.3 25.9 43.9 43.0 September 445.4 331. 9 118.4 98.5 52.6 31.7 76.9 31.1 117.2 101.4 29.8 28.2 50.4 40.8 Year to date _ 4,618. 5 3,684. 7 1,567. 7 844.9 588.6 420.0 729.8 538.6 1,039.0 1,180. 2 299.5 293.4 393. 9 407.6 October 445.6 137.7 60.9 67 7 85 1 36 9 57 3 November 391.0 113.5 39.7 101. 8 72 4 25 7 38 0 December.. _ _ _ 316.4 114.0 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

NOVEMBER, 1930 FEDERAL RESERVE BULLETIN 683 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND PRICES [Index numbers; 1923-1925 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production * Freight car loadings* Commodity Build- prices t in tr g a c c t o s n- Factory em- F to a r c y - Year and Total Manufictures Minerals aw e a d rd- ployment r p o a l y ls Total M l e e r s c s h -t a h n a d n i - s ca e r i - n month i load lots c A o l m l - Farm mod- prodities ucts Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Unad- Ad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed 1C»1Q 83 84 77 64 107 98 84 139 158 1920 87 87 89 63 108 118 91 72 154 151 1921 67 67 70 57 82 77 79 87 98 88 1922 85 87 74 81 90 81 S6 93 97 94 1923 101 101 105 84 104 103 100 96 101 99 1924 .... 95 94 96 95 96 96 98 99 98 100 1925 104 105 I 99 122 100 101 103 104 104 110 1920 108 108 108 130 101 104 107 107 100 100 1927._ 106 106 107 128 99 102 103 105 95 99 111 111 106 135 97 ' 102 103 104 98 106 19^9 118 119 115 117 ' 101 ! r 108 106 104 97 105 1920 May 107 106 108 106 ! 103 104 134 101 101 104 106 107 108 105 ! 101 102 June 106 108 106 108 109 106 133 101 101 104 110 109 108 107 101 101 July. 103 107 102 107 110 107 126 99 101 99 111 108 106 106 100 99 August.. . 109 110 108 111 115 109 148 101 101 104 113 108 107 106 99 97 September 113 112 112 112 119 110 137 103 102 105 122 109 112 107 100 99 October 114 111 112 111 124 114 126 103 102 108 123 109 112 107 99 98 November 110 108 108 106 123 118 119 101 101 105 113 109 110 108 98 95 December 101 105 99 103 113 119 131 100 101 104 98 107 103 108 98 95 1927 January 105 106 104 105 112 116 94 98 100 99 97 105 ,00 108 97 97 February 111 108 110 107 113 117 96 100 100 105 100 109 104 109 96 95 March 113 111 113 110 111 118 151 100 100 106 102 108 108 107 95 94 April. 110 109 112 109 96 107 147 100 99 105 100 108 108 107 94 94 May 112 111 113 111 108 109 135 99 99 104 105 106 106 104 94 96 June.. 107 108 107 109 108 105 154 99 100 102 106 104 105 104 94 97 July 102 106 102 107 103 100 130 98 99 99 104 101 104 104 94 98 Ausust -. 105 107 104 107 111 106 135 99 99 102 109 104 105 104 95 102 September 107 105 106 105 111 104 127 101 98 102 116 104 110 104 97 106 October 105 103 104 102 112 105 137 99 98 103 114 101 109 105 97 105 November 101 99 100 99 105 101 114 97 97 98 101 97 106 104 97 104 December 96 100 95 99 97 103 116 95 97 99 88 95 98 103 97 104 1928 January.. 105 106 106 106 100 103 104 94 96 96 92 100 98 106 96 106 February 111 109 114 110 99 103 113 96 96 101 94 102 101 105 96 105 March... 112 110 115 111 98 103 144 97 96 103 97 102 105 104 9b 104 April. 110 109 113 110 94 105 157 96 96 100 96 104 105 104 97 108 May 110 109 111 109 104 105 163 96 96 101 104 105 106 104 99 110 June 108 109 109 111 104 101 158 96 97 101 103 102 105 103 98 107 July.... 105 110 106 111 103 101 142 96 97 98 105 102 104 104 98 107 August 110 112 110 113 111 105 126 98 97 103 109 104 104 103 99 107 September 116 114 116 116 115 107 143 100 98 104 119 106 109 104 100 109 October 118 115 117 115 123 114 145 100 98 107 119 106 109 105 98 104 November 115 113 115 113 117 113 115 99 99 104 108 104 106 104 97 102 December 108 113 109 114 106 112 105 98 100 104 95 103 100 105 97 104 1929 January 116 117 116 117 114 118 100 97 100 101 95 104 97 105 97 106 February 120 117 120 116 116 120 88 100 100 108 99 107 101 105 97 105 March 121 118 125 120 101 107 118 101 101 111 98 103 106 105 98 107 April 124 122 127 123 104 115 156 102 102 111 102 . Ill 107 106 97 105 May. . 125 124 127 125 116 116 143 102 102 111 110 111 108 108 96 102 June 125 127 126 129 116 113 133 '102 103 '110 109 108 105 104 96 103 July 119 124 119 126 118 114 159 '102 103 '1C6 111 108 105 105 98 108 August 121 123 121 125 121 115 119 '104 103 '111 114 109 106 105 98 107 September 123 122 122 122 127 118 108 '105 102 '112 121 108 110 105 98 107 October .. 120 117 119 117 127 118 109 '103 101 '111 118 104 109 105 96 104 November 108 106 107 105 114 110 95 '99 99 '103 102 99 106 104 94 101 December 95 99 92 96 110 116 77 95 97 99 90 97 96 101 94 102 1930 January 103 104 102 102 107 112 79 93 96 94 89 97 94 102 93 101 Februarv. _ 109 107 110 106 104 109 77 93 94 '98 92 99 98 102 92 98 March 106 104 109 105 91 96 111 93 93 98 90 95 101 100 91 95 April... 107 106 110 107 93 104 118 '93 92 97 93 101 101 100 91 96 May 105 104 106 104 102 102 111 '91 91 94 97 98 101 99 89 93 June . . '99 100 99 '100 102 100 146 '89 90 '91 95 94 98 97 87 89 July '90 94 89 93 100 97 89 '86 87 '83 95 92 94 94 84 83 August 90 92 88 91 101 96 85 '85 84 '82 96 91 95 94 84 85 September... •92 *90 MOO »94 81 86 83 83 99 89 99 95 84 85 * 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. 745. » Preliminary. ' Revised. 19367—30 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

684 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 INDUSTRIAL PRODUCTION, BY INDUSTRIES [Index numbers of the Federal Reserve Board. Adjusted for seasonal variation. 1923-1925 average=100] 1929 Industry July Aug. Sept. MANUFACTURES IRON AND STEEL -.__ 152 143 140 Pig iron 131 128 122 Steel ingots - 154 144 142 TEXTILES 118 120 116 Cotton consumption 119 119 115 Wool __ . -_ - 97 101 98 Consumption 109 114 106 Machinery activity * 85 86 89 Carpet, rugloomactivity'. 83 90 90 Silk 146 150 148 Deliveries 156 161 158 Loom activity * 127 130 128 FOOD PRODUCTS ._ 96 100 98 Slaughtering, meat packing. 94 93 101 Hogs 96 94 106 Cattle 88 88 91 Calves 90 85 99 Sheep.. - 124 126 126 Flour -_ 101 107 99 Sugar meltings 94 113 84 PAPER AND PRINTING 125 125 130 Wood pulp and paper 121 119 121 Newsprint 91 95 94 Book paper 138 134 143 Fine paper 122 118 119 Wrapping paper __ 101 101 101 Paper board 136 131 128 Wood pulp, mechanical . 103 101 100 Wood pulp, chemical 117 120 120 Paper boxes - 152 169 178 Newsprint consumption 131 135 TRANSPORTATION EQUIPMENT: Automobiles __ 142 14. Locomotives 59 55 Shipbuilding 156 175 LEATHER AND PRODUCTS 114 117 Tanning 105 103 Sole leather * 86 93 Upper leather— Cattle __ 75 80 Calf and kip 111 108 Goat and kid „ 158 136 Boots and shoes 120 125 CEMENT AND GLASS: Cement . 118 122 Glass, plate 164 168 NONFERROUS METALS J 127 122 Copper (smelter) 133 126 Tin (deliveries) 1 123 120 FUELS, MANUFACTURED: Petroleum refining _ _ 171 176 Gasoline 1 205 209 Kerosene 95 108 Fuel oil* 138 142 Lubricating oil * 123 131 Coke (by-product) 151 152 RUBBER TIRES AND TUBES 141 119 Tires pneumatic 146 123 Inner tubes 105 87 TOBACCO PRODUCTS _. 131 133 Cigars _ 97 99 Cigarettes 160 163 MINERALS COAL: Bituminous 102 99 Anthracite - - . 72 r78 Petroleum, crude. _._ _, 143 145 Iron ore shipments 119 121 Copper (mined) . . 122 119 Zinc 124 127 Lead 114 107 Silver . . 88 91 00 W Oct. Nov. Dec. Jan. Feb. 124 100 90 99 119 118 107 95 94 101 125 100 90 100 120 118 108 96 103 99 117 104 90 102 94 101 89 77 78 76 109 94 80 85 81 91 82 74 72 73 96 88 75 69 70 148 145 140 141 145 158 153 148 145 149 130 128 124 133 138 96 96 95 96 94 97 95 91 89 92 104 101 96 89 93 86 82 81 87 86 88 88 91 97 125 125 113 116 91 92 94 92 99 106 111 127 126 123 118 122 120 118 113 118 94 92 93 95 145 139 139 140 119 120 116 118 96 97 95 93 130 131 107 127 91 85 91 96 118 113 116 115 156 144 125 147 139 133 134 131 113 81 49 103 49 57 45 32 39 101 75 69 97 170 116 113 106 93 96 105 108 103 99 93 94 94 95 94 99 87 98 88 83 76 102 100 88 70 68 144 147 145 151 129 123 117 108 90 98 118 113 109 110 108 174 172 149 117 124 125 122 119 113 105 127 125 126 122 110 131 125 112 106 99 173 178 171 166 163 208 215 209 201 199 95 103 93 90 89 141 142 136 132 121 123 121 110 115 120 147 146 139 131 132 116 114 94 80 106 120 117 97 82 109 90 87 74 70 85 136 135 130 133 131 100 99 96 83 84 168 168 160 172 167 103 103 98 104 100 ••102 116 92 121 106 140 140 131 132 132 121 107 98 125 123 118 115 101 120 119 106 98 104 119 115 114 105 92 89 94 114 87 88 OCM ot ot 1930 Mar. Apr. May June July Aug. 113 114 111 110 93 93 102 102 104 101 91 86 114 115 112 111 93 94 98 96 90 84 84 81 94 100 91 85 82 78 71 72 70 71 69 67 77 80 74 78 80 76 65 62 69 73 65 62 66 66 60 49 43 47 150 125 117 100 113 109 155 123 121 99 120 117 140 128 111 102 98 91 90 97 98 93 91 85 94 94 90 89 89 80 93 94 88 85 85 88 89 88 90 89 92 100 89 86 93 95 141 147 142 137 139 143 97 101 105 104 104 101 103 94 90 96 105 84 106 84 122 121 122 119 117 111 108 116 116 116 113 108 105 101 97 91 86 89 88 84 83 125 128 133 120 115 111 105 118 121 116 111 105 108 100 92 99 98 99 95 89 89 131 125 132 132 122 123 114 111 106 89 90 98 88 92 119 117 114 115 110 103 107 147 149 149 151 173 146 151 137 130 132 132 132 124 123 110 109 109 104 98 75 67 40 48 51 43 42 40 38 102 80 128 147 164 347 310 96 98 99 94 '•100 100 102 93 98 99 99 103 107 102 101 97 99 100 100 100 99 66 80 79 72 77 73 67 76 80 85 95 92 106 • 101 127 136 131 128 145 154 143 97 97 99 91 98 '96 1C2 110 111 108 119 119 116 117 122 117 131 143 114 105 fi5 101 104 105 » 100 J>95 103 103 103 101 94 95 92 92 117 132 107 99 103 101 168 168 174 173 170 166 164 204 204 214 213 210 206 205 96 99 93 90 90 85 84 125 117 121 123 117 113 109 126 130 138 133 126 126 124 136 135 138 137 132 123 119 107 105 123 121 119 93 96 110 108 127 125 122 96 98 85 84 97 96 93 71 79 133 128 136 134 141 137 130 92 87 92 94 91 88 89 166 161 172 167 183 177 164 92 81 97 92 89 86 82 101 69 73 81 78 "82 88 135 125 128 127 124 120 117 104 108 95 95 88 90 90 86 83 98 96 94 94 99 92 106 107 104 98 89 88 80 75 • 69 OS Ol Sept. 86 80 80 88 79 69 78 67 49 139 158 101 93 92 91 88 97 146 98 86 109 100 80 104 99 87 115 87 106 159 126 68 100 102 102 68 90 151 98 111 p 97 94 111 165 207 78 112 117 114 84 87 64 125 85 158 85 80 114 79 89 94 94 '70 72 1 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1930 FEDERAL RESERVE BULLETIN 685 FACTORY EMPLOYMENT AND PAY ROLLS INDEXES OF FACTORY EMPLOYMENT AND PAY ROLLS f Without seasonal adjustment. Monthly average 1923-1925=100] FACTORY EMPLOYMENT Factory employment Factory pay rolls ( 1923-25=100 ) Month 1927 1928 1929 | 1930 1927 1928 1929 1930 January 98.1 94.2 '97.5 '93.2 98.6 95.7 '100.8 '94.4 February. _. 99.7 95.7 '99.8 '93.3 104.8 101.1 '108.1 '97.7 March 100.4 96.6 '101.4 '93.1 106.3 102.5 110.8 '98.2 April 99.8 96.0 '102. 1 '92.6 105.0 100.3 111.4 '97.1 May 99.1 95.7 '101.9 '90.9 104.3 100.8 111.4 '94.5 June 99.0 96 2 '102 0 '88.8 102.5 100.9 109. 7 '90. 7 July . 98.0 95.7 '102.1 '85. 5 98.6 98.3 105. 7 '82.6 90 August _ 99.2 98.3 '104.0 '85. 1 102.2 102.5 110. 6 '81.7 S N O e c o p t v o t e e b m m er b b e e r r . . . . 1 9 9 0 6 9 0 . . . 9 6 3 1 1 9 0 0 8 0 0 . . . 8 2 3 ' ' 1 1 ' 0 0 9 5 3 8 . . . 4 3 9 86.5 ' 1 1 0 0 9 1 9 8 . . 9 . 5 R 1 1 1 0 0 0 7 4 3 . . 6 2 5 1 1 '1 1 1 0 0 1 2 . . 9 9 5 83.0 W Ad it ju h s o t u e t d S fo e r a s S o e n a a s l o A na d l j u V s a tm ria e t n io t n December... 95.5 98.1 '95. 2 99.4 104.2 '99.1 80 80 Annual index 98.8 97.2 '101.1 - ! 102.0 101.8' 107.7 1923 1924 1925 1926 1927 1928 1929 1930 ' Revised. FACTORY EMPLOYMENT: INDEXES BY GROUPS I Transportation 1 Month s I a r t n e o e d n l ch M in a e - ryTextiles p F u r o c o o t d s d - P p a r i a n i n p n g d e t- r L p u a b r u n c o e m t d d r s - - G e ro q u u p ipm A e u n t t o - j i j L p e u r a c o t t d h s - er m c g a C l l e n a a e n y s d - s t , , N m r o o e n t u a f s e l r s - Gr C ou h p emi P c le a e u l t s r m o- R p u u r c b o t d b s e - r b p u T a r c o c o t c d - s o mobiles! refining 1920—June 120.8 96.3 99.2 103.2 90.0 97.6 120.6 ! 89.4 93.8 102.9 107.9 116.4 115.0 91.4 July 121.5 91.5 99.8 103.6 90.5 96.4 117.8 ! 94.6 91.6 100.5 108.9 120.0 114.2 90.5 August 119.4 94.2 99.7 104.1 92.2 95.5 115.0 i 98.1 93.8 99.8 111.2 121.9 111.5 93.0 September. 119.5 98.4 102.4 106.0 91.8 94.8 113.1 ; 99.5 93.6 98.6 114.5 124.0 108.3 93.7 October 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- 115.0 97.1 101.6 106.7 86.7 82.9 83.7 i 94.4 88.9 93.6 113.8 123.7 91.2 96.1 December.. 112.1 94.3 100.5 -106.9 81.6 81.3 79.6 | 90.0 82.3 89.9 111.8 120.9 89.2 89.2 1930—January 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. _ 109.3 92.9 96.7 104.0 75.0 83.9 89.7 ; 92.4 75.3 84.6 110.2 120.9 87.9 88.9 March 108.5 92.9 95.0 103.7 75.0 83.2 91.0 ] 91.5 78.4 84.3 112.5 118.5 87.2 89.6 April 106.9 90.3 94.0 102.6 74.2 84.0 93.9 89.8 81.2 82.9 111.7 116.1 88.6 88.0 May 103.6 86.8 94.5 102.4 73.4 84.0 95.3 86.8 81.7 81.2 104.6 114.1 88.3 89.4 June 100.1 83.6 95.6 101.5 71.7 80.2 88.8 84.5 80.4 80.2 101.8 114.0 88.0 89.2 July 95.2 76.6 95.0 100.5 68.2 74.8 81.0 86. 6 75.8 77.7 101.0 113.6 82.7 88.2 August '90.7 77.9 92.9 99.7 66.5 72.1 76.3 87.4 74.8 75.1 101.5 112.2 81.0 84.0 September. 89. S 82.2 95.2 98.6 64.5 70.3 73.2 86.1 74.5 72.5 102.7 108. 5 77.4 87.7 FACTORY PAY ROLLS: INDEXES BY GROUPS Transportation Month I s a r t n e o e d n l ch M in a e - ryTextiles p F u r o c o o t d s d - P p a r i a n i n p n g d e t- r L p a b r u n o e m d d r - - equipment L p e a r a n o t d d he - r m c a C l e n a e n y d - t , , N m r o o e n t u a f s e l r s - Chemi P ca e l t s ro- R p u u r c b o t b d s e - r b p T a ro c o c d - o ucts Group K?" ucts glass Group leum ucts refining 1629— 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 j 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 91.2 113.2 113.0 125.1 110.9 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 1 108. 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 i 72.9 84.1 80.2 96.1 114.0 124.8 85.0 88.8 1930—January 90.5 113.8 92.2 102.5 114.9 72.8 80. 9! 74. 0 85.4 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 70.2 91.7 110.0 125.0 92.1 80.0 March 97.1 115.1 96.6 99.7 115.0 74.6 90. 6 97. 3 85.2 73.4 91.0 111.6 123.1 90.0 81.0 April 97.7 113.4 89.3 99.7 113.5 73.8 92. 0 100. 8 81.6 77.1 88.3 110.9 122.1 94.5 77.1 May 95.5 108.3 82.7 100.7 113.3 73.2 91.1 i 101. 7 75.6 76.9 84.4 106.6 120.5 95.4 82.1 June 90.8 102.7 77.8 102.3 111.9 70.9 83.8 89.2 73.8 76.1 85.0 105.3 121.7 88.3 84.4 July.. 78.6 90.9 69.2 100.2 107.3 63.0 71. 7 72. 4 78.6 66.4 76.0 100.8 118.1 80.8 81.9 August 77.5 '85.6 73.2 97.6 106. 9 61.6 66. 3 58. 1 80.0 66.4 72.0 100.7 117.2 77.6 77.2 September. 75.4 84. 2 81.2 100.8 106.3 60.9 66.0 62.4 76.2 66.4 70.7 101.3 113.8 71.8 80.0 ' Revised. 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

686 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 DEPARTMENT STORES—INDEX OF SALES [Daily average sales,1 1923-1925 = 100] Month 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 Without seasonal adjustment: January 60 82 S3 73 79 86 84 90 91 91 90 88 February - ..._.. 59 74 70 69 77 84 85 87 89 88 91 89 March 65 90 88 77 93 88 94 97 95 97 107 93 April 91 87 90 97 103 105 102 109 105 103 110 Mav -.- 73 101 91 89 100 98 103 109 105 107 109 105 June 76 95 86 85 99 97 98 100 101 102 108 98 July __. - 59 73 64 64 73 71 75 77 76 80 79 71 August 60 73 63 66 75 72 76 82 85 81 84 77 September _ ... 76 88 75 85 94 96 97 104 103 113 117 103 October 89 102 95 102 111 105 122 120 117 118 12° November - 101 112 97 108 117 117 122 124 126 125 125 December 137 146 135 152 164 166 176 184 182 192 191 Year 94 87 88 98 99 103 106 107 108 111 With seasonal adjustment: Januarv _ _ _ _ - . 66 90 92 83 91 99 99 106 107 108 110 107 February 89 92 83 93 101 103 105 108 106 111 108 March 72 93 89 84 95 99 103 101 106 107 112 110 \pril 72 93 89 87 100 98 102 105 106 106 110 105 May 69 96 87 87 98 97 102 109 105 107 109 105 June - - - --_- 76 96 87 86 101 100 102 105 106 107 113 103 Julv 80 98 87 86 98 96 101 106 105 110 109 100 \uejust 80 97 84 88 101 96 101 108 111 107 111 102 September 83 95 82 91 100 101 101 106 104 112 114 99 October 81 9'? 86 93 101 96 111 109 107 108 112 November 86 96 83 92 100 100 104 106 108 108 108 December - - - . . _. 86 92 84 93 99 99 104 108 106 111 108 1 The figures of daily average sales were computed on the basis of the number of week days and the number of Saturdays in each month—Saturday being considered equivalent to one and one-third days—and allowance has been made for the number of Sundays in each month and for six national holidays: New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas. SEASONAL ADJUSTMENT FACTORS USED IN INDEX OF DEPARTMENT-STORE SALES [Average for year = 100] Month 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 January 91 91 90 88 87 87 85 85 85 84 82 82 Februarv 83 83 83 83 83 83 83 83 83 83 82 82 March 1 89 97 98 91 98 89 91 96 90 91 96 85 April1 106 98 97 104 97 105 103 97 103 99 94 105 May 105 105 104 103 102 101 101 100 100 100 100 100 June - - - 99 99 99 99 98 97 96 95 95 95 95 95 July 74 74 74 74 74 74 74 73 73 73 72 71 August 75 75 75 75 75 75 76 76 76 76 76 92 92 92 93 94 95 96 98 99 101 103 104 SOectpotbeemrb er - 110 110 110 110 110 110 110 110 109 109 109 109 November 117 117 117 117 117 117 117 117 116 116 115 115 December 159 159 161 163 165 167 169 170 171 173 176 176 i Adjustment has been made for the effects of changes in the date of Easter. DEPARTMENT STORES—INDEX OF STOCKS [Stocks at end of month; 1923-1925 average=100] End of month 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 Without seasonal adjustment: January 65 86 78 80 83 89 90 93 93 92 89 88 February 68 96 82 84 90 96 96 98 98 98 95 93 March 72 107 88 91 98 105 105 107 107 105 102 100 April 73 110 90 91 101 107 106 107 107 106 103 101 May.....: „-. 72 107 89 88 99 103 103 104 104 102 101 98 June 70 104 86 85 93 97 98 98 98 96 95 93 July 73 103 84 82 91 93 94 93 95 93 92 87 August 82 108 89 86 96 96 98 97 98 97 96 87 September 92 117 97 93 105 105 107 107 108 103 104 95 October 98 119 100 96 110 111 112 114 114 112 112 November 100 114 101 100 113 112 115 117 117 115 115 December 87 90 83 85 94 94 97 96 96 94 94 Year 79 105 89 89 98 101 102 103 103 101 100 With seasonal adjustment: January 73 97 88 90 93 100 102 105 104 103 100 99 February 71 101 86 89 94 101 101 104 103 103 100 98 March 70 104 85 89 95 102 102 104 103 101 99 97 April 70 106 87 87 97 103 102 103 103 101 99 97 May 71 105 87 86 97 101 101 102 102 100 99 96 June 72 107 88 88 96 100 101 101 101 99 98 96 July 78 110 90 88 97 100 101 100 102 100 99 94 August 85 113 93 90 100 100 102 101 102 101 100 91 September 88 113 93 90 101 101 103 102 104 99 100 91 October 89 108 91 88 100 101 101 104 104 102 101 November 88 101 89 89 100 99 102 103 104 102 102 December.-. 93 96 89 90 99 100 103 102 103 100 100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1930 FEDERAL RESERVE BTILLJETIX 687 BANKING AND BUSINESS CONDITIONS IN FEDERAL RESERVE DISTRICTS FEDERAL RESERVE BANK DISCOUNTS-BY DISTRICTS 1 M 4 IL 0 L r IONS Of7 DOL " L AR r S ( Weekly report cfcte figures .) MILLIO 120 : ; i- BOSTON J. • _; I fa | o L___._J L ! ;___•:_ ll|0 : j PHILADELPHIA M1MNEAP0LIS 1 120 | --- —! CLEVELAND : ] ! : KANSAS CITY | f'^-f—1 i 01 1926 1327 1928 1929 1930 1926 1927 1928 1929 1930 Latest figures are for October 29; see table on following page Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

688 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 FEDERAL RESERVE BANKS—RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES [Averages of daily figures, amounts in thousands of dollars] Total cash reserves Total deposits Federal reserve notes in Keserve nerc circulation i \ reserve perc I Federal reserve banks 1930 1929 1930 1929 1930 | 1929 1930 1929 October Sep b t e e r m- October October Xe r m- i °«°b October I Septcm- October O b c e t r o- te S m ep b - er O b c e t r o- Boston ! 231,162 225, 566 284, 096 152,110 149, 618 153, 337 133, 214 133, 538 204,451 81.0 79.7 79.4 Xew York 1,075,039 1, 023,300 1, 088, 0301,025,170 1, 007, 221 982,447 230,458 196, 209 341,006 85.6 85.0 82.2 Philadelphia I 224,670 231, 514 196,120 143,966 143,948 137, 010 119,814 124, 912 140, 639 85.2 86.1 70.6 Cleveland . 314,241 334,141 235,101 201,073 205, 210 188,188 184,906 190, 290 178,388 81.4 84.5 64.1 Richmond 97,825 92, 518 89,847 67, 715 67, 049 69, 367 67,318 64, 484 84,811 72.4 70.3 58.3 Atlanta. _ 143,440 131, 391 141, 543 62, 300 62,180 65, 596 122,262 114, 523 154,908 77.7 74.4 64.2 Chicago _ 418,852 436,337 511, 615 346,907 352, 577 361, 646 152, 245 163,358 306,142 83.9 84.6 76.6 St. Louis 99,876 100, 395 111, 738 76,882 77, 512 80, 539 62,855 64, 937 82, 321 71.5 70.5 68. 6 Minneapolis. _. 72,923 71, 750 68, 447 53, 358 52, 486 55, 004 50,633 51,339 67, 685 70.1 69.1 55.8 Kansas City... 111,818 112,629 112, 727 90,095 90, 321 92, 329 08,478 82, 700 71.2 70.9 64.4 Dallas 57,216 53, 441 71, 806 61,163 60, 744 67,443 34, 604 35. 085 52, 521 59.7 55.8 59.9 San Francisco. 288,335 293, 729 246,815 183,667 182, 996 185,081 155, 574 158, 921 177, 022 85.0 85.9 68.2 Total 3,135, 397 3,106, 714 3,157,885 12,464,406 2,451,862 12,437, 9871,380,781 1,366,074 1,872,594 ' 81.5 81.4 73.3 i Includes "Federal reserve notes of other Federal reserve banks" as follows: Latest month, $18,092,000; month ago, $20,774,000; year ago, $20,067,000. ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, RESERVES HELD, AND INDEBTEDNESS AT FEDERAL RESERVE BANKS [Averages of daily figures. In millions of dollars] Net demand deposits Time deposits Reserves held Indebtedness at Federal reserve banks Federal reserve district Total Excess September August September August September August September August September; August Boston 1,334 1,335 1,025 1,014 146.8 146.4 2 2 2.1 11.6 ! 12.6 New York. _ , 7,241 7,262 3.446 3,434 989.6 983.3 21*. 1 12.4 32.1 47.0 Philadelphia 1,176 1,177 1,167 1,161 141.2 140.9 3.2 2.9 16.5 ; 18.2 Cleveland 1,612 1,617 1,720 1,701 200.8 200.7 3.8 4.0 14.6 ] 15.7 K ichmond 530 528 566 562 63.4 63.4 1.4 1.7 20. 0 21. 3 \ tlanta 511 504 441 439 59.9 59.2 2.3 2.2 28.2 30.0 Chicago 2,543 2,574 2,221 2,200 348.5 350.8 9.8 9.6 14. 4 10. 5 St Louis 649 653 537 538 75.7 76.2 2.1 2.1 17.7 14.9 M inneapolis 423 413 449 448 51.3 49.1 2.8 2.0 4. 1 4. 4 Kansas City . ____ 817 823 394 376 88.2 88.4 4.6 4.9 8. 7 9. 2 Dallas 593 579 238 241 58.5 57 6 2 1 0 1 13 ? 13 9 San Francisco . ._. 1,278 1,281 1,733 1,722 173.4 175.7 3.9 C. 4. 7. 5 9. 4 Total - - 18, 707 18, 746 13,936 13, 835 2, 397.1 2, 392. 2 59. 2 52. 3 188.5 • 213.8 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] Federal reserve bank Oct. 1 Oct. 8 Oct. 15 Oct. 22 ! Oct. 29 1930 1929 Federal reserve bank N Bo ew st o Y n ork 2 1 6 2 , , 3 5 9 1 2 2 25 9 , , 5 6 1 4 9 9 57 9 , , 0 7 6 4 7 9 31 6 , ,1 8 1 3 7 8 38 9 , , 1 5 4 4 7 7 October Seg^m" ; October Philadelphia 16,914 15, 281 17,414 18,838 19,783 Cleveland 20,412 21,086 24,071 27, 049 25, 884 A C S M K D S R a t h i t a a . i n c l i n l n a c L h l n s a n F a m o a e s g t r u s a a a o o i p n n s C o c d i l i t i s y s c o ; I ' ; | 2 1 1 1 1 4 5 8 6 9 8 0 6 , , , , , , , , 6 0 8 0 4 3 6 6 7 0 1 6 7 9 3 3 2 3 4 2 4 7 3 1 2 1 1 1 1 4 3 0 9 5 5 7 5 , , , , , , , , 2 9 2 7 0 2 3 8 1 4 8 4 9 1 0 3 4 1 0 7 6 6 3 4 2 1 1 1 1 1 4 0 4 5 6 3 0 8 , , , , , , , , 3 2 1 0 2 5 0 5 9 2 3 0 0 7 1 8 9 7 0 2 8 9 3 0 2 1 1 1 1 0 4 9 6 4 8 8 3 , , , , , , , , 9 9 8 9 4 1 9 8 8 7 1 9 6 3 4 3 4 3 4 7 1 3 5 5 2 1 1 1 1 3 8 9 4 8 2 6 7 , , , , , , , , 4 1 0 3 2 4 6 8 4 4 5 9 7 1 7 3 8 9 4 3 0 8 6 4 N A S B C R C P t h h o l i e t . e c l w i i s a c v L l h t a n o a e m o Y d g n t l u a a e o o o i n l n s r p d k d hia. _ . 3 2 2 1 1 1 1 8 6 5 4 7 5 8 7 . . . . . . . . 9 7 7 9 3 0 8 5 3 2 2 1 1 1 1 1 2 0 8 1 6 4 4 7 . . . . . . . . 0 2 2 6 4 4 6 7 i i ! : : 1 1 5 9 5 6 7 5 6 2 3 7 4 5 0 8 0 0 . . . . . . . . 6 7 2 7 7 0 2 1 Total 185,916 173,166 210,439 191,984 201, 603 K M a i n n s n a e s a p C o i l t i y s. . . . - . 1 4 0 . . 3 3 4 8. . 8 1 ! 4 4 1 4. . 6 2 Dallas 10.2 13.2 i 31.6 San Francisco. 7.6 : 86.9 Total 11-6. 4 188.7 ' SS4.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

689 NOVEMBER, 1930 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANK DISCOUNT RATES [Rates on all classes and maturities of eligible paper. For back figures see Annual Report for 1929 (Table 32).] Federal reserve bank Date effective Boston Y N o e r w k Ph p il h a i d a el- C la le n v d e- m Ri o c n h d - Atlanta Chicago St. Louis Min o n li e s ap- K C an it s y as Dallas F c S i r s a a c n n o - In effect Jan. 1,1930.. 4H 5 5 5 4.4 13 2 5 5 4]'2 5 41/2 Jan 16 Feb. 7 4 41/ Feb 8 4!<2 4 41 9 41-, ; .. . Feb. 11 43/2 ' " ! Feb. ]3 4 Feb 15 4 Mar. 14 . . _ _ - - 3V-2 Mar 15 4 1 Mar. 20 . - 4 Mar 21 4 Apr 8 ! i Apr. 11 . . _ _ . . _ 4 \pr 12 4 4 \pr 15 4 May 2 3 ! May 8 3M June 7 . . June 20 2V2 June 21 V4 Julv 3 3 3>2 July 12 July 18 31 9 Vug 7 3H Aug. 8 \ug 15 31/2 Sept. 9 Sept. 12 .- - 319' In effect Oct. 31,1930. 3 2H sy 2 sy 2 m VA 3,4 3H VA RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Prime commercial paper Loans secured by prime Loans secured by warehouse Federal reserve stock-exchange collateral receipts bank or branch ! i August Septem- October ber Boston New York.__. -4M Buffalo -6 Philadelphia Cleveland -5H 4 -6 Cincinnati _. -6 5 -6 Pittsburgh Richmond Baltimore Charlotte 4 -53, Atlanta 53^-7 B irmingham ^2-5 1 4^-5 Jacksonville 6 ! 6 N N e a w sh v O il r l l e eans ) -53/2 5 -55- 4-5 ! 4-5 Chicago r 414-6 Detroit 4-4 %\ 4-4H St. Louis 6 i 6 L L o it u tl i e sv R ill o e ck 6 i 6 Minneapolis 41 i Helena Kansas City 5-6 Denver Oklahoma City Omaha Dallas 6-8 6-8 El Paso_- 6 51//-6 Houston 6 6 San Antonio San Francisco 5-6 5-5H Los Angeles 6 6 Portland 4-6 6 Salt Lake City " 6 6 S S e p a o t k tl a e ne 6 6 f 6 i r Revised. 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 cities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

690 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES Principal Resources and Liabilities, by week3 lln millions of dollars] Federal Reserve District City ! Total B to os n - Y N o e r w k P p d h h e i i l l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o o l i a i n p s - - | K C s a i a n t s - y D l a a l s - F c v i r S s a c a n o n - ; . : Y N o e r w k I j I c C a h g i o j Loans and investments: ! j Oct. 1 . . ! 23, 467 ; 1,546 9, 557 1,301 2,304 659 603 3, 382 657 371 658 456 ! 1,972 : 8, 325 2, 025 Oct. 8 : 23,297 ! 1, 521 9,473 1,298 2,280 654 600 3. 353 654 371 059 J 455 1 1, 979 8, 236 1. 995 Oct. 1.5 . 23,404 1, 513 9, 552 1,289 2, 282 660 601 3, 387 652 372 660 458 i 1,978 . 8,318 2, 032 Oct. 22 .. . ._.' 23,383 1, 516 9, 518 1,293 2,284 660 599 3.380 657 374 659 459 ; 1,984 . 8. 273 2, 026 Oct. 29 • 23,495 1,516 9, 656 1,297 2,263 657 595 3,377 656 374 658 460 ! 1,987 8', 414 2,028 Loans: j Oct. 1___. : 17,013 1,171 7,090 908 1,498 408 453 2, 588 498 242 419 ' 340 ' 1,339 6, 244 1, 556 Oct. 8__ i 16,813 1,145 6, 970 895 • 1,487 468 450 2, 565 494 242 417 1 338 1,341 6,127 1, 532 Oct. 15. _ . 16 8(51 1,133 7,018 882 : 1,492 468 451 2.591 492 242 4L4 I 340 : 1,342 ;6,175 1,560 Oct. 22.... .... .; 16,715 1.133 6, 893 882 1,496 467 450 2, 570 492 244 410 341 I 1,339 6,046 I 1, 541) Oct. 29 ' 16,764 1,133 6, 959 888 1,486 467 446 2,564 490 244 408 , 342 ' 1,336 6,116 1, 537 On securitics- Oct. 1 . „ .' 8,483 509 4,197 460 736 1*5 145 1.276 22? 79 124 I 95 463 I3, 796 930 Oct. 8__.. _ 8,268 494 4,060 456 725 175 143 1, 250 219 79 122 ; 95 451 3, 660 90! Oct. 15. _. .. . . . . 8,258 486 4, 037 451 : 723 174 146 1, 281 21.8 78 117 95 , 452 3, 640 932 Oct. 22 _! 8,142 474 3.954 447 727 1 174 143 1,273 219 78 111 j 93 ' 418 3, 550 923 Oct. 29 : 8057 476 3,901 447 718 : 173 142 1,271 209 79 104 : 93 Ij 444 3,500 922 All other— Oct. 1__. ... 8 530 662 2, 893 762 I 293 I 308 1,312 275 j 163 i 295 245 ii 876 2,448 ! 626 Oct. 8_. 8,545 | 651 2,911 439 762 293 i 307 1,316 163 ! 295 244 : S90 2, 466 j 631 Oct. 15._.. .. 8.606 ! 647 2, 981 430 770 ; 294 i 305 1,310 273 : 164 : 297 245 ; 890 2,535 ! 628 Oct. 22_. .. . sjo73 ! 659 2.939 j 434 769 293 307 1,297 273 166 ; 299 247 ! 891 2,496 ! 616 Oct. 29 8, 707 i 657 3,058 : 441 768 j 293 , 305 294 281 I 165 i 304 249 893 2,616 ': 615 Investments: ! I Oct. l_._ ; 6,454 ' 375 2,458 ! 393 ; 806 ! 191 ! 150 794 160 130 ' 239 633 2, 081 469 Oct.S | 6,485 375 2,502 I 403 794 i 187 i 150 787 1(50 I 130 ! 242 117 ! MS 2,110 461 Oct. 15 ! 6.541 380 2,534 ! 408 : 790 ! 191 | 150 797 16! ! 130 ; 246 118 636 2, 143 472 Oct. 22. 6,667 I 383 2, 625 411 | 788 i 193 i 149 810 165 129 ! 249 118 , 644 2, 227 4s.6 Oct. 29 6,731 ; 384 2, 697 408 190 i 149 812 165 130 ! 250 118 ! 651 2, 299 491 II. S. Government securities— Oct. 1 2,946 • 150 1,165 117 , 400 | 85 339 I 33 72 101 341 1,038 I 174 Oct. 8 2,970 •: 148 1,183 127 i 394 i 84 ; 340 34 i 72 j 104 341 1,049 ! ITS Oct. 15 .. . 2,996 I 152 1,206 128 391 i 83 ; 341 35 i 72 ! 105 70 ; 339 1,080 . 179 Oct. 22__... . 3,060 | 153 1257 130 386 i 84 356 37 , 71 106 72 ' 338 1,130 V.i[ All o O th c e t. r — 29 . 3,050 153 1,253 127 379 j 80 ! 360 ( 38 ; 71 : 106 71 341 1,126 2C0 Oct. 1 , 3,508 225 1, 303 ] 277 406 ' 106 455 I 126 I 57 ! 138 48 ! 292 ! 1,043 ; 295 Oct.S 3.515 227 1,319 , 277 399 . 103 ! 447 I 126 58 ; 139 48 : 2G6 I 1,061 j 286 Oct. 15 . 3,544 228 1,328 i 279 : 398 . 108 ' 456 I 126 58 i 141 48 > 297 i 1,063 \ &3 Oct. 22 . 3,607 230 1,368 282 : 402 ! 110 454 I 128 58 144 300 1,097 1 291 Oct. 29 : 3,681 231 1,444 281 110 : 78 453 ; 127 59 144 310 1,172 i 292 Reserve with Federal reserve i bank: ' Oct. 1 . _ , 1,787 99 863 , 138 42 j 38 255 ! 25 I 56 33 108 ] 802 I 176 Oct. 8 1,802 100 i 859 I 84 141 40 40 269 i 28 56 33 ! 111 I 7<6i : 1 87 Oct. 15 _ 1,827 102 860: 83 147 41 38 279 i 45 59 37 110 I 794 i 1 91 Oct. 22 i 1 827 101 i 886 i 85 144 ; t 39 267 I 42 57 33 I 106 I 826 I 187 Oct. 29 ; 1,879 98 ; 942 84 146 , 30 ! 266 ' 43 56 34 ! 105 j 874 ' 187 Cash in vaults: | si| I Oct. 1. - ; 201 14 : 11 26 : 32 ' 10 17 44 i 13 O O c c t t . . 8 15 ... . ! I 2 2 1 0 2 9 1 1 5 6 ; ' 1 1 2 3 2 2 7 7 i 1u2 1! ! 3 3 3 2 ; : 1 1 0 0 1 1 8 8 4 4 6 5 ] 1 1 4 3 Oct. 22 ! 212 15 13 I 28 i 32 ! 10 17 46 : 13 Oct. 29 J 216 14 60 i 13 28 i 10 18 48 13 Net demand deposits: I I Oct. 1 . • 13,812 917 6,366 : 759 ; 1,133 . 352 313 1,873 360 227 489 280 743 5, 778 , 1, 260 Oct.S .J 13,557 882 6,197 ! 757 '< 1, 111 348 313 1, 852 i 355 231 493 279 738 ! 5,662 ! 1,244 Oct. 15 ___ I 13,767 909 6,251 | 744 i 1,125 i 352 317 1,920 • 361 232 510 289 757 I 5,665 ! 1,302 Oct. 22 ! 13,710 894 6,315 ! 745 ! 1,113 I 349 310 1, 889 355 232 490 280 739 I 5,750 ; 1, 291 Oct. 29 I 13,830 64 738 | 1,089 : 342 306 1,880 j 359 234 484 277 737 j 5,937 j 1, 285 Time deposits: I .1 Oct. 1 .j 7,534 526 2, 016 I 353 ! 1,034 : 257 241 1, 346 j 236 141 207 148 1, 029 1, 454 : 670 Oct. 8 . ; 7,541 534 . 2,045 I 3.-.0 : 1,023 , 257 241 1,343 , 235 i 140 197 149 1, 026 I 1, 479 !661 Oct. 15 _ ; 7,535 534 i 2, 052 i 349 i 1, 022 256 240 1,341 ! 236 ! 141 195 153 1,016 ! 1,489 i 652 Oct. 22 _ | 7,560 532 : 2,095 j 350 j 1, 021 '257 239 1,325 I 236 I 141 195 153 1, 016 1 1, 530 i 634 Oct.29 ... 7,577 538 2,082 i 361 j 1,022 257 239 1,333 1 236 • 141 196 152 1,020 j 1,521 ; 642 Government deposits: h Oct. 1 ! 181 • 16 52 | 13 | 22 17 20 10 1 3 18 10 ! 46 ' Oct. 8 ! 147 I 13 42 • 10 : 18 14 16 ! 8 1 2 14 8 ' 37 : Oct. 15 i 142 j 13 40 10 ! 17 13 16 8 2 14 8 i 36 ! Oct. 22 ... . i 122 I 11 i 35 9i 15 ' 11 13 I 2 12 7 i 31 Oct. 29 i 113 I. 10 , 32 I 8 i 14 i 10 12 i 11 i 6 ! 29 ! Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1930 FEDERAL RESERVE BULLETIN 691 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES—Continued Principal Resources and Liabilities, by weeks—Continued [In millions of dollars] Federal Reserve District City Total I '• ; B to o n s- i Y N o e r w k j I P p h h i i l a a^| • O l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t. is n M o e l a i i n p s - - I K C sa a it s n y - i > , las c F S i r s a a c n n o - Y N o e r w k Chi- Due from banks: : : : i Oct. 1 1,657 74 i 207 103 i 137 94 87 284 70 ! 76 . 194 112 220 122 194 Oct. 8 1,645 ' 79' 171; 103 I 137 I 100 87 268 87 78 i 204 111 219 108 175 Oct. 15 1.696 95 i 181 \ 98! 126 93 87 289 89 • 83 j 213 llo 228 106 188 Oca. 22 . 1.509 : 87 j 156: 82 i 118 84 79 244 78 ' 71 ! 188 ' 104 218 00 158 Oct. 29 1,508 93 ! 153 1 90 1 154 83 80 270 79 ; 78 174 100 213 90 175 One to banks: ' • \ -, i Oct. 1 3,664 147 11,313! 250, 370 119 108 508 124 87 : 224 120 294 1,224 346 Oct. 8 3,604i 143,1.228! 249 ' 368 125 112 515 131 i 87 229 121 298 1,147 356 Oct. 15 3,639' 1511,246! 245 i 365 123 109 529 129 ! 86 : 231 125 300 1,160 369 Oct. 22 3.389 140 i 1, 175 ! 215 j 338 113 106 473 120 ; 81 ; 219 117 291 1.099 333 Oct 29 ; 3J427 - 126 ; 1,211 j 210 i 342 114 104 485 123 ! 84 211 114 303 1,138 343 Borrowings from Federal re- j ;. j i : serve banks: I , i ! Oct. 1 ' 4-1 '. 2! 3 | 1 7 4 10 - 1 Oct. 8 39 ' 2 1 4! 1! 8 4 8 4 2 <>ct. 15 76 il 1: 36 j 1. 11 •) 9 3 29 •;ct. 2:;..___. 58 l! 11, 21 13 6 9 9 o 1 Oct. 29 62 I' 2: 16 i 3 11 6 8 4 1 1 19367—30- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

692 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 BUILDING CONTRACTS AWARDED BUILDING PERMITS ISSUED [Value of contracts in thousands of dollars] [Value of permits in thousands of dollars] 1930 1929 1930 1929 Federal reserve district Sep be te r m- August Se b p e te r m- Federal reserve district N b c e i u t r i m e o s - f Boston 34,053 26,886 32,411 New York _ _ 94,418 83,109 Philadelphia '• 20,027 19,859 35,047 Boston 3,731 9,511 i 4, 203 Cleveland \ 34,268 33,784 64,140 New York 46, 330 35,876 ; 53, 694 Richmond | 16,163 23,677 22,712 Philadelphia ... 8,221 5,297 6,261 Atlanta 13,491 15,062 17, 768 Cleveland 10, 412 14,473 1 14, 209 Chicago - 60,119 58, 599 102, 562 Richmond 5,293 6, 740 ! 8,804 St. Louis - 18,167 23,320 39,465 Atlanta 2,687 2,994 5, 456 Minneapolis 12,496 8,822 10,346 Chicago 24, 206 17,705 ; 32, 687 Kansas City ; 10,412 31,455 20,883 St. Louis 3,342 2, 720 ! 5, 329 Dallas i 13,799 11, 438 16,960 Minneapolis. _. 3,128 2,391 I 3, 686 Kansas City... 4,785 4,486 : 9,701 Total (11 districts) j 331,8 347, 318 445, 402 Dallas 5, 945 6,446 J 5, 693 San Francisco, 18, 265 15,575 ' 19, 752 Figures for building contracts awarded are for 37 States east of the Total. _ 136,344 ! 124,213 , 169,474 Rocky Mountains, as reported by the F. W. Dodge Corporation. COMMERCIAL FAILURES * BANK DEBITS [Amounts in thousands of dollars] [Debits to individual accounts. In millions of dollars] Number Liabilities Number Septem- August, Septemof centers ber, 1930 1930 ber, 1929 Federal reserve district 1930 1929 1930 1929 Sept. Aug. Sept. Sept. Aug. Sept. New York City. 1 27,383 25, 052 50,342 Outside New York City 140 21, 277 20, 966 27,314 N Bo ew st on York... 3 1 2 8 9 8 4 1 0 9 5 8 2 1 7 3 0 7 4 8 , , 9 6 5 1 6 5 1 3 8 , , 4 1 7 9 2 1 2 7, , 6 6 1 2 2 8 Federal reserve district: Philadelphia.. 96 103 60 1,939 2,343 1,234 Boston 11 2,066 2,079 3,086 Cleveland 148 145 150 2,738 3,176 3, 473 New York 7 28,161 25,864 51, 503 Richmond 114 119 70 1,832 1,187 1, Hi Philadelphia 10 1,941 1,908 2,503 Atlanta 107 84 66 2,164 2, 224 1,520 Cleveland . .. _ 13 2,424 2,278 2,860 Chicago 335 297 272 7,606 8, 050 6,159 Richmond 7 708 665 729 St. Louis 153 112 98 4,428 1, 909 1,762 Atlanta 15 928 848 1,090 Minneapolis. . 59 47 41 921 883 271 Chicago 21 5,621 5, 597 7,632 Kansas City.. 139 99 113 2,004 2,944 4,657 St. Louis.. ... 5 1, 039 997 1,293 Dallas 60 48 38 1,321 890 316 Minneapolis 9 772 730 974 San Francisco 235 256 253 8,424 3,910 3,383 Kansas City 15 1,281 1,290 1,437 Dallas 10 643 582 783 Total__. 1, 963 1, 913 1, 568 46, 947 49,181 34, 125 San Francisco 18 3,076 3,179 3,766 Total. 141 i 48,660 46,018 77,656 1 Figures reported by II. G. Dun Co. BANK SUSPENSIONS [1930; figures for the latest month are preliminary] [Banks closed to the public either permanently or temporarily on account of financial difficulties by order of supervisory authorities or directors of the banks. Deposit figures are given in thousands of dollars, for the latest available date prior to suspension, and are subject to revision] All banks Member banks ! Nonmember banks 2 1 Federal reserve district Number Deposits Number Deposits Number Deposits Jan.- Jan.- ' Oct. Sept. Oct. Oct. Sept. Oct. Oct. Sept. Oct. Sept. Oct. Sept. Oct. Sept. Boston 1 6 5 051 22 086 : 1 5 051 New York 1 5 184 2,157 | 1 184 Philadelphia . l 4 771 2,881 j 1 771 Cleveland - . 1 1 33 553 I, 735 39,493 - - 1 1 1 553 1, 735 Richmond 2 3 58 450 2,571 23,767 1 j 450 1 3 2, 571 Atlanta . 1 2 85 551 401 51,766 1 | 551 2 401 Chicago .-_ 15 23 196 8,329 12,601 78,824 i 2 | 3 815 f'.Oa 13 20 7,514 11,996 St. Louis 8 8 106 3,525 1,740 26,959 1 409 8 3 116 1 740 Minneapolis. ........ 17 6 96 2,698 533 14, 806 1 114 17 5 2,698 419 Kansas Citv 14 15 108 2, 877 3,203 26,633 ' 3 9 556 520 11 13 2,321 2,683 Dallas 4 5 29 533 854 13, 276 1 : 2 198 619 3 3 335 235 San Francisco.-- 2 2 14 1,267 271 9,771 1 1 947 82 1 1 320 189 Total 66 66 740 26, 605 24,0S3 312,419 10 9 3, 926 1,940 56 57 22, 679 22,153 1 October figures represent national banks only; September figures include 7 national banks with deposits of $1,769,000 and 2 State bank members with deposits of $171,000; January to October figures include 86 national banks with deposits of $66,365,000 and 12 State bank members with deposits of $7,415,000. 2 Includes private banks for which deposit figures are not available, as follows: October, 2 banks, January to October, 5 banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

693 NOVEMBER, 1930 FEDERAL RESERVE BULLETIN OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates, by States, for Oct. 1 as made by the Department of Agriculture] [In thousands of units] Corn Total wheat Spring wheat Oats Federal reserve district I Produc- Estimate, Produc- Estimate, Produc- Estimate, Produc- Estimate, ; tion, 1929 Oct. 1,1930 tion, 1929 Oct. 1,1930 j tion. 1929 Oct. 1,1930 tion, 1929 Oct. 1,1930 : Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston ; 8,818 9,706 110 98 110 98 8,722 9, 788 New York 24,625 24,657 5,373 6, 545 136 176 25, 937 47, 542 Philadelphia.. 42,371 28, 462 18,620 22,954 99 119 i 18, 771 25,046 Cleveland 170,082 105,341 38,539 35,866 97 104 ! 64,498 83,464 Eichmond ...... I 148,109 103, 292 26,147 29,278 26,875 26,060 Atlanta 174,605 126, 296 4,144 3,717 15,814 15,313 Chicago 880,741 709, 548 62, 550 69,054 I 4,410 6,040 ; 501,169 568,452 St. Louis 312,957 185, 278 44,676 I 48,943 417 610 ; 51,166 63,130 Minneapolis 294,781 247, 242 184,665 ! 189,929 ; 172, 350 178,876 ; 283,837 310,654 Kansas City... .. - . - . . . .... 445,415 397, 447 267,493 I 290,807 ! 12,187 11,530 ' 152,447 168,185 Dallas 101,149 98, 526 39,923 ! 28,622 | 343 257 ; 49,434 55,352 San Francisco 10,654 10, 921 113,550 | 113,799 i 37, 857 44,410 i 34.904 37, 775 Total 2,614,307 2,046, 716 805, 790 839,612 ! 228,006 242,220 ! 1,233,574 I 1,410,761 Tame hay Tobacco White potatoes Cotton Federal reserve district Produc- Estimate, Produc- Estimate, i Produc- Estimate, Produc- Estimate. tion, 1929 Oct. 1,1930 tion, 1929 j Oct. 1, 1930 ; tion, 1929 Oct. 1,1930 tion, 1929 Oct. 1,1930 Tons Tons Pounds Pounds Bushels Bushels Bales Bale* Boston 4, 981 4,912 38,406 40,853 ! 58,593 54,364 New York 6,958 6,370 1,078 1,104 i 28,010 33,798 Philadelphia 3,061 2, 632 47, 601 40,898 I 23,623 21,134 Cleveland 7,168 4,137 149, 879 137,107 i 19, 695 14,539 j Richmond 4,190 2, 552 726, 638 750,463 , 37,845 33,689 j 1,625 I 1,914 Atlanta 2, 890 2,425 185, 390 205,259 I 11,964 11,898 3,468 I 3, 667 Chicago 23,333 16, 722 46, 360 46,376 44, 914 38,661 I St. Louis 9,105 5, 7(53 316, 507 267,261 i 13,313 14,940 i 3,306 2 2, 5.54 Minneapolis 12,190 10,360 4. 508 4,410 j 47, 707 40,817 Kansas City 12, 348 11, 770 2, 714 j 3,049 : 31, 933 36,304 j 1,169 918 Dallas 1,284 1, 257 3,122 4,391 i 4, 862 5,060 San Francisco 14, 278 15,171 ! 39,077 47,671 ' 398 373 Total 101, 786 84,071 1,519,081 | 1,496,780 359, 796 352,1 14,828 14,486 1 Includes 9.00<> h:Ues grown in miscellaneous territory. "2 Includes 4,000 bales grown in miscellaneous territory. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

694 FEDEKAL RESERVE BULLETIN NOVEMBER, 1930 FOREIGN BANKING AND BUSINESS CONDITIONS REPORT OF THE AGENT GENERAL FOR REPARATION PAYMENTS The final report of the Agent General for of the second annuity under the Young plan Reparation Payments, submitted to the Repa- falling within the period from April 1 to May rations Commission under date of May 21, 17, 1930. In addition to the accounts of the 1930, and covering the execution of the Dawes fifth annuity year under the Dawes plan and plan through the fifth annuity year and the the closing accounts of the Dawes plan itself, transition period under The Hague agreements the present report, therefore, presents the recup to May 17, 1930, when the new plan entered ord of receipts and payments for the first year into force, includes figures for reparation pay- of the Young plan and likewise for the first part ments and transfers for these periods, and re- of the second annuity year under the Young views the development of the experts' plan as plan up to the date of the final transfer of the a whole. It also contains discussion of the Agent General's balances to the Bank for Interbudget, the public debt, German credit and national Settlements. This transfer was combusiness conditions, foreign trade, and the pleted on May 17, 1930, and the accounts of German balance of payments—which are given the Agent General for Reparation Payments (with some omissions) herewith, together with for both the Dawes plan and the Young plan, the introduction and conclusion of the report: up to the close of business on that date, have been examined and approved by the audi- INTRODUCTION tors. The functions of the Agent General in respect of the Dawes plan and the transition The report of the Young committee was made period are thus completely discharged, and the on June 7, 1929, and the plan which the experts present report presents the final statements of recommended was intended to take effect, acaccount. cording to its terms, as of September 1, 1929. But owing to the time expended by the con- During the whole period of the Dawes plan ferences between the interested governments, reparations have been fully paid and transby the work of the organization committees, ferred, as provided in the plan, up to a total of and by the process of ratification in the prin- nearly 8,000,000,000 of gold marks for the five cipal countries concerned, it was not until May annuity years and to as much as 2,500,000,000 17, 1930, that the Reparation Commission and for the fifth annuity year alone. The specific the Kriegslastenkommission were able to make securities provided by the plan also developed the joint report for which provision was made in satisfactorily, fully meeting or exceeding the the final clause of The Hague agreement of original expectations of the experts of the January 20, 1930. With this declaration the Dawes committee and providing a substantial new plan came into force, and with the final margin of safety for the payments required of transfers to the Bank for International Settle- Germany under the plan. The assigned revements the functions of the Agent General for nues and the German Railway Co. continue to Reparation Payments and of the several organi- provide collateral guaranties for the payment zations established under the Dawes plan came of the annuities which Germany has agreed to to an end. pay under the new plan. Owing to the length of time required for put- The Dawes plan has also realized its broader ting the new plan into effect, the entire first objects. The experts of the Dawes committee, annuity under the Young plan, covering the it will be recalled, were originally appointed to seven months' period from September 1, 1929, " consider the means of balancing the budget to March 31, 1930, was paid and transferred and the measures to be taken to stabilize the under the system of administration provided by currency" of Germany. The German currency, the Dawes plan. The same is true of that part at all times since the beginning of the plan, has satisfied both internally and externally the 1 Previous reports of the Agent General for Reparation Payments, practical requirements of the gold standard, and covering periods as indicated, have been published in part in Federal with the coming into force of the new plan it Reserve Bulletins as follows: has been placed on a full gold basis. The Ger- Period Bulletin September, 1924, through August, 1925 February, 1926. man budget was brought into balance at the September, 1925, through August, 1926 January, 1927. September, 1926, through May, 1927 August, 1927. outset of the plan, and the means for keeping September, 1926, through August, 1927 January, 1928. it in balance have been constantly at hand, September, 1927, thorugh May, 1928 July, 1928. September, 1927, through August, 1928 February, 1929. with public revenues which have developed September, 1928, through May, 1929 September, 1929. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1930 FEDERAL RESERVE BULLETIN 695 during the period of the plan to an extent far Fundamentally, the situation has not exceeding the expectations of the experts and changed, but the stage has been reached when which are undoutedly ample to meet all legiti- energetic measures of reform can no longer be mate demands for public expenditure, includ- delayed without endangering the public credit ing, of course, the discharge of Germany's and the development of the national economy obligations under the new plan. But though as a whole. The public revenues throughout the means exist, and the public revenues pro- the whole period of the Dawes plan have shown vide the essential material for a well-balanced beyond a doubt that the necessary material for budget, the determination to control expendi- budgetary equilibrium exists, and that under tures and to keep them safely within the limits prudent administration the resources available of available income has been lacking, and the to the budget would be ample to meet all result has been a long series of budgetary legitimate requirements. What has been lackdeficits which within the past year have pro- ing, however, is any determined effort to control duced a state of great tension in the public public expenditures, and the result has been a finances and which are now adding very seri- constantly mounting level of expenditure, ously to the burdens of the German economy at exceeding even the greatly increased revenues the very time when it most needs to be free to and culminating in the serious financial troubles adjust itself to the new conditions created by of the past year. The immediate necessity, the fall in world prices and the general recession without doubt, is to put the public finances in in trade and business. As the new plan comes order, and for this purpose increased taxes will into operation, the reform of the public finances undoubtedly have to be levied, at least for the is the first problem of the German Government time being. But attention needs to be directed and the German people, and on its solution will primarily to the problem of controlling public depend in large measure the future progress expenditure, and until this problem is squarely of the German economy under the new con- faced and solved there can be no question of ditions created by the Young plan. reductions in taxation. The problem, moreover, of controlling public expenditures is not This report brings to an end the record of confined to the immediate situation, or to the the administration of the Dawes plan and coming year alone. It is the fundamental presents the final figures for reparation paybudgetary problem, and it can only be solved ments and transfers under the plan up to the by firm adherence to sound principles of public close of business on May 17, 1930. It also finance. What is needed, most of all, is the reviews the development of the German public determination to keep the budget effectively in finances and of German credit and business balance at all times and at all events, plus a conditions during the whole period since the recognition of the fact that public expenditures interim report of July 1, 1929, and in these can not be permitted to rise year after year at fields it takes account of all official information their recent pace without running the danger becoming available up to and including the of drying up the sources of taxation and prejfirst 10 days of May, 1930. udicing the future development of the German * * * ** economy. V. THE GERMAN BUDGET Now, as Germany enters upon the execution During the financial year ended March 31, of the Young plan, which itself brings substan- 1930, the German budget saw the culmination tial relief through reductions in reparation payof the tendencies toward overspending and ments, the problem presents itself with renewed overborrowing which have been described in force and in a form which calls more than ever previous reports and in the memorandum of for firm leadership on the part of the Reich October 20, 1927, to the German Government. and for sincere and comprehending support The year as a whole was under the shadow of the from the States and communes. The means financial difficulties of the public authorities, are at hand, and the opportunity exists, to and at times, particularly toward the end of meet the problem on a basis that would enable December, 1929, there were periods of acute the public finances to be brought into order, tension in the finances of the Reich and of. and that would also open the way to a resumpsome of the communes. Under pressure of tion of the program of tax reductions, in these difficulties the first steps have been taken accordance with the views expressed by the to put the financial position in order, but the experts of the Young committee in their report whole problem of financial reform still calls of June 7, 1929. Tax reductions, however, most urgently for effective consideration and can only be made on the basis of assured reducaction. tions in expenditure, and up to the present Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

696 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 time the level of expenditures appears to be ing Germany's sole responsibility to make the rising rather than falling, and at a rate that needed financial reforms. gives no assurance even of effective budgetary The difficulties from which the budget of the balance, notwithstanding substantial increases Reich has been suffering are on the side of in taxation. Under the new plan the answer expenditure, and the trouble, in the main, has to the problem rests entirely with the German come from making public expenditures year Government and the German people, and their after year beyond the limits of the available decision will go far to determine the future resources. During the past year, in particular, course of German economic life and the position expenditures at times have exceeded not merely of German credit, at home and abroad. the regular resources from taxation and other The present report deals first with the current revenues, but also what could be finances of the Reich and then with the finances secured from loans and even from short-term of the States and communes, and traces their borrowings. The result has been, twice during development through the past year against the the year, in April and May, 1929, and again background of the experience which has toward the end of December, to produce a become available since the German budget was state of acute tension in the cash position of brought into balance in the first year of the the Reich and a situation of greater strain in Dawes plan. the public finances than has existed at any The budget of the Reich.—The events of other time since stabilization. the past year have fully confirmed the con- The causes which led to this situation have clusions about the budget of the Reich which been described at length in previous reports, have appeared in previous reports, not merely and particularly in the Agent General's memoas to the existence of the essential basis for the randum of October 20, 1927, to the German sound development of the budget and the Government. The difficulties have not been of adequacy of the revenue resources of the sudden development, or of the past year alone. Reich, but even more as to the urgent necessity They have been gathering for three years or of effective measures of reform in order to bring more, and their roots are to be found very the budget into balance and restore order to largely in the series of new expenditure measures the public finances as a whole. The budget of which were adopted in 1926 and 1927, and in the Reich, it is clear, has not suffered from lack the general lack of control over publics pending of revenues, though it has been shown in the and public borrowing to which the memopast year that the great increases of previous randum drew attention. These dangerous years can not be counted on to recur indefi- tendencies have been developing from year to nitely and. that there are practical limits year, with cumulative effect, and in the beyond which taxation can not well be pushed. financial year just closed they came to a head, But the actual returns for 1929-30 still show under pressure of the weight of accumulating the same high revenues from taxation as in deficits and of the high interest rates and 1928-29, and with the sources of revenue which difficult credit conditions which prevailed are released under the Young plan and the during most of the year. increased taxes recently imposed the Reich is The general course of the budget of the Reich budgeting in the current year for total revenues during the five years from 1924-25, when from all sources of about 11 milliards of reichs- stabilization first became effective, up to the marks. It remains to be seen to what extent end of 1928-29, is illustrated by the following these estimates may be affected by the world- diagram [omitted], which shows the actual wide fall in commodity prices and the recession revenues and expenditures of these years and in business and trade, but even with full the results of each year as expressed in current allowance for these factors of uncertainty it is surplus or deficit. abundantly clear, from the experience of the In the first two years, it will be observed, past six years, that the essential material exists total expenditures remained below 7,500,000,on the revenue side for the sound development 000 reichsmarks a year, and the small current of the budget of the Reich, and that under deficit in 1925-26 was more than covered by prudent administration the revenues would be the surplus of the previous year. But in the ample to meet all legitimate requirements. three succeeding years expenditures increased The Young plan, which brings substantial by leaps and bounds, and in 1926-27, 1927-28, reductions in Germany's payments to the and 1928-29, taken together, the aggregate creditor powers, has greatly improved the current expenditures exceeded even the greatly position in this regard, not merely by giving increased current revenues by a total of 2,445,direct relief to the budget but also by emphasiz- 000,000 reichsmarks. Of this deficit 1,237,000,- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

697 NOVEMBER, 1930 FEDERAL RESERVE BULLETIN 000 reichsmarks fell in the year 1928-29, not- First, and foremost, there has been no effecwithstanding the fact that current revenues tive recognition of the principle that the Govin that year reached a total of 9,651,000,000 ernment must live within its income. Revereichsmarks, or 1,961,000,000 reichsmarks more nues have been ample, and, notwithstanding than the total current revenues in 1926-27, the important reductions in taxation that were two years before. This series of deficits com- made in the earlier years, have risen to an estipletely exhausted the surplus remaining over mated total of 10,061,000,000 reichsmarks in from the years 1924-25 and 1925-26, as well as 1929-30, as compared with 7,757,000,000 the special working fund of 252,000,000 reichs- reichsmarks in 1924-25 and 8,961,000,000 marks which had been established by the reichsmarks in 1927-28. These revenues treasury outside the budget in 1924-25 out of would have been adequate to meet all legitimate seigniorage on the coinage. The remaining requirements of the Reich, and even to provide deficit was covered to some extent by recourse a reasonable margin of safety, if only a firm to long-term loans, from which a total of financial policy had been pursued. For the 553,000,000 reichsmarks was realized during past four years, however, the Government has the three years, but the final accounts for the always spent more than it received and at year 1928-29 still showred an uncovered net times, especially during 1929-30, it has made deficit outstanding at the end of the year to the commitments to spend even more than it could amount of 859,000,000 reichsmarks. The diffi- borrow. The Reich itself has been one of the culty of carrying this accumulated deficit put a worst offenders against the principle which was heavy burden from the outset on the financial announced, in the strongest possible terms, in year 1929-30, and the position became further the survey prepared by the Finance Minis-, aggravated during the year as expenditures try which accompanied the draft budget for again outran the revenues from all sources and 1929-30, as follows: led to a new current deficit. The final accounts for 1929-30 are not yet available, and the figures Once the principle of covering all expenditures by revenues is abandoned, the dam against the rising tide for this year are therefore not included in the of expenditure collapses. Neither the Government nor diagram. But it appears from the results thus Parliament will then be able to stem the flood. The far announced that the current deficit is again disorder once admitted will not be restricted to the a substantial one, and that it will amount to year of the deficit but will extend to an increasing degree to future years. Nor will the deficit be confined between 600,000,000 and 650,000,000 reichsto the public finances; it is like a running sore which marks even after taking into account about infects all the members of the national economy. 600,000,000 reichsmarks of savings realized by The first condition of return to a sound posithis budget from the adoption of the Young tion is an absolute determination to hold plan. Of this indicated deficit about 340,000,public expenditures within the limits of the 000 reichsmarks have been covered by loans available revenues, and, in addition, to leave issued during the course of the year, so that the a sufficient margin of safety to give the Govnet deficit carried forward w^ill amount to ernment protection against emergency debetween 260,000,000 and 310,000,000 reichsmands that may arise and the possibility of marks, in addition to the accumulated deficit applying some surplus, year by year, to debt of 859,000,000 reichsmarks from previous years, reduction. What is most needed is a firm or between 1,120,000,000 and 1,170,000,000 resolve on the part of the Government to live reichsmarks in all. within its income. This is a.simple program The development of the budget of the Reich which can be readily and effectively applied, during the financial year 1929-30 is presented but it requires a real exercise of will on the part in further detail in the following pages, with of the Government itself and an abandonment comparative figures for the previous five years of the easy theory of the "inevitability" of and the latest official indications as to the public expenditures. prospects for the new financial year which Second, the Government has failed year opened April 1, 1930. [This section, including after year to make the reforms which have a detailed analysis of revenues and expenses, been so frequently promised and which the omitted.] It is unnecessary to anticipate the Government itself recognizes as fundamental figures, which largely speak for themselves, to the sound construction of the budget. The but it is worth pointing out, for its bearing on financial settlement between the Reich and the future, that the budgetary troubles of the the States and communes, the reform of which Reich may be traced very clearly to the fol- was expected in connection with the adoption lowing causes: of the Dawes plan, is still governed by pro- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

698 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 visional financial arrangements which put an out in the memorandum of October 20, 1927, arbitrary drain on the finances of the Reich. were "made on the most sweeping basis, and Up to this time, notwithstanding repeated in the way most likely to bring serious constatements that the problem was to be taken sequences for the general economy of the in hand, nothing whatever has been accom- country.;? It would seem, the memorandum plished in the direction of giving the necessary further remarked, that "the German Governprotection to the budget of the Reich. The ment could have served its own interests general reform of administration, which was better by using such substantial increases as definitely promised as long ago as 1927, has an instrument for securing the reform in not yet been undertaken, and the whole administration of which so many announceproblem of reducing the costs of government ments have been made in the past two or three by rationalizing the public administrations years. It may not even be too late now to remains to be examined. The reform of the make the salary increases serve this purpose. system of unemployment insurance, which But as matters stand at present, they seem had become a pressing problem as early as likely to hinder rather than to help the cause the winter of 1928-29, was completely neglected of administrative reform, and to saddle new until the end of December, 1929, when measures and lasting burdens on the already heavily were finally taken, under pressure of the pre- burdened budgets of the Reich and the other vailing cash necessities, to raise the contribu- public authorities.'7 These views have been tions from employers and employed. But it more than confirmed by events. The reform w^as too late to put the system on a self-sup- of administration has not yet been accomporting basis over the winter of 1929-30, and plished, and the costs of the general increases the advances which have had to be made in salaries and pensions, which in practice far from the budget have put a heavy drain on exceeded the original estimates, have proved the finances of the Reich, which threatens to to be one of the most stubborn factors behind be continued well into the future unless the constantly rising level of public expenditure. effective measures can be taken without Numerous other examples of the adoption of further delay. The difficulties which con- new measures of expenditure without regard front the German Government in dealing to the financial consequences are to be found with these various problems may well be throughout the record of the past few years. recognized, and the problem of unemployment These measures have contributed very greatly insurance, in particular, has been aggravated to the budgetary difficulties of the Reich, but, by the persistent high level of unemployment even when their financial effects have become during the past year. But until now there apparent, the theory of the inevitability of has been no apparent disposition to face the expenditure is so strongly held that no steps issue squarely, and matters have already have been taken to correct them. drifted to such a point that the Government Fourth, the budget as a whole is still wrapped seems to be finding itself in more difficulties in such obscurity, particularly at the time when from continued failure to meet these problems it comes before the Reichstag, that it lacks the than it would be likely to find in resolutely salutary checks which it would otherwise get endeavoring to solve them. from public opinion and from the Parliament Third, there is the practice, much followed itself. There is, for example, a growing tendin the past five years, of adopting new measures ency to provide for expenditures outside the by legislation or decree without adequate budget by assigning special receipts to special consideration or even knowledge of their purposes, and in the draft budget for 1930-31 financial consequences. Once adopted, more- this practice has been carried so far as to sepaover, these measures soon give rise to interests rate almost the whole body of transfers to the which the Government becomes reluctant or States and communes from the general budget unwilling to attack, no matter how burdensome of the Reich. The budget is further confused the consequences for the budget. One of the by the division between the ordinary and exworst cases of this kind was the general increase traordinary budgets and the transfers between in the salaries and pensions of officials, an- them, and perhaps more than anything else by nounced by the Finance Minister of the Reich the system of carrying forward revenue and exon September 14, 1927, and applied as from penditure estimates from previous years with- October 1, 1927, not merely to the administra- out making allowance for the expected results tion of the Reich but also to the States and in the budget estimates for the current year. communes, the post office and the German Under the prevailing system, which is dis- Railway Co. These increases, as pointed j cussed in greater detail in later sections, the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBEE, 1930 FEDERAL RESERVE BULLETIN 699 budget is never presented to the Reichstag on a The budgets of the States and communes.— real cash basis, and frequently it is not until The finances of the States and communes, like the expenditures have already been made and those of the Reich, have been in difficulties the deficit already incurred that the Parlia- during most of the past year, and for much the ment gets a clear picture of the situation. The same reasons. Their revenues have greatly inevitable result has been to encourage the increased during the period of the Dawes plan, growth of unsound financial practices and to both in the form of transfers from the Reich deprive the budget of the natural checks that and in their own tax collections; but, generally would be piiovided by clear and straightforward speaking, the States and communes have been budgetary practice and accounts. following the practice of making expenditures, These various sources of difficulty are, of year after year, in excess of their available course, more or less related to each other, and resources, and in some cases the pressure of they have conspired together in the past few accumulated deficits has recently become years to produce the constantly rising volume severe enough to bring measures of financial of public expenditure which is at the root of the reform into active consideration. budgetary troubles of the Reich. The prob- The budgetary difficulties of the States and lem of checking public expenditure has become communes have been gathering for the past more than ever the vital budgetary problem of three years and more, and it has long been the Geimen Government, and the time has recognized that they have their origin in the come when a solution has to be found for it, failure to keep State and municipal expendinot merely from the standpoint of budgetary tures within proper limits. The Government stability but in the general interests of the of the Reich, as long ago as October 7, 1927, country's economic life and of its credit at pointed out, in its announcement with regard home and abroad. The problem is one which to the foreign borrowings of the States and can be solved if the will to solve it exists, and communes, that "in view of the entire present it remains true, as stated in previous reports, situation in Germany any expenditure that is that there is nothing in the situation which will not urgent or economic, whether made out of not yield to the application of sound principles foreign loans or from other sources, must be of public finance. Most important of all, the avoided." The Agent General's memorandum essential material exists, in sources of revenue of October 20, 1927, to the German Governwhich have proved their vitality even in times ment called special attention to the same probof great stress, but which themselves must be lem, and urged that the Reich should exert its treated with respect if their productivity is full leadership in the direction of keeping exto be maintained and a flight from taxation penditures of the States and communes within avoided. the limits of their available resources. The With the coming into force of the Young memorandum emphasized, in the following plan the German Government has not only the terms, tnat this was the only solution which full responsibility but also the normal incentive would go to the root of the problem: to do the things and carry out the reforms The question underlying State and communal borwhich are clearly needed in the country's rowing is not whether individual loans should be placed own interest. Germany now knows, for the in the domestic market or in the foreign market, or at first time, the full extent of her international short or long term, but whether they should be placed at all. To divert the borrowing of the States and comobligations, and the German public authorities munes from one market to the other, or to refuse it in are now able to make their calculations with one form and permit it in another, does not go to the reference to known liabilities. In this regard root of the difficulty. Overborrowing at home ^ or the coming into force of the Young plan marks abroad proceeds from the same source, namely, rising public expenditures, and it is by reducing expenditures a fundamental change in the situation. It is to the minimum that relief is* to be found. On the itself an act of confidence in Germany's good other hand, balanced budgets and economical adminfaith and financial integrity, and it calls for a istration will give the best assurance that when credit corresponding effort on the German side, now is needed for essential public purposes it will be forthcoming. that her international obligations are finally It is recognized, of course, that the Reich does not fixed and all foreign controls removed, to put control the States and communes in these matters. the public finances in order and to do the things But, when the States and communes go into foreign which are necessary to maintain the capacity of markets to finance their budgetary expenditures and internal improvements, they raise fundamental ques- Germany to discharge the obligations which tions of foreign policy which have the most direct she has assumed. interest for the Reich. And under the constitution itself the Reich has a unique opportunity and even Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

700 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 responsibility for leadership, not merely because of its general proposition that, notwithstanding the large transfers of revenue to the States and communes, large year-to-year increase in transfers from the but also because of its powers to prescribe the funda- Reich and in other available resources, the mental principles and main outlines of their laws in many matters of taxation and public finance. The States in recent years have been steadily budgforce of these considerations has been recognized to eting for deficits and that for some years past some extent in the efforts that have been made for both the States and the communes have been the past two years and more to supervise the foreign spending more than their current resources borrowings of the States and communes through an advisory organization established for this special pur- permitted. In the financial year 1929-30 the pose. These efforts, for whatever reason, have not been budgets of most of the States again showed successful, and the results appear in the swollen figures appreciable deficits, while the finances of some for State and communal borrowings that have already of the communes, including Berlin, reached such been given. A new and truly effective supervision, based primarily on the principle of controlling public a state of tension that it became necessary to expenditures, is urgently needed at this time, both in resort to emergency measures. The finances the interests of German credit and to safeguard Ger- of the State of Prussia, on the other hand, premany's economic recovery against the dangers of oversent a relatively better picture, since on the stimulation and subsequent reaction as a result of overspending and overborrowing by the public authorities. whole Prussia appears to have succeeded in keeping its budgetary deficits within man- The Government of the Reich stated, in its ageable limits and in avoiding too great a answering memorandum, that it was "devoting burden of short-term indebtedness. its greatest attention to the development of the The submission of the 1930-31 budgets of financial affairs of the States and communes." many of the States has been delayed, awaiting In practice, however, little has been done during the terms of the financial settlement for 1930-31 the intervening period but to restrict, through between the Reich and the States and comthe Beratungsstelle, the issue of long-term munes. The draft budgets of Prussia, Saxony, public loans abroad, and, instead of showing Wurtemberg, and some of the smaller States leadership, the Reich itself has set an unforwere first presented, moreover, on the basis of a tunate example to the States and communes by continuance of the arrangements hitherto in constantly permitting its own expenditures to force, and these drafts now have to be modified run beyond the limits of the available resources. to take account of the changes in the financial The States and communes themselves, instead settlement which have been introduced since of putting some check on their expenditures, their submission. In the case of Bavaria the have allowed them to rise far beyond the high Finance Minister stated in the Diet on February levels already prevailing in 1927,, and in many 19, 1930, that the budget estimates for 1930-31 cases far beyond the resources available to them could not be submitted without further inforfrom taxation and long-term borrowing. Almation regarding the financial relations of the together, the result has been the growth of a States with the Reich, and it was not until great volume of short-term indebtedness which May 6, 1930, that the draft budget for the year put an increasing strain on the capacity of the was actually presented. Only in the case of domestic credit market, culminating in the Baden and three of the smaller States does acute difficulties which developed in Decemthe 1930-31 budget appear as yet to have been ber, 1929, in connection with meeting the yeardefinitely voted. end requirements of the Reich and some of the communes. The importance of the budgets of the States and communes in the public finances of Ger- VI. THE GERMAN PUBLIC DEBT many as a w^hole is indicated by the fact that these two groups of public authorities together The steady increase of the total public debt dispose of considerably more than one-half of of Germany, which has been noted in previous the total tax revenues of Germany. Moreover, reports, continued during the financial year as their finances are closely interwoven with 1929-30. The extent of the increase is shown those of the Reich, an analysis of the budgetary not only in the public-debt statements of the position of the Reich necessarily involves an Reich, but also in the latest statistics for the examination of the budgets of the States and public debts of the States and communes, communes. The development of their budgets which now give the figures for the States and during the successive years of the Dawes plan Hanseatic cities and for the larger communes has accordingly been traced in previous reports down to the end of the third quarter of 1929-30. to the extent that the official information The principal factor, of course, in this continued permitted, and it has been observed, as a growth of public indebtedness has been the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1930 FEDERAL RESERVE BULLETIN 701 constant borrowing resulting from the budge- the year. In the case of the communes with tary deficits which have been reviewed in over 10,000 inhabitants, about 45 per cent of the preceding chapter on the German budget. their increased indebtedness in the 18 months' The reported public debt of the Reich rose period between March 31, 1928, and September during the year to a total of 10,353,000,000 30, 1929, took the form of floating debt. Not reichsmarks, a net increase of about 1,403,- only did the floating indebtedness of the public 000,000 reichsmarks. Of this increase, about authorities rise materially during 1929-30, 440,000,000 reichsmarks resulted from the but the difficulty of carrying it increased and further inscription of war damage liquidation at times, particularly in April and May, and debt certificates, but much the largest part was again in December, 1929, the tension became in treasury certificates, which alone showed an acute. Conditions in the domestic credit increase of 1,016,000,000 reichsmarks. Some market during most of the last year were not of these appear to have been issued to fund favorable to the issuance of long-term loans, various short credits which had not previously and the problem has now become so pressing been reported in the public-debt statements, that for some months past urgent attention has while 361,000,000 reichsmarks were held by the had to be given to the necessity of consolida- Agent General, representing the anticipation of ting the floating indebtedness and the possibudgetary savings under the Young plan bilities of making reductions in indebtedness rather than a further addition to the debt. out of taxes or budgetary savings. The For the most part, however, the tremendous measures which have thus far been taken to increase in the volume of treasury certificates deal with the floating debts of the public reflected the growing budgetary deficits of the authorities have been described in the pre- Reich. ceding chapter. The public debts of the States and com- The official figures of the indebtedness of the munes at the end of 1929-30 have not yet been States and Hanseatic cities and of the comreported, but the figures as of December 31, munes which have been published since the 1929, which are now available for the States last report make it possible for the first time and Hanseatic cities and the communes with since stabilization to give a comprehensive 100,000 or more inhabitants, indicate that in view of the German public debt as a whole. the first nine months of the financial year the The assembled figures for March 31, 1928, the States increased their indebtedness by 116,- latest which are complete for all the public 000,000 reichsmarks, the Hanseatic cities by authorities, show that on that date the reported 98,000,000 reichsmarks, and the communes indebtedness was divided as follows: The Reich with 100,000 or more inhabitants by about about 7,891,000,000 reichsmarks, the States 729,000,000 reichsmarks, part of which is about 1,298,000,000 reichsmarks, the Hanseatic reported to have been due to the absorption cities about 398,000,000 reichsmarks, and the of smaller communes. The most recently communes about 5,792,000,000 reichsmarks. published figures also show that the public The growth of the public debts of the various debts of the communes with over 10,000 public authorities since March 31, 1928, to the inhabitants (including those with 100,000 or extent to which official figures are now available, more inhabitants) increased during the period is also summarized in the following sections, of 18 months between March 31, 1928, and and it is possible in this way to get a fairly com- September 30, 1929, by as much as 2,371,000,- prehensive picture of the German public debt 000 reichsmarks, or about 50 per cent. up to September 30, 1929. But no complete The published statistics show further that a view can be obtained for any date later than large part of the total increase in indebtedness March 31, 1928, owing to the fact that later has taken the form of floating debt. In the information has not been published regarding case of the Reich the floating debt accounted the debts of the communes with 10,000 or less for 64 per cent of the total increase for the year inhabitants. The official figures, in all cases, 1929-30, and in the case of the States for more include short-term indebtedness but exclude than the entire net increase in their indebted- post-stabilization guaranties, debts between ness during the first nine months of the year, the public authorities, and debts of undersince there was a decrease of 7,000,000 reichs- takings belonging wholly to the public authormarks in the funded debt. In the case of the ities but existing in the form of private com- Hanseatic cities and the communes with 100,000 panies. The public debt statements of the or more inhabitants, the floating debt accounted Reich, moreover, do not yet include the repfor 97 and 60 per cent, respectively, of their aration indebtedness of Germany as finally total debt increases in the first nine months of determined under the Young plan. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

702 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 a. Public debt of the Reich.—The reported PUBLIC DEBT OF THE REICH—Continued public debt of the Reich increased by 1,403,- [In millions of reichsmarks] 000,000 reichsmarks in 1929-30 and aggregated Mar. Mar. Mar. Mar. Mar. Mar. Mar. 10,353,000,000 reichsmarks on March 31, 1930, 31, 31, 31, 31, 31, 31, 31, according to the official statements furnished 1924 1925 1926 1927 1928 1929 1930 by the Finance Ministry of the Reich. These Other Reich debts: figures, however, include 361,000,000 reichs- Guaranties (prestabilization) 448 105 51 42 marks of treasury certificates held by the Credit for re- Agent General which represent the anticipation l c a la n i d ming farm 9 12 12 12 12 of savings under the Young plan rather than a Loan from the Rcichspost 110 60 133 23 further addition to debt. The details of the Short-term loans 75 220 210 public debt on March 31, 1930, are shown in Othe to r o p b ay li g 6 ations 27 19 19 10 9 9 9 the following table, with comparative figures Totals 47, 133 83 183 198 375 242 for the end of the six preceding financial years. Grand total 5_2,406 2, 79(5 4,142 8,073 7, 891 8, 950 10, 353 PUBLIC DEBT OF THE REICH 1 Provisional estimates. [In millions of reichsmarks] 2 3 N Ca o p m it i a n l a l v a v l a u l e u e i . ncluding premium on redemption. * The inscription of this debt is not yet complete; it is expected eventually to amount to about 1,100,000,000 reischsmarks. ;Mar. • Mar. I Mar. Mar. Mar. [ Mar. i Mar. 5 Differences due to rounding off. i 31, ' 31, | 31, 31, 3J, ! 31, 31, e Excluding administrative credit at the reichsbank limited by the ! 1924 i 1925 | 1926 1927 1928 ; 1929 | 1930 bank law to 100,000,000 reichsmarks and amounting on March 31, 1930, to 50,000,000 reichsmarks, and the advance of 135,000,000 reichsmarks made toward the end of March, 1930, by the "Rank for Industrial Deben- Bonds: i tures. Loan liquidation ' debt : \ The public-debt statements up to this time with drawing j rights !_ /34,743 I 3 4,548 '3 4,340 34,194 have not taken account of the indebtedness of without draw- : { 700 ! 700 I 700 ! 713 Germany under the Young plan, as finally deing rights___|_ Reich loan of 1927.;. 364 500 500 500 termined by The Hague agreement of January Reich loan of 1929.1 _ 183 War damage liq- | 20,1930. This indebtedness is now represented c u e id rt a if t i i c o a n t es d 4 ebt :_ 562 I | 1,001 by the debt certificate of the German Government which has been given to the Bank for In- Totals i | I 1,754 ! 5,807 | 5,748 | 6,102 | 6,620 ternational Settlements in accordance with Treasury certificates: ! Annex III to The Hague agreement, and it is Dollar certificates-1 195 6 per cent, repay- stated in terms of annuities rather than in able 1935 ! 210 terms of capital debt. But on a b% per cent 6 per cent, repay- j able 1932 j basis, the rate at which the calculations of the K bonds . E bonds I Young plan were made and at which the debt Treasury bills certificate gives Germany the "right to redeem 7 per cent bonds 192^, issued to ! all or any part of the not yet mobilized annuisocial insurance j institutes i ties/7 the total capital value of the annuities 7 per cent bonds ; 1929, issued to j payable under the Young plan from April 1, old age and dis- j 1930, to March 31, 1988, amounted as of April ability insur- | ance institute.__' 1, 1930, to about 36,000,000,000 reichsmarks. Treasury certifi- ! cates issued in This figure includes the annuities payable to connection with the United States of America under the sepathe financial agreement with rate agreement concluded simultaneously with Other treasury 45 30 the adoption of the new plan. It does not incertificates 200 1, 216 clude the amounts representing the first an- Total « 599 305 108 21 61 750 1, 945 nuity under the Young plan, since these had already been paid during the transition period Bank debts: lientenbank 1,097 1,185 1, 054 922 783 656 522 between September 1, 1929, and March 31, Reichsbank _ 235 227 218 208 199 190 181 1930; and it also excludes the amounts required Total 1,332 1,412 1,272 1,130 982 846 703 for the service of the German external loan, External loan 1924: 1924, since the outstanding principal amount Dollars 454 434 3 445 3 423 3 407 3 384 Pounds sterling 433 435 429 420 412 401 of this loan already appears in the regular state- Swedish crowns 29 28 27 27 26 26 ments of the public debt. On the other hand, Lire 17 16 19 21 20 20 Swiss francs 12 12 12 11 11 11 no allowance has been made in these calcula- Total s 925 932 902 877 842 tions for the fact that the Reich receives Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1930 FEDERAL RESERVE BULLETIN 703 660,000,000 reichsmarks a year from the Ger- the further inscription of debt certificates. It man Railway Co., from October 1, 1929, to is estimated that about 100,000,000 reichsmarks April 1, 1966, as a contribution toward the an- of certificates will still have to be issued before nuities payable under the new plan. The total the inscription of this debt is complete. capital value of this railway contribution, also (c) The treasury bills discountable at the calculated on a 5% per cent basis, amounted, as Reichsbank again reached the maximum legal of April 1, 1930, to about 10,900,000,000 reichs- limit of 400,000,000 reichsmarks on March 31, marks, which counts, of course, as an asset for 1930. About 82 per cent were reported as the Reich against its total capital debt of about issued on the open market as against 91 per 36,000,000,000 reichsmarks under the new plan. cent on March 31, 1929. The reported increases and decreases in the (d) Other treasury certificates increased by various categories of the public debt of the 1,016,000,000 reichsmarks and aggregated Reich during 1929-30 were as follows, expressed 1,216,000,000 reichsmarks on March"31, 1930. in millions of reichsmarks: Full details of this amount have not been published but it appears to be made up of the New items: following items: Reich loan, 1929 183 Two hundred million reichsmarks taken by Bonds issued to old age and disability insurance institute 176 the German banks at a discount of 7}i per cent. Increases in existing items: About three-quarters of this issue were orig- Loan liquidation debt without drawing inally repayable on September 30, 1929, but rights 43 were prolonged on the same terms until the War damage liquidation debt certificates-_ 438 Treasury bills . 18 maturity of the remainder, on January 31, Other treasury certificates 1,016 1930. Subsequently, on January 17, 1930, the whole of this issue was again prolonged at the Gross increase 1,874 same discount rate, under an arrangement Decreases in existing items: according to which 100,000,000 reichsmarks Loan liquidation debt with drawing rights _ 146 will be repayable on July 31, 1930, a further Treasury certificates issued in connection sum of 50,000,000 reichsmarks on November with financial agreement with Rumania- _ 15 30, 1930, and 50,000,000 reichsmarks on De- Bank debts to Rentenbank and Reichsbank 143 German external loan, 1924 35 cember 31, 1930. Credit for reclaiming farm land _ 12 Three hundred and fifty million reichsmarks Loan from Reichspost 110 taken by the Reich loan syndicate under the Short-term loans ._ 10 direction of the Reichsbank in December, 1929. Total decrease 471 This loan bears interest at one-half of 1 per cent above the Reichsbank discount rate, Net increase 1,403 which stood at 7 per cent at the date when the The new items appearing in the debt state- loan was first issued, and is repayable in seven ment consist, first, of the 7 per cent tax-exempt monthly instalments of 50,000,000 reichsmarks internal loan issued in May and June, 1929, in from April 15 to October 15, 1930, inclusive, the nominal amount of 183,000,000 reichs- out of the amortization fund created in virtue marks, from which a total of 179,000,000 of the law of December 24, 1929, as explained reichsmarks was realized; and, second, of the 7 in the previous chapter in the section discussing per cent 5/L> year bonds, issued at 93 per cent the cash position. to the old age and disability insurance institute One hundred and twenty-five million reichsin the last half of the financial year, in the marks of 1-year treasury bonds issued in three nominal amount of 176,000,000 reichsmarks, tranches in January, February, and March, from which 163,000,000 reichsmarks were 1930, and maturing on January 15, February realized. Both of these issues were described 15, and March 15, 1931, respectively. in the last report. One hundred and eighty million reichsmarks The increases in existing items of the public taken by the German Railway Co. originally in debt during the year were as follows: the form of short-term certificates, but recently (a) The loan liquidation debt without draw- renewed and extended to a longer term by ing rights, the figures of which are not yet final, arrangement between the German Government increased by 43,000,000 reichsmarks in conse- and the Railway Co. quence of the settlement of certain outstanding Three hundred and sixty-one million reichsclaims. marks taken b}" the Agent General for Repara- (b) The war damage liquidation debt in- tion Payments, pursuant to the provisions of creased by 438,000,000 reichsmarks, following The Hague protocol of August 31, 1929, as Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

704 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 supplemented and extended by The Hague in anticipation of the 150,000,000 reichsmarks agreement of January 20, 1930. These treas- payable to the Reich upon the coming into ury certificates represent, in effect, an anticipa- force of the new plan, representing the April tion of the savings which accrue to the German 1 installment of the service of the industrial Government under the Young plan rather than debentures. a further addition to the public debt. The following table, expressed in millions of The decreases in existing items of the public reichsmarks, shows the various categories of debt during the year were as follows: the floating debt as reported for March 31, (a) The loan liquidation debt with drawing 1930, with comparative figures for the end of rights decreased by 146,000,000 reichsmarks, the three previous financial years: due to the annual drawing of bonds made in October, 1929, and paid in December, 1929. Mar. 31, (6) The treasury certificates issued in connection with the financial agreement with Rumania decreased by the retirement of Treasury bills 15,000,000 reichsmarks in April, 1929: an- Treasury certificates under agreement with Rumania other 15,000,000 reichsmarks have since ma- Other treasury certificates Guaranties (prestabilization) tured on April 1, 1930, and the balance comes Loan from Reichspost due April 1, 1931. Short-term loans Other obligations to pay (c) The debt of the Rentenbank decreased Total by 134,000,000 reichsmarks, of which 60,000,000 reichsmarks came from the four quarterly payments by the Reich, due under paragraph The growth of the floating debt during 1929- 7b of the law on the liquidation of Rentenbank 30 has been discussed at length in the previous notes, and the balance from interest pay- chapter in connection with the cash position ments by the owners of the mortgaged land of the Reich. With the coming into force of under paragraph 7a of the law. The debt to the Young plan, important reductions may be the Reichsbank decreased by 9,000,000 reichs- expected to take place, partly through the marks, the amount of the annual payment by redemption of the 361,000,000 reichsmarks of the Reich provided for in the budget. treasury certificates held by the Agent General, (d) The German external loan, 1924, de- which were in fact retired on May 17, 1930, and creased by 35,000,000 reichsmarks, primarily also through the various special funds which through the operation of the sinking fund. revert to the Reich as the Dawes plan comes to (e) The credit for reclaiming farm land, an end, as outlined in the previous chapter. which amounted to 12,000,000 reichsmarks on In addition, it has been officially announced, March 31, 1929, appears to have been liqui- in the Finance Minister's declaration of Janudated. At any rate, it has not been reported ary 27, 1930, to the Reichstag, that the floatin the published statements since June, 1929. ing debt will be reduced by the proceeds of the (/) The special loan from the Reichspost loan which the Reich is to receive from Kreuger which amounted to 133,000,000 reichsmarks on & Toll and the Swedish Match Co., to which March 31, 1929, decreased to 23,000,000 reichs- reference has also been made in the preceding marks on March 31, 1930, thus reflecting the chapter. According to the terms of the Swedlessened volume of Reichspost funds available ish match contract the proceeds of the first for this purpose, as indicated in the preceding tranche of the loan, in the nominal amount of chapter. $50,000,000, w^ould not have become payable to (g) Short-term loans decreased by 10,000,000 the Reich until August 29, 1930, while the reichsmarks, leaving a balance of 210,000,000 proceeds of the second tranche, in the nominal reichsmarks outstanding on March 31, 1930. amount of $75,000,000, were not payable until The floating debt of the Reich, as shown in May 29, 1931. Under the leadership of the the public debt statement, amounted to 1,888,- Reichsbank, however, a syndicate of German 000,000 reichsmarks on March 31, 1930. and foreign banks and bankers was formed in This total, however, does not include the March, 1930, for the purpose of discounting administrative credit granted to the Reich at both tranches of the loan so as to make the the Reichsbank, amounting on that date to proceeds of the first tranche available to the 50,000,000 reichsmarks, or the advance of Reich in April, 1930, and the second tranche in 135,000,000 reichsmarks made toward the end June, 1930. In the communique announcing of March by the Bank for Industrial Debentures, the conclusion of these arrangements, the Fi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

705 NOVEMBER, 1930 FEDERAL RESERVE BULLETIN nance Ministry emphasized that the proceeds of POST-STABILIZATION GUARANTIES ASSUMED the Swedish match loan were intended to serve REICH—Continued the reduction of the floating debt and added [In millions of reichsmarks] that "through the discounting of the proceeds Oct. 1, Jan. 1, of this loan the Finance Minister will bring 1928 1930 about the reduction of this floating debt at once. The debt amortization which is contemplated Shipping: Loan to— 35 in the law of December 24, 1929, and which, Rhine-Main-Danube Canal A. G. 7 in the course of the budget year 1930-31, is to Tan N k e s c te k a a m r e C r a s nal A. G 16 be effected in the amount of 450,000,000 reichs- 57 Total i 61 marks, from new taxes and economies, is to Housing and settlements: be carried out in addition/' The Finance Small dwelling houses 200 14 1 6 7 Minister has thus undertaken that the funds Refugee settlements 70 Small dwellings for Reich employees and war 2 derived by the Reich from the discounting of victims 25 the proceeds of the match loan will be applied Total 295 165 at once to the reduction of the floating debt, Occupied territories: instead of finding their way into additional Communes with curative spas. 3 3 expenditure. The public debt statement for Agriculture and commerce 6 5 April 30, 1930, however, has not yet been Total i 8 8 p w u h b a l t i sh ex ed te , nt a n t d h e i t f lo is a t n in o g t k d n eb o t w n m , a t y h e h r a e v fo e r e b , e e to n Misc D e e ll u a t n s e c o h u e s s : Museum in Munich- 4 4 reduced up this time through the funds that Grand total 783 522 were received in April, 1930, from the discounting of the first tranche. 1 Differences due to rounding oil. The official statements of the public debt do The foregoing table, it appears from the text not include the contingent liabilities outstand- of the survey, has been drawn on a different ing under the various guaranties undertaken basis from the table of guaranties assumed by by the Reich since stabilization, principally in the Reich as of October 1, 1928, which was aid of industry, housing, foreign trade and published with the survey accompanying the agriculture. According to a statement of draft budget of 1929-30 and summarized in the the Finance Ministry which appeared in the last report. This table showed guaranties to a survey accompanying the draft budget of total of 1,189,000,000 reichsmarks as of October 1930-31, these guaranties aggregated 522,000,- 1, 1928, including the guaranty of the dividend 000 reichsmarks on January 1, 1930, as com-on 400,000,000 gold marks, nominal amount, of pared with 783,000,000 reichsmarks on October preference shares issued by the German Railway 1, 1928. The details are indicated in the fol- Co. The table now published, however, does lowing table: not take this guaranty of railway preference shares into account, either on October 1, 1928, POST-STABILIZATION GUARANTIES ASSUMED BY THE or on January 1, 1930. The survey indicates, REICH furthermore, that even the figures now pub- [In millions of reichsmarks] lished for these two dates have not been prepared on the same basis, and that the figures . ! Oct. 1, Jan. 1, for October 1, 1928, include certain guaranties ! 1928 1930 authorized but not taken up, whereas the figures for January 1, 1930, comprise only guaranties Agriculture: ! Agricultural machines ... i 21 actually assumed and do not include guaranties Fertilizers ...... . .; 34 authorized but not yet taken up, amounting at Vine-growers .. ...J 30 Live-stock marketing companios ... .; 22 that date to 550,000,000 reichsmarks, or Debt consolidation credits ..._!_ Loans to peasants in East, Prussia, etc... • _ guaranties which have expired in the meantime Miscellaneous \ with or without being taken up. No conclu- Total i __j 104 sions therefore, can be drawn from the apparent decrease of 261,000,000 reichsmarks in out- Trade and commerce: I Flax growing and spinning I 8 6 standing guaranties between October 1, 1928, Kussian credits 139 36 Other support of German exports ! 132 134 and January 1, 1930. Industrial undertakings (Mechernicher Werke, ; • Xiederschlesische Bergbau A.-G., Komnick A.- j The total losses incurred under these guar- (}., Ost preussenwerk) ; 30 anties up to January 1, 1930, are reported as Total i 308 amounting to 48,000,000 reichsmarks, of which Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

706 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 40,000,000 reichsmarks were met out of the ment of the public debt as a whole if it were reserve fund created in the years 1927-28 to clearly understood for the future that no new 1929-30, while the balance of 8,000,000 reichs- drafts wTere to be made on the public credit in marks remains to be covered in 1930-31 out of this form. an appropriation of 13,000,000 reichsmarks b. Public debts of the States and comincluded in the draft budget to replenish the munes.—Considerable progress has been made reserve fund. On the general question of the by the Reich Statistical Office since the last risk of loss under outstanding guaranties, and report in bringing up to date the assembled the dangers of these guaranties from the stand- statistics of the public debts of the States and point of the budget of the Reich, the survey communes, as reported to the Reich pursuant accompanying the 1929-30 budget contained, a to the decree of June 23, 1928. Under this significant statement from the Finance Minis- decree monthly statements must be furnished try of the Reich, in the following terms: by the States and by communes with over 100,000 population, while communes with a Since, as stated above, most of the guaranteed claims population between 10,000 and 100,000 are have not yet matured, these particulars do not give an exact picture of the degree of risk entailed by the required to furnish their debt statements individual guaranty categories. But it is already quarterly. The figures for the public debts of possible to say that the greatest risk is entailed by the States and all the communes are now guaranties for credits accorded to individual industrial complete as of March 31, 1928, and are sumundertakings (the credits known as subsidy credits), marized in the table on page 707, to which, in and that in addition considerable losses are to be feared in all cases where assistance to branches of enterprise, order to give a comprehensive view, the figures instead of taking the form of nonrepayable grants or of for the public debt of the Reich on that date Reich credits shown as expenditure in the budget, have been added. A similar table was pubtakes the form of a guaranty of the Reich. There is lished in the last report, without including the grave danger that the decision to take up a guaranty, which is no charge on the budget under discussion, will figures for the Reich, but the official informabe all too lightly adopted, and that a subsequent budget tion regarding the indebtedness of the comyear will be burdened with charges which the current munes as of March 31, 1928, had not then been year is possibly unable to bear. fully published, particularly in respect of post- A further statement in much the same sense stabilization indebtedness contracted within appears in the survey accompanying the 1930- Germany. In view of the importance of the 31 budget, as follows: missing information, an estimate was made The inherent risk can be kept within tolerable limits of this indebtedness by the Economic Service if the guranties are not misused in the sense of providof the Transfer Committee and was included in ing necessitous undertakings with a backing which enables them to take up short-term credits which then the table published in the last report. The have to be made good by the Reich as they fall due, and official figures, which are now available, indicate if relief is not given to particular branches of industry that this estimate was too low by as much as or particular districts in this form in the place of grants 2,145,000,000 reichsmarks. The estimate, it in aid or direct credits by the Reich. Such attempts tend to conceal the real budgetary position inasmuch will be recalled, was based on the reports of as expenditure which is bound to be incurred is not loans issued by the public authorities on the shown clearly at the moment of its being voted in the capital market, as published monthly in budget. It also tends readily to lead to a certain cheer- Wirtschaft und Statistik, but it now appears, ful readiness to make grants, wiiich revenges itself on later budgets not responsible for the grants. from the survey accompanying the official figures as of March 31, 1928, that nearly 40 Notwithstanding the view^s thus expressed by per cent of the total poststabilization domestic the Finance Ministry of the Reich, it appears debts of the communes had taken the form of from recent announcements that a further floating debt, consisting mainly of current series of guaranties is now under consideration, advances from the savings banks and of other primarily for agricultural credits and for relief short credits taken up on the money market, in the agricultural districts toward the east. which are not included in the figures published A guaranty of the Reich operates, of course, in Wirtschaft und Statistik and concerning as a pledge of the public credit, and apart from which no official figures were available at the the risk of loss to the budget it puts an intime the estimate which appeared in the last direct burden on the credit of the Reich, which report was made. The underestimate on reacts adversely on all direct issues of Reich this account amounted to 1,525,000,000 reichsobligations. There are strong presumptions, marks, and in addition there was a further undertherefore, against the assumption of additional estimate of about 620,000,000 reichsmarks in guaranties, and it would greatly strengthen the the funded domestic debt, due to the fact that Government's credit and facilitate the manage- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOYEMUK: FEDERAL RESERVE BULLETIN 707 the loan figures published in Wirtschaft und 31, 1929, as published by the statistical office Statistik failed to show the whole of the long- of the Reich: term debt contracted. PUBLIC DEBTS OF THE STATES AND HAVSEATIC CITIES PuBi.i'1 DEBTS OF REICH, STATES AND HANSEATIC [In millions of reichsmark^] CITIKS, AND COMMUNES, MARCH 31, 1928 States Hanseatic cities [In millions of reichsmarks] Mar. I Mar. Dec. Mar. I Mar. Dec. I I Hanse- r 1 3 9 1 2 , 8 ! I 1 3 9 1 29 , i . 3 1 1 9 , 29 3 1 1 9 , 28 ! ' 3 1 1 9 , 291 3 9 1 2 , 9 ; .«; States | &^ Prestabilization: Prestabilization: ! Revalorized paper Kevalorized paper mark debt— j mark debt 28 : 32 28 95 : 89 ; Bonds with redemption rights. 4, 548 : 28 | 1,049 Fixed-value debt 32 i 32 32 40 ; 37 ; Bonds without redemption I rights 700 ' 1 i ll : 17 Total2 64 80 135 | 126 124 Fixed-value debt ;' 1,054 | 32 40 i 90 Poststabilization: ! i Total- ! 6,302 | 146 , 1,156 Contracted abroad— j Funded debt ' 379 378 373 143 1 151 150 Post-stabilization: Floating debt j 133 115 174 76 : 23 100 Contracted abroad- Funded debt 902 j 379 143 I 512 493 547 219 ; 173 250 Floating debt 133 70 30 Contracted within Total 902 ! 512 219 542 Germany- Contracted within Germany- Funded debt 287 435 438 1! 26 30 Funded debt . ..* 512 • 287 1 2.570 Floating debt ! 438! 735 799 33 : 155 173 Floating debt 175 i -138 33 1,525 1, 1711 1,236 34 ' 180 203 687 725 4, 095 Total 2. 1,237 ! 1,664 ! 1,783 i 253 I 353 I 453 Total 1,589 ; 1,237 4, 637 Grand total 2 1,298 | 1,727 j 1,843 j Grand total l_ -! 7,S 8 !J 91 ; 1,298 5, 792 1 Excluding bonds without drawing rights and unsettled claims. i Differences due to rounding oil. 2 Difference due to rounding oil'. The official figures indicate that the total The indebtedness of the States on December indebtedness of the communes as of March 31, 31,1929, stood at a total of 1,843,000,000 reichs- 1928, amounted to 5,792,000,000 reichsmarks, marks, an increase of 116,000,000 reichsmarks or nearly two-fifths of the total indebtedness in the first 9 months of the financial year of all the German public authorities. Of the 1929-30 as compared with an increase of indebtedness of the communes on this date, 429,000,000 reichsmarks in the preceding 12 4,637,000,000 reichsmarks, or about four-fifths months. The increase in the floating debt of the total, consisted of poststabilization debt, of alone was 123,000,000 reichsmarks, contracted which 4,095,000,000 reichsmarks were reported about one-half abroad and one-half within as having been contracted within Germany Germany, while funded debt decreased by and 542,000,000 reichsmarks abroad. About about 7,"000,000 reichsmarks. one-third of this poststabilization debt w^as The debts of the Hanseatic cities have conreported to be in the form of floating debt, con- tinued to grow at a somewhat faster rate, sisting principally of interim credits obtained in and are reported as amounting on December 31, Germany pending the issue of long-term loans. 1929, to a total of 577,000,000 reichsmarks, an In addition to the assembled statistics as of increase of about 98,000,000 reichsmarks in the March 31, 1928, the published figures of the first 9 months of 1929-30 as compared with an public debts of the States and Hanseatic cities increase of 91,000,000 reichsmarks in the precedand of the larger communes are now" complete ing 12 months. As in the case of the States, to December 31, 1929, wThile figures for the the increase was almost entirely confined to the communes of more than 10,000 inhabitants are floating debt, other debt having remained available as of September 30, 1929. These practically stationary. About 81 per cent of later statistics are summarized in the next the increase in the floating debt is reported to two sections. have been contracted abroad through the sale 1. Public debts of the States and Hanseatic of treasury certificates. cities.—The public debts of the States and The States and Hanseatic cities, in addition Hanseatic cities as of December 31, 1929, are to their direct indebtedness summarized in the summarized in the following table, with com- foregoing table, have also incurred debts to the parative figures for March 31, 1928, and March Reich, mainly in the form of reimbursable Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

708 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 credits for housing, and have assumed guaran- period the debts of the States increased by ties for various purposes, principally in respect 464,000,000 reichsmarks, or 36 per cent, and of bonds issued by their public credit institu- those of the Hanseatic cities 149,000,000 tions. The credits from the Reich to the States reichsmarks, or 39 per cent. The communes amounted to 139,000,000 reichsmarks on Decem- whose debts are included in the table have thus ber 31, 1929,^ showing a decrease of 62,000,000 increased their indebtedness at an appreciably reichsmarks in the first nine months of 1929-30 greater rate than the States and Hanseatic in consequence of the reimbursement of credits cities. for mortgages on small dwellings granted in 1926-27. Reich credits to the Hanseatic cities, PUBLIC DEBTS OF THE COMMUNES WITH MOKE THAN on the other hand, remained practically un- 10,000 INHABITANTS AND OF THE ASSOCIATIONS OF COMMUNES changed at 19,000,000 reichsmarks on December 31,1929. Information concerning the guar- [In millions of niichsmarks] anties assumed by the States and Hanseatic cities is not available for any date later than Ma 19 r. 2 8 31, Se 1 p 9 t. 2 9 30, Increase2 March 31,1928, when they are reported to have amounted to a total of 618,000,000 reichsmarks. Prestabilization: Ke valorized paper mark debt1 924 945 21 2. Public debts oj the communes.—The official Fixed-value debt 89 114 26 statistics of the indebtedness of the communes, Total 1,013 1. 059 47 though not so current or complete as those for Poststabilization: the other public authorities, are still adequate Contracted abroadfor an appreciation of their present position. F Fl u o n a d ti e n d g d d e e b b t t 49 2 7 7 7Q 1 < 2 > 3 2 0 1 9 5 The latest figures covering all communes are 524 718 195 for March 31, 1928, already summarized in the Contracted within Germanytable on page 707; but for the communes with Funded debt ___ _.. 1,921 2,979 1,058 over 10,000 inhabitants and for the associa- Floating debt 1,267 2,338 1,071 tions of communes, statistics of public debts 3, 188 5, 317 2,129 are available as of September 30, 1929, while Total 2 3,712 6. 03f> 2,324 for the communes with 100,000 or more inhab- Grand total2 4,724 7. 095 2,371 itants the debt figures are available as of De- ] cember 31, 1929. 1 Excluding bonds without drawing rights and unsettled claims. The table opposite shows, as of March 31, 2 3 D D i e f c fe re re a n s c e e . s due to rounding off. 1928, and September 30, 1929, the public debts of the communes with more than 10,000 The growth of the communal indebtedness inhabitants and of the associations of com- during the 18 months' period occurred princimunes. No figures are available for the public pally in the domestic poststabilization debt, debts of the communes with 10,000 inhabitants which increased by 2,129,000,000 reichsmarks, or less on any date later than March 31, 1928; of which 1,058,000,000 reichsmarks represented but even without these figures the table gives funded debt and 1,071,000,000 reichsmarks a comprehensive picture of communal indebt- floating debt. The prestabilization debt edness and of its growth during recent years. showed an increase of 47,000,000 reichsmarks, In the figures of March 31, 1928, the debts of due to the further settlement of disputed claims the smaller communes amounted to only 18.5 in the case of the revalorized debt and to a per cent of the total, while the official commen- more complete assembling of the figures of the tary accompanying the figures of September 30, fixed-value debt. 1929, states that "the share of these smaller The debt figures in the foregoing table do communes in the total communal debt has not include the credits granted to these comprobably decreased since March 31, 1928/' munes by the Reich or the States for housing, The table shows that in the 18 months ended productive unemployment relief, etc., or those September 30, 1929, the public debts of the obtained from rent tax funds. On September communes with more than 10,000 inhabitants 30, 1929, the credits from the Reich and the and of the associations of communes increased States aggregated 435,000,000 reichsmarks, as by a total of 2,371,000,000 reichsmarks, or compared with 404,000,000 reichsmarks on about 50 per cent. Of this increase about March 31, 1928, while credits from rent tax 10,000,000 reichsmarks are reported as having funds aggregated 353,000,000 reichsmarks on resulted from the absorption of smaller com- September 30, 1929, as compared with 204,munes by the larger ones. During the same 000,000 reichsmarks on March 31, 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

709 NOVEMBER, 1930 FEDERAL RESERVE BULLETIN The total floating debt of the communes in- PUBLIC DEBTS OF THE COMMUNES WITH 100,000 OE cluded in the table amounted to about 2,350,- MORE INHABITANTS 000,000 reichsmarks on September 30, 1929, [In millions of reichsmarks] practically all of which is reported to have been Mar. 31, Mar. 31,! Sept. 30,i Dec. 31, contracted within Germany, though substan- 1928 1929 I 1929 , 1929 tial amounts indicated as contracted within Germany are probably held abroad. This tre- Prestabilization: mendous volume of floating debt, in conjunc- Revalorized paper mark debt l\ 559 541 i 567 Fixed-value debt j 59 74 ; 74 ; 73 tion with the greatly increased floating indebt- Total 2_ 629 : 640 edness of the Reich, has kept the domestic credit market under heavy pressure throughout Poststabilization: Contracted abroadthe past year. The tendency of the floating Funded debt 413 593 ! 592 : 602 debt to increase more largely than the funded Floating debt 5 ! 1 ' 1 debt is characteristic of the recent development 413 598 ! 593 I 603 of the indebtedness of all the German public Contracted within Gern au ec th ti o o r n i ti t e h s, e i n o c f l f u ic d i i a n l g s t u h r e ve R y e i a c c h c . om I p n a n th y i i s n g c o t n h - e ma F F n l u y o n — a d ti e n d g d d e e b b t t 1,330 \ f 1 1 . , 0 1 1 4 0 8 , 1 1 . , 3 2 0 8 7 6 : : 1 1 , , 4 4 1 4 5 3 debt figures of the communes for March 31, 1,330 2,158 2,653 : 2,858 1928, states that before the war intermediate Total2.... 1,743 2,757 3, 24!) ; 3,461 and short-term debt was created by the com- Grand toUll 2 2,301 3,372 3,875 • 4,100 munes almost entirely for the purpose of meeting temporary cash requirements, while the 1 Excluding bonds without drawing rights and unsettled claims. postwar growth of communal floating debt has 2 Differences due to rounding off. been due largely to the unwillingness of the The indebtedness of the large communes, it communes to borrow^ at long term at the high will be observed, increased by 729,000,000 rates prevailing in the domestic capital mar- reichsmarks in the first nine months of 1929-30, ket. The true explanation, however, is to beas compared with an increase of 1,011,000,000 found in the fact that for some years past the reichsmarks during the whole year 1928-29. communes have lived largely beyond their in- An appreciable part of this increase appears to comes and have fallen back more on short- have resulted from the absorption of small term and intermediate credits to finance capital communes, and during the first half of the year expenditures and public works which should alone about 176,000,000 reichsmarks out of a never have been undertaken unless first assured total increase of 503,000,000 reichsmarks are of proper financing at long term. The result reported to have been due to this cause. The has been to put a severe strain on the domestic floating debt of the large communes increased market and on the cash position of the public from 1,015,000,000 reichsmarks on March 31, authorities, and under pressure of this neces- 1929, to a total of 1,444,000,000 reichsmarks on sity emergency measures have had to be taken, December 31,1929, practically all of which is reas outlined in the previous chapter, to deal ported to have been contracted within Germany. with the problem of debt consolidation. In addition to the public debts included in The table below shows the public debts of the table, the communes with 100,000 or more the communes with 100,000 or more inhabit- inhabitants are reported to have taken up ants on four different dates beginning March credits out of public funds to a total of 346,- 31, 1928, and ending December 31, 1929.000,000 reichsmarks on December 31, 1929, as These are the latest figures of communal in- compared with 310,000,000 reichsmarks on debtedness, and they make it possible to fol- March 31,1929. About one-half of these credlow the development of the public debts of the its was granted by the Reich and the States, larger communes up to the end of 1929. The and about one-half was obtained from rent tax indebtedness of these communes on March 31, funds. 1928, amounted to about two-fifths of the aggregate public debts of the communes on that VII. GERMAN CREDIT CONDITIONS AND THE date, and the subsequent figures up to Septem- CURRENCY ber 30, 1929, are already reflected, of course, The German economy during the past year in the statistics given in the previous table for has had to contend with many disturbing communes with more than 10,000 inhabitants. forces, some of them purely internal, as, for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

710 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 example, the state of the public finances; taking the year 1929 as a whole, the figures others mainly due to the suspense and uncer- show that the physical volume of production tainty attending the long discussions over the and trade was slightly larger than in 1927 and complete and final settlement of the reparation 1928, both years of large business activity. problem; and still others, world-wide in their The outstanding commercial development of effects, including first the strong movement of the year 1929 was the further growth of the funds away from Europe during most of 1929, export trade, with the result that the value of and then the sharp decline of commodity goods exported finally overtook and slightly prices and the general recessions in production exceeded the value of imports, and this without and trade during recent months. In the face any reduction from the previous year in the of these difficulties, the German economy as a volume of raw materials imported for the use whole has succeeded in maintaining its essential of German industry. The value of exports stability, and in some very important directions has been increasing since 1925 at an average it has shown new strength and self-reliance. rate of about 1,000,000,000 reichsmarks a year, Some of the disturbing elements have now run but heretofore, except in 1926 when imports their course, and with the coming into force of were seriously curtailed, exports had still the Young plan there enters a new factor of remained below imports. This deficiency in stability and confidence. But other adverse the merchandise trade balance has been one of factors, such as the state of the public finances the major causes for Germany's dependence in and the general depression of trade, still remain, previous years on foreign credit, and its disand their effects are to be seen in a somewhat appearance in 1929 was of primary importance diminished volume of business in Germany because it diminished the degree of that depenand in the high level of unemployment which dence. In the first quarter of 1930 the vitality prevails. of the export trade has been well maintained. Before dealing in detail with the results of The continued growth of exports, which the period, it is interesting to review in broad itself had much to do with maintaining the outline the changes in business and credit volume of production during 1929 at a high conditions which have taken place since the level, reflects among other things the results of end of 1928. At that time, it will be recalled, the laborious process of rationalization and the available figures showed that normal consolidation which has been under way ever forces had again asserted themselves in many since 1925. The efficiency now attained has departments of the German economy, giving reduced costs of operation, and reorganizaevidence of underlying stability and of a tion generally has greatly increased the capacity broader and sounder basis of credit. There of German industry to compete in foreign had already occurred, however, an event of markets. In recent months consolidations or considerable importance, namely, the Novem- intimate working agreements have been effected ber, 1928, lockout in the Rhenish-Westphalian in banking and shipping, which correspond in steel and iron industry, which accelerated their practical consequences to the earlier the seasonal rise in unemployment and affected combinations in the steel, potash, and chemical indirectly the activity of other industries. In industries. the early months of 1929 the effects of the lock- A factor only less important than the growth out were aggravated by weather of unprece- of exports in bringing German foreign trade dented severity, which brought seasonal un- into balance in 1929 was the greater producemployment to the highest level reached up to tivity of agriculture, the effect of which, that time and restricted both the output and coupled with the lower prices paid for foreign distribution of goods. But with the coming grains, was to reduce the value of imported of spring there was a prompt rebound, and foodstuffs. But the same conditions added by midsummer the shortages of the winter seriously to the difficulties of agriculture, months had been largely made up. In some which were already pressing, particularly in particulars, notably in heavy industry, the some sections, because of the heavy burden of volume of production reached a higher level interest on debts incurred in previous years. than at any previous time, and from April to The situation in the district east of the Elbe November, 1929, the general index of produchas been acute for some time, but the further tion stood well above the average of the two decline in the prices of agricultural products previous years. During the late autumn a that occurred over the turn of the year 1929-30 recession developed in many branches of indusintensified the difficulties of agriculture as a try and trade, which was carried somewhat whole. The special measures for the relief of further in the eaiiv months of 1930. But agriculture, including the increased duties Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1930 FEDERAL RESERVE BULLETIN 711 recently imposed on agricultural products and a year, the full amount fixed under the Dawes the other measures which the Government has plan for the standard annuity, and reparation under consideration, have been followed b}^ an payments were thus being made at a leA^el improvement in domestic grain prices, but they 750,000,000 reichsmarks higher than in any have raised at the same time questions of far- previous year of the Dawes plan, and higher, reaching importance for the business and com- indeed, than will be required in any year under mercial policy of Germany. On the other the Young plan. Beginning with the month hand, it seems clear that the possibilities of of September, under The Hague protocol of rationalization are by no means exhausted, August 31, 1929, reparation transfers were in and that much can still be accomplished not" effect placed on the reduced basis provided in merely in the development of intensified forms the Young plan. Another demand, effective of agriculture but also through technical im- during the whole year 1929, was for interest provements in the methods of distribution and and sinking fund payments on debts incurred the organization of agricultural credits. abroad, which stood at the largest figure up to In the field of credit, the German money that time, reflecting, of course, the rise in Germarket in 1929 was confronted with unusual man foreign indebtedness during previous years. difficulties on both sides, the side of supply At the same time the money market had to and the side of demand. In each previous support a volume of housing construction someyear since stabilization, foreign credits at long what larger than in previous years and to proor short term had flowed into Germany in vide funds to carry a high average volume of great volume. But in 1929, owing to condi- production and trade. Finally, the public tions at home and in the international money authorities, by reason of their urgent demands markets, the amount of fresh credit from abroad for credit, exerted greater pressure than ever was much reduced. The total of long-term before on the money markets. This pressure loans for the year fell to about one-fifth of the was most acute in the final months of the year, former amount, and the net growth of short- when for a time the uncertainty as to the positerm credit of all sorts appears also to have tion of the public finances overshadowed the been much reduced. entire business situation, and the Government of the Reich was obliged to take emergency The special factors operating to restrain the measures for the purpose of meeting its yearflow of credit into Germany during 1929 cenend requirements. tered on three principal developments—the great speculative activity prevailing on the The pressure thus exerted on the money New York Stock Exchange, which until the markets from all sides had its natural conseautumn drew funds from all over the world quence in high money rates, and except for the and restricted the market for fixed-term invest- first quarter of the year interest rates ranged ments of all sorts; the restraints exercised by higher in 1929 than in any of the preceding the Reichsbank on the use of foreign credit at three years. In April and May, during the both long and short term; and the negotiations period of suspense over the outcome of the for the complete and final settlement of the Paris conference, money rates reflected a temreparation problem, which extended over the porary crisis of confidence, and this was folentire year. The most acute phase of the lowed by a brief period in which the Reichsbank reparation negotiations passed in May, 1929, was obliged to return to the policy of credit when it became clear that the committee of rationing. But even after these special inexperts was about to reach an agreement, but fluences had passed, representative rates ranged in the earlier period of suspense, as appeared from midsummer onwards to the end of the year from the last report, an immense amount of from half a point to as much as two points liquid funds had been withdrawn from the above the rates prevailing in corresponding German market. Later in the year the return seasons of 1927 and 1928. flow of funds somewhat more than made up for During the first few months of 1930, conthis loss, but the recurrent waves of uncer- sistently with the ease of money which has tainty with respect to the final settlement and developed in other important markets, rates the controversies incidental to it discouraged for short-term loans have rapidly declined. At both the long-term borrower and the long-term the end of April the Reichsbank rate stood at lender. 5 per cent, a level touched only once before The demands made on the money market since stabilization and 2% points below the during 1929 were also exceptional. Until Sep- rate of last summer. Long-term rates, as extember, for example, the reparation charge was pressed in the yield of standard bonds at currunning at the rate of 2,500,000,000 gold marks rent market prices, have also declined though Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

712 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 much more moderately. These lower rates for in hand with the benefit Germany obtains money are of unquestioned benefit to the Ger- from the decline that has taken place in the man economy at large, but it should not be prices of the raw materials which she has to overlooked that the decline thus far has been import for the use of her industries. As an mainly a reflection of lower rates in other importer of credit and of raw materials, a markets. The margin by which representa- decline in prices works directly to reduce the tive rates in Germany exceed rates in other cost of manufacture and of doing business important centers is still about the same as generally. during the whole second half of 1929, and it The final agreement reached at The Hague was only during April that any narrowing of on January 20, 1930, which took the form of the spread began to appear. German law on March 13, 1930, removed the Largely by reason of the improvement in the uncertainty as to the amount of the reparation balance of trade and the higher money rates obligations and brought to an end the suspense prevailing in Germany as compared with those that had attended the course of the reparation in other principal markets, the reichsmark has negotiations. This feeling of suspense, and stood ever since June, 1929, as one of the particularly the agitation that continued up to strongest currencies in the world. Indeed, its the very end over various phases of the settlestrength in the foreign exchanges has been ment, dampened business enterprise and introsuch that before the end of March, 1930, the duced an element of hesitation and doubt into gold and reported devisen reserves of the Reichs- German credit and business conditions. The bank had somewhat more than recovered the removal of the reparation question from the losses incurred in the period which culminated field of political controversy was one of the in the crisis of May, 1929, while at the end of principal contibutions of the Dawes plan to April the total reserves, reported and unre- the reconstruction of Germany, and the final ported, are understood to have been somewhat settlement of the whole problem under the higher than at any previous time. Young plan, with the lifting of foreign controls From the broad outlines drawn in the fore- and the substitution of a certain for an uncergoing paragraphs it appears that the German tain obligation, coupled with the large reduction economy during the larger part of the year 1929 in the annual financial burden, should prove a had to deal with exceptionally difficult credit most constructive factor in the development of conditions. Nevertheless, the physical volume German economic life. of production and trade, taking the year 1929 Other factors remain, which have a restrainas a whole, was slightly larger than in the best ing influence. The recent decline in business preceding year, and the volume of goods ex- activity in other important countries of the ported considerably exceeded the exports of world and the general fall in commodity prices former years. The tendency of domestic provide elements of uncertainty which serve to business toward the end of 1929, however, restrain business recovery in Germany, as well was downward, and this period of slackness has as abroad. In addition, within Germany itself, in the main continued through the months basic unemployment remains a stubborn probcovered by the latest available figures, coin- lem, and agriculture in large sections of the ciding with the depression in business elsewhere country finds itself in a difficult position. At in the world. In short, German industry and the same time, the disorder in the public trade have shown remarkable resistance during finances continues to be one of the most serious all this period to adverse and sometimes critical factors of disturbance in the entire situation, influences, and only late in the period have and it remains the chief problem still to be definite signs of recession appeared, in harmony settled. Its effects have been manifested in with similar conditions in other countries. many directions, not the least of which is the Many of the difficulties which proved most influence it exerts on the cost of credit. A disturbing in 1929 are already passed or have considerable part of the margin by which been much mitigated. The high cost of credit interest rates in the German market exceed the world over, for example, has given way, at those in the international markets is attribuleast for the time being, to an unusually low table to the public authorities, whose requireinternational interest rate. This development ments in the shape of taxes and loans limit the is of special importance to Germany, w^hich accumulation of investment funds and raise must still have recourse, though doubtless to the cost of money to private borrowers, and a diminishing degree, to foreign markets for at the same time seriously interfere with the marginal amounts of capital. The advantage efforts of German business and industry to thus derived from low interest rates goes hand readjust themselves to the changed conditions Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1930 FEDERAL RESERVE BULLETIN 713 of world prices and world trade. This handi- the direction of independence of foreign funds cap can only be removed by internal measures as a source of credit. of financial reform, and until these have been 1. Funds from abroad.—The limitations on taken the position of the public finances will the inflow of foreign funds during the year 1929 remain one of the principal obstacles to the were due in part to German banking policy and economic progress of Germany. still more to conditions in the international a. Demand for credit and the supply.— money markets. The Reichsbank for some Before proceeding with the detailed study of years past has exerted its influence against the numerous factors of supply and demand foreign borrowing, and whenever internal conwhich have entered into the German credit ditions permitted has reinforced its influence situation during 1929 and the first few months with its discount rate. For about four months of 1930, it is useful to point to twTo develop- in the spring of 1929, as appears in the next ments which distinguish the period from any section of this chapter, the Reichsbank's rate preceding it. One is the growth of exports to stood lower than at any time in the preceding the point of equilibrium in the trade balance, year or more, and other money rates in the with imports at a high level, and the other is German market were at levels consistent with the decrease in the volume of foreign borrowing. it. Abroad, on the other hand, largely by It is possible, of course, to establish a rela- reason of the great speculative activity on the tionship between these two developments only New York Stock Exchange, which drew funds indirectly, through the German money market from all over the world, money conditions were as a whole. Converging on the German money more or less strained and the demand for market, regarded as a unit, are all the demands foreign bonds in the principal markets was from whatever source, such as the innumerable very narrow. The market for issues of bonds and varied demands for funds at both long and remained limited well up to the end of the year. short term for purely domestic purposes, as well as the demands for funds ultimately find- FOREIGN LOANS ing their way abroad. The latter include [In millions of reichsmarks] funds utilized to make reparation transfers, to pay for imported goods, to pay interest on 1930, foreign debt and so on. All of these several 1925 1926 1928 1929 J a a r n y u - - Total demands taken together exert pressure on the April market for the funds available in it. On the other side, that is, the side of supply, funds Loans of the States... 138. 6 270. 6| 267. 3 . 676.5 Provincial or comaccumulate from the export of goods abroad munal loans 256. 0 249. 5i 112.5 237. 4] 34.5 5.0 894.9 and from domestic sources, through savings or Loans of public and semipublic underotherwise, and if these are not sufficient to takings: : balance the sum total of the demands, the (a) Of the Reich. 161. 25.2 336.0; 152.3 ! 675' (6) Of the States, latter are restricted, or funds are attracted Provinces, and communes 202. 351. 205.7 588.3J124.4 179. Oil,651.7 from abroad, or both. Loans of private enterprises 472. 0 742.0 597. 3: 529.11156. 1 155. 5 2,652.0 During 1929, as has already been indicated, Loans of various the German money market was subjected to church organizations 25. 1 57. 4. li 32.1 22.4 8.8 150.1 demands which in several directions were ex- Total 1, 256. 2 1, 696. 4 1, 522.9 1, 539. 2 337. 4348. 3,6,700.4 ceptionally large. Yet for reasons which will presently appear in detail, the supply of foreign funds available to the market in the shape of The figures shown in the foregoing table for loans and credits was much reduced as com- the year 1929 differ but slightly from those for pared with previous years. The market was the first six months of the year, as given in the thus faced with a shortage of funds, and in interim report. Indeed, in the six months from consequence encountered certain difficulties, June 30 to December 31, 1929, the new longwhich would have been much accentuated had term issues placed abroad amounted to less not access to foreign sources of funds been than 50,000,000 reichsmarks, of which 15,000,found through larger shipments of goods. 000 reichsmarks were for a municipality, 21,- The increase in exports offset somewhat more 000,000 reichmarks to a steamship concern, and than 1,000,000,000 reichsmarks of the decline about 12,000,000 reichsmarks to church organoans and credits, and relieved the market to izations. All told, the long-term loans issued that noteworthy extent. In its broader aspects abroad for German account in 1929 were this result represented a long step forward in hardly more than one-fifth the amount offered Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

714 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 in any one of the previous three years. The official memorandum presented with it, will be net increase in the gross foreign indebtedness to facilitate the investment of foreign funds in on that account was probably negligible, after German enterprises and to encourage the retaking into account sinking-fund installments tention of German capital in the country, as paid on the debt already outstanding. Dur- well as the return of domestic capital now ining the first four months of 1930 long-term vested abroad, and thereby to enlarge and issues abroad aggregated 348,000,000 reichs- cheapen the supply of credit available for the niarks, or more than during the whole of 1929. German economy. The main issues consisted of one for a private The most recent estimate of the total shortenterprise in February and two for semipublic dated debt which has been published with electrical concerns in March and April. These official authority remains that of the Institut transactions, however, can not be regarded as fur Konjunkturforschimg, which was given in having constituted in any important sense a the last report. According to this estimate, the revival of the foreign market for long-term volume of foreign funds in Germany, other German loans. than long-term credits, amounted at the end of The changes during 1929 in the short-dated 1928 to about 8,500,000,000 reichsmarks. This debt owing abroad were far more pronounced figure was not presumed to be more than an than in the case of the long-term debt. In the estimate; it represented the accumulated balfirst five months there was a rapid outflow of ance of funds, other than the proceeds of longfunds, due in the first instance to the differen- term loans, moving into and out of Germany, tial in money rates prevailing during the early as shown in the balance of payments estimates part of the year, and later to the uncertainty of the Reich Statistical Office. Out of the total over the outcome of the Paris conference. it was estimated that 7,000,000,000 reichs- During the summer and autumn the current marks were in the form of short-term credits. turned the other way, and funds again flowed The Institut, it should be added, estimated a toward Germany. It is impossible, in the decline of 500,000,000 reichsmarks from the absence of published figures, to state in accu- total figure of 8,500,000,000 reichsmarks durrate terms the extent of the decline in short- ing the first four months of 1929, but did not dated debt during the spring or the extent of indicate the nature of the reduction. the rise during the remainder of 1929. From There has been another source of funds from the evidences available it may be estimated abroad of considerable importance during the that there was a net increase which may be past year, though the amount necessarily revery roughly placed at somewhere between mains a matter of conjecture. From time to 800,000,000 and 1,200,000,000 reichsmarks. time substantial purchases of shares for foreign In the early months of 1930 international account have been made in the German market, money rates still favored a flow of funds into offset in part at least by purchases for German Germany, but the extent of the movement is a account in foreign markets. During 1929 there matter of conjecture. On the other hand, appear to have been relatively unimportant during the past year and more, there appears to purchases of shares by foreigners in the open have been a considerable flow of funds abroad market, but there has been a considerable for the purpose of evading taxation, and, what number of cases where foreign corporations is tantamount to the same thing, a retention have acquired direct participations in kindred abroad of interest and profits accruing in German industries. In some cases these parforeign markets for German account. The ticipations have been acquired by an exchange amounts involved are, of course, impossible to of shares; in others purchases have been made appraise. for cash. Sometimes these participations In order to remove some of the existing re- amounted merely to the reestablishment of restrictions placed on capital invested in Ger- lations broken by the war; sometimes also they many, whether foreign or domestic, a bill was were prompted by the desire of the foreigner to approved by the Reichsrat on May 2, 1930, get a foothold in the German market or to and has since been presented to the Reichstag, utilize a German plant for producing goods for the intent of which is to permit the Govern- export to neighboring markets; and sometimes ment of the Reich, with the assent of the the initiative came from the German side as a Reichsrat and a committee of the Reichstag, to means of enlarging working capital. A list of reduce or suppress taxes on income derived the principal new participations in German from capital and on capital transactions of enterprises during .1929 has recently been various sorts. The purpose of any changes in published by the Institut fur Konjunkturtaxes made under this law, according to the forschung. On the basis of partial data, the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

.NOVEMBER, 1930 FEDERAL RESERVE BULLETIN 715 Institut came to the conclusion that the total bank rate and market rates corresponding with amount involved in such participations dur- it, the foreign exchanges responded to ordinary ing 1929 must have equaled or exceeded the economic forces and there was a substantial amount of German loans publicly issued outflow of funds, reflecting the more profitable abroad, that is, about 350,000,000 reichsmarks. use to which money could be put in other mar- In this estimate, it should be observed, no kets. In April, 1929, however, fbrces of allowance has been made for German participa- another nature intervened to depress the tions in foreign enterprises. reichsmark still further and to cause very large The consideration of the economic effects of withdrawals of gold and devisen from the foreign borrowing belongs to preceding years Reichsbank. These forces had their origin in rather than to the present, and the discussions the suspense incident to the work of the exgiven in previous reports are not repeated perts7 committee in Paris, and in the doubts here, except by way of referring to the general which arose in the second half of April as to function which foreign funds have performed. whether the conference would succeed in Without reference to the specific purpose which reaching a positive result. Foreign bankers any particular loan was intended to serve, it is showed more and more disinclination to buy clear that foreign credits as a whole have German bills, and late in April there developed greatly accelerated the process of German some disposition to withdraw deposits then reconstruction, by providing essential funds at subject to call and to give notice with respect a time when the German economy was not yet to time deposits. Within Germany a tendency strong enough to provide them for itself. The was manifested to convert domestic balances proceeds of foreign loans, upon entering into into foreign funds and to postpone the bringing the German economy, supplied the material home of balances accruing abroad. There was out of which German labor and enterprise anxiety to cover open commitments in foreign could create new and larger domestic values, currencies; and for the first time since stabiliand in the four years of active borrowing, con- zation became effective in 1924, some nervoussidering conditions at the start and the funds ness showed itself with respect to the stability then available, there took place a growth of of the currency, and a demand developed trade and an extension and renovation of plant among people of small means for notes in such as had not been equaled in any previous foreign currencies. These were quoted for a period of equal length. The sound character time at a premium over the rates for teleof that growth depended, of course, primarily graphic transfer. on the magnitude of the supplemental values The Reichsbank freely met the demands for created, and, secondly, upon the capacity of foreign exchange as they were made, but it those values to earn a return in,excess of the was not until April 25, 1929, that it raised its cost of the borrowed funds. Taken as a whole, rate from 6% per cent (where it had stood since and without reference to any individual loan, January 12) to 7% per cent. Subsequently, the there is no reason to doubt that the new values Reichsbank took other measures to protect created in Germany during the period of the the exchange, which are described in the next Dawes plan have aggregated several times the section. By the middle of May the turning amount of the foreign debt incurred. This point had come at the Paris conference, and was manifest a year ago, and the experience this gave strong support to the Reichsbank's of the past year, when the inflow of funds has protective measures. The exchange strengthbeen reduced to small proportions, amply conened rapidly and on May 25, 1929, for the first firms this conclusion. time since the end of December, 1928, the 2. Foreign exchanges and interest rates.—The dollar was quoted below par with the reichsfirst five months of 1929 formed a period when mark, and sterling declined to the computed the reichsmark showed pronounced weakness gold import point. in the foreign exchanges, but the remainder of From the last week in May, 1929, up to the the year, together with the early part of 1930, present, with very rare exceptions, the reichshas been a period of pronounced strength. The mark, as measured by its position in the fortwo periods compare, of course, with those eign exchanges, has been one of the two or mentioned in the previous section, the first three strongest currencies in the world. The •covering the months when short-time funds preponderant reason, of course, has been the were flowing away from Germany and the high level of interest rates in Germany as comsecond when the reverse current had set in. pared with those prevailing in other markets, Up to the close of the first quarter of 1929, but the improved balance of trade has also been under the influence of the relatively low Reichs- a factor of great importance. The foregoing 19367—30 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

716 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 diagram [omitted], showing interest and foreign rate to the same level as a year before, but exchange rates Berlin-New York, illustrates only rates in the open market averaged from half a one interest rate in each of the two countries, a point to one point higher than in the previous rate which is nearly though not absolutely com- year. The special factor exerting pressure on parable between the two markets, and is per- the market was the immense volume of dehaps th£ least subject to fluctuation of all open- mands from the Reich, the States, and the market rates currently quoted. It will be seen communes, which reached something of a clithat as a rule, whenever the margin has wid- max as the turn of the year approached. ened between the Berlin rate and the rate in In the first few weeks of 1930, consistently New York, the value of the dollar in terms of with the usual easing of money at that season, reichsmarks has tended to fall; and, on the there came a decline in money rates which has other hand, whenever the margin has nar- been carried well beyond the period when a rowed, the value of the dollar has tended to countermovement usually takes place. The rise. It should be understood, however, that Reichsbank, in recognition of this tendency and during most of 1929, up to the time in October of the strong foreign exchange position of the when the intense speculative activity on the reichsmark, has made four further reductions of New York Stock Exchange came to an end, the one-half point each in its discount rate—on rate in New York which exerted the most January 14, 1930, to 6% per cent, on February potent influence was that for stock-exchange 5 to 6 per cent, on March 7 to 5% per cent, and call loans. The fluctuations in this rate on March 25 to 5 per cent, thereby establishranged in the spring between 6 and 20 per cent, ing the rate at the lowest level since 1927. and in the summer between 6 and 15 per cent; Other money rates have declined correspondit was not until October that it fell below 6 per ingly and in February and March averaged less cent. than in the corresponding months of both 1928 The high level of money rates abroad, for and 1929; in April they declined practically which the rates current in New York were the to the low level prevailing in 1926 and the early principal moving cause, made it necessary for months of 1927. Central bank discount rates the Reichsbank, if it was to recover the gold and money rates in other countries have also and devisen reserves lost in the spring, to main- declined since the turn of the year, with the tain its discount rate at !}{ per cent until result that the spread between rates in Ger- November 2, 1929, and other money rates in many and those abroad is still almost as wide Germany also remained high. as during the summer and autumn of 1929. The action which the Reichsbank took to re- In general, and in summary of the foregoing, duce its rate on November 2, 1929, was a rec- it appears that interest rates in Germany from ognition of the change in the international the first quarter of 1929 until the end of the level of interest rates, and also of the fact that year were higher on the whole than in corthe position of the Reichsbank in respect of responding seasons since the end of 1925, and both the amount of its reserves and the de- that the decline since the beginning of 1930 has mand for its credits had become much easier. been largely a reflection of money-rate move- The reduction, which was by half a point, left ments in other countries. The high level of the discount rate at 7 per cent. The Federal interest rates in Germany has been due to a Reserve Bank of New York had reduced its complex set of conditions, partly international rate at the end of October from 6 to 5 per cent, and partly internal. The forces originating and in November made a further reduction to abroad appear now to have spent themselves, 4K per cent. The Bank of England lowered its but the most disturbing of the internal forces, rate in successive half-point stages from 6% to that arising from the demands of the public 5 per cent, and a number of other European authorities, largely remains. It is manifest central banks made one or two reductions from that high interest rates increase the cost of the high rates previously in effect. In conse- every business transaction involving the use of quence, the spread between rates for money in credit and thus operate as a direct burden on Germany and those prevailing in important the development of the economy. There can foreign markets was broader in the final weeks be no doubt that in this way the disorder in the of 1929 than at any time in nearly two years, public finances has had a restraining effect on contrasting with the narrowness of the spread business, and that it would give great relief to at the close of 1928 and during the early the whole structure of credit and business if months of 1929. effective measures of reform were to be taken. The very moderate reduction at the begin- 3. Reichsbank reserves and credit.—The forces ning of November brought the Reichsbank already described have produced important Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1930 FEDERAL RESERVE BULLETIN 717 changes in the volume of the Reichsbank's During the period of decline in the spring of reserves and in the amount of Reichsbank 1929 the Reichsbank sold devisen to the market credit employed. The period when these forces freely upon demand. Its sales of gold, made had their most acute effect centered on the for the purpose of replenishing its holdings of month of May, 1929, when the reserves fell to devisen, the Reichsbank carried out on its own the lowest point since the middle of 1926, and account in the main European and overseas the volume of Reichsbank credit in use rose to financial markets. These sales had the practical the highest point since stabilization. result of preventing the purchase and shipment In the first weeks of 1929 the Reichsbank's of gold from Germany on private account. stock of gold and devisen eligible for reserve During the subsequent period of rise, the against notes showed a slight rise, thereby con- Reichsbank both bought devisen when offered tinuing the movement which had proceeded at favorable rates and purchased gold when the with great vigor during most of 1928. On latter was delivered to it at its main office in January 23, 1929, the reserves stood at 2,893,- Berlin or at any of its branches. As a matter 000,000 reichsmarks, the largest total up to of financial practice, the Reichsbank reserved that time on any reporting date since stabiliza- to itself full discretion as to the amount of tion and a figure not to be attained again for devisen it was prepared to buy and the price more than a year. From the end of January, it was prepared to pay. The gold received 1929, onward to May 7, 1929, there was a during the summer and early autumn was progressive decline, which was greatly accel- derived chiefly from the British market, repreerated toward the end of the movement. senting in part gold newly shipped from South Without counting supplementary amounts of Africa. Later in the year, gold was received devisen taken from its unreported stock (which from Argentina, mostly in the shape of pre-war includes among other items foreign bills of German gold coins, and at the very end of the maturities longer than are legal for currency year from the United States. During the first reserves), the decline in the Reichsbank's gold five months of 1930, further gold was purchased and devisen holdings amounted to 1,074,000,000 in London for German account, partly new reichsmarks. Thereafter, in response to the gold from South Africa and partly gold offered measures which the Reichsbank took to protect in that market by Spain. Substantial shipits position, and reflecting also the prospect of ments of gold have also been received from agreement in the experts' committee at Paris, France, the first since the war. a contrary movement began which has con- The volume of Reichsbank short credit outtinued fairly consistently up to the present, standing at the end of May, 1929, was larger favored by the differential in interest rates than at any time since stabilization, as appears which has prevailed between German and in the foregoing diagram and table [omitted]. foreign markets. By the end of December, The figures given are the sum of three items 1929, the reserves stood at 2,687,000,000 reichs- currently shown in the Reichsbank statement, marks, a rise for the period of 868,000,000 namely, bills and checks, Reich treasury bills, reichsmarks, and by the middle of March, and collateral loans. For the period up to the 1930, the loss incurred during the preceding middle of 1926 the figures have been adjusted year had been fully recovered. Since that as explained in previous reports, on such a time, gold reserves have continued to increase basis as to afford a fair comparison with the while reserves of reported devisen have been figures of later dates. reduced, and as a consequence total reported In addition to the pressure which its 7% per reserves have shown little change. This leaves cent discount rate exerted on the volume of out of account any changes which may have credit, the Reichsbank for a brief period in May occurred in the devisen not reported in the and early June, 1929, resorted to the emergency periodical condition statements of the Reichs- measure of rationing credit, a means which it bank. But according to its annual report, the had employed in the period of recovery from Reichbank's stock of such devisen on December the inflation and had found to be effective. By 31, 1929, stood at 409,000,000 reichsmarks, the middle of June, when conditions had reassomewhat higher than the year before, and sumed a more normal aspect, the Reichsbank there are indications that the unreported hold- was able to abandon this measure. From then ings have since been increased, in order to on, with the inflow of gold and devisen from obtain the benefit of the higher yield that can abroad, the volume of short credit declined be secured from bills of longer maturities. month by month, until by the end of November Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

718 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 the total was some 700,000,000 reichsmarks 30, 1929) nearly 7,100,000,000 reichsmarks of less than in May, though still somewhat higher funded debt and about 4,800,000,000 reichsthan at the end of November, 1928. marks of floating debt. Of these amounts, the During the last weeks of 1929 there appeared figures show that about 2,400,000,000 reichsto be some probability that the year-end settle- marks of funded debt and about 2,700,000,000 ments, complicated by the additional require- reichsmarks of floating debt were incurred in ments of the Reich for funds in the amount of the 18 months from March, 1928, to September, about 400,000,000 reichsmarks, would lead to 1929. Figures for December 31, 1929, which a new expansion of credit. But the actual are available only for the Reich, the States, increase in the use of Reichsbank credit at the and the communes of 100,000 or more inhabend of the year was about the same as in previ- itants, show a further increase in the debts of ous years, indicating that the rise was largely these groups of authorities, in the three months of a seasonal nature. The total in fact was less since the end of September, of about 150,000,000 than at the end of 1927, and was smaller also reichsmarks in the funded debt and about than during the period of strain in the spring of 850,000,000 reichsmarks in the floating debt. 1929. In the first weeks of the new year there Taken by themselves and without further comwas a prompt liquidation of Reichsbank credit, ment, the mere size of these figures goes far to at first corresponding in volume to that of a explain the strain on the credit markets and year before and later exceeding it, and this the spread of interest rates in Germany above has been recognized in the successive reductions those prevailing in foreign financial centers. of the Reichsbank's discount rate. At the It is, of course, the floating debt which has end of April, 1930, the volume of Reichsbank produced the greatest difficulties. Efforts to outstanding short credit was about 70,000,000 convert it into long-term debt have crowded reichsmarks lower than at the end of January, the investment markets, and again and again which is usually the seasonal low point for the have stifled them before they were able to year. acquire any reserve strength. Moreover, the The Reichsbank, as the Young plan comes rapidity of its growth, particularly during 1929, into force, is in a remarkably strong position, has put severe pressure on the entire credit and its discount rate, at 5 per cent, has been system. Nominally this unfunded debt is reduced to a point touched only once before short-dated, but much of it is short only in the since stabilization. Its reserves of gold and sense that it is awaiting some future opportundevisen stand at the highest levels ever reached, ity for conversion. In default of conversion, and the amount of its credit in use ranges well which its very size and growth have tended to below the levels of recent years. prevent, it backs up as a burden on the banks 4. Public credit.—The change in the position and the other sources of short credit. of the public authorities from large lenders to High interest rates operate to restrict comlarge borrowers has been a fundamental element mercial borrowing by making it more expenin German credit conditions. As will be sive and thus less profitable. But the same rule recalled from the reports during the first three does not work with anything like the same years of the Dawes plan, there existed up to the efficiency in the case of public borrowing. middle of 1927 a more or less acute problem cen- Only in the long run, when high fixed charges tering on the administration of the large funds become a burden on the tax budget, does the at the disposal of the public and quasi-public rate exert a direct pressure on the use of credit authorities. These funds were frequently so by the public authorities. Some communes invested and managed as to counteract Reichs- during the autumn of 1929 appear to have bank policy, and they were a fertile source of paid from 11 to 14 per cent interest on loans of encouragement for programs of public spend- nominally short duration. Long-term bonds ing. This phase passed as spending exhausted offered by representative German cities in the the free balances and the Reichsbank was able course of 1929 frequently carried an effective to extend its authority. In place of it came a yield of 9% to 9% per cent. The effect of such new phase, that of severe pressure on the credit rates, of course, was to establish a competition market by reason of the immense demands of for funds which private borrowers, dependent the public authorities for loans. upon profits for the means of paying the service As has been seen from the extended discus- of loans, could not meet. sion in the chapters on the German budget and There is no occasion, in view of what has thejpublic debt, the Reich, the States, and the been said in preceding chapters, to outline the communes with over 10,000 inhabitants have measures which have been taken or which may incurred since stabilization (up to September be in prospect for dealing with the short-dated Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1930 FEDERAL RESERVE BULLETIN 719 debt of the public authorities. This over- LARGE PRIVATE BANKS hanging volume of debt remains one of the [In millions of reichsmarks] most pressing problems not merely of public I finance but of the credit markets; and just as Jan. Dec. I Dec. Dec. Mar. i Mar. the rapid growth in the floating debt has been 1,1924 31,1927 31,1928 31,1929 31,1929 31,1930 the factor which strained credit most in the past year, so would an effective programme for ASSETS its reduction relieve the German credit situa- Cash, amounts due from clearing banks and banks tion as a whole. of issue _ 118 358 ! 410 382 231 I 219 Amounts due from banks 5. Banking and other short-term credit.— and bankers 527 1,108 1,278 1,171 1,240 1,024 The pressure which the weight and immobility Bills and treasury notes •51 | 2,001 732 | 2, 2,661 3,018 Advances on merchandise. _ 76 : 853 1,527 1 1,728 1,567 1,664 of the short-dated debts of the Reich, the Advances on stocks and States and the communes have exerted on the Su b n o d n r d y s loans, total 5 2 8 1 0 4, 5 0 7 5 7 9 4,629 5,2 4 0 9 7 5 5, 6 0 5 6 5 7 5, 5 7 0 2 5 4 short-term credit market has been assuming (a) On stock exchange securities.. 1,234 1,291 1,209 1,367 cumulative importance since 1927. In addi- (b) Other 3, 395 3,916 3, 858 4,357 tion, there have been periods of acute tension Bank buildings 181 181 183 183 176 183 from other causes, as for instance in April and LIABILITIES May, 1929, when funds were flowing away from Capital stock. _ _._ 452 527 527 520 505 520 Germany during the uncertainty as to the Reserves : 189 267 278 295 288 295 Deposits il, 187 7,462 9,091 9,349 9,175 9,630 outcome of the meeting of the experts for the Customers' credits with other banks 692 1,328 1,625 1,317 1,596 final settlement of the reparation problem. Acceptance liabilities 433 458 473 475 470 In preceding years, the increase in the volume Long-term liabilities of credit reported by the leading German banks has been more or less directly associated with In the year 1929 deposits of the reporting an inflow of funds from abroad. In 1929, as banks covered by the table showed an increase has already been observed, foreign funds were of about 260,000,000 reichsmarks, as comscarce; during the first five months of the year pared with increases in the years 1928 and 1927 the flow of short-term funds was away from of about 1,630,000,000 and 1,320,000,000 Germany, and taking the year as a whole, the reichsmarks, respectively. The increase during net inflow of such funds was apparently much 1929 was not spread evenly through the year. smaller than in previous years. Accordingly, During April and May there was a rapid more than at any time in the past three years, decline in deposits, reflecting the suspense over the German banks during 1929 had to rely the outcome of the Paris conference. The upon domestic resources for their capacity to subsequent upward movement did not fully increase the volume of credit. compensate for this decline until nearly the end of the year. The following table gives the latest available data, with comparable figures for previous Another item on the liability side of the dates, as reported by certain large private account gives some measure of the reliance banks which as a group represent about three- on foreign credit for the purpose of carrying quarters of the total private banking strength goods in process of distribution. This item, of Germany. The number of banks whose listed as customers' credits with other banks, figures are included in the table was reduced represents acceptance credits granted by foreign from six to five early in 1929 by the amalgama- banks to German firms through the medium of tion of the Commerz-und Privatbank and the German banks. It increased during 1929 by Mitteldeutsche Creditbank, and again to four about 300,000,000 reichsmarks, as compared in the autumn of 1929 by the amalgamation of with an increase of about 630,000,000 reichsthe Deutsche Bank with the Disconto-Gesell- marks in 1928. schaft, with which were incorporated at the Up to the end of 1928 the volume of treasury same time four smaller institutions formerly notes of the Reich and the States held by the related to one or the other of them. The banks had not been in large amounts. On figures of the four smaller banks for earlier December 31, 1928, the combined item repredates have been introduced into the above senting bills and treasury notes amounted to table and thus it is not precisely comparable about 2,730,000,000 reichsmarks, of which less with similar tables printed in previous reports. than 150,000,000 reichsmarks consisted of Figures are now currently reported by certain treasury notes. On December 31, 1929, the other large banks, but are not available for combined item stood at about 2,810,000,000 earlier years and therefore are not included in reichsmarks, of which 380,000,000 reichsmarks this compilation. consisted of treasury notes. It follows from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

720 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 these figures that the banks' holdings of com- TWENTY-ONE STATE AND PROVINCIAL BANKS INCLUDmerical bills declined slightly during the year, ING SEEHANDLUNG whereas their holdings of treasury notes, in [In millions of reichsmarks] consequence of the pressure for credit from the public authorities, increased by about 150 per Mar. Mar. June Oct. Nov. Mar. cent. 31, 31, 29, 31, 30, 31, 1928 1929 1929 1929 1929 1930 The other changes among the assets of the banks are self-evident except in one or two Cash and amounts due particulars. The decline in the item repre- from banks and bankers. 374 647 428 383 421 447 senting amounts due from banks and bankers Bills and treasury notes 407 408 450 399 389 568 Loans and advances, total. 1,631 1,844 1,922 1, 884 1,876 1,741 is largely due to the consolidation of the (a) on stock exchange securities._. 256 274 246 243 240 245 Deutsche Bank and the Disconto-Gesellschaft, (b) other 1,375 1.570 1,676 1,641 1,636 1,496 which had the effect of eliminating interbank Long-term loans 903 1,447 1,514 1,596 1,608 1,683 Deposits 2,538 3,067 3,004 2,885 2,907 2,982 deposits between the several banks. The Long-term liabilities. 941 1,378 1,406 1,456 1,468 1,542only other item which showed any marked decline during the year was the item repre- SEVENTEEN GIROZENTRALEN senting advances on stocks and bonds, chiefly loans to brokers. This decline reflected the [In millions of reichsmarks] prevailing inactivity of the share markets. In the first three months of 1930, the state- Mar. Mar. June Oct. Nov. Mar. 31, 31, 29, 31, 30, 31, ments of the banks included in the table have 1928 1929 1929 1929 1929 1930 reflected the easier conditions prevailing on the money market. Deposits showed an increase Cash and amounts due from banks and bankers. 469 630 313 339 383 449 of 280,000,000 reichsmarks, or more than in Bills and treasury notes 168 244 154 129 129 221 the entire year 1929, and on March 31, 1930, Loans and advances, total. 832 1,104 1,157 1,142 1,101 1,170 (a) on stock exchange reached a record figure of 9,630,000,000 reichs- securities 70 70 102 92 87 68 marks. Customers' credits with other banks, Long (b -t ) e r o m th e l r oans 1, 7 16 0 9 2 1 1 , , 0 9 3 0 4 2 1 1 , , 0 9 5 3 5 2 1 1, , 9 0 5 5 1 0 1 1, , 9 0 5 1 3 4 2 1, , 1 0 0 7 2 2 together with its corresponding asset item, Deposits 1,630 2,157 1,832 1,805 1,820 2,038 Long-term liabilities 1,047 1,788 1,788 1,806 1,802 1,915 advances on merchandise, declined slightly, reflecting in part seasonal influences and in part the general recession in trade. Corresponding The principal change in the statements of to the growth in deposits, the banks' loans the public banking institutions during the year and advances, including those on stock ex- ending March 31, 1930, relates to their longchange securities, also increased. Their hold- term loans, which rose somewhat more than ings of treasury notes continued to increase their long-term liabilities. Deposits of both and at the end of March, 1930, amounted to groups of banks declined during the year, as over 610,000,000 reichsmarks, while holdings did also their cash and amounts due from banks of commercial bills showed a further slight and bankers, while their short-term loans and decline. investments taken as a whole showed little The following tables show combined state- change. ments for 21 State and provincial banks, the It should be noted in connection with the chief one of which is the Prussian State Bank foregoing table, as well as with that for the State or Seehandlung, and 17 Girozentralen, the and provincial banks, that the reporting central institutions through which the various system was changed in March, 1928, and that savings offices and communal banks are inter- comparative figures before that date are not related. End-of-year statements for these available. banks are not published. The compilation for The volume of bills drawn and circulating in March 31, 1930, differs slightly from those for Germany has latterly declined. In part this earlier dates, as one relatively small provincial reduction represents a decline in the prices of bank has recently been amalgamated with one commodities, but it may also reflect some of the Girozentralen. falling off in the number of bills drawn. The Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1930 FEDERAL RESERVE BULLETIN 721 following table [omitted] reproduces figures 1930, with the easing of money which then published by the Institut fur Konjunkturfor- took place, the private discount rate declined schung. until at times it was more than half a point During the spring months of 1929, in con- below the Reichsbank rate, and early in May nection with the withdrawal of deposits from there was a spread of a full point. the banks, there was a large movement of bills 6. National income and the formation of away from the commercial banks and into the capital.—The German national income, accordhands of the Reichsbank and the minor banks ing to figures recently published by the Institut of issue. Subsequently, as conditions righted fur Konjunkturforschung, stood in 1929 at a themselves, this movement was corrected and level of about 70,000,000,000 reichsmarks, that the portfolios of the banks increased; but the is to say, about 16,000,000,000 reichsmarks, or volume of bills circulating in the open market 30 per cent, higher than in 1925. If allowances continued to decline. In the foregoing table are made for the growth of the population in [omitted], the figures showing bills held by the intervening years, and for changes in the general banks include bills held by numerous institutions price level, the national income on a per capita in addition to those whose condensed statements basis has risen by about 15 per cent. This have already been given. Figures are not yet increase illustrates the progress made up to the available for the period after September, 1929. present, notwithstanding the almost continual The volume of rediscountable treasury bills shortage of loanable funds and other difficulties, of the Reich outstanding during 1929 and the in rebuilding the German economy after the first quarter of 1930 has remained at or near inflation. Considerable as this progress has the legal maximum of 400,000,000 reichsmarks. been, the level of the per capita income of 1913 Up to the spring of 1929, these bills were fairly has not yet been reached. The Institut has consistently in the hands of the banks, other calculated the index figure for that year, which institutions and the public except over short takes account of changes in prices and populaperiods at the month-end settlements, but dur- tion, at 120 as compared with 100 in 1925 and ing April and May, 1929, a substantial volume 115 in 1929. came into the hands of the Reichsbank under rediscount. From midsummer until December GERMAN NATIONAL INCOME the volume of treasury bills under rediscount rarely exceeded 100,000,000 reichsmarks, but [In billions of reichsmarks] at the end of December the volume so held by the Reichsbank rose temporarily to 241,000,000 1925 192o 1927 1928 1929 reichsmarks, the largest amount reported up to that date. After the turn of the year the A Tr g a r d ic e u a lt n u d r e industry. 1 3 1 . . 2 7 1 3 1 . . 3 7 1 3 2 . . 5 9 13 3 . . 4 0- - 1 3 3 . . 6 2 1 3 3 . . 1 4 - - 1 3 3. . 6 3 Reichsbank's holdings of such bills promptly Rents .5 .6 .8 .8 Income from capital 1.4 1.5 2^2 2.8 3. 3- 3. 4 declined and during the first quarter of 1930 Pensions 1.6 1.9 2.2 2.6 2. 6- 2. 7 were practically negligible. Wages andsalaries.. _34.9 3.i. 5 38. 8-39. 4 43. 6-44. 1 44. 5-45. 5 The large volume of Reich treasury bills in Total of private income 53.3 54.5 60. 3-60. 9 66. 2-67. 1 67. 7-69. 3 the market has had an important influence on Income earned by public underthe private discount market. The volume of takings 1.0 1.7 1.7- 1.9 1. 8- 2. 5 1. 8- 2. 5 prime bankers' acceptances dealt in at the Total 54.3 50.2 62.0-C3.0 68.0-70.0 69. 0-72. 0 private discount rate has been estimated at Per capital income (in reichsmarks)-. 870 895 980-1, 000 1, 070-1.100 1, 080-1,125 between 800,000,000 and 900,000,000 reichsmarks, about twice the amount of rediscountable Reich treasury bills outstanding. During The foregoing table, which reproduces the 1929 the private discount rate, which applies to estimates prepared by the Institut fur Kon- Reich treasury bills as well as to prime bankers7 junkturforschung, is the first detailed estimate acceptances, remained generally close to the of the national income which has issued from Reichsbank discount rate, and during the spring any official source since the Dawes plan went was identical with it. Later in the summer into effect. the private discount rate was reduced and at The increase from the level of 54,300,000,000 one time was as much as three-eighths of a reichsmarks in 1925 to a level around 70,000point below the Reichsbank rate; but in the 000,000 reichsmarks in 1929 has been spread autumn, after the Reichsbank rate was lowered through each one of the seven categories given to 7 per cent, the margin between these rates in the table. The preponderant item, both in was never over one-eighth and often the two total now reached and in the increase since rates were identical. In the first months of 1925, is that covering wages and salaries, which Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

722 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 show a rise of about 11,000,000,000 reichsmarks in the part of the unemployment insurance the five years. Income from these sources in 1929 benefits representing the contributions of the comprised 64 per cent of the national income as employees themselves, which are included in compared with less than 50 per cent in 1913. the income of labor, nor does it include the The second most important category, that Reich contributions to unemployment insurof trade and industry, represents the income ance, or annuities to indigent persons or war derived by proprietors, both individual and pensions, because the great bulk of these come corporate, from their respective undertakings, out of public funds and are consequently shown but does not include dividends on shares of in the income of taxpayers elsewhere. stock. Except for a moderate increase in 1927, The final item in the table, that for income a year of rising prices and large business earned by public undertakings, covers the activity, there have been comparatively slight income derived by the Reich, the States and changes in the annual figures, which in 1929 communes from profit-earning enterprises stood about 13 per cent higher than in 1925. owned by them, and from real estate or other A partial explanation is to be found in the capital assets. The total has about doubled expansion of an associated category, that since 1925, and indicates among other things covering income derived from the ownership the growth in the size and output of publicly of capital. This category includes income owned electric light and power plants. derived as dividends and interest on securities The foregoing estimates of the national in- (except for amounts going abroad or payable to come have a bearing, of course, on the annual companies) and interest on mortgages, bank formation of capital, but without suppledeposits and savings. This item has increased mentary information it is impossible to interabout 2,000,000,000 reichsmarks, and stood in pret one in terms of the other. It is true, as 1929 at an amount somewhat pore than double has already been indicated, that the growth in that of 1925. This growth is due in part to the income derived from capital implies an revalorization of prestabilization securities, increase in the national fund available for but mainly it reflects the progress made in investment. But this concerns only one side restoring the internal credit system destroyed of the question, and leaves out of account other by the inflation, and it provides some measure items of great importance. An estimate of of the increase in the internal fund of invest- current capital formation, if it had been made, ment money. In 1925 income derived from would have been useful and timely in the such sources amounted to only 2.6 per cent of present state of the German economy, and fully the total national income, whereas now the equal in importance to the estimates of income proportion is about 5 per cent. In 1913, how- now published. It will be recalled in this ever, income from investments represented a connection that the estimates of capital forlittle more than 11 per cent of the national mation prepared by the Reichs-Kredit-Gesellincome, a difference from the present which schaft, which were based upon a calculation of illustrates the effects of the inflation, and of the excess of production over consumption, the change in the direction taken since the war have been discontinued. They ceased with the in the distribution of income. estimates for the years through 1927, which The income of agriculturalists, like that of were described in the interim and annual proprietors of industrial and trading enter- reports of the Agent General for 1928. prises, has increased only in small proportions In default of any comprehensive official estisince 1925. The Institutes estimates for 1928 mate of capital formation in Germany, it is and 1929 are still provisional, but it concludes possible to deal only with such individual evithat the changes since 1927 have not been dences of it as are currently published in terms considerable. The increase in income from of figures. Heretofore only two such series rents derived by private persons, a relatively have been regularly reported, the savings deunimportant item in the total national income, posited with the savings offices or Sparkassen, has been retarded by the rent restrictions still and the amounts paid to life insurance comin force, and since 1927 has been almost panies in the shape of premiums on policies. stationary. The gradual increase in income Since the last report a third series of figures derived from pensions is due to the growth has become available, namely, the savings deof social insurance payments. This item in- posits of agricultural cooperatives, and in this cludes old age, accident, invalidity and em- report figures are also given for the first time ployees' pensions, and a part of the unemploy- showing deposits with tradesmen's cooperament insurance benefits. It does not include tives, which are published occasionally. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1930 FEDERAL RESERVE BULLETIN 723 It appears from the figures reported by the cepting savings deposits, on which the rate of Sparkassen that savings deposits with them in- interest was 6 per cent from April, 1929, to creased during 1929 by an average of about February, 1930 when it was reduced to 5 per 7 169,000,000 reichsmarks a month, a rate some- cent. This rate is the same as the usual rate what smaller than during 1928, when the on savings deposited with the Berlin Spar- Sparkassen reported the largest growth since kassen. Savings deposits are not separately stabilization. In May, 1929, the month-to- shown in the published statements of the commonth increase fell to 40,000,000 reichsmarks, mercial banks, and their total accordingly can reflecting a temporary but widespread hesita- not be estimated. tion on the part of the public to put savings A third class of savings deposits, those of the funds in bank during the uncertainty as to the leading German agricultural cooperative assooutcome of the reparation negotiations in Paris ciations, has recently been reported for the and the pressure on the reichsmark in the for- period up to June 30, 1929. eign exchanges. But taking the year 1929 as a whole, the increase in savings deposits DEPOSITS WITH AGRICULTURAL COOPERATIVES amounted to 2,026,000,000 reichsmarks, as [In millions of marks or reichsmarks] against 2,292,000,000 reichsmarks in 1928, and 1,607,000,000 reichsmarks in 1927. It is note- d S e a p v o in si g t s s C ac u c r o re u n n t t - Total worthy that whereas 561,000,000 reichsmarks deposits of the increase reported for 1929 was derived 1913—Dec 31 2,019.7 231.9 2,251.6 from interest and the revalorization of pre- 1924—Dec. 31 81.5 75.0 156.5 1925—Dec. 31 227.3 180.0 407.3 stabilization savings deposits, the total so de- 1926—Dec. 31 450.4 276.4 726.8 1927—Dec. 31. 690.8 276.0 966.8 rived in 1928 was about 300,000,000 reichs- 1928—Dec. 31 1,055. 8 316.0 1,371.8 marks. Thus the actual amount of new funds 1929—June 30 1,170.0 318.1 1,488.1 placed with the Sparkassen in 1929 was smaller The figures shown in the foregoing table, than in the year before, a decline attributable published by the Ins ti tut fur Kon junk turf orin part to competition from other savings deschung, represent returns from some 18,000 positaries, which has been made all the stronger individual cooperative groups belonging to the by the financial difficulties of some of the comtwo most important associations, the National munal governments and of some of the enter- Association of German Agricultural Cooperaprises owned and operated by them. The tives and the General Association of Raiffeisen Sparkassen have reported for the first quarter Cooperatives. About 60 per cent of the memof 1930 further increases in savings deposits, bers are engaged in strictly agricultural occupaamounting to a total of 621,000,000 reichstions and the remainder are made up chiefly of marks, including interest credited and revalother residents of rural districts. The latest orized deposits. published figures of deposits cover the first half At the end of 1929 the total savings de- of 1929 only, and so do not take account of posits in the Sparkassen amounted to about deposits made during the marketing of the 1929 9,000,000,000 reichsmarks, as compared with crop. The increase in savings deposits for the 19,700,000,000 reichsmarks of such deposits at six months' period was 114,000,000 reichsmarks, the end of 1913. In this connection it is in- as against 365,000,000 reichsmarks for the teresting to observe that the rate of increase whole of 1928 and 240,000,000 reichsmarks for in 1913 was about 84,000,000 reichsmarks a 1927. The total volume of savings deposits month, and that 61 per cent of that increase in the agricultural cooperatives on June 30, was derived from interest credited, leaving 1929, was about 58 per cent of the total at the about 33,000,000 reichsmarks a month to end of 1913. represent fresh savings, as compared with 122,000,000 reichsmarks a month in 1929. DEPOSITS WITH TRADESMEN'S COOPERATIVES After making all due allowance for the higher [In millions of reichsmarks] price level now prevailing, it appears that the ! Checking saving capacity of the Sparkassen depositors i and has much increased as compared with the period d S e a p v o in si g t s s | i a c c u c r o re u n n t t Total before the war. I deposits In addition to the Sparkassen, the large com- 1926—Dec. 31. 429.3 305.6 734.9 mercial banks now receive savings deposits 1927—Dec. 31. 622.5 339.2 961.7 1928—June 30. 780.4 330. 6 1,111.0 from small depositors. Since November, 1927, Dec. 31. 909.2 372.7 1, 281.9 the members of the Stempelvereinigung (the 1929— A F p eb r. . 3 2 0 8 . . 1, 9 0 8 1 7 7 . . 5 2 3 35 6 8 1 . . 1 1 1 1 , , 3 37 4 5 8 . . 3 6 Berlin Bankers7 Association) have been ac- June 30. 1,038. 5 365.8 1, 404.3 19367—30 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

724 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 The figures given above, showing the deposits The various public social insurance instituin the tradesmen's cooperative banks, were com- tions report periodically their receipts, dispiled by the Reich Statistical Office from state- bursements, and net capital assets, and the inments of about 1,300 individual institutions. crease in their assets may be taken to represent In the first half of 1929, savings deposits with an increment in the supply of new capital. these banks increased by a somewhat smaller Details of these figures for the years 1924 to amount than in the same period of 1928— 1929 are given on pages [omitted]. Exclud- 129,000,000 reichsmarks, as compared with ing the unemployment insurance institute, 158,000,000 reichsmarks in the previous year. which is in debt to the Reich, the increase in The total increase in 1928 amounted to 287,- net capital assets in 1929 amounted to about 000,000 reichsmarks, as compared with less than 690,000,000 reichsmarks as compared with an 200,000,000 reichsmarks in 1927 and 1926 for increase of about 780,000,000 reichsmarks in closely similar groups of reporting cooperatives. 1928 and about 650,000,000 reichsmarks in Some further indication of the volume of 1927. saving is to be found in the amounts paid to life- 7. New capital issues and the security marinsurance companies in the shape of pre- kets.—Like the market for short credit, the miums on policies. While the premiums paid German market for capital issues has been overreflect the course of saving through life insur- loaded with a mass of loan applications far too ance, they are not in themselves a measure of large to be satisfied out of existing resources. capital formed; this can be ascertained only This overloading of the market is not a new by the growth of insurance reserves, figures for development. On the contrary, the volume of which are not available. actual and potential offerings has exceeded the absorptive capacity of the market ever since stabilization. This was inherent in the situ- LIFE INSURANCE IN PUBLIC AND PRIVATE INSTITUTIONS ation which Germany faced after the wastage [In millions of reichsmarks] of the war and the inflation, for it was necessary when those periods closed to begin over again Amount of Premiums insurance paid during with the accumulation of investment funds. in force 2 p - e m ri o o n d t s h At the outset the accumulation was slow and additions to the supply were limited; but the 1925 average.. 54 demand, which was already active when ac- 1926 average.. cumulation began, 'has consistently kept ahead 1928 average.. 12,076 101 1929 average.. 14, 683 120 of the supply. And, whenever for seasonal 1927—Dec. 31.. 10, 318 83 reasons or otherwise the capital issues market 1928—Dec. 31.. 13,147 103 has shown signs of vitality, it has been stifled 1929—Feb. 28.. 13, 598 115 Apr. 30.. 14, 060 122 under a mass of loan applications. One major June 30.. 14, 556 114 Aug.31_ 14,928 124 factor in the demand, which of itself goes far Oct. 31.. 15, 323 127 to explain the pressure on the market, has been Dec. 31 . 15, 635 118 1930—Feb. 28.. 15, 946 131 the extremely heavy and persistent solicitation of credit on the part of the public authorities. The amount of premiums paid, as reported During 1929 this was particularly intense and by the larger public and private institutions, inopportune. averaged 60,000,000 reichsmarks a month in The following table is made up from the most 1929 as compared with a monthly average of recent figures published by the Reich Statistical 50,000,000 reichsmarks in the year 1928 and Office, and carries corrections in earlier statisof about 35,000,000 reichsmarks in 1926. The tics; accordingly it differs in minor particulars amount of insurance in force increased by from tables printed in previous reports. It ap- 2,488,000,000 reichsmarks in 1929 as compared pears that during the three years after 1925, the with 2,829,000,000 reichsmarks in the preced- domestic market was able to absorb about ing year. The increase in insurance is due 4,300,000,000 reichsmarks of capital issues a principally to a growth in the number of smaller year. While the annual totals were approxipolicies, as the average amount of each policy mately identical, the market in each year was decreased from about 1,760 reichsmarks at subject to periodic interruptions, frequently the end of 1927 to about 1,370 reichsmarks on lasting for several months. In 1929, the inter- December 31, 1929. In the first two months of ruption began with the month of February, and 1930 there was a further increase of insurance during the remainder of the year the market in force and of premium payments. was narrow, with the result that in the year as Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

725 NOVEMBER, 1930 FEDERAL RESERVE BULLETIN a whole the volume of domestic capital issues of tti3 funds available for investment. By amounted to about 2,500,000,000 reichsmarks, March 31, 1930, a total of about 1,000,000,000 or about 41 per cent below the total for 1928. reichsmarks of these certificates had been issued by the Reich, and they have been selling on the DOMESTIC CAPITAL ISSUES market at an appreciable discount below their nominal value. Up to late in 1929 they were [In millions of marks or reichsmarks] bringing a return to the purchaser of about 10 1907- per cent or even higher, depending upon the 1913 1930, date of maturity; but more recently, with the yearly 1925 1926 1927 1928 1929 Jan.aver- Feb. general easing of money, the rate of return at age prevailing prices has diminished to between 8 and 9 per cent. German bonds: Reich, States, com- The pressure exerted on the market by the As m so u c n i e a s ti , o e n tc s under 1,172 15 654 698 456 398 45 demands of the public authorities had the public law 4 22 364 16 207 2 effect during 1929 of excluding practically all Real estate credit institutions, Girover- offerings of bonds by private concerns, and bande and related during the whole year private issues amounted institutions, (a) Communal to only 7,000,000 reichsmarks. Under the (b D ) o M nd o s rtgage 116 38 465 349 489 248 52 conditions prevailing in the bond market, pribonds 788 840 1,628 1,597 1,459 890 281 vate enterprises adopted the alternative of Private concerns 400 79 322 181 294 7 19 issuing shares, a certain portion of which passed Germa T n o t s a h l a r b e o s nds. 2,4 7 8 4 0 0 9 6 9 5 4 6 3,4 9 3 8 3 8 2 1 , ,4 8 3 4 8 1 2 1 , ,3 9 3 0 9 5 1,5 9 4 6 3 4 3 1 9 9 9 7 into foreign hands, some in connection with financial and trade agreements made with Total German securities 3,220 1,650 4,421 4,279 4,244 2,507 596 foreign corporations, and others through the Foreign securities.— 472 58 14 19 medium of German banks. Altogether, the Grand total _ _ 3,692 1,650 4,421 4,337 4,258 2,526 596 new offerings of shares were relatively large, but still considerably below the offerings during Several items in the table call for specific 1928. comment. The only category of capital issues There was a marked falling off during 1929 which in 1929 approximated the volume of the in the volume of mortgage bonds issued by the previous year was that representing bonds real estate credit institutions. These obligaissued by the Reich, the States, and the com- tions, known as Pfandbriefe, are secured by munes, to the total amount of about 400,000,- mortgages on real estate, including agricultural 000 reichsmarks. The principal issue included land, and are issued from time to time and at in the list was that of the Reich, offered in varying rates according to the market. Pfand- May, 1929, in the amount of 300,000,000 briefe, ordinarily popular with the German reichsmarks, of which, however, only about investor, provide a fair index of the condition 180,000,000 reichsmarks were subscribed. The of the market as a whole. During 1929 issues terms of this issue, which was described in the of Pfandbriefe were about 40 per cent smaller interim report, included numerous tax exemp- than in the preceding year. tions, a coupon rate of 7 per cent and an offering The narrowing of the market for mortgage price of 99. The offering was made at a time of bonds obliged the real estate credit instutions uncertainty as to the outcome of the Paris to curtail materially their long-term loans to conference, and its failure is to be explained borrowers. According to figures assembled by partly on that account. But its unusually the Institut fur Konjunkturforschung, the net attractive terms, and the high yields on other increase during 1929 in outstanding long-term issues of the public authorities, particularly loans made by these institutions amounted to on communal bonds, set a standard which about 810,000,000 reichsmarks on city and made private borrowing still more difficult and agricultural mortgages and 357,000,000 reichsexpensive. marks to the communes, as compared with In addition to long-term obligations publicly 1,624,000,000 reichsmarks and 613,000,000 offered for sale on the market, the Reich issued reichsmarks, respectively, in 1928. It is interduring the past year to claimants under the war esting to note that most of these long-term damage liquidation law of March 30, 1928, aloans granted to the communes were made by large volume of war damage liquidation debt credit institutions "of public-law standing"; certificates. Most of these certificates have in that is to say, by institutions operated by or in turn been offered for sale on the open market close relation with the public authorities. The by the recipients, and thus have absorbed some savings banks or Sparkassen made loans on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

726 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 mortgages during the year in the amount of for which official figures are available, the 952,000,000 reichsmarks as against 1,055,000,- average return of shares quoted on the Berlin 000 reichsmarks in 1928, and also lent 480,000,- Bourse was 6.29 per cent, reflecting principally 000 reichsmarks to the communes as compared a rise in share prices, as dividends remained with 346,000,000 reichsmarks a year ago. practically unchanged. Since the beginning of 1930 the general easing 8. Agricultural credit.—The size and urgency of money rates has brought some degree of relief of the demand for agricultural credit in previous to the long-term market as a whole, though years has furnished one of the major causes, along not in the same proportion as for short-term with the credit demands of the public authorfunds. Issuing banks which at the end of 1929 ities, for the general credit pressure in Germany. had considerable amounts of unsold securities During the second half of 1929, for the first on their shelves have been able to effect a better time since stabilization, a decline took place distribution, and the output of new issues has in the volume of credit employed by agriculture. also increased. In the first two months of 1930 From the standpoint of the credit situation as a new offerings of mortgage bonds were larger whole this was a favorable development, repthan for any two months since the beginning resenting some progress in the consolidation of 1928; and there were several offerings of and liquidation of debt. But for agriculture communal obligations, mostly of three to five itself, the year 1929 and the first months of years' maturity. There were also a few small 1930 formed a period of singular difficulty. to moderate-sized industrial issues of both bonds This arose in part from conditions confronting and shares. agriculture the world over, including the weak Consistently with the conditions prevailing and falling prices at which the 1929 crop was during 1929 on the market for new capital sold. It was due in part also to conditions issues, the prices of outstanding issues declined. special to Germany. Of the three principal classes of bonds, Pfand- It will be recalled that German agriculture briefe were the least affected, and at prices was placed in a peculiarly difficult position prevailing in December, 1929, standard issues with stabilization. While the inflation had yielded 8.17 per cent as against 7.88 per cent relieved agricultural proprietors of a large part a year before. After the turn of the year there of their debts, it had also cost them many was a moderate rise in the market prices of of their assets, other than the land itself and fixed-term obligations, and at the beginning the existing buildings. In numerous cases, of May, 1930, standard issues of Pfandbriefe especially among the large landowners, the conwere selling on about a 7.8 per cent basis. The ditions introduced with stabilization—such prices of other classes of bonds were also some- as relatively low prices for agricultural products, what higher, including various State, city, and extremely high costs for credit, high wages and industrial issues. The Reich 6 per cent loan of taxes and high prices for materials and ma- 1927, the price of which had been officially chinery—resulted in actual losses in operation supported at 87.50 for many months, declined from one year to the next. These losses were slightly in February when the support was all the greater because of several poor to inrelaxed, but rose later and at the beginning of different crops, followed by two good years the May was quoted at 87.80, while the Reich 7 benefits of which were in a measure lost to per cent loan of 1929 was selling at the beginning them through low prices. As has been explained of May about 2 points over par. .at length in previous reports, these and other Though the stock markets were weak and causes, among them faulty marketing proceinactive during 1929, there was no sharp drop dure and the inability of many proprietors to of the nature observed in other markets. The adjust themselves promptly to the changed decline, on the contrary, was gradual and specu- conditions of agricultural production in the lation on the whole was absent. The average world at large, resulted in the rapid accumulareturn on shares quoted on the Berlin Bourse at tion of debt. By the end of 1927 the volume prices prevailing on December 31, 1929, was of debt, though substantially smaller than the 6.58 per cent as compared with 4.99 per cent at pre-war figures, was costing rather more in the the end of December, 1928. The difference aggregate amount of interest paid than it had was due practically in full to the fall in prices, before the war. inasmuch as dividends remained substantially The accumulation of debt appears to have unchanged. In the first half of January there been most pronounced in those parts of Gerwas a marked rise in share prices on the Berlin many where large undertakings predominate. Bourse, but since then there has been little According to a recent calculation made by the change. At the end of March, the latest date Reich Finance Ministry, which relates to the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1930 FEDERAL RESERVE BULLETIN 727 condition at the close of 1928, the amount of Other evidence on the amount of short-term debt in proportion to the capital value of the credit utilized by agriculture is to be found in undertakings, which in turn is based upon their figures published by the Preussische Zentraltaxable value, varied from about 9 per cent to genossenschaftskasse (known as the Preussenabout 57 per cent. The proportions ranging kasse), which is the central bank for cooperaover 50 per cent related to districts in East tive credit. Whereas at the end of 1927 Prussia, Pomerania, and Mecklenburg- rural credit cooperatives had exceeded by Schwerin, where the large undertaking is 132,000,000 reichsmarks their assigned credit typical, while the smaller percentages were contingents with the Preussenkasse, the credits mostly in other parts of Germany, where small used at the end of 1928 were about 80,000,000 farms predominate. The average for the reichsmarks less than the credit contingents. Reich was given as 30 per cent. At that time, however, credits used by the cooperatives situated east of the Elbe (where AGRICULTURAL CREDITS OUTSTANDING agricultural credit distress has been particularly acute) continued somewhat in excess [In millions of reichsmarks] of the assigned contingents. By the end of Mort- Inter- Short- November, 1929, this excess not only4had mediate term Total disappeared but the cooperatives both east and credits credits credits west of the Elbe were well within their contingents, and were in a position to call for 1925—Dec. 31. 1,011 26 2,186 3,223 1926—Dec. 31. 2,048 102 2,127 4,277 some 114,000,000 reichsmarks more credit from 1927—Dec. 31. 2,814 304 2,566 5,684 1928—June 30. 3, 258 313 2,857 the Preussenkasse than they were using. The Sept. 30 3,441 322 2,944 6,707 amount of short-time credit furnished to Dec. 31. 3,623 318 2,890 6,831 1929—Mar. 31. 3,811 301 2,960 7,072 agriculture by the Preussenkasse continued to J S u e n p e t. 3 3 0 0 . . 3 3 , , 8 9 9 9 1 7 3 3 2 2 3 0 2 3, , 1 9 4 5 3 7 7 7 , , 3 2 5 6 4 7 decline up to the end of January, 1930; but Dec. 31. 4,103 315 2,844 7,262 since then there has been some seasonal increase. These changes in tendency were beneficial It should be noted that the foregoing table, to the credit market as a whole, but the figures giving figures compiled by the Institut fur necessarily leave out of account the conditions Konjunkturforschung, represents not the which were at least partly responsible for the amount of new credit granted each year but the results indicated. It seems safe to assume, for ascertainable amounts outstanding on the example, that certain agricultural borrowers respective dates. In each of the three years had reached the limit of their power to incur prior to 1929 the amount outstanding rose by debt and that other landowners had refrained 1,000,000,000 reichsmarks or more. In the 12from doing so because of the cost. Moreover, months of 1929 the increase was less than half the decline in the market values of agricultural as much, and during the second half of the year products reduced the amounts which farmers there was a small decline. were able to borrow on the security of their Quite as important as the changes which took crops, and intensified the difficulties, particplace in the total figures for the year were the ularly of those burdened with debts carrying changes in the individual classifications of high rates of interest. indebtedness. The entire increase for the year Various measures of relief have been underwas accounted for in the item representing taken and others have recently been proposed. mortgage debt. The amount of intermediate Of those already put into effect one of the most debt outstanding, on the other hand, was constructive is the reorganization of the whole almost precisely the same at the end of 1929agricultural cooperative credit system. Withas a year earlier, and the amount of short-term out attempting to analyze an extremely comdebt actually declined. Heretofore, except for plicated sequence of financial transactions, it seasonal fluctuations, the volume of short-term may be said briefly that the Raiffeisenbank, the debt has shown a disturbing tendency to institution serving one of the principal groups of increase notwithstanding a general effort to cooperatives, became seriously involved in the convert as much as possible of it into mortgage first years after stabilization through financing form. Indeed, the two forms of debt tended operations which had little or nothing to do up to the middle of 1929 to rise almost simulta- with agriculture. Its difficulties were in a neously. The change which has since taken measure passed on to the Preussenkasse, and place, however temporary it may prove to be, presently the capacity of both institutions to is in the direction of bringing the volume of provide agricultural credit was much impaired. agricultural credit into more manageable form. The Preussenkasse was reorganized in 1928, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

728 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 was provided with fresh resources by the State suppression of the charge will postpone the of Prussia; more recently arrangements have date when the Rentenbank note retirement, also been made to bring the Reich into partici- now far advanced, is completed, but at the pation as a stockholder to the extent of 50,000,- same time it carries manifest benefits for agri- 000 reichsmarks. As for the Raiffeisenbank, culture. The draft law also provides for the Raiffeisen group of cooperatives agreed to changes in the relations between the Rentenits liquidation, and the group itself has consented bank and the Rentenbank Credit Institution, to a merger with five other important agricul- which already appear to be embodied to some tural cooperative associations. This merger extent in a new contract between them and the was effected on February 13, 1930, and consoli- Reich and the Reichsbank. dated 37,300 individual cooperatives out of a A third group of measures, aimed at raising total in Germany of about 40,800. In addi- the prices in the domestic market for agricultion, a broad program for rationalization and tural products, centers on a long series of centralization of the various regional and func- changes in the customs tariff. Since the sumtional agricultural cooperatives is in process. mer of 1929 the Government has been engaged This program provides in general that in each in amending commercial treaties with other State or province all cooperatives of the same countries and in altering customs duties, all functional category—for example, for buying or with a view to reducing or eliminating comselling or for providing credit—shall be con- petition in the home market from foreignsolidated into a single regional association, and grown agricultural products. These changes these regional associations in turn shall form an are discussed at length in the chapter on foreign association for the Reich as a whole. It is trade, in the section dealing with tariffs and contemplated that these associations shall assist commercial treaties. Notwithstanding the in the rationalization of German agriculture in changes first effected there was a continued fall all of its varied aspects. The growth of savings in prices, and further increases in customs deposits in the agricultural cooperatives, al- duties have since been made, with the result ready mentioned in a previous section of this that internal prices for grains have risen some-* chapter, is an indication of the vitality of these what since the end of March. The Governorganizations, and has an important bearing on ment is also considering special measures for agricultural credit as a whole, since these stimulating the consumption of rye, the present funds provide a natural and ready source of stock of which in the country is redundant. credit to the farming population. The principal measures which thus far have Another measure designed for the relief of been published with official authority are agriculture was forecast by the Chancellor of briefly described in the section on tariffs and the Reich on December 12, 1929, in outlining commercial treaties, and in the chapter on to the Reichstag the financial proposals of the German business conditions in the section on Government. According to this proposal, agriculture. The general course of agriculwhich has since been embodied in a draft law tural prices is also discussed in the section on presented to the Reichsrat on April 7, 1930, prices. agricultural landowners are exempted from the In connection with his signature of the payment due April 1,1930, and from subsequent liquidation agreement between Germany and interest payments on the Rentenbank general Poland, the President of the Reich, in a letter mortgage, subject to the proviso that the addressed to the Chancellor on March 18, Government of the Reich may call for subse- 1930, called special attention to the distress of quent payments if ever required in order to agriculture in East Prussia, and asked that a enable the Rentenbank to fulfill its liabilities new program of financial assistance for the in respect of the liquidation of Rentenbank eastern districts should be considered at the notes in circulation. Up to this time, as noted earliest possible moment. After extended in previous reports, the bulk of the interest negotiations between the various ministries received on the Rentenbank mortgage has concerned, it was announced on May 7 that an been used for the redemption of Rentenbank agreement in principle had been reached notes. The total of interest payments each regarding such a program, but the details are year has usually exceeded 80,000,000 reichs- not yet available. Generally speaking, howmarks, of which 60,000,000 reichsmarks or ever, it appears from the Finance Minister's more have been used for the redemption of budget speech to the Reichstag, on May 2, notes and the remainder, up to 25,000,000 1930, that the program contemplates measures reichsmarks, has been placed at the disposal for facilitating the transformation of shortof the Rentenbank Credit Institution. The term indebtedness into mortgage debts, for the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1930 FEDERAL RESERVE BULLETIN 729 strengthening of existing agricultural enter- left over from the inflation and which came to a prises, for encouraging settlement on the land, head during the year under the pressure of and for improving the means of transportation high interest rates. A few large business conin the eastern districts. Apparently, it pro- cerns also have been in difficulties, but these vides also for the reduction of certain tax appear to have been individual cases of bad charges. management, and not indicative of general i\ It remains to state in summary form the cost weakness in the business situation. It should of agricultural credit. In common with other be understood that the figures given in the money rates, interest on agricultural loans following table [omitted] are not fully comranged during 1929 somewhat higher than in the parable from one period to another, because previous year. The net cost to the borrower of changes which have taken place in the on long-term first-mortgage credits, including official procedure for dealing with concerns in taxes and discount from the nominal value of difficulties. These changes were described in the loan, rose from about 10.2 per cent in the the report of December 22, 1928. autumn of 1928 to 10.5 per cent in the autumn The movement toward concentration in busiof 1929. The rate charged on personal credits ness which has been in progress in Germany advanced by the Rentenbank Credit Institu- since stabilization continued during 1929, but tion from April 25 to November 2, 1929, stood on average at a somewhat diminished rate. at 9% per cent; but thereafter, in connection Since the beginning of 1925 the number of with the successive reductions in the Reichs- enterprises of all sorts dissolved, including bank rate, it declined five times by half a partnerships and individual firms as well as point, and stood at the end of April at 7)i per joint-stock corporations, has exceeded the cent. Personal credits from other sources, number of new enterprises formed by more however, have frequently cost the agricultural than 70,000. borrower as high as 12 per cent. The nominal amount of protested bills was A reduction in the cost of credit would somewhat higher during 1929 than in 1928, bring considerable relief to agriculture, but it when in turn the amount was somewhat higher is still true, as stated in the report of December, than in 1927. The figures which are given in 1928, that "the difficulties which German the following diagram and table [omitted] have agrarians face are by no means limited to ques- been compiled and published by the Institut ftir tions of credit. To some extent they are the Konjunkturforschung on the basis of private reflections of a change in agricultural conditions reports received from various parts of Germany. throughout the world, to which German agri- The amounts given have no absolute significulture has only begun to adapt itself. It is cance because they take into account only a noteworthy that more and more attention is minor part of the total protested bills in Gerbeing paid to the means of effecting these many; but the tendency illustrated may be readjustments. In particular, preliminary in- assumed to represent a fair sampling. vestigations have been made looking toward The German currency.—From the time of the improvement of marketing systems, live- stabilization up to the end of 1929 the volume stock raising, dairying, and so on. If these of currency in circulation continuously inresult in greater farm efficiency and in cheaper creased, season for season, from one year to and better production and distribution, they the next. But in recent years the year-to-year will bring measurable relief on the score of growth has slowed down, and in the first agricultural credit and will be advantageous months of 1930 the volume of the circulation also in diminishing imports of necessary food- has been on the whole slightly smaller than in stuffs/' the corresponding months of 1929. 9. Business difficulties.—The number of busi- In the period immediately after stabilizaness failures in Germany during 1929 ran tion, as a characteristic result of the inflation, somewhat higher than in 1928, and in the the currency was barely sufficient to meet the early weeks of 1930 there was a considerable minimum requirements of the country's busifurther increase. In some cases, distress has ness, and the year-to-year rise in volume was a overtaken old-established concerns which have reflection of the pressure which this shortage been unable to adjust their affairs to the new exerted, and only secondarily of the complex conditions prevailing since the war; in other factors which ordinarily determine the growth cases, and this applies particularly to a num- or contraction of a gold standard currency. ber of small banking failures that occurred During 1929, when this phase was approaching during the autumn, the trouble appears to its end, the year-to-year increase tended to rehave been largely due to situations which were strict itself more and more closely to such addi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

730 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 tional amounts as were required to satisfy cur- the total amount of currency in circulation rent changes in the demand—the latter the since the Reichsbank law went into effect on result of the complicated working of such fac- October 11, 1924. During 1929, while the tors as the volume of production and trade, circulation continued to rise, the rate of increase the'price level of commodities in world markets, was slower than in any previous year. In Reichsbank credit policy and the availability 1926, for example, the average increase of the of credit abroad. circulation over 1925 was about 450,000,000 The German currency has continued to reichsmarks; in 1927 the increase over the satisfy all the practical requirements of the preceding year was about 550,000,000 reichsgold standard, as it has during the entire period marks, and in 1928 about 400,000,000 reichssince the Dawes plan went into effect. The marks. In the first half of 1929 the year-toposition of the reichsmark in the foreign year margin narrowed to 170,000,000 reichsexchanges, as has been seen in a previous marks, and in the second half of the year to section of this chapter, has kept within the below 60,000,000 reichsmarks; while in the limits determined by the gold points both early part of 1930 the year-to-year increase upward and downward, and on many occasions practically disappeared and at the end of April in recent months it has stood with respect there was even a small decline. to other leading currencies at or near the gold The notes of the Reichsbank have continued import point. Its internal value has risen to to furnish the principal element of increase in some extent, in accordance with the decline in the currency. The increase in the Reichsbank the general index of commodity prices. circulation, indeed, has been somewhat larger The reichsmark remained up to the end of than the increase in the circulation as a whole. the Dawes plan a gold currency in a de facto Whereas in 1925 Reichsbank notes comprised sense only, but with the coming into force of on the average 52 per cent of the circulation, the new plan it has been placed on a full gold in 1929 they comprised about 75 per cent of basis. Even before this final step was taken, it. The progressive retirement of Rentenbank the Reichsbank, as a matter of announced notes has left a vacuum in the circulation which policy, held itself ready to redeem its notes in had to be filled. New coinage of the Reich gold but it was not legally bound to do so. The has partly served this purpose, but the Reichs- Reichsbank's obligation to pay its notes in bank has been called upon to supply the differgold or devisen was provided for in section 31 ence as well as the year-to-year increase in the of the bank law of August 30, 1924, but the circulation as a whole. coming into force of this section of the law Up to April 30, 1930, in carrying out the depended, according to the provisions of section provisions of the Rentenbank liquidation law 52, upon " concurrent resolutions of the Reichs- of August 30, 1924, Rentenbank notes have bank managing board and of the general coun- been retired in the following amounts (rentencil." As stated in the previous report, the marks being equivalent to reichsmarks) and president of the Reichsbank in a letter dated from the following sources: June 6, 1929, addressed to the chairman of the In millions committee of experts then meeting in Paris, of rentenmarks Interest on the general mortgage on agricultural had said that he "was prepared to introduce land 347 the necessary resolution * * * at the lat- Payments by the Reich 315 est in connection with the putting into force of Share of the Reich in Reichsbank earnings 88 the present plan by the Governments." On Repayments of agricultural bills 880 April 19, 1930, the Minister for Economic Total 1, 630 Affairs and the Finance Minister of the Reich issued a proclamation, dated April 17, 1930, In addition, as noted in previous reports, conveying a communication from the Reichs- about 70,000,000 rentenmarks have been withbank managing board under date of April 15, drawn from circulation and are held under ear- 1930, to the effect that "in accordance with mark at the Reichsbank. At the end of April, section 52 of the bank law of August 30, 1924, 1930, the amount of Rentenbank notes in the the Reichsbank managing board and the hands of the public was 363,000,000, or only general council of the Reichsbank have unani- about 6 per cent of the total German circulamously resolved to put section 31 of the bank tion. law in force. This resolution will come into As foreseen in the law, the retirements of force at the same time as the new plan." Rentenbank notes were particularly heavy in The diagram and table [omitted] show on the first years of the operation of the Dawes the basis of month-end figures the growth of plan. In the period of about three years Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1930 FEDERAL RESERVE BULLETIN 731 ended December 31, 1927, about 1,340,000,000 into balance. This result was not due to any of Rentenbank notes were retired. The prin- sudden or sporadic reversal of former tendencies cipal source of funds during that period was but to the gradual and cumulative effect of the complete repayment of the so-called eco- forces which have been in process since stabilinomic credits which had been granted in the zation, reflected primarily in the growing early days of stabilization through the medium vitality of the German export trade. In this of the Reichsbank and the minor banks of sense, the maintenance of the foreign trade issue, in rentenmarks and mainly for the bene- balance during 1929 may be regarded as* the fit of agriculture. Since the beginning of 1928 most promising commercial development of the the income of the redemption fund has been year. derived from the three remaining sources, The main element in this result, as illustrated namely, the interest on the rentenmark general in the foregoing diagram [omitted], has been mortgage to which agricultural land is subject the growth of the German export trade. On (about 139,000,000 reichsmarks for the period), the whole the value of exports has risen payments out of the budget of the Reich steadily ever since the reestablishment of (135,000,000 reichsmarks), and the share of the orderly conditions after the inflation: In 1925 Reich in the profits of the Reichsbank (16,000,000 exports amounted, according to the published reichsmarks). The suppression of the first of figures of the Reich Statistical Office, to an these items, in the interest of agricultural relief, average of 774,000,000 reichsmarks a month, forms part of the Government's plan for including deliveries in kind; in 1926 to an financial relief to agriculture, as already noted average of 868,000,000 reichsmarks; in 1927 in a previous section. Under the draft law of to 900,000,000 reichsmarks; in 1928 to 1,023,- April 7, 1930, which has been presented to the 000,000 reichsmarks; and in 1929 to 1,124,- Reichsrat but not yet enacted into law, the 000,000 reichsmarks. Total exports for the annual contribution by the Reich to the re- year 1929 reached a level of 13,482,000,000 demption fund also disappears, so that in reichsmarks, or more than 4,000,000,000 reichsfuture the fund will normally receive only the marks higher than in 1925, making an average annual share of the Reich in the profits of the year-to-year increase of about 1,000,000,000 Reichsbank. The time limit for the complete reichsmarks. retirement of Rentenbank notes is accordingly The development of the export trade has to be extended from 1934 to December 31, been one of the primary objects of German 1942. industry ever since stabilization, not only in For reasons described, at length in the last the adaptation of plant and production at report and given in outline in preceding pages, home but in the reestablishment of old trade the Reichsbank reserves of gold and devisen relations abroad and the discovery of new trade were heavily drawn upon in the spring of 1929, outlets. In some parts also, the growth of with corresponding effects on the ratio of gold exports has been due to the gradual removal and eligible devisen held against outstanding of postwar discriminations against German notes. On May 7, 1929, the reserve ratio goods in foreign markets. Much progress has stood at 41.0 per cent, the lowest since stabili- been made in effecting commercial treaties zation and only one point above the legal and trade arrangements with foreign countries, minimum. Since then, with the replenishment which have had the result in most cases of reof reserves, the ratio has gradually risen and at establishing Germany on the same footing as the end of April, 1930, stood at 62 per cent, other exporting nations. Deliveries in kind an end-of-month ratio rarely exceeded in on reparation account, in addition to providing recent years. a useful method for transferring an important part of the sums paid as reparations, have also GERMANY'S FOREIGN TRADE served the practical purpose of getting over The equilibrium between exports and im- customs barriers and prejudices against imports of goods, which had been tentatively ports from Germany, and so of enlarging the reached in September and October, 1928, was German export market in general. Furthermaintained during the calendar year 1929, at more, the domestic demand for capital has exerted pressure more or less strongly throughan average level of about 1,120,000,000 reichsout these years in the direction of larger sales marks a month. In the final months of the of goods in foreign markets. During the year year the reported surpluses of exports, includ- 1929 this pressure was all the more pronounced ing deliveries in kind, more than overcame the because of high interest rates and the difficuldeficits of the early part of the year, and thus ties, described at length in the chapter on brought German foreign trade for the full year Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

732 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 credit, of obtaining foreign loans; and business The satisfactory nature of the trade returns conditions abroad were at the same time favor- for 1929 is thus apparent. It is especially noteable to the development of German exports. worthy that the equilibrium between exports On the import side of the trade balance the and imports was reached, not by depressing results of the year 1929 are also of great sig- the imports of materials essential to industrial nificance, but for different reasons. Since raw activity, but by raising the value and volume of and other materials for industrial use make up exports, with some collateral help from larger the principal fluctuating element in German agricultural production. In this sense the reimports, the changes from time to time in the establishment of balance in German foreign volume of imports furnish a fair indicator of trade is less important in itself than the level at changes in the activity of German industry as which equilibrium is restored. This level for a whole. Regarded from this aspect, the im- the year 1929 stood on the average at about port returns since the reform of the currency 1,120,000,000 reichsmarks a month, or some are of singular interest. In 1925, a year of 300,000,000 reichsmarks a month higher than stocking up after the inflation, the value of in 1926, the most recent previous date when imports, according to the figures published by exports balanced imports for any comparable the Reich Statistical Office, amounted to an period. average of 1,030,000,000 reichsmarks a month; It will have been observed from the table in 1926, the year of the rationalization crisis [omitted] that the figures for the first quarter in industry, imports averaged 833,000,000 of 1930 show a continuation of exports at reichsmarks a month; in 1927, a year about the average level of 1929. Imports for of broad business activity, the average was the quarter as a whole were somewhat smaller 1,186,000,000 reichsmarks; in 1928 it was than in the same period of the two previous 1,167,000,000 reichsmarks; and in 1929 it years, owing in part to the decline in prices of was 1,120,000,000 reichsmarks. Thus in the many important raw materials and semifinished last three years the monthly average value products. According to the figures as reported of imports has been running fairly consist- there was an export balance in the quarter of ently at or about the level established in over 50,000,000 reichsmarks, as compared with 1927, with only a slight tendency to decline in an import balance of 300,000,000 reichsmarks 1929, reflecting in part the fall in commodity in the first quarter of 1929. The reported prices. Practically all of the decline, more- import figures for the first quarter of the over, was due not to smaller imports of indus- year, however, are always somewhat larger trial raw materials but to smaller imports of than actual imports in that period, as they foodstuffs, made possible by the better har- include the values for certain goods physivests of the last two years. cally imported in the previous months but not brought into the trade figures until the GERMAN FOREIGN TRADE, BY MONTHS semiannual settlement in January for customs duties on those goods. It has been estimated [In millions of reichsmarks] by the Reich Statistical Office that this over- Exports —Excess of imports statement of imports in the first quarter of 1930, +Excess of exports after making due allowance for the goods ac- Imports tually imported during the period but which d W el i i t v h e o r u ie t s de W liv i e th ries d W el i i t v h e o r u ie t s de W liv i e th ries will not be included in the statistics until the in kind in kind in kind in kind next semiannual settlement, amounted to about 180,000,000 reichsmarks. Thus the export bal- 1925 average 1,030 733 774 -297 -256 ance for the first quarter of 1930 would amount 1926 average 833 815 868 -18 +35 1927 average ... 1,186 852 900 -334 -286 to about 230,000,000 reichsmarks instead of 1 19 9 2 2 9 8 a a v v e e r r a a g g e e 1 1 , , 1 16 2 7 0 L, 9 0 6 5 8 5 1 1, , 1 0 2 2 4 3 -1 -6 9 5 9 -1 + 44 4 only 50,000,000, reichsmarks, as shown by the reported figures. These adjustments, how- 1929—January 1,317 1,029 1,101 -288 -216 February 1,015 916 971 -99 -44 ever, do not affect the conclusions reached with A M p a r r i c l h _. 1 1, , 2 0 5 2 4 3 1,1 9 5 2 9 8 1,2 9 2 8 7 2 - - 9 9 5 5 - -2 4 7 1 respect to the trade balance for the year 1929, May -. 1,131 L,094 1,172 -37 +41 because the statistical office has included in the June.. _ 1,077 L, 011 1,077 -66 0 July... 1,226 :L,028 1,099 -198 -127 imports for that year a similar excess applicable A Se u p g t u e s m t ber 1 1 , , 0 0 3 7 8 3 L 1, , 1 3 11 0 9 1 1 , , 1 2 8 0 9 0 + + 9 4 2 6 + + 1 1 1 6 6 2 on the same grounds to the year 1928. October 1,107 1,154 1,247 +47 +140 November 1,161 1,091 1,154 -70 -7 The most important developments of the first December 1,020 1,003 1,063 -17 +43 quarter of 1930, from the standpoint of German 1930—January 1,305 L,034 L,092 -271 -213 February 982 962 1,026 -20 +44 foreign trade, have been, first, the world-wide March 884 L,043 L, 104 +159 +220 fall in prices, particularly for raw materials and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1930 FEDERAL RESERVE BULLETIN 733 foodstuffs, and, second, the greatly increased balance of payments are necessarily matters of customs duties which the German Government estimate and deduction, no effort has been has recently imposed on many foreign products, made to make the statements fully compreparticularly the agricultural products of neigh- hensive. The items selected for presentation boring countries. These countries are num- are based upon the broader but still partly conbered among Germany's principal customers for jectural statements published by the Reich finished products, and the question arises as to Statistical Office. Wherever the merchandise how far the new protective tariffs will, in turn, balance enters into the statement, imports and react upon German exports. Germany gains, exports have been adjusted according to the of course, by the decline which has taken place in coefficients of the Reich Statistical Office, in the prices of the raw materials needed for the order to correct the overstatement of imports use of its industries, and as indicated below, the and the understatement of exports which were fall in commodity prices during the past year inherent in the official figures up to the time has tended to reduce the value of imports with- when the new foreign trade reporting procedure out a corresponding reduction in the actual vol- became effective. It should also be explained ume of goods received. The effects of the sharp that wherever reparation payments enter into price decline since the turn of the year are likely the calculations the figures used are those for to be reflected even more in the import figures transfers made in foreign currencies only. for coming months than in those so far reported, Deliveries in kind have been omitted for the and the higher customs duties will also tend to sake of simplicity from both sides of the balcurtail the import of agricultural commodities ance; their value has been given neither during the next few months. On the export among the exports from Germany nor among side, it still remains to be seen how sales of the payments made by Germany. German goods abroad may be affected by the In the first annuity year, a year of restockdecline in world prices and the general reces- ing and reconstruction, the large imports of sion in production and trade. goods, which far exceeded the relatively small The balance of payments.—It follows from amount of exports, placed a heavy burden the better position of Germany's foreign trade upon foreign credit at both long and short term. that the balance of payments should have im- In the second annuity year, a year which inproved also. The balance of payments, of cluded practically the whole of the rationalizawhich the balance of trade forms a part, takes tion crisis in business, the much reduced imaccount not only of the import and export of ports of goods, which the moderately increased goods, but of all the other services and things exports somewhat exceeded, placed no burden of value exchanged between Germany and the at all upon foreign credit, and the long-term rest of the world. In many respects these loans then issued served in effect to refund a other services and things of value can be ex- large part of the short debt incurred in the pressed only conjecturally in terms of figures. previous year. In the third annuity year, a Nevertheless it is interesting to bring together year of large and rising business activity, such elements as can be stated in fairly exact stimulated in part by the borrowing and spendterms, so as to give some picture of the balance ing programs of the public authorities, very of payments as a whole. During the fifth large imports, which far exceeded the rising annuity year the rising volume of the export values of exports, again placed a heavy burden trade, bringing with it a much smaller deficiency upon foreign credit. In the fourth annuity in the merchandise trade balance, was asso- year, a year when the business activity of the ciated on the other side of the account with a preceding period reached a maximum and then much reduced volume of borrowing, and this somewhat receded, imports of goods were again notwithstanding the increase in reparation pay- very large and together with imports of gold ments to the level of the standard year. still far exceeded the increased values of mer- Analyses by annuity years.—In preceding chandise exports, with the result that there annual reports analyses of the balance of pay- was again a heavy dependence on foreign credit. ments for the respective annuity years, begin- In the fifth annuity year, a year of large inning September 1 and ending August 31, have dustrial production but of difficult credit conbeen made within such limits as the available ditions, imports of goods remained very large figures permitted, and a similar statement for but a further rise in the value of exports much the fifth annuity year is given below, together reduced the requirements for credit from with a brief statement of the main characteris- abroad. The deficiency in the merchandise tics of the earlier years. Inasmuch as many of trade balance, after making allowances for the so-called invisible items entering into a errors in the figures up to the time when the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

734 FEDERAL RESERVE BULLETIN NOVEMBER, 1930» new reporting system became effective, amount- 1929 as they appear in the Reichs-Kredited to about 1,080,000,000 reichsmarks. To this Gesellschaft's report. It should be added that deficiency must be added the transfers in the estimates for the years 1927 and 192& foreign currencies on reparation account, which resemble closely the statistical office's pubamounted to 1,419,000,000 gold marks, and a lished estimates for those years, but are stated further slight addition made to cover the year's in simplified form. increase in the Reichsbank's reserves of gold and devisen, amounting to 48,000,000 reichs- REICHS-KREDIT-GESELLSCHAFT'S ESTIMATE OF marks. In total, and disregarding items such GERMAN BALANCE OF PAYMENTS as interest on foreign debt, travelers7 expendi- [In billions of reichsmarks, round amounts! tures, wages of foreign workmen, and so on, the deficiency may be estimated at about ! 1927 1928 1929 2,550,000,000^ reichsmarks. Against this deficiency are to be placed only three items which can be stated even approxi- I. Recurrent items: mately. The first is the effective amount of Exports (not including gold and silver)... 10.51 11.80 12. 80 Reparation payments— capital issues placed abroad during the period, (a) Deliveries in kind--. _ .57 .70 .90 estimated at about 600,000,000 reichsmarks. Surp ( l b u ) s I f n ro m G e s r e m rv a ic n e y s . . r . endered . .3 0 0 8 . . 0 2 7 9 . . 3 0 6 7 The second item covers the net amount esti- II Nonrecurrent items: Gold surrendered by the Reichsbank i .47 mated to have been paid to Germans on ship- Falling off in the foreign exchange holdings ping and transportation account, about 400,- Inf o l f u x th e o f R fu ei n c d h s s b re a l n e k ased by America .49 . . 0 0 4 7 .27 000,000 reichsmarks. The third is an item of Imports of capital— (a) Loans 1.61 1.35 .35 about 300,000,000 reichsmarks, roughly stated, (b) Short-term credits to the Reich... .21 representing the return to German possession ( ( d c ) ) O O t t h h e e r r s im ho p r o t- r t t e s r o m f c c a r p e i d t i a t l s (balance). 1 . .9 7 0 3 1 1 . . 5 3 8 3 1.72 of property sequestrated in the United States Total — - ! 16.19 17.23 17.15 during the war. These items reduce the deficiency to about 1,250,000,000 reichsmarks, LIABILITIES I or considerably less than in either of the two I. Recurrent items: i Imports (not including gold and silver)... 14.00 13.60 13. 60' preceding years. Conjecturally, this deficiency Reparation payments (as from September, together with such supplements to it as may be 1929, on the basis of the Young plan) 1.58 2.00 2.37 Balance of interest . 45 .70 .86. represented in various undetermined items, Adverse balance of emigrants' and immiwas covered by short loans, acceptance credits II. No g n r r a e n c t u s' r r c e a n p t i t i a te l m tr s a : nsactions . 07 .07 i .07 granted by foreign banks to German firms Increase in the visible foreign exchange holdings of the Reichsbank.. — .25through the medium of German banks, partici- Influx of gold into the Reichsbank..- 09 pation by foreigners in German business enter- Total.. 16.19 17. 23 17.1 prises, and so on. Estimate by calendar years.—The latest date GERMAN BUSINESS CONDITIONS covered by the preceding analyses is August 31, 1929, with the result that the important final During the final months of 1929 and the first months of 1929 are left out of account. There few months of 1930 the general volume of has recently become available, however, a con- German production and trade, after a period densed estimate of the balance of payments for in which previous figures had been surpassed the calendar year 1929, which is given below as in many lines of activity, has been distinctly a matter of information. below the average levels of the past two or This estimate was published under date of three years. In some part, of course, this reces- December 31, 1929, by the Reichs-Kredit- sion has been characteristic of the season, but Gesellschaft, a banking institution indirectly it appears in the main to have been the result owned by the Reich, in its report on the German of a combination of forces, both internal and economic situation at the turn of the year international, the nature of which has already 1929-30. The estimate for the calendar year been discussed in the chapter on credit. Reces- 1929 is necessarily provisional because detailed sion in business activity in other countries and figures for the final months of the year were not the world-wide decline in prices have been yet in hand; but it offers a useful basis for com- elements of uncertainty which have tended to parison with preceding years pending the restrain business progress in Germany, as well a& publication of the estimate of the Reich abroad. Of the internal forces, the one which Statistical Office which ordinarily appears retains the greatest importance is the depressing sometime in May. The following table repro- influence exercised by the tension in the public duces the items for the years 1927, 1928, and finances. In the face of the disordered condi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1930 FEDERAL RESERVE BULLETIN 735 tions prevailing during most of the past year, enterprises and in the extension of the influence producers and consumers have found it diffi- of cartels and trade associations. A notecult to go ahead with their plans, and this worthy step in this direction was taken toward hesitation has contributed materially to the the close of 1929 when the Rohstahlgemeindecline of production and to the falling off in schaft (the Raw Steel Association) was enlarged trade; while the capital which would otherwise to include practically all German producers, have been available for productive business and with provision for the prolongation of its industry has been largely absorbed by the activities up to 10 years. Another development ever-pressing demands of the public authorities. of primary importance is the community of Indeed, the duration of the present recession is interest established early in 1930 between the likely to depend in considerable measure upon two leading German merchant-shipping conthe steps which are taken to reestablish order cerns. In April, 1930, an agreement, which is in the public finances, and the speed with which still awaiting ratification, was also concluded they are put into effect. for the prolongation of the German Coal Syndi- The slowing down in business over the turn cate for a period of 10 years, to March 31, 1940. of the year came at the close of a period which Other phases of rationalization have shown furnished a striking example of the vigor of the themselves in the shape of further improvements German economy under adverse conditions. in business methods and factory organization. During the calendar year 1929 the physical The present position of German business as volume of production and distribution taken as a whole is best to be understood in the light of a whole was even slightly larger than in 1928 what has occurred heretofore, in the period and 1927, years which comprised a period com- since the stabilization of the currency. In the monly recognized as one of large business ac- autumn of 1925, German industry and trade tivity. In particular fields, notably in the heavy started on a course of drastic readjustment and industry, the volume of production exceeded rationalization which involved radical reducthat of any previous year since stabilization. tions in staff, acute unemployment, a limited In other fields, particularly in the textile in- volume of production, and general depression dustry and in the industries making luxury in business. By the autumn of 1926 recovery articles and goods for home consumption, was well under way, and the next 15 months conditions were less favorable, and the year as covered a period of high and rising business a whole was characterized by moderate to activity. This expansion had a special stimusmall production. In general, it appears that lation from the very free use of credit, both the industries with the largest volume of pro- domestic and foreign, particularly on the part duction were those participating in the expansion of the public authorities, and toward the close of the export trade, or those benefiting indirectly of 1927 business was running on an exceptionfrom it. In response to the growing vitality of ally high level of activity. During the early the export trade, and under pressure of difficult part of 1928 there came the natural reaction credit conditions, there were highly significant from these conditions, and with it a considerable changes during the year in the direction of decline from the peak of production and a small business. More goods than ever before passed decline in the volume of consumption; but for into foreign trade, and exports and imports the year as a whole, in spite of the dislocation were brought into balance at an average level resulting from the November lockout in the of about 1,120,000,000 reichsmarks per month. Rhenish-Westphalian iron and steel industries, In domestic business there was a tendency for the average level of production stood on a high trade in articles of subsistence and in the less plane and showed only a slight reduction as expensive articles of enjoyment to increase, and compared with the previous year. During for trade in luxuries and fine goods to diminish. 1929, in spite of considerable fluctuations in This latter development is consistent with a business, and notwithstanding weather of unmoderate further increase in the purchasing precedented severity in the first quarter, the power of wage earners and a decline in the uncertainties of the reparation conferences, the purchasing power of various other sections of constant financial difficulties of the public the population, particularly those who before authorities, and the general reduction in the the inflation derived a substantial part of their flow of fresh funds from abroad, the physical income from fixed investments. volume of production and trade reached equal On the side of industrial organization, there or even slightly larger totals on the whole than have been further important developments. in any previous year since stabilization. The movement toward concentration has re- From the standpoint of the German economy sulted in a further reduction in the number of it is not sufficient, of course, that the general Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

736 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 volume of business should merely hold its own The domestic market has shown greater variawith previous years. It is necessary for it to tion, and has reflected more or less faithfully increase, if for no other reason because of the the prevailing credit conditions. Credit, the year-to-year growth of the population. Re- third source from which relief may be expected, cently the German population, according to passed in 1929 through an extremely difficult the official figures, has been rising at the rate of stage, as has been seen in the chapter on credit; about seven-tenths of 1 per cent a year, but by and the relative ease of money in the early reason of the larger birth rate immediately months of 1930 does not yet appear to have before the war the population eligible for gain- stimulated trade in the face of the uncertainties ful employment has been rising at a rate about engendered by falling prices and the state of twice as fast, equivalent to about 1% per cent a the public finances. year. Simultaneously with this increase in the On the whole the 1929 harvest, according to number of potential workers, German industry the official estimates, produced a yield larger has been perfecting its processes and adding to than in any recent year other than 1928, and its efficiency, with the result that it has enabled the good harvests of 1928 and 1929 taken toitself to produce more goods with less labor. gether have been of great assistance to the Accordingly, the volume of business has to in- German economy as a whole by making it crease at a rate considerably faster than the possible to do with smaller imports of foodgrowth of the working population if the prob- stuffs. The prices, however, at which the new lem of unemployment is to be kept on an even crop could be sold w^ere even lower in most keel. cases than a year ago, and this decline, though Since the early part of 1926, the physical of benefit to consumers, seriously complicated volume of production and distribution has fol- the already difficult position of agriculture. lowed in the long term a generally upward The question of the profits derived by incurve, which is not to be obscured by the dustrial and trading concerns remains obscure. special expansion which came at the close of The Reich Statistical Office has attempted to 1927, with its inevitable reaction, or by the arrive at general conclusions by analyzing the temporary recession which occurred in the annual reports of numerous enterprises, but winter of 1928-29, or by the recession which is the results are suggestive rather than definite. now in process. But the increase in business For example, the net profits reported by about does not appear to have been sufficient as yet 1,200 concerns with business years ending in to take care of more than about half of the the last quarter of the calendar year amounted annual increase in the number of eligible work- in 1927 to 637,000,000 reichsmarks and in 1928 ers. There is no doubt that on the whole actual to 621,000,000 reichsmarks, and the ratio of employment has materially increased during dividends to capital changed from 7.17 per cent the past few years, and stood in 1929 at a level to 7.12 per cent. For about 400 concerns with much higher than in the years before the war. business years ending in the first half of 1929, At the same time, owing to the increase in the the results were also practically identical from eligible working population, basic unemploy- one period to the next. Reports from a few ment has also risen to a considerable extent, important concerns which have already issued and it still presents a serious problem not statements for business years ending at later merely for the public finances but for the Ger- dates in 1929 also show almost no change from man economy as a whole. the preceding year. In a broad sense, the Relief from this problem of a rising volume of figures for profits support the conclusion drawn basic unemployment, which is described more from the figures for production and distribufully in a later section of this chapter [omitted], tion, namely, that taking each year as a whole is to be looked for from three principal sources. there has not been any marked change from The first centers on the fact that after 1932 the the level established on average in the year low birth rate during the war is due to be re- 1927; but, in a stricter sense, the figures often flected in an actual decline in the number of appear to reflect dividend and accounting eligible workers, and, other things being equal, policy rather than the absolute results of the should produce a reduction in the volume of years in question. basic unemployment. The second is a ques- * * * * * tion of markets, both abroad and at home. CONCLUSIONS Ever since stabilization the foreign market for German goods has responded to the energetic The present report brings to an end the adefforts of German exporters, and the volume ministration of the Dawes plan, which ha& exports has consistently and rapidly rise extended from September 1, 1924, to May 17,. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1930 FEDERAL RESERVE BULLETIN 737 1930, through the five full annuity years of the energy of the German people, but the people of Dawes plan and through the transition period other countries have also assisted in large under The Hague agreements. During all this measure by making their savings available for time reparations have been fully paid and the rebuilding of the German economy. transferred in accordance with the provisions The Dawes plan, as was its object, also of the plan. cleared the way for the complete and final To understand the place of the Dawes plan settlement of the reparation problem which is in the history of the reparation problem, it is embodied in the Young plan and The Hague necessary to look back to the preceding period agreements of January 20, 1930. The new and also to the future. When the experts of the plan is an act of confidence in the good faith Dawes committee were called together at the and financial integrity of Germany, and Gerbeginning of 1924, Germany was on the point many now has a definite task to perform on of collapse, after an unprecedented period of her own responsibility, without foreign suinflation. Reparations were not being paid, pervision and without the transfer protection and the prospects for future payments were provided by the Dawes plan. Under the new uncertain. With the stabilization of the conditions Germany has both the whole currency and the adoption of the Dawes plan responsibility and the normal incentive to there came the turning point in German re- put her public finances in order and there is no construction, and in the succeeding years the doubt that this problem, which is now the German economy has made remarkable prog- most urgent one confronting the German ress. Germany's credit has been reestablished people, can also be solved and solved on a both at home and abroad, her industries have sound basis if anything like the same efforts been reorganized and her productive capacity are now applied to the reform of the public restored, and the general standard of living finances as have been devoted during the has greatly improved. This result has been period of the Dawes plan to the general reachieved primarily through the industry and construction of the German economy. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

738 FEDERAL RESERVE BULLETIN NOVEMBER, 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, and for June, 1930, p. 372] Month t T c ri o ( o e 4 u s t 5 n a ) l - «• U S n ta i t t e e s d g t A e i r n n* a A t l r u i a a s - - g B i e u l m - B z r i a l - C a a d n a - E la n n g d - I France m G a e n r- y d I i n- a Italy p J a a n - N l e a e t n r- d h s - R s u i s a - Spain S l w z a e i r n t - d - t c o r o t i 2 h u e 9 e n s r - r 1929—September.. 10,265 4,008 496 114 142 151 77 648 1,545 527 128 272 541 178 132 495 103 707 October 10, 296 4,023 476 109 143 151 77 643 1,570 531 128 272 541 178 142 495 103 712 November.. 10,301 4,003 451 97 151 151 78 659 1,600 534 128 273 542 180 142 495 105 711 December... 10, 294 3,900 434 89 163 150 78 711 1,633 544 128 273 542 180 147 495 115 711 1930—January 10,360 3,921 445 88 164 139 78 732 . 1,683 547 128 273 520 177 147 495 108 714 February 10,432 3,988 448 124 164 127 78 740 i 1,680 582 128 273 477 176 150 476 108 714 March 10,503 4,061 445 126 164 127 79 759 1,668 595 128 274 453 174 156 476 108 711 April 10, 566 4,131 442 109 164 90 79 795 1,659 611 128 274 443 174 167 477 112 711 May 10, 612 4,159 441 91 167 90 80 765 1,717 617 128 274 434 174 177 477 112 709 June 10, 671 4,178 440 97 167 89 81 768 1,727 624 128 274 434 174 203 477 112 699 July 10, 708 4,160 436 97 167 80 94 746 , 1,775 624 128 274 440 157 233 477 118 700 August HO, 790 4,148 434 97 168 69 100 759 I 1,852 624 128 275 433 157 249 477 123 *697 September.. *10,826 4,159 P434 98 173 65 110 766 1,899 590 128 278 431 157 249 478 123 P686 October > 4,183 782 91,192 171 249 p Preliminary, based on latest available figures. r Revised to include figures for Bolivia. 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 S A o fr u i t c h a India Month p I o m rt - s p E o x r - ts Net p I o m rt - s p E o x rt - s Net p I o m rt - s p E o x rt - s Net p I o m rt - s p E o x rt - s Net Net Net 1929—September. 18,781 1,205! 17, 576 9,939 851 9,088 18,301 41,283 -22,982 116 17 -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 36, 249 27, 844 8,405 107 15 92 -20,922 4,408 December . 8,121 72, 547 -64,426 11,096 808 10,290 65,343 16,439 48,903 297 17 280 -18, 220 4,603 J 930—January... 12,908 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,r 80 1,026 -946 -20, 786! 3,844 March 55, 768 290 55, 478 15,119 769 14, 350 38, 258 12,826 25,432 89 10 79 -13,777| 3,447 April 65,835 110- 65,725 18, 670 703 17, 967 42, 741 14,828 27, 913 81 21 60 -18,134 5,953 May 23. 552 82 23, 470 7,318 722 6,596 45,388 61,134 -15,746 75! 19 56 -22, 798! 6, 452 June 13,938 26 13,912 7,561 1,815 5,746 13, 747 20, 659j -6,912 34j 11 23| -18,190! 9,204 July 21,889 41, 529 -19,640 1,481 628 853 24,646 40, 335 -15,709 481 16, 587 -16,5391 -22,415! 3,404 August 19,714J 39, 3311 -19,617 1,614 656 958 24, 201 21, 390 2,811 281 88 273: -18,708j 13,461 September 13, 680| 11,133, 2,547 2,030 25,859 23,829 22, 339 20, 245 2,094 81 13 " -17,149. MOVEMENTS TO AND FROM GREAT BRITAIN MOVEMENTS TO AND FROM BRITISH INDIA [In thousands of dollars] [In thousands o( dollarsl 1930 1929 1930 1929 From or to— September Jan t u e a m ry b - e S r ep- Calendar year From or to— July January-July Calendar year p I o m rt - s p E o x rt - s j I p I o m rt - s p E o x rt - s p I o m rt - s p E o x rt - s p I o m rt - s p E o x rt - s p I o m rt - s p E o x rt - s p I o m rt - s p E o x rt - s France... 12 15,921 1,470 138,042 2,066 162, 527 England _._J 407 6,356 I — I 10,461 Germany 1,470 ! 7 65, 257 3,203 92, 991 United States 1 22 Netherlands 133 , 19 738 14, 382 2,006 Aden and dependen- I Spain and Canaries. 2 ! 19,496 150 4 359 cies. 406 I. 1,045 Switzerland 1,985 i 17, 640 10, 781 Arabia ! 34 479 I. 1,287 United States _. | 283 "237696" 61, 293 British Oceania | 563 5,551 7,701 South America 5,182 ; 26,191 49 39,129 Bahrein Islands ! 20 100 j 119 British India 1 317 1 7,437 10, 320 Ceylon j 419 i 2,038 i 4,151 Australia 1,815 90, 615 2 24,603 China ! 652 1, 432 188 New Zealand _. 12 127 2,433 Mesopotamia ! 150 1,478 2,613 Egypt "37786 Straits Settlements..! 146 1, 160 19 28 Rhodesia 405 j 3,960 4,641 Egypt ._ -! 88 1,176 6,867 Transvaal 14,439 145,093 184,954 Natal 829 17, 470 29, 595 West Africa 356 3,667 11 4,216 All other countries.. 1 35 4 206 "19 All other countries-. 113 417 1,056 12,195 1,003 33, 434 Total . 22,339 20,245 291,985 241,615 J303,725 377, 505 Total __J 3,404 ! 37,688 64, 275 48 i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1930 FEDERAL RESERVE BULLETIN 739 FOREIGN EXCHANGE RATES [Monthly averages of daily quotations.* In cents per unit of foreign currency] 1930 1930 Par i Par Country Monetary unit i o h f a n ex g - e 1 i August jSe b p e te r m- October Country Monetary unit c o h f a e n x g - e August Se b p e te r m- October -I- SOUTH AMERICA Austria .. Schilling. 14.07; 14.11821 14.1131 14.1046 Argentina Peso 96.48 82. 4855 81. 7843 78. 0538 Belgium 13.90 13.9838 13. 9476 13.9441 Bolivia 2 Boliviano. 36.50 36. 3750 36. 7500 36. 750O Bulgaria Lev .72! .7219 .7224 .7209 Brazil Milreis.. 11.96 9. 9571 10.0850 Czechoslovakia- Crown 2.961 2.9661 2. 9672 2.9664 Chile Peso 12.17 12.1133 12.1365 12. 0834 Denmark Krone 26.8150 26. 7670 26.7557 Colombia do_ 97.33 96. 5246 96. 53001 96. 5300 E F F G r i n e n a g r n l m l a c a n e a n d n d y _. P M F R o r e a a u i r n c n k c h d k s a mar _ k - .. . 48 2 6 3 2 3 . . . . 9 5 8 6 2 2 2 5 48 2 7 3 3 2 . . . . 9 8 0 5 3 8 7 1 3 9 0 7 7 3 9 5 48 2 6 3 2 3 . . . . 1 8 1 5 9 2 0 1 2 2 1 7 7 9 3 3 48 2 2 3 5 3 . . . . 9 8 8 5 9 2 0 1 6 3 5 7 9 0 5 0 E V P U c e e r u u n ru a e g 2 d z u u o a e r y l 2 a _ 2 _. S B S P o u e o s l c l o r i e var,. 1 2 4 1 0 9 0 0 3 . . . . 0 0 4 3 0 0 2 0 | 1 2 3 8 1 2 8 0 5 . . . . 0 9 9 8 0 8 3 3 0 0 6 0 0 8 7 4 2 3 8 1 0 4 2 8 . . . . O 5 3 O 7 0 41 4 O 0 0 7 O 0 0 1 ; i 2 7 3 1 0 9 1 8 . . . . 5 0 2 2 0 0 5 4 0 0 9 9 0 0 6 6 - H Gr u e n e g ce ary D Pe r n a g c o hma 1 1 7 . . 3 4 0 9 17 1 . . 5 2 2 9 9 6 4 9 J 17 1 . . 5 2 1 9 6 5 0 8 1 1 7 . . 2 5 9 0 4 50 9 ASIA Italy Lira 5.26 5. 23841 5. 2371 5. 2360 China * Mexican dollar- 28.41, 27. 8666 28. 7591 28.2598 Netherlands. Florin_. 40.20 40. 2908j 40. 2880 40.2982 China* Shanghai tael... 39.171 38. 5445 39. 6795 39. 0962- Norway Krone 26.80 26.8101.1 26. 7604 26. 7544 China * Yuan dollar 27.79i 27. 7580 28. 55001 28.0003 Poland Zloty 11. 22' 11.20651 11. 2063 11. 2119 Hong Kong*... Dollar 28.20 32. 2054 32. 2015 31.916S Portugal Escudo 108.05 4. 5046| 4. 4925 4. 4872 India Rupee 36.50 36.0417 35. 9899 36. 02221 R S R S S p w w u u a s m e i i s t d n z i a e a e n n r 2 i l a and L P K C F e r e h r a s u o e e n n r t c v a a onetz.. 51 2 1 1 4 6 9 9 . . . . .6 3 8 3 6 0 0 0 0 0'5 2 1 1 1 6 0 9 5 . . . . . 5 0 8 8 4 9 0 9 7 4 5 0 1 6 4 8 4 0 2 9 J ! ! ^ 5 2 1 1 1 6 9 0 5 . . . . . 5 0 8 4 7 9 0 6 0 2 5 0 8 5 6 9 0 0 5 0 3 5 2 1 1 1 6 0 9 5 . . . . . 4 0 3 8 5 1 0 4 5 9 9 4 2 4 0 3 8 3 9 0 J J T S a a t u m p v r r a a a k e i n t 2 n e s y t s. Settle- S T Y F i u l e n l o i a r g k r r a . i i n p sh o .. r . e . pou d n o d l- 4 4 4 3 56 0 9 9 . . . . 2 8 6 7 0 5 5 8 « 4 5 4 4 5 0 9 6 . . . .9 3 3 9 3 0 8 4 5 2 5 8 6 3 3 2 84 4 4 5 7 9 0 6 . . . . 0 4 3 0 0 0 3 0 2 1 7 6 0 9 7 8 n J !l ' 4 4 5 4 9 0 6 7 . . . . 1 1 3 5 6 0 1 8 8 3 8 9 7 5 8 6 Yugoslavia Dinar 19.30 1.7727 1. 7716 1.7717 NORTH AMERICA Canada Dollar _ 100. 00! 100.0943 100.1206 100.1033 Egypt.. Egyptian pound 494. 31« 498.2290,8 498.9320 7~499. 4600" Cuba Peso 100. 00 99. 9449 99. 9704 99.9359 Mexico do 49.85 47.3364 47.3740 47.1678 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 October, 1930, computed by'multiplying silver content of unit by New York average price of silver for October, 1930, which was $0.36158 per fine ounce. On the same basis, parity in October, 1929, for the Chinese-Mexican dollar was 39.46 cents; for the Shanghai tael, 54.41 cents; for the Yuan dollar, 38.60 cents; and for the Hong Kong dollar, 39.18 cents. « June, 1930. 8 July, 1930. 7 August, 1930. Back figures.—See BULLETIN for January, 1930,1929, and 1928. CONDITION OF BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of dollars *] 1930 1930 ! temper I August I July July RESOURCES LIABILITIES Cash on hand and on current account with Short-term deposits: banks Central banks for own account— Demand funds at interest Demand 14, 002 14,381 18,349 Time: Not exceeding 3 months 51, 889 50,646 30,955 Rediscountable bills and acceptances (at ! Time: Between 3 and 6 months... 37, 289 24,930 10, 96a cost): Commercial bills and bankers' accept- '•• Total.... __ 89,957 60, 267 Tr a e n a c s e u s r y bills _ _ _ _ _ 3 1 9 9 , , 3 4 1 6 6 3 ! I 2 1 9 6 , , 4 3 2 0 9 8 | | 3 3 5 4 , , 5 8 3 2 9 7 Cen D tra e l m b a a n n d ks for account of others- 28, 257 42,055 Time: Not exceeding 3 months 27,436 15,045 Total - 58,779 j 45,737 70, 366 Time: Between 3 and 6 months 76, 018 52, 572 Time funds at interest: B N B e e o t t t w w e e e x e e c n n e e 6 3 d a a in n n g d d 3 6 9 m m m o o o n n n t t t h h h s s s . . . _ . . . . . 1 2 8 4 9 2 , , , 8 7 7 6 1 3 4 6 3 10 8 1 4 4 5 , , , 1 5 5 1 9 4 0 5 1 6 5 1 8 7 4 , , , 5 2 5 9 7 0 4 8 6 Othe T D r i e T m d m o e e t p a : a n o l N d si t o o t r e s x : ceeding 3 m _ o nths _. i L | 1 4 . 4, 7 2 0 3 0 131 1 , , 2 7 1 1 8 1 109 1 , , 2 6 1 7 9 2 Total- 217, 312 204,246 140,378 Long-term deposits: j Annuity trust account I 29, 786 29,824 29,839 Sundry investments (at cost): German Government deposit j 15,424 14, 748 16,920 Maturing within 2 years .. 35,853 29, 032 20, 830 French Government guarantee fund 13,262 13,190 13,187 Over 2 years 202 282 2,635 Total I 58,472 57, 762 59,946 Total 36, 056 29,314 23,465 Capital paid in. 19, 783 19, 783 19, 78a Other resources.. 1,672 1,080 549 Other liabilities 2,024 1,351 719 Total resources. 328,181 301, 782 251, 605 Total liabilities '328,181 301, 782 251, 605 1 Converted into dollars from Swiss francs at par: 1 Swiss franc=$0.1930. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

740 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 CONDITION OF CENTRAL BANKS [Figures are for the last report date of month] 1930 1929 1930 1929 te S m ep b - er August July tem Se b p- er te S m ep b - er August July te S m ep b - er Central Bank of Bolivia (thousands Bank of England (millions of pounds of bolivianos): ste B I r s l a s i n u n e N k G G g i ) o o o n d : l l t g e d d e s p d c a a i o n e s r i s d p t n u m a i e a l r d e v n t n e m d r t - b e c u n o l t l - in ion. 4 1 1 5 1 6 7 . . . 1 4 3 4 1 1 5 1 4 4 . . . 0 8 8 4 1 1 5 1 2 2 . . . 0 3 3 3 1 9 3 1 1 1 . . . 3 9 9 N D L G Fo o o e o r a p t e l e n o d i s s g s . i n i a . t n - s n e c d x i c r d c h i u a s l n c a o g ti u e o . n n ts. _ 4 2 3 1 1 5 2 4 1 , , , , , 7 9 0 0 4 4 9 8 5 2 2 7 0 6 4 4 3 2 1 2 3 6 0 3 , , , , 7 1 0 8 3 3 1 8 2 6 4 9 8 2 5 4 2 3 1 2 4 6 1 5 , , , , 7 7 1 9 8 3 6 2 3 8 1 1 3 0 5 4 4 2 1 4 9 6 2 5 , , , , , 2 8 9 3 7 6 1 3 9 5 8 0 4 0 0 Bank notes _ 60.5 54.0 43.9 30.9 Bank of Brazil (millions of milreis): Government securities 41.1 49.1 51.7 68.9 Gold 407 407 407 Other securities 21.6 22.2 22.3 22.2 Currency _ 418 709 Discounts and advances 5.7 6.5 6.7 3.2 Correspondents abroad 299 264 Public deposits 13.3 18.2 9.1 14.7 Loans and discounts 1,682 1,547 1,282 Bankers' deposits 64.2 62.6 61.0 57.0 Securities _ 126 125 133 Other deposits _ 34.2 33.8 37.4 36.4 Note circulation 592 592 592 Reserve ratio J (per cent) 55.2 48.0 41.8 29.7 Deposits 1,549 1.486 1,514 Bank notes in circulation * 355.8 360.9 368.4 361.1 National Bank of Bulgaria (millions Bank of France (millions of francs): of leva): Gold 48, 431 47,242 45,283 39,411 Gold 1,434 1,428 1,422 1,385 Sight balances abroad 6,567 7,104 7,210 Net foreign exchange 234 223 187 1,200 Foreign bills 19,027 18, 764 18,979 18, 623 Total foreign exchange 1,164 1,155 910 1,640 Loans and discounts 8,984 9,200 8,911 11,576 Loans and discounts 782 788 845 1,614 Negotiable bonds 5,304 5,304 5,395 5,612 Government obligations 3,279 3,279 3,279 3,546 Note circulation 73, 053 73, 677 72,110 66, 639 Note circulation . 3,660 3,683 3,435 4,222 Public deposits 10,509 10,109 9,132 I 13,629 Other sight liabilities 1,375 1,372 1,446 2,204 Other deposits 8,780 7,734 8,363 | 5,958 Central Bank of Chile (millions of German Reichsbank (millions of JSOS): reichsmarks): Gold at home _. 62 63 63 63 Gold reserve _ 2,329 2,469 2,469 2,062 Deposits abroad 362 ••317 ••299 471 Gold abroad 150 150 150 150 Loans and discounts _ 32 77 97 77 ±leserves in foreign exchange 171 369 261 335 Note circulation _. 316 321 322 339 Loans and discounts 2,387 1,942 1,930 2,828 Deposits against which reserve Deposits __ _ 472 416 398 501 isheld.. 70 65 57 126 R R e e i n c t h e s n m m a a r r k k s s i i n n c c i i r r c c u u l l a a t t i i o o n n 4,7 4 4 4 4 8 4,7 4 0 4 7 8 4,6 4 3 4 8 8 4,9 4 1 3 4 9 Ba ( n th k o u o s f a n th d e s o R f e p p e u s b o l s ic ): of Colombia Bank of Italy (millions of lire): Gold at home 20, 549 20,130 20,827 24,957 Gold at home 5,291 5,232 5,210 5,176 Gold abroad 8,751 11,460 8,233 22,722 Credits and balances abroad 4,969 5,103 5,080 5,064 Loans and discounts 11,090 11,820 12,188 15, 360 Loans and discounts _ 4,137 3,929 3,854 5,433 Note circulation 26, 363 2r, 075 28, 398 41, 862 Total note circulation 16,172 16,074 16,182 16,916 Deposits ___ 5,136 6,647 6,568 9,941 Public deposits 300 300 300 300 Czechoslovak National Bank (mil- Other deposits.....-- 1,716 1,674 1,849 1, 544 lions of Czechoslovak crowns): Ban T k A N G G o d o o o o t l v t v f a d e a e l s J n r d a n i c p e s m e s p a s u o n e e a n s d i ( n t t m s d b i o l d l n i io s d c n s o s u c n f t y s e .. n .. ) . : .. 1,0 7 7 1 7 1 4 1 2 0 1 8 1,1 7 6 6 7 3 7 5 6 5 9 1,1 8 7 6 0 8 8 3 7 4 0 0 5 7 1 1 , , 0 2 7 8 1 6 8 7 3 9 2 6 0 7 4 A D F L N G o o s e o o d r s a p l t a e d e e n o t i t s i g s s c o i n i a n t o r s n c b f u d a b l l a a a a d t n n i v k o c _ a e n in n s g c a e n o s d ff ic c e u r i r n e n li c q y u . i - - . 2 7 1 , , , 2 4 4 3 5 1 1 8 2 3 7 9 4 1 3 3 5 8 2 1 7 , , , 3 3 3 4 0 5 3 0 1 3 7 5 7 4 9 4 5 7 2 6 1 , , , 3 0 3 4 4 8 9 1 6 4 8 9 3 2 2 4 3 7 7 1 1 1 , , , , 3 4 6 1 8 1 9 7 9 4 3 5 2 5 7 7 8 7 Commonwealth Bank of Australia Danish National Bank (millions of (thousands of pounds sterling): kroner): Issue department- Gold 172 172 172 173 G Se o c l u d ri c t o ie in s and bullion.... 2 4 0 , , 6 17 9 7 1 1 4 9 , , 9 9 4 7 1 6 2 4 0 , , 9 0 4 0 1 6 2 18 3 , , 4 2 4 7 1 2 F L o o r a e n i s g n a n b d i ll d s i , s e co tc u . nts 8 7 1 8 71 9 7 4 0 Banking department- Note circulation 345 350 347 353 Coin, bullion, and cash 1,549 1,555 1,528 2,504 Deposits _ _ 29 27 28 30 Bank D M L S e o e d n o c a p o o n u n o n t r e s e s i y t i s a i t e s i n a s n t d c s d i h i r o s c c r u t o l a u c t n a io t l . s l " n in Lon- 2 4 3 1 2 7 2 1 2 , , , , , 7 1 1 3 7 2 3 3 2 0 7 8 3 2 8 4 2 3 1 5 0 7 2 1 , , , , , 1 8 8 4 0 0 8 5 5 1 6 7 7 8 5 3 2 4 1 5 8 0 1 0 , , , , , 0 8 9 9 4 0 7 0 4 5 5 2 7 8 2 3 3 1 1 6 3 7 6 4 , , , , , 5 6 9 9 6 5 5 0 2 9 8 8 3 2 1 Ba z n ig k B L N F o g o a o o r u l a t a f e e n l n i d s D g c c e n i a e a n r s n n c ) b : z u d w i i l l g l d a i s t t i , h i s ( o e c t n B h o tc o u a u n n s k ts a n o d f s E o n f g l D an a d n . - 3 2 1 7 9 3 4 , , , , 0 1 6 0 4 1 1 2 1 7 6 7 3 2 1 1 1 0 7 4 . , , , 5 2 7 6 8 9 3 8 3 5 3 0 1 1 19 1 4 , , , 7 3 5 7 2 0 1 0 8 3 2 1 1 2 7 9 2 , , , , 4 3 9 0 9 6 2 7 4 0 6 0 Austrian National Bank (millions of Deposits.._ 1,720 1,904 1,893 2,007 schillings): Central Bank of Ecuador (thousands Gold 215 169 169 169 of sucres): Foreign exchange of the reserve.. 218 274 273 216 Gold.... 5,606 5,603 5,607 5,579 Other foreign exchange 479 478 470 357 Foreign exchange 23,992 25, 220 25, 856 27, 609 Domestic bills 96 110 115 289 Loans and discounts 14,142 14, 359 14, 349 15, 488 Government debt 101 101 101 110 Notes in circulation 24,107 24,414 26, 538 31,262 Note circulation. 1,008 1,018 1,021 1,079 Deposits 14,091 14, 860 15,116 14,725 Deposits 103 117 115 65 Bank of Estonia (thousands of krones): National Bank of Belgium (millions Gold..- 6,546 6,533 6,526 6, 350 of belgas): Net foreign exchange. 16,958 16,424 16,803 21, 025 Gold 1,248 1,210 1,204 1,023 Loans and discounts 24, 943 24, 687 24,860 26,356 Foreign bills and balances in gold. 852 872 844 551 Note circulation 33, 638 33,241 31,897 35, 791 Domestic and foreign bills 744 776 776 748 Deposits- Loans to State 311 311 311 343 Government 7,033 7,586 9,401 9,121 Note circulation 3,051 3,056 3,083 2,628 Bankers. 4,789 4,442 4,959 4,420 Deposits 149 165 112 90 Other ._. 1,793 1,393 1,808 1,958 1 Ratio of gold and notes in banking department to deposit liabilities. 2 Notes issued, less amounts held in banking department and in currency note account. ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1930 FEDERAL RESERVE BULLETIN 741 CONDITION OF CENTRAL BANKS—Continued [Figures are for the last report date of month] 1930 1929 1930 1929 te S m ep b - er August July te S m ep b - er tember:August July te S m ep b - er Bank 'of Finland (millions of Fin- Bank of Poland (millions of zlotys): nish marks): Gold at home 484 484 484 432 Gold 301 ! 302 301 302 Gold abroad.. 77 219 219 232 Balances abroad and foreign 'I Foreign exchange of the reserve... 322 226 222 422 credits _. 907 949 547 Other foreign exchange 115 119 111 96 Foreign bills 197 191 185 19 Loans and discounts 784 696 685 805 Domestic bills 578 583 630 1,290 Note circulation 1,373 1,355 1,321 1,354 Note circulation _ _. 1,350 1,352 1,355 1,440 Current account of the treasury._ 67 98 89 282 Demand liabilities _ 94 149 206 146 Other current accounts 125 144 lf>3 157 Bank of Greece (millions of drach- Bank of Portugal (millions of escumas): dos): Gold 522 516 566 623 Gold.. 9 Net foreign exchange in reserve... 2,957 2,853 2,712 2,822 Balances abroad 169 380 Total foreign exchange 3,747 3,770 3,853 4,996 Bills 3i7 321 Loans and discounts 324 306 282 174 Note circulation 1,951 1,936 Government obligations 3,389 3,489 3,489 3,597 Deposits 81 Note circulation 5,077 4,761 4,816 5,414 Other sight liabilities 1,680 1,876 1,576 1,496 National Bank of Roumania (millions I of lei): j National Bank of Hungary (mil- Gold at home 5,356 ; 5,356 j 5,356 5,178 lions of pengos): Gold abroad _ 3,919 3~, 919 3,919 3,592 Gold _ 163 163 163 Foreign exchange of the reserve._ 1,613 1,595 1,527 6,032 Foreign bills, etc 25 42 43 43 Other foreign exchange 159 62 40 79 Loans and discounts _ 189 198 203 315 Loans and discounts 8,378 8,696 8, 748 10,000 Advances to treasury _ 69 70 72 89 State debt 5,349 5,599 5, 699 7,472 Other assets.. _ 89 101 91 62 Note circulation _ 19, 355 19,134 18,534 21,393 Note circulation _. 430 440 466 478 Deposits 6,806 7,006 6,979 10,757 D M e is p c o e s l i l t a s neous liabilities 2 5 8 1 5 5 1 8 4 3 7 3 1 5 1 4 2 St c a h te e r B vo a n n t k s i o ): f Russia (thousands of j i Ban N k L D F G o o e o o o r a p t l f e e n d o i J s . g s c a i n i a v t r s n a c b d u i l ( l l m d a s t i i i s l o c l n i o o u n n s t s of flori _ n . s): 2 1 2 5 4 5 3 9 3 3 7 9 2 1 6 2 3 5 3 1 9 8 0 9 2 1 6 3 3 5 5 7 4 9 3 3 3 1 1 0 3 4 4 6 7 7 0 I D L s o e su a p e n N o G F O s s o o o t d i h r a l t t e d e s e n e i p r d g c a n p i d r r r c i e t e s u m x c c l c i o a e o h t u u n a i n o s n t - t n g m s e etals .! i j | | J J . . - _ 2 , ! | 5 2 1 0 4 4 0 5 1 2 5 4 , , , , , 8 , 9 5 4 4 4 6 5 5 2 4 0 0 8 9 4 9 3 4 2 1 2 1 1 4 5 3 7 9 4 6 , , , , , , 8 8 7 7 6 5 4 9 5 6 2 9 7 7 8 8 2 5 Bank of Latvia (millions of lats): South African Reserve Bank (thou- Gold 24 I sands of pounds sterling): Foreign exchange reserve 47 | Gold- — - 6,694 6,843 6,488 7,941 Bills Foreign bills 7, 250 7,511 7, 736 7,185 Loans S Domestic bills 40 360 206 1,995 Note circulation _ Note circulation 7,743 . 8,676 7, 459 9,131 Government deposits Deposits- Other deposits S Government 2,065 ' 1,881 2,312 2,160 75 I Bankers 4,444 • 4,764 4,730 4,625 Bank"of Lithuania (millions of litas): Others _ 131 426 122 291 N D L F G o o o e o r a p t l e e n o d i s g s . c . i n i a t r s n c c d u u l r d a r t i e i s n o c c n o y unts 1 1 0 0 6 9 1 9 9 0 3 7 3 5 3 5 6 10 9 9 3 7 0 0 6 5 8 Bank B L G S i o a o o l l v a l f a d n e n S r s c p a e a n s i d n a b d ( r m i o s a i c l d o li u o n n t s s of pesetas): 2 2, , 1 4 7 0 7 1 3 3 5 2 8 ! : 2 2 , , 4 0 7 7 0 2 2 4 0 0 6 2 1 , ,9 4 7 2 7 2 3 3 2 1 2 2 2, , 2 5 7 4 6 8 1 1 5 9 2 Netherlands Bank (millions of Note circulation 4,508 4,456 4, 396 4,359 florins): Deposits 807 826 818 924 Gold 391 391 391 443 Bank of Sweden (millions of kronor): Foreign bills _ _ _i 243 ! 234 241 1S6 Gold - 242 242 213 242 Loans and discounts ! 140 i 132 136 187 Foreign bills, etc 398 I 349 360 222 Note circulation _ 831 800 S09 852 Loans and discounts 158 160 131 i 376 Deposits 21 25 16 20 Note circulation 613 I 570 551 580 Deposits 109 ! 106 110 163 Bank of Norway (millions of kroner) : N T D F G F o o o o o o r r t t l m e e a e d i l i e g g c s d n n i t e r i c c p d b u o e a c l p l s a r a i o t e t n i s s d o c i n e t i s t s s . a . nd b _ ills _ 3 2 1 0 1 7 2 4 9 7 3 7 1 1 I I ! I 2 3 1 6 2 1 2 4 2 0 5 4 7 1 2 3 1 1 2 4 2 5 2 7 2 1 3 2 1 1 5 9 5 4 6 1 1 5 7 1 Sw fr i a s N D G L F n s o o o c o e r a s l m t N e d e ) n : i a s a g c n t n i a i d r o n c b n d u d a a l e l l a d a p t i n o i s o B c c s n e i o a t s u s n k a n n ts d ( m bi i l l l l s ions o _ f .. 3 9 6 1 8 3 7 4 5 7 5 0 0 7 6 3 9 1 3 4 6 4 7 9 3 5 2 6 3 9 6 1 3 2 7 7 1 3 8 9 1 0 9 2 5 2 4 2 7 1 3 4 6 1 6 3 Reserve Bank of Peru (thousands of I National Bank of the Kingdom of soles):i I Yugoslavia (millions of dinars): Gold ....! 39,910 39,584 40,811 45,976 Gold 98 98 98 94 Gold against demand deposits 3,601 3,572 2,251 7,750 Foreign notes and credits 189 202 226 282 Foreign exchange reserve ' 10,168 10,473 12,746 21,157 Loans and discounts _ 1,503 1,441 1,394 1591 Bills i 17,041 16,966 14,863 18, 343 Advances to State _ 2,997 2,997 2,997 3000 Note circulation 56,443 56, 524 57,081 64, 342 Note circulation _ 5,536 5,521 5,317 5,695 Deposits. 7, 202 7,145 4,501 12,734 Deposits 998 1,072 1,153 1025 1 Figures for September, 1929, have been converted from libras (par $4.86R5) 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

742 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 CONDITION OF COMMERCIAL BANKS Millions of national currency Millions of dollars Country 1930 1929 1930 July August Sep b t e e r m- July August Sep be te r m- j April May June July August Sep b t e e r m- Canada: Millions of dollars Gold and subsidiary coin 1 _ 63 62 62 62 61 61 60 60 63 62 62 Money at call and short notice 422 445 413 577 584 594 415 417 435 422 I 445 413 Current loans and discounts 1,502 1,483 1,481 1,572 1,585 1,639 1,601 1,573 1,550 1,502 j 1,483 1,481 Public and railway securities - 447 458 480 470 462 487 428 431 444 447 458 480 Note circulation 152 166 164 170 190 197 155 165 166 152 166 164 Individual deposits _ 2,391 2,387 2,460 2,578 2,551 2,654 2,472 2,401 2,449 2,391 2,387 2,460 Gold reserve against Dominion notes—. 77 83 83 59 60 60 64 65 66 77 83 sa Dominion note circulation 166 163 170 196 199 201 174 170 174 166 163 Argentina: 170 Bank of the Nation- Millions of pesos Gold 7 7 65 62 57 6 6 6 Other cash _ 126 121 125 122 122 108 110 104 104 100 i Loans and discounts 593 603 542 552 554 533 492 495 497 ' Deposits 731 730 734 734 723 646 613 599 ! 602 I Other banks in Buenos Aires- Gold 10 10 12 12 12 10 10 10 10 10 Other cash 199 214 156 161 160 166 165 166 163 177 Loans and discounts 867 865 852 853 861 780 759 735 712 713 Deposits 1 007 1.026 972 975 979 | 875 857 826 847 Millions of pounds i England: sterling ! Cash in vault and at banks 191 188 186 924 915 929 , 911 897 921 931 915 907 Money at call and short notice... 143 135 134 696 701 725 j 650 666 699 697 657 654 Advances and discounts __ 1,236 1,215 1,211 5,932 5,864 5,803 j 5,729 5,857 5,993 6,015 5,912 5,891 Investments 241 250 255 1,178 1,176 1,175 | 1,095 1,127 1,132 1,171 1,217 1,240 Deposits.* 1,7.9 -4 - 1,767 1,,764 8,654 8,558 8, 534 j 8,331 8,478 8,701 8,730 8,600 8,484 France: Millions of francs Bills and national-defense bonds. 20,198 782 757 770 i 773 762 793 792 i Loans and advances 11,415 415 418 422 j 440 420 425 448 ! Demand deposits 30,232 1,272 1,237 1,248 ! 1,325 1,338 1,378 1,185 I Time deposits 1,437 42 40 i 57 61 57 56 Germany: Millions of reichsmarks Bills and treasury notes 2,964 2,918 2,654 644 755 755 776 706 i 695 632 Due from other banks 1,218 1,054 1,096 328 336 i 271 275 i 265 290 I 251 261 Miscellaneous loans 8,579 8,592 8,627 1,902 1,935 ! 2,076 2,059 2,046 2,044 2,047 2,054 Deposits - 12,0f>7 11, 804 11, 672 2,687 2,760 ! 2,921 | 2,916 2,929 2,874 I 2,812 2, 780 Acceptances..? 507 522 546 121 121, 117 116 115 121 j 124 130 Denmark: Millions of kr Loans and discounts 1,818 1,823 476 476 ! 476 491 486 489 I 487 I 489 i Due from foreign banks _. 123 128 37 39 j 43 30 29 33 34 I Due to foreign banks 66 68 18 17 ! 17 22 22 18 18 18 Deposits and current accounts... 2,010 2,015 523 528 j 533 532 532 537 539 540 '• Norway: Millions of k oner \ Loans and discounts 1,224 1,211 1,210 339 340 | 337 333 331 328 328 325 ! 324 Due from foreign banks 120 124 105 I 33 35 : 36 30 30 28 32 33 : 28 Due to foreign banks 65 65 67 ! 22 23 22 21 | 20 18 18 17 i 18 Rediscounts _ _. 76 76 76 26 27 ! 27 24 22 21 21 20 ! 20 Deposits 1,489 1,485 1,477 I 417 418 417 402 | 399 397 399 396 Sweden: Millions of kronor i Loans and discounts 4,437 4,487 1,120 1,125 1,128 1,167 ' 1,173 1,181 1,189 1,193 i Foreign bills and credits abroad.. 304 283 74 82 93 70 68 72 81 76 ! Due to foreign banks 237 22C 31 31 34 42 42 69 64 59; Rediscounts _. 14 36 51 54 57 24 15 19 4 10 ! Deposits 3, 722 3. /0C 946 946 955 981 978 997 994 | Japan: Millions o)fyen Cash on hand 197 181 281 118 141 140 140 128 115 98 90 140 Total loans 2,176 2,148 2,446 ! 951 974 971 1,061 1,077 1,093 1,085 1,071 1,219- Total deposits 2, 052 2,05] 2,068 I 952 983 982 1,017 1,021 1,033 1,023 1,022 1,031 I i Not including amounts held abroad. r Revised. NOTE.—Banks included are as follows: Canada—Chartered banks; England—nine London clearing banks; France—four commercial banks Germany—six Berlin banks; Denmark, Norway, and Sweden—joint-stock banks; Japan—Tokyo banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1930 FEDERAL RESERVE BULLETIN 743 DISCOUNT RATES OF CENTRAL BANKS [Rate prevailing November 1, 1930, with date of latest change] Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Austria. _ 5 Sept. 10,1930 Ecuador. _ i Jan. 10,1930 Italy m May 19,1930 1 Portugal m June 2,1930 Belgium Aug. 1,1930 England.. May 1,1930 Japan Oct. 7,1930 Rumania Nov. 26,1929 Bolivia 7 Aug. 26,1930 Estonia. _. Oct. 7,1930 Java 5.11 Mar. 1,1930 '• Russia 9 Mar. 22,1927 Bulgaria 10 July 2,1929 Finland. .. 6 Aug. 27,1930 Latvia 6 Oct. 1,1930 South Africa. 8 Sept. 29,1930 Chile 7 Aug. 4,1930 France 2H May 2,1930 Lithuania- 6 Apr. 1,1930 5H Colombia 7 Sept. 18,1930 Germany. 5 Oct. 9,1930 Netherlands. 3 Mar. 25,1930 S Sw pa e i d n en 6 J A u p ly r. 17 3 , , 1 1 9 9 3 3 0 0 Czechoslovakia. 4 June 25, 1930 Greece 9 Nov. 30,1928 Norway Mar. 21» 1930 Switzerland. m July 10,1930 Danzig___ 5 Oct. 10,1930 Hungary- May 30,1930 Peru Sept. 1,1930 Yugoslavia.. May 28,1930 Denmark 4 May 3,1930 India 5 July 10,1930 Poland Oct. 3,1930 CHANGES: Bolivia—August 26, from 9 to 7 per cent; Danzig—October 10, from 4 to 5 per cent; Estonia—October 7, from 8 to 7 per cent; Germany— October 9, from 4 to 5 per "cent; Japan—October 7, from 5.48 to 5.11 per cent; Latvia—October 1, from 6-7 to 6 per cent; Poland—October 3, from 6}4 to 7^Jper cent; South Africa—September 29, from 6 to by2 per cent. MONEY RATES IN FOREIGN COUNTRIES i Netherlands (Amster- Switzer- England (London) Germany (Berlin) | dam) land Month Bankers' a a n c c c e e s p , t - 3 T b re il a ls s , u 3 ry Da m y o -t n o e - y day d P is r c iv o a u t n e t M 1 o m ne o y n t f h or d P is r c iv o a u t n e t months months on deposits : rate rate 1929—April. 5.21 5.18 4.43 3*4 6.63 . 7.57 6.85 i 5.36 | 5.81 3.45 May.. 5.21 5.21 4.67 3*4 7.49 ' 9.65 9.32 5.37 5.88 3.34 June.. 5.32 5.35 4.23 7.50 7.90 I 5.30 I 5.30 3.26 July 5.38 5.39 4.54 ZH 7.39 9.35 8.21 ! 5.20 4.90 3.19 August 5.47 5.48 4.35 7.18 9.43 7.42 i 5.06 4.68 3.33 September 5.59 5.63 4.39 3*4-4*$ 7.18 9.48 7.86 ; 5.36 5.32 3.38 October 6.13 6.19 5.45 7.28 •' 9.06 8.06 5.15 4.52 3.38 November 5.35 5.30 5.15 4 -3*£ 8.29 7.79 4.26 4.17 3.32 December 4.76 4.75 4.23 8.78 8.14 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 -2* 5.53 , 6.72 6.01 2.80 2.94 2.71 March 2.78 2.55 3.20 5.12 ! 6.35 5.57 2.50 2.61 2.60 April 2.48 2,49 2.28 4.46 . 5.57 4.40 2.52 3.08 2.61 May 2.16 2.11 1.93 3.89 ' 5.00 3.62 2.29 2.53 2.44 June 2.31 2.30 1.93 3.58 j 4.80 3.74 1.89 1.93 2.06 July 2.37 2.38 1.78 3.40 4.57 4.30 1.85 1.85 1.92 August. _. 2.21 2.17 1.85 3.24 ' 4.43 3.73 1.83 1.63 1.75 September 2.07 2.05 1.68 3.30 i 4.54 3.78 1.90 1.84 1.50 (B Be ru lg s i s u e m ls) F (P ra a n ri c s e ) (M Ita il l a y n) Austria (Vienna) Hungary S ( h S w o t e o 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 fo o o r n n e t 1 h y c c i o a P m l r i p m m a e p e r e - r Day-to-day months Disc b o il u ls nted ov m e C o rn a n l i e l g y ht 1929—April. 3.97 3.44 . 6.75 6H6-7H 7%-m 7 -9 5.48-5.66 3.65 J M u a n y e _ . _ . 3 3 . . 9 9 6 7 3 3 . . 4 5 9 0 , I 6 6 . . 8 7 3 5 7 73 H /i 6 - - 7 7 H K 8 8* 4 - - 9 9 - 9% 7 7 - - 9 9 : 5 5 . . 4 4 8 8 - - 5 5 . . 6 6 6 6 3 3 . . 2 2 9 9 July 4.04 3.50 6.75 8*4-9 7 -8*4 5.48-5.66 3.10 August 4.93 3.50 6.85 8*4-9 834-10J4 7 -8 : 5.48 3.10 September.. 4.94 3.50 7.01 7% 8*4-9*4 834-10J4 5.48 2.92 October 4.94 3.50 7.18 8 -S\i 9 -10 9 -10H 7K-8 I 5*4-7 5.48 3.47 November.. 4.57 3.50 7.00 73/4 -8J4 83/4-10 8H- 934 6J4-734! 5.48 3.47 December.. 4.40 3.50 7.00 7H -7% 8*3-9*4 8H- 934 7 -7H\ 5.48 3.10 1930—January 3.40 3.38 7.00 5.48 2.74 February... 3.41 2.91 6.95 7 -8 7 5.48 3.83 March 3.31 2.70 6.57 5H-6 634-7% 6*4- 4 -6 5.48 3.83 April 3.33 2.57 6.43 5 -5H 5 -6 5.48 3.65 J M un ay e 2 2 . . 8 7 7 8 2 2 . . 3 1 6 1 v5 5 . . 5 8 0 1 m -5 6 H 3*S-5* 5 5 . . 4 4 8 8 3 3 . . 1 8 0 3 July 2.78 2.08 5.50 6 -6*4 5.48 3.65 August 2.44 2.10 5.50 -4*4 6 H 5,48 3.83 September.. 2.39 1.99 5.50 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

744 FEDERAL RESERVE BULLETIN NOVEMBER, 1930* PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES United States Canada England France Germany Italy Japan Month 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 Januarv 97 93 94 96 138 131 657 576 139 132 461 417 228 201 Februarv 97 92 95 94 138 128 660 567 139 129 463 408 226 '200 March 98 91 96 92 140 125 654 558 140 126 461 400 226 196 April 97 91 95 92 139 124 648 548 137 127 455 396 225 193 May 96 89 93 90 136 122 643 546 136 126 452 390 223 189 June 96 87 94 88 136 121 629 540 135 125 447 382 222 181 July 98 84 97 86 137 ' 119 624 558 138 125 440 375 220 177 August 98 84 98 84 136 118 598 '560 138 125 437 379 218 17ft SeDtember 98 84 '98 83 136 116 608 555 138 123 437 375 218 172 October 96 97 136 607 137 436 216 November 94 96 134 603 136 431 211 December... 94 96 133 596 134 425 205 Australia Austria Belgium China Czechoslovakia Denmark Dutch East Indies 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 Tannarv -- 157 151 128 125 867 808 160 170 139 126 151 143 149 143 Februarv 156 147 130 123 865 791 162 175 139 124 159 140 149 141 157 144 133 121 869 774 164 174 141 122 154 136 150 139 April - 158 146 134 119 862 111 161 174 141 121 150 135 148 138 156 148 135 118 851 114 162 173 137 120 148 132 150 136 158 145 134 121 848 750 163 186 134 119 146 130 149 134 July 159 144 132 119 858 739 163 190 135 120 149 129 149 132 160 132 118 850 729 165 189 134 118 150 128 148 Spntpmber 163 128 115 846 712 167 188 132 115 150 126 148 October 161 127 838 168 131 113 149 147 158 125 834 165 130 147 146 154 123 823 165 128 146 144 Egypt Finland Hungary India Netherlands New Zealand Norway 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 125 109 100 94 132 106 145 131 146 131 155 155 149 144 February 122 106 100 93 136 104 144 126 146 126 155 155 150 143 123 101 100 92 136 100 143 125 147 122 155 154 150 142 April 120 101 99 92 135 96 140 123 144 122 155 154 148 141 May 114 101 98 90 123 06 139 121 142 118 155 154 146 140 108 100 98 90 122 94 138 116 141 118 155 153 147 139* July 109 102 97 90 119 99 142 115 141 115 156 152 149 138 112 104 97 89 114 93 143 114 142 114 156 148 137 SfintftmbAr 113 104 96 88 109 143 141 157 148 135* Octobor 115 96 111 140 140 156 147 112 95 107 137 137 155 146 December 110 95 107 134 135 154 146 Peru Poland Russia South Africa Spain Sweden Switzerland 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 Januarv 186 181 98 88 177 182 135 121 171 172 144 131 143 136 Fflhniarv 185 181 99 85 177 185 173 i-173 145 128 143 133 M^arch 189 180 99 85 178 187 174 ••173 144 125 142 131 April 185 179 98 85 179 187 131 117 174 172 141 124 140 129 May 186 179 95 83 180 188 171 168 140 123 139 128 June 186 178 95 83 181 187 170 166 139 123 139 126 July 187 177 96 84 180 189 129 112 169 170 140 121 143 126 \ ugust 187 175 95 82 180 188 170 141 121 143 126 September 186 178 94 80 181 171 140 119 142 123- October 186 177 93 182 128 172 138 142 November 184 95 181 171 135 140 December 182 92 182 172 134 139 ••Revised. NOTE.—All of the indexes shown, with two or three exceptions, are compiled by official agencies in the countries to which they relate, as indi cated 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 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; Peru—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 (p. 256). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1930 FEDERAL RESERVE BULLETIN 745 WHOLESALE PRICES—GROUPS OF COMMODITIES Other commodities Nonagricul- UNITED ST 1 A 00 T ) ES (1926 = m Al o l d c i o ti m es - pr F o a d r u m cts Foods Total i p l r H e o a a i d n t d h u d e e c s r ts p T ro e d x u ti c le tsm F li u a g e t h e l t r a i i n a n g l d s ;p M r o e a o » *n d a "d l u " s cts m Bu at i e ld ri i a n l g s c C a d h l r s e u a m g n s i d - f H u g r o o i n n o u i g d s s h e s - - j l M an is e c o e u l s - m t c u t o i o r e m d a s i l - - 1929—September. 107 103 93 111 104 97 ! 82 95 1930—March 95 94 103 101 97 ! 78 90 April 96 95 103 99 96 ; 79 89 May .- 93 92 103 97 96 j 78 June 89 91 102 95 96 ! 75 July_. 83 86 101 94 96 | 72 84 August 85 87 99 93 96 ! 71 84 September. 85 89 99 92 95 i 70 84 Foods Industrial products ENGLAND (1913 = 100) m Al o l d c i o ti m es - Total Cereals ' I an M d e f a is t h O fo t o h d e s r Total s I a t r n e o e d n l Coal m m O i a n e t n e h t d a r e a l r s ls Cotton! Wool te O x t t h il e e r s l M an is e c o e u l s - 1929—September.. 136 143 141 I 143 145 132 115 126 116 154 158 132 138 1930—March 125 129 114 • 145 131 122 115 127 107 131 129 116 127 April 124 129 117 j 141 130 121 114 122 104 131 127 115 127 May 122 127 114 j 136 132 119 114 119 95 130* 129 110 128 June 121 127 111 I 135 137 117 114 117 93 126 127 104 126 July 119 127 108 136 138 115 113 116 92 123 124 98 124 August 118 126 109 138 134 113 112 116 91 119 122 97 122 September.. 116 124 105 138 130 111 112 120 90 113 119 89 121 Farm and food products i Industrial products FRANCE (1913=100) p AA r o mT* d l 1m u T" c fla t oi s l pr V t o a e d b g u l e e c - ts Total M m i a n e n e t d a r l a s ls Textiles l n e a a i n d th d e e s r c C al u h p c em t r s o i d - -Rubber Paper Lumber C b e a e r m i n t c c d e . k n , t ^r 1929—September. 639 499 656 561 725 452 603 117 677 969 636 1930-March 622 419 612 562 621 425 607 90 667 987 708 April 599 411 606 551 620 405 598 86 667 987 708 May -. 570 431 601 547 615 405 592 81 667 978 708 June 587 428 587 542 583 403 593 74 667 978 708 July 595 507 573 539 562 399 582 65 664 956 725 August i '587 '528 568 537 554 409 ••571 59 654 937 725 September. : 612 527 551 532 517 420 570 48 654 937 725 Agricultural products Industrial raw and semifinished products All com- Provi- GERMANY (1913=100) modities Vegetable ; Animal sions Non feral foods Cattle products Fodder Total Coal Iron m ro et u a s ls 1929—September. 138 133 125 134 149 120 131 132 137 131 118 1930—March 126 110 109 116 118 86 118 126 138 129 109 April 127 112 118 113 110 118 125 136 128 103 May 126 111 119 110 109 117 124 136 128 90 June 125 110 118 109 110 90 115 122 135 126 87 July 125 115 120 112 121 97 114 119 136 125 84 August 125 117 124 112 121 100 111 118 136 125 82 September 123 114 117 108 125 97 108 116 137 124 80 Industrial raw and semifinished products—Continued Industrial finished products Textiles l H e a a i n t d h d e e s r Ch c e al m s i- f A er r t t i i l f i i z c e ia rs l T o e i c l f s h a t n a s i n c d al Rubber j ! I m an a P d t a e p p ri e a a r p ls er 1929—September.. 136 122 127 82 134 28 j 151 1930—March 114 111 127 86 126 22 I 150 April _. 116 110 127 86 127 21 ! 149 May.. 116 111 126 83 135 20 147 June... 111 112 126 84 134 18 145 July 105 108 125 78 131 17 143 August 101 108 125 79 133 15 139 September.. 96 111 125 80 129 13 139 1 The index for other commodities, recently published by the Bureau of Labor Statistics, includes the prices of articles in the all-commodities index with the exception of those for farm products and foods; the nonagricultural index omits merely larm products. r Revised. NOTE.—Annual indexes for the groups shown in the table are given for the years 1913 and 1925-1929 in the BULLETIN for April (p. 257). Original sources for these indexes are: 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 Generate de la France, Supplement Mensuel, Statistique G6nerale de la France; and Germany—Wirtschaft und Statistik, Statistisches Reichsamt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

746 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 LAW DEPARTMENT Surrender of trust powers by national banks. so, whether it appears from the records of the trust department in the case of each trust so accepted or Section 11 (k) of the Federal reserve act with undertaken: reference to trust powers of national banks was (1) That the duties of the bank as fiduciary have amended by act of Congress approved June 26, been completely performed or that a substitute 1930, so as to provide that such banks might fiduciary has been appointed in accordance with the State law; voluntarily surrender the right to act in trust (2) That a final account has been filed by the capacities. The Federal Reserve Board on bank, and that such account has been approved by October 17, 1930, amended its Regulation F so the court or other proper authority where this is as to provide a procedure for the surrender of required by State law; (3) That all assets and papers belonging to the trust powers by a national bank pursuant to trust estate have been delivered by the bank to the the recent amendment to the statute. The only person or persons entitled to receive them; and important change made in the regulation was (4) That the bank has been discharged or otherthe adoption of a new Section XIV, which is wise properly relieved of its duties as fiduciary. In exceptional cases, the Federal Reserve Board may set forth below. The adoption of this section make a special examination or may request the Compmade it necessary to renumber subsequent sec- troller of the Currency to make a special examination tions of the regulation accordingly; and Section of such national bank in order to obtain the information I of the regulation, which sets forth the pro- above set forth. (c) Certificate of Federal Reserve Board.—If upon visions of section 11 (k) of the Federal reserve receiving a copy of the report of such examination of act, was amended so as to set forth these pro- such national bank the Federal Reserve Board shall be visions of the statute in the form as amended satisfied that such bank has been relieved in accordance by the act of June 26, 1930. The regulation in with State law of all its duties as trustee, executor, administrator, registrar of stocks and bonds, guardian of its amended form is designated Regulation F, estates, assignee, receiver, committee of estates of lunaseries of 1930. The new section numbered XIV tics, or other fiduciary, under court, private, or other is as follows: appointments previously accepted by such bank under a permit granted by the Federal Reserve Board pursuant to the provisions of section 11 (k) of the Federal SECTION XIV. SURRENDER OF TRUST POWERS reserve act, the board may in its discretion issue to such (a) Procedure.—Any national bank which has been national bank a certificate certifying that such bank is granted the right by the Federal Reserve Board, pur- no longer authorized to exercise the powers conferred suant to section 11 (k) of the Federal reserve act, to upon it by such permit of the Federal Reserve Board. act in any fiduciary capacity or capacities and which Such bank thereupon (1) shall no longer be subject to desires to surrender such right, shall signify such desire the provisions of section 11 (k) of the Federal reserve through a resolution adopted by its board of directors. act or the regulations of the Federal Reserve Board A properly certified copy of such resolution of its board made pursuant thereto, (2) shall be entitled to have of directors should be filed with the Federal reserve returned to it any securities which it may have deposited agent of the district in which such national bank is with the State authorities or with the Federal reserve located and should be accompanied by (1) a letter agent for the protection of private or court trusts, stating the reason why, or the purpose for which, such and (3) shall not exercise thereafter any of the powers national bank wishes to surrender its right to exercise granted by section 11 (k) of the Federal reserve act trust powers, unless such reason or purpose shall have without first applying for and obtaining a new permit been amply stated in the resolution itself; and (2) the from the Federal Reserve Board to exercise such powers. permit or permits previously granted by the Federal Reserve Board to such national bank granting it the right to act in any fiduciary capacity, except that in Eligibility of a note of an insurance agency for rediscase any such permit shall have been lost or destroyed count by Federal Reserve Bank. an affidavit by any officer of such national bank as to such loss or destruction may be filed in lieu of such lost The Federal Reserve Board was recently or destroyed permit. All such documents filed with the requested to rule upon the eligibility for redis- Federal reserve agent shall be promptly forwarded by count at a Federal reserve bank of a note of an him to the Federal Reserve Board with a recommendation as to the action to be taken by the Federal Reserve insurance agency, the principal business of Board. which is the writing of fire, surety,- and casualty (b) Examination.—Upon receipt of such documents, insurance, the purpose of the borrowing being the Federal Reserve Board will request the Comp- the carrying of accounts covering premiums troller of the Currency, upon the occasion of the next due on insurance sold. regular examination of such national bank, to have the -examiner make a special investigation of the trust After a careful consideration of this quesdepartment of the bank in order to determine whether tion, the board ruled that a note of the kind the bank has actually accepted or undertaken the described is not eligible for rediscount at a exercise of any trust, whether under court, private, or other appointment, pursuant to authority granted Federal reserve bank. Such a note fails to under section 11 (k) of the Federal reserve act; and if comply with one of the requirements of tji| Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1930 FEDERAL RESERVE BULLETIN 747 board's regulations as to eligibility for redis- board was asked for a ruling as to the proper count in that it is not issued or drawn nor are construction of section 19 of the Federal reserve its proceeds used in producing, purchasing, act on this point. carrying, or marketing goods. Furthermore, The pertinent portion of section 19 of the in practical effect at least, it is a note the Federal reserve act is as follows: proceeds of which have been or are to be ad- No member bank shall keep on deposit with any vanced or loaned to some other borrower. State bank or trust company which is not a member bank a sum in excess of ten per centum of its own paidup capital and surplus. Limitation on deposits of member banks with nonmem- In the opinion of the Federal Reserve Board ber banks. the amount of a deposit of a member bank The attention of the Federal Reserve Board with a nonmember bank under this provision was recently called to the fact that a report of of law is to be determined without regard to a examination of a member bank disclosed that deposit of the nonmember institution with the this member bank had on deposit with a non- member bank. The board accordingly ruled member bank an amount in excess of 10 per that, under the circumstances described above, cent of its own capital and surplus, unless it the deposit of the member bank with the nonwas considered that the net amount of such member bank was in excess of the limitation of deposit was reduced by a deposit of the non- 10 per cent of capital and surplus prescribed member bank with the member bank. The by section 19 of the Federal reserve act. 19367—30 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

748 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 DETAILED FEDERAL RESERVE STATISTICS, ETC. FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES IN DETAIL AND FEDERAL RESERVE NOTE STATEMENT [In thousands of dollars] 1930 1929 Oct. 31 Sept. 30 Oct. 31 RESOURCES G G o o l l d d w re i d t e h m F p e t d io e n ra l f u r n e d se r w ve it h a g U en n t i s te _ dr _ S . tates Treasury _ _ ___ 1,58 34 0 , . 6 7 1 5 5 5 1, 5 3 59 5 , , 1 2 6 5 8 6 1,48 6 2 5, , 7 3 7 7 9 1 Gold held exclusively against Federal reserve notes. _ _ 1,615,370 1, 594,424 1,548,150 Gold settlement fund with Federal Reserve Board 514 463 549,362 814 343 Onlri and gold cnrtAfinnt.es held by hank_. ,. . 874.093 823, 568 641, 461 Total gold reserves.. _ 3, 003,926 2,967,354 3, 003, 954 Reserves other than gold. _. _ _ 144,734 150,182 152,402 Total reserves _ __ _ __ 3,148,660 3,117, 536 3,156, 356 Nonreserve cash 60, 633 63,480 77, 454 Bills discounted i _ 207,101 272,361 999, 704 Bills bought: - Outright1 _ _ _ ___ __ 159,631 193,112 320,485 Under resale agreement _ _ _ _ 3.228 15, 630 34, 502 Total bills bought __ 162, 859 208,742 354,987 United States securities: Bought outright ___ _ _ 601,559 596, 538 . 271,032 Under resale agreement ___ ___ _ _ 320 50, 050 Total United States securities.-* 601,559 596,858 321,082 Other reserve bank credit: Other securities _ 6,322 6,772 25,131 Due from foreign banks _ 702 701 721 Reserve bank float3— 19,238 17,398 40, 588 Total reserve bank credit outstanding _ 997, 781 1,102,832 1, 742,213 Uncollected items not included in float. __ 496,899 557,657 713, 359 Federal reserve notes of other reserve banks 16,418 18, 266 28,7J1 Bank premises __ 59,632 59, 644 59, 037 All other resources 14,048 12,196 10, 539 Total resources 4, 794,071 4,931, 611 5, 787, 669 LIABILITIES Jederal reserve notes: Held by other Federal reserve banks _._ 16, 418 18, 266 28, 711 Outside Federal reserve banks 1, 351,337 1,360,608 1,870, 673 Total notes in circulation. 1,367, 755 1, 378, 874 1,899, 384 Deposits: Member bank—reserve account 2, 418, 005 2,467,396 2, 665, 578 Government _____ ___ 18,181 38,795 15,227 Foreign bank 5,334 5,242 5,835 Other deposits 23,331 20,938 24,957 Total deposits __ ___ 2, 464,851 2, 532. 371 2,711,597 Deferred availability items 496, 899 557, 657 713, 359 Capital paid in _ 170,426 170, 648 167,026 Surplus 276,936 276,936 254,398 All other liabilities__ _ _ - ~- 17,204 15,125 41,905 Total liabilities. _ __ — __ _ __ 4, 794,071 4,931, 611 5, 787, 669 Contingent liability on bills purchased for foreign correspondents _ ! 433,137 431, 634 502, 538 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to Federal reserve banks by Federal reserve agents _ 1, 783,356 1,779,582 2,363,159 Held by Federal reserve banks * 415,601 400,708 463,775 In actual circulation _ ___ 1,367,755 1,378,874 1,899,384 Collateral held by agents as security for notes issued to banks: Gold _ - ! 1,580,615 I 1, 559, 256 1,482,371 Eligible paper _ ' -.- --! 326,557 I 452, 200 1,291,109 Total collateral -j 1, 907,172 2,011,456 2, 773,480 * Includes bills discounted for intermediate credit banks as follows: Latest month, $116,000; month ago, $365,000; year ago, $3,160,000; and note secured by adjusted service certificates discounted for nonmember banks as follows: Latest month, $44,000; month ago. $45,000; year ago, $75,000. 2 Includes bills payable in foreign currencies as follows: Latest month, $21,583,000; month ago, $1,075,000; year ago, $17,064,000. » Uncollected items 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

NOVEMBER, 1930 FEDERAL RESERVE BULLETIN 749 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON OCTOBER, 31, 1930 [In thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a I C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicae°! Louis M ap i o n l n is e- K C an it s y as Dallas F c S r is a a c n n o - RESOURCES Gold with Federal rseerve I agents j 1,580,615;; 159,917J 355,636 140,000 180,550 65,000 110,300 169, OOO: 55,745 47,545 70,000 27,160 199,762 Gold redemption fund with : U. S. Treasury. 34, 755 676 14,338 1,911 2,163 1,248 2,060 1,189; 1, 643 826 1,480 1,123 6,098 Gold held exclusively against Federal reserve notes 1,615,370 160,593 369,974 141,911 182,713 66, 248 112,360 170,189 57,388 48, 371 71,480 28, 283 205, 860 Gold settlement fund with | ' Federal Reserve Board ' 514,463, 24,990j 161,084 40,531: 56,007 15, 659 10,087 85,421 27,919 12,844 19,973 9,666 50, 282 Gold and gold certificates held ! i: by banks ! 874,093! 36,002 531,859 28,754 60,169 9,442 7,922 133,178 7,360 5, 543; 7,164 9,094 37, 606 Total gold reserves __| 3,003,926J: 221,585 1,062, 917211,196 91, 349 130,369! 388,788 92, 667 66, 758 98, 617 47,043 293,748 Reservveess other than gold __! 144, 734 | 14,181 36, 570 7,920 8,536 7,517 10, 086; 21,100 8,819 4, 665; 6, 942 8,455 9, 943 Total reserves I 3,148, 660 i 235, 766 1, 099,487219,116 307,425 140,455 409,888 101,486 71,423j 105,559 55,498 303, 691 Nonreserve cash | 60,633|j 8,944 13,384 2,953 4,232 3,402 4, 0931 9, 627 3,647 1, 537! 1, 578 2,898 4,338 Bills discounted: : jj Secured by U. S. Govern- \ |. ment obligations i 74,513j 5,541 17,380 10,629 11,696 3,683 1,019 9,711 2,617 793 2,673 1,335 7,436 Other bills discounted | 132,588! 4,483 19,345 10,386 13, 023 14,451 23,126 9,037 12,999 3, 530! 10,088; 8, 566 3,554 Total bills discounted--: 207,101 j 10,024 36, 725 21,015 24, 719 18,134 24,145 18, 748 15, 616 4, 323: 12, 761 9,901 10,990 Bills bought. _ ! 162,859 J 13,746 40,830 2,094 20,952 8,911 9,220 20, 589 6,407| 4, 6S01 7, 072 6,042 22, 316 U. S. Government securities: T B r o e n a d s s u ry n otes _ j ! 28 3 0 8 ,7 ,4 0 8 2 4 ; ! | 22,2 7 1 5 9 7 77 2 , , 1 3 8 3 7 1 25,5 6 9 4 0 0 1 33,2 23 92 6 7 1 , ,1 7 7 3 6 2 7,48 3 0 3 2 29 0 , , 0 8 1 9 7 0 15, 5 5 8 2 4 3 1 4 1, , 9 9 8 9 6 1 | 14, 0 4 36 2 1 7 1 , , 8 5 4 72 4 23,98 4 5 3 Certificates and bills | 282,373; j 23,197 107, 796 26,022 24,327 8,075 5,181 31, 221 7, 792! 9,308 14, 658 9, 815 14,981 Total U. 8. Government i I, securities ; 601,559' 46,173 187,314 52, 252; 57,855 16,983 12,694! 81,128 23, 26,285, 28, 736 29, 231 39,009 Other securities.. 6,322: 1,000 4,250 1,000. 72'. I Total bills and securities.. 977,841 70,943 269,119 76,361 j 103,526 44,028 46,059: 120,465; 45,922! 35,360 48,569; 45,174 72,315 Due from foreign banks 702 52 231 68' 70 30 25! 94j 25| 16 21 21 49 Uncollected items | 516,137 ! 62,128 139,018 44,112 48,744 37, 509 15,060! 61,742j 23,842 10, 701 j 28,790 17, 322 27,169 Federal reserve notes of other ! .! Federal reserve banks 16,418 223 4,591 426! 1,627 1,746 970: 2,054 659 1,124; 1,294 332! 1,372 Bank premises _• i 59,632 3,580 15,664 2,614; 7,062 3,271 2, 658 8,295 3,811 2, 018' 3,972 1,8771 4,810 All other resources... 14,048, i 465 5,087 234; 1,173 777 2,782 550> 267 428 632 443j 1,210 Total resources I 4,794,0711! 382,101 1, 546, 581 345,884! 473,859 189,629 212,102; 612,715! 179,659J 122,607 190,415J 123,565J 414,954 LIABILITIES I: Federal reserve notes in actual : j \ circulation ; 1,367,755;! 131,894 240, 559 120,324j 181,7691 68,152 118,329; 146,333 61,694 49, 042: 64,625 32,926^ 152,108 Deposits: j jj j Member bank—reserve ac- : ;! count i 2,418,005;: 153,051 1,011,639 137,9801 194,735 61, 577 59,651 340,533 74,258 50,356, 84,349 57,176 192, 700 Government : 18,181i: 1,263 1,284 1,417 1,617 4,336 785 1,795 1, 519 1,047 i 1,176 993 949 Foreign bank | 5,334' 388 1,816 509 524 220 189j 702 189j 121; 157 157 362 Other deposits _ ! 23,331 75 8,942 223 1,581 65 1121 1,838 244 205! 46 62 9,938 Total deposits 2,464,851 154,777 1,023,681 140,129: 198,457 66,198 60,737j 344,868 76,210 51, 729' 85, 728 58,388' 203,949 Deferred availability items 496,899 61,491 130, 562 41,250; 47,313 36,028 14,695; 58,933 24,268 10, 775 26, 098 18, 280: 27,206 Capital paid in._ 170,426 ij 11,881 66,228 16, 765 15,913 5,772 5,356 20,158 5,257 3,061! 4,328 4,357 11,350 Surplus 276, 9361 2O11, '775K11 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 ! 17,204' 307 5,550 451 1,266 983 2,128 j 2, 329 1,353 857J 474 679 827 Total liabilities 4,794,071 382,101 1,546, 581 345,884! 473,859 189,629 212,102 612, 715 179, 659 122, 607i 190,415123, 565| 414,954 Reserve ratio (per cent). 82.2 87.0 84.1 0.9 73.6 78.4 83.4 73.6 70.9; 70.2 60.8 85.3 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: ' ; Issued to Federal reserve ; banks by Federal reserve i agent... _ ... 1,783,356 171,990 389,146 136,516 217,900 85, 206 142,065: 173,997 75,826 53,295j 76,456 39,089J 221,870 Held by Federal reserve ; ; banks i : 415,601 40,096 148,587 16,192! 36,131 17.054 23, 736 27,664 14,132 4,253' 11,831 6,163; 69,762 In actual circulation j 1,367, 755 131,894 240, 559 120,324J 181,76 i8,152 118,329! 146,333 61, 694 49,0421 64, 625 32,926 152,108 Collateral held by agents as j .: security for notes issued to j I banks: j j Gold I 1,580,615;, 159,91 355, 636 140,000! 180,550 65, 000 110,300! 169,000 55,745 47,545J 70,000 27,160; 199,762 Eligible paper _ j 326,557M 22,173 55, 488 15,877 43, 352 26,030 32,416j 36,415 21,177] 7,919; 19,056 15,047) 31,607 1 Excludes "Federal reserve notes of other Federal reserve banks," which are consequently included in "actual circulation." 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750 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 ALL BANKS IN THE UNITED STATES *—TOTAL MEMBERSHIP IN PAR-COLLECTION SYSTEM1 LOANS AND INVESTMENTS [Number of banks at end of September] [In millions of dollars] Member banks Nonmember banks All banks All member banks Fede d r i a s l t r r i e ct serve On par list Not on par list 1930 1929 Date 2 Loans Loans in a v n e d st- Loans I m nv e e n s t t s - in a v n e d st- Loans I m nv e e n s t t s - 1930 1929 1930 1929 ments ments United States. 8,252 8,629 11,338 12, 221 3,625 3, 777' 1 1 9 9 2 2 4 5 — — D D J J u u e e n n c c e e . . 3 3 3 3 1 1 0 0. 4 4 4 5 8 0 5 7 , , , , 1 1 8 6 8 8 3 0 0 2 0 3 3 3 3 3 2 5 1 3 , , , , 8 4 6 5 6 4 4 2 5 0 0 3 1 1 1 1 4 4 4 3 , , , , 9 9 6 7 6 6 5 4 3 5 7 2 3 2 2 2 0 9 8 7 , , , , 1 8 5 7 6 8 4 1 7 4 6 8 2 2 1 1 0 1 9 9 , , , , 2 9 6 9 0 3 5 9 4 3 5 6 8 8 8 7 , , , , 8 8 8 9 1 8 6 6 3 8 3 3 N B P C h o l e e i w s l v t a o e d Y n la e o n l r p d k hia 9 3 7 7 2 7 9 5 0 9 8 5 4 8 9 7 3 0 0 7 4 8 5 1 4 4 9 2 0 4 6 6 0 5 1 6 4 4 9 2 7 9 0 7 9 9 7 1 9 9 1926—June 30 51, 562 36,157 15,404 31,184 22,060 9,123 Richmond, 485 524 551 - 589 497 553 Dec. 31 52,018 36,759 15,260 31, 642 22, 652 8,990 Atlanta 408 432 208 257 893 933 1927—June 30 53,750 37,360 16, 391 32, 756 22,938 9,818 Chicago 1,116 1,209 3,269 3,515 237 228 Dec. 31 55, 450 38,407 17,043 34, 247 23, 886 10,361 St. Louis 548 573 1,537 1,692 481 475 1928—June 30 57,265 39,464 17, 801 35,061 24,303 10, 758 Minneapolis 656 691 522 600 1,051 1,112 Oct. 3 57,187 39, 650 17, 537 34,929 24,325 10,604 Kansas City ._ 880 904 1,975 2,161 184 196 Dec. 31 58, 266 40, 763 17, 504 35, 684 25,155 10, 529 Dallas 716 762 583 608 214 210 1929—Mar. 27 58,019 40, 557 17,462 35,393 24, 945 10,448 San Francisco 591 616 621 643 59 61 June 29 58,474 41, 512 16,962 35,711 25, 658 10,052 D O e c c t. . 4 31 5 58 8 , , 4 8 1 3 7 5 4 4 2 1 , , 2 8 0 9 1 8 1 1 6 6 , , 6 5 3 1 4 9 3 35 5 , , 9 9 1 3 4 4 2 2 6 6 , , 1 1 5 6 0 5 9 9, , 7 7 8 4 4 9 1 Incorporated banks other than mutual savings banks. 1930—Mar. 27 57, 386 40, 686 16, 700 35,056 25,119 9,937 June 30 58,108 40, 618 17,490 35, 656 25,214 10,442 FEDERAL RESERVE BANKS—MATURITY DIS- Sept. 24 35,472 24,738 10, 734 TRIBUTION OF BILLS AND SHORT-TERM SECURITIES 1 Includes national banks, State commercial banks and trust com- [In thousands of dollars] panies, mutual and stock savings banks, and all private banks under b S a t 2 a n t D k e s a s t a u e r s p e e o a r f s v r i o e s f i p o n o n e r . t a s r e o s f t m av e a m il b a e b r l e b d an at k e s . ; figures included for nonmember Total W i d n a i t y 1 h s 5 - 16 d a to y s 3031 d a to y s 6061 d a to y s 90 m 91 t o o d n a 6 t y h s sm O o v n er t h 6 s. KINDS OF MONEY IN CIRCULATION Bills discounted: [End of month figures. In thousands of dollars] Oct. 1 185,916113,830 18,172 32,611 17,484 3,602 217 Oct. 8 173,166101, 788 22,880 27, 566 16, 730 3,943 259 Oct. 15 210,439137,051 22, 563 28,482 17, 637 4,376 330 July 31 Aug. 31 Sept. 30 Oct. 31 * Oct. 22 191,984122,054 19, 523 28, 522 16, 589 4,876 420 Oct. 29 201,603128,309 19, 559 30, 871 16,234 6,020 610 Bills bought in G S T G S i t r o o l a e v l l n a d d e d s r c c u a c e o r r e y r d in t r i t n f s i i i o f c l i v t a c e e t a s e r t s o e d s f o . 1 l .. l 8 a 9 r 0 s 1,0 3 3 0 8 3 5 1 1 8 6 1 , , , , , 9 0 1 2 2 7 2 0 8 5 9 8 3 5 9 1,0 3 3 5 9 3 5 0 0 8 1 3 , , , , , 5 2 3 2 2 3 9 5 0 5 4 5 8 3 4 1,0 3 3 2 3 5 9 7 6 1 1 1 , , , , , 2 0 7 3 5 5 3 6 1 1 2 6 5 1 2 1,0 3 3 1 9 3 5 1 9 0 7 1 , , , , , 2 6 9 3 3 5 1 3 1 6 0 9 0 5 6 op O O O O en c c c c t t t t . m . . . 8 2 1 1 a 5 2 r _ ket: 2 1 1 17 1 9 8 6 1 3 5 , , , , 1 4 0 5 0 9 2 9 8 2 3 0 1 1 9 6 0 2 1 6 6 5 , , , , 9 4 2 5 2 4 7 3 2 2 3 7 3 2 3 4 1 9 9 3 , , , , 3 8 8 8 8 2 7 8 4 2 8 9 4 4 4 4 6 2 1 4 , , , , 9 6 4 6 8 3 7 7 9 5 1 9 2 1 4 6 9 4 , , , , 1 0 7 5 7 8 5 6 2 4 6 3 2 2 1 1 3 5 2 0 0 7 1 9 Subsidiary silver. 279, 736 280,162 280,868 280,983 Oct. 29 165, 658 48, 200 43, 774 42,236 31,333 115 Minor coin_« 117,236 117,187 117, 728 117,983 Certificates and United States notes 287,878 297, 603 297,307 300 032 bills: Federal reserve notes 1,320, 263 1,353, 200 1,359,358 1,349', 931 Oct. 1 271,442 25,214 83,320 162,908 Federal reserve bank notes. 3,155 3,126 3,104 3,082 Oct. 8 272,430 25, 214 83,320 163,896 National-bank notes 639, 593 648, 274 635, 237 640, 818 Oct. 15 273,442 33, 214 75,361 164,867- Oct. 22 279,472 28, 214 85,370 165,888 Total 4, 426, 494 4,633,197 4,501,478 4, 493,309 Mun O ic c i t p . a 2 l 9 war- 275,416 25, 714 82,322 66, 076 101,304 rants: :::::: Preliminary. Oct. 1 22 2f2 Oct. 8 22 Oct. 15 22 22 Oct. 22 47 47"• r~:~_:_ Oct. 29 72 1 • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1930 FEDERAL KESEKVE BULLETIN 751 CHANGES IN MEMBERSHIP CHANGES IN MEMBERSHIP—Continued On October 25, 1930, there were 8,231 active member banks in the Federal reserve system, including CHANGES ("Consolidations" shown below include absorp- Captfal 7,179 national banks and 1,052 State bank members. tions, mergers, etc.) Below are given all changes, except suspensions and insolvencies, between September 26 and October 25, affecting the list of active member banks. DISTRICT NO. 7—CHICAGO Sept. 161 Farmers National Bank, Edinburg, Ind $25,000 Thompson State Bank, nonmamber 100,000 Consolidated under charter and title of CHANGES Thompson State Bank, nonmember 100, 000 Date ("Consolidations" shown below include absorp- Capital Sept. 26 ] First National Bank, Seymour, Iowa 50, 000 tions, mergers, etc.) Succeeded by National Bank of Seymour, Iowa 25, 000 Sept. 27 Guardian National Bank, Chicago, 111 1,000,000 DISTRICT NO. 1—BOSTON Union Bank of Chicago, nonmember 1,000,000 1930 Consolidated under charter and title of Union Sept. 30 Blue Hill National Bank, Milton, Mass $100,000 Bank of Chicago, nonmember 1, 300,000 Succeeded by Blue Hill Bank & Trust Co., Oct. 7 First National Bank of Lyons, Clinton, Iowa 100,000 nonmember. City National Bank 300,000 Consolidated under charter and title of City National Bank 300,000 DISTRICT NO. 2—NEW YORK Oct. 15 First National Bank, Deerfield, Wis 30,000 Bank of Deerfield, nonmember 50,000 Sept. 29 Broadway National Bank & Trust Co., New York, Consolidated under charter and title of Bank N. Y 2,000,000 of Deerfield, nonmember 50,000 Park Row Trust Co., member 500,000 Oct. 20 Farmers State Bank, Elberon, Iowa. 50,000 Plaza Trust Co., member 2,000,000 Voluntary withdrawal. Consolidated under charter of Plaza Trust Co. Oct. 20. Exchange National Bank, Polo, 111.. 50,000 and title of Broadway & Plaza Trust Co., Succeeded by First National Bank. member 2, 500,000 Oct. 24 First National Bank, Doublin, Ind 25,000 Sept. 30 Genesee National Bank, Buffalo, N. Y 250, 000 First National Bank & Trust Co., Cambridge City, Commercial Trust Co., nonmember 1,000,000 Ind. 50,000 Consolidated under charter and title of Com- Consolidated under charter and title of First mercial Trust Co., nonmember 1, 250, 000 National Bank & Trust Co., Cambridge Sept. 30 Peoples Banking & Trust Co., Elizabeth, N. J., City, Ind 50,000 member 300,000 Downtown Tiust Co., nonmember 100,000 DISTRICT NO. 8—ST. LOUIS Consolidated under charter and title of Peoples Banking & Trust Co., member 350,000 July I1 First National Bank, Bentonville, Ark 50, 000 Benton County National Bank 60,000 Consolidated under charter and title of Benton DISTRICT NO. 3—PHILADELPHIA County National Bank 60,000 Aug. 23 i American National Bank, Gillespie, 111 50,000 Oct. 4 Chester National Bank, Chester, Pa 300,000 Gillespie National Bank 50,000 Cambridge Trust Co., member | 750,000 Consolidated under charter and title of Gilles- Consolidated under charter of Cambridge pie National Bank _ 50,000 Trust Co., and title of Chester-Cambridge Oct. 18 Farmers National Bank, Clarksville, Ark 60,000 Bank & Trust Co., member.. ! 1,050,000 Reopened. DISTRICT NO. 4—CLEVELAND , DISTRICT NO. 9—MINNEAPOLIS Sept. 20 • Uniontown National Bank & Trust Co., Union- '• Sept. 24 i First National Bank, Hobson, Mont 30, 000 town, Pa 250,000 National Bank of Lewiston, Lewiston, Mont 150, 000 Second National Bank ! 200,000 Consolidated under charter and title of Na- Consolidated under charter and title of Second j tional Bank of Lewiston 150, 000 National Bank I 200,000 Sept. 29 Farmers & Merchants National Bank, Minneota, Sept. 23 Guaranty Trust Co., Butler, Pa., member j 500, 000 Minn 40,000 Succeeded by Union Trust Co., nonmember..: 150,000 Farmers State Bank, Green Valley, Minn., non- Sept. 30 Second National Bank, Brownsville, Pa j 125,000 member 12,000 Monongahela National Bank J 100,000 Consolidated under charter and title of Farm- Consolidated under charter and title of Mon- j ers & Merchants National Bank, Minneota, ongahela National Bank : 100,000 Minn 40,000 Oct. 1 National Bank & Trust Co., Connellsville, Pa 125,000 Primary organization. DISTRICT NO. 10—KANSAS CITY Oct. 4 First National Bank, Addison, Pa 25,000 First National Bank, Confluence, Pa 25, 000 July 3i First National Bank, Mead, Colo 25,000 Consolidated under charter and title of First First National Bank, Longmont, Colo 100,000 National Bank, Confluence, Pa 25,000 Consolidated under charter and title of First National Bank, Longmont, Colo 100,000 Sept. 11i First National Bank, Talihina, Okla 25,000 DISTRICT NO. 5—RICHMOND Succeeded by First State Bank in Talihina, nonmember. Aug. 14 First National Bank, Kimball, W. Va 25,000 Sept. 20 First National Bank, Westville, Okla 25,000 Restored to solvency and absorbed by Kim- People's Bank, nonmember 15,000 ball National Bank, primary organization... 25,000 Consolidated under charter and title of People's Oct. 16 Virginia National Bank, Norfolk, Va 600,000 Bank, nonmember 40,000 Virginia Bank & Trust Co., nonmember 100,000 Consolidated under charter and title of Vir- DISTRICT NO. 11—DALLAS ginia National Bank 600,000 Aug .4 i Odessa National Bank, Odessa, Tex 30,000 Citizens National Bank _ 50, 000 DISTRICT NO. 6—ATLANTA Consolidated under charter and title of Citizens National Bank 50,000 Sept. 26 City National Bank, Decatur, Ala 200, 000 Aug. 221 First National Bank of Plainview, Tex 100,000 Title changed to First National Bank. Succeeded by First National Bank in Plain- Oct. 14 Florida Bank & Trust Co., West Palm Beach, view, Tex 100,000 Fla -... 100,000 1 Admitted to membership. 1 Not reportsd in the period in which the change took place. 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752 FEDERAL RESERVE BULLETIN NOVEMBER, 1930 CHANGES IN MEMBERSHIP—Continued Dis- Location trict Name of bank Powers CHANGES No. granted Dste ("Consolidations" shown below include absorp- Capital tions, mergers, etc.) Baldwin, N. Y 2 Sunrise National Bank 1 to 9. Lexington, Ky_ Fayette National Bank Ito8. DISTEICT No. 11—DALLAS—Continued Portsmouth, Ohio 4 Se B cu a r n i k ty . Central National 1 to 7 and 9. Sept. 30 Merchants & Planters National Bank, Sherman, Kingsley, Iowa 7 Farmers National Bank Ito9. Tex. $800,000 Clear Lake, S. Dak... 9 Deuel County National 1 to 9. Dorchester State Bank, Dorchester, Tex., non- Bank. member 18,000 [ndependence, Kans.. 10 Security National Bank 1 to 9. Consolidated under charter and title of Mer- Salinas, Calif 12 Salinas National Bank 4. chants & Planters National Bank, Sherman, Woodland, Calif 12 Bank of Woodland Nation- 1 to 3, 5 to 7. Tex.___ _ _—i 800,000 al Association. Oct. 9 First National Bank, Arlington, Tex 50,000 First State Bank, nonmember j 50,000 Consolidated under charter and title of First | State Bank, nonmember I 50, 000 The Comptroller of the Currency presents the follow- Oct. 11 City National Bank, Bowie, Tex 50,000 ing summary of increases and reductions in the num- Restored to solvency and assets sold to First ber and capital of national banks during the period Oct. 24 F G i a r t s e t s N v N i a l a l t e t i i o o N n n a a a l t l i o B B n a a a n n l k k B , I a r n e k la , n G d a , t T es e v x ille, Tex 10 5 2 0 0 5 , , , 0 0 0 0 0 0 0 0 0 from September 27 to October 24, 1930, inclusive: Consolidated under charter and title of Gates^ ville National Bank, Gatesville, Tex _' 100, 000 Num- DISTRICT NO. 12—SAN FRANCISCO b b a e n r k o s f Am ca o p u it n a t l of Oct. 1 Anaheim National Bank, Anaheim, Calif _ 75,000 Title changed to Anaheim First National Bank. Oct. 20 Tha V tc o h l e u r n B ta r r o y t h w er it s h B dr a a n w k a in l. g Co., Logan, Utah 150,000 N Re e s w to c re h d a r t t o er s s o i l s v s e u n e c d y 0 3 $350,00 0 0 Increase of capital approved 10 960,000 Fiduciary Powers Granted to National Banks Aggregate of new charters, banks restored to solvency, and banks increasing capital 13 1,130, 000 During the month ended October 24, 1930, the Fed- Liquidations 25 3.960, 000 eral Reserve Board approved applications of the Reducing capital 1 25,000 national banks listed below for permission to exercise Total liquidations and reductions of capital- 26 3,985, 000 one or more of the fiduciary powers named in section 11 (k) of the Federal reserve act as amended, as follows: Consolidation of national banks under act of Nov. (1) Trustee; (2) executor; (3) administrator; (4) reg- 7,1918 — 1 400 000 Consolidation of national banks and State banks istrar of stocks and bonds; (5) guardian of estates; (6) under act of Feb. 25, 1927 _. 1 600,000 assignee; (7) receiver; (8) committee of estates of lunatics; (9) in any other fiduciary capacity in which Total consolidations 2 1, 000, 000 State banks, trust companies, or other corporations Aggregate increased capital for period 1.310,000 which come into competition with national banks are Reduction of capital owing to liquidations, etc 3,985, 000 permitted to act under the laws of the State in which Net decrease 2, 675, 000 the national bank is located. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS- CLASSIFICATION OF LOANS AND INVESTMENTS ON CALL DATES, OCTOBER 3, 1928- 55 SEPTEMBER 24, 1930 f Amounts in millions of dollars] Loans to banks Loans to customers (exclusive of banks) Open-market loans Investments i Secured by stocks Secured by real and bonds estate Purchased paper Total loans Other- U. S. Date i m n a v e n e n d s t t s - Total se t O c ie u n s ri- o A th l e l r Total T o Y o u N k t e o e s b r w r i r s k d o e - to o c m t T u h o s e e - r r s F la a n rm d e O r s t e t h a a e l te r a s s e e n w c c d i u u s u r r e e e n d d - Total in p A S a a c U t y n c a c a n e t e b e p i s t s l t e e - d et a f a a c B o c b . n r , c i l c e e l e p i l e p g s a s i , n n t , y - - m p C a e o r p m c e i r - al l S o t a r n e s e t 1 Total s m e G e t c i r e o e u n n v s r - t - i- s O e t c t i h e u s e ri r - City countries Total—AH member banks: 1928—Oct. 3 . 34 929 548 (2) (2) 21,242 850 5,796 421 2,668 11, 507 2,537 80 101 457 1,899 10,604 4,386 6,218 Dec. 31-_- 35,684 538 (2) (2) 21,462 975 6,373 412 2,711 10,991 3,158 109 103 390 2,556 10,529 4,312 6,217 1929—M ix. 27 35 393 548 (2) (2) 21, 903 1,014 6,526 403 2, 720 11,240 2,494 146 93 376 1,879 10,448 4,454 5.994 June 29_._ 35, 711 670 C2) (2) 22,516 921 6,813 414 2,750 11,618 2,472 108 90 249 2,025 10,052 4,155 5,898 Oct. 4 35 9i4 640 i) (2) 23,249 939 7,170 392 2, 760 11, 988 2,276 93 70 228 1,885 9,749 4,022 5,727 Dec. 31-- 35, 934 714 (2) (2) 23,194 803 7,685 388 2,803 11,515 2,243 212 80 291 1,660 9,784 3,863 5,921 1930_Mar. 27 35,056 527 260 267 21, 495 706 7,024 394 2. 776 10, 595 3,097 175 79 499 2,344 9,937 4,085 5,852 June 30 35,656 535 230 305 21, 565 819 7,242 386 2,769 10,349 3,113 170 3 71 507 2,365 10,442 4,061 6,380 Sept. 24 35,472 466 175 291 21,010 774 7,090 387 2,776 9,982 3,262 205 62 523 2,472 10,734 4,095 6,639 New York City: * 1928—Oct 3 7 197 287 3,919 45 1,491 130 2,253 1,048 50 55 63 880 1,942 1,130 813 Deo 31 7, 951 288 (2) (2) 3,940 50 1,658 132 2,100 1,790 61 61 29 L639 1,933 1,094 839 1929—Mar 27 7 726 251 (2) (2) 4,253 52 1,692 148 2,361 1,250 59 52 37 1,102 1,972 1,135 838 June 29 8', 160 314 (2) (2) 4,532 63 1,814 2 173 2,480 1,496 58 58 21 1,359 1,819 1,006 813 Oct. 4 — 8,150 302 (2) (2) 4,846 46 1,898 1 175 2,726 1,196 59 33 8 ,096 1,807 989 817 Dec 31 8,774 322 (2) (2) 4,964 55 2,145 169 2,595 1,397 128 46 21 ,202 2,091 1,112 979 iQQf) iVTar 27 8,238 199 92 107 4,338 60 1, 876 150 2,252 1,655 89 40 49 1,477 2,046 1 150 897 June 30 8 798 196 78 118 4,308 68 1, 954 157 2,129 2,091 144 29 35 L,883 2,203 1,147 1 056 Sent 24 8,557 169 53 116 4,276 86 1,945 157 2,087 1,912 148 28 22 L714 2,198 1,091 1,107 Chicago :* 1928—Oct. 3 __. 1,910 35 1,326 252 543 3 41 487 144 1 3 21 119 405 191 214 Dec. 31 - 1,910 40 (2) (2) 1,389 309 598 3 39 440 91 1 1 14 75 391 174 217 1929—Mar. 27 1,793 62 (2) (2) 1,353 311 477 2 19 544 41 8 5 10 18 337 164 172 June 29 1,767 67 (2) (2) 1,309 242 484 2 22 559 58 1 3 6 48 334 159 176 Oct. 4 1,823 68 (2) (2) 1,374 257 504 2 19 592 68 1 4 4 59 312 153 160 Dec. 31 1,757 88 (2) (2) 1,329 240 533 2 19 535 30 9 5 5 11 309 116 193 1930—Mar. 27 1,717 58 50 8 1,160 194 474 2 18 472 187 3 11 33 140 310 146 164 June 30 1,849 50 43 7 1,257 229 487 2 18 521 176 2 19 56 99 366 160 205 Sept. 24 1.934 41 35 6 1,187 239 448 2 16 482 296 7 13 42 233 407 157 250 Reserve city banks: 1928— Oct. 3 12,211 179 (2) 7,770 435 2,152 124 1,368 3.691 732 5 27 178 522 3,530 1,703 1,827 Dec. 31 12,156 173 8 7,878 509 2,318 118 1,387 3,546 650 16 33 136 465 3.454 1.662 1.791 1929—Mar. 27 _ 12,132 196 (2) 7,933 538 2, 415 112 1, 376 3,492 603 35 27 136 405 3,400 1.732 1,668 J O u c n t e . 4 29 1 12 2 , , 1 0 6 6 1 5 2 2 4 2 1 5 (2) ( ( 2 2 ) ) 8 8 , . 1 4 2 0 4 1 5 51 1 0 1 2 2 , , 4 5 8 9 0 8 1 11 1 0 9 1 1 , , 3 3 6 6 0 0 3 3 , , 6 8 5 2 4 3 4 45 2 8 3 1 6 6 2 2 2 7 8 7 3 1 3 3 0 5 2 4 3 3 , , 2 0 7 7 6 5 1 1, , 5 6 1 0 9 7 1 1 . , 5 6 5 7 7 0 Dec. 31 12,029 258 (2) • (2) 8,417 425 2,775 110 1,428 3, 679 408 43 24 102 239 3.944 1,368 1,576 1930—Mar. 27 11,858 205 104 101 7,790 360 2,576 113 1,411 3, 330 757 55 24 209 469 3,105 1,516 1,590 June 30-_- 11,852 227 99 128 7,770 431 2,663 110 1, 394 3.172 534 17 3 19 3 245 253 3,319 1,525 1,794 Sept. 24 12,037 193 77 117 7,534 360 2,586 111 1,398 3,080 768 47 17 295 409 3,537 1,628 1,909 Country banks: 1928— Oct. 3 13, 612 46 (2) 8.225 117 1,610 294 1,129 5,075 614 24 17 195 378 4,727 1,362 3 365 Dec 31 13 667 37 (2) (2) 8,254 107 1,799 290 1,154 4,904 625 30 8 211 376 4,751 1,382 3 370 1929—Mar. 27 - 13, 741 39 8,364 114 1,942 289 1,176 4,843 598 44 8 192 354 4,740 1,424 3,316 June 29 13 719 49 (2) 8,551 105 2,034 291 1,195 4,926 496 33 7 140 316 4,623 1,384 3 240 Oct. 4 13, 780 45 8,627 125 2,170 279 1,206 4,847 553 27 6 144 376 4,554 1,361 3,193 Dec. 31 13 375 45 (2) 8,481 83 2,231 276 1,186 4,705 409 33 5 163 208 4,439 1,267 3 172 1930—Mar. 27. _ 13.^3 65 14 51 8,206 93 2,097 279 1.196 4,541 496 27 4 207 258 4,475 1,273 3,202 June 30 13 157 63 11 52 8.229 90 2,137 274 1,201 4,527 312 8 4 171 129 4,554 1,229 3 326 Sept. 24 12, 944 62 11 51 7,999 88 2,112 275 1,205 4,318 286 4 4 164 115 4,589 1,219 3,370 i Loans to brokers and dealers in securities at New York City. 2 Figures not available. a Revised. * Central reserve city banks only. 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CONDITION OF ALL MEMBER BANKS ALL MEMBER BANKS—CONDITION ON CALL DATES OCTOBER 10, 1927, TO SEPTEMBER 24, 1930 [Amounts in thousands of dollars] 1927 1928 1930 Oct. 10 Dec. 31 Feb. 2 June 30 Oct. 3 Dec. 31 Mar. 27 June 29 Oct. 4 Dec. 31 Mar. 27 June 30 Sept. 24 RESOURCES Loans (including overdrafts). 23, 226, 51;238,8,6, 393 23,098, 936 24, 302, 78F24, 325, 010 25,155, 255 24,944,641 25, 658, 491 26,164, 829 26,150,061 25,118, 783 25, 213, 770 24, 738, Oil United States Government securities - 3,856,149 4, 215,822 4, 385,8304, 311, 7904,453,953 4,021,636 3,862, 9684, 085,0064, 061, 3954,095, 270 Other securities _ 6,1.0_3,, 119 ,___, 6,, 3_7.3,„6 306', ,53—3^ ,6 56 6,, 2—1,8, 1456,, _2.1_6,, 8 905,,99 4, 432 ,_.., 5,, 7.2_7., ,30 65,9,2.0_,_9,2_1__5 ,. 8,5 .1, .9,0.8. 6,380,494 T Cu o s ta to l m lo e a rs n ' s l ia a b n i d li t i y n o v n e s a t c m co e u n nt t s o . f .. , acceptances 5 1 7 8 6 5 , , 7 2 8 2 1 3 34, 6 2 9 4 9 6 , , 9 7 1 0 2 1 33, 6 6 9 8 5 8 , , 3 3 8 1 8 9 35, 7 0 1 6 0 1 , ,1 2 7 0 3 7 34, 7 9 2 3 7 8 , , 2 9 5 8 8 5 315,, 9 66 2 88 9 33 , ,, 9 5 "3 4 5 0 35»,.3.9.3»,.0.2_6 35,710,961 35,913,771 35,933,950 35,055,697 35,962585,,860579 35, 9 4 1 7 2 2 , , 8 2 5 5 2 0 Banking house, furniture, and fixtures 1,059,930 1,067, 2001,077, 5291, 099, 2101,105, 5581,107, 2871,118,418 1,169,752 1,175,393 1,190,306 1,202,486 1,217,963 1, 230, 754 Other real estate owned 180, 546 177, 229 180, 511 184,109 178,443 177, 716 184,873 179,878 182,796 183,989 188,815 190,995 197,869 Cash in vault 539,137 523, 370 525, 992 449,198 519,126 564, 384 516,742 433,491 497,212 558,450 496,633 484,262 470, 367 Reserve with Federal reserve banks. 2, 319, 7362, 514,4652, 366,6052, 342,0452, 348, 0182,409, 3672,338,569 2,359,077 2,321,806 2,373,760 2,352,738 2,407,960 2, 414,991 Items with Federal reserve banks in process of collection 739, 871 784, 391 686,881 680,492 856, 655 967,836 841, 606 775, 822 923, 363 994, 373 719, 201 836, 471 698, 871 Due from banks in United States 2,077,441 2, 209,831 1, 940,6191,889977,223311 2,002266,225599 2,124, 252 1,741,478 1, 885,1672,004, 9382,167, 756 1, 901, 5172, 360, 3772, 462, 827 Due from banks in foreign countries (including own branches) __ 255,821 258, 337 269, 373 291, 490 286,686 305, 299 287, 248 272, 682 246, 996 263, 834 247, 612 220, 793 202,447 Exchanges for clearing house and other checks on local banks 1, 564, 7961, 508,4181,311,817 1, 447, 2191, 634, 6893, 493, 0612, 486, 2031,446,186 2,132, 331 2, 762, 4631, 616, 9542, C45, 0571,146, 915 Outside checks and other cash items 157,841 200,159 134, 916 217, 291 163, 527 203, 884 142, 395 117, 298 102, 363 139, 056 65, 331 118, 552 51, 706 Redemption fund and due from United States Treasurer 33, 0541 33, 281 32, 823 33, 025 33, 001 32, 995 32, 761 32, 715 32, 828 32, 889 32, 823 32, 658 32, 604 Acceptances of other banks and bills of exchange or drafts sold with indorsement 265, 007 431,968 454, 958 436, 486 433, 668 677, 994 475,155 453, 82G 551, 587 735,193 612,193 557, 748 592, 732 Securities borrowed 29,464 35, 212 29, 248 37, 733 36, 551 35, 947 48, 844 36, 337 32, 592 35, 533 25, 744 26, 324 23,866 Other assets 171, 070 197,666 186, 677 204. 940 205, 273 222,149 229, 751 232, 621 198, 700 219, 379 231, 482 223, 114 242.062 Total 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 47, 906, 740 46,153, 113 LIABILITIES "I" Capital stock paid in _ _._ 2, 304, 7082, 337,7802, 345, 5192,415, 3762,453, 8592,474,223 2, 563,2782,646,928 2,739,645 2, 757,113 2, 744,975 2, 721,997 2, 728, 664 Surplus 2,049, 3252,124,020 2,144,182 2,285, 5362,382,393 2,440,709 2, 548,155 2,650,336i 2,811,269 2, 864,612 2,881,944 2,870,800 2,903,258 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 } 940,505 879,480 914,114 924, 012' 1 8 2 8 0 6 , , 0 0 2 2 0 5 8 1 3 5 2 1 , , 5 7 6 4 4 4 9 1 1 4 8 4 , , 1 2 4 4 5 2 8 1 8 6 2 4 , , 4 8 3 0 0 6 1 9 4 8 3 0 , , 9 6 2 0 8 3 9 1 0 7 9 7 , , 2 5 5 4 2 8 9 1 5 7 6 6 , , 0 6 5 1 3 0 9 1 5 8 0 2 , , 0 9 7 4 2 0 1, 1 0 8 0 5 9 , , 6 4 0 3 2 5 Reserves for interest, taxes, and other expenses accrued and unpaid -<&•--- 152, 531 128,757 137, 345 145,458 150,438 120, 676 157,144 148, 825 172,193 137, 660 175,896 148,960 182, 397 Due to Federal reserve banks 54,402 52,073 45, 360 49, 823 65, 379 56, 510 51,433 51, ,r~~ 55, 720 54,458 51,915 46, 206 47,147 Due to other banks in United States 3, 567,1933,808,222 3,495, 7223,263,494 3,462, 3773, 649, 0373, 070, 0843,091, 639 3,153, 0773, 517, 3253, 204, 3163, 831, 6563, 817,132 Due to banks in foreign countries (including own branches) 586,869 745, 691 643, 372 613, 732 508, 571 543,273 462, 649 464,871 481, 696 576, 664 498,075 571,7 660, 612 Certified and officers' checks outstanding 977,944 839, 556 848, 064 787, 770 1, 041,1142,184,138 1,739,947 753,620 1,405,446 1, 603, 5621,134,283 1,493,437 771,941 Cash letters of credit and travelers' checks outstanding. 26, 391 21, 641 29,015 27, 338 23,128 27, 385 43,182 27, 613 23,460 25, 038 41, 389 26, 638 Demand deposits 17, 374,426 18,170,140 17, 304,6 4664 617, 606, 564 1r7,, 550011,,'4"3"0 18,903, 65187 r, 708,269 17, 814, 603 '17,, 93477,84 71881,,861,582 17,078,905 1__8, , 0. 61,,.9 7716, 838, 351 Time deposits 12,459,248 12, 764, 79812,922, 638 13; 438, 585 13; 409, 608 13,453; 1331,1328,712 13,325,0661;.3, 317, 649 113,;233,481113, 518,. 731 13, 811,978 13,944, 868 United States deposits 435,4751 266,981 86,032 256, 681 158, 761 261, 505 44110 n,.8 6876'71 34374,79.69767 315,479 143 203 324,893 280, 769 Agreements to repurchase U. S. Government or other securities sold _ 17,845' 32, 785 21,375 18,103 95,161 134, 084 102,423 103,758 149,090 136,957 66,214 37,164 38,144 Bills payable and rediscounts: With Federal reserve banks 457, 758 583,266 485, 874 1, 095,9971,019,789 1,040,608 981,434 1,029, 391 899, 311 646, 334 206,124 273, 880 172, 578 Allother 70,457 i 80,209 95,018 113,440 134,127 i 121, 570 171, 601 168,975 250, 587 232,188 140,467 161,090 143,402 Acceptances of other banks and bills of exchange or drafts sold with indorsement 265,007 431,968 454,958 436,486 433, 6651 677,994 475,155 453, 826 551, 586 735,193 612,193 557, 748 592, 732 A Ac c c c e e p p t t a a n n c c e e s s e e x x e e c c u u t t e e d d b fo y r o c t u h s e t r o m ba e n r k s. s . for account of re- 575, 636.1 721,473 705, 001 716, 270 717,931 928, 329 846, 370 800,423 984, 670 1,276,159 1,125,907 925, 576 929, 337 porting banks _. 26,075! 22,318 26,008 28,235 4411,,441177j1 43, €36 45,025 42,075 40,400 29, 647 24,654 34, 998 18,127 o National-bank notes outstanding 649,390 649,877| 646,162 648,602 664488,,0 04466;; 649,893 647,354 648,944 640,610 645, 562 647,481 649, 098 648,999 Securities borrowed 29,471 35,936 29,352 37,782 3366,,5 55566 35,947 48,844 36,337J 32,592 35, 533 25, 744 26, 324 23,866 Other liabilities 135,062: 191,169? 201, 899 166, 726 189, 692! 209,109 224, 581 .^MlGj 214,946 245, 585 239,961 226, 915 212,_698 Total _ 43,J55, 718 44, 888,140 43, 581,~656 45, 091, 849 45,483, 697 48, 935, 646 46, 673,097 4^9087001 '4773055, ,588 487843,1)78 45, 860, 379 47,906, 740 46,153,113 Number of banks 9,0871 9,034 8,929 8,896. 8,837 8,755 8, 707; 8,616 8,522 8,406 8,246 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—LOANS, INVESTMENTS, DEPOSITS, AND BORROWINGS ON CALL DATES SINCE OCTOBER, 1928 [Amounts in thousands of dollars] Oct. 3, | Dec. 31, Mar. 27, June 29, Oct. 4, Dec 31, Mar. 27, June 30, Sept. 24, 1928 i 1928 1929 1929 1929 1929 1930 1930 1930 Loans—Total 24,325,010 I 25,155,255 24,944,641 25,658,491 26^164,829 26,150,061 25,118, 783 25,213,770 !4,738,011 Acceptances payable in United States 79, 718 108, 925 "145,754 107,993 93,107 211,950 "174,509" 2 169, 668 205,432 Bills, acceptances, etc., payable in foreign countries 101, 259 103, 245 92, 701 90, 001 69,561 | 79,577 79, 219 2 71,438 61, 934 Commercial paper bought in open market 456, 635 389, 560 375, 501 248, 609 227,574 | 290,822 499, 286 2 507, 392 523.129 Loans to banks—On securities ' 260,124 230,166 174,857 Allother \ 547,795 537, 501 548,152 670, 277 640,301 | 714,076 . 266,957 290, 936 Loans on securities, exclusive of loans to banks—Total. __ _8, 544, 656 | 9, 902, 856 9, 418, 942 9, 75~8,~~885" JO/1477866" 10,073,809" 10, 335, 938 To brokers and dealers in New York 1,899,143"j 2, 555/786 ~1, 879,477" 2, 024, 592 1,884,886 , 1,660, 150" "2, 344/242" 77 2, 471, 781 A Re ll a o l T T t e o o h s o e t b a r t r h t o l e e o k r a l e s o n r a s s n a s ( — i n n d c O O l d u n n e d a i o f n l a t e r h g r m e s o r e v l r l a e s e n r e a d w d l r a e h f s e t t r s a e ) te 11 2 5 , , , 4 6 5 8 7 2 0 6 4 9 0 6 7 6 9 , , , , , 0 5 7 6 5 0 0 8 5 0 4 2 7 8 9 1 1 2 0 6 , , , 4 9 3 9 7 7 1 7 9 1 4 2 1 , 0 0 , , , , 5 5 5 6 7 6 8 0 6 7 3 6 4 5 6 6 2 1, , " , 7 4 5 0 1 2 1 0 5 3 9 3 , , , , 6 4 6 7 5 7 7 8 7 5 6 9 _ 11 6 2 , , , 6 4 8 7 9 1 1 1 5 2 8 2 0 3 1 , , , , , 3 4 9 4 8 0 3 8 8 0 0 8 8 8 5 1 2 1 , , 7 9 3 9 6 8 9 3 0 2 8 9 7 , , , 4 0 0 0 2 2 6 7 2 1 8 6 ~ J ; | | 1 2 7 1 , , , 3 5 8 8 6 8 1 0 0 8 7 4 2 3 5 , , , , , 7 7 7 1 7 2 1 0 4 5 8 5 0 " 1 1 10 2 7 , , , 7 5 3 0 7 7 9 9 2 0 5 4 5 3 6 , , , , , 1 6 0 5 0 1 8 7 1 5 9 3 7 4 3 10 2 7 , , , 7 3 3 2 8 6 4 8 4 1 9 9 6 8 1 , , , , , 3 2 7 8 0 1 8 6 3 3 4 4 2 4 6" 2 7 , , 3 7 7 0 7 7 8 9 6 3 0 7 , , , , J 3 3 3 7 6 4 8 7 6 4 2 5 11,240,459 9, 982, 075 Loans eligible for rediscount with Federal reserve banks. 4, 368, 094 4,160, 436 4,343,404 | 4,389,853 I 4,598,240 4, 396, 904 4,204,395 I 3,904,968 3, 812, 169 United States Government securities—Total.__ 4,385,830 4,311, 790 4,453,953 4,154,929 4,021,636 3,862,968 4, 085,006 4,061,395 4,095,270 Bonds 3, 077, 936 3, 028, 095 3,121, 552 3, 004, 836 2, 992,184 3, 094, 275 "37287/968" 3, 339, 834 3/342, 974 Treasury notes 778, 646 729,427 804, 739 703, 641 664, 821 519, 983 524, 452 462, 924 418, 495 Certificates of indebtedness 415, 395 471, 852 455, 821 339,456 251, 392 151, 659 234,543 254, 404 284, 953 113, 853 82, 416 71. 841 106, 996 113, 239 97, 051 38, 043 4, 233 48. 848 Allother Other securities—Total 6,218^145 6,216^890 5,994,432 5,897,541 5,727,306 5,920,921 5,851,908 6,380,494 6,638,969 Domestic securities—Total 5,522.470 "5,5337129 T,341, 637 5, 262, 502 5, 114, 902 "5/ 292,123 _5, 242, 297^ 5, 691, 850" _i?383qZ State, county, and municipal bonds 1, 224, 894 1,221,910 1,168,501 , 144, 362 1,116, 276 1, 224, 030 T7l68",275~ 1, 232,040 1, 379, 471 Railroad bonds 878, 559 895, 759 863, 345 831, 913 787,134 785, 867 781, 471 914, 037 938, 869 Other public service corporation bonds 1, 002, 432 985, 360 958,194 931,938 902, 764 905, 606 980, 210 1, 047, 687 1,074, 627 All other bonds 1, 469, 339 1,417,256 1, 339, 802 ., 316, 859 1, 227, 883 1, 253,469 1, 222, 847 1, 340, 789 1, 330, 420 Stock of Federal reserve banks 145,146 146,113 153, 834 158, 290 166, 686 170,517 173,384 169, 505 170, 260 Stock of other corporations 403, 535 435, 735 438, 756 469, 314 503,848 558, 794 527,917 565, 417 572,941 A C M o l u l l n l o a i t t c h e i e r p a r a l l t w ru a s r t r a a n n t d s other corporation note . s _ .. 1 1 17 0 1 5 5 7 , , _ ,3 7 4 4 9 2 9 6 0 _ 1 1 8 4 9 6 4 9 , , , _ 4 6 9 1 5 2 5 2 9 1 1 8 4 8 7 9 1 , , , 5 9 6 9 6 4 3 9 3 1 15 9 6 0 0 8 , , , 7 6 4 2 8 2 0 1 5 1 1 8 6 54 9 6 , , , 0 7 5 6 5 0 0 0 1 1 1 6 6 5 6 8 8 , , , 0 8 9 4 4 4 9 4 7 1 16 6 6 3 4 0 , , , 4 2 5 3 4 1 4 5 4 1 1 8 7 7 0 0 0 , , , 5 8 9 7 6 3 5 4 6 2 18 7 1 1 1 7 , , , 8 9 9 3 2 5 7 4 8 Foreign securities—Total 695, 675 683, 761" 652/795 635, 039 ~612,404 _628/798 _609,_611_ 688, 644 700,662 Government bonds 349, 896 343, 200 319,239 308, 773 303, 407 304,123" ""280/835 346, 219 3447439 Other foreign securities 345, 779 340, 561 333,556 326, 266 308, 997 324, 675 328, 776 342, 425 356, 223 Demand deposits—Total 17,501,430 18,903,658^ 17, 708,269 17, 814,603 17,937,478 18,861,582 17,078,905 18,061,977 Jjj,838,351 A I S C n t e l d a l r t o i t e v i t f , h i i d c c e a u o r t a u e l n s d t o y e , f p a o d n s e i p d t o s m s s i u u t b n j i e c c ip t a t l o d c e h p e o c s k its *.-. 15 1 , , 3 7 2 2 2 0 3 4 6 1 0 , 3 , , , 0 4 8 1 0 4 7 0 0 5 7 8 1 1 6 , / 2 9 3 2 9 7 3 9 2 9 4 6 , , , , 6 8 4 7 0 3 5 6 5 5 5 3 1 1 5 , , 2 2 8 3 7 4 0 8 6 0 7 4 , , , , 1 0 2 8 0 5 3 7 8 0 5 6 15 1 , , 2 3 5 7 0 1 5 4 0 1 2 9 , , / , 7 5 3 9 0 2 8 8 6 8 3 6 " I I T6, 1 T , 6 3 2 1 7 2 5 8 / 4 7 8 0 , , , 4 3 9 1 " 7 0 5 7 5 4 2 " 16 1 , , 2 9 3 3 3 8 0 3 5 8 1 5 , , , , 6 7 6 4 4 8 7 8 3 3 1 5 15 1 , , 1 4 2 1 9 5 4 8 4 4 6 2 , , , , 8 8 8 3 2 2 8 6 8 8 3 6 15 1 / , 3 9 1 5 3 6 9 6 0 5 8 8 , , , , 0 0 3 4 4 9 6 7 1 7 9 0 15 1, 7 2 1 1 2 5 9 0 7 8 6 7 , 6 , , , 1 6 4 0 3 7 7 7 1 3 6 1 Net demand deposits 18,995, 084 19, 943, 583 j 18,833,161 18,977,213 j 18,951,600 19, 797,028 18, 488, 669 I 19,170, 357 18,657,238 Time deposits—Total 13,409,608 13,328,712 13,325,066 !13,317,649 13,233,481 13,518,731 j 13,811,978 13,944,868 States, counties, and municipalities.. 404,912 418,257 429, 265 476, 554 491,095 "594,896 535, 564 570, 679 572,004 Bankss iinn UUnniitteedd SSttaatteess .. 1 n4 , ee 124, 262 113,443 / { 7 7 9 7 , , 8 5 9 0 4 8 1 1 1 1 1 2 , , 4 1 0 4 5 8 15 9 4 5 , ,1 0 7 0 0 9 1 1 7 0 5 2 , , 5 7 2 9 9 3 2 1 2 11 4 , , 1 8 1 2 4 9 2 1 3 0 3 1 , , 8 3 7 1 3 3 BOathnekrs t iimn efo dreeipgons ictos—unEtrvieidse nced by savings pass books |j 9, 702', 703 9,809, 851 9, 728,154 9, 834, 363 9, 603, 720 9, 592,096 9, 626,033 9, 677, 521 9, 631, 588 Certificates of deposit 1,882,008 1, 895, 223 1,831, 666 1, 745,134 1, 743, 212 1, 740,944 1,811,315 1, 861, 504 1,959, 775 Open accounts, Christmas savings accounts, etc 1,169, 220 1,071,463 1,110,132 996,976 1,136,043 933.902 1,139, 518 1, 232, 679 1,302, 785 Postal savings _ , 116,599 134,255 116,052 114,637 120, 026 122,464 127,979 133, 652 143, 530 Bills payable and rediscounts—Total 1,153,916 1,162,178 1,153,035 JJL98,366^ 1,149,898 878,522 346,591 434,970 315,980 With Federal reserve banks—Bills payable 813,036" 823,403 761, 755 738,768 583, 665" 453,574 105, 209 147,826 76,865 Rediscounts 206, 753 217, 205 219, 679 290,623 315, 646 192, 760 100,915 126,054 95, 713 All other—Bills payable 116,260 102, 243 148.504 149, 576 226, 742 214, 209 134,761 155,189 137,890 Rediscounts _ 17,867 19,327 23,097 19,399 23, 845 17,979 5,706 5,901 5,512 1 Corresponding classifications not available prior to October, 1928. 2 Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL AND STATE MEMBERS—CONDITION ON SEPTEMBER 24, 1930, BY CLASSES OF BANKS [Amounts in thousands of dollars] All member banks National banks 1 State bank members I Central Other Central Other Central j Other Total re c s i e t r y ve C b o a u n n k t s r y ; | Total re c s i e t r y ve re c s i e t r y ve C b o a u n n k t s ry Total re c s i e t r y v e | I re c s i e t r y ve C b o a u n n k t s ry banks banks banks banks banks I banks Loans (including overdrafts) 24,738,011; 7,883,218 8, 500,409 8,354,384 14,641,945 3,325,014 5,134,667 6,182, 264,10,096,066 4, 558,204 3, 365, 742 2,172,120 United States Government securities. 4,095,270 1,248,167 1, 627, 722 1,219,38111 2,811,562 671, 390^1,124,964 1,015,208, 1,283,708 576,777 502,758 204,173 Other securities 6,638,969 i 1,359,469 1,909,433 3,370,067: | 4,299,866 588,887|l,069,604j 2,641,375 2,339,103 770,582 839,829 728,692 Total loans and investments 35,472,250 110,490,85412,037,56412,943,83321,753,373 4,585,291 7,329,235! 9,838,847 13,718,877 5,905,563 4, 708,329 3,104,985 Customers' liability on account of acceptances 912,852 691,438 209,966 11,448 475, 539 305, 779 162,958 6,802 437,313 385, 659 47,008 4,646 Banking house, furniture, and fixtures 1, 230,754 254,878 437, 617 538, 259 793,312 109, 915 267, 5561 415,841 437,442 144, 963 170,061 122,418 Other real estate owned 197,869 11,288 72,388 114,193 129, 45" 5,151 34,844 89,462 68,412 6,137 37, 544 24, 731 Cash in vault _ 470,367 58, 244 128,373 283, 750 337, 249 26, 685 84,194 226, 370j 133,118 31, 559 44,179 57,380 Reserve with Federal reserve banks 2, 414,991 ,032,354 772, 287 610,350 1,432,892 467, 590 497, 601 467, 701 982,099 564, 764 274, 686 142, 649 Items with Federal reserve banks in process of collection 698,871 268,809 327,816 102, 246 460,315 168, 644 220,480 71,191 238, 556 100,165 107,336 31,055 Due from banks in United States 2,462,827 I 271,916 1, 219,957 970,954 1,817,314 105, 521 909,952 801,841 645, 513 166,395 310,005 169,113 Due from banks in foreign countries (including own branches) 202,447 140,170 59, 628 2,649 163, 726 109, 663 52,4761 1,587 38, 721 30, 507 7,152 1,062 > Exchanges for clearing house and other checks on local banks 1,146,915 914,902 187,468 44, 545 522, 369 358, 756 133,805 29,808 624, 546 556,146 53,663 14,737 Outside checks and other cash items 51, 706 ! 7,087 27,929 16, 690 36, 584 2,405 20, 270 13, 909 15,122 4,682 7,659 2,781 Redemption fund and due from United States Treasurer 32,604 I 2,168 7,571 22,865 32, 604 2,168 7,571 22,865 Acceptances of other banks and bills of exchange or drafts sold with indorsement 592,732 510,174 80,033 2,^25 228, 527! 180,878 45, 221 2,428 364, 205 329, 296 34,812 97 Securities borrowed 23,866 12,972 10,894 16, 505 8, 693 7,812 7,361 4,279 3,082 Other assets . 242,062 92,9831 94, 701 54,378 133,168 46, 256 50, 746j 36,166 108, 894 46, 727 43, 955 18, 212 3 Total 46,153,113,14, 747, 265J15, 676, 270 15, 729, 5782S, 332, 9346,474, 702 9, 825, 602|l2,032,63107, 820,179 8, 272, 563 5, 850, 668J3, 696, 948 LIABILITIES Cappital stock paid in_. 2, 728,664 873, 092 856, 745 998, 827 1, 741, 700 411, 582 555, 433 774, 685 461, 510 301,312 224,142 SSuprrppllus 2, 903,25811 1,162, 802 868, 688 871, 768 1, 590, 756 478,092 459. 604 653, 060 1, 312, 502 684, 710 409, 084 218, 708 Unddiiviidded profits—net 1, 009,435 I 368, 835 259, 746 380, 854 585, 527 132, 525 152, 590 300, 412 423, 908 236, 310 107,15(, 80, 442 Reserves for dividends, contingencies, etc 185,602 74, 914 59, 687 51,001 83, 478 | 24, 538 30, 891 28, 049 102.124 50, 376 28, 796 22, 952 Reserves for interest, taxes, and other expenses accrued and unpaid.. 182,397 59, 795 72,892 49,710 95,520 ' 19,574 42,599 33,347 86,877 40,221 30, 293 363 Due to Federal reserve banks 47,147 2 11, 040 36,105 31, 031 | 5,484 25, 547 16,116 2 5, 55(, 10, 558 Due to other banks in United States 3,817,132 1, 461, 547 1, 953, 980 401, 605 2, 462, 404 ! 682, 289 .1,. 467, 487 312, 628 1, 354, 728 779, 258 486, 493 88, 977 Due to banks in foreign countries (including own branches) 660,61211 586, 765 70,! 2,949 394,255 335,321 56, 634 2,300 266, 357 251, 4441 14, 2641 649 Certified and officers' checks outstanding 771,94l! 608, 201 98,195 67, 545 392, 993 280, 273 62, 842 49, 878 378, 948 327, 928| 33, 353 - 17, 667 Cash letters of credit and travelers' checks outstanding 26,638| 19,167 6,604 867 11,092 4,534 6, 270 i 288 15, 546 14, 633| 3341 579 Demand deposits 16, 838,351! 5, 953, 535 5, 522, 734 5, 362, 082 10, 320, 0292,636," i, 604, 6644!, 078, 389 6, 518, 322!3, 316, 559 1, 918, 070 1.283, 693 Time deposits 13,944,8681 i2,090,105 5,159, 875 6, 694, 888 8, 781,362 850,500 2, 849, 4955, 081, 367 5,163, 506;1, 239, 605 2, 310,380 1613, 521 United States deposits 257,185!! 61,484 135, 927 59, 774 160, 458 18, 830 95,434 46,194 96, 727 42,654 40, 493 13, 580 Agreements to repurchase U. S. Government or other securities sold. 38,144 22,362 10,887 4,895 11,954 21 7,453 4, 4801 26,190 22, 341 3,434 415 Bills payable and rediscounts: With Federal reserve banks 172, 578 27, 403 138,375 132, 330 2,385 17,891 112, 054 40, 248 4,415 9,512 26, 321 Allother 143,402 62,853 22,816 57, 733 87, 520 30,853 12,973 43, 6941 55, 882 32, 000 9,843 14,039 Acceptances of other banks and bills of exchange or drafts sold with indorsement 592, 732 510,174 80, 033 2, 525 ! 228, 527 180, 878 45,221 2, 428 364,205 329, 296 34,812 97 Acceptances executed for customers 929,337 704,372, 215, 400 9, 559 487, 092 315, 284 166, 200 5, 608| 442, 245 389, 088 49, 206 3,951 A N c a c ti e o p n t a an l- c b e a s n e k x e n c o u te te s d o b u y ts o ta t n he d r i n b g a nks for _ a _ c _ c ount o _ f reporting banks. 18,127 4 1 3 2, , 1 1 6 4 7 5 1 | 150 4 , ,15 5 2 41 45 1 5 , ,313 648 9 , ,8 9 3 9 0 9 4 4 3 , , 7 1 0 45 0 15 3 0 , ,5 7 4 3 1 1 45 1 5 , , 3 3 9 1 9 3 ; 8,297 7,467 421 409 Securities borrowed., _ 23,866 12, 972 10,894 16, 505 8, 693! 7,812 7,361 4,279 3,082 Other liabilities 212,698 65,148 77,049 70, 501 59, 572 22, 402 23, 472i 13, 698 153,126 42, 746 53, 577 56,803 Total. 46,153,113 14, 747, 265 15, 676, 270 15, 729, 57828, 332, 934 0, 474, 702 9,825, 602!12, 032, 630' 17, 820,179 8, 272, 563 5, 850, 668 3, 696, 948 Number of banks.. 8,246 421 7,757 7,192 32 299 6, 861; 1,054 36 122 i 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

NATIONAL AND STATE MEMBERS—LOANS, INVESTMENTS, DEPOSITS, AND BORROWINGS ON SEPTEMBER 24, 1930 (Amounts in thousands o! dollars] All member banks National banks 1 State bank members Central Other I j Central ' Other j Central Other reserve , reserve Country I1 reserve reserve Country reserve reserve Country Total city i city banks Total city j city banks Total city citi- banks banks i banks banks | banks banks banks Loans—Total 24,738,011|7,_883,2188,500,409 8,354,384 14,641,945 3^325,014 5^134,667 6^182^264!10,096,066 558,204 3,365,742 2, Acceptances payable in United States "" 205,432 155, 076; 46, 833 3,523 114,716 "73,199," 38,153 3, 364 90, 716 "81,877 159 Bills, acceptances, etc., payable in foreign countries 61,934 40,966; 17, 311 3, 657 39,874 24,872: 11, 423, 3, 579 22, 060i 16, 094 78 Commercial paper bought in open market 523, 129 64, 459 294, 794 163,876 398,134 33, 402 228, 289 136, 443 124, 995: 31,057 66,505 27, 433 Loans to banks—On securities.._ _ 174,857 87, 732 76,556 10, 569 106,852 41,182 57, 580J 8, 090 68, 005 46, 550 18,976 2,479 Allother.. 290, 936_122,720 116,791 51, 425 _J.89^18 67, 689 77,482' _44, 247:1 101.J518 J>5,031 39, 309' 7,178 Loans on securities, exclusive of loans to banks—Total... 10, _33o,_9384, 665,~435 3;354,8812,315,622 5, 430, 566 1, 871, 863 1,928^283' U)30,~ 420: 4, 905, 372 793, 572 1, 426, 598j_685, 202 To brokers and dealers in New York.. 2,471,781 1,947,672 409, 277 114,832 1, 082, 359 705,033 "305, 5971 71,729 j 1, 389,422 2-4•-2 , —63 9 103,680 437103 A Ee ll a o l T T t e o o h s e t o b a r t r t h o l e o e k a r l e o s n r a s s n s ( a — i n n d c O O lu d n n d e a i o f n a l t e r g h r m e s o r v e l r a l e e s n r e a d d w l r a e h f s e t t s r a ) e te 9 2 7 , , , 3 7 7 0 9 8 7 7 9 8 7 3 6 0 2 , , , , , 7 3 3 3 0 7 6 4 8 7 5 6 4 2 5 ! 2 2 , , 3 5 1 3 9 7 7 2 2 3 1 1 5 , , , . , 7 4 5 4 2 8 8 8 6 7 1 8 1 8 5 1 3 2 , , , 5 3 3 0 1 6 8 9 8 1 0 5 7 4 0 , , , , , ^ 0 5 8 7 6 6 0 3 7 9 8 4 0 6 1 ! | 4 2 , 1 , , 2 3 8 2 1 7 2 8 0 1 4 5 , 5 2 , J , 4 , S 9 3 2 0 3 9 2 5 9 5 4 3 83 6 1 , , , 8 9 1 3 3 8 8 9 0 5 1 1 0 7 0 , , , , , 9 0 0 2 2 1 8 3 6 9 5 3 8 4 2 ! 1 1 , ,1 0 9 8 8 16 5 1 4 , , , , 8 9 9 2 6 0 9 2 5 5 3 7 8 7 2 ' ! 1 2 , ± 4 5 2 1 3 8 0 1 7 1 3 4 9 8 , , , , , 2 0 1 0 6 1 4 6 2 9 4 9 3 3 4 1 ! J 1 3 , , 4 5 2 6 9 3 0 6 1 3 3 4 6 5 , , , 9 , , 9 6 2 5 7 4 5 6 6 0 7 1 8 6 6 1 ; 3 3 1 , , , 5 4 1 0 9 2 0 8 9 1 5 3 7 2 , , , , , 2 0 4 0 4 8 8 8 3 6 7 3 0 3 7 ! 1, , 2 3 1 3 3 4 5 0 7 0 3 1 6 5 77 , , , , ,5 3 8 8 5 3 1 6 2 7 8 6 0 1 9 2 4 1 1, 8 9 1 1 6 0 6 2 5 6 6 6 6 6 , , , , , ,4 5 7 4 4 4 7 2 8 7 5 5 6 5 3 ! 1 , ] 8 6 5 1 5 2 7 1 8 9 3 1 8 , , , , , 5 6 4 6 3 2 6 3 7 8 5 6 3 8 8 Loans eligible for rediscount with Federal reserve banks. 3, 812, 169 T, 000, 044 1, 271, 257JT7 540, 826,8 677,188 ~438T658'i~9437386; 17 I7134,981 56173 327, 871"245/724 United States Government securities—Total 4,095,270 1^248,1671,627,7221,219,381 1,124,964 1,015,208: 1, 283, 708 J>76,777 502, 758 204,173 Bonds "3, 342, 97411" 956,~82U, 347, 480 1,038, 6672, 364, 770 547,477 945, 258! 872,035 978, 204 409, 344 402," 228 166, 632 Treasury notes i 418,4951 163,602; 121,267, 133,626 270, 964 76, 089 89, 378: 105, 497! 147, 531; 87, 513 31,889 28,129 Certificates of indebtedness | 284,953' 87,752 152,290: 44,911 24, 761 85, 200: 36,925 138,067' 62, 991 67,090 7,986 Allother 48,8481 i 39,9921 6,679 2^177 28,942 23,063 5,128J 751 19,906 16, 929 1,551 1,426 Other securities—Total— _j 6,638,969)1^59,469 1,909, 433 3JJ70, 067 4,299^866 588,887 it^069,604 2,641^375 2, 339,103 839,829 _728, 692 Domestic securities—Total J 5,938,307 |I,234,146 If,743, 413; 2, 960, 748 j^ 767^070 516, 320l TeO, 263 2,"19OL487 2,171,237, 717, 826 6707261 I State, county, and municipal bonds .! 1,379,471 321,508! 491, 551 [ 566,412 881,974 125", 885 308,995 447,094 497,497! 195,623 182, 556 119, 318 Railroad bonds .! 938,869 197,414J 226,124: 515, 331 674,282 121, 736 140,819 411,727! 264, 587 75,678 85,305 103,604 Other public service corporation bonds J 1,074,627 109,144! 235, 230 730, 253 798, 454 49, 766 144,418j 604,270 276,173; 59, 378 90,812 125,983 All other bonds J 1,330,420 213, 432 358,354' 758, 634 890,519 80,1071 194, 215 616,197! 439,901' 133, 325 164,139 142,437 Stock of Federal reserve banks -| 170,260, 61,144 52,5U\ 56,605 100, 738 26, 753) 30, 634' 43,351 69, 522 34, 391 21, 877 13,254 Stock of other corporations ., 572,941 162,401 230,986; 179, 554 111,801 25,080 48,050! 38,671 461,140 137,321 182,936 140,883 w Collateral trust and other corporation notes. .! 217,924 59,566' 95,480 62, 878 141, 774 30,129 57,195 54,450 76,150 29,437 38, 285 8,428 A M l u lo n t i h ci e p r al warrants ., 181,958: 8 2 2 7 , , 4 0 3 9 9 8 __ 3 1 5 7 , , 4 75 2 2 5 •_ 6 2 3 7 , , 3 7 1 6 4 7 1 3 28 8 , J 7 4 8 7 1 _ 51 5 , ,0 84 1 9 5 27 8 , , 2 6 8 55 2 ! 4 2 9 5 , ,0 6 7 5 7 0; 5 3 3 3 , , 1 0 7 9 7 0 ! : _2 3 2 0 , , 0 5 8 9 3 0 8 8 , , 4 7 7 7 0 0 1 2 4 , , 2 11 3 7 7 g Foreign securities—Total _!~~70l)7662 J.25,323_166,b20! i_4p_9,319 532, 796 _72, 567 109,341' 167, 866 _52/756 56,679 Government bonds 344", 4391 63, 924 80,939 1997576 264,226 3472851 57,930 172,011 "80,213 29, 639 23,009 27, 565 Other foreign securities 356, 223, 61, 399: 85,081 209, 743 268, 570 38, 282 51,411 178,877: 87,653 23,117 33,670 Demand deposits—Total ,953,535,5,522/734,5,362,08 £ 10,320,029;2,636^976 3,604\,, 664 4^078,389 6,518,322 3^316^559 1/918,070 t,JJ8jU>93 Individual deposits subject to check , 645,014,5,025,48214,436,"635J i 9,123,051 i2,48~2, :, 280,463:3,360,577 j 5, 984,080| i, 163,003ll, 745,019, 017:6,058 Certificates of deposit 40,490, 42,015! 114,168! 148,232 28, 533 26,996| 92, 703 48,44lj 11,957 15,019 21,465 A St l a l t o e t , h c e o r unty, and municipal deposits 1 1 1 55 2 , , 4 5 5 7 5 6 ! 4 5 0 1 4 , , 1 1 0 3 6 1 j 75 5 9 1 , , 7 5 6 1 4 5 1 1 9 4 0 2 5 , , 7 9 8 6 5 1 : 4 7 6 9 , , 7 7 0 2 9 3 2 3 6 2 5 , , 1 0 3 6 7 8 1 ! 5 3 9 0 4, , 1 9 7 3 0 9 3 1 7 1 0 5 , , 2 5 9 1 1 0 ! , 7 6 5 5 , ,8 7 5 4 3 6 1 1 3 8 9 , , 0 9 6 6 3 9 . 16 2 5 0 , , 5 5 7 9 6 4 Net demand deposits .18, ('57,238 , 104, 521 !6,120, 338;5,432, 379 11,430,139 3, 224, C90 4,068,611 \4,137, 438 7,227,099 3,880,431 2,051, 727 1, 294, 941 Time deposits—Total , 090,105J5,159,875J6,694,888 I 8,781,362 _850,50_0 2,,849,4955,081,367 1, 239, 605 2,310,380 1^613,521 States, counties, and municipalities 137,902!" 287,153J 146,94911 432,058 "124,435 194,588 113,035 139, 946 13,467 92,565 '33, 914 Banks in United States 55,236 34,940 11,1371! 74,252 40, 469 25, 803 27, 061 14, 767 9,137 3,157 Banks in foreign countries _ 202,174 31,686j 13 ! 121,452: 89, 758 31,681 13 112,421, 112,416 5 Other time deposits- Evidenced by savings pass books 814, 328 3, 770, 970!5,046,290| 6,038, 544 267,826 2,022, 745 3, 747,973 3, 593,044! 546,502 11,748,2251,298,317 Post C O al e p r s e t a i n f v i a i c n c a g c te s o s u n o t f s , d e C p h o r s i i s t tmas sav _ ings accounts, etc. 6 1 1 9 2 6 6 9 0 0 0 , , , ,5 5 3 5 9 9 3 3 3 3 3 9 4 5 "1 4 1 7 K 7 5 2 , , , 0 30 7 11 4 "6 77 0 "9" ' 1,, 1 2 18 ~ 7 8 2,~ 6 77 6; , ,9 , 1 9 4" 2 5 2 ~1 9 7 9 3 : 1 ; II '1 ,,,3 6 " 6 1 "7 2 1 2 ' 1 5 77 , , ,6 4 6 9 1 "4 1 9 ~ 9 3 9 4! 2 3 7 9 8 9 , , , 5 9 4 2 9 9 5 1 6 1 2 3 1 3 1 7 7 9 , , 6 , 8 2 1 2 4 3 1 4 1 1 ! l,0 1 1 3 6 3 0 8 , , , 2 5 6 0 1 4 8 0 8 6 5 2 7 8 7 5 8 , , , 1 3 5 6 3 3 6 2 6 4 1 2 1 2 0 1 0 , , , 0 6 '" 0 4 2 3 2 19 5 7 9 3 , , , 2 5 7 1 2 0 9 5 4 2 5 1 7 7 3 , , , 4 5 2 1 0 0 9 5 9 Bills payable and rediscounts—Total _ 69,653 50,219 196,108:1 219,850 33,2381 30,864] 155,748 6,415 19,355 40,360 With Federal reserve banks—Bills payable 76,865 5,085 "267542 51,238 54,516; l,400| 13,4761 39,640 22,349 3,685 7,066 11, 598 Rediscounts 95, 7131 1,715 6,861 87,137 I 77,814 4,415 72,414 17,899 730 2,446 14, 723 All other—Bills payable. _ 137,890' 62,800 22, 696 52,394 ! 83,051 12, 9731 39,278 54,839 32,000 9,723 13,116 Rediscounts __ l 53 120 5, 339|) 4,469 531 I 4,416 1,043 120 923 Ox » 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—CONDITION ON SEPTEMBER 24, 1930, JUNE 30, 1930, AND OCTOBER 4, 1929, BY CLASSES OF BANKS Si [Amounts in thousands of dollars] 00 Central reserve city banks Other reserve city banks Country banks New York Chicago Sept. 24, June 30, Oct. 4, Sept. 24, June 30, Oct. 4, Sept. 2, June 30, Oct. 4, Sept. 24, June 30, Oct. 4, 1930 I 1930 1929 1930 1930 1929 1930 1930 1929 1930 1929 RESOURCES Loans (including overdrafts) 6, 359,108 6, 595, 530 6, 343, 646 1,524,110 1 483, 214 1,, 510,153 8,500,409 8,532,560 9,085,403 8, 354, 384 8, 602,466 225, 627 United States Government securities 1, 090, 788 1,146, 913 989, 220 157, 379 160,454 152, 664 1,627,722 1,525,296; 1,518,708 1, 219, 381 1,228, 732 361,044 Other securities 1,107, 406 1,055,857 817,418 252, 063 205,140 159,824 1,909,4331 1,793,939' 1,556,""" 3, 370, 067 3,325, 558 193,368 Total loans and investments 8,557,302 8,798,300 8,150,2841,933,5521 848,8081,822,64112,037,56411,851,795 12,160,807 12,943,832 13,156; 756 13^780,039 Customers' liability on account of acceptances 612, 674 634, 683 690,522 78,764 61, 277 209,966. 221,143; 218,595 11,448 11,704 11, 398 Banking house, furniture, and fixtures 213, 330 204, 607 178, 504 41, 548 41, 397 39, 316 437,617 436,227 \ 426,520 538,259 535,732 531, 053 Other real estate owned 10, 778 10,347 510 517 508 72,388 68,053! 61,258 114,193 112,078 112,942 Cash in vault --- 49, 015 57, 777 57, 516 9,229 9,912 9,952 128,373 136.288J 146,067 283,750 280,285 283, 677 Reserve with Federal reserve banks 857, 813 814, 278 734, 532 174, 541 177,178 174,138 772,287 787,4351 766,053 610,350 629,069 647, 083 Items with Federal reserve banks in process of collection 235, 040 336, 270 331, 978 33, 769 33, 437 41,256 327,816 334,835; 420,277 102,246 131,929 129,852 Due from banks in United States 105, 940 156,186 195, 775 165,976 150, 653 133, 506 1,219,957 1,132,888! 828,575 970,954 920,650 847, 082 Due from banks in foreign countries (including own branches) 133,184 157,108 166, 560 6,986 5,566 28, 709 59,628 54,687 46,993 2,649 3,432 4,734 Exchanges for clearing house and other checks on local banks 864, 872 2,143, 690 1, 648, 608 50,030 70,700 70, 787 187,468 341,996 330,467 44,545 88,671 82,469 Outside checks and other cash items 4,836: 23, 477 17,426| 2,251 4, 501 3,520 27,929 60,699; 53,046 16,690 29,875 28, 371 Redemption fund and due from United States Treasurer 1,757 1,750 1,783 411 310 310 7,571 7,630 7,722 22,865 22,968 23, 013 Acceptances of other banks and bills of exchange or drafts sold with I g indorsement 438, 952 477, 900 52,125 40,943 8,315 80,033 76, 573| 64,108 2,525 1,280 1,264 Securities borrowed 1 698 12,972 14,443! 20,048 10, 894 11, 880 11, 837 Other assets 83, 0691 77, 672 67,155: 9,914 7,718 94,701 83, 389| 54,378 53,084 43,199 1 Total _ .2,187, 659 13,855, 097 12, 726, 6402, 559, 606 2, 454,169 2,409, 771 15, 676, 270 15, 608,081,15,631,16415, 729, 578 15,989, 393 16, 538, 013 LIABILITIES C Su a r p p i l t u al s - s _ tock paid in 1,0 7 3 22 8 , , 5 0 3 9 2 2. 1,0 7 0 1 7 4 , , 4 19 3 2 5 7 98 3 9 8 , , 5 2 1 8 2 1 1 1 2 5 4 1 , ,0 2 0 7 0 0 1 1 4 2 9 2 , ,1 7 7 5 0 0 1 1 4 2 9 1 , , 0 3 5 5 0 0 856, 745 8 8 6 6 1 7 , , 1 0 8 6 7 1 8 8 5 4 4 0 , , 1 3 0 4 2 2 871,7 8 9 7 9 4 6 , , 1 8 3 6 4 8 8 9 6 9 0 8 , ,2 0 1 6 2 5 d W Undivided profits—net 340, 289 291, 516 28, 546 24, 983 25,046 259, 746 249,801 269, 951 380,854 348,380 394,415 r1 Reserves for dividends, contingencies, etc 52, 925 47,020 45,290 21,989 21,096 20,908 59,687 59,528 42,190 51,001 55, 296 35, 215 Reserves for interest, taxes, and other expenses accrued and unpaid 39, 426 40,388 40,187 20, 369 20, 061 18,302 72,892 48,994 64, 953 49, 710 39, 517 48,751 D D u u e e t t o o o F t e h d e e r r a b l a r n e k s s e r i v n e U b n a i n t k ed s States ... 1,105, 753 2 1,310,9 1 0 0 4 4 940,13 1 4 9 355, 794 370,343 311, 576 1,95 1 3 1 , , 9 0 8 4 0 0 1, 77 7 4 , ,3 6 9 0 7 5 : 1, 5 1 1 1 0 , , 1 8 7 5 5 1 4 3 0 6 1 , , 1 6 0 0 5 5 3 3 7 8 6 , , 4 0 9 1 7 2 39 4 0 4 , ,5 5 2 1 6 6 2 Due to banks in foreign countries (including own branches) 564, 568 492,926 415, 216 22,197 21, 714 20,473 70,898 54,407j 43, 634 2,949 2,719 2,373 Certified and officers' checks outstanding 579,083 1, 217,435 1,145, 365 29,118 26,228 25,316 96,195 151,860l 147, 316 67, 545 97,914 87,449 Cash letters of credit and travelers' checks outstanding 17, 232' 27,139 18,038 1,935 2,810 2,147 6,604 10,366 6,957 867 1,074 471 Demand deposits 4, 908, 589 5, 725, 714! 5,129, 6111, 044,946 1,048, 664 1, 086,382 5, 522, 734 5,696,889 5, 793,9885, 362, 082 5, 590, 710 5, 927,497 Time deposits , 1, 513, 238 1, 564,324 1,373,642! 576,867 498,686 464, 395 5,159,875 5,047,8941 4, 711, 7206, 694,888 6, 701, 074 6, 767,892 United States deposits 56,410 i 79,1651 70, 770 5,074 8,955 16,327 135, 927 142,1021 165,805 59, 774 £0, 54" 62, 577 Agreements to repurchase U. S. Government or other securities sold. 22,362 10,453' 83, 379 500 10,887 19,993! 53, 615 4,895 6,718 11, 596 Bills payable and rediscounts: With Federal reserve banks 6,700 43,348| 100 45,119 27,403 41,887j 512,422 138, 375 188, 645 273, 287 Allother 40,353 72,3261 96, 799 22, 500 2,700 22,816 18,692 53, 638 57, 733 70, 072 97, 450 Acceptances of other banks and bills of exchange or drafts sold with indorsement 458, 049 438,952| 477,900 52,125 40,943i 8,315 80,033 76, 573; 64,108 2,525 1,280 1,263 Acceptances executed for customers 624, 582 626,989 683,669 79, 790 63,130 68,351 215,406 225,125! 221, 987 9,559 10, 332 10, 663 Acceptances executed by other banks for account of reporting banks. 12,034 25, 589 26, 795 133 263 979 4,152 7, 713! 11,171 1,433 1,455 National-bank notes outstanding 34, 920 34, 791 34,245 8,225 6,200 6,090 150, 541 151, 656, 151, 501 455^ 313 456, 451 448, 774 Securities borrowed g 1 698 12, 972 14,443l 20,048 10, 894 11,880 11,837 Other liabilities 50,520 57, 780 14,628 28,172 15, 747 77,049 79,908, 79, 690 70, 501 69,840 61, 729 Total 12,187,659 13,855,097 12, 726, 640 2, 559, 6062,454,169 2,409, 77115, 676, 270 15, 608, 081!15, 631,16415, 729, 578 5, 989, 393 6, 538,013 Number of banks. 52) 57 16 16 18 421 430; 469 7, 757 7,817 8,072 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—LOANS, INVESTMENTS, DEPOSITS, AND BORROWINGS BY CLASSES OF BANKS [Amounts in thousands of dollars] Central reserve city banks Other reserve city banks Country banks New York Chicago Se 1 p 9 t 3 . 0 24, Ju 1 n 9 e 3 0 30, O 1 c 9 t. 2 9 4, Se 1 p 9 t. 3 0 24, Ju 1 n 9 e 3 0 30, 0 19 t 29' 4 ! i Se 1 p 1Q9 t ™ . 3 2 0 4, Ju 1 n 9 e 3 0 30, O 1 c 9 t 2 . 9 4, Se 1 p 9 t. 3 0 24, Ju 1 n 9 e 3 0 30, Oc 1 t 9 . 2 9 4, Loans—Total 6,359,108 ^ ^^ 6,343,646 1,524,110 1,483,214 1,510,153 8,500,409 8^532,560 9,085,403 8,354,384 8,602,466 9,225,627 Acceptances payable in United States 148,160 143,756 58,782"" 6,916 1,579 1, 320 46, 833 "16,683 6,191" 7, 650 26,814 Bills, acceptances, etc., payable in foreign countries 27, 632 29,127 32,964 13,334 19,149 3, 682 17, 311 18, 781 27,360 4,381 5,555 Commercial paper bought in open market 22,055 35,455 8,374 42,404 55,866 3,684 294,794 245,079 71, 303 170, 992 144, 213 Loans to banks—O Al n l s o e th c e u r rities... 1 5 1 2 6 , , 4 5 4 6 1 7 1 7 1 7 7 , , 7 9 2 1 6 1 301,744 _6 3 , 5 _ , 2 1 7 6 9 5 42 7 , , 0 7 6 4 5 6 1 7 1 6 6 , , 5 7 5 9 6 1 12 9 8 9 , , 0 46 8 4 5 225, 373 5 1 1 0 , , 7 6 0 0 1 9 44,865 Loans on securities, exclusive of loans to banks—Total.. 3,745,304 3, 905, 525 3, 040, 326 920,131" 815,920 819,879 3^354, 881 3,347,918 3,462,110 2, 355,990 2, 671, 452 To brokers and dealers in New York 1,714,404 1,882, 787 1, 095, 662 233, 268 99, 499 58,764 •• 4097277" 253, 098 ! 354,085 129, 351 376, 375 To brokers and dealers elsewhere 86, 332 68, 407 46, 280 238,943 228, 948 257,080 i 360,068 431, 364 , 510,314 90,115 125, 394 To others. 1,944, 5681,954,331 1, 898, 384 447, 920 487, 473 504,035 2,585,536 2, 663, 456 2,597,711 2,136, 524 2,169, 683 Real estate loans—On farm land 23 35 920 1, 545 1,832 1,840 ' 110,804 110, 277 i 110,114 273, 892 279, 202 On other real estate 157, 381 156, 766 174, 861 16,100 17, 575 19,143 |l,397,770 1, 394, 282 1,360,299 1, 200, 639 1,206,119 All other loans (including overdrafts) 2,089, 5452,129, 229 2, 725, 675 482, 236 521,482 592,286 3,084,669 3,171, 991 |3, 822, 653 4,526, 612 4, 847,407 Loans eligible for rediscount with Federal reserve banks 797, 555 784,564 1,168,31 202, 489_ 225, 686 251,120 .1,271,257 1, 274,966 1^45,653 1, 540,868 1, 619, 733 1, 733,150 United States Government securities—Total 1,090,788 1,146,913 J89.220 160,454 152,664 1,627,722 1^525,296 1,518,708 ,219,381 1,J28,732 17361,044 Bonds 875,797 958,833 731, 723" 81, 024 "128,830 115,995 1,347,486 1, 218, 546 1,123,150 1,038, 667 1,033," 625 1, 021,"316 Treasury notes 139, 774 77, 448 226, 055 23,828 26, 327 33, 9] 3 i 121,267 201, 707 203,744 133, 626 157, 442 201,109 A Ce ll r o ti t f h ic e a r t es of indebtedness _._ 2 5 0 5 , , 0 1 6 5 3 4 110,632 21 9 , , 7 6 6 7 4 8 3 1 2 9 , , 9 5 2 9 9 8 4, 5 7 0 9 0 7 2,2 5 1 4 4 2 ! •• 15 6 2 , , 6 2 7 90 9 10 2 2 , , 3 7 2 19 4 1 6 2 8 3 , , 2 5 6 4 9 5 44 2 , , 1 9 7 1 7 1 36 1, , 4 2 0 5 9 6 1 3 0 4 3 , , 8 7 6 5 9 0 Other securities—Total 1,107,406 1,055,857 817,418 205,140 159,824 1,909,433 1,793,939 1,556,696 373707067 j 3,325,558 3,193,368 I Domestic securities—Total 1, 004,217 955, 658 745, 619 229, 929 186,377 14S, 694 1,743,413 1, 629, 496 h A2(S>1!4 2, 960, 7482, 920, 319 2, 794, 475 State, county, and municipal bonds 183,639 130,311 52, 367 30,188 449, 358 "398,681 568,855 555,057 Railroad bonds 187, 550 139, 833 12,004 10,533 206,438 161, 238 515' 331 509, 516 475,773 Other public-service corporation bonds 87,994 61, 638 20,057 18, 596 230,503 177, 459 730,253 710,594 653,554 All other bonds 214,105 137, 335 26, 348 29,129 342, 309 320, 222 758, 634 755, 246 752, 398 W Stock of Federal reserve banks 51, 945 51, 766 8,263 8,132 52, 501 50, 700 56,605 56,927 56, 208 S C t o o l c la k t e o r f a l o t t h ru er s t c o an rp d o r o a t t h io e n r s corporation notes 1 4 6 3 3 , ,8 5 3 9 4 4 1 2 5 5 5 , , 1 3 4 2 8 0 8 5 , , 9 9 4 6 0 3 5 1 , , 1 65 1 3 4 22 7 7 4 , , 7 38 4 0 2 2 6 0 2 3 , ,3 9 3 1 7 4 1 6 7 2 9 , , 8 5 7 5 8 4 1 6 6 0 9 , , 9 08 4 9 7 1 6 4 5 0 , , 1 3 0 7 0 1 F Municipal warrants 8,379 18,495 80,811 70, 390 30, 308 31,958 63, 767 61, 498 65,653 Allother 14,618 __25, 773 15,176 12,642 15, 957 19, 605 27, 314 27,647 30, 361 H Foreign securities—Total 100,199 71,7^9 22,134 18/763 164,443 130,582 409,319 _405,239 398,893 3 Government bonds 51, 226 51,688 40, 797 12, 698 11,849 84,997 61, 341 199, 576 197, 685 193,496 Other foreign securities _ 51,963 48,511 31,002 9, 436 6,014 79, 446 69, 241 209,743 207,554 205, 397 Demand deposits—Total 4,908,589 5,725,714 5,129,611 1,044,946 1,048,664 5,362^082 15,590,710 5,927,497 Individual deposits subject to check 4, 6 3 5 7 0 , ,4 5 0 2 2 8 5,3 3 3 0 0 , . 8 6 1 0 3 4 4, 8 2 0 3 0 , , 6 5 7 4 5 0 99 2 4 , , 9 61 6 2 2 989 2 , , 3 7 7 1 2 1 5, 2 3 8 3 6 , , 2 8 2 9 2 74,4 1 3 1 6 4 , , 6 1 3 6 5 8 1 i 4 , 1 4 2 9 0 5 , , 5 7 7 9 4 3 5,0 1 4 2 0 8 , , 4 7 7 8 9 9 A S C t e l a l r t o t e i t f , h i c c e a o r t u e n s t o y f , d an ep d o m sit u s nicipal deposits 15 6 2 8 , ,0 5 6 9 2 7 2 1 4 2 1 3 , , 0 2 4 5 0 7 23 7 0 5 , , 1 2 2 7 5 1 44 2 , ,8 5 5 1 8 4 5 2 4 , , 0 4 9 8 4 7 40 6 5 8, , 2 6 4 2 2 7 75 5 9 1 , , 5 7 1 6 5 4 ! | 9 5 2 3 0 , , 5 7 7 6 5 8 7 5 0 2 5 , , 9 2 4 8 5 4 Net demand deposits 5,873,175 | i 15, 587,1841, 231,346 1, 232, 542 1, 217,021 6,120,338 6,140, 6536,150, 537 \5, 432, 379 J5, 650, 6554,996, 858 Time deposits—Total 1,513,238 1,373,642 576,867 j464,395 5,159,875 5,047,894 4,711,720 !6,694, 888 6,767,892 States, counties, and municipalities "17,198" 16,174 20,250 120, 704 ~72,400 287,753" 319, 579 258,123] 146,949 145,091 140,322 Banks in United States. __ 39, 732 50,128 46,980 15, 504 22,168 34, 940 38,400 35,176 I 11,137 7,439 6,824 Banks in foreign countries 169,445 183,979 92, 942 32,729 9,928 31, 686 17, 879 9,521 13 671 14 Other time deposits- Evidenced by savings pass books 642,881 641, 737 633, 232 184,070 3, 770,970 3, 773,1693, 653,1395,046, 2905,095,662 5,133, 279 Certificates of deposit _ 79,090 106,700 79, 503 56,334 572, 769 478,376 1, 226,4131,213,951 1, 219,007 Open accounts, Christmas savings accounts, etc 548, 272 548,009 482, 634 117,893 415,317 378,469 325, 970 187, 929 167,173 209, 546 Postal savings 16, 620 17, 597 18,101 1,602 47,040 42, 022 41, 423 76,157 71,087 58, 900 Bills payable and rediscounts—Total 47,053 JL15,674 165, 282 47,819 50,219 60,579 566,060 196,108 370,737 With Federal reserve banks—Bills payable 4,985 42, IOO 64, 937 100 30,019 20, 542 28, 243 336, 697 51, 238 77,483 152,012 Rediscounts 1,715 1,248 3, 546 15,100 6,861 13, 644 175, 725 87,137 111,162 121, 275 All other—Bills payable 40,300 | 72, 300 85, 624 ~22,"506~ 2,700 22, 696 17, 905 49,117 52,394 64, 984 89,301 Rediscounts 53 26 11,175 120 787 4,521 5,339 5,088 8,149 CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—CONDITION ON SEPTEMBER 24, 1930, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars) Federal Reserve District Total Boston Y N o e r w k Ph p il h a i d a el- C lld l a e n v d e- m Ri o c n h d - Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas San ci s F c r o an- EESOURCES Loans (including overdrafts) 24,738,011 1,808,162 8, 595,139 1,814, 241 2, 299, 809 881, 573 768, 2643,642,179 899,433 514, 557 741,322 649,457 2,123, 875 United States Government securities 4,095,270 237,405 1,367,087 195, 564 514, 973 126. 703 133, 54r 486, 689 106,049 130, 71 173, 047 129, 200 494, 299 Other securities _.. 6, 638, 969 537,892 2,130,493 726, 765 715, 001 197, 441 150,731 837, 637 283, 096 227, 075 245, 969 89,432 497, 437 Total loans and investments 35,472,250 2,583,45912,092,1,719 2,736,570 3,529,783 1,205,717 1,052,537 4,966,505 1,288,578 872,3441,160,338 868,089 3,115,611 Customers' liability on account of acceptances _. 912, 852 76,699 6"2•4, 289 25, 4591 18, 672 5, 508 10,465 98, 954 2,941 141 20 4,342 45, 362 Banking house, furniture and fixtures 1. 230, 754 71, 606 333, 055 106, 945 150, 281 62, 676 57, 523 178, 676 40, 496 26, 815 42, 242 47, 236 113, 203 Other real estate owned 197, 869 8,163 26,411 24,373I 30, 243 15,327 15, 755 24, 070 13, 054 5,589 7, 500 9,735 17, 649 Cash in vault .- 470, 367 34, 372 99, 643 37. 515 24, 161 24, 903 69,146 20,410 16, 648 25, 341 22, 091 41,438 Reserve with Federal reserve banks 2, 414, 991 146, 499 1, 022, 510 142, 720 198! 747 65, 079 60, 519 335, 53! 74, 418 49, 433 87, 649 62, 594 169, 291 Items with Federal reserve banks in process of collection. 698,871 55,797 277, 985 43, 523 70, 770 31, 4981 18, 904 80, 25; 30, 760 6. 734 30, 519 22, 523 29, 605 Due from banks in United States 2, 462, 827 117,148 254, 417 161,814 223, 062 110,915 132, 270 409,499 124, 674 141, 755 285, 269 190, 488 311,516 Due from banks in foreign countries (including own Ex b c r h a a n n c g h e es s ) for clearing house and other checks on local 202, 44^ 28,039 135, 376 4,164 2,592 5,443 1,239 10,211 1,421 990 721 380 11,871 g banks ._. 1,146,915 23,313 878, 268 33, 232 24, 907 10. 382 9,640 78, 35' 11, 083 7,882 13, 936 7,832 48, 083 Outside checks and other cash items 51, 706 2.201 7, 779 1,584 3, 495 1, 863 2,296 12,666 1, 686 2,738 3, 479 2, 291 9, 628 Redemption fund and due from United States Treasurer. _ 32,604 2,210 4,-'" 2,709 3,826 2,458 2,37 4, 59' 1, 592 1, 326 1,578 2, 248 3,155 Acceptances of other banks and bills of exchange or drafts sold with indorsement. 592, 732 27, 738 475,612 6,334 8, 650 1,476 58, 100 786 121, 12, 995 Securities borrowed 23, 866 248 480 323 7, 674 903 1, 996 2,613 7,218 71! 1,034 443 863 Other assets _ _ 242, 062 13, 38' 103, 055 22, 868 25, 003 7,101 3,951 25, 341 5,514 9,16l! 2,769 1, 907! 21,405 i Total . 46,153,113 3,190,879 16,336,667 3, 350.193 4, 352,404 j 1,549, 893| 1,395,851 6, 354, 520 1, 624, 631 1,141, 658 1, 662, 422J1, 242, 3201 3, 951, 675 LIABILITIES Capital stock paid in... 2,728,664 196,277 940,311 184,065 232.891 107,586 103,891 370,132 110,405 64,1251 93,682 93,528! 231,765 Surplus 2,903,258 181,405 1,267,192 374,816 293,353 82,382 71,502 295,88" 63,279 35,8891 44, 704 47,9111 144,938 Undivided profits—net 1,009,435 77,445 448,070 87,096 83.223 31,654 22,53' 97,705 27,474 17,057! 26,193 29,045! 61,936 Reserves for dividends, contingencies, etc 185,602 14,654 68,646 14, 568 18,730 6, 497 2, 962 35,148 5,54' 3,138| 3,201| 3, 332! 9,179 Reserves for interest, taxes, arid other expenses accrued I and unpaid 182,397, 15,320 58,382 11,432 20,282 7,090 4,798 32,720 4,548 5,791j 4,310 3, 368! 14,356 Due to Federal reserve banks 47,147 6,643 13, 457 6, 453 4, 779 4,071 1,920 3,369 104 69 l,372j 4,910 Due to other banks in United States 3,817,132; 166,878 1,212,270 248,466 392,61 120,734 120,085 568,887 151, 720 ~ 165,4211 254, 410 140,0221 335,027 Due to banks in foreign countries (including own branches) 660,612: 23,725 566,926; 5,515 5,049 1,253 4,36' 26,817 409 1,089: 299 l,41l| 23,752 Certified and officers' checks outstanding. 771,941: 13,78: 592,822| 10, 446 17,758 8,563 6,066 49, 085 10,165 9,034! 13, 087 12,219 28,309 Cash letters of credit and travelers' checks outstanding... 26,fi38 569 17,756! 83 3,949 92 68 2,319 63 23, 84 12|| 1,620 Demand deposits 16,838,351' 1,264,250 6, 244,020 1,090,545 1,387,584 505,815 489,204 2,290, 504 601,309 408,469: 775,732 581,6821 1,199,237 Time deposits 13,944,868' 1,026,784 3,433,075' 1,161,258 1, 724, 543 567,161 434,902 2,232,621 534, 976 455,760 398,047 235,765 1,739,916 United States deposits 257,185i 22,773 70,328i 18,129 25, 525 22,655 31,660 18,989 4,610 2, 239 4,885 20,468 14,924 Agreements to repurchase U. S. Government or other securities sold _. 38,144, 2,045 22, 564j 95 1,210 247 222 1,929 8,010 203 j 374 1,076 169 Bills payable and rediscounts: With Federal reserve banks 172,578' 10,241 24,447 14,686 15, 920 18,785 24,986 15,412 17,018 4,072 8,769 12,053 6,189 Allother 143,402i 6,501 44, 998 12,170 6,922 6,818 8,850 34,350 11,741 713 576 5,826 3, 937 Acceptances of other banks and bills of exchange or drafts sold with indorsement 592,732 27,738 475,612 6, 334 8,650 862 1,476 58,100 78f 121 12,995 Acceptances executed for customers 929,337: 77, 450 634, 462j 24,108 18, 704 5,494 12,843 99,774 2,919 6,747 46,715 Acceptances executed by other banks for account of I reporting banks 18,127' 930 13,538! 2,122 164 119 321 193 35 49] 656 National-bank notes outstanding 648,999 44, 59' 88, 860! 54,982 76,031 48,838 47,182 91,609 31,628 26,384| 31,388 44,789 62,711 I Securities borrowed 23,866' 248 480 323 7,674 903 1,996 2,613 7,218 711 1,034 443 863 Other liabilities .._.. _ 212,698' 10,613 98,451 22,501 6,845 2,274 3,353 25,757 30,667 2,005; 1,531 1,130 7,571 K Total 46,153,113 3,190,879 .6, 336,667! 3,350,193 4,352,404 1,549,893 1,395,851 6,354,520 1,624,6311,141,658; 1,662, 422 1,242, 3203,951,675 w Number of banks. 8,246 398 922i 755 767 485 407 1,118 549 657 716 592 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—LOANS, INVESTMENTS, DEPOSITS, AND BORROWINGS ON SEPTEMBER 24, 1930, BY DISTRICTS [Amounts in thousands of dollars] Federal Reserve District I Total New J Phila- Cleve- San • Boston York j delphia land Chicago Dal]as Francisco Loans—Total.. 24,738,011| 1,808,162 8,595,1391,81*,241 , 299,809 881,573 768,264)3,642,179 J>49,457 2,123,875 Acceptances payable in United States..'. | 205,4327 "2279817 148,626' 258 1, 265 25 "874 7, 560; 487| 1,772 ~~ 20,063 Bills, acceptances, etc., payable in foreign countries. __ 61,934' 1,952 28, 424i 3, 427 1, 050 175,1 2, 026 13, 741: 364: 790 9,386 Commercial paper bought in open market _j 523,129!! 89, 264' 58, 695 63, 271 29,725 22,3551 9,962 94,254 23, 263 9,937 42,166 Loans to banks—On securities J 174,857j. 11,172 54, 234 13,933 17, 270 4, 959! 4, 857 48, 888 790 1,488 3,244 Loans on securitie A s, l l e o x t c h lu er s ive of loans to banks—Total j | 1 _ 0 , 2 3 9 3 0 5 _, ,9 9 3 3 8 6 j i j~^7 1 4 5 5^ ,4 8 0 7 0 9 ; 4 11 , 8 j ,4511 _ ~ _ 7 1 2 _ 8 2 J , 2 7 9 7 2 8 97 1 7 1, , 2 1 0 6 8 0 1188 , 558822| 1 2 8 8 8 , ,1 4 1 5 5 0 1,52 1 9 9 , , 6 5 1 37 6 _282,_378 _ J_ _ 2 6 J7 , 3 4 4 5 9 9 _!7160,904 _ 9'421 59 4 1 , , 2 2 1 9 4 6 To brokers and dealers in New York 2,471^781' ~111, 952i 1,795, 0121"" 48,648 86,407 11,035!" 18, 703 251,806 "16, 728 7",454i 267224 87, 529 To brokers and dealers elsewhere I 773,775!; 87,739 104, 327 78,412 65, 252 14,143j 14,951 288, 250 28,16S 6,928 8,256 71,427 Toothers . j 7,090^382 546,188 2,722,953' _601,232 _825, 501 233^303' 989,560 237,482 112,967 J 26, 424 432, 340 Real estate loans—On farm land. 387,366: 8,634 13,799," 13,849 31,102 "~ 18,108|""247825 25, 270 21,031 107,914 On other real estate 2, 776, 344! 272, 5171 542, 887 226, 702 467, 062 50, 9031 52, 594 20, 479 22, 304 524, 290 All other loans (including overdrafts) 9.982,075:| 640,363 3,007,731! 751, 731 763, 967 507, 985; 456,561 1,376,809 310,096J 481, 232 821,302 Loans eligible for rdiscount with Federal reserve banks j 3, 812,169,, 233, 478 1, 090, 205 j 258, 888 232, 509 186,485! 183,440 529, 919 198,197 158, 223 __241, 214| 205,849 293, 702 United States Government securities—Total "470957270 "23T7405 iTp^TbW7195,564 75U7973 "1267703;"T337542 J^67689 106,049 129,200| 494,299 Bonds ._ |"3,342.974 207,475 1,104,698" 172,481 " 4757769 100,5611'"100, 629 318, 969 86,001 112,522! 133, 630 9"5,"236 T mC r e e r a ti s f u ic ry a te n s o t o .e. f _s . i . ndebtness. 4 2 1 8 8 4 ; ,9 4 5 9 3 5; i 1 15 4 . , 8 0 4 8 5 5 | , 1 6 7 7 3 , , 4 5 5 4 4 8 ! i 1 8 4 , , 1 8 1 8 5 9 2 1 6 2 , , 1 9 9 7 4 8 1 6 9 , , 2 8 8 5 3 8 1 : 2 8 4 , , 8 0 7 12 5 6 8 7 0 , , 5 0 8 8 9 1 11 5 , , 2 3 4 1 6 5 1 3 4, , 4 7 3 0 2 7i 3 6 0 , , 9 14 3 5 3 1 1 9 3 , , £ 5 0 6 8 9 All other 48, 848 i' I 21,387 32 11 26 20, 050 3,487 51 2,339 487 g Other securities—Total | 6,638,969 537,892 2^1307*937 726J65 715,001 197,4411 "837,637! 283,096 _245,969 89,432 497,437 D R S O S M A C A t t a o o l l t o o u l l h i m l c c n l l o e o S r k k a i e r t t o t t c h h s e a a o o p i t e e d r t p f f i u r r a e c a b o F l , l b b l s t e c t i h o o e w d c r o e c n n u - e u a r u s d d s r r n e r s t a c s r i r t l . o a t a y v i r n r , n e i p e c t d s a s s o e — e n r o c r a d t T v o t h i e m o r e o p t r n b u a o s l a n c r n o a ic r t k i i p s o p o n a r l a b t b i o o o n n n d d s n s o .. tes : I ] j 1 1 5 1 , , , , 2 0 3 3 9 1 5 1 9 1 7 3 7 7 3 7 8 7 3 7 4 9 0 2 8 0 1 1 8 . , , , , , , , , 6 4 , 4 2 9 3 9 8 8 9 7 2 2 2 6 5 0 3 6 4 1 7 0 4 0 8 7 7 9 1 1 j | j ^ _ 4 1 1 7 5 3 6 0 7 1 1 1 1 0 3 4 4 2 1 7 1 5 > , , , , , , , , . 7 9 0 8 1 4 5 3 8 9 0 9 0 6 7 2 5 0 3 3 9 9 5 2 8 6 8 0 6 7 ! 1 1 , ; ! ; 1, _ 3 4 9 3 3 2 1 1 6 6 0 6 9 0 7 1 3 3 5 6 4 0 0 2 1 2 , , , , , , , , 7 , 1 1 1 9 3 2 3 5 8 4 5 2 9 5 7 3 7 9 4 5 8 6 4 8 9 0 0 9 3 9 ! 1 ! j ; ' | 7 " j " 6 1 1 1 6 4 6 5 3 1 4 4 6 5 9 8 6 6 6 3 5 3 , , , , , , , , , , ' 1 1 1 6 4 7 7 3 7 4 5 0 3 3 9 0 9 9 7 0 8 8 0 1 0 4 6 7 5 3 j _6 1 1 1 3 0 9 9 6 3 1 1 4 0 5 8 0 4 7 5 7 3 , , , , , . , , , , 6 4 0 4 5 8 5 5 2 9 6 0 5 0 9 5 1 1 1 0 6 3 8 5 4 6 2 0 3 3 7 1 1 1 5 6 2 2 9 2 9 4 1 7 1 5 4 2 5 5 0 8 3 3 , , , , , 7 , , , , 5 1 9 3 9 0 2 8 6 6 8 0 1 2 1 3 7 7 1 3 9 8 6 1 1 2 9 0 9 3 1 ! ! ! ; , | ' ' 2 " 4 4 2 5 5 6 6 8 7 5 3 1 0 5 7 9 , , J , , , , , , , 0 4 0 1 2 1 5 0 8 7 1 1 3 7 5 3 6 6 8 6 7 2 7 1 0 2 1 9 9 2 l 2 O 4 2 2 1 1 1 O 0 4 6 4 9 2 3 5 3 , , , , , , , , , , 6 1 8 7 1 9 T 7 0 9 6 2 2 8 7 5 ~ 2 4 7 6 6 7 3 0 9 1 8 6 " 8 2 2 3 4 3 6 9 3 5 1 1 8 , , , ^ , , , , , , 3 3 1 6 7 5 7 0 8 1 4 8 3 4 3 3 0 3 3 8 9 4 4 8 7 3 9 2 9 4 4 2 5 3 5 6 6 1 1 0 8 0 2 1 5 1 7 1 1 , 7 , , , , , , , , 7 4 1 1 1 8 8 3 2 5 0 8 7 5 9 3 2 3 5 2 9 4 6 9 7 5 9 5 1 7 i w f Foreign securities—Total ' 700, 662 657987'""23M357 80, 9691 0, 791 11,449 81^998: 25, 946 31,611 20.182 5, 698 47,186 Government bonds j 3447439 I 29, 056 109, 575! 38, 002 37, 516! 6, 134] 42, 313J 13, 940 14,415 11,388 3,267 30,448 Other foreign securities • 356, 223; 36, 931 120, 760' 42, 907 43, 275| 39, 685! 12, 006 17,196 8,794 2,431 16, 738 Demand deposits—Total 16,8387351172647250!67244,010 l70907545 1,3877584 505,815 1:897204 j 2,290,504 601,309 408,469 775,732! j>81,682 1,199,237 Individual deposits subject to check. _ llo, 107,1311,173, 352 5, 754, 350. 992, 770 171,447 457,044 4137319127006, 547 529,254 330,503 636,421 503,990 1,078", 128 Certificates of deposit .I 196,673 13,907 51,372' 7,030 14, 458 5, 255 5,409 29,837 10,687 12, 447 24.327 11,383 9,895 State, county, and municipal deposits.. J 1.276,471 61,700 274,149 i 78,532 184,317 39,217 66,701 182,026 58, 425 63,391 106,944 62,075 98, 928 Allother _: 258,070 15,225| 104,149, 11.601 J7, 362j 4, 299 3,715 12,094' 2,943 2,128 8,040: 4,234 12, 286 Net demand deposits „ 18,657,238 , 321,040!7, 23 1827753 l"•5J37OOOJ 530,281 _508, 334j2, 520^233' 644,609 425,680 809,735, 599,023 Time deposits—Total 137944,868 , 026, 784 3,433,0751,161,258 T^247543) 567,161 434,962,272327621 j>34,976 j 398^0471 J B B S O t a a t a h n n t e e k k r s s s , t i i i c n n m o f U u e o n n r d t e i e i i t e p g e s o n d , s i a c S ts n o t — d u a t n • m e t s r u ie n s i cipalities j I ' I " ~ " 1 2 5 0 7 3 2 1 3 7 , , 3 8 0 1 7 0 3 3 4 1 2 7 8 . , , 6 3 1 3 3 2 1 2 0 1 1 1 4 6 6 3 9 4 , , , 8 4 0 5 5 9 5 0 3 ; 7 .. "1 2 8 , , 0 58 8 1 5 80 2 " , , 0 3 " 7 S 0 7 "1 3 5 , , 0 0 8 7 9 1 18 1, , 9 9 4 5 5 1 "~i4 2 3 6 2 0 ~ , , 7 7 3 l 2 5 7 9 8 9 : i" . 1 3 8 , , 0 3 5 4 9 8 6 7 , , 1 4 6 4 7 8 " '- 25,1 1 9 1 1 3 - 1 | 1 18,0 7 3 0 1 1 6 3 Evidenced by savings pass books I 9,631,588 764,678 2,315,5071 879,057 1,311.002 419,813 1,404,2161 281,725 201,535 185,9591 166,398 1,363,706 Certificates of deposit j 1,959,775 108,701 215,373 96,573 407,596' 202,042 151,190 116,743; 34,170 112,334 Open accounts, Christmas savings accounts, etc '< 1,302, 785 88,277 107, 998 j 28,088 204, 364i 22, 811 9,335 49, 540! 11,017 68,943 Postal savings | _143^530 3, 357 J\707| | M27 17,179! 6,991 20,079 20,501: 5,430 14,951 Bills payable and rediscounts—Total j 3157980 _69,J45!_ 22,842) 257603 497762 17,879 10,126 With Federal reserve banks—Bills payable : 76,865 10,003! 11,094 6,003 4,511 9,628! 9,152 431 Rediscounts : 95,713 8,444 4, 2261 12,722 20, 475 5, 784' 7,866 3,638 All other—Bills payable j 137,890 44, 5801 6, 390 6,052 7,997 33,524 11,207 668 Rediscounts 5,512 412i 520 766 853 534 45 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS OKLA. Oklahoma City ATLANTA \ & m Birmingham DALLAS® TEXAS — 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