Federal Reserve Bulletin, 1930-12

FEDERAL RESERVE BULLETIN DECEMBER, 1930 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Banking Developments Branch, Chain, and Group Banking Annual Reports of Central Banks: Denmark, Colombia, Java 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. J. W. POLE, CHARLES S. HAMLIN. Comptroller of the Currency. GEORGE R. JAMES. 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 Chief Division of Examination, and Chief Federal and Statistics. f 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. MCKINNEY, President. District No, 12 (SAN FRANCISCO) F. L. LIPMAN. WALTER LICHTENSTEIN, Secretary. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal R o e f— serve Bank ! Chairman Governor Deputy governor Cashier Boston : Frederic H. Curtiss... Roy A. Young W. W. Paddock | W. Willett. New York ; J. H. Case Geo. L. HarrisoTi.-- W. R. Burgess | C. H. Coe.i J. E. Crane j Ray M. Gidney.i A. W. Gilbart J. W. Jones.* E. R. Kenzel | W. B. Matteson.i Walter S. Logan | J. M. Rice.* L. R. Rounds i Allan Sproul.1 L. F. Sailer Philadelphia R. L. Austin Geo. W. Norris___ Wm. H. flutt C. A. Mcllhenny. W. G. McCreedy.' Cleveland George DeCamp. E. R. Fancher M. J. Fleming H. F. Strater. : Frank J. Zurlinden. _ _ Richmond Wm. W. Hoxton. George J. Seay C. A. Peple Geo. H. Keesee. j R. H. Broaddas John S. Walden, jr.» Atlanta Oscar Newton._ Eugene R. Black. ; Hugh Foster M. W. Bell. W.S.Johns Chicago Wm. A. Heath. J. B. McDougal.. C. R. McKay W. C. Bachman.i l John H. Blair D. A. Jones.i ! J. H. Dillard O. J. Netterstrom.» E. A. Delaney.i St. Louis ... John S. Wood Wm. McC. Martin....i 0. M. Attebery_ S. F. Gilmore.1 A. H. Haill.2 1 | : F G . . N O . . H H a o l l U locher.* C. A. Schacht.* Minneapolis. John R. Mitchell W. B. Geery Harry Yaeger H. I. Ziemer. H. I. Ziemer Frank C. Dunlop.* Kansas City. j M. L. McClure j W. J. Bailey C. A. Worthington... J. W. Helm. J. W. Helm Dallas ! C.C.Walsh Lynn P. Talley R. R. Gilbert Fred Harris. R. B. Coleman W. O. Ford.i San Francisco Isaac B. Newton Jno. U. Calkins Wm. A. Day Wm. M. Hale. Ira Clerk 1 Assistant deputy governor. 2 Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS 1 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 Agneles branch.. .__ W. N. Ambrose. Nashville branch J. B. Fort, jr. Portland branch R. B. West. Chicago: Salt Lake City branch.. W. L. Partner. Detroit branch W. R. Cation. Seattle branch _____ C. R. Shaw. St. Louis: Spokane branch D. L. Davis. Louisville branch W. P. Kincheloe. Memphis branch W. H. Glasgow. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possession, $2.60; single copies, 25 cents. m Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Recent banking developments 763 Member bank credit—Commercial loans and bills—Reserve bank credit—Smaller currency demand. Branch, chain, and group banking 766-768, 811-817 Annual report of the National Bank of Denmark 785 Annual report of the Colombian Bank of the Republic 789 Annual report of the Bank of Java 793 National summary of business conditions ^ 769 Financial, industrial, and commercial statistics: Reserve bank credit and factors in changes (chart and table) 770-771 Analysis of changes in monetary gold stock 771 Gold movements to and from United States 771 Member bank borrowing at Federal reserve banks 772 Discount rates and money rates 772 Member bank credit 773 Bankers' acceptances and commercial paper outstanding 773 Brokers' loans 773 Security prices, security issues, and building contracts awarded 774 Production, employment, car loadings, and commodity prices 775 Industrial production 776 Factory employment and pay rolls : 777 Department stores—Indexes of sales and stocks 778 Banking and business conditions in Federal reserve districts: Federal reserve banks— Discounts (chart and tables) 779-780 Reserves, deposits, note circulation, and reserve percentages 780 All member banks—Deposits subject to reserve, reserves held, and indebtedness at reserve banks-_ 780 Discount rates and money rates 781 Member banks in leading cities—Principal resources and liabilities 782 Building 783 Commercial failures 783 Bank debits. 783 Bank suspensions 783 November crop report 784 Financial statistics for foreign countries: Gold holdings of central banks and governments 796 Gold exports and imports 796 Foreign exchange rates 797 Condition of Bank for International Settlements - 797 Condition of central banks 798 Condition of commercial banks 800 Discount rates of central banks 801 Money rates 801 Price movements 802 Industrial statistics for England, France, Germany, and Canada 804 Detailed Federal reserve statistics, etc.: Resources and liabilities of Federal reserve banks in detail and Federal reserve note statement 806 Condition of each Federal reserve bank at end of month 807 Maturity distribution of bills and short-term securities held by Federal reserve banks 808 Membership in par collection system 808 AH banks in the United States—total loans and investments 808 Kinds of money in circulation 808 Changes in national and State bank membership L _ 809 Fiduciarv powers granted to national banks 810 rv Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 16 DECEMBER, 1930 No. 12 REPORTING MEMBER BANKS [In millions of dollars] It is with the deepest regret that the Federal Reserve Board announces the Sept. 24 Nov. 26 Change death of Mr. Edward H. Cunningham, Loans and investments 23, 297 23,381 +84 member of the Board since May 14, Loans on securities 8,461 7,761 -700 1923. He died suddenly on November All other loans 8,451 8,766 +315 Investments 6,385 6,854 +469 28, 1930. Investments of the reporting banks increased to the highest level on record, as the conse- REVIEW OF THE MONTH quence of purchases by these banks of investment securities in the amount of $1,460,000,000 During November money rates, which have since the low point in October of last year. been at a low level throughout the year, showed Investments of members banks had been at a a further easing tendency, inhigh level in the spring of 1928, but had de- Recent develop- -,. , -, , -. r dicated by declines in rates on clined continuously during the following 15 open-market commercial paper months of high money rates, and toward the and on bankers' acceptances of the longer end of October of last year were $800,000,000 maturities, as well as in rates charged by banks BILLIONS OF DOLLARS B1LU0NS OF DOLLARS < to their customers and in yields on United States Government bonds. The general level of money rates at the opening of December was as low as at any time since records became available. This ease in the money market has accompanied a further decrease in the demand for credit from the security market, which is v •wi shown by a rapid decline in brokers' loans to the Investments lowest level in five years. Security loans of member banks consequently decreased, while investments continued to increase, and there was also an increase in all other loans. At the reserve banks there was little change through the third week in November in the total volume of credit outstanding or in its composition, a large part of the seasonal demand for currency being met by imports of gold from abroad. 1926 1927 1928 1929 1930 During the 2-months period from September 24 to November 26 total loans and investments lower than at their previous high point. Since of reporting member banks in- that time easy conditions in the money market Member bank -, , ~OA r\nn nnn ±\.- and the small demand for credit from trade and creased by $84,000,000; this credit industry have influenced the banks, not only change in the total reflected to repurchase securities in an amount sufficient changes in the component parts shown by the to replace the sales of the preceding 15 months, accompanying chart and in the following table: 763 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

764 FEDERAL RESERVE BULLETIN DECEMBER, 1930 but to add a further $660,000,000 to their the present level of brokers' loans, while it is holdings. the lowest in five years, is higher than at any Security loans of the reporting member banks earlier time. decreased by $700,000,000 during the two Commercial loans of the member banks inmonths covered by the table. This decrease creased by $315,000,000 during the past two reflected a rapid decline in loans to brokers months, an increase that has and dealers, the course of \ which is shownCommercial continued beyond the middle of % in more detail in the following table: loans and bills October when the seasonal peak of this class of loans is usually LOANS TO BROKERS AND DEALERS MADE BY REPORT- ING MEMBER BANKS IN NEW YORK CITY reached. These loans had decreased rapidly [In millions of dollars] from the middle of last November, when the recession in business activity became pro- Sept. 24 Nov. 26 Change nounced, until the middle of June of this year; Total 3,222 2,123 -1,100 from May through September these loans For own account 1,721 1,288 -433 showed little change, notwithstanding the fact For account of out-of-town banks -.. 782 380 -402 For account of others. 719 455 -264 that usually they show a seasonal growth with the beginning of the crop marketing season in Brokers' loans declined by $1,100,000,000 dur- the middle of August. The volume of the soing the two months, the decline being shared called "all other" loans, however, turned up among all classes of lenders. On November at the end of September and continued to rise 26, 1930, brokers' loans were smaller by during October and the first three weeks in November. The growth after the middle of BWIL.LLI0INO5N OSF DOLLARS October was contrary to the usual seasonal trend and represented, at least in part, an increase in member bank holdings of bankers' acceptances. The volume of acceptances oatstanding at the end of October this year, though somewhat smaller than a year ago, was much larger than in any earlier year, and the member banks, in view of the low rate of return and the absence of demand for credit in the security market, have supplemented their purchases of longer time securities by buying acceptances in 17 1918 1919 1920 .1921 1922 1923 1924- 1925 1926 1927 1928 1929 1930 Based on weekly figures reported to the Federal Reserve Board; the open market and by holding acceptances of figures beginning with 1926 are somewhat more inclusive than earlier figures their own creation. Member bank holdings of $300,000,000 than at the low point in 1926. acceptances are consequently larger now than The decrease, compared with the low point in at any previous time, and member bank absorp- 1926, was chiefly in loans for account of tion of acceptances has been a factor in the out-of-town banks, an item that includes a smaller than usual growth of acceptance holdcertain amount of loans placed by these banks ings of the reserve banks during this autumn. for their customers, i. e., for nonbanking The following table shows changes in the total lenders. Reported loans for account of non- volume of reserve bank credit and in its compobanking lenders also were smaller than in May, sition between the last week in 1926, while loans to brokers by New York Reserve bank July and the week ending No- City banks for their own account were larger credit vember 22, 1930, compared by $400,000,000 on November 26, 1930, than with changes during the correat the earlier date. The chart shows the sponding period, on the average, for the years course of brokers' loans since 1917, when fig- 1923-1929. The chart shows the composition ures first became available. It indicates that of reserve bank credit since 1926. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

765 DECEMBER, 1930 FEDERAL RESERVE BULLETIN RESERVE BANK CREDIT following table shows changes between the last [In millions of dollars] week in July and the third week in November in the volume of reserve bank credit, in the Changes from last week country's stock of monetary gold, which toin July to third week in November gether represent the available supply of reserve bank funds, and in money in circulation and 1 A 9 v 2 e 3 r -1 a 9 g 2 e 9 , 1iQy o dUft member bank reserve balances, which represent the principal demand for these funds. The Total reserve bank credit .._ .. . .. +212 +65 table compares 1930 in this respect with the Bills discounted . -38 +18 Bills bought +181 +26 average for 1923 to 1929. It also includes a United States securities +66 +22 column showing on an average basis the As compared with a 7-year average increase changes that have occurred in these items of $180,000,000 in acceptance holdings of the during the remainder of the calendar year. reserve banks during this period of the year, CHANGES IN RESERVE BANK CREDIT AND PRINCIPAL these holdings in 1930 increased by only $26,- FACTORS 000,000. This smaller increase has been due [In millions of dollars] 2 M 0 IL 0 L 0 IONS OF DOLLARS MILLIONS OF DOL 2 L 0 A 0 R 0 S Ch t w h a e n i e r g k d e in f w r o e J m u ek l y l a i t n s o t fr w C om e h e a k n t h g i i e n rd November November to last week of 1500 1500 1 A 9 v 23 e - r 1 a 9 g 2 e 9 1930 1 y 9 e 2 e a 3 r r - a 1 g ( 9 e a 2 v 9 - ) Reserve bank credit.. +212 +65 +223 1000 1000 Monetary gold stock.. +20 +31 -20 Reserve bank credit plus gold stock +232 +96 +203 Money in circulation +143 +77 +205 Member bank reserve balances +83 +25 -8 500 500 Changes in monetary gold have not been large during the period from July to November, 1926 1927 1928 1929 1930 either this year or, on the average, for the pre- Based on monthly averages of daily figures ceding seven years. When the two sources in part to the active market for bills at mem- of reserve-bank funds are combined it appears ber banks, already mentioned, but chiefly it that this year the increase during the autumn has reflected the smaller than usual seasonal was $96,000,000, as compared with $232,demand for reserve bank credit, the total of 000,000 on the 7-year average. This diminuwhich increased this year by $65,000,000, com- tion in the growth is accounted for in part pared with $212,000,000 on the average during by the decrease in the seasonal demand for the corresponding period of the preceding seven currency, which was only half as large this year years. as on the average for the preceding years, and in Diminution in the seasonal demand for smaller part by a decrease of about $60,000,000 reserve bank credit this autumn in the growth of member-bank reserve balances. Smaller curhas reflected slack demand for It is usual for member banks to increase their rency demand currency, which in turn has loans, and consequently their deposits and been due in part to the decrease in pay-roll their reserve requirements during the autumn disbursements by factories, and to the con- months, but this year the relatively small detinued decline in commodity prices, which mand for bank credit, caused by the inactive have made the requirements for currency to state of business, has resulted in a relatively transact the country's business much smaller small growth of bank credit and of bank than they have been in other recent years. The reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

766 FEDERAL RESERVE BULLETIN DECEMBER, 1930 In the last column of the table are shown volume of indebtedness to the reserve banks average changes in reserve funds and in sources than at any time since 1917 and are, therefore, of demand between the third week in Novem- in an exceptionally strong position to meet this ber, when the increased demand for currency temporary demand. to be used in the Christmas trade usually begins, and the last week of the year, for the seven years 1923-1929. The growth in these Changes in Foreign Central Bank Discount Rates funds, combining reserve bank credit and gold, The following changes have been made since has been during the seven years on the aver- the 1st of November in the discount rates of age equal to about $200,000,000 and has been central banks in foreign countries: November entirely accounted for by the demand for cur- 7—Bank of Norway, from 4K to 4 per cent; rency for the holiday trade. In entering upon November 13—Danish National Bank from this season of increased demand for currency 4 to 3% per cent; November 20—Bank of India, the member banks this year start with a smaller from 5 to 6 per cent. BRANCH, CHAIN, AND GROUP BANKING IN JUNE, 1930 Compilations of the board covering branch, of 64 single-office banks in group systems. At chain, and group banking developments to the end of June there were 27,470 banking offices June 30, 1930, are presented in detail in general in the United States, of which 21,028 were intables on pages 811-817 of this issue of the BUL- dependent single-office banks, 817 were head LETIN, indicating changes during the first half offices of banks operating one or more branches, of the year as well as over longer periods of time. 3,618 were branch offices, and 2,007 repre- These tables give, by States, statistics of banks sented single-office banks belonging to groups and banking offices affiliated in branch, chain, or chains. Details in this respect are summaand group systems, as well as the number of rized in the following table: independent unit banks, and include revised figures with respect to groups and chains for NUMBER OF BANKING OFFICES IN AND OUTSIDE OF June and December, 1929. BRANCH AND GROUP SYSTEMS During the six months ending June 30, 1930, June 30, Dec. 31, the number of branch banking systems in the 1930 1929 i United States decreased by 5 and the number of group 2 systems increased by 1, while the Banking offices—total * 27,470 28,177 Single-office banks 23 035 23,808number of banking offices embraced in branch Banks operating branches (head offices). 817 822 and group systems increased by 130, reflecting Branches 3,618 3,547 an increase of 66 offices in branch systems and Bank Si i n n g g l e o - f o f f ic fi e c s e i b n a g n r k o s ups—total 3 2 , ,0 7 0 5 7 2 3 1, , 9 6 4 2 3 0 - Banks operating branches (head offices). 137 122 1 Articles on this subject have been published during the past few years Branches 1,608 1,555 in the following numbers of the BULLETIN: December, 1924, pp. 925-940; Banking offices not in groups—total 23 718 24,557 June, 1926, pp. 401-408; May, 1927, pp. 315-318, 384-389; February, 1929, Single-office banks 3 21 028 21,865 pp. 97-103; December, 1929, pp. 762-771; April, 1930, pp. 144-157. Banks operating branches (head offices). 680 70O 2 The word' * group "is used in the text of this article to include chains Branches _..___ _ 2,010 1,992 as well. Three types of chain or group systems have been reported, which may be characterized with reference to the controlling agency, as follows: 1 Revised figures. (1) Instances where control is exercised by a holding corporation, 2 Representing 23,852 banks: on Dec. 31, K29, there were 24,630 banks. which has usually been formed by interests connected with one or 3 Independent single-office banks. more of the principal banks belonging to the system. (2) Instances where control is exercised by the principal bank of During the 6-year period ending wTith June the system, either through direct ownership of stock by the bank, or through ownership by the stockholders or directors of the bank. 30,1930, a decrease of 5,144 occured in the num- (3) Instances of ownership of controlling or substantial interest in a number of banks by an individual, family, or group of individuals. ber of banks in the United States, accompanied Recent developments have been conspicuously of the first and second by a smaller decrease—3,819—in the number of types, and these developments, commonly utilizing holding companies as controlling agencies, have been distinguished in some discussions as banking offices, the difference being accounted "group systems," the designation of "chain system" being reserved for organizations of the third type. These classifications by types of control for by an increase of 1,325 in branches. are however, very general, since the actual method and agency of control The group of 22 States in which the estabvaries from system to system and may in the case of any given system be modified from time to time. lishment of branches is now prohibited lost In the board's compilations, only affiliations of three or more banks are classified as chain or group systems. It follows that some single banks 3,051 banking offices, nearly one-fifth of those classified as independent unit banks may be affiliated through stock in existence at the beginning of the 6-year ownership with other single banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

767 DECEMBER, 1930 FEDERAL RESERVE BULLETIN period. In the area where state-wide branch Number of branches: banking is permitted, banking offices decreased Dec. 31, 1929 3, 547 Increases— by 287, or about one-twelfth—reflecting a De novo branches +89 decrease of 760 banks offset in part by an in- Banks converted into branches. _ +62 crease of 473 in branches. On the other hand, Resumption following suspenthe group of States in which branches are re- sion +2 hl53 stricted as to location showed a net increase in Decreases— banking offices of 262, resulting from an increase Discontinued — 60 of 860 branches, offset in part by a decrease of Suspended (with suspension of 598 in the number of banks. Details are given parent bank) —22 -82 in Tables 1 and 2, pages 811-812. Metropolitan branches.—Of the 3,618 branch June 30, 1930 3, 618 offices in the country in June, a large majority— Principal branch-banking States.—At the 2,898—were located in the home-office city or end of June, 1930, branches were in operation in county and a minority—720—were located out- 30 States and the District of Columbia—1,308 side the home city and county—California in the 9 States and the District of Columbia accounting for 451, South Carolina for 58, which permit state-wide branch banking, North Carolina for 46. The number of branch 2,257 in the 12 States which restrict the estaboffices outside the home city and county inlishment of branches to the home city of the creased during the half year by 28. parent bank or territory nearly contiguous Twenty-five large banks in the cities of New thereto, 52 in 8 States in which the further York, Detroit, Los Angeles, Cleveland, Boston, extension of branch banking is prohibited by Buffalo, and New Orleans, each with 18 or State law, and 1 in the State of New Hampshire more branches, confining their branch activity where there is no provision in State law regardto the city, had among them nearly 1,000 ing branch banking. branches, and of the nearly 900 branches Two-thirds of the 3,618 branches in operation operated by 16 large systems whose branch in June were located in 5 States—California, activities were not so. limited, more than one- New York, Michigan, Ohio, and Pennsylvania— fourth were within the home-office city. while more than 100 branches were in operation Details regarding the location of branches in each of 4 other States, Massachusetts, New are given in Table 3, p. 812. Jersey, Louisiana, and Maryland. Branch systems.—The net decrease of 5 dur- Size of branch banking systems, etc.—A ing the first half of 1930 in the number of banks large majority of the banks operating branches operating branches resulted from a gross loss of in June were operating only 1 or 2 branches 39, offset in part by 32 new branch systems. each. Of the 817 banks operating branches, Twelve branch-operating banks suspended dur- 443, or more than one-half, were operating only ing the half year and 20 merged with other 1 branch each, 144 were operating 2, and 132 banks. While 151 new branches were rewere operating 3 to 5 branches each. ported, these were partially offset in number by Of the 1,148 branches located outside the 60 discontinued and 22 suspended with their home city of the parent bank, 634 were located parent offices, and of the gross increase 89 in places of less than 2,500 population; 144 in were de novo branches and 62 represented places of 2,500 to 5,000; 92 in places of 5,000 to banks converted into branches. 10,000; and 278 in places of over 10,000. The Number of branch systems: 278 outside branches located in places of over Dec. 31, 1929 822 10,000 population represented largely branches Increases— of state-wide California systems with head New branch systems -f32 Suspended branch systems re- offices in Los Angeles and San Francisco opened +2 operating branches in other large cities of the +34 State. The number of outside branches located Decreases through— in places of less than 2,500 increased by 22 in Mergers with other banks — 20 Suspensions —12 the period from December, 1929, to June, 1930. Discontinuance of branches — 7 Two-thirds of the branches in operation in -39 June were offices which had been established de novo as branches, the remaining branches June 30, 1930 817 representing largely conversions of independent 25186—30 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

768 FEDERAL RESERVE BULLETIN DECEMBER, 1930 banks into branches, although in some instances Area of group banking.—While group-bankthe method of establishment was not ascer- ing developments have not been generally tained. In the recent six months7 period the restricted by provisions in State banking codes, number of de novo branches increased by 31, the area within which these developments have and the number of branches representing con- been more considerable in extent is composed versions of banks increased by 43. largely of States which have prohibited the Of the 817 banks in June which were operat- establishment of branch-banking offices either ing branches 165 were national banks with by statute or by administrative policy, as, for 1,041 branches, 169 were State member banks example, in Minnesota, North Dakota, Kansas, with 1,308 branches, and the balance non- Iowa, Illinois, Oklahoma, and Texas. Demember State banks (including mutual savings velopments of this character have, however, by and private institutions) with 1,269 branches. no means been restricted to these States, as Details are given in Tables 4, 5, and 6, groups have shown very considerable developpages 813-814. ments in certain other States, particularly in Group systems.—The net increase in the several which have restricted the development number of groups during the half year was only of branch banking to the building up of home- 1, with 289 in existence at the end of the period. city or local branch systems, as in Michigan New groups were created to the number of 12, and New York, as well as in California, which but suspensions, mergers, etc., accounted for permits state-wide branch banking. There the disappearance of 11 groups. The move- were, in fact, few States in w^hich no affiliation ment as a whole gained 79 banks, the accession of banking institutions in group systems was of 180 new banks being offset in part by losses reported in June, 1930, and the group-banking from mergers, suspensions, and the like. area is in general much more extensive and less clearly defined than the branch-banking area. Number of groups: During the six months' period the group Dec. 31, 1929 +288 movement showed considerable gains in Illinois, Increases—new groups +12 Decreases through— where 12 banks were reported as additional Suspensions3 —3 members, in Wisconsin, ,9; and in Florida, 8— Mergers3 —2 all States in which branches are prohibited by Sales and withdrawals 3 — 6 law—and in Tennessee, 11; and in Ohio, 7— ^ l States in which branches are restricted as to loca- June 30, 1930 289 tion. In Iowa there were 14 fewer banks members of chains and groups than six months earlier. Number of constituent banks: Dec. 31, 1929 4 2,065 Details with respect to group systems ap- Increase in— pear in Table 1 (p. 811) and also in Table 7 New groups— (p. 815) which presents revised figures for Transferred from other December, 1929, and June, 1929. groups 53 Other banks +53 Large group systems.—Several of the large Existing groups— group systems in operation in June included Transferred from other one or more banks operating branches, and groups 515 while in some instances all of the banking offices Other additions +127 +180 of the group were located within the confines of Decreases through— a single State, in other instances banks and Mergers with banks in same branches of a system were located in several groups —25 States. Forty-fourimportantgroups, none with Other mergers —5 Suspensions —24 less than six banks, had among them 902 of Sales to other groups 518 the total number of 2,144 banks associated with Withdrawals or other dis- groups in the country as a whole. In addition, posal — 29 the members of these large groups had 1,037 Dissolution of groups 6 —18 branches in all, 621 in the home-office city and -101 416 outside the home-office city. One large June 30, 1930 2, 144 group in the Northwest had as many as 108 bank members, another in the Northwest 100, 8 Reducing the number of constituent banks to less than 3. while an important group with its head office * Revised. • Not included in the total—represents merely transfers from one group in New York City, operating chiefly in that city to another. 6 Represents banks left in a group after mergers, suspensions, sales or and in California, reported 22 bank members withdrawals had reduced the number of constitutent banks to less than having 475 branches. 3, thereby dissolving the group. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBEB, 1930 FEDERAL RESERVE BULLETIN 769 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled November 21 and released for publication November 24] Volume of industrial production and factory Distribution.—Volume of distribution of comemployment declined in October, and there was modities by rail showed a decline from Septema further downward movement of commodity ber to October. Retail trade, however, as prices. Volume of sales by department stores indicated by sales of department stores, inincreased by more than the usual seasonal creased by considerably more than the seaamount. There was a considerable inflow of sonal amount, according to preliminary reports gold from South America and the Orient, and to the Federal reserve system. a further slight easing of money rates. Wholesale prices.—The general level of Production and employment.—Industrial wholesale prices, as measured by the Bureau production, including both factories and mines, of Labor statistics index, declined in October, decreased by about 3 per cent in October, and the decline continued in the first half of according to the Federal Reserve Board's index, November. Further decreases in the prices of which makes allowance for usual seasonal many agricultural products, including grains, changes. This decline reflected chiefly a fur- livestock, and meats, were accompanied by ther decrease in output of steel ingots, con- reduction in the prices of hides, tin, petroleum, trary to the usual seasonal movement, and a and gasoline, while sugar and copper advanced. larger than seasonal decline in the output of The price of cotton rose considerably at the end automobiles. Output in the shoe industry w^as of October from the low level prevailing early also curtailed. Consumption of cotton by in the month. domestic mills showed a further increase of Bank credit.—Total volume of credit at slightly more than the usual seasonal amount, reporting member banks in leading cities and stocks of cotton cloth were further reduced; showed relatively little change for the 4-week increased activity was also reported for the period ending November 12. Loans on securisilk industry. Output of coal was in sub- ties declined further by.$350,000,000, reflecting stantially larger volume than in September, reductions in loans to brokers and dealers in while production of copper and petroleum securities, while all other loans increased by declined. $150,000,000, partly on account of purchases Number of workers employed showed a of acceptances by the member banks. The decrease for the month in foundries and in the banks also increased their holdings of investautomobile, machine tool, woolen, and shoe ments. The volume of reserve-bank credit industries, while increases were reported in in use showed little change between the middle number of persons employed in the production of October and the middle of November. of silk goods, hosiery, and radios. Employ- There was a further addition of $30,000,000 to ment at coal mines increased considerably, the stock of monetary gold and a decline of partly in response to seasonal influences. $20,000,000 in money in circulation, while Value of contracts for residential buildings, member-bank reserve balances increased. No as reported by the F. W. Dodge Corporation, material change in the composition of the rewhich had shown a growth in September, in- serve-bank portfolio was shown for the month. creased further in October, but by an amount Money rates in the open market have eased smaller than is usual for that month. Contracts slightly since the middle of October. The rate for public works and utilities also increased on prime commercial paper declined from 3 per somewhat, reflecting a larger volume of awards cent to a range from 2% to 3 per cent, and there for pipe lines. Owing to a substantial decrease was a reduction in the rate on bankers7 acceptin contracts for industrial building, however, ances of the longer maturities. Long-time there was little change in the total value of money rates, as measured by yields on United building contracts awarded. States Government securities, declined slightly. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

770 FEDERAL RESERVE BULLETIN DECEMBER, 1930 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS MILLIONS OF DOLLARS 200 1926 1927 1928 1929 1930 Based on weekly averages of daily figures; latest figures are for week ending November 29 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

771 FEDERAL RESERVE BULLETIN DECEMBER, 1930 RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES [Average of daily figures. In millions of dollars] Reserve bank credit outstanding Factors of decreaseJ! Factors of increase 1 Month or week B co il u ls n t d e i d s- bo B u il g ls ht se U S c n t u a i r t t i e e ti d s es c r O r e b e s a t e d h n r i e k v t r > e Total gold i M n l a c o t i i n r o 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 r s d m e N e p e m o t o c s n b . i - t e s r , p c U f e a u n n p n d e i d t x e a s d - l 1929—June 978 179 1,317 4,311 I 1,779 I 4,687 2,314 30 376 July - 1,096 75 147 1,380 4,335 1,790 | 4,764 2,334 31 376 August 1,043 124 155 1,376 4,351 1,781 ! 4,777 2,322 27 382 September 969 229 165 1,427 4,368 1,766 j 4,811 2,335 28 387 October 885 337 154 1,450 4,381 1,785 i 4,810 2,386 28 392 November -- 953 296 315 1,631 4,374 1,789 I 4,845 2,521 33 395 December 803 320 446 1,643 4,324 1,797 4,943 2,395 27 399 1930—January - 501 314 485 1,357 4,283 1,784 4,652 2,349 29 394 February- - 378 285 480 1,181 4,319 1,781 4,556 2,305 27 393 March 274 246 540 1,095 4,395 1,797 4, 533 2,330 27 397 A M J J N A S O u u e p u o c a n p l g v t r y y e t o u e i e b l m s m . t e . b . b r . . e e . r r 2 2 2 2 2 2 1 1 3 5 4 1 2 2 9 8 1 1 7 4 1 6 6 9 | 2 1 1 1 1 1 1 1 6 8 4 8 5 8 5 9 6 5 1 2 4 4 3 7 6 5 5 5 5 5 5 5 7 0 2 3 9 8 9 9 1 2 9 0 9 3 9 7 1 1 1 1 1 1 , , , , , , 0 0 0 0 9 9 0 0 1 2 7 3 9 9 0 0 6 0 2 6 3 8 3 0 ! ! j 4 4 4 4 4 4 4 4 , , , , , , , , 4 5 5 4 5 5 5 5 4 0 2 9 5 2 3 0 3 5 8 6 3 0 2 3 1 1 1 1 1 1 1 1 , , , , , , , , 7 7 7 7 7 7 7 7 8 7 8 7 8 8 9 8 7 9 7 5 1 9 3 5 ! 4 4 4 4 4 4 4 , , , , , , , 5 4 4 5 4 4 5 0 9 8 1 9 7 2 1 2 3 8 7 6 8 2 2 2 2 2 2 2 2 , , , , , , , . 4 4 3 3 3 3 4 3 1 0 5 9 5 9 3 9 7 7 6 7 0 2 3 2 2 2 2 2 3 2 3 2 8 7 7 9 5 8 0 6 4 3 3 3 3 3 3 3 0 9 9 8 9 8 8 8 0 8 2 9 5 9 5 8 Week ending (Saturday)— Nov. 1__ 204 164 602 ! 902 4,530 I,7f3 i 4,467 2,430 27 391 Nov. 8_ 220 189 602 i 1,038 4, 536 1,793 ! 4,506 2,435 35 391 Nov. 15 198 203 601 I 1,038 4,549 1,800 ! 4,498 2, 465 33 391 Nov. 22 214 176 596 ! 1,018 4, 559 1,789 I 4, 513 2,439 28 386 Nov. 29 246 172 597 1,037 4, 567 1,787 \ 4,580 2,403 25 383 1 For explanation see BULLETIN for July, 1929, pp. 432-438 . 1 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 , ThroughThrough Through From or to— (p N re o l v im em in b a e r r y; October J O an ct u o a b r e y 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 1 1929—January 4,127 -14.4 47.2 -65.0 3.4 England 13 289 February... 4,153 26.4 25.5 .9 France i 112 73 80S March 4,188 34.4 24.8 7.5 2.1 Germany .. .. 30 27 201 April 4,260 72.4 23.1 48.6 0.7 Italy 3 000 May.. 4,301 40.6 23.6 16.1 0.9 Netherlands June 4,324 23.4 30.2 -7.5 0.7 Canada _. _ __ 5,000 810 9,022 19,922 31,728 July. 4,341 16.3 34.7 -22.0 3.6 Central America 197 1 512 August 4,360 18.9 18.4 -1.0 1.5 Mexico 1 281 19 852 415 September- 4,372 12.1 17.6 -6.6 1.1 Argentina 14,384 575 966 October 4,386 14.4 17.5 -4.5 1.4 Brazil 5 000 15,405 82, 776 November- 4,367 -19.2 -23.2 1.0 2.3 Chile 179 393 December.. 4,284 -82.9 -64.4 -22.0 3.5 Colombia 1,618 1 124 6 248 Ecuador ._ 114 l' 230 Total (12 mos.) _ I 142.4 175.1 -55.4 I 22.7 Peru 1 272 6, 590 Venezuela 46 4 661 965 1930—January 4,293 I 8.8 4.0 2.5 2.3 Uruguav - 1 53 8,354 February 4,355 61.9 60.0 0.0 1.9 China and Hong March 4,423 I 68.2 55.5 13.0 -0.3 Kong 587 947 215 21, 639 377 April 4,491 j 68.5 65.7 0.5 2.3 Dutch East Indies 317 1 551 50 May 4, 517 i 25.9 23.5 2.0 0.5 Japan 16, 240 13, 750 140,359 June 4,535 | 17.6 13.9 2.0 1.7 Philippine Islands _ 333 2,968 July 4,517 -18.4 -19.6 -3.0 4.3 New Zealand 29 August 4,501 -15.5 -19.6 0.0 4.2 All other countries i_ 621 173 3,759 91 September 4,511 10.2 2.5 4.0 3.7 October 4,535 23.3 26.4 -6.1 3.1 Total i38,450 J5 000 35,635 9,267 323,117 110,923 November p 4,571 36.3 33.3 -2.1 5.1 1 Includes all movements of unreported origin or destination. 1 For explanation of this figure, which is derived from preceding col- 2 At New York—imports, $21,623,000. Elsewhere-imports, $16,827,umns, see BULLETIN for December, 1928 p. 831. 000; exports, $5,000,000. v Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

772 FEDERAL RESERVE BULLETIN DECEMBER, 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] Prevailing rate on- Average rate Averagejield Reporting member banks in leading cities Member banks Month Total 1 New York Other lead- o le u a t d s i i n d g e Month or week P c r o i m m - e City ing cities citiesi mercial paper, 4 to 6 1929 1930 1929 1930 1929 1930 1929 i 1930 months January 891 462 190 473 208 228 215 February 893 371 131 528 152 234 193 1929 March 978 247 166 574 80 238 166 November | 5H-6H April 991 225 162 563 54 266 154 May 951 226 145 516 48 290 167 December 5 June 972 222 165 505 48 302 169 July 1,100 218 319 482 53 299 165 1930 August 1,013 196 196 521 39 296 153 January 434-5 S O e c p to te b m er ber 9 88 7 5 4 1 1 9 8 3 6 1 7 6 4 6 5 56 4 1 0 3 5 5 0 2 25 6 0 8 1 13 4 7 2 February November. _. 944 211 60 595 65 140 March December 755 80 410 265 April 33/4-4 May 1 Includes (in small amounts) discounts by Federal reserve banks for June n (2 o ) n m no e t m es b e s r e s c : ur ( e 1 d ) B b i y ll s a d d j i u s s c t o ed u - 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 es ia 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 - July „ 3 -S 17A\ 2^-3 member banks. August 3 ! 2H-2H September 3 ; 2M-2H FEDERAL RESERVE BANK RATES October 3 2U-2H November 2-K-3 2 ~2\i DISCOUNT RATES Week ending— Nov. 1 3 [Rates on all classes and maturities of eligible paper] Nov. 8 3 Nov. 15 2)4-3 Rate in Date Previous Nov. 22 2?4-3 Federal reserve bank effect on estab- rate Nov. 29 2?4-3 1J6 Dec. 1 lished 1 Stock exchange call loans; new and renewal rates. 2 Stock exchange 90-day time loans. Boston 3 . July 3 3 3 issues—3%, 3?4,4 per cent; yields calculated on basis of last redemp New York_... 2V, June 20 tion dates—1947, 1956, and 1954. Philadelphia.. July 3 * Change of issues on which yield is computed. « Maturities of 6-9 months. Cleveland 31/2 June 7 Richmond July 18 RATES CHARGED CUSTOMERS BY BANKS IN Atlanta July 12 PRINCIPAL CITIES Chicago m June 21 St. Louis 3H Aug. 7 [Weighted averages] Minneapolis- m Sept. 12 Kansas City- Aug. 15 Eight other north- Twenty-seven Dallas Sept. 9 New York City ern and eastern southern and San Francisco Aug. 8 Month cities western cities 1928 1929 1930 1928 1929 1930 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 ef D fe e c c t . o 1 n l e i s s t h a e b d - Pre ra v t i e ous J M u a n y 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 2 9 5 5. . 0 1 6 3 5 5 . . 5 6 6 7 6 6 . . 1 1 0 6 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 1% 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—. i —do 2 N De o c v e e m m b b e e r r ... 5 5 . .5 6 6 3 5 5. . 7 8 4 6 4.17 5 5 . . 8 9 2 1 6 5. . 9 1 4 2 5 5 . .9 9 0 1 6 6. . 2 2 0 9 5.49 31-45 days—. _do 2 46-60 days... July 21 2 NOTE.—Figures relate to rates charged by reporting banks to their 61-75 days— l%...do 2 own customers as distinguished from open-market rates (which are given 76-90 days— 2 i June 20 2H in preceding table). All averages are based on rates reported for 3 types of customer loans—commercial loans, and demand and time loans on 91-120 days- 2i/4 securities. The method of computing the averages takes into account 121-180 days- 2%—do 23/4 (a) the relative importance of each of these 3 types of loans and (6) the ii 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1930 FEDERAL RESERVE BULLETIN 773 MEMBER BANK CREDIT BROKERS' LOANS REPORTING MEMBER BANES REPORTED BY THE NEW YORK STOCK EXCHANGE [In millions of dollars. Monthly data are averages of weekly figures] [Net borrowings on demand and on time. In millions of dollars] Loans and investments I From New From private York banks banks, brokers, Bor- Total and trust com- foreign banking Loans Due r i o n w gs - End of month panies agencies, etc. to at ; Total Total O c n u ri s - e- All m v I e e n s n - t t - s banks b F a . n R ks . 1929 1930 1929 1930 1929 1930 ties other January... 6,735 3,985 5,664 3,368 1,071 616 February.. 6,679 4,168 5,619 3,529 1,060 639 March 6,804 4,656 5,713 4,026 1,091 631 April 6,775 5,063 5,580 4,409 1,194 654 BY MONTHS May 6,665 4,748 5,482 4,139 ! 1,183 609 June 7,071 3,728 5,797 3,201 j 1,275 527 Total: July 7,474 6,154 3,227 1,320 462 1929—July 22,479 16,9.50 7, 716 9,234 5, 529j 2,738 801 August 7,882 3,599 6,492 3,109 1,390 489 August 22,465 16,969 7,578 9,390' 5,496 2,604 717 September. 8,549 3,481 7,077 3,057 ! 1,472 425 September 22,646 17,197 7,654 9,543 5,449 2,718 706 October... 6,109 2,556 5,313 2,299 796 257 October 23,124 17,706 8,098 ),608 5,418 2,9141 634 November. 4,017 12,162 3,432 1,928 585 234 November 23,663 18,041 8,249 9,792; 5,623 3,008 655 December. 3,990 3,370 ! 620 December 23,012 17,444 7,968 9,4761 5,567 2,886 490 I 1930—January _ 22,3681 16,821 7,794 9,027 5,548 2,828 247 February 22,083 16,542 7,671 8,871 5,541 2,818 174 1 Call loans, $1,691,000,000; time loans, $471,000,000. March _ 22, 352 16,746 7,964 8,781 5,607 2,898 81 April 22,657, 16,901 8,270 8,631j 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 17,048 8, 568 8,480; 5,977 3,063 53 July 23,101 16,906 8,, 508 "6 ,1"9"4 3,404 63 in millions of dollars. Monthly data are averages of weekly figures] August I 23,128, 16,838 8, 357 8,4811 6,291 3,334 43 September j 23,220! 16.859 8,390 "8 ,46~9" 6,36l! 3,505[ 44 For banks October \ 23,409 16, 834 ' 8,243 8, 59i;6, 575; 3,545j 56 Ne 1 w 92 9 Y — o N J r u k o l y v C _ em ity b : er 2 7 3, , 4 4 5 9 5 6 : : 16 5 , , 8 6 0 7 4 3 7 3 * ,045 8 2 , , 7 7 7 5 6 8 ; ! 6 1 . , 7 6 8 9 2 2 1 | 3,528 3 7 1 1 9 Month or date Total Total Y N I o e n r w k ! ! O Y N u o t e s r w k ide ot F h o e r rs August 7,407 5,688 2,845 2,843! ., 7201 827 196 City» I City* September 7,5071 5,803 2,892 2, 911; .,704 887 166 October. 7,837, 6,108 3,191 2,916 i L, 7291,023 74 November 8,349! 6,380 3,340 3,040: .,969j 1,132 60 1929—October... 6,498 1,257 1,639 3,602 December 8,001, 6,021 3,112 2,909! , 981 — 80 November. 4,023 1,869 1,090 779 2,154 1930— F J e a b nu ru ar a y ry 7 7 , , 6 4 6 9 * 3 i 5 5 , ,5 7 8 0 4 5 2 2, , 9 9 0 4 9 5 2 2, , 7 6 6 7 0 5 , ! ,909 931 3 2 9 1 1930— D J e a c n e u m a b ry e . r . . . 3 3 , , 3 3 9 5 1 1 1 1 , , 6 70 0 6 1 8 84 8 4 8 i 8 7 6 1 2 3 1 1 , , 7 6 9 4 0 4 March 7,649 5,720 3,115 2,605: ,929 1 February- 3,459 1,913 942 I 971 1,546 April 7,829| 5,868 3,383 2,485; 1,961 17 March 3,741 2,310 , 1, 210 I 1,100 1,430 May 7,852 5,878 3,459 2,418 1,974! 11 April 4,115 2,740 1,557 1,183 1,376 June 8,117! 6,099 3,701 2,398j 2,019 1,009 5 May 4,030 2,727 1,665 1,062 1,302 July 8, 078 5,984 3,558 2,426! 2,094 1,100 June 3,825 2,748 1,831 917 1,078 S A e u p g t u e s m t ber -. 8 8, , 0 0 8 9 9 7 : 6 5 , , 0 9 0 9 4 8 3 3 , , 5 5 8 8 8 4 2 2 , , 4 4 1 1 5 6 , i2 2 , , 0 0 9 9 3 0 ! ! 1, 9 0 9 7 9 6 J A u u l g y ust 3 3 , , 1 2 5 2 0 4 2 2 , ,3 3 7 5 8 1 1 1 , ,6 6 3 5 1 9 6 7 9 4 2 7 8 7 4 9 6 8 October __ 8,313 6,141 2,512! 2,172 1,154 September 3,174 2,426 1, 676 1 750 748 November 8,421 6,055 3,401 2, 653:2,367 1,201 October 2,769 2,212 1,675 i 537 557 Other leading cities: November. 3 2, 249 1,792 1,357 i 435 458 1929—July_ 14,983! 11,146 4,670 6,476; 3,837 482 August 15,058 11,281 4,734 6,54713,776 ,777 521 Nov. 5 2,454 1,981 1,512 I 469 473 September 15,139! 11,394 4,762 6,632' 3,745 ,830 540 Nov. 12.... 2, 235 1,786 1,335 I 451 449 October. 15,288: 11,598 4,906 6,692 3,690 L, 891 561 * Nov. 19 2,185 1,731 1, 292 ! 439 455 November 15,314j 11, 661 4,909 6,752; 3,654 L,875 594 Nov. 26 2,122 1,668 1, 288 I 380 455 December 15,011! 11,424 4,856 6,568! 3,587 , 906 410 1930—January 14, 705 11,115 4,849 6,267i 3,589 1,89" 208 February 14,590.' 10, 958 4,762 6,196 3,632 1,916 152 1 Weekly reporting member banks in New York City. March 14,703! 11,026 4,850 6,176 3, 67711,946 80 8 Member and nonmember banks outside New York City (domestic April 14,828 11,033, 4,888 6,146j 3,79511,959 54 banks only); includes unknown amount for customers of these banks. May 14,810 10.948 4,853 6,095! 3,862 1,939 48 • Call loans, $1,664,000,000; time loans, $585,000,000. June __ 14,907 10.949 4,866 6,082. 3,958 2,054 48 July 15,023 10,922 4,839 6,082; 4,101 2,304 53 August 15,031 10,834 4,769 6,065; 4,198 2,336 39 ACCEPTANCES AND COMMERCIAL PAPER September 15,132 10.860 4,806 6,054! 4, 2722,429 35 October 15,096 10,692 '4,'614|r6,079| 4,403 2,391 50 [In millions of dollars] November 15, 034;10, 618 4,496 6,123! 4,416,2, 327 65 BY WEEKS | I ! Bankers' acceptances out- Commercial paper out- Total: End of month standing standing 1930—Oct. 29._ 23,495 16. 764 8,065>8,699! 6,731; 3,427 Nov. 5. 23,511 16,806 r 8,084 8,72li 6,704 1927 1928 ! 1929 ! 1930 927 1928 1929 Nov. 12 23,435 16,668 7,904 8,763! 6,767 3, 593 O N t e 1 1 h w 9 9 e 3 3 r 0 Y 0 — l - o e O N N N N N N N N N r a O k d c o o o o o o o o o c t i v v v v v v t v v v . n . C . . . . . . . . . g 2 2 i 2 1 5 1 2 1 5 1 1 9 9 t 6 9 2 6 9 2 9 c y i : ties: 2 2 1 1 1 1 3 3 8 8 8 5 8 8 5 5 5 , , , , , , , , , , , 4 4 3 4 4 0 0 0 3 0 9 1 1 1 6 5 5 7 4 8 8 1 5 4 3 3 4 1 2 2 1 1 ; 7 1 1 6 6 6 6 6 6 5 , , , , , , , 1 0 1 0 9 5 3 6 2 1 6 8 2 9 9 2 7 6 8 9 1 0 1 ! : 7 3 7 3 3 3 3 , , , , , , , 3 5 8 7 3 3 5 4 3 3 6 5 7 0 2 1 8 5 2 7 0 l ; | | 8 2 2 2 8 2 2 , , , , , , , 8 6 7 6 7 6 6 5 6 0 4 1 4 1 4 2 6 4 6 8 6 : i ! 2 2 2 6 6 2 2 , , , , , , , 3 3 8 3 8 2 4 1 8 0 4 5 9 2 8 4 1 4 9 3 4 ' 3 3 2 2 2 2 1 1 1 1 1 , , , , , , , , , , , 4 4 2 2 3 3 1 4 1 2 1 9 3 1 7 9 7 2 1 8 1 3 0 9 3 4 0 6 5 0 3 5 8 24 J A J J A N F M M S D O a u u e e p u e c o n a a n l p b t c r y g v y r u e o t i e r c u l e e a b m u h s m m r e t a y b r b b r e e y e r r . r . . . . 1 1, , 7 8 8 7 8 9 7 7 7 7 0 0 1 7 0 4 7 8 5 7 6 8 2 8 1 5 9 1 5 1 4 4 5 1 2 9 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 2 9 9 0 0 0 0 0 0 0 1 2 8 7 4 5 5 8 2 7 0 5 2 0 4 1 1 8 6 2 8 5 6 4 3 0 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 1 2 1 2 1 5 2 2 2 1 7 6 1 0 1 4 7 0 0 2 2 7 5 3 1 1 3 1 9 7 5 8 7 2 8 2 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 3 5 3 3 4 6 3 3 6 5 6 0 5 3 1 2 0 3 8 9 7 8 0 9 4 4 5 9 2 3 6 5 5 6 5 5 5 5 6 6 6 5 5 7 9 0 8 7 9 5 0 1 0 6 1 7 9 6 2 9 1 5 0 1 3 9 5 5 5 5 5 5 4 4 4 4 4 3 7 6 7 7 3 2 4 2 0 8 5 8 7 7 1 0 0 7 1 1 3 3 8 3 4 4 3 3 3 2 2 2 2 3 2 3 0 0 1 8 5 3 6 7 6 6 8 1 7 4 1 7 1 7 4 5 5 5 6 4 4 5 4 4 5 5 5 5 5 5 2 8 1 2 5 0 2 4 5 2 7 5 3 6 7 4 8 1 3 9 Nov. 26 14, 969 10, 538| 2,197 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

774 FEDERAL RESERVE BULLETIN DECEMBER, 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 stocks1 Total In tr d ia u l s- R ro a a i d l- P u u ti 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 i l n d p 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 a e p d s r - s e m t E q ri l u e c e 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 192Q—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—J anuar v 96.5 126.5 156 149 137 209 135 117 102 240 193 265 146 129 177 78 February -.. - 06.4 126.9 166 156 143 231 145 125 100 254 193 307 154 128 188 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 June . 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 August 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 November _ 99.1 124.7 117 109 102 167 101 77 82 176 91 196 120 97 131 55 Nov 5 99.4 125.4 118 108 105 170 98 77 83 172 85 195 121 99 131 56 Nov. 12 99.0 124.3 113 105 99 161 98 74 78 171 92 189 114 95 128 54 Nov. 19 99.1 124.5 119 111 103 172 105 80 82 182 97 202 123 98 132 55 Nov 26 98.8 124.4 117 109 101 167 103 77 83 178 90 196 123 96 131 55 i 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 fin millions of dollars. Source: Commercial and Financial Chronicle] [In millions of dollars] January-October January-October October, October, 1930 1930 1929 1930 1930 1929 Class of issue Class of issue New f R i u n 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 n v - t - C r p a o o t r - e - m G er o e n n v - 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. 84.1 13.9 778.0 327.7 282.8 431.4 Total.. 294.9 57.1 5,397. 4 495.9 8, 559. 71,286.0 New issues 47.2 8.9 601.4 322.7 265.4 415.9 Corporate issues 127.2 54.8 4,183. 0 463.2 7, 541. 6 1,276.0 Europe 135.2 36.6 87.6 87.5 Bonds and notes— Canada and Newfound- Long-term 85.5 16.1 2, 350. 0 344.7 1, 769. 4 480.2 land 47.2 8.9 155.6 77.6 105.1 107.0 Short-term 20.1 30.2 419.5 95.2 153.7 43.9 Latin America 146.8 17.6 70.7 51.4 Stocks. _ 21.6 8.5 1,413.5 23.3 5, 618. 5 751.9 U. S. insular possessions._ 106.5 2.0 7.7 Farm-loan issues 45.5 Miscellaneous 57.3 "190.9" 162.2 Municipal issues 167.7 2.3 1,168. 9 32.7 1,018.1 10.0 Refunding issues 36 9 a n 176.6 5 0 17.5 15.5 To fu ta n l d n in e g w and re- 352 •*• o 5 893 2 9,845. 7 To c t o a r l p G or o a v te ernment and 98.0 1,105. 7 714.2 BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING [Value of contracts in millions of dollars] Total Residential Industrial Commercial P p u u b b li l c i c w u o t r i k li s t i a e n s d Educational All other 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 January _ . - _. 410.0 324.0 138.1 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 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 i 118.4 98.5 52.6 31.7 76.9 31.1 117.2 101.4 29.8 28.2 50.4 40.8 October 445.6 337. 3 ! 137.7 104.7 60.9 16-. 1 67.7 35.7 85.1 111.2 36.9 28.6 57.3 41.1 Year to date 5,064. 2 4,022. 0 I1, 705. 4 949.6 649.4 436.1 797.5 574.2 1,124. 2 1, 291. 4 336.4 322.0 451.3 448.6 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

775 DECEMBER, 1930 FEDERAL RESERVE BULLETIN PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND PRICES [Index numbers; 1923-1925 average** 100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production * Freight car loadings * Commodity Build- Fac- prices t ing con- Factory em- tory Year and Total Manufactures Minerals a t w r e a a d r ct d s - 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 -c s a e r i - n 1 month Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Unad- Ad- Una lo d a - d I lot A s d- j m c i A o o t l i d m e l s - - F p u r a c o t r d s m justed justed justed justed justed justed justed justed justed justed justed justed justedi justed 1919 83 84 77 64 107 98 84 i 139 158 1920 87 87 89 63 108 118 91 72 i 154 151 1921 67 67 70 57 82 77 79 87 98 88 1922 85 87 74 81 90 81 86 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 99 122 100 101 103 104 104 110 1926 108 108 108 130 101 104 107 107 100 100 1927 106 106 107 128 99 102 103 105 95 99 1928 111 111 106 135 97 102 103 104 98 106 1929 118 119 115 117 101 108 106 104 97 105 1926 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 97 105 100 108 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 August 105 107 104 107 111 106 135 99 99 102 109 104 105 104 102 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 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 90 10H 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 90 104 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 124 122 127 123 104 115 156 102 102 111 102 111 107 106 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 119 124 119 126 118 114 159 102 103 106 111 108 105 105 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 February 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 96 101 100 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 '103 111 91 91 94 97 98 101 99 89 93 June 99 100 99 100 '103 100 146 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 91 91 90 100 94 81 86 83 83 99 89 99 95 84 85 October. 82 84 82 81 97 86 97 93 83 83 * 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. 803. »Preliminary Revised. 25186—30 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

776 FEDERAL RESERVE BULLETIN DECEMBER, 1930 INDUSTRIAL PRODUCTION, BY INDUSTRIES [Index numbers of the Federal Reserve Board. Adjusted for seasonal variation. 1923-1925 average =» 100] i 1929 1930 Industry Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. 1 MANUFACTURES IRON AND STEEL 143 140 124 100 90 99 119 113 114 111 110 93 93 86 Pig iron 128 122 118 107 95 94 101 102 102 104 101 91 86 80 71 Steel ingots - - 144 142 125 100 90 100 120 114 115 112 111 93 94 86 75 TEXTILES ._ 120 116 118 108 96 103 99 98 96 90 84 84 81 88 91 Cotton consumption 119 115 117 104 90 102 94 94 100 91 85 82 78 79 81 Wool -- 101 98 101 89 77 78 76 71 72 70 71 69 67 69 69 Consumption 114 106 109 94 80 85 81 77 80 74 78 80 76 78 75 Machinery activity» 86 89 91 82 74 72 73 65 62 69 73 65 62 67 68 Carpet, ruglooin activity L 90 90 96 88 75 69 70 66 66 60 49 43 47 49 52 Silk 150 148 148 145 140 141 145 150 125 117 100 113 109 139 150 •"Deliveries 161 158 158 153 148 145 149 155 123 121 99 120 117 158 170 Loom activity l 130 128 130 128 124 133 138 140 128 111 102 98 91 101 109 FOOD PRODUCTS 100 98 96 96 95 96 94 90 97 98 93 94 91 r96 94 Slaughtering, meat packing .. 93 101 97 95 91 89 92 85 94 94 90 89 89 92 93 Hogs 94 106 104 101 96 89 93 80 93 94 88 85 85 91 94 Cattle 88 91 86 82 81 87 86 88 89 88 90 89 89 88 85 Calves 85 99 88 88 91 97 92 92 100 89 86 93 95 97 97 Sheep - - 126 126 125 125 113 116 132 141 147 142 137 139 143 146 158 Flour . .- . --L L07 99 91 92 94 92 97 101 105 104 104 101 103 98 90 Sugar meltings 113 84 99 106 111 127 94 90 96 105 84 106 84 ' 104 105 PAPER AND PRINTING 125 130 126 123 118 '120 122 '120 '121 119 '116 111 108 109 P 106 Wood pulp and paper 119 121 120 118 113 '114 116 116 116 113 108 105 101 100 v 98 Newsprint 95 94 94 92 93 95 97 91 86 89 88 84 83 80 81 Book paper 134 143 145 139 139 '127 '124 '127 '132 120 '114 111 105 104 97 Fine paper 118 119 119 120 116 118 118 121 116 111 105 108 100 99 99 Wrapping paper - _ 101 101 96 97 95 93 92 99 98 99 95 89 89 87 91 Paper board 131 128 130 131 107 127 131 125 132 132 122 '124 '115 115 Wood pulp, mechanical.. 101 100 91 85 91 96 111 106 89 90 98 88 92 '88 72 Wood pulp, chemical 120 120 118 113 116 115 119 117 114 115 110 103 '108 106 104 Paper boxes 169 178 156 144 125 147 147 149 149 151 173 146 151 159 141 Newsprint consumption _ 135 148 139 133 134 131 137 130 132 132 132 124 123 126 122 TRANSPORTATION EQUIPMENT: Automobiles L43 133 113 81 49 103 110 109 109 104 98 75 67 '66 45 Locomotives 55 49 57 45 32 39 40 48 51 43 42 40 38 33 " Shipbuilding 175 101 75 69 97 170 102 80 128 147 164 347 310 229 LEATHER AND PRODUCTS 117 116 113 106 93 96 96 98 99 94 100 100 102 100 90 Tanning 103 105 108 103 99 93 93 98 99 99 103 107 102 102 96 Sole leather * 93 94 94 95 94 99 101 97 99 100 100 100 99 102 95 Upper leather- Cattle 80 87 98 88 83 76 66 80 79 72 77 73 67 66 61 Calf and kip 108 102 100 88 70 68 76 80 85 95 92 106 101 90 93 Goat and kid 136 144 147 145 151 129 127 136 131 128 145 154 143 151 132 Boots and shoes 125 123 117 108 90 98 97 97 99 91 98 96 102 '99 86 CEMENT AND GLASS: Cement __ 122 118 113 109 110 108 110 111 108 119 119 116 117 111 97 Glass, plate - -- 168 174 172 149 117 124 122 117 131 143 114 105 65 95 101 NONFERROUS METALS ' : 122 125 122 119 113 105 101 104 106 101 96 97 96 97 95 Copper (smelter) _. 126 127 ; 125 126 122 110 103 103 103 101 94 95 92 94 90 Tin (deliveries) 1 120 131 125 112 106 99 92 117 132 107 99 103 101 111 127 FUELS, MANUFACTURED: Petroleum refining ; 176 173 1 178 171 166 163 168 168 174 173 170 166 164 165 160 Gasoline 1 - - 209 208 215 209 201 199 204 204 214 213 210 206 205 207 203 Kerosene 108 95 103 93 90 89 96 99 93 90 90 ! 85 84 78 74 Fuel oill 142 141 • 142 136 132 121 125 117 121 123 117 113 109 112 108 Lubricating oil 1 131 123 121 110 115 120 126 130 138 133 ! 126 126 124 117 106 Coke (bv-product) i 152 147 146 139 131 132 136 135 138 137 1 132 123 119 114 109 RUBBER TIRES AND TUBES 119 116 114 94 80 106 107 105 123 121 119 1 93 90 84 88 Tires, pneumatic 123 120 117 97 82 109 110 108 127 125 ! 122 96 98 87 91 Inner tube'' 87 90 87 74 70 85 85 84 97 96 i 93 i 71 79 64 68 TOBACCO PRODUCTS 133 136 135 130 133 131 133 128 ! 136 134 j 141 ! 137 130 125 129 Cigars 99 100 99 96 83 84 92 87 92 94 ! 91 88 89 85 8S Cigarettes 163 168 : 168 160 172 167 166 161 ; 172 167 183 i 177 164 158 164 MINERALS COAL: Bituminous 99 103 103 98 104 100 92 81 '• 97 92 i 89 86 82 85 87 Anthracite _ 78 102 '112 92 121 106 101 69 73 81 j 78 ! 82 88 80 105 Petroleum, crude : 145 140 140 131 132 132 135 125 128 127 1 124 120 117 114 115 Iron ore shipments 121 121 107 98 104 j 108 95 96 79 74 Copper (mined) . 119 125 123 118 115 ! 101 95 88 90 90 ! 861 83 84 89 83 Zinc 127 120 119 106 98 104 98 96 94 94 1 99 '91 94 94 90 Lead 107 119 ; 115 114 105 92 106 107 ' 111 104 ! C9; 103 106 101 94 Silver .... 91 89 94 114 87 88 98 89 88 80 i 75 69 70 '73 71 1 Without seasonal adjustment. 2 Includes also lead and zinc; see " Minerals." p 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

DECEMBER, 1930 FEDERAL RESERVE BULLETIN 777 FACTORY EMPLOYMENT AND PAY ROLLS [Index numbers of the Federal Reserve Board. 1923-1925 average=100] Factory employment Factory pay rolls Without seasonal adjustment Adjusted for seasonal variatior Without seasonal adjustment Industry 1930 1929 1930 1929 1930 1929 October Sep b t e e r m- October October Sep b t e e r m- October October Sep b t e e r m- October TOTAL—ALL MANUFACTURING INDUSTRIES 84.3 86.4 103.3 82.2 83.4 101.3 80.8 83.0 110.9 IRON AND STEEL AND PRODUCTS 81.6 82.3 99.4 81.3 81.7 99.1 75.8 75.4 107.9 Steel works and rolling mills 82.4 83.2 99.0 83.1 83.3 99.7 76.4 76.2 107.7 Hardware 75.1 75.5 93.7 75.4 74.6 94.2 65.4 64.3 100. 6 Structural iron work 100.4 104.4 122. 6 98.2 101.0 119.8 98.0 100.7 132. 8 Heating apparatus 74.0 73.2 97.4 70.0 70.1 92.1 67.7 65.3 103.3 Steam fittings 69.5 69.0 87.5 68.1 67.4 85.7 64.4 61.7 95.0 Stoves 78.2 77.1 106.4 71.7 72.6 98.0 70.8 68.7 111.4 Cast-iron pipe 74.1 76.4 90.4 73.9 75.4 90.1 71.6 75.0 91.9 MACHINERY 87.4 89.8 118.7 88.0 90.2 119.5 81.4 84.2 129.0 Foundry and machine-shop products 80.0 83.1 107.1 80.7 83.3 108.0 72.1 ! 75.6 117.3 Machine tools 106.9 110.4 169.0 107.3 111.7 169.4 90.2 94.0 183.7 Agricultural implements 92.9 91.7 144.7 97.4 98.8 151.8 80.2 78.1 157. 5 Electrical machinery 100.2 101.3 134.3 100.2 101.3 134.3 102.0 103.9 145.4 TEXTILES AND PRODUCTS 82.4 82.2 99.8 80.7 82.4 97.9 80.3 81.2 104.8 A. Fabrics 78.6 77.7 98.3 77.9 78.8 97.4 73.7 70.9 101.8 Cotton goods 74.5 74.5 94.8 73.9 75.7 94.0 64.9 62.8 91.6 Woolen and worsted manufactures 66.5 69.0 89.9 65.3 70.0 88.3 56.7 59.7 87.1 Woolen and worsted goods 66.1 69.6 87.8 64.5 70.4 85.7 57. 1 62.0 85. 0 Carpets and rugs 68.7 66.0 101.0 69.4 68.2 101.9 54.4 49.3 97. 1 Hosiery and knit goods 91.6 88.5 108.7 90.9 89.4 107.9 99.7 91.3 131.3. Silk manufactures 82.1 78.4 100.9 81.6 79.1 100.3 82.6 76.4 110. & D yeing and finishing textiles 103.4 96.7 115.8 103.2 99.2 115. 6 104.1 95.7 123. 9- B. Wearing apparel 92.0 93.4 103.4 87.9 91.3 99.0 93.5 102.1 110.9 Clothing, men's 59.8 63.1 72.4 59.1 61.6 71.6 52.2 60.3 74.2 Shirts and collars 89.3 88.1 108.3 87.6 88.9 106.1 81.2 77.9 112.4 Clothing, women's 144.8 143.2 151.2 136. 0 140.2 141.9 155.2 160.4 164. 1 Millinery 79.7 85.6 91.8 72.4 79.7 83.5 76.1 102.7 91.0 FOOD AND PRODUCTS 94.7 95.2 104.2 90.9 92.9 99.8 98.4 100.8 108.8 Baking 101.1 102.2 110.7 98.0 100.8 107.2 103.1 105.4 113. 9 Slaughtering and meat packing 89.2 89.4 96.1 89.6 90.3 96.6 96.9 98.3 103.1 Confectionery 98.8 94.6 115. 1 81.9 86.0 95.3 99.0 99.7 119.5 Ice cream 86.3 94.3 92.9 88.1 86.4 94.9 92.9 102.6 101. 1 Flour 87.0 87.4 95.4 83.7 84.4 91.3 91.0 92.6 103. 2 Sugar refining, cane 84.9 88.7 94.1 82.0 87.7 90.9 81.2 87.2 94.1 PAPER AND PRINTING 98.8 98.6 106.1 98.4 99.0 105.6 105.4 106.3 117.8 Printing, book and job 102.7 102.4 109.4 103. 7 103.1 110.4 107.4 109.8 119.0 Printing, newspapers and periodicals... 105.0 104.3 107.6 104.8 105.4 107.4 116.1 116.4 122. 5 Paper and pulp 90.4 91.4 100.6 90.4 91.4 100.6 90.3 91.1 109.7 Paper boxes 94.3 93.4 106.9 89.5 92.0 101.4 99.2 97.4 118.3 LUMBER AND PRODUCTS 64.3 64.4 90.1 62.1 62.4 87.2 60.4 60.9 96.8- Lumber, sawmills 58.3 59.2 81.4 57.3 57.3 1 80.0 55.4 56.9 87.4 Lumber, mill work 60.4 59.7 82.0 60.5 58.9 '' 82.1 55.0 55.4 83.2 Furniture 83.4 82.4 119.5 76.4 79.2 110.6 74.8 73.1 126.4 TRANSPORTATION EQUIPMENT.. 67.0 70.3 90.2 67.2 69.7 90.4 62.8 66.0 99.8 Car building and repairing. 61.4 64.6 81.2 61.2 64.3 80.8 61.9 64.2 92.0 Automobiles 69.6 73.2 101.3 69.6 71.1 101.3 58.4 62.4 108. O Shipbuilding 103. 6 106.1 99.2 110.4 113.8 105.8 108.0 113.7 LEATHER AND MANUFACTURES-. 83.1 86.1 99.3 80.2 82.7 96.0 69.7 76.2 100. 0 Boots and shoes 83.7 87.1 100.7 80.0 83.0 96.6 66.7 74.4 99.4 Leather 80.8 81.7 93.5 80.8 81.7 93.5 80.5 82.8 : 102.1 CEMENT, CLAY, AND GLASS PRODUCTS. 73.2 74.5 91.9 71.4 71.7 : 89.7 66.4 66.4 ! 90.6- Clay products 71.4 73.3 91.7 70.1 70.5 90.1 60.6 60.8 86.4 Brick, tile, and terra cotta 66.1 69.2 89.3 64.6 65.4 87.2 56.3 58.9 i 83.5 Pottery 85.7 84.3 98.5 85.2 84.4 97.9 72.0 65.7 : 94.3 Glass 75.2 74.1 96.6 73.1 71.6 • 93.9 71.5 68.9 : 100.0 Cement _._.. 76.5 80.2 83.6 73.6 76.1 80.4 77.4 80.6 ; 88.6 NONFERROUS METAL PRODUCTS... 71.6 72.5 98.4 72.6 73.6 99.9 69.4 70. 7 112.5 Stamped and enameled ware- 48.7 50.0 74.9 49.8 51.4 i 76.6 45.6 49.1 78.3 Brass, bronze, and copper 79.4 80.2 106.4 80.3 81.1 j 107.8 76.4 76.9 122.5 CHEMICALS AND PRODUCTS 101.4 102.7 116.1 101.1 102.3 ; 115.8 99.9 101.3 118.2 Chemicals and drugs 101.8 101.1 113.8 100. 8 101.2 112. 7 95.3 93.9 112.5 Petroleum refining 104.1 108.5 124.6 104.3 106.6 124.9 i 109. 3 113.8 129.4 Fertilizers 88.6 92.9 100.8 91. 9 94.3 103.9 ! 86.7 96.6 103.7 RUBBER PRODUCTS 75.3 77.4 102.7 75.4 75.3 102.9 65.9 71.8 100.9 Automobile tires and tubes.. 74.6 78.4 101.5 75.8 76.2 ' 103.2 ! 65.3 ; 72.9 97.4 Rubber boots and shoes 77.6 74.4 106.1 74.2 72.6 102.0 68.5 67.4 114.9 TOBACCO MANUFACTURES 88.0 87.7 95.0 83.5 85.1 89.9 78.0 80.0 94.2 Cigars and cigarettes 90.1 89.8 98.3 85.0 86.8 92.6 :. 79.4 81.0 96.7 Chewing and smoking tobacco, snufr_. 71.3 71.4 69.3 71.9 72.1 69.4 66.3 72.4 74.4 MUSICAL INSTRU MENTS 122.3 100.3 87.0 113.1 97.4 81.3 133. 7 107.6 103.5 Pianos and organs 40.4 37.9 53.6 38.9 ! 37.7 i 51.6 j 39.7 36.2 61.9 NOTE.—For description of these indexes see FEDERAL RESERVE BULLETIN for November, 1929, pp. 706-716, and November, 1930, pp. 662-677. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

778 FEDERAL RESERVE BULLETIN DECEMBER, 1930 DEPARTMENT STORES—INDEX OF SALES [Daily average sales,11923-1925=100] Month 1919 1920 1921 1922 1923 1924 1925 26 1927 1928 1929 1930 Without seasonal adjustment January _ 60 82 83 73 79 86 84 , 90 91 91 90 88 February _ 59 74 76 69 77 84 85 i 87 89 88 91 89 March 65 90 88 77 93 88 94 I 97 95 97 107 93 April.. 77 91 87 90 97 103 105 102 109 105 103 110 May - - 73 101 91 89 100 98 103 I 109 105 107 109 105 June 76 96 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 i 120 117 118 122 112 November 101 112 97 108 117 117 122 i 124 126 125 125 December 137 146 135 152 164 166 176 | 184 182 192 191 Year 78 94 87 88 98 99 103 ! 106 107 108 111 With seasonal adjustment: January 66 90 83 91 99 106 107 108 110 107 February 71 89 83 93 101 103 105 108 106 111 108 March _ 72 93 84 95 99 103 101 106 107 112 110 April - 72 93 87 100 98 102 105 106 106 110 105 May RQ 87 98 97 102 109 105 107 109 105 June 76 96 86 101 100 102 105 106 107 113 103 July QA 86 98 96 101 106 105 110 109 100 August 80 97 88 101 96 101 108 111 107 111 102 September 83 95 91 100 101 101 106 104 112 114 99 October 81 92 93 101 96 111 109 107 108 112 102 November 86 96 92 100 100 104 106 108 108 108 December 86 92 93 99 99 104 108 106 111 108 1 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—with allowance 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 February - - 83 83 83 83 83 83 83 83 83 83 82 82 March1 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 75 76 76 76 76 76 September 92 92 92 93 94 95 96 98 99 101 103 104 October 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 1 Adjustment has been made for the effects of changes in the date of Easter. DEPARTMENT STORES—INDEX OF STOCKS [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 96 110 111 112 114 114 112 112 101 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 92 Novpmhpr 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

779 DECEMBER, 1930 FEDERAL RESERVE BULLETIN BANKING AND BUSINESS CONDITIONS IN FEDERAL RESERVE DISTRICTS FEDERAL RESERVE BANK DISCOUNTS-BY DISTRICTS MILLIONS OF DOLLARS ( Weekly report date figures ) MILLIONS OF DOLLARS 1M> 1926 1927 1928 1929 1930 1926 1927 1928 1929 1930 Latest figures are for November 26; see table on following page Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

780 FEDERAL RESERVE BULLETIN DECEMBER, 1930 FEDERAL RESERVE BANKS—RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES [Averages of daily figures. Amounts in thousands of dollars] TotU cash reserves Total deposits Federal re c s u e l r a v t e io n n o i tes in cir- Reserve percentages Federal reserve banks 1930 1929 1930 1929 1930 1929 1930 1929 No b v e e r m- October No b v e e r m- No b v e e r m- October No b v e e r m- No b v e e r m- October No b v e e r m- N°b Veerm-October No b v e e r m Boston 225,524 231,162 305,441 153,565 152,110 157,022 128,697 133,214 207,352 79.9 ! 81.0 83.8 New York 1,106,942 1,075,039 1,172,924 1,044, 787 1,025,170 1,126, 248 247, 303 230,458 376,181 85.7 i 85.6 78.1 Philadelphia 221,303 224, 670 166, 856 142, 779 143, 966 136,206 120, 561 119,814 143,512 84.0 ; 85.2 59.7 Cleveland 307,106 314, 241 210,100 196,348 201,073 186, 504 184,711 184, 906 178,306 80.6 ; 81.4 57.6 Richmond 96, 599 97, 825 95, 724 66, 354 67, 715 67,956 70,512 67, 318 92, 031 70.6 • 72.4 59.8 Atlanta 144, 630 143,440 133, 357 61,664 62, 300 63,904 122, 663 122, 262 154,081 78.5 1 77.7 61.2 Chicago ._ 409,837 418,852 479,696 348,326 346,907 359, 287 143,501 152,245 307,650 83.3 1 83.9 71.9 St. Louis 116,071 99, 876 118, 800 77. 072 76, 882 80, 292 73, 552 62, 855 92,040 77.1 i 71.5 68.9 Minneapolis 72,614 72, 923 80, 671 53,556 53, 358 54, 763 48, 591 50, 633 66, 553 71.1 ! 70.1 66.5 Kansas City 106, 435 111,818 98, 600 87,966 90,095 91,331 66, 371 66,898 85,195 69.0 71.2 55.9 Dallas 58,066 57, 216 66,995 61,108 61,163 66,685 32,950 34,604 50,922 61.7 ; 59.7 57.0 San Francisco 292,995 288, 335 237, 549 194,710 183, 667 186, 316 154,930 155, 574 183,595 83.8 J 85.0 64.2 Total - 3,158,122 3,135, 397 3,166,713 2,488, 235 2,464,406 2, 576, 514 1,394,342 1, 380, 781 1,937,418 81.3 | 81.5 70.2 i Includes "Federal reserve notes of other Federal reserve banks" as follows: Latest month, $16,727,000; month ago, $18,092,000; year ago, $29,050,000. 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 October ^September October jSeptember- October September October September October September || Boston 1,353 1,334 1,029 1,025 149.1 146.8 2.7 | 2.2 8.9 i 11.6 New York.... 7,344 7,241 3,509 3,446 1,008. 3 989.6 23.0 21.1 36.7; 32.1 Philadelphia.. 1,173 1,176 1,185 1,167 141.1 141.2 2.8 3.2 17.5 ! 16.5 Cleveland 1,556 1,612 1,707 1,720 196.0 200.8 4.4 3.8 25.0 j 14.6 Richmond 531 530 567 566 63.3 63.4 1.3 1.4 18.9 I 20.0 Atlanta 511 511 438 441 59.6 59.9 2.1 2.3 24.7 ! 28.2 Chicago 2,506 2, 543 2,214 2,221 342.6 348.5 7.3 1 9.8 15.8 14.4 St. Louis 635 649 536 537 74.4 75.7 2.3 i 2.1 17.3 17.7 Minneapolis. _ 428 423 456 449 51.6 51.3 2.4 2.8 4.3 4.1 Kansas City.. 820 817 383 394 88.1 88.2 4.5 4.6 10.2 8.7 Dallas 593 593 238 238 59.1 58.5 2.4 2.1 10.2 13.2 San Francisco 1,276 1,278 1,738 1,733 173.4 173.4 4.0 | 3.9 7.5 Total. __ 18, 726 18, 707 14,000 13, 936 I 2,406. 6 • 2, 397.1 59.1 59.2 196.2 ! 188. 5 DISCOUNTS OF FEDERAL RESERVE BANKS, BY WEEKS DISCOUNTS OF FEDERAL RESERVE BANKS, BY MONTHS fin thousands of dollars] [Averages of daily figures. In millions of dollars] I Federal reserve bank Nov. 5 I Nov. 12Nov. 19Nov. 26 1930 1929 Federal reserve bank No b v e e r m- October No b v e e r m- Boston > 8,399 | 10,799 13,981 16, 058 N Ph e i w la d Y e o l r p k h ia : i 1 5 8 4 , , 3 0 8 7 7 8 ! i 3 1 2 8 , , 7 4 6 5 8 9 3 18 1 , ,5 3 4 7 6 4 3 2 8 1, , 4 2 5 0 4 5 N Bo ew st o Y n ork 4 1 2 2 . 6 3 3 8 6 .7 9 1 4 5 6 4 .7 9 Cleveland I 24,728 25,002 27,905 30, 649 Philadelphia 19.6 17.5 106.8 Richmond 17,800 ! 17,721 22, 000 29, 341 Cleveland . _ 27.1 25.0 124.4 Atlanta i 23,881 i 22,412 27,496 29, 642 Richmond 21.7 18.9 51.9 Chicago ! 18,370 i 15,902 17,138 19,113 Atlanta 26 6 24 8 59 1 St. Louis i 13,717! 16,246 15,993 14, 708 Chicago 18 5 15.8 139.3 Minneapolis 3,710 I 3,602 3,843 3,812 St. Louis 17 4 17 3 47 1 Kansas City ' 13, 541 | 14,159 12, 832 14,819 Minneapolis - . . 3 8 4.3 28.6 Dallas i 8,991 j 8.450 7,949 8, 286 Kansas city ___.. 14.0 10.3 57.7 San Francisco i 7,165! 6,137 5,980 7, 765 Dallas 8 4 10 2 30 2 Total. ! 212,767 191,657 205,037 233,852 San Francisco 8.9 6.7 106.0 Total . 220.8 196. 4 952.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER. 1930 FEDERAL RESERVE BULLETIN 781 FEDERAL RESERVE BANK DISCOUNT RATES [Rates on all classes and maturities of eligible paper. For back figures see Annual Report for 1929 (Table 32).] 1Federal 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 S r a a n ncisco In effect Jan. 1,1930- VA VA 5 5 5 VA VA 5 5 5 VA Jan.16 Feb. 7 4 4H Feb. 8 4H 4 4^ VA Feb. 11 4H Feb. 13 - 4 Feb. 15 4 M Ma a r r . . 1 1 5 4 '• V/2 4 I Mar. 20 4 | 1 Mar 21 4 Apr. 8 4 Apr. 11 4 Apr 12 4 4 Apr. 15 4 May 2 3 ; May 8 VA June 7 VA ..... ... . . June 20 2H June 21 VA July 3 3 v/ . . _ July 12 2 VA July 18 - VA Aug. 7.. VA Aug. 8 VA Aug 15 VA Sept 9 i VA i Sept. 12 - VA In effect Nov. 30,1930. 3 2V2 VA VA VA VA VA VA VA VA VA RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Loans secured by prime Loans secured by warehouse Federal reserve stock-exchange collateral receipts Interbank loans bank or branch city Se b p e te r m- October No b v e e r m- Se b p e te r m - ! October No b v e e r m- Se b p e te r m- October No b v e e r m- Boston 4M-5 43^-5 5 -5J. 5 -5 4 4 -41/ New York 4 -5 4 -5 4 -5 4 -5 4 -4 4 -4 4 -414 Buffalo 5H-6 5^-6 6 6 5 5 Philadelphia. 43/6-6 4y 2 s 5 -6 5 -6 5 -6 4 -5 4 -4} Cleveland 5 -6 5 -6 5 -6 5 -6 4 -6 4 -6 5 -6 P C i i t n ts c b in u n rg at h i . 5 5 - - 6 6 5 -6 5 5 - - 5 6 > 6 5 -6 5 5 2- - 6 6 5 5 - - 6 6 Richmond 5 4 1 M ^ - -6 6 5/2-6 5 5 - - 5 6 > 5H-6 4 5 H- - 5 6 5 }2 -6 4 5 H - - 5 6 Baltimore 6 5v'\ 5M-6 6 6 f> Charlotte. 5 -6 5 5 -5V 4 -i 4 5 -5 5 -by 5 -5^ N J N B A a e i a t c r l w s k a m h s n v i o O t n i n a l g r v l l e h e i . l a a l m n e s 4 6 6 3 > 4 f - - - 6 7 5 6 K2 6 6 4 0/2-7 -7 6 A 6-7 6 6 6 5 5 3 H ^ - - 6 8 7 5 5 6 5 3 3 ^ ^ ^ - - - 6 6 7 5 0 - - 7 8 5 -6 5 5 5 ^- - - 6 6 6 6 5 5 3^-6 -6 6 6 Chicago 5-6 5-6 5 -6 5 -6 5-6 5 -6 Detroit. 5-53-4 5-6 5 -5 5-6 5-6 5-5^! 5-5J/. 5 -5 St. Louis. 6-7 6-7 6 -7 6-8 6-7 -7 6 6 6 -7 Little Rock 6 53/3-6 6 6 6 5 -5 Louisville. 5-6 5-6 -6 i 4-4^ 4-43 4 -4J- 534-6 53^-6 Minneapolis. 8 8 8 j 6-8 6-8 6 -8 6-8 6-8 6 -8 H K D e e a n l n e v s n e a a r s . . . City 5^-6 8 f 0 > /2 2 - Q 8 5 5 3 ^ ^ 6 -6 8 1 ! 6 6 5 - - - 8 8 6 6 6 5 - - - 8 8 6 6 6 5 - - - 7 8 6 -6 6 6 6 6 Oklahoma City i 6 -6H; 6 6 6 51/2-6 53^-6 O Da m ll a a h s a J 6 6- - 8 7 6 6- - 8 7 5-5 8 3^ 534- 8 6 5 5 - -5 6 3/2 V 5 A-G -5y El Paso. 6 6 5-6 5-6 5 -6 5-6 5-6 0 -6 Houston. 6-7 6-7 6-8 6-8 6 -8 6 6 6 San Antonio. 5-6 5H-6 51^-6 53^-6 5 5 5 San Francisco. 6-6K2 6-7 6-7 0 -7 6 5H-6 6 Los Angeles. /2-63J 6-7 6-7 6 -7 6 6 Portland.. 6-7 6 7 6-7 7 5H-6 6 Salt Lake City 6—63^2 6-6M 7 7 6 6 Seattle 6~63/2 6K>-7 7 7 6 Spokane NOTE.—Rates at which the bulk of the loans of each class were made by representativebanks during week ending 15th ot month. Rates from about 200 banks with loans exceeding $8,000,000,000; reporting banks are usually the largerbanks in their respective cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

782 FEDERAL RESERVE BULLETIN DECEMBER, 1930 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES BY WEEKS [In millions of dollars] Federal Reserve District City Total B to o n s- Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - l A an t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - D la a s l- F c S i r s a a c n n o - Y N o e r w k c C a h g i- o Loans and investments: Nov. 5. 23,511 1,543 9,692 1,294 2,248 657 596 3,359 649 374 659 457 1,982 8,457 2,021 Nov. 12. 23,435 1,524 9,594 1,303 2,248 656 594 3,384 651 369 664 454 1,994 8,363 2,043 Nov. 19 23,494 1,517 9,682 1,292 2,252 654 595 3,388 646 368 658 454 1,989 8,452 2,045 Nov. 26 23,381 1,506 9,639 1,296 2,234 652 596 3,343 644 368 655 451 1,997 8,413 2,003 Loans: Nov. 5 16,806 1,161 6,980 887 1,484 469 450 2,552 485 245 410 339 1,345 6,139 1,530 Nov. 12 16,668 1,138 6,863 892 1,485 467 449 2,550 485 243 414 337 1,345 6,022 1,528 Nov. 19.__ 16, 690 1,127 6,910 887 1,489 466 451 2, 553 484 240 411 336 1,337 6,068 1,528 Nov. 26 16, 527 1,120 6,828 888 1,484 465 452 2,494 478 237 410 334 1,336 1,473 On securites— Nov. 5 8,085 469 3,934 447 720 174 145 1,261 207 78 110 93 447 3,535 908 Nov. 12._. 7,904 459 3,777 448 722 174 142 1,251 208 75 112 92 444 3,377 Nov. 19 7,838 451 3,748 442 721 174 140 1,244 203 77 110 92 437 3,352 AJ1 N ot o h v er . — 26 7,761 450 3,734 445 720 172 141 1,195 193 77 110 91 434 3,342 838 Nov. 5 8,721 692 3,046 440 763 295 305 1,291 278 166 300 246 2,604 621 Nov. 12 8,763 679 3,086 444 763 293 307 1,299 277 167 302 245 901 2,644 632 Nov. 19 8,852 676 3,162 445 768 293 310 1,309 281 164 301 243 899 2,716 640 Nov. 26 8,766 670 3,093 443 765 293 310 1,300 285 161 301 243 902 2,648 Investments: Nov. 5 _ 6,704 382 2,713 407 765 188 146 807 164 129 249 118 637 2,318 1 492 Nov. 12 6,767 386 2,732 411 763 189 145 834 166 126 250 117 649 2,341 516 Nov. 19 6,804 390 2,772 406 763 188 144 835 162' 127 246 118 652 2,384 518 Nov. 26 6,854 387 2,811 408 749 186 144 848 166 131 245 117 662 2,423 530 U. S. Government securities— Nov. 5 3,042 152 1,279 127 77 355 105 330 1,154 200 Nov. 12 3,063 153 1,272 128 365 77 382 38 107 335 1,151 224 Nov. 19 3,105 159 1,318 124 365 77 380 38 104 338 1,200 224 Nov. 26 3,093 155 1,322 125 354 75 35 102 342 1,204 224 All other— i Nov. 5 _. 3,662 230 1,434 280 396 I 110 452 126' 143 307 1,164 i 292 Nov. 12 _ 3,704 233 1,459 283 398 I 111 452 128 143 314 1,191 j 292 Nov. 19 __ „. 3,699 231 1,454 282 398 ! 111 456 125 143 315 1,184 ! 294 Nov. 26— 3,761 231 1,489 283 395 112 469 131 143 320 1,219 | 306 Reserves with FederaQeserve banks: j Nov. 5 1,791 99 857 85 141 ! 40 39 269 57 102 796 | 188 Nov. 12 1,881 105 930 88 136 I 39 36 277 55 110 867 I 196 Nov. 19 1,830 107 890 85 139 40 39 264 56 110 831 186 Nov. 26- _ 1,814 98 889 82 138 40 37 263 54 109 185 Cash in vaults: Nov. 5 223 14 65 13 26 12 9 36 10 18 52 15 Nov. 12 229 14 64 15 29 12 10 34 12 19 50 14 Nov. 19 222 13 64 13 29 11 11 31 11 5 10 7 18 51 13 Nov. 26 237 13 77 15 27 12 10 33 10 5 10 7 19 64 14 Net demand deposits: Nov. 5 __. 13,829 929 6,395 745 1,097 348 315 359 236 477 282 748 5,821 1,304 Nov. 12 __. 14,049 933 6,498 752 1,105 354 316 1,937 363 234 495 283 779 5,924 1,340 Nov. 19 13,974 912 6,579 737 1,086 344 310 1,904 355 233 475 282 759 6,017 1,312 Nov. 26 13,882 881 6,558 737 1,082 344 306 1,878 356 235 464 279 762 5,996 1,288 Time deposits: Nov. 5 7,547 541 2,053 362 1,018 257 1,323 236 142 199 152 1,025 1,495 633 Nov. 12 7,552 536 2,046 369 1,025 257 245 1,318 235 143 199 153 1,027 1,487 629 No.vl9 7,486 540 2,000 369 1,021 254 237 1,318 233 146 199 153 1,015 1,441 628 Nov. 26 7,487 537 1,997 373 1,013 252 235 1,315 241 146 151 1,028 1,440 631 Government deposits: Nov. 5 71 6 20 5 4 1 7 4 18 2 Nov. 12 ._. 48 4 14 3 4 2 1 5 3 12 1 Nov. 19 34 3 10 2 4 3 2 1 2 9 1 Nov. 26 31 3 10 2 4 3 2 1 2 1 Due from banks: Nov. 5 _ 1,627 138 161 105 142 92 258 80 171 215 92 156 Nov. 12 1,672 104 171 103 149 92 276 86 99 185 107 219 97 174 Nov. 19 1,658 121 162 118 138 79 280 77 104 190 103 213 91 187 Nov. 26 1,531 90 151 95 130 79 278 83 94 169 97 196 79 184 Due to banks: Nov. 5 3,606 157 1,310 218 337 124 111 505 127 93 217 118 1,230 358 Nov. 12_.._ _. 3,593 152 1,263 229 337 125 109 508 131 94 215 122 1,183 361 Nov. 19 3,499 141 1,254 227 329 116 102 494 122 90 231 117 277 1,174 350 Nov. 26 3,413 137 1,290 214 316 109 95 469 112 208 114 268 1,215 329 Borrowings from Federal reserve banks: Nov. 5 _ 78 1 33 3 9 24 Nov. 12 61 1 12 3 10 Nov. 19 62 2 10 2 14 Nov. 26 ..._ 84 3 13 2 15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1930 FEDERAL RESERVE BULLETIN 783 BUILDING CONTRACTS AWARDED BUILDING PERMITS ISSUED [Value of contracts in thousands of dollars] [Value of permits in thousands of dollars] 1930 1929 Num- i 1930 1929 Federal reserve district Federal reserve district i berof ! Oct. Sept. Oct. j cities Oct. Sept. Oct. N A P C S M K B R C D t h l o h i e t a a . i e c l i w s i l n n a v l c h l L t s a n a n o a e m a o d s Y e n g t l s a u a e o a o o n i l p n s C r p d d o k h i l t i i 1 y a s _ . . . _ . . . 9 4 2 2 1 5 3 1 ] 1 5 2 5 2 0 1 7 6 1 7 0 , , , , , , , , , , . 3 9 3 0 7 4 0 5 4 0 4 3 0 4 0 2 9 0 2 0 8 2 2 3 5 7 0 0 9 2 2 8 2 1 3 7 8 3 2 2 0 1 2 1 4 3 5 5 6 3 5 0 1 7 0 , , , , , , , , . , , 0 0 0 0 4 3 3 5 0 0 3 1 0 2 8 3 9 0 0 4 7 4 9 9 5 5 4 7 7 1 9 4 3 N B A P C R C S M D K h t o l h i e t a a . i e c l i w s i l n n a l v c L h l t a n s a n o a e m o a d Y s e n g t l u s a e a a o o o i n l p n s C r p d o k d h i l t i i y s a i ; 2 1 1 1 1 1 1 1 2 5 4 9 4 9 4 5 2 5 9 3 1 1 5 6 3 5 6 2 9 4 4 1 4 , , , , , . , , , , , 4 8 0 5 0 0 0 7 4 2 7 8 6 2 0 1 9 6 7 5 9 1 4 6 9 1 6 8 5 6 4 9 2 4 2 1 6 4 3 8 5 2 3 3 4 0 5 , , , . , , , , , . , 7 2 1 2 4 3 3 7 9 6 3 2 2 2 1 9 4 3 8 4 8 0 1 1 8 2 3 0 2 5 5 7 3 6 1 1 4 4 9 7 9 3 1 3 3 0 1 7 , , , , , , , , . , , 0 6 6 4 6 1 5 2 3 5 6 1 6 8 8 8 3 5 5 8 6 7 3 5 5 6 3 4 7 8 5 3 8 Total (11 districts) 337,301 \ 331,804 445,042 San Francisco 20 14,914 18, 2fio 20, 924 I Total , 168 118,215 136,344 i 199,031 Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. BANK DEBITS COMMERCIAL FAILURES i [Debits to •individual accounts. In millions of dollars] [Amounts in thousands of dollars] Number Liabilities Federal reserve district i 1930 1929 1930 i 1929 I Oct. Sept. I Oct. j Oct. Sept. j Oct. New York City Outside New York City. Boston 177 188 211 I 4,996 4,956 ', 3,740 Federal reserve district: I New York 458 329 356 i18,587 8,615 8,314 Boston Jl 2, 767 2, 066 3,847 Philadelphia. _ 122 96 131 i 3, 797 1,939 ' 2,080 New York 7 31, 635 28.101 64, 614 Cleveland 185 148 132 3,470 2,738 •• 1,006 Philadelphia 10 2,246 1,941 3,026 R A i t c la h n m ta ond 1 12 0 1 0 1 1 1 0 4 7 1 9 0 1 4 I ! 3 1 , ,4 0 3 4 1 8 2 1 , ,8 1 3 0 2 4 ! 1 1 , , 0 3 6 2 6 2 C R l i e c v h e m la o n n d d 13 7 j 2,6 8 5 0 4 5 2,4 7 2 0 4 8 3,3 8 4 6 8 5 Chicago 337 335 243 :,8,130 7,000 : 4,514 Atlanta.._ .._ 15 1,059 928 1,317 St. Louis 118 153 124 i 3, 506 4,428 '•1,881 Chicago. 21 5,956 5, 021 8,75S Minneapolis-_. 50 59 56 j 418 921 : 667 St. Louis 5 1,112 1,015 1,521 Kansas City_.. 129 139 113 j 1, 400 2,004 i 1,897 Minneapolis 9 761 772 1,015 Dallas 51 00 47 ! 840 1,321 i 580 Kansas City 15 , 1,388 1,281 1,672 San Francisco. 270 235 214 I 6, 001 8,424 i 3, 647 Dallas 10 694 043 935 Total 2,124 1,9631, 822 56, 297 46,947 ! 31,314 San Francisco JLL 3,404 3,076 4,613 Total. 141 I 54,481 | 48,036 I 95,527 1 Figures reported by R. G. Dun Co. BANK SUSPENSIONS [Banks closed to public permanently or temporarily on account of financial difficulties by order of supervisory authorities or directors of the banks. Deposit figures are for the latest available date prior to suspension and are subject to revision. Figures for the latest month are preliminary] Number of banks Deposits (in thousands of dollars) All banks Members l Nonmembers 2 | All banks Members i Nonmembers i Federal reserve district I 1930 ! 1929 1930 | 1929 1930 Nov. J N a o n v . . - J N a o n v . . - Nov. J N a o n v .- . Nov. J N a o n v .- . Nov. J N a o n v . . - ! i N Ja o n v . . - Nov. J N a o n v .- . Nov. J N a o n v .- . —- — •— I i — Boston 5 ; 21, 902 21,050 New York 6 l\ 2,157 ,19,101 1,158 ! 999 Philadelphia. _ 4 2 2,785 !1.411 2,785 Cleveland 4 37 13 3 i 1,928 41,421 i 8, 301 285 10, 979 1,643 30, 442 Richmond 20 70 50 18 28 I 27,151 50,911 I16,173 3,584 11,168 23, 567 39, 743 Atlanta 16 101 113 13 68 30,589 82,249 1 61, 838 15,050 27, 799 15, 539 54,450 Chicago 14 210 81 10 83I 3,291 82,115l 31, 678 967 11,558 2,324 70, 557 S M t. i n L n o e u a i p s olis. __ 1 2 4 7 1 2 1 4 24 7 i 4 7 1 8 1 2 2 6 4 2 1 2 8 3 8 jl3 3 3,046 1 1 50 9 , , 5 0 6 9 1 7 i i 1 8 4 , , 2 6 3 5 9 8 86, G 26 6 2 5 91 1, , 5 0 3 9 7 4 46 4 , , 7 0 0 8 9 1 6 1 8 7 , , 5 5 6 6 7 0 Kansas City... 10 119 | 181 8 114 I 4,97127,946 i35, 341 250 7,978 1, 581 19,968 Dallas 34 10 2 105 I 1,83115,350 '.1,931 185 11, 484 975 3,866 San Francisco. 15 15 1 2 1 0 1 1,1 1 6 15 0 9,892 I20,131 5,183 115 4,709 Total.. 981 590 31 129 205 852 204,082 515,486 ;218,802 107, 548 180, 790 96,534 ' 334,696 1 November figures include 25 national banks with deposits of $68,837,000 and 6 State bank members with deposits of $38,711,000; January to November, 1930, figures include 111 national banks with deposits of $134,664,000 and 18 State bank members with deposits of $46,126,000. 2 Includes private banks for which deposit figures are not available, as follows: November, none; January to November, 1930, 4 banks. 25186—30 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

784 FEDERAL RESERVE BULLETIN DECEMBER, 1930 NOVEMBER CROP REPORT [Based on estimates, by States, for Nov. 1* as made by the Department of Agriculture] fin thousands of units] Corn Total wheat Spring wheat Oats Federal reserve district Produc- Estimate, Produc- Estimate, Produc- Estimate, Produc- Estimate, tion, 1929 Nov. 1,1930 tion, 1929 Nov. 1,1930 tion. 1929 Nov. 1,1930 tion, 1929 Nov. 1,1930 Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston _. 8,818 9,459 110 98 110 98 8,722 9,788 New York.... 24,625 25,187 5,373 6,545 136 176 25,937 47,542 Philadelphia- 42,371 28,017 18,620 22,954 99 119 18,771 25,046 Cleveland 170,082 109, 408 38, 539 35,866 97 104 64,498 83,464 Richmond 148,109 106, 596 26,147 29,278 26,875 26,0C0 Atlanta 174,605 129, 650 4,144 3,717 15,814 15,313 Chicago 880,741 731, 750 62,550 69,054 4,410 6,040 501,169 568,452 St. Louis 312,957 185, 806 44,676 417 610 51,166 63,130 Minneapolis.. 294, 781 254, 323 184,665 189,929 172,350 178,876 283,837 310, 654 Kansas City.. 445,415 402,125 267,493 290,807 12,187 11, 530 152,447 168,185 Dallas „ 101,149 100, 974 39,923 28, 622 343 257 49,434 55, 352 San Francisco 10,654 11,186 113, 550 113,799 37,857 44,410 34,904 37, 775 Total- 2, 614,307 2, 094, 481 805, 790 839,612 228,006 242, 220 1,233,574 ! 1,410,761 Tame hay Tobacco White potatoes Cotton Federal reserve district Produc- Estimate, Produc- Estimate, ! Produc- Estimate. Produc- Estimate, tion, 1929 Nov. 1,1930 tion, 1929 Nov. 1,1930, tion, 1929 Nov. 1,1930 tion, 1929 Nov. 1,1930 Tons Tons Pounds Pounds Bushels Bushels Bales Bales Boston _ 4,981 4,912 38,406 43,571 58, 593 56, 748 New York 6,958 6,370 1,078 1,090 28,010 36, 330 Philadelphia.. 3,061 2,632 47,601 38,104 23, 623 22,963 Cleveland 7,168 4,137 149,879 139,920 19,695 17,094 Richmond 4,190 2,552 726,638 752.171 37,845 33, 677 1,625 1,909 Atlanta 2,890 2,425 185,390 209, 277 11,964 11,986 3,468 3,787 Chicago 23,333 16, 722 46,360 48,820 44,914 38, 742 St. Louis 9,105 5, 763 316, 507 278,162 13,313 15, 684 2 3,306 3 2, 436 Minneapolis.. 12,190 10,360 4,508 4,530 47, 707 41,167 Kansas City.. 12,348 11,770 2,714 3,136 31,933 38, 717 1,169 944 Dallas 1,284 1, 257 3,122 4,406 4,862 4,983 San Francisco 14, 278 15,171 39,077 50,930 379 Total. _. 101, 786 84,071 1.519,081 1,518,781 ! 359,796 368, 444 14,828 14, 438 1 Figures for spring wheat, oats, and tame hay from estimates for Oct. 1; for winter wheat, included in total wheat, from estimate for Aug. 1; no estimates made for Nov. 1. 2 Includes 9,000 bales grown in miscellaneous territory. 3 Includes 5,000 bales grown in miscellaneous territory. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1930 FEDERAL RESERVE BULLETIN 785 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE NATIONAL BANK OF DENMARK The annual report of the National Bank of latter were not obliged to reduce interest rates Denmark for the year ended July 31, 1930, was on their deposits to any considerable extent, presented to the general meeting of share- inasmuch as the return on their investments holders on September 20, 1930. Sections of underwent only slight fluctuations. From time the report dealing with discount policy, price to time the central banks tried to foster an movements, interest rates, and the gold policy upward movement in bond prices and thus to of the bank, are given herewith:1 bring about a reduction in interest rates of savings institutions. No results of importance Discount policy.—A few days after the were accomplished along this line, however, annual report for the year 1928-29 was subbecause of the general situation in the intermitted', the upward movement of discount national money market. rates, which had marked the situation in the international money market for several months The margin between interest rates for short previous, reached its climax when the Bank of and long term funds was reflected in the rates England raised its rate to 6K per cent on Sep- established by those central banks which tember 26, 1929. As noted in our last report, quote, besides the discount rate, other official this rise in the level of rates abroad had to be rates on advances. It is always difficult to reckoned with in Denmark; and although the compare the situation in the money markets banking situation was such as to enable this of different countries, because of differences in country to meet for a considerable period the the organization of the market and the posidifficulties arising out of the increased margin tion of the central bank; it should be noted, between the Danish rate of 5 per cent and the however, that the Bank of France, for exhigher English rate, the National Bank never- ample, with a discount rate of 2}i per cent, theless thought it prudent to counteract the kept its rates on advances on collateral at 4% effects to some extent. The bank therefore per cent, and to this latter figure must also be raised its discount rate to 5}i per cent on added the transfer tax of four-tenths of 1 per December 27; on the same day the Swedish cent. Similar differences, though less marked, Riksbank advanced its rate from 4% to 5% are shown in the rates on advances of the Bank per cent, and the Norges Bank from 5% to 6 of Netherlands; while the discount rates, as per cent. well as the low rates for bills of exchange in the open markets, are generally lower than the With these advances, the upward movement rates charged by the banks for other forms of came to an end and was followed, some time advances (advances on security, current acafter the crisis on the New York Stock Excounts, advances in current account, etc.). change in October, 1929, by a decline which In this country, where the bond market is of carried the rates down to their present level. exceptional importance, and so long as the This decline was not only very abrupt, but National Bank chooses to quote one rate only, was also notable for the fact that it applied at which it discounts prime bills and grants chiefly to short-term funds, whereas securities advances on securities and advances under other with fixed yield followed the movement only forms, it has seemed necessary to keep the very gradually. Thus the decline of the indiscount rate closer to the interest rate on terest rate on bonds, according to computabonds than in cases where the rate applies only tions made by a number of countries (the to short-term funds. Accordingly, the Na- United States, England, the Netherlands, tional Bank stopped the reduction of the dis- France, Germany, and Denmark), amounted count rate at 4 per cent, which has thus been to only from one-fourth to one-half of 1 per in force since May 3, 1930. cent. A considerable margin was thus created Price movements and foreign trade.—The between rates of interest on bank deposits and decline in international rates of interest followed the rate on bonds in several countries (Gera course parallel to, and was party caused by, many, Sweden, and Denmark, for example); the decline in prices which began in July, 1929, this caused friction between the commercial primarily as the result of the fall in the price of banks and the savings institutions, because the grain, and became still more pronounced at the time of the crash on the American stock market i The report, available in French, cortain^ in addition sections dealing with the international situation and with the operations of the bank in in October of the same year. The various detail, ?s well as a number of tables. For earlier reports, see FEDERAL wholesale price indexes differed, of course, to RESERVE BULLETIN, December, 1929 and 192S. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

786 FEDERAL RESERVE BULLETIN DECEMBER, 1930 some extent, but the decline from July, 1929, in the following table, which shows the average to July, 1930, might be estimated at about 15 of monthly indexes of wholesale prices for the per cent. The central banks endeavored to past two years: check the price decline by the reduction in discount rates which has been mentioned, but this 1929-30 | 1928-29 Decline reduction led in turn to a renewed discussion of the importance of gold in international set- Raw materials and semimanufactured tlements. This question has become of the commodities 121 : 134 13 greatest importance — especially in England Commodities for consumption 161 ' 170 9 Commodities imported 137 ! 148 11 where large purchases of gold for account of Commodities exported 141 i 146 5 the Bank of France have made it difficult for the Bank of England to replenish its gold re- It should be borne in mind, however, that serves after the losses to the United States duronly when the year is considered as a whole is ing the stock exchange boom, and to Germany the situation seen in so favorable a light. If, during the negotiations over the Young plan. for instance, the indexes for July, 1929, are The export of gold from London caused some compared with those of July, 1930, the index anxiety at one time lest England should be of imported commodities has declined from 145 compelled to abandon the low discount rate to 126, or by 19 points; whereas the index of which she had established; this would have exported commodities has declined from 150 to resulted in a further depression of the economic 122, or by 28 points, as a result of the decline situation both in England and in those countries in the price of butter and lard. Moreover, in with which she had close relations. It is, spite of the favorable change which took place therefore, entirely reasonable to hope that the in these prices from 1928-29 to 1929-30, our Bank for International Settlements, which foreign trade shows results for the past year began operations in June of the current year, which are considerably below those for the year may be able to induce the central banks to 1928-29; and excess imports amounted to come to an agreement on the subject of gold 115,000,000 kroner ($30,820,000) in 1929-30 policy, of such character that the various as against 43,000,000 kroner ($15,240,000) in countries will maintain only so much of a stock 1928-29. This has been due to the increase in of -gold as is actually necessary for their needs, imports. and may be able to intervene in any markets [In millions of kroner] which are suffering particularly from gold movements and may moderate the disastrous 1929-30 1928-29 effects of such movements. Although in a number of countries the eco- Imports 1,802 1,727 nomic depression seems by no means to have Expo D r a ts n : ish commodities. 1,589 1,583 reached its climax, the situation of Denmark Foreign commodities. 100 101 Excess of imports 115 43 has by contrast been rather favorable during the past year. It is true, of course, that prices in Denmark have followed somewhat closely the That the value of imports has risen in spite trend of prices in other countries on the gold of the fall in prices is due to the increasing standard, and Danish shipping has suffered as importation of lumber and iron, (for example, a result of the depression in commerce; but in for the construction of dwellings), of autogeneral the price decline has affected to a more mobiles, of gasoline and other fuel oils, of marked degree those commodities which we im- commodities for consumption properly soport rather than those which we export—the called (provisions). This increased consumpraw materials which we do not produce (or pro- tion of foreign commodities is clearly reflected duce only in very limited quantity) rather than in the volume of foreign balances of the banks, manufactured commodities which our national which have been reduced by about 40,000,000 industry and agriculture supply to our own or kroner ($10,720,000) during the course of the to foreign markets. This situation is reflected year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

787 DECEMBER, 1930 FEDERAL RESERVE BULLETIN [In millions of kroner] [In millions of kroner i Nati J o u n l a y l 3 B 1 ank, Priv J a u t l e y b 3 a 1 nks, J T u o ly ta 3 l, 1 Di a s d c J o v u a u ly n n c t 3 s e 1 ? a , nd Tota J l u d ly e p 3 o 1 sits, 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 Due from foreign correspondents 66.5 91.6 122.6 138.0 189.1 229.6 Three leading banks ! 817 809 947 934 Due to foreign cor- Other private bpnks... i 1,001 965 1,063 1,018 respondents 0.5 2.0 65.5 66.4 66.0 68.4 Total j 1,818 1,774 2,010 1,952 Net balances. _ 66.0 89.6 57.1 71.6 123.1 161.2 Thus the national money market has been A considerable part of the excess imports, w^ell supplied with funds, and the National therefore, was not covered by current receipts Bank has been able, through its purchases of in the balance of payments or by the flotation bonds, to make the low discount rate effective. of loans, but had to be covered by means of While the rates of interest charged on advances the foreign balances of the banks, especially by the banks have generally followed the disby those of the National Bank. This was count rate rather closely—that is to say, they made possible by the fact that the National have shown a reduction of 1 per cent during Bank, through expansion of its advances, made the course of the year—interest rates on dea large volume of purchasing power available posits have been reduced in the majority of cases to the market, which employed it to buy foreign by one-half of 1 per cent; and this, according exchange. The following table shows the to the best information available, is true also movement of advances (in the broad sense of for the majority of savings banks. the word) of the National Bank: The rates of interest on bonds were less affected, as was noted above, inasmuch as the [In millions of kroner] effective rate on these investments was reduced by only about one-fourth of 1 per cent during July 31, July 31, the course of the year. This may be due to 1930 1929 the fact that, in spite of the slight advance in Mortgage loans 3.4 3.8 the price of bonds—the bond price index rose Advances on collateral and real estate bonds. 8.0 9.9 from 93.3 in July, 1929, to 97.1 in July, 1930— Advances on securities 40.2 30.3 Advances guaranteed by the State 3.1 1.1 the net increase in the volume of mortgage Liquidation office of 1910 1.1 bonds nevertheless amounted to 39,000,000 Danish bills 46.0 48.5 Current accounts 52.1 60.5 kroner ($10,452,000) more in 1929-30 than in Bonds and shares 51.5 28.9 1928-29 (being 276,000,000 kroner and 237,- Total . 204.3 184.1 000,000 kroner, respectively). The effects of such purchases as the National Bank felt Demand deposits of the private banks with justified in making were, therefore, considerthe National Bank have also been reduced by ably lessened by this augmentation of the about 8,000,000 kroner ($2,144,000), partly for enormous volume of bonds outstanding on our conversion into foreign exchange. market. Yet it would have been dangerous The money market.—While the greater part for the bank to undertake much larger purof the increase in the advances of the National chases of bonds, in view of drafts upon its Bank has been converted into foreign exchange, foreign exchange holdings, described above, it may be presumed that a smaller part re- for the purpose of covering the deficit in the mains on deposit with the banks, inasmuch as balance of payments—all the more as it was their deposits have risen by about 58,000,000 necessary to reckon with the possibility that kroner ($15,544,000), while advances have the world-wide depression might make itself risen by 44,000,000 kroner ($11,792,000). felt more keenly in Denmark, in which case Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

788 FEDERAL RESERVE BULLETIN DECEMBER, 1930 it would be necessary to afford some meas- among the three Scandinavian banks of issue ure of protection to the portfolio of foreign have also indicated that, in view of the great bills. differences which have been gradually intro- The fact that is has been difficult to lower duced into the structure of the money markets bond yields, and the resulting spread between of the three countries, there might be serious rates of interest paid on bank deposits and disadvantages in coordinating the discount and those paid on deposits in savings institutions, credit policy of the three countries so closely has constituted an argument against creating, that it would be necessary to give the three by successive reductions, too great a disparity Scandinavian crowns an absolutely uniform between the discount rate and the prevailing international value. On the other hand, it return on bonds. Although the bank was may be supposed that no national economy persuaded that it should follow the international attaches any decisive importance to such unimovement of discount rates in a falling market formity, inasmuch as the system of the gold during the spring, it did so in order to maintain standard renders impossible any great fluctuapractically the same level as the other Scan- tions in the exchanges. dinavian countries and because it wished to contribute to the reduction of interest rates BALANCE SHEET OF THE DANISH NATIONAL BANK AS OF on advances to the extent which, in the nature JULY 31, 1930 of the case, could be accomplished by reductions in the official discount rate. Furthermore, it j Kroner Dollarsl was desirable to avoid the disturbance which (in thou- (in thousands) sands) might take place in the Danish money market if the reduction of the discount rate were RESOURCES •delayed while commercial circles felt that they Gold: had reason to expect it. Scandinavian gold coin 22, 799 6,110 Foreign gold coin 81, 095 21.733 Gold policy and the Scandinavian Monetary Gold bars 2,558 686 Union.—Although the Danish level of interest Gold at mint 65,701 17,624 rates has reflected to a marked extent the 172,213 46,153 Demand deposits with the Sveriges Riksbank, influence of the international market, the Norges Bank, and Reichsbank, Berlin 324 87 question of gold has not become acute with us Subsidiary coin 7,288 1,953 Due from foreign correspondents 62,618 16, 782 because the National Bank has protected its Foreign currencies and bills 3, 543 950 gold reserve by sales of foreign exchange, and Danish bills 45, 959 12, 317 Current accounts— _ 52,117 13, 967 the quotation of the Danish krone has at no Mortgage loans 3,390 909 Advances on real estate bonds 8,035 2,153 time been high enough to permit the importa- Advances on other securities 40,206 10,775 tion of gold. We have, however, thought it Advances guaranteed by the State 3,123 837 Securities 51,478 13,796 advisable, especially in view of the interest Bank premises 6, 073 1,628 Pension fund 5,816 1,559 which this entire question has assumed for Other assets 2,134 572 England, and in view of the importance which Total resources.. 464,318 124,437 the Bank of England attaches to it, that LIABILITIES Denmark should for the time being maintain unchanged her system of conversion into gold N D o em tes a n in d c d i e r p cu o l s a it t s ion 3 2 4 5 7, , 2 3 4 7 6 7 93 6 , , 8 0 0 6 1 2 bars which is in force at present, in order to Current accounts 3,000 804 Government account 14, 527 3,893 further, even though to a slight degree, economy Due to foreign correspondents- 540 ' 145 in the use of gold. So long as this is the case, C C a a s p h it i a e l r's checks outstanding... 27,0 1 0 1 0 0 7,2 2 3 9 6 and so long as the system of a uniform frac- Surplus 12,060 3,232 Undivided profits 6,135 1,644 tional currency has not been adopted in the Reserve for dividends 20,290 5,438 three Scandinavian countries, the conditions Pension fund 6,104 I,6o6 Other liabilities 1,930 517 necessary for the reestablishment of the Total liabilities. 464,318 124,437 Scandinavian Monetary Union will remain unfulfilled. The conversations of the past year 1 Conversion at par: 1 krone= $0,268. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1930 FEDERAL RESERVE BULLETIN 789 ANNUAL REPORT OF THE COLOMBIAN BANK OF THE REPUBLIC The annual report of the Colombian Bank consequences was the inaction of the previous of the Republic for the year ended June 30, Congress, which solved none of the grave 1930, was presented to the board of directors on problems confronting the nation, nor enacted July 20, 1930. Sections of the report dealing any of the remedial measures demanded by with the economic situation of the country, national opinion for alleviating the crisis. national finance, and banking policies are given Among the measures advocated were immediate herewith:* reduction in public expenditure, and a budget drawn up and balanced according to actual Economic depression.—The period reviewed necessities; scientific organization of the deby this report has been one of serious difficulties partment of public works, both as to projects for Colombia from both an economic and a and management; carefully thought-out legislafiscal point of view. These difficulties have tion on petroleum, which should assure the been aggravated to a large degree by the interexploitation of this national resource and national recession in business, which made contribute to the public treasury; and authoriitself felt with special severity in the coffee zation to establish a fiscal agency abroad— industry, the basis of our foreign trade and the this being indispensable for maintaining the foundation of our economic life. This decline nation's credit. in the price of coffee, which amounted to about 30 per cent during the year, came at the Recommendations of the special commitprecise moment when imports were at their tee.—Inasmuch as the National Congress had highest level as a result of large external loans recessed without passing the budget for the floated in 1927 and 1928, and when conditions period under review, and in the face of an prevailing in the foreign bond markets had exceedingly difficult fiscal situation, the Govmade it necessary to suspend such credit ernment appointed a special committee comoperations. The violent disorder which these posed of three cabinet ministers, the compevents produced in the commercial balance of troller, the managers of the Bank of the Repubthe country made it necessary to draw upon the lic and the Agricultural Mortgage Bank, and metallic reserves of the Bank of the Republic one member of each of the legislative chambers, in order to meet our foreign commitments. to study and to draw up a budget which, The withdrawal of gold automatically caused a although observing the normal legal restricsharp contraction in the volume of notes in tions, might meet the emergency. The comcirculation, and this in turn brought its logical mittee worked faithfully at its difficult task and consequences—a general reduction in prices had the constant assistance of the President and salaries, restriction of consumption and and members of the cabinet. They made an therefore of sales, paralysis of all commerce estimate of revenues based on a " minutely cauwith its inevitable accompaniment of enor- tious and guarded study of the probabilities in mously increased unemployment, and lowered perspective"; and they estimated expenditures standards of living for the general public. No at an amount considerably less than that public works could be undertaken as relief presented to Congress by the Government. measures, because the supply of funds from This enabled the Government to appropriate foreign loans, which were used to finance them, the anticipated surplus for payments immedihad been stopped. Added to this was the fact ately due and forming part of the deficit that the ordinary income of the nation barely brought forward from previous fiscal yeais. sufficed to cover the most urgent general ex- The results of the budget were not all that penses, inasmuch as the almost complete might have been desired, because the Governstoppage of sales had greatly reduced the ment lacked authority to reduce the salaries of proceeds of customhouse duties, which are the employees and to introduce economies in principal source of revenue. certain branches of public expenditure, such as the administration of justice. Moreover, sev- Political factors.—This difficult situation eral measures proposed by the committee for was further adversely affected by the political reduction of expenditure were ineffective, as agitation which accompanied the approach ng they required the express authorization of Conpresidential election and which threatened gress to make them operative. These circumto disturb public order. One of its worst stances, in addition to the fact that the decline in revenues during the first half of the year i Taken with some textual revision from the English translation pub- exceeded even the most cautious calculations, lished by the bank. In addition, the report, contains sections dealing with the recent elections, recommendations for economic improvement continue to aggravate the fiscal situation. and for education, personnel, and operations of the bank in detail. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

790 FEDERAL RESERVE BULLETIN DECEMBER, 1930 Post-election improvement.—The result of at times of greatest fiscal difficulty, our public the election, the comprehensive program of bodies have fully met their foreign-credit oblithe President-elect, and his repeated promises gations—not only the national Government, to establish a Government of a genuinely but also the departmental governments and national character with the assistance of all municipalities. In this respect they have well-meaning citizens, contributed greatly to followed the custom established by this country relieve the misgivings of the people and to during the World War, when Colombia conreestablish confidence. Immediately after the tinued to fulfill its international obligations election a marked decline in the demand for with unfailing punctuality, although nearly all drafts on foreign centers was noticeable. other nations found themselves obliged to Later, during May and June, a considerable delay their payments in varying degrees. increase took place in the metallic reserves of The period reviewed briefly thus proved a the Bank of the Republic, indicating that the severe test for Colombia; at the same time it funds which many apprehensive persons had. furnished valuable experience which will help converted into gold during the previous period, the country to proceed in future with more and had hoarded or sent abroad, were returning caution, and therefore with greater ability. It to circulation. A sharp decrease in imports into is possible now to perceive clearly what errors the country also contributed to this reaction. were committed and what are the real neces- During the first four months of the year im- sities of the country. ports amounted to only 19,000,000 pesos Measures for rehabilitation of foreign credit.— ($18,493,000), so that, even allowing for a con- The rehabilitation of the nation's foreign credit siderable increase from now on, the total for the is one of the most important and most urgent year will probably not exceed 70,000,000 pesos needs. To achieve this end strict compliance ($68,131,000). In this case the adverse com- with our contractual obligations is obviously mercial balance which we have experienced in not sufficient; sincere and serious considerarecent times will be changed to a balance in tion must be given to matters involving revenue our favor. and expenditure, and strict technical control, Successful functioning of the central bank.— combined with judicious handling, must be Two facts should be emphasized in reviewing the exercised over the use of funds obtained through incidents of the year as having an important loans [and allocated to public works]. influence on the nation's credit. The first is In order to secure proper consideration of the satisfactory manner in which the central expenditure it will be necessary to embody in bank, during the grave crisis through which the the constitution the provisions of law No. 34 country has passed, was enabled to fulfill its of the year 1923; withdraw from members of essential functions. As the result of a conserv- Parliament the right to propose expenditure ative, wise, and far-seeing policy pursued or financial assistance of any nature, leaving during times of prosperity, the Bank of the such proposals exclusively in the hands of the Republic was able at all times to effect the Minister of Finance; create the post of Chief of redemption of its notes in gold and to meet the the Budget (Director del Presupuesto), indemand for bills of exchange, in spite of the vesting this official with fullest powers, includfact that its metallic reserves declined in 18 ing the authority to visit and inspect the months by 30,000,000 pesos ($29,199,000), or ministries and their dependent offices. The about 50 per cent. This was a perfectly Chief of the Budget would be appointed by the normal development, because it is just to meet President of the Republic, would act exclusuch emergencies that reserves are built up in sively on his instructions, and would make to prosperous periods. The bank was at all times him final recommendations in all matters conin a position to assist affiliated institutions in cerning the estimates of expenditure of the case a panic should arise; this, indeed, appeared different ministerial offices. These measures quite likely on several occasions in view of may appear to be excessively severe, but it is the lack of confidence which existed among the necessary to bear in mind the chaotic state of public. The course adopted by the bank kept our finances resulting from lavish parliamentary the foreign exchanges stable throughout the decrees of assistance and expenditure, which crisis—a result that not all the nations in Amer- have produced continual deficits in recent fiscal ica were able to achieve, since Argentina, one of years in spite of the steady and considerable the richest and most prosperous, was obliged increase in public revenues. to close its conversion office. Regarding the necessity of proper control Foreign obligations fully met.—The second over funds allocated to public works, no argufact which should be emphasized is that, even ment is needed. The public realizes that they Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

791 DECEMBER, 1930 FEDERAL RESERVE BULLETIN have been mismanaged; that purely local unhesitatingly accepted the loss involved in the interests have often determined the under- operation. taking and completion of these works. Un- Credit policy.—The credit policy of the bank doubtedly, any prospective lenders will first during the period covered by this report was wish to know for what purpose and in what governed by many factors, chief among which manner their funds are to be used. were the movements of gold to and from the Another factor which would aid greatly in bank and the fluctuating volume of the bank's the reestablishment and maintenance of exter- credit operations. Credit policy was reflected nal credit is the creation of fiscal agencies in especially in changes of discount rates. foreign countries. These should be first-class For reasons stated in the previous report, firms of high financial standing in their respec- the bank raised the discount rate in March, tive countries, who would make the interests 1929, to 8 per cent after it had stood at 7 per of Colombia their own, and would use their cent for several years. The principal reason nfluence to create a favorable impression re- for the advance was the continued fall in the garding this country and to advise and support institution's gold reserves. In July, 1929, howit in all ts credit operations. Many nations, ever, when the bank's credit operations had indeed, owe their high credit standing to the declined to 11,500,000 pesos ($11,193,000), and wise choice of a competent fiscal agency of reserves once more exceeded 100 per cent in high standing. relation to demand liabilities, the discount rate In connection with external loans there is a was restored to 7 per cent. Unfortunately, point which should be carefully considered— this rate could not long be maintained, inasnamely, that the bank of issue should be con- much as in August the general situation again sulted when such arrangements are being made, became acute, causing an increase in discounts whether the loans are floated for public bodies and a corresponding decrease in the gold reor private credit institutions. The annual re- serves. Another occurrence about this time port of the bank for 1927, after calling attention also affected the situation adversely—namely, to the risks involved in such operations, made the sudden and unexpected action of the Fedthe following recommendation: eral Reserve Bank of New York in raising its discount rate to 6 per cent, a level which had It appears reasonable, in connection with the not been reached by that institution since the raising of loans, that the Bank of the Republic should crisis of 1921. This measure, by giving still be consulted and its advice followed in regard to the further cause for uncertainty and apprehension opportuneness, convenience, and conditions of each negotiation, as it must be remembered that the bank in addition to the factors already affecting the is entrusted with the control of the monetary circula- commerce of this country, accentuated and tion and the stability of the foreign exchange, on which aggravated the depression. external loans may exert a decisive influence. Under these circumstances prudence and Operations with the National Government.— good banking technique justified the advance The difficult fiscal situation of recent months of the discount rate to 8 per cent on October has led the Government on frequent occasions 9 and the further advance to 9 per cent on to apply to the bank for discount of treasury November 19. On both occasions the rate for bills in order to meet its most immediate discount of obligations guaranteed by agrarian obligations. The bank has always considered Hen, produce, or livestock was fixed at 1 per such requests to the full extent permitted by cent lower than the discount rate in order to law, and in certain operations has made assist agricultural production even under the special concessions to the Government in the prevailing unfavorable conditions. rate of interest. Desiring to render all pos- These high rates—which were, however, not sible assistance in the present difficult times, so high as those in force during the first year the bank went so far as to sell, at a discount, of the bank's establishment—were maintained practically its total holding of bonds of the until May, 1930, when, in view of the improvepublic debt, which had previously been acquired ment in volume and ratio of the metallic refor investment. Thus, of its total holdings of serves as well as of the marked decline of dis- 442,800 pesos ($430,980) of bonds of the Col-count rates in the world's monetary centers, ombian internal debt, the bank had in its pos- the discount rate of the Bank of the Republic session on June 30 last only 42,800 pesos was reduced to 8 per cent and the rate for opera- ($41,660). This action enabled the bank to tions guaranteed by agricultural produce or expand the scope of its operations with the livestock to 7 per cent. Government to the extent of these bond sales. Since this reduction several suggestions have For the sake of the national welfare, the bank been made to the bank by the press and by 25186—30 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

792 FEDERAL RESERVE BULLETIN DECEMBER, 1930 important bodies for still further reduction in its information service. The bank realizes the interest rate. Under existing economic and that only by possessing exact and detailed financial conditions in this country such a step information respecting every firm will it be appears inadvisable. It is sincerely to be hoped, able to fix with justice the amount of credit however, that a favorable change may shortly which each firm should receive and to know take place in these conditions and justify such exactly the object for which the proceeds will reduction, which would be of great benefit to be used. Unfortunately, in this country the the general situation. purposes and principles of banking are not The organic law of the Bank of the Republic, generally understood. The Bank of the Refollowing the* accepted principles of banking public, accordingly, incurs the deep resentment technique, prohibits the bank from granting of firms to whom discounting must be refused discounts if the proceeds are intended for specu- because the funds so obtained are intended for lative purposes or for permanent investment. uses outside the scope of the bank's legitimate This is not a condemnation of such operations, activities; or firms who feel that they should but merely a recognition of the fact that such receive larger credits than have been assigned paper is unsuitable for inclusion in the port- to them. folio of a bank of issue, which should at all Operations with member banks.—Owing to times maintain a liquid position and use its the crisis, the deposits of private banks with the resources exclusively to assist industry and Bank of the Republic declined in proportion to commerce. The Bank of the Republic has the reduced deposits which the private banks always endeavored to comply faithfully with received from the public; this, in turn, lowered this provision, and has accordingly made every the "basic line" fixed by the Bank of the effort to find out for what purpose the proceeds Republic and representing the volume of its of discounting are intended. This feeling of operations with member banks. Although this responsibility is shared to a great extent by all line does not represent a rigid maximum for banks of issue, as is indicated by the following such operations, and may be passed by applyextract from the annual report just published ing a slightly higher discount rate it was conby the Federal Reserve Board, Washington, sidered advisable, in order to facilitate comcovering the operations of the Federal reserve merce, to raise the basic line by 20 per cent banks in the United States: during the last few months as a temporary measure. The augmented limit thus fixed for The protection of Federal reserve credit against diverthe month of July amounted to nearly sion into channels of speculation constitutes the most difficult and urgent problem confronting the Federal 24,000,000 pesos ($23,359,000), whereas the reserve system in its effort to work out a technique loans and discounts granted to member banks of credit control that shall bring to the country such amounted to slightly more than half this total. steadiness of credit conditions and such maintenance of economic stability as may be expected to result from BALANCE SHEET OF THE BANK OF THE REPUBLIC AS OF competent administration of the resources of the JUNE 30, 1930 system. With us the problem presents more serious Dollars » difficulties than in any other country, as a (in thou- (in thousands) sands) result of the small volume of strictly commercial operations and the nonexistence of nego- RESOURCES tiable instruments such as bankers' and trade Reserves: Gold coin 16,840 16,390 acceptances. Bullion 3,673 3,575 Credit operations are usually effected in this Colombian paper money 192 187 Subsidiary coin 1,059 1,031 country by means of promissory notes at 90 Treasury notes Treasury bonds days, with two signatures, one of which is Bonds and coupons of internal debt. usually given as a favor or accommodation. Frivate bank notes Such procedure gives no indication of the use 21,770 21,189 for which the proceeds of the operation are Foreign balances: intended. The bank of issue, therefore, must Demand deposits. 9,621 9,364 Time deposits 1,028 1,001 rely on the statement of the establishment 10,649 10,365 applying for rediscount. These statements are frequently unreliable, inasmuch as private Loans to member banks: Falling due within 30 days. 203 198 banks are naturally more interested in the Falling due within GO days_ security of a discount than in its purpose. Falling due within 90 days. 58 56 Desiring to correct this situation the Bank of 261 254the Republic is trying in every way to improve 1 Converted at par of exchange: 1 peso—$0.9733. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1930 FEDERAL RESERVE BULLETIN 793 BALANCE SHEET OF THE BANK OF THE REPUBLIC AS OF BALANCE SHEET OF THE BANK OF THE REPUBLIC AS OF JUNE 30, 1930—Continued JUNE 30, 1930—Continued Pesos Dollars Dollars (in thou- (in thou- (in thou- (in thousands) sands) sands) RESOURCES—continued LIABILITIES Discounts to member banks: Notes in circuit tion 30,776 i 29,954 F F a a l l l l i i n n g g d d u u e e w w i i t t h h i i n n 3 6 0 0 d d a a y y s s . . 4 3 , ,8 4 1 0 0 6 3 4 , , 7 2 0 8 8 8 Treasury notes in circulation. 26 J 25 Falling due within 90 days. 4,463 4,344 Deposits: Falling due after 90 days... 579 564 Member banks 3,650 ! 3,553 National Government 998 ; 971 13,257 12,903 J udicial 328 . 319 Other official bodies 330 i 321 X-oans to National Government: Individual 575 ! 560, Falling due within 30 days... 1,290 1,256 Amortization of Treasury bonds 1 1 Falling due within 60 <iays__. 1,200 1,168 Amortization of notes of private banks. 0 9 Falling due within 90 days... 1,557 1,515 5,891 5,734 4,047 3,939 Managers' checks 2 Sund, y creditors 42 Goyernment securities 43 42 National Government—internal debt.. Office furniture, etc 57 55 Bank buildings ,746 1,699 36, 746 35.765 Amounts receivable 21 20 Interest receivable 66 64 Dollar accounts: Sundry debtors 298 I 290 National Government—external debt. 551 536 Investments of the staff gratuity and pension fund. 49 48 Judicial deposits 1 1 Investments of the staff life insurance fund 13 13 552 537 Total resources.. 52,278 50,882 Branches and agencies (balance) _ 8 8 Contra accounts Interest received in advance 170 165 Profit and loss__-- 782 761 Securities in custody 14,501 14,114 Capital. 11,736 11,423 Securities in guarantee 1,409 1.371 "Reserve fund 1,897 1,846 Exchange of national coins and notes fund.. 612 ' 596 Reserves 387 377 Unissued bank notes 47, 750 46,475 Deposits with the banking superintendent.. 5 5 Total liabilities.. PA 278 50,8*2 Securities in custody with affiliated banks.. 2,203 2,144 National notes withdrawn from circulation. 19 18 Contra accounts 75, 707 73, 686 Deposits with the municipality 4 4 Securities in custody with banks abroad 7,004 6,817 Forward exchange contracts 2,200 2,111 Per cent 75,707 73,686 Legal reserve (art. 18, law 25 of 1923, 60 per cent) 79. 57 Total reserves 86.72 ANNUAL REPORT OF THE BANK OF JAVA The annual report of the president of the tively speaking, the raising or lowering of the Java Bank for the year ended March 31, 1930, rates of interest in the international markets was presented to the general meeting of share- only slightly affects those ruling in the Netherholders on July 9, 1930. Sections of the report land East Indies. Supply and demand of dealing with the money market, and with the foreign exchanges, as well as of guilders, proposed substitution of nickel for silver originate from genuine trade and the possicoinage are given herewith:l bilities of their increase or decrease are confined within narrow limits. The same might be said The money market.—The Netherland East with regard to the speeding up or slowing down Indies find themselves in a somewhat different of exports. position from that of other countries. Being an The absence of a local money market causes agricultural country, they feel the influence of the working capital, employed by the banks a dearer international money market to only a here, to remain more or less tied to the country, slight extent. It is true that it proved necesand outward movements can only develop sary to raise the rate of discount from 4% to 5% gradually. A too pronounced difference beper cent on July 22—a rate which even then tween the rates of interest in Europe and in this was below both the English and Federal country would in the long run naturally inreserve bank rates, although a country like the fluence the financing of the Netherland East Netherland East Indies, poor in capital, might Indian trade, because, whenever rates are lower well be expected to have higher rates of interest here, business concerns, which are normally than those ruling in states which are provided financed in Holland, will seek accommodation with an international capital market. Relalocally, while an incentive is created for the i Taken, with some textual revision, from the English translation banks to transfer funds abroad. The resulting published by the bank. In addition the report contains sections dealing with international conditions, the exchanges, trade movements, prices, demand for foreign remittances had to be •etc., and with the operations of the bank in detail. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

794 FEDERAL RESERVE BULLETIN DECEMBER, 1930 counteracted by a raising of the rates of dis- At present ryksdaalders and guilders are prefercount, while a simultaneous shrinkage of loans ably used, and the fact that these are of silver against stocks and bonds could only be deemed has a profound psychological significance. desirable. Although the nickel token coinage would In these times the close connection between bear the same fiduciary character as the existing the Netherland East Indies and Holland causes silver circulating medium, this has no practical local economic conditions to be less dependent bearing ofi the question as to how the native on the prices of agricultural produce than is the population will react on the proposed alteracase with other agricultural countries. The tion. Therefore I do not consider the argument plantation industry is for the greater part that paper money has been successfully put into financed by Dutch capital, and the unfavorable circulation in the Netherland East Indies, consequences of a general trade recession are brought to bear by the supporters of nickel mostly felt by Dutch investors. coinage against its opponents, either consistent Proposed substitution of nickel for silver or valid. The latter circulating medium has coins.—The monetary system of the Nether- never occupied the same preponderant position land East Indies during 1929 required special in this country that it holds in Holland, while, attention. The problem of replacing the silver since the regulation of the monetary system in token coins by nickel money, which was being the middle of the nineteenth century put an dealt with by a committee appointed by the end to the circulation of copper stivers and Minister of Finance and the Colonial Secretary doubtful paper money, there has never been as per decree of April 12-18, 1929, particularly in the Netherland East Indies any tampering attracted public attention. with the significance of silver as the savings During some months of the past financial medium of the native population. Replaceyear a thorough investigation was made by the ment of silver by jiickel coins will necesbranches of the Java Bank into the composition sarily result in a considerable decline in the of the circulating medium in use. The data demand for coinage. It is improbable that thus collected made it possible to form an esti- this measure would induce the populace to mate of the total coinage in circulation in abandon their hoarding methods in favor of a regions which come within the sphere of the more modern savings system. What may be Java Bank. On March 31, 1930, the circula- expected is, that gold will in this instance be tion of new coinage of a fineness of 720/1000 resorted to as a substitute for the silver token amounted to 34,438,757.50 florins ($13,844,381), coins, and with a view to the existing banking in addition to which the Java Bank held an policy of the country, I consider the issue of amount of 26,361,242.50 florins ($10,597,219). gold standard coins for this purpose un- These figures may be taken as accurate. As desirable. regards old coinage it was estimated with the A further development which may be exaid of the above mentioned data, that the pected is the probable increase in the demand maximum still in circulation amounted to for ducats and other foreign gold coins, so that 51,250,000 florins ($20,602,500), to which had quantities of hoarded silver coins having at the to be added 4,562,270.50 florins ($1,834,033) moment an intrinsic value of 25 to 30 per cent in the vaults of the Java Bank. The total of their face value, but practically representing amount of silver coinage, therefore, was esti- gold for the natives, will be replaced by coinage mated at not higher than 116,612,000 florins of an intrinsic value of 100 per cent. ($46,878,024), of which 30,923,513 florins The result will be that the objective of the ($12,431,252) was held by the Java Bank. It advocates of nickel coinage, viz, the release should again be emphasized, however, that for productive purposes of that part of the available figures can not form a basis for an people's wealth now locked up in unproductive estimate of the amount of coinage withheld silver, will not be attained. from circulation by temporary hoarding, or of The conclusion which I would draw from the the amount in circulation in those districts above is, that the introduction of nickel coinage which are more or less out of contact with the would on the one hand effect an undesirable Java Bank. The above figures, therefore, are change in the savings methods of the populagiven with due reserve. tion—methods which may indeed be primitive Should it be decided to replace the silver but can not at present be dispensed with; while coinage by nickel coins, it is to be expected on the other hand the financial benefits accruing that the native population will be unwilling to to the State are sure to fall below expectations. use this new material for hoarding purposes. Under these circumstances, and merely for the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1930 FEDERAL RESERVE BULLETIN 795 sake of uncertain financial gains, there can be BALANCE SHEET OF THE BANK OF JAVA AS OF MARCH no justification for replacing a satisfactory 31, 1930—Continued monetary system by a new one, the reaction of which on the primitive social conditions pre- Florins Dollars (in thou- (in thouvailing can not be foreseen. sands) sands) BALANCE SHEET OF THE BANK OF JAVA AS OF MARCH RESOURCES—continued 31, 1930 Advances to the Government 25,455 10,233 (i F n l o t r h i o n u s - D (in o l t l h ar o s u i - Inve I s n t v m e e s n te t d s : capital 4,455 1,791 sands) sands) Invested reserve funds 14, 313 5,754 Invested pension and provident fund 3,784 1,521 22, 552 9,066 RESOURCES Buildings .._ 5,936 2,386 Cash in hand: Furniture 305 123 S G i o lv ld e r c c o o in in _ 3 7 0 2 , , 3 9 2 2 5 4 2 1 9 2 , , 0 4 7 3 5 1 Sundry accounts 30, 725 12,351 Subsidiary coin 537 216 Total resources 352,162 141,569 103, 786 41, 722 LIABILITIES Foreign coin and bullion: Notes in circulation. _ 280,444 112, 738 Gold coin 51, 059 20,526 Deposits 34,150 13,728 Gold bullion 15,860 6,376 Drafts payable _ 1,669 671 Silver coin Unclaimed dividends 28 11 Silver bullion 256 103 Capital paid up 9,000 3,618 Reserve fund _ _ 13,500 5,427 Foreign bills _ 3 6 2 7 , , 4 1 7 7 6 6 2 13 7 , , 0 0 5 0 5 5 E R x es tr e a r v r e e s f e o r r v c e ompany tax _ _ _ 2,6 4 9 7 8 9 1,0 1 8 9 5 3 Pension and provident fund 4,211 1,693 Bills discounted: Commercial bills __ _ _ 7, 515 3,021 Net profits: Government auction bills 1,519 611 Shareholders 1,620 651 Government _ _ _ _ 3,600 1,447 9,033 3,631 Bonuses -..- 631 254 Loan S s t o a c n k d s a a d n v d a b n i c l e ls s o in f e c x u c r h re a n n t g e a ccount, against: _ 44,180 17, 760 Unpaid balance of profits due to shareholders for 5,850 2,352 Merchandise 9,820 3,948 the year 1928-29 1 H G y ol p d o t a h n e d c a si t l e v d e r claims— 68 3 4 4 27 1 5 4 Sundry accounts 132 53 Total liabilities 352,162 141, 569 54,718 21,997 i Conversion at par: 1 florin=$0,402. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

796 FEDERAL RESERVE BULLETIN DECEMBER, 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 - r U S n ta i t t e e s d g ti e n n a - A t l r u i a a s - - Bel- B z r i a l - C a a d n a - E la n n g d - France m G a e n r- y d In ia - Italy p J a a n - N la e e n r t d - h s - R s u ia s- Spain S l z a w e n i r d t - - t c o r o t i 2 h e u 9 s e n r - ' 1929—October 10,299 4,023 476 109 143 151 77 643 1,570 531 128 272 541 178 142 495 103 715 November.. 10, 304 4,003 451 97 151 151 78 659 1,600 534 128 273 542 180 142 495 105 714 December... 10, 297 3,900 434 89 163 150 78 711 1,633 544 128 273 542 180 147 495 115 714 1930—January 10, 362 3,921 445 88 164 139 78 732 1,683 547 128 273 520 177 147 495 108 717 February 10,434 3,988 448 124 164 127 78 740 1,680 582 128 273 477 176 150 476 108 715 March 10,505 4,061 445 126 164 127 79 759 1,668 595 128 274 453 174 156 476 108 713 April.... 10, 568 4,131 442 109 164 90 79 795 1,659 611 128 274 443 174 167 477 112 712 May 10, 613 4,159 441 I 91 167 90 ! 80 765 1,717 617 128 274 434 174 177 477 112 710 June 10,673 4,178 440 97 167 89 81 768 1,727 624 128 274 434 174 203 477 112 701 July 10, 709 4,160 436 97 167 80 94 746 1,775 624 128 274 440 157 233 477 118 701 August 10, 791 4,148 434 97 168 69 100 759 1,852 624 128 275 433 157 249 477 123 698 September.. *10,828 4,159 434 98 173 65 110 766 1,899 590 128 278 431 157 249 478 123 *688 October *10,867 4,184 429 79 180 "43 122 782 1,992 519 128 278 414 171 249 478 128 "689 November P4, 220 P767 P2, 037 249 v Preliminary, based on latest available figures. r Revised on account of altered figures for gold held by Reserve Bank of Peru. NOTE.—Table covers all countries for which satisfactory figures are available; see BULLETIN for April (p. 170), where separate figures for 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] South United States Germany Great Britain Netherlands Africa India Month p I o m rt - s p E o x rt - s Net p I o m r - ts 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—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 11,096 806 10,290 65,343 16,439 48,903 297 17 280 -18,220 4,603 1930—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, 505 38,961 34,074 4,886 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, 170 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 20.659 -6,912 34 n 23 -18,190i 9,204 July 21,889 41,529 -19,640 1,481 628 853 24,646 40,335 -15,709 48 16, 587-16.539 -22,415 3,404 August 19,714 39,331 -19,617 1,614 656 958 24,201 21, 390 2,811 281 8 273 -18,708 13,461 September. 13, 680 11,133! 2,54" 2,030 25,859-23,829 22, 339 20, 245 2,094 81 13 68 -17,149 3,568 October. _. 35, 635 9, 267! 26,368 3,215 97,305—94,0:0 45,416 34,754 10,662 12,338 199 12,139 -20,259 MOVEMENTS TO AND FROM GREAT BRITAIN MOVEMENTS TO AND FROM BRITISH INDIA [In thousands of dollars] [In thousands of dollars! 1930 1929 1930 1929 From or to— October January-October Calendar year From or to— August January-August Calendar year 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 r - ts p E o x rt - s p I o m r - ts p E o x rt - s France 26, 827 1,470 164,869 2,066 162, 527 England 1,145 1 7,501 1 10, 461 Germany 2,681 7 67, 938 3,203 92,991 United States 22 Netherlands 142 19 880 14, 382 2,006 Aden and dependen- Spain and Canaries _ 19, 496 150 4 359 cies 30 436 1,045 Switzerland 4,251 21,891 10, 781 Arabia 87 566 1 -._ 1,287 United Spates 409 283 23,090 61, 293 British Oceania 1,389 6,940 i 7,701 South America 2,447 29, 048 49 39,129 Bahrein Islands . _. 33 133 119 British India 240 1 7,676 10, 320 Ceylon... 421 2, 459 4,151 1 Australia 19, 967 110,983 2 24, 603 China 2,128 3,560 188 New Zealand 127 2,433 Mesopotamia 154 1 632 _. .. 2,613 Egypt 94 3,786 Straits Settlements.. 1,154 2,314 14 19 28 Rhodesia 424 4,384 4,641 Egypt 1,176 6,867 Transvaal 21,133 166, 225 ... 184,954 Natal 6,922 24 392 29,595 West Africa 581 4,241 4,216 8 All other countries._ 39 206 19 All other countries.. 455 612 1,118 12, 808 1,003 33,434 Total 45,416 34, 754 337,402 276,369 J3O3,725 377,505 Total . ., 13,462 1 51,150 16 64, 275 48 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

797 DECEMBER, 1930 FEDERAL RESERVE BULLETIN FOREIGN EXCHANGE RATES [Monthly averages of daily quotations.1 In cents per unit of foreign currency] 1930 1930 Par | Par Country Monetary unit c o h f a n ex g - e Se b p e t r em- October Country Monetary unit c o h f a n ex g - e Sep b t e e r m- October No b v er em- EUROPE SOUTH AMERICA Austria.. - Schilling 14.071 14.1131 14.1046 14.0917 Argentina Peso 96.48 81.7843 78. 0538 78.1187 Belgium ! Belga 13.90i 13. 9476 13.9441 13.9421 Bolivia 2 Boliviano. 36.50 36. 7500 36.7500 36. 7500 Bulgaria | Lev _ _ .72| .7224 .7209 . 7181 Brazil Milreis 11.96 10.0850 C zechoslovakia. Crown 2.96 2. 9672 2.9664 2.9650 Chile Peso. 12.1' 12.1365 12. 0834 12. 0702 Denmark Krone 26.80 26. 7670 26. 7557 26. 7417 Colombia do 97.33 96. 5300 96. 5300 96. 5300 E F G F i r n e n a g r n l m l a c a n e a n d n d y _ M R P F o r e a a u i r n c n k h c d k s a mark.. 48 2 6 2 3 3 . . . . 8 5 9 6 2 2 2 5 ! 48 23 6 2 3 . . . . 1 8 5 9 1 2 1 2 0 2 7 7 1 9 3 3 48 2 2 5 3 3 . . . . 8 9 8 5 9 2 0 1 6 3 5 7 9 0 5 0 48 23 5 2 3 . . . . 6 9 8 5 4 2 2 1 0 8 7 7 9 7 1 0 V E U Pe c e r r u u n u a g e d z u 2 u . o a . e r y . l 2 a 2 _. S S B P o u e o l c s l r o i e v . ar. _. 1 2 4 0 1 0 0 3 9 . . . . 0 4 0 3 0 2 0 0 3 8 2 18 2 4 0 . . . . 4 0 3 5 1 0 7 0 0 0 4 0 0 0 7 0 1 | 2 7 3 1 0 9 1 8 . . . . 5 0 2 2 0 0 4 5 0 0 9 9 0 0 6 6 2 7 3 1 9 8 0 1 . . . . 0 0 9 5 4 0 2 0 3 0 2 0 5 0 6 0 Greece. Drachma 1.30 1. 2958 1.2949 1. 2950 Hungary Pengo.. 17. 49 17. 5160 17.5050 17. 4949 ASIA Italy Lira. _. 5.26 5. 2371 5.2360 5. 234' China « Mexican dollar.. 28.46 28. 7591 28. 2598 27. 9918 Netherlands— Florin 40.20 40. 2880 40.2982 40. 2393 China4 Shanghai tael... 39.23 39. 6795 39. 0962 38.8392 Norway Krone 26.80 26. 7604 26. 7544 26. 7427 China «___. Yuan dollar 27.83 28. 5500 28.0003 27. 8000 Poland Zloty 11.22 11. 2063 11.2119 11.2158 Hong Kong*... Dollar. 28.25 32. 2015 31. 9163 31. 4542 Portugal.- Escudo 108.051 4. 4925 4.4872 4. 4833 India Rupee _ 36.50 35. 9899 36. 0222 35. 9656 R S S R S w p 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 K C P F e r e h r a s u o e n e n r t c v a a onetz. - 5 2 1 1 1 6 9 4 9 . . . . . 6 6 8 3 0 0 0 0j 3 5 2 1 1 1 6 9 0 5 . . . . . 5 8 4 7 0 9 6 0 2 0 5 8 6 5 0 9 0 0 5 0s 5 2 1 1 1 6 5 9 0 . . . . . 5 4 3 8 0 9 1 4 5 0 4 9 4 2 0 9 3 8 3 0'51 2 1 1 5 6 9 1 . . . . . 3 2 0 8 5 8 9 0 2 9 7 6 8 0 4 5 3 4 0 4 J J T S a a t u m v r p a r a a e i k n t 2 n s e _ t y s. . S .. ettle- T Y S F i l u e l n o a r n g r k r i a . n i p sh o re p ou d n o d l- . 43 4 4 5 9 0 9 6 . . . . 7 2 8 6 8 0 5 5 8 4 4 5 4 0 6 9 7 . . . . 4 3 0 0 0 0 0 3 7 1 6 2 9 8 0 6 4 4 5 4 0 9 6 . 7 . . . 1 1 3 5 6 0 1 8 8 3 8 9 7 5 8 6 ' 4 4 5 4 0 9 5 7 . . . . 5 9 1 2 9 4 6 3 6 8 4 3 1 7 0 9 Yugoslavia Dinar 19. 30| 1. 7716 1.7717 1. 7701 AFRICA NORTH AMERICA Canada Dollar. 100. 00; 100.1206 100.1033 100.1037 Egypt Egyptian pound 494. 31JM98. 93206 490. 4600M98.5066 Cuba Peso.., 100. 00 99. 9704 99.9359 99. 9639 Mexico do- 49.85 47. 3740 47.1678 46.0995 1 Based on noon buying rates for cable transfers in New York. 8 Averages based on daily quotations of closing rates as published by New York Journal of Commerce. 1 Chervonetz quotations nominal. 4 Silver currency. The figure given for parity represents gold value of unit in November, 1930, computed by multiplying silver content of unit by New York average price of silver for November, 1930, which was $0.36220 per fine ounce. On the same basis, parity in November, 1929, for the Chinese-Mexican dollar was 39.23 cents; for the Shanghai tael, 54.08 cents; for the Yuan dollar, 38.37 cents; and for the Hong Kong dollar, 38.94 cents. « July, 1930. 6 August, 1930. 7 September, 1930. Back figures.—See BULLETIN for January, 1930, 1929, and 1928. CONDITION OF BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of dollars *] 1930 1930 I October October tember Au&ust RESOURCES I LIABILITIES Cash on hand and on current account with j Short-term deposits: banks _ ! 893 1,073 641 Central banks for own account- Demand funds at interest _.j 5,584 13, 290 20, 765 Demand - 14,439 14,002 14,381 Time: Not exceeding 3 months.. 69,782 51,889 50,646 Rediscountable bills and acceptances (at | Time: Between 3 and 6 months.. 20,000 37, 289 24,930 cost): ; Commercial bills and bankers' accept- ; Total 104,221 103,179 89, 957 Tr a e n a c s e u s r y bills _ 3 4 2 3 , , 1 4 4 1 4 8 3 1 9 9 , , 4 3 6 1 3 6 2 16 9 , , 4 3 2 0 9 8 Cen D tra em l b an a d n — ks - . f .. or account of others— 24,783 24, 697 28,257 Total ' 75,562 58, 779 45, 737 T T i i m m e e : : N Be o t t w e e x e c n e e 3 d i a n n g d 3 6 m m o o n n th th s s 134, 5 2 2 8 8 11 7 2 , ,4 5 4 6 1 3 2 7 7 6 , , 4 0 3 1 6 8 Time funds at interest: Not exceeding 3 months 192,833 182, 733 104, 541 Other T d o ep ta o l s . i . t . o - rs: 159,339 144, 700 131,711 B B e e t t w w e e e e n n 6 3 a a n n d d 9 6 m m o o n n t t h h s s ._ j 30, 271 2 4 9 , ,7 8 1 6 4 6 8 14 5 , , 1 5 1 9 0 5 T D i e m m e a : n N d ot exceeding 3 _ months.. 22 23 1,218 Total.. 223,105 217,312 204,246 Long-term deposits: Annuity trust account i 29,820 29,786 29,824 Sundry investments (at cost): German Government deposit 15,442 15, 424 14, 748 Maturing within 2 years ... 36,827 35,853 29,032 French Government guarantee fund 13,265 13, 262 13,190 Over 2 years 202 202 282 Total 58,526 58,472 57,762 Total 37,030 36,056 29,314 Capital paid in 19,795 19,783 19,783 Other resources.. 2,183 1,672 1,080 Other liabilities 2,452 2,024 1,351 Total resources.. 344, 356 328,181 301, 782 Total liabilities.. 344,356 328,181 301.782 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

798 FEDERAL RESERVE BULLETIN DECEMBER, 1930 CONDITION OF CENTRAL BANKS [Figures are for the last report date of month] 1930 1929 1930 1929 O b c e t r o- Sep- August O b c e t r o- O b c e t r o - te S m e b p e - r AAuiSl£ursntst O b c e t r o- Central Bank «f Bolivia (thousands Bank of England (millions of pounds of bolivianos): sterling): Gold 2,742 2,734 9,254 Issue department- Foreign exchange 41,056 43,119 47,868 Gold coin and bullion 159.5 157.4 154.8 131.0 Loans and discounts 21,997 20,822 22, 502 Notes issued — 419.5 416.3 414.8 391.0 Notes in circulation 35, 080 44,173 Banking department- Deposits 14, 424 13 365 17,476 Gold and silver coin 1.2 1.1 1.0 1.1 Bank notes 63.9 60.5 54.0 32.2 Bank of Brazil (millions of milreis): Government securities 37.7 41.1 49.1 68.9 Gold 137 407 407 407 Other securities 26.6 21.6 22.2 20.2 Currency 166 338 418 664 Discounts and advances...—. 4.2 5.7 6.5 5.9 Correspondents abroad 181 326 299 270 Public deposits 21.0 13.3 18.2 14.4 Loans and discounts 1,327 1,759 1,682 1,364 Bankers' deposits 55.7 64.2 62.6 58.1 Securities 122 122 126 128 Other deposits 35.0 34.2 33.8 38.1 Note circulation 170 5£2 592 592 Reserve ratio »(per cent) 58.2 55.2 48.0 30.1 Deposits 1,218 1,571 1,549 1,519 Bank notes in circulation •..„. 355.6 355.8 360.9 358.8 National Bank of Bulgaria (millions Bank of France (millions of francs): of leva): Gold - 50,807 48, 431 47,242 40,051 Gold __ 1,440 1,434 1,428 1,383 Sight balances abroad 6,492 6,567 6,838 7,220 Net foreign exchange 402 234 223 1,222 Foreign bills 19,124 19,027 18. 764 18, 705 Total foreign exchange 1,057 1,164 1,155 1,654 Loans and discounts 9,874 8,984 9,200 11,231 Loans and discounts 733 782 788 1,719 Negotiable bonds 5,304 5,304 5,304 5,612 Government obligations 3,210 3,279 3,279 3,546 Note circulation 74, 787 73,053 73,677 68,267 Note circulation. 3,656 3,660 3,683 4,255 Public deposits - 13, 089 10,509 10,109 13,373 Other sight liabilities _ 1,350 1,375 1,372 2,267 Other deposits 8,378 8,780 7,734 6,681 Central Bank of Chile (millions of German Reichsbank (millions of reichsmarks): Gold at home... 62 62 63 63 Gold reserve 1,959 2,329 2,469 2,079 Deposits abroad _ 379 362 317 442 Gold abroad.. 221 150 150 150 Loans and discounts 44 32 77 70 ±leserves in foreign exchange 198 171 369 359 Note circulation 304 316 321 332 Loans and discounts 2,642 2,387 1,942 2,542 Deposits against which reserve Deposits 383 472 416 454 is held 50 70 65 120 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 ir ir c c u u la la ti t o io n n — 4, 4 67 47 5 4,7 4 4 4 4 8 4,7 4 0 4 7 8 4,8 4 3 21 3 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 i ) c : of Colombia Bank of Italy (millions of lire): Gold at home 19,669 20,549 20,130 23,494 Gold at home , 5,293 5,291 5,232 5,180 Gold abroad ... 8,602 8,751 11,460 20,843 Credits and balances abroad 4,893 4,969 5,103 5,196 Loans and discounts 11,365 11,090 11,820 16,135 Loans and discounts 4,317 4,137 3,929 5,436 Note circulation. 26,085 27,075 41,041 Total note circulation 15, 738 16,172 16,074 16,977 Deposits 5,865 5,136 6,647 9,043 P O u th b e li r c d d e e p p o o s s i i ts ts _ 1,6 3 9 0 9 0 1,7 3 1 0 6 0 1,6 3 7 0 4 0 1, 3 5 0 0 0 7 Cz li e o c n h s o s o l f o v C a z k e ch N o a s t l i o o v n a a k l c B ro a w nk n s) ( : mil- Gold 1,480 1,413 1,414 1,192 Bank A T G N 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 n o e e a n s d n ( i t t m d s b - i o d ll n i i s o d c n s o s u c n f t s y _ en): 1, 8 7 0 1 7 8 4 4 1 0 2 9 1 8 7 1,0 7 7 1 7 1 4 1 2 0 1 8 1,1 8 7 6 6 6 7 7 3 5 8 6 9 5 1 1 , , 8 0 7 2 1 6 8 9 5 9 2 8 2 0 5 A L D F N o o s e o d r s a p t a e 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 f b d u a b l l a a a a d t n n i v k o c a e i n n s n g c a e n o s d f . f ic c e u _ r i r n e n li c q y u _ . i - _ - 2 7 , , 3 1 2 3 5 4 4 6 2 6 5 4 8 7 8 2 7 , , 4 1 2 3 5 2 9 8 7 3 3 8 4 5 1 2 7 , , 3 3 3 5 0 3 0 3 5 7 7 4 9 5 7 1 1 7 , , , 1 8 3 4 7 9 2 9 4 6 7 5 1 9 3 Commonwealth Bank of Australia Danish National Bank (millions of (thousands of pounds sterling): kroner): Issue department- Gold.. 172 172 172 Gold coin and bullion. 16,285 20,177 19, 976 22,451 Foreign bills, etc 81 71 92 Securities ___ 5,316 4,691 4,941 19,092 Loans and discounts 78 78 88 79 Banking department- Note circulation 370 345 350 372 Coin, bullion, and cash 1,488 1,549 1,555 1,975 Deposits 27 29 27 Bank M S D L 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 s i a i t e s n i a n s d t 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- 4 2 3 1 3 0 2 8 2 , , , , , 2 0 4 7 3 2 8 6 5 9 3 0 9 7 8 2 4 3 1 2 7 2 1 2 , , , , , 7 1 1 3 7 2 3 3 0 2 7 3 8 8 2 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 3 1 1 8 7 6 5 4 , , , , , 1 3 3 0 3 0 3 3 3 4 8 9 0 4 2 Ba z n ig k N B F L g o o a o o r u l a t f a e e l n n i d s D g c c e n i a a e n r s n n c ) b d : z u w i i l l g l d a i s t t i , h i s ( o e t c n h B t o c o a u u n n s k a t s n o . d f . . s E o n f g l D an an d - .. 3 1 1 10 8 9 7 , , , , 1 3 1 2 6 4 2 0 4 5 3 8 3 2 1 7 9 3 4 , , , , 0 1 6 0 4 1 1 2 1 7 6 7 3 2 1 1 7 1 0 4 , , , , 5 7 6 2 8 8 3 9 3 0 3 5 3 2 1 1 8 2 2 5 , , , , 1 9 8 5 9 0 0 0 9 5 1 0 Deposits 1,573 1,720 1,904 1,744 Austrian National Bank (millions of schillings): Central Bank of Ecuador (thousands Gold 214 215 169 169 of sucres): Foreign exchange of the reserve.. 226 218 274 218 Gold 5,617 5,606 5,603 5,576 Other foreign exchange 498 479 478 331 Foreign exchange 23,481 23,992 25, 220 28, 241 Domestic bills 102 96 110 307 Loans and discounts 14,787 14,142 14, 359 15, 027 Government debt 101 101 101 110 Notes in circulation 24,060 24,107 24,414 30, 777 Note circulation 1,035 1,008 1,018 1,081 Deposits 14,641 14,091 14,860 14,810 Deposits _ 110 103 117 56 Bank of Estonia (thousands of krones): National Bank of Belgium (millions Gold.... 6,552 6,546 6,533 6,361 of belgas): Net foreign exchange. 17, 635 16,958 16,424 20,177 Gold 1,295 1,248 1,210 1,028 Loans and discounts 26,439 24, 943 24,687 27, 542 Foreign bills and balances in gold. 887 852 872 604 Note circulation. 34,152 33, 638 33,241 36, 342 Domestic and foreign bills. 747 744 776 820 Deposits- Loans to State 312 311 311 344 Government 9,047 7,033 7,586 7,812 Note circulation 3,127 3,051 3,056 2,722 Bankers 4,384 4,789 4,442 5,908 Deposits 157 149 165 127 Other 1,117 1,793 1,393 1,998 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1930 FEDERAL RESERVE BULLETIN 799 CONDITION OF CENTRAL BANKS—Continued [Figures are for the last report date of month] 1930 1929 1930 1929 O b c e t r o- te S m ep b - er August O b c e t r o- O b c e t r o- O b c e t r o- Bank of Finland (millions of Fin- Bank of Poland (millions of zlotys): nish marks): Gold at home 485 484 484 433 Gold 301 302 304 Gold abroad.. 77 77 219 250 Balances abroad and foreign 599 Foreign exchange of the reserve... 312 322 226 412 credits 907 31 Other foreign exchange 122 115 119 100 Foreign bills _ 197 191 1,217 Loans and discounts 787 784 696 820 Domestic bills 578 583 1,377 Note circulation _ 1,408 1,373 1,355 1,392 Note circulation 1,350 1,352 241 Current account of the treasury.. 66 67 98 275 Demand liabilities 94 149 Other current accounts 140 125 144 137 Bank of Greece (millions of drach- Bank of Portugal (millions of escumas): dos): T N L G G o o o e o t a t l v a d n e f l s o r f r n a o e m n i r g e d e i n g n d n t e i x s o e c c b x h o l c a u i h g n n a a g t n t s e i g o i e n n s reserve- 2 3 , , 8 5 5 3 4 7 2 1 9 8 6 8 3 2 3 , , , 3 7 3 9 5 4 8 2 5 2 4 7 9 2 7 3 2 3 , , , 3 4 8 5 7 0 8 5 1 7 9 3 0 6 6 2 4 3, , , 6 5 7 8 1 9 3 6 5 9 6 2 7 1 3 N D G B Bi a e o o l l p l l t a d s e o n s c c i i e t r s s c u a l b a r t o io a _ n d _ _ _ _ 1, 3 9 1 1 9 1 6 1 4 9 0 8 | j i : 4 1 1 0 8 9 , 2 9 4 926 1, 3 9 4 1 5 8 1 0 Note circulation 5,055 5,077 4,761 5,364 National Bank of Roumania (millions Other sight liabilities 1,667 1,680 1,876 1,497 of lei): Gold at home _ 5,356 5,356 5,356 5,216 National Bank of Hungary (mil- Gold abroad.. 3,919 3,919 3,919 3,854 lions of pengos): Foreign exchange of the reserve._ 1,696 1,613 1,595 6,449 Gold 163 163 163 163 Other foreign exchange 145 159 62 80 Foreign bills, etc 14 25 42 39 Loans and discounts 8,316 8,696 9,935 Loans and discounts 299 189 198 345 State debt 4,999 5,349 5,599 6,752 Advances to treasury 69 69 70 89 Note circulation 19,054 19,355 19,134 21,962 Other assets 58 89 101 60 Deposits 6,806 7,006 10,894 Note circulation _ 500 430 440 526 Deposits _- 22 28 58 83 State Bank of Russia (thousands of Miscellaneous liabilities 52 51 51 58 ch L er o v a o n n s t a si n ) d : discounts 438,670 Bank of Java (millions of florins): Deposits 243, 051 N G F L D 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 b d u i l l l d a s t i i s o _ c n ounts 2 1 3 3 3 5 5 1 9 9 7 5 1 2 4 2 5 3 5 3 9 3 9 7 2 1 2 3 6 5 3 9 8 1 0 9 3 1 1 4 6 0 4 3 2 2 6 6 0 Issue N G F O o o o t d h r l t e e d e e p i r g c a n p i r r t r c m e e u x c e l c i a n o h t t u a i — o s n n g m e etals 1 2 5 3 8 7 6 , , , , 6 6 5 5 0 8 5 8 3 7 5 6 South African Reserve Bank (thou- Bank of Latvia (millions of lats): sands of pounds sterling): Gold Gold 6,C53 6, 694 6,843 8,307 Foreign exchange reserve Foreign bills 6,253 7,250 7,511 6,238 Bills _ _.. Domestic bills 889 40 ! 360 1,600 Loans _ Note circulation 8,533 7,743 | 8,676 7,988 Note circulation Deposits- Government deposits Government 2,102 2,065 I 1,881 1,934 Other deposits Bankers 4,908 4,444 I 4,764 4,780 Others 137 131 i 426 322 Bank of Lithuania (millions of litas): D L N G Fo o e o o r a p l t e d e n o i s g s c i n i a t r s n c c d u u l r d a r t i e i s n o c c n o y unts _ 1 1 9 9 3 1 0 9 7 7 8 5 1 1 9 9 3 0 0 4 4 5 9 6 1 9 9 3 7 0 3 5 5 6 3 1 9 8 3 6 0 1 1 5 7 5 Bank N G S B L i o a o o o lv l a l f t a d e e n n S r s c c p i a e a r s n c i d n u a l b _ d a ( r m t i o i s o a i c l n d o li u o n n t s s of pesetas): 2 4 2 , , , 6 4 0 7 9 7 9 9 0 9 7 9 7 2 4 2 2 , , , 7 5 4 1 1 3 7 0 0 2 8 5 3 8 I i 2 2 4 , , , 4 7 4 0 7 2 2 5 0 6 0 4 0 6 4 2 2 , , , 7 5 2 4 8 0 6 1 4 9 5 5 2 2 Netherlands Bank (millions of Deposits 836 807 ! florins): Bank of Sweden (millions of kronor): Gold 426 391 391 443 Gold _ 242 242 242 241 Foreign bills 250 243 234 209 Foreign bills, etc 410 398 349 233 Loans and discounts .. 130 140 132 145 Loans and discounts 115 158 160 313 Note circulation 815 831 800 825 Note circulation 581 613 570 554 Deposits _. 54 21 25 21 Deposits _ _. 107 109 106 141 Bank of Norway (millions of kroner): Swiss National Bank (millions of D N T F G F o o o o o o r r t l m t e e a d e i i l e g g c s d n n i t e r i c c d b p u e a o c l p l s . a r a i o e . t n t . i s s d o c i i t e n t s s s and bills 2 3 1 3 1 1 4 8 2 1 7 2 6 1 2 3 1 7 1 2 0 4 1 7 3 9 1 7 2 3 1 2 2 6 1 4 4 0 2 5 1 7 2 3 1 4 0 5 9 4 2 6 7 4 5 7 fra N G D F L n o o c o o e r s a l m t e d e ) n : i a s g c n n i a d r n c b d u d a l e l d a a p t i n o i s o c c s n e i o t s u s a n n ts d bills 6 3 9 1 8 6 5 7 8 9 4 4 2 9 9 6 3 1 8 7 3 4 5 7 0 5 0 7 6 3 9 1 6 4 3 4 7 5 3 9 2 6 2 9 5 1 8 4 3 8 1 4 4 9 National Bank of the Kingdom of Reserve Bank of Peru (thousands of Yugoslavia (millions of dinars): soles):1 Gold 94 Gold.— 43,519 43,164 53, 768 Foreign notes and credits 171 189 202 276 Foreign exchange reserve 10,168 10,473 15, 603 Loans and discounts 1,516 1,503 1,441 1,588 Bills 17,041 16,966 21,822 Advances to State 2,997 2,997 2,997 3,000 Note circulation 56,443 56,524 63,616 Note circulation 5,572 5,536 5,521 5,773 Deposits 7,202 7,145 11, 056 Deposits _ 860 1,072 1,176 1 Figures for October, 1929, have been converted from libras (par $4.8665) into soles (par $0.4000). See Federal Reserve Bulletin for May, 1930. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

800 FEDERAL RESERVE BULLETIN DECEMBER, 1930 CONDITION OF COMMERCIAL BANKS Millions of na ional Millions of dollars currency Country 1930 1929 1930 1 i August Sep b t e e r m-October August;Sep b t e e r m- October May June July August Sep b t e e r m-October 1 Canada: Mill ons of doliars Gold and subsidiary coin 1. 62 62 72 61 61 62 60 60 63 62 62 62 Money at call and short notice 445 413 379 584 594 521 417 435 422 445 413 379 Current loans and discounts _ 1,483 1,481 1,456 1,585 1,639 1,715 1,573 1,550 1,502 1,483 1,481 1,456 Public and railway securities 458 480 544 462 487 487 431 444 447 458 480 544 Note circulation 166 164 160 190 197 185 165 166 152 166 164 160 Individual deposits 2,387 2,460 2,439 2,551 2,654 2,679 2,401 2,449 2,391 2,387 2,460 2,439 Gold reserve against Dominion notes... 83 93 105 60 60 60 65 66 77 93 93 105 Dominion note circulation _ 163 170 181 199 201 212 170 174 166 163 170 181 Argentina: Bank of the Nation- Millions of pesos Gold. . 7 62 57 40 6 6 6 6 6 Other cash 121 114 122 122 122 110 104 104 100 93 Loans and discounts. 603 608 552 554 558 492 495 486 497 497 Deposits 730 725 734 723 705 629 613 599 602 5C3 Other banks in Buenos Aires- Gold 10 9 12 12 12 10 10 10 10 9 Other cash . 214 208 161 160 146 165 166 163 177 170 Loans and discounts 865 883 853 861 844 759 735 712 713 721 Deposits ._ . 1,026 1,026 975 979 952 875 857 826 847 839 Mill ons ofpcunas England: sterling Cash in vault and at banks 188 186 189 915 929 921 897 921 931 915 907 918 Money at call und vhort notice 135 134 144 701 725 733 666 699 697 657 654 699 Advances and discounts.... 1,215 1,211 1,220 5,864 5,803 5,829 5,857 5,993 6,015 5,912 5,891 5,935 Investments 250 255 257 1,176 1,175 1,171 1,127 1,132 1,171 1,217 1 240 1,250 Deposits. . 1,767 1,764 1,791 8,558 8,534 8,587 8,478 8,701 8,730 8,600 8,484 8,716 France: Millions offrancs Bills and national-defense bonds 20, 436 757 770 804 762 793 792 801 Loans and advances .. 10,931 418 422 424 420 425 448 429 Demand deposits 35, 423 1,237 1,248 1,306 1,338 1,378 1,185 1,389 Time deposits 1, 451 42 40 41 61 57 56 57 Germany: Millioi s of raidsmarks Bills and treasury notes 2,918 2,654 2,390 644 669 679 755 776 706 695 632 569 Due from other banks 1,054 1,096 984 328 336 342 275 265 290 251 261 234 Miscellaneous loans 8,592 8,627 8,598 1,902 1,935 1,931 2,059 2,046 2,044 2,04V 2,054 2,048 Deposits . 11,804 11, 672 11,092 2,687 2,760 2,777 2,916 2,929 2,874 2,812 2,780 2,641 Acceptances 522 546 652 121 121 118 116 115 121 124 130 155 Denmark: Mill ons of kroner Loans and discounts 1,823 1,822 476 476 477 486 489 487 489 488 Due from foreign banks 128 132 39 43 39 29 33 33 34 35 Due to foreign banks 68 17 17 16 22 18 18 18 18 Deposits and current accounts 2,015 2,060 528 533 529 532 537 539 540 552 Norway: Millions of k oner Loans and discounts .. ... _ . 1,211 1,210 1,213 340 337 336 331 328 328 325 324 325 Due from foreign banks 124 105 85 35 36 38 30 28 32 33 28 23 Due to foreign banksi 65 67 72 23 22 23 20 18 18 17 18 19 Rediscounts ' 76 76 75 27 27 27 22 21 21 20 20 20 Deposits . 1,485 1,477 1,441 418 417 414 399 397 399 398 396 386 Sweden: Millions of k onor Loans and discounts .. 4,487 4,511 4,515 1,125 1,128 1 141 1,173 1 181 1,189 1 193 1 209 Foreign bills and credits abroad 283 250 247 82 93 94 68 72 81 76 67 1,210 Due to foreign banks 220 213 208 31 34 39 42 69 64 59 57 66 Rediscounts 36 25 17 54 57 47 15 19 4 10 7 5 Deposits 3. <09 3,736 3,669 946 955 954 981 978 997 994 1,001 983 Japan: M llions ofyen Cash on hand 181 281 141 140 157 128 115 98 90 140 112 Total loans 2,148 2,446 2,167 ! 974 971 974 1,077 1,093 1,08o 1,071 1,219 1,080 Total deposits 2,051 2,068 2,055 j 983 982 990 1,021 1,033 1,023 1,022 1,031 1,024 i Not including amounts held abroad. 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

DECEMBER, 1930 FEDERAL RESERVE BULLETIN 801 DISCOUNT RATES OF CENTRAL BANKS [Rate prevailing December 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- 9 Jan. 10,1930 Italy 5*4 May 19,1930 Portugal y June 2,1930 Belgium ; 2*4 Aug. 1,1930 England.. 3 May 1,1930 Japan 5.11 Oct. 7,1930 Rumania Nov. 26,1929 Bolivia Aug. 26,1930 Estonia. -- 7 Oct. 7,1930 Java 4*4 Mar. 11,1930 Russia Mar. 22,1927 Bulgaria 10 July 2,1929 Finland..- 6 Aug. 27,1930 Latvia 6 Oct. 1,1930 South Africa- 8 Sept. 29,1930 C C h o i l l o e mbia 7 7 S A e u p g t . . 1 4 8 , , 1 1 9 9 3 3 0 0 F G r e a r n m c a e ny - 2 5 *4 M Oc a t y . 2 9 , , 1 1 9 9 3 3 0 0 N Li e t t h h u er a l n a i n a d . s .. . 6 3 A M p a r r . . 2 1 5 , , 1 1 9 9 3 30 0 S Sw pa e i d n en 6 3*4 J A u p ly r. 17 3 , , 1 1 9 9 3 3 0 0 Czechoslovakia. 4 j une 25, 1930 Greece 9 Nov. 30,1928 Norway 4 Nov. 8,1930 Switzerland- 2*4 July 10,1930 Danzig 5 Oct. 10,1930 Hungary- 5*4 May 30,1930 Peru .... 7 Sept. 1,1930 Yugoslavia.- 5*4 May 28,1930 Denmark 3*4 Nov. 13,1930 India 6 Nov. 20,1930 Poland 7*4 Oct. 3,1930 Changes: Denmark—November 13, from 4 to V/z per cent; India—November 20, from 5 to 6 per cent; Norway—November 8, from 4H to 4 per cent. MONEY RATES IN FOREIGN COUNTRIES Netherlands (Amster- Switzer- England (London) Germany (Berlin) dam) land Month B a m a n a c o c n c n e e k s t p e h , t r - s s 3 ' T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n ll a o d n w e k p a e o n r s c s i e ' t s : d P is r r i c a v o t a e u t n e t : M X ,o ?n m ?p o v5 n 7f t o n ir?r Da m y o -t n o e - y day d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or d P is r r c i a v o t a e u t n e t 1929—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 3*4 7.50 9.89 7.90 5.30 5.30 3.26 July 5.38 5.39 4.54 3*4 7.39 9.35 8.21 5.20 4.90 3.19 August 5.47 5.48 4.35 3*4 7.18 9.43 7.42 5.06 4.68 3.33 September 5.59 5.63 4.39 3*4-4*4 7.18 9.48 7.86 5.36 5.32 3.38 October 6.13 6.19 5.45 4*4-4 7.28 9.06 8.06 5.15 4.52 3.38 November 5.35 5.30 5.15 4 -3*4 6.89 8.29 7.79 4.26 4.17 3.32 December 4.76 4.75 4.23 3*4-3 6.98 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*4 5.53 6.72 6.01 2.80 2.94 2.71 March 2.78 2.55 3.20 2*4-1*4 5.12 6.35 5.57 2.50 2.61 2.60 April 2.48 2.49 2.28 1*4 4.46 5.57 4.40 2.52 3.08 2.61 May 2.16 2.11 1.93 1 3.89 5.00 3.62 2.29 2.53 2.44 June 2.31 2.30 1.93 1 3.58 4.80 3.74 1.89 1.93 2.06 July 2.37 2.38 1.78 1 3.40 4.57 4.30 1.85 1.85 1.92 August 2.21 2.17 1.85 1 3.24 4.43 3.73 1.83 1.63 1.75 September 2.07 2.05 1.68 1 3.30 4.54 3.78 1.96 1.84 1.50 October 2.09 2.13 1.65 1 4.66 5.93 5.15 1.59 1.48 1.29 (B B r e u 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 l m r i p m m a e p e r e - r Da m y o -t n o e - y day L m oa t o o n n s 3 th u s p Dis b co il u ls nted ov m e C o r a n n l i e l g y ht 1929—May 3.96 3.49 6.83 7H -7*4 8 -9 8H- 9*4 7 -9 4*4-6*4 5.48-5.66 3.29 June 3.97 3.50 6.75 73/16-7H 8*4-9 894- 9*4 7 -9 4*4-6*4 5.48-5.66 3.29 July 4.04 3.50 6.75 7*4 -794 834-9 834-10 7 -8*4 4*4-6*4 5.48-5.66 3.10 August 4.93 3.50 6.85 7H -7^6 8*4-9 8?4-10*4 7 -8 4*4-6*4 5.48 3.10 September 4.94 3.50 7.01 734 8*4-9*4 894-10*4 634-8 5*4-7 5.48 2.92 October 4.94 3.50 7.18 8 -8*4 9 -10 9 -10*4 7*4-8 5*4-7 5.48 3.47 November 4.57 3.50 7.00 7% -8*4 834-10 8*4- 934 6*4-7% 5*4-7 5.48 3.47 December 4.40 3.50 7.00 734 -73/4 8*4-9*4 8*4- 9% 7 -7*4 5*4-7 5.48 3.10 1930—January 3.40 3.38 7.00 6*4-7*4 7^-8% 7*4-10 6*4-7*4 4*4-6 5.48 2.74 February 3.41 2.91 6.95 6*16-6*4 7 -8 7-9*4 5*4-6% 4*4-6 5.48 3.83 March 3.31 2.70 6.57 5^1-6 634-734 6?4-8^ 5*4-6*4 4 -6 5.48 3.83 A M p a r y il 2 3 . . 8 3 7 3 2 2. . 3 5 6 7 6 5 . .8 4 1 3 4 5 #- - 5 5*4 6 6 * V 4 4 - - 7 7H 5 6* J $ 4 - - 8 8*4 5m --6e*4 3 3 * * 4 4 - - 5 5 * * 4 4 5 5 . . 4 4 8 8 3 3 . .1 6 0 5 June 2.78 2.11 5.50 4*4-*1M« 6 -6*4 5*4-8 4*4-6*4 3*4-5*4 5.48 3.83 July 2.78 2.08 5.50 4M6-4& 6 -6*4 5*4- 7*4 4*4-5*4 3*4-5*4 5.48 3.65 August .. 2.44 2.10 5.50 4 -4*4 6 -6*4 VA- 7H 414-5 3*4-5*4 5.48 3.83 September 2.39 1.99 '5.48 3% -4*4 5*4- 7*4 4*4-5*4 3*4-5*4 5.48 3.65 October 2.27 2.00 5.25 4 -4*4 53/4-6K 3*4-5*4 ' Revised. 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

802 FEDERAL RESERVE BULLETIN DECEMBER, 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 January. 97 93 94 96 138 131 657 576 139 132 461 417 228 201 February 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 84 136 118 598 560 138 125 437 379 218 176 September 98 84 98 83 136 116 608 ' 556 138 123 437 375 218 172 October 96 83 97 81 136 113 607 552 137 120 436 364 216 165 November 94 96 134 603 136 431 211 December 94 96 133 596 134 425 205 Australia Austria Belgium China Czechoslovakia Denmark Du I t n c d h i e E s ast 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 January 157 151 128 125 867 808 160 170 139 126 151 143 149 143 February 156 147 130 123 865 791 162 175 139 124 159 140 149 141 March 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 May - - 156 148 135 118 851 in 162 173 137 120 148 132 150 136 June 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 August 160 142 132 118 850 729 165 189 134 118 150 128 148 131 September 163 134 128 115 846 712 167 188 132 115 150 126 148 October 161 130 127 112 838 705 168 182 131 113 149 123 147 November 158 125 834 165 130 147 146 December 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 January . 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 March _ _ ._ __ 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 96 139 121 142 118 155 154 146 140 June 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 August 112 104 97 89 114 93 143 114 142 114 156 • 154 148 137 September 113 104 96 88 109 143 111 141 112 157 148 135 October 115 96 86 111 140 108 140 156 147 132 November 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 January 186 181 98 88 177 182 135 121 171 172 144 131 143 136 February ._ 185 181 99 85 177 185 173 173 145 128 143 133 March 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 August __ 187 175 95 82 180 188 170 173 141 121 143 126 September 186 178 94 80 181 171 174 140 119 142 123 October 186 177 93 78 182 128 172 138 142 122 November 184 95 181 171 135 140 December 182 92 182 172 134 139 r 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 indicated specifically in the BULLETIN for March (p. 124), where references are also given to sources in which current figures of the index numbers may be found. The base periods 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—IMS; 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

DECEMBER, 1930 FEDERAL RESERVE BULLETIN 803 WHOLESALE PRICES—GROUPS OF COMMODITIES Other commodities Nonagricul- UNITED ST 1 A 00 T ) ES (1926=- m Al o l d c it o i m es pr F o a d r u m cts Foods Total 1 p l r H e o a a i d n t d h u d e e c s r ts p T ro e d x u ti c le ts m F li u a g e t h e l t r i a i n a n g l d sp M r m o a e d e n t t u d a a c l l s ts m Bu at i e ld ri i a n l g sc C a d h l r s e u m a g n s i d - f H u g r o o i n n o u i g d s s e h s - - 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—October... 104 101 93 111 104 97 94 1930—April 96 95 103 99 89 May 93 92 103 97 June 89 91 102 95 96 July- 83 86 101 94 84 August 85 87 99 93 84 September. 85 89 99 92 84 October 83 89 97 90 83 Foods Industrial products All com- Other ENGLAND (1913=100) modities ,al Cereals an M d e f a i t sh 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 i a n e n e t d a ra ls ls Cotton Wool te O x t t h il e e r sl M an is e c o e u l s - 1929—October ___ 136 145 137 148 150 131 115 128 114 152 130 137 1930—April 124 129 117 141 130 121 114 122 104 131 127 115 127 May 122 127 114 136 132 119 114 119 95 130 129 110 128 June 121 127 111 135 137 117 114 117 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 October... 113 121 99 136 | 131 109 111 121 84 107 110 87 120 Farm and food products Industrial products FRANCE (1913=100) m Al o l d c it o i m es - Total p A ro n d im uc a t l spr 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 H e a a i n t d h d e e s r c C al u h c e p t m r s o i d - -Rubber Paper Lumber C b e a e r m i t n c c d e . k n , t 1929—October.... 607 556 487 652 705 455 608 114 677 1,003 636 1930—April 548 481 599 411 606 551 620 405 598 86 667 987 708 May 546 483 570 431 601 547 615 405 592 81 667 978 708 June 540 488 587 428 587 542 583 403 593 74 667 978 708 July 558 540 595 507 573 539 562 399 582 65 664 956 725 August 560 550 587 528 568 537 554 409 571 59 654 937 725 September. '556 ••562 '619 527 551 532 517 420 570 48 654 937 725 October... 552 562 626 523 543 522 503 429 552 59 636 963 725 Agricultural products Industrial raw and semifinished products All com- Provi- GERMANY (1913 = 100) modities Total Veg fo e o t d ab s le Cattle p A ro n d im uc a t l s Fodder sions Total Coal Iron N r o o n u f s ermetals 1929—October.... 137 132 122 134 153 113 126 131 138 131 116 1930— M Ap a r y il .. 1 12 2 6 7 1 11 1 1 2 1 1 1 1 9 8 1 1 1 1 3 0 1 10 1 9 0 9 9 9 6 1 11 1 7 8 1 1 2 2 5 4 1 1 3 3 6 6 1 1 2 2 8 8 1 9 0 0 3 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 October 120 109 109 105 128 87 108 114 137 124 74 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 n t a s i n c d al Rubber a m n P a d t a e p p r a e i p a r e ls r B m u a i t l e d r i i n a g l Total d g u P o c r o e o d - r s s' su g C m o o o e n d r - s s' 1929—October.... 133 121 127 132 151 162 157 140 170 1930—April 116 110 127 127 149 157 152 | 139 162 May 116 111 126 135 147 156 152 139 161 June 111 112 126 134 145 153 151 ! 138 161 July 105 108 125 131 143 149 151 : 138 160 August 101 108 125 133 139 145 149 ; 138 158 September. 96 111 125 129 139 142 148 | 138 157 October... 90 111 124 118 136 140 147 ! 137 154 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 j'arm products. ' 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 G§n6rale de la France, Supplement Mensuel, Statistique Ge"ne"rale de la France; and Germany—Wirtschaft und Statistik, Statistisches Reichsamt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

804 FEDERAL RESERVE BULLETIN DECEMBER, 193 INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA ENGLAND PRODUCTION TRANSPORTATION Unem- Coal i P ro ig n i S c n i a n a g t n e g s o d e t s t - l s i s F s t h i e n e e - d l s v c u R o i p s t a i p t b o w l l n y e 1 m t u s I a u r t f n e a o a r e e d n c n l s - - Coal m t u C u t f o a o a r n e n c t- s - - w W ti o s a o s r n o s u d t l e e e s d n R c to o a n t w - R w a o w ol r C u r b u b d e e r h R w id a e w e t s c c S l w a e h r a i g i t r p h o e s : d F B re r t r e c r i a i e t g i i i s n p h h t t s ra F i t r t r l e r w a i a f g a f i i n h y c t s - i a n m p m s lo e u o n y r n e t - g d Thousand long tons T b h a o le u s s. T lo h n o g u s to a n n s d s M q li . o y i n l d - , T sq h . o y u d s. . M po i u ll n io d n s T p h o o u u n sa d n s d T t h o o n u s s. T £ h li s o n t u e g r s - . M m t i o l i l n l i e o - s n c P e e n r t 1929* April 19,462 611 809 621 1,267 340 4,756 353 9,513 118 119 28,387 6,437 5,514 8,946 1,519 9.9 May 18,401 655 844 577 1,190 443 5,328 325 11,286 115 99 22,748 4,071 6,013 8,943 1,552 9.9 June 3 24,786 658 831 575 1,047 307 4,883 227 10,211 76 70 20,123 4,713 5,750 1,476 9.8 July 18,875 672 805 555 956 376 5,848 360 17,543 68 39 22,501 7,058 6,182 9,054 1,580 9.9 August 3 23,589 682 753 594 910 358 4,977 325 17,084 66 33 43,192 5,229 i 6,484 8,821 1,571 10.1 September— 20,380 665 848 646 892 300 5,206 240 11.287 64 18 46,122 5,737 ! 5,963 8,875 1,564 10.0 October 20,613 689 890 610 923 390 5,761 269 11,105 131 22 46,379 7,161 | 6,227 9,690 1,695 10.4 November 3 26,420 631 815 568 1,060 383 5,394 287 10,815 191 49 38.580 9,256 5,857 9,329 1,658 11.0 December 19,975 643 661 551 1,154 332 4,988 276 11,410 196 78 34,561 8,556 5,167 8,244 1,518 11.1 :i930 January 21,087 650 771 1,213 352 5,493 316 !14,089 172 95 35,685 5,788 9,133 1,636 12.6 February 22,085 607 776 1,175 294 4,736 302 13,050 125 82 32,833 6,720 4,953 8,409 1,529 13.1 March 26,966 666 826 649 1,129 338 4,783 284 9,844 91 101 35,364 5,643 5,341 8,915 1,611 14.0 April 18,120 620 555 1,096 268 4,423 219 6,985 76 86 35,427 4,211 5,259 8,185 1,458 14.6 May 3 24,462 615 598 995 295 5,056 220 7,930 102 90 31,222 6,721 ! 5,981 8,648 1,539 15.3 June... 16,489 563 600 499 947 251 4,057 161 6,641 63 71 29,297 6,310 i 5,335 7,274 1,277 15.8 July 16,581 486 621 508 885 303 4,654 200 10,116 41 49 23,765 7,297 ! 5,714 8,197 1,448 '16.7 August 3 21,539 417 451 348 219 3,934 170 10,999 49 39 23,226 7,038 I 5,889 7,537 1,378 17.1 September.. 18,222 425 581 200 4,633 345 9,593 57 26 42,256 5,942 ' 5,787 17.6 October 18,771 945 264 4,797 152 8,711 107 29 37,947 8,881 5,814 18.1 * End-of-month figures. 2 Includes Irish Free State. s 5 weeks. r Revised FRANCE PRODUCTION EX- TRANSPORTATION PORTS Regis- Busi- Coali i P ro ig n C s r te u e d l e C y o a t r t n on C c o lo tt t o h n v T ol o u t m al e v T ol o u t m al e f c s o R u o t r i m t a o c t w o o n p n n - - f s o R u t s r i m i a o c l w k o n p n - - f s o u C t r i m o o c a n o p l n - - c c l w e a a r i g t r h e o d Fr l i o e c n a i a g g d r s h - t- o R p f a e w p l c a r e r i y a i n p s i c l t - i s - p u l t o n e y r e e e m d d - : n u fa e r i e s l s s - Thousand metric tons T g k h r i a o l m o u - s s . o m P f i e e 1 t c , e 0 e r 0 s s 0 m T e h t o ri u c s a to n n d s Metric tons T m t h o e o t n r u s i s c . T t h o o n u s s.A nu d v m a e i r l b a y g e e r Th f o ra u n s c a s n d N b u e m r - N b u e m r - 1929 April 5,713 871 810 11,193 3,217 5,073 28,508 321 2,018 4,279 67, 586 3r 1,491,845 706 561 May 5,472 897 820 10,766 28,651 3,087 4,921 28,675 521 1,889 4,378 63,358 ' 1,171,025 558 791 June 5,626 865 795 10,894 26,346 3,617 5,322 21,987 450 1,998 4,426 66,370 ' 1,209,080 394 746 July 6,077 878 815 11,525 26,366 3,741 5,062 20,717 361 2,056 4,207 63, 510 3r1,556,686 399 812 August 5,894 893 827 11,445 25,558 3,214 5,121 22,346 420 2,013 4,578 63, 536 ' 1,268,762 403 645 September 5,504 851 763 10,851 27, 248 3,609 5,151 14,324 556 2,130 4,275 66, 776 3r1,617,466 385 420 October 6,220 894 847 11,488 29,699 3,217 5,037 28, 708 602 2,073 4,403 69, 674 1,278,657 396 734 November... 5,850 852 786 10,235 26, 590 3,314 5,173 38.709 547 2,064 4,191 68,153 1,189,981 577 804 December 5,631 879 812 10,826 26,884 3,485 5,292 47,756 2,192 3,649 66,332 3 1,497,782 817 764 1930 January 6,254 875 800 11, 689 27,819 2,908 5,210 45,166 280 2,371 3,699 64,353 1,105,281 1,484 907 F M e a b r r c u h ary 5 5 , , 7 9 6 5 8 0 8 8 1 9 5 8 7 84 7 8 2 1 1 1 0 , , 6 0 4 7 0 2 2 2 5 6 , , 6 1 3 8 5 6 3 3 r , 2 3 2 5 7 1 5 4 , , 3 6 8 8 3 1 3 3 1 4 , , 8 8 0 0 2 7 3 35 2 8 2 2 1 , , 3 75 9 0 3 3 4 , , 3 0 3 7 7 8 6 6 6 6 , , 7 2 0 9 3 5 1 1 , , 1 1 2 2 2 8 , , 6 8 6 2 3 2 1 1 , , 6 6 8 3 3 0 8 7 7 7 1 2 April 5,693 854 787 10, 660 26,707 3,012 5,521 29,776 311 2,315 4,435 62,750 3 1,451,352 1,203 732 May 5,736 901 855 10, 796 27,645 3,087 4,926 23,942 333 2,078 4,826 65, 052 1,171,690 859 852 June.. 5,270 '841 ••753 9,485 22, 656 2,966 4,741 17,499 256 1,883 4,365 63,372 1,180,868 1,019 733 July 5,721 861 790 3,066 4,893 16, 631 319 1,937 4,620 3 1,529,992 856 748 August 5,494 845 775 3,192 4,978 13,806 411 1,954 4,510 3 1,266,866 964 579 September 5,771 801 767 3,083 5,192 18,462 597 2,034 4,869 3 1,591,725 988 469 October 1>663 243 1 Coal and lignite, including Lorraine and the Saar. 2 End-of-month figures. 3 5 weeks. ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1930 FEDERAL RESERVE BULLETIN 805 INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA--Continued GERMANY TRANSPORTA- UNEMPLOY- PRODUCTION TION MENT Coal L ni ig te - i P ro ig n C s r te u e d l e P a o s t h - m t I i a u f r a r a n o r o n c d e n n - u s - c t h p e s M r a i u l l i n n e i c p a e c d e a - - s - r l y s D d a t y u y n e f d e f - s s Coal j I w R o a o w l R c p o a e p w r - C to o n t- Iron ore A H b v s r a u i e e r n s m l r i s - g v - - l i o c n a a g d r s - ! ! T u p u m b r l n n o e a e e i m d y r o m s e e n - - d -| : p p U r S e e l a n i o c r t i n s d a e e y g o i m t e v e n 1 d - - s j B n u f u a e r i e s s l s s - i- ™ou, J Thou Thousand metric tons Metric tons reg. Number tons 1929 April 13,407 14,226 1,105 1,415 619,460 68,159,16,46Ji 2,355,068 24,544 21, 349;32,933 1. 558,607 1,933 3,929| 11.1 1,324,748! 885 May 12,759jl3,669 1,133 1,421 587,115 67, 598; 16, 655 2, 258, 510; 19,63418,42125,335 1,933,229 2,030 3,922l 9. lj 1,010, 781j 846 June _ 13,22113,763 1,164 1,430 522,037 62,946,16,630 2,152, OH',15,890 22, 693 19, 589 1,925, 538 1,922 3,934 8.5i 929,579: 803 July -. 14,36214,885 1,204 1,466 545, 568 6J, 177,14,831 2, 385, 043 12, 577 17',, 367 20, 698 1, 635, 792 1,932 4,218 8.6 863, 594i 845 August 14,467(15,136 1,168 1,402 519, 569|76, 203'14, 7782,541,646 10,81116i,, 209:20, 2682,108,464 2,010 4,182 8.9 883,002j 739 September. 13, 480 14, 220 1,109 1,231 470, 068167,49313,616' 2,687,443! 5,823 14, 646 20, 555 1,755,834, 1, 856 3,980 9.6 910, 245 657 October 14,835 16,050 1,157 1, 377; 505, 883!75, 516|13, 326!2,214, 582j 55,,511 13,61038,875 1,704,731' 1,926, 4,454 10.9 1, 061,134 840 November. 14,157J15, 6231,091 1, 287j 463,082!66.903i 13,164 2,106,138 5", 484 14,523 58,0451, 579,999 1,856- 4,131 13.7 1,387,079! 813 December. 13, 652 14, 520 1,100 1,156 473,415! 63, 094; 12, 381 2,611,289 10,722 9,437:47, 466 1,491,627! 1,949! 3,431 20.1 1,984,811. 881 1930 i January... 14,398 14,008 1,092 1,275; 152 521,398! 76,162112,696 2, 556, 693 19, 559 11,823 43, 9501,619,111 1, 763 i 3.281 22.0 2,482, 648; 1,106 February.. 12,168,11,372 965 1,176! 142 434,093| 76,370|12,814 2,056,75212,998 9, 607i33, 6741, 686, 050 i 1,725 2,989 23.5 2,655,723! 1,103 March 12,539111,303 1,008 l,202| 132 491,149! 82,334116,554 2, 028,909 11,957 10, 684129,838 1,327,068: 1,918 3,416 21.7 2,347,102: 1,142 April 11,48110,826 901 1, 034' 104 423, 996 72, 698! 14,407 1, 729, 629! 14, 683 9,496 29,742 1,339,841; l,806: 3,218 20.3 2,081,038; 1,006 May 11,953 12,315 860 1,034 112 462, 956 76, 363-17,012|2,061, 682 13, 057 12, x63 24,489 1,371,425! 2,036; 3,577 19.5 1,889, 2401,062 June 10, 805111,746 767 859 92 360, 642 06,860!l4,941 1, 937, 851 17, 945 18, 042 18, 3271,450, 7201 1,955! 3,162 '19.6 1,834,662 853 July 11, 605 12, 250 771 906 115 349, 357 65, 873 j 15, 2332,061, 615 14, 74114, 039 19, 386 1,322,424 1,786! 3,449 20.5! 1,900,961 977 August 11,47112,285 739 113 337, 680 72,867 14,078 1,821,018 13, 370 18,61420,939 1,349,778 1,961! 3,333 21.7 1,947,811 810 September- 11,72912,821 653 814! 368,137 68, 656|12, 7412,086,766 7,94014,634 27,814 1,284,681 3,479 22.5 * 1,965,400 759 October... 12,21713,141 1,158 1,378! 348,114 67,348.14,430| 2,301,576 10,653 15,653 47, 7111,132,227 *3,255,000i 843 I I End-of-month figures. r Revised. Preliminary CANADA Re- Receipts at ei] stock- In o d f ex PRODUCTION Con- !wh o e f at To y r a o r n d t s o i a n nd Total i t d d p t r i i u u r n i o o c s a - n - - - l Coal N p e ri w n s t - Flour a s t w r c t t r a i e o a o u c d n r n c t d - s - - 1 1 I i , ! l F P W a A i a a o o n i t r m d r l r - - t t C t W l a e t i - nni H pe o g gs ( P b l a o a n a n d r k d s s ' j , ^ p ° u ° lnp d Wheat Coal C p le e r u t u r m d o e - j i R c to o a n w t- | c M e h r i a y n - - l r i n o e c n a u v a g d r e e s - - m I p n e l e o m d o n f e y - t x - 1 u n B f r e a u e i s l s s s - i 2 thur l 1 1 9 1 9 2 0 1 4 9 0 = - s T h h o o rt u s t a o n n d s T b h re a o l r u s - s . j T d l h a o o r l s u - s. ' T b h u el o s s u h s - . Number feet lbs. els T g h a o l u s. s . Th lb o s u . s.Th d la o o r l u s - s, N b u e m r - 19 1 2 0 6 0 = N b u e m r - 1929 I April 197.5 1,394 222 1,606 43,328 9,691 i42,003 47,464 109 115, 075 7,314 71,130 12,201 5,377 283,745 110.4 174 May 199.9 1,405 246 1,749;64,860 13,839 38,956 168 151, 249,27,073 1,369! 55,969| 11,219 6,925 306,728 116.2 185 June 189.9 1,361 225 l,548i 72,420 14,683 30,969| 36, 744! 158 144,976, 25,588 l,313j 124,275 6,402 6,390 310,885 122.2 148 July 192.2 1,316 229 1,603,57,941' 14,606 54,388i 36,874j 172 121,390 17,019| 1,428117,725 6,447 5,969 313,292 124.7 149 August 193.6 1,362 226 1,607 58, 622 2,373 52, 587|30,2701 186 166,421! 10,156 1,608(123,627 5,233 5,838 318,200 127.8 137 September.. 174.5 1,408 228 1,283 46,959 27,759 57, 547| 25,808 165 143,419 7,410 1, 5831 84,759 3,550 5,597 335,338j 126.8 151 October.-.. 197. 5 1,599 252 1,528!57,084 28.918 73,078J 41, 514 193 140,482 20, 722 1,942128,959 11,812! 6,454 353,095 125.6 176 November.. 195.8 1,534 252; 1,629!45, 376 17,010 63,668| 50, 085 152 165,169 22,445! 1, 649 162,979 18,159! 5, 214 284,740 124.6 176 December.. 161.3 1,491 230 1,073 32, 548 6,178 39,060J 54,558 116 131,694 15,9611 1,451 73,583 13,029! 5, 210 230, 630 119.1 224 1930 January 187.8 1,630 206 168 37, 530 2,789 36,361 50, 587 138150,618! 4,994 1,763 81,900 10, 626; 5,173 241, 603! 111.2 261 February. _ 164.3 1,185 189, 051128,464 1,832 27,062 37, 535 109133,024' 6,733 1,309! 80,522 7, 678! 4,415 231, 515! 111.6 205 March 167.0 1,130 207, 219i 24,263 1,576 25,871 34, 605 156 172,403 11, 592 1,627| 72,772! 10,153; 6, 575 257,460J 110. 2 201 April 169.8 907 228 215, 48, 779: 1,596 35,161 44,815 90 94,537i 3,428 971! 61,162 5,262! 4,147243,810! 107.8 195 May. 186.7 1,115 238' 394 46,862 7,406 29, 91633, 265 154 125,647! 13,467 1,356134,468 7,056! 5,185276,620 114.4 170 June 168.0 • 1,192 214| 16ll 54,428 23,691 28,247 36, 224 146 116, 606 18,990! 1, 382 135,913 4,981 4,875 268,990 116. $ '178 July ••164.6 1,061 217 436 37, 374' 14, 211 54,388 36,874 142 115,426 19, 862; 1,402 100,273 4,732 4, 000 264,180 118.9 169 August 156.1 1,101 202 548 49, 409 11,122 31,707 24, 221 116100,601; 17,639 1, 368 102, 589 3,457 3,263281,150 118.8 159 September. 154.4 1,230 195! 624! 32, 407 49,040 42,490!24,874 H1191 30,847'' 27,817 2,878 114,896 5,524 3,454 302,890 116.6 192 October 143.2 214|. 33,332 29,784 12,716. '307,970 116.2 179 1 First of month. 2 Total number of firms failing during the month. p Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

806 FEDERAL RESERVE BULLETIN DECEMBER, 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 Nov. 30 Oct. 31 Nov. 30 RESOURCES Gold with Federal reserve agents . - _ - .. 1,592,356 1,580.615 1,639,265 Gold redemption fund with United States Treasury 35,334 34. 755 76,287 Gold held exclusively against Federal reserve notes 1,627,690 1,615,370 1,715, 552 Gold settlement fund with Federal Reserve Board 472, 009 514,463 577,816 Gold and gold certificates held by bank _ 881,169 874.093 654,891 Total gold reserves 2,980,868 3,003,926 2, 948, 259 Reserves other than gold_ _ 133,887 144, 734 142,065 Total reserves . 3,114,755 3,148, 660 3, 090,324 Nonreserve cash _ _._ 54,302 60, 633 74,423 Bills discounted i__ _ _._ 274, 596 207,101 1,030,442 Bills bought: Outright * 166 863 159,631 244,703 Under resale agreement _ _ 7,710 3.228 11,372 Total bills bought 174,573 162, 859 256,075 United States securities: Bought outright 599,286 601, 559 322,155 Under resale agreement _ _ 3,910 Total United States securities _ _ 599, 286 601, 559 326,065 Other reserve bank credit: Other securities __ _ _ 6, 358 6, 322 18,698 Due from foreign banks 707 702 724 Reserve bank float8 23, 080 19.238 44,897 Total reserve bank credit outstanding 1, 078, 600 997, 781 1,676, 901 Uncollected items not included in float _ _.. 546 756 496,899 639 810 Federal reserve notes of other reserve banks _ _ _ . . ._ 13,571 16, 418 26 988 Bank premises 59, 702 59, 632 59,157 All other resources _ _ 21,420 14,048 11, 837 Total resources _ _ 4,889,106 4, 794,071 5, 579,440 LIABILITIES Federal reserve notes: Held by other Federal reserve banks __ _ ._ _ 13,571 16,418 26,988 Outside Federal reserve banks 1, 441, 684 1, 351, 337 1,922,618 Total notes in circulation ___ _ 1, 455,255 1,367, 755 1, 949,606 • Deposits: Member bank—reserve account . . . 2, 373, 260 2, 418, 005 2 458 021 Government . _ „ 23,347 18,181 38, 871 Foreign bank _ 5,552 5,334 5 278 Other deposits _ _ _ _. 19, 520 23,331 20, 233 Total deposits _ ___ _ 2,421, 679 2, 464, 851 2, 522,403 DefftTeri availability itp.ms , . r. 546, 756 496, 899 639,810 Capital paid in _ . _ _ 170,467 170, 426 168,369 Surplus . . 276,936 276,936 254, 398 All other liabilities _ 18,013 17, 204 44, 854 Total liabilities 4,889,106 4, 794,071 5, 579,440 Contingent liability on bills purchased for foreign correspondents 428,842 433,137~ 503. 792 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to Federal reserve banks by Federal reserve agents 1,851, 749 1,783,356 2,446,282 Held by Federal reserve banks * 396,494 415,601 496,676 In actual circulation 1, 455, 255 1,367,755 1,949,606 Collateral held by agents as security for notes issued to banks: Gold 1, 592, 356 1,580,615 1,639,265 Eligible paper 400,051 326,557 1,257,050 Total collateral 1,992,407 1,907,172 2,896,315 i Includes bills discounted for intermediate credit banks as follows: Latest month, $1,111,000; month ago, $117,000; year ago, $2,332 000* and note secured by adjusted service certificates discounted for nonmember banks as follows: Latest month, $42,000; month ago. $44,000; year ago, $50,000. * Includes bills payable in foreign currencies as follows: Latest month, $31,587,000; month ago, $21,583,000; year ago, $1,027,000. »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

DECEMBER, 1930 FEDERAL RESERVE BULLETIN 807 RESOURCES AND LIABILITIES OP EACH FEDERAL RESERVE BAJSfK ON NOVEMBER 30, 1930 [In thousands of dollars] Total B t o o s n - Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - At t l a an- I C ca h g i o - L S ou t. is n M e l a i i s p n o - - K C a i n t s y as Dallas F c S i r s a a c n n o i RESOURCES Gold with Federal reserve agents 1, 592, 35 3 149, 917 355,636 1139, 600 180, 550 63, 000 116,000 1179, 000 74, 245 46, 595 65, 000 27,050 195, 763 Gold redemption fund with U. S. Treasury 35, 331 1,583 14, 225 1,750 2,034 1,686 1, 810 1,142 1,620 817 j 1,470 1,117 6,074 Gold held exclusively against Federal reserve notes 1,027,693 151, 500 369, 861 141, 350 182, 584 04, 686 117,816 180,142 75, 865 47,412 I 66,470 28,167 201, 837 Gold settlement fund with Federal Reserve Board 472,003 17, 066 154, 662 49, 289 50, 013 14,195 8,900 46, 057 34, 206 16, 849 I 29,168 9,553 42, 051 Gold and gold certificates held by banks 881,163 36, 778 519, 870 24, 541 60,351 8,878 7,938 162, 016 13, 606 4,883 I 6,729 10, 981 24, 598 Total gold reserves _ 2,980,805 205,344 1,044,393 215,180 1292, 948 87, 759 134, 654388, 215123, 677 69,144 102, 367 48, 701 268,486 Reserves other than gold. 133,887 12,145 33,116 8, 646 8, 681 5,957 8,503 18, 276 9,866 4,372 7,273 7,622 9,430 Total reserves. 3,114,755 217,489 1,077,509 223, 826 301, 629 93, 716 143,157 406,491 133, 543 73, 516109, 640 56, 323 277, 916 Nonreserve cash 54,302 8,775 ! 11,963 3,479 3,108 2,560 3,180 8,142 3,549 1,020 1, 308 2,584 4,634 Bills discounted: Secured by IT. S. Government obligations 112,411 7, 646 35, 486 10,177 20,187 8,720 661 9,491 5,379 811 4,031 1,394 8,428 Other bills discounted 162,18.5 8,179 22, 856 13, 636 15, 392 20,107 31,122 10, 545 9,269 3,086 12, 084 6,578 9,331 Total bills discounted 274, 59-3 15, 825 58, 342 23, 813 35, 579 28, 827 31, 783 20, 036 14, 648 3,897 16,115 7, 972 17, 759 Bills bought 174, 573 13,901 45, 996 2,945 17, 570 9,283 9, 810 19, 333 6,954 4,748 7,658 6,044 30,331 U.S. Government securities: Bonds 47, 76 L 1,518 5,503 1,273 1,044 1,452 114 21,059 500 6,050 528 8,168 552 Treasury notes •_ 258, 27.5 20,299 ' 75,979 24,223 31,500 7,343 4,747 27,718 8,125 11,375 12, 934 10, 866 23,166 Certificates and bills 293, 250 25,930 • 107,888 28,513 27,463 9,377 2,835 35,410 10,439 16, 521 11, 601 17, 273 Total U. S. Government securities _. 599, 280 47,747 189, 370 54, 009 60, 007 18,172 84,187 8,625 27, 864 29, 983 30, 635 40, 991 Other securities 6,358 1,000 '• 4,250 1,000 108 Total bills and securities. 1,054, 813 78,473 I 297, £ 81, 767 113,156 56, 282 49, 289123, 556 30, 227 36, 617 53, 756 44, 651 89, 081 Due from foreign banks 70 7 52 235 71 30 25 94 25 16 21 21 49 Uncollected items 569, 83-3 61,941 ! 161,471 50,137 53, 725 39, 557 17, 003 68, 902 24,424 11,146 31, 976 20, 521 29, 033 Federal reserve notes of other Federal reserve banks 13, 57 L 318 [ 3,043 469 897 854 863 1,724 1,355 925 1,249 376 1,498 Bank premises 59, 702 3,580 ; 15,664 2,614 7,064 3,339 2,658 8,295 3,811 2,018 3, 972 1,877 4,810 All other resources 21,420 518 j 6,210 284 1,230 940 4,047 713 4,564 433 646 462 1,373 Total resources |4,889,10'3 371,146 :l, 574, 053 1362,644 480,880 197, 278 220, 222617, 917201,498 125, 691202, 568126,815 408,394 LIABILITIES I ! i Federal reserve notes in actual circulation 1,455,25,5 75,415 125,886 142,909 84,510 48,829 67, 32,450 156,955 Deposits: i 130,395 ! 273,067 j 126,502 191,038 Member bank—reserve ac- j count 2,373,260 144,104 ! 984,230 141,187 186, 515 60, 915 57,029 346, 564 ),403 52, 827 89, 516 59, 594 181,376 Government 23,34'7 1,503 I 2,390 2, 006 1,612 3,417 1,687 1,500 1,582 1,499 1,291 1,391 1,469 Foreign bank... 5,552 395 ; 1,973 517 533 224 192 715 192 123 160 160 368 Other deposits- 19,520 174 8,255 426 1,795 81 222 654 913 153 37 25 6,785 Total deposits 2,421,67!) 146,176 996,848 1144,136 190,455 64, 637 59,130 349,433 74,090 54, 602 91,004 61,170 189,998 Deferred availability items 546, 75() 60, 507 152,049 | 47,76352, 994 37,924 16,819 62, 897 25,412 11,184 30, 274 19, 229 29, 704 Capital paid in 170,46'' 11, 874 66,230 ! 16,79215,913 5,795 5,354 20,158 5,258 3,060 4,314 4,353 11,366 Surplus 276,936 21, 751 80,001 | 26,96529,141 12, 496 10, 857 40,094 10,877 7,143 9,162 8,935 19, 514 All other liabilities 18, 0115 443 5,858 j 486 1,339 1,011 2,176 2,426 1,351 873 515 678 857 Total liabilities 4,889,106 371,146 1,574,053 362,644 480, 880197,278 220, 222617,917 201,498 125,691 202,568 126,815 408, 394 Reserve ratio (per cent) 80. [\ 78.6 84.8 82.7 79.1 66.9 77.4 82.6 84.2 71.1 69.3 60.2 80.1 FEDERAL RESERVE NOTE I STATEMENT | Federal reserve notes: Issued to Federal reserve banks by Federal reserve agent. 1,851, 749 163,889 398,845 141,608 1219,258 92,062 153,409 185,164 92,036 j 53,158 38, 776 234,646 Held by Federal reserve banks ' 396,494 33,494 125,778 15,106 28, 220 16,647 27,523 42,255 7, 526 4,329 11, £ 6,326 77,691 In actual circulation 1,455, 255 130,395 273, 067126,502 1191, 038 75,415 i 125,886 142,909 84,510 ! 48,82967, 299 32,450 i 156,955 Collateral held by agents as security for notes issued to banks: | Gold 1,592,350 149,917 355, 636139,600 180,550 63,000 116,000 179, 000 74,245 : 46,595 65,000 27, 050 195, 763 Eligible paper _ _ 400,05:. 27,478 80, 525 22,340 ! 48,972 36, 815 40,349 35, 247 19,698 j 7,362 22, 713 12,944 45,608 * Excludes "Federal reserve notes of other Federal reserve banks," which are consequently included in "actual circulation." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

808 FEDERAL RESERVE BULLETIN DECEMBER, 1930 ALL BANKS IN THE UNITED STATES * -TOTAL MEMBERSHIP IN PAR-COLLECTION SYSTEM LOANS AND INVESTMENTS [Number of banks at end of October] [In millions of dollars] Member banks Nonmember banks All banks All member banks Federal reserve district On par list Not on par list 1930 1929 Date 2 Loans Loans 1930 1929 1930 1929 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 ments ments United States. 8,228 8,602 11, 269 12,175 3,607 3,769 Boston ._ _ 397 407 267 271 1924—June 30 45,180 31,523 13,657 27,167 19,204 7,963 New York 919 932 401 408 Dec. 31 47,182 32,440 14,742 28,746 19,933 8,813 Philadelphia 754 769 458 478 1 1 1 1 19 9 9 9 9 2 2 2 2 2 9 5 7 6 8 — — — — — D D D D O M J J J J u u u u e e e e c n a n n n c c c c t. e e e r e . . . . . 3 3 3 3 3 3 3 3 3 2 - 1 1 1 1 0 0 0 0 7 .. _. 4 5 5 5 5 5 5 5 5 5 0 7 8 1 8 5 7 2 8 3 , , , , , , , , , , 8 4 0 2 7 0 2 6 2 5 3 1 5 5 6 1 1 0 6 6 0 9 0 0 5 8 9 3 2 6 3 3 3 3 3 4 4 3 3 3 0 5 6 8 3 9 0 9 6 7 , , , , , , , , , , 6 4 7 4 1 8 6 3 7 5 4 6 5 5 0 6 6 7 6 5 0 4 7 9 7 5 0 1 3 7 1 1 1 1 1 1 1 1 1 1 5 4 4 7 5 7 6 7 7 7 , , , , , , , , , , 4 5 9 9 0 2 8 5 3 4 0 4 6 6 4 6 0 0 9 6 4 9 5 3 3 0 4 1 1 2 2 3 3 3 3 3 3 3 3 3 9 4 1 0 5 1 4 2 5 5 , , , , , , , , , , 8 1 9 0 6 7 3 2 6 5 8 8 2 8 6 5 9 4 4 1 4 4 9 4 1 6 3 7 2 8 2 2 2 2 2 2 2 2 2 2 0 2 2 1 3 4 2 4 5 4 , , , , , , , , , , 0 9 6 8 3 9 3 1 9 6 6 9 5 8 2 3 0 5 4 5 0 6 2 6 5 8 3 5 5 5 1 1 1 1 1 8 8 9 8 9 0 0 0 0 0 , , , , , , , , , , 9 1 8 8 8 7 5 4 3 6 2 1 9 8 6 5 2 4 0 6 3 8 0 8 3 8 9 8 4 1 R A S M D C K C S t a i l h t a a . i c e l n i n l n a h v c l L n s a n a e m F o a e s g t l r a s u a a o o a n i p n n C s d o d c i l i t i s y s co 1, 8 4 4 6 5 7 7 5 1 7 8 5 0 4 7 0 8 1 8 4 6 8 8 6 8 9 1 1,2 8 4 6 9 5 5 7 6 0 3 0 8 0 1 5 2 7 1 6 3 7 0 6 7 3 1 3 1 1 , , , 2 5 9 2 5 5 5 6 9 5 2 1 0 4 4 1 8 5 4 3 4 6 6 3 9 3 5 3 2 1 , , , 1 6 5 9 2 5 5 6 6 4 8 0 9 8 5 1 9 4 4 9 3 8 8 3 2 1 0 1, 4 8 4 2 2 1 0 9 8 8 3 1 6 8 3 9 6 6 3 8 3 0 7 5 1,1 9 4 5 2 2 2 0 3 5 7 0 2 0 6 9 9 0 2 5 0 8 5 1 June 29 _ 58,474 41, 512 16,962 35,711 25,658 10,052 D O e c c t. . 4 3 . 1 . _. 5 5 8 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 3 5 5 , , 9 9 1 3 4 4 2 2 6 6 , ,1 1 5 6 0 5 9 9 , , 7 7 4 8 9 4 a,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 *57,599 *39,742 *17,857 35,472 24,738 10, 734 TRIBUTION OF BILLS AND SHORT-TERM SECURITIES [In thousands of dollars] * Preliminary. 1 Includes national banks, State commercial banks and trust comp S a t 3 a n t D i e e a s s , t u e m s p e u o r t f v u r i a e s l i p o o a n r n . ts d o s f to m ck e m s b a e v r i n b g a s n b k a s n ; k f s ig , u a r n es d i a n l c l l u p d ri e v d a t f e o r b a n n o k n s m u e n m d b er er Total W d in a i y t 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 o t o d n a t 6 y h s s m O o v n e t r h 6 s banks are as of nearest available date. KINDS OF MONEY IN CIRCULATION Bills discounted: Nov. 5 212, 767139,185 19, 247 31,428 15, 071 7,146 690 [End of month figures. In thousands of dollars] Nov. 12 191, 657120, 509 20,462 29, 015 12,951 7,948 772 Nov. 19 205, 037131, 427 19, 799 29,428 14, 089 8, 88o 1,409 Nov. 26 233,852152,715 21,725 30,117 16,958 10,995 1,342 Aug. 31 Sept. 30 Oct. 31 !Nov30* Bills bought in open market: Nov. 5 185, 602 60, 380 38, 346 56,123 30,642 111 Gold coin 353,358 351,765 350,226 351,189 Nov. 12 207, 342 78,168 43, 344 56, 358 29,447 25 Gold certificates 1,050, 595 1,026,036 1,019,584 1, 075,743 Nov. 19 178, 273 61, 282 41, 242 55, 766 19, 865 118 Standard silver dollars 38,234 37, 512 37, 312 37,087 Nov. 26 176,106 65, 854 44, 203 53, 802 12, 088 159 Silver certificates 390, 203 391,311 391, 3G6 400,101 Certificates and Treasury notes of 1890 1,254 1,252 1,250 1,248 bills: Subsidiary silver 280,162 280,868 281,135 ; 281,216 Nov. 5 282, 653 29, 714 81, 395 171, 544 Minor coin 117,187 117,728 117,859 '• 118,312 Nov. 12 281,423 31, 214 79, 7661 170, 443 United States notes 297, 603 297,307 300,032 j 304, 405 Nov. 19 299, 626 79, 765 43,707 176,154 Federal reserve notes 1,353, 200 1,359,358 1,349,940 1,440, 004 Nov. 26 291, 741 73, 765 ! 38.707 179, 269 Federal reserve bank notes 3,126 3,104 3,082 3,064 Municipal war- National-bank notes 648, 274 635,237 640,818 648,251 rants: Nov. 5 47 47 Total 4,633,197 4,501,478 4,492,604 4,660,621 Nov. 12 47 47 Nov. 19 47 47 Nov. 26 98 64....... 24 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1930 FEDERAL RESERVE BULLETIN 809 CHANGES IN MEMBERSHIP CHANGES IN MEMBERSHIP—Continued On November 25, 1930, there were 8,175 active member banks in the Federal reserve system, including CHANGES Date ("Consolidations" shown below include absorp- Capital 7,139 national banks and 1,036 State bank members. tions, mergers, etc.) Below are given all changes, except suspensions and insolvencies, between October 26, and November 25, .affecting the list of active member banks. DISTRICT NO. 7—CHICAGO Oct. 31 First National Bank, Morris, 111 $100,000 First Trust & Savings Bank, nonmember 50,000 CHANGES Consolidated under charter and title of First Date ("Consolidatio t n io s" n s s , h m o e w r n g e b rs o , l o e w tc .) include absorp- Capital Oct. 31 First N N a a t t i i o o n n a a l l B B a a n n k k , .. P eoria, 111 _ 5 1 5 0 0 0 , ,0 0 0 0 0 0 First Trust & Savings Bank, nonmember 200,000 Consolidated under charter and title of First National Bank 550. 000 DISTRICT NO. 2—NEW YORK Oct. 31 Union Industrial Bank, Flint, Mich., member... 2, 000,000 1930 Union Industrial Trust Co., nonmember 300,000 Nov.*17 American Trust Co., New York, N. Y., member. $5,000.000 Consolidated under charter of Union Indus- Bank of Manhattan Trust Co., member _. 22,250,000 trial Bank and title of Union Industrial Consolidated under charter and title of the Trust & Savings Bank, member 2, 000,000 Bank of Manhattan Trust Co., member. _. 22,250, GOO Nov. 3 First National Bank, Bloomington, 111 500, 000 Succeeded by First National Bank & Trust DISTRICT NO. 3—PHILADELPHIA Co. " 300, 000 Nov. 19 First National Bank, Decatur, Ind 100, 000 Nov. 1 First National Bank, Ocean City, N. J 300, 000 Succeeded by First State Bank, nonmember. Ocean City Title & Trust Co., nonmember 200, 000 Nov. 13 State Bank of Seneca, Seneca, 111., member 50, 000 Consolidated under charter and title of First Voluntary withdrawal. National Bank 300, 000 Nov. 10 Capital State Savings Bank, Chicago, 111., Nov. 14 Bituminous National Bank, Winburne, Pa 50,000 member 400, 000 County National Bank, Clearfield, Pa 500,000 Builders & Merchants State Bank, nonmernber.. 300,000 Consolidated under charter and title of the Consolidated under new charter and title of County National Bank, Clearfield, Pa 500,000 Builders & Merchants Bank & Trust Co., nonmember _ _ 450,000 DISTRICT NO. 4—CLEVELAND Nov. 22 Federal Commercial & Savings Bank, Port Huron, Mich., member 400, 000 Nov. 1 Bank of Commerce & Trust Co., Cincinnati, First National Bank & Trust Co 300, 000 Ohio, member 1,000, 000 Consolidated under charter of the national Provident Savings Bank & Trust Co., member-. 1,700,000 bank and title of First National Trust & Consolidated under titls of Provident Sav- Savings Bank 600, 000 ings Bank & Trust Cc, member 2, 000, 000 Nov. 3 National Bank of Fayette County, Uniontown, ! DISTRICT NO. 8—ST. LOUIS Pa ', 200,000 Fayette Title & Trust Co., member | 150,000 Nov. Arkansas National Bank, I-Ieber Springs, Ark 25, 000 Consolidated under charter and title of the \ Reopened (having closed Nov. 17, 1930). National Bank of Fayotte County.- ! 500,000 Nov. First National Bank, Paducah, Ky. 150, 000 City National Bank 300, 000 DISTRICT NO. 5—RICHMOND j Consolidated under charter and title of City National Bank 300, 000 Oct. 31 Federal-American National Bank, Washington, Nov. 22 First National Bank, Poseyville, Ind 25, 000 D.C . !..__. 1,600,000 Bozeman-Waters National Bank 50,000 Merchants Bank & Trust Co., nonmember 1,000,000 Consolidated under new charter and title of Consolidated under tht charter of the na- Bozeman Waters First National Bank 50, 000 tional bank and title of Federal-American National Bank & Truist Co . 2,000,000 DISTRICT NO. 9—MINNEAPOLIS Nov. 15 Charleston National Bank, Charleston, W. Va.._ 1, 000,000 Kanawha National Bank 250,000 Oct. 28 First National Bank, Van Hook, N. Dak 25, 000 Consolidated under charter and title of the Farmers State Bank, nonmember 10, 000 Charleston National Eank._ 1,062,500 Consolidated under charter and title of First Nov. 10 First National Bank, Forest City, N. C 50,000 National Bank 25, 000 Primary organization. Nov. First State Bank, Stratford, S. Dak 30, 000 Nov. 25 Sykesville National Bank, Sykesville, Md 75, 000 Voluntary withdrawal. Central Trust Co., Frederick, Md., nonmember. 1,000, 000 Nov. First National Bank. Garrison, N. Dak 25,000 Consolidated under chaiter and title of Cen- Succeeded by First National Bank in Garritral Trust Co., Frederick, Md., nonmem- son, N. Dak. ber 1, 000, 000 DISTRICT NO. 10—KANSAS CITY DISTRICT NO. 6—ATLANTA Oct. 27 Conqueror First National Bank, Joplin, Mo 250,000 Oct. 27 Florida National Bank at St. Petersburg, Fla 200, 000 Miners Bank, nonmember 100,000 Primary organization. Consolidated under charter and title of Con- Nov. 3 First National Bank, Gulfport, Miss 250, 000 queror First National Bank 250,000 National Bank of Gulfport 125, 000 Nov. First National Bank, Havelock, Nebr., title Consolidated under the charter and title of changed to Havelock National Bank of Lincoln, First National Bank 400,000 Nebr. Nov. 6 City National Bank, Mon\stown, Tenn., title Nov. Commercial National Bank, Nowata, Okla 50,000 changed to llamblen National Bank. Succeeded by Commercial Bank, nonmem- Nov. 6 Central National Bank, Decatur, Ala 200, 000 ber. First National Bank 200, 000 Consolidated under char :er and title of First I DISTRICT NO. 11—DALLAS Xov. 13 A Fo m u e r r t i h N c - a a F n t i i r o N s n t a a t N l i o a B n ti a a o l n n k B al a n B k ank, Nashville, Tenn... 2 2 , , 2 C 6 0 O 2 0 O 5 , , , 0 0 0 0 0 0 0 0 0 Oct. 6 i : j I E T x ex ch a C s a o n S n g t s e a o t l e N i d a B a t t a i e o n d n k a , u l n n d B o e n a r m n c k e h , m a E r b t a e e r s r tl a a n n d d , t it T le e x of Texas 1 5 0 0 0 , ,0 0 0 0 0 0 Nov. 17 T C e o T n m e n C C n m e o o n c s e n n s a r e n s s c o o e e N - l l i i H U d d a e t a a n i r t t o i m e e o n d d n i a t u u l a B n n g B a d e d n a e e N n r k r k , c a c h n t h i a o a o r r r i n : m e a e r l r e a m a B n n a b d d n e t k r t i i , t t l l e N e o a o f s f h A C v m i o l e m le r - i , - 2, 3 8 0 0 0 0 0 0 0 , , , 0 0 0 0 0 0 0 0 0 Oct. 7i I B Fi o r r s g t C e N o r S S n a t S t s a a t t o i t t a e o e l t i n e d B B a a B l a a t e n n a B d k k n a , , k u n , n n n k o n o d , n o n e B m r m n o m c e e r h m m g e a m * b b r r t e e b , e r r e r T r a e n x d title of Borger 10 2 2 2 0 5 5 5 , , , , 0 0 0 0 0 0 0 0 0 0 0 0 merce Union Bank, nonmember 800, 000 1 Not reported in period in which change took place. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

810 FEDERAL RESERVE BULLETIN DECEMBER, 193Q CHANGES IN MEMBERSHIP—Continued Num- Amount of ber of capital CHANGES banks Date ("Consolidations" shown below include absorp- Capital tions, mergers, etc.) New charters issued $475,000 Restored to solvency 0 Increase of capital approved 1 1,724.039 DISTRICT NO. 11—DALLAS—Continued Oct. 20 i American National Bank, Shreveport, La $300,000 Aggregate of new charters, banks restored to Succeeded by Commercial American Bank & solvency, and banks increasing capital 2,199,039 Trust Co., nonmember. Oct. 20 i City National Bank, Grand Prairie, Tex 40,000 Liquidations 7, 555,000 Succeeded by Grand Prairie State Bank, non- Reducing capital 2 637,500 member. Oct. 20 i First National Bank, Plain view, Tex 100,000 Total liquidations and reductions of capital. 29 8,192,500 Plainview National Bank 100,000 Consolidated under charter and title of Plain- Consolidation of national banks under act of Nov. view National Bank 125,000 7, 1918 1, 462, 500 Oct. 22 i State National Bank, Santa Anna, Tex 50, 000 Consolidation of national banks and State banks First National Bank 50,000 under act of Feb. 25, 1927 52, 500,000 Consolidated under charter and title of First National Bank 50, 000 Total consolidations.. 53,962, 500 Nov. 5 First National Bank, Kerens, Tex j 50,000 First State Bank, member | 50, 000 Aggregate increased capital for period 2,199,039 Consolidated under the title of the First Reduction of capital owing to liquidations, etc.. 8,192, 500 National Bank 50, 000 Nov. S First National Bank, in Anson, Tex 50,000 Net decrease 5,993,. 461 Anson State Bank, member 50,000 Consolidated under the title of the First National Bank 50,000 1 Includes one increase in capital of $25,000 incident to a consolidation Nov. 17 Farmers & .Merchants State Bank, Ferris, Tex., under act of Nov 7, 1918; also two increases aggregating $700,000 under Fe in rr e is m N b e a r tional Bank 5 65 0 , , 0 0 0 0 0 0 ac 2 t I o n f c F lu e d b e . s 2 5 o , n 1 e 9 2 re 7 d . uction in capital of $187,500 incident to a consoli- Consolidated under the charter and title of dation under act of Nov. 7, 1918. the Farmers & Merchants State Bank, member 65,000 Nov. 22 First National Bank, Bonham, Tex 200, 000 Fiduciary Powers Granted to National Banks First State Bank, Savoy, Tex., member 25, 000 Consolidated under charter and title of First National Bank, Bonham, Tex 200, 000 During the month ended November 21, 1930, the Federal Reserve Board approved applications of the DISTRICT NO. 12—SAN FRANCISCO national banks listed below for permission to exercise July 19 i First National Bank, Ventura, Calif 300,000 one or more of the fiduciary powers named in section 11 Bank of America of California, San Francisco, (k) of the Federal reserve act as amended, as follows: Ca C li o f. n , s n o o li n d m at e e m d b u er nder title of the Bank of 20,000,000 (1) Trustee; (2) executor; (3) administrator; (4) reg- America of California, San Francisco, istrar of stocks and bonds; (5) guardian of estates; (6) Calif., nonmember 20,000,000 assignee; (7) receiver; (8) committee of estates of Nov. 3 Ba ti n o k n , o S f I a t n a l F y r a N n a c t i i s o c n o a , l C T a r li u f st & Savings Associa- 50,000,000 lunatics; (9) in any other fiduciary capacity in which Bank of America of California, nonmember 20,000,000 State banks, trust companies, or other corporations Consolidated under the charter of the national which come into competition with national banks are bank and title of Bank of America National permitted to act under the laws of the State in which Trust & Savings Association 50.000,000 Nov. 5 Bank of Helix, Helix, Oreg., member 50,000 the national bank is located. Inland Empire Bank, Pendleton, Oreg., member. 250,000 Consolidated under the charter and title of the Inland Empire Bank, Pendleton, Nov. 18 Mothe O rl r o e d g e . , N m a e t m io b n e a r l Bank, Sonora, Calif 2 5 5 0 0 , , 0 0 0 0 0 0 Location t D ri i c s t - Name of bank Powers Bank of America National Trust & Savings As- No. granted sociation, San Francisco, Calif 50,000,000 Consolidated under charter and title of Bank of America National Trust & Savings Association, San Francisco, Calif 50, 000,000 F C a e r n m tr i a n l g V to a n ll , e M y, e N. Y. 2 1 F C i e r n st t r N al a V ti a o l n le a y l N Ba a n ti k onal Bank. I 1 t t o o 9 9 . . Frederick, Md. 5 Farmers & Mechanics Na- 5 to 9.1 1 Not reported in the period in which the change took place. tional Bank. Andalusia, Ala 6 Andalusia National Bank 2 and 5. 1 The Comptroller of the Currency presents the follow- Bloomington, 111 7 First National Bank & Trust Ito9. Co. ing summary of increases and reductions in the number Clear Lake, S. Dak__. 9 Deuel County National Bank. Ito9. and capital of national banks during the period from October 25 to November 21, 1930, inclusive: 1 Supplementary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

811 DECEMBER, 1930 FEDERAL RESERVE BULLETIN BRANCH, CHAIN, AND GROUP BANKING TABLE 1.—BANKS IN CHAIKS OR GROUPS, OPERATING AND NOT OPERATING BRANCH OFFICES, NUMBER OF BRANCHES, AND TOTAL, OF BANKING OFFICES (BANKS PLUS BRANCHES), BY STATES: JUNE 30, 1930 Banks in chains or groups Banks not in chains or groups _ .. Total number State N of u b m an b k e : - ; nu T m ot b a e l r i I ! N op u e m n r o a b ti e n r g j j ; j O ~ perating I b N r u an m c b h e e r s n T um ot b a e l r o N p u er m at b i e n r g ! ! L I Operating . • b N r u a m nc b h e e r s | ' \ b n r u a m notc b h e e r s i ( n o b g f r p a b l o n u a f c s f n h ic k e e - s s i branches j Number ; of branches j Number j of banks) i i . I branches ! • branches • Total- 2,144 2,007 I 137 j 1, e 1 I 21, 708 21,028 ! 680 j 2, 010 ; 3, 61S 27,470 STATE-WIDE BRANCH BANKING PERMITTED Total. 1,95? 86 72 14 705 I 1,873 1,669 ; 204 603 1,308 3, 267 Arizona 44 6 5 38 29 26 27 71 California. 43/ 60 51 673 377 333 180 853 1,290 Delaware 4^ 3 3 45 38 13 13 61 District of Columbia. 4C 40 28 12 25 25 65 Maryland 22f 226 195 31 129 129 355 North Carolina 391 390 354 36 84 84 475 Rhode Island 3£ 32 21 11 22 36 71 South Carolina 17E 161 153 8 54 71 244 Vermont 105 102 95 7 10 10 113 Virginia 462 462 423 39 60 60 522 BRANCHES RESTRICTED AS TO LOCATION Total- 7,45c 538 422 116 I 883 6,915 6,456 459 1,374 2,257 9,710 Georgia 39C 25 23 20 365 351 14 22 42 432 Kentucky 54t 15 ! 12 15 534 527 7 16 31 580 Louisiana 222 io: 7 10 212 172 40 98 108 330 Maine 131 17 ; 9 30 114 97 17 36 66 197 Massachusetts- 44£ 49 j 35 57 400 326 74 111 168 617 Michigan 731 131 I 102 354 600 567 33 80 434 1,165 Mississippi 293 21 20 2 272 262 10 I 23 25 318 New Jersey 56C 63 49 34 497 454 43 I 72 106 666 New York 1,122 100 81 285 1,022 938 465 750 1,872 Ohio 98C 13 10 16 973 924 248 264 1,250 Pennsylvania.. 1, 541 51 44 18 1,490 1,421 176 194 1,735 Tennessee 47$ 43 30 42 436 417 27 69 548 ESTABLISHMENT OF BRANCHES PROHIBITED BY LAW Total- 12,897 • 1,242 | 1,235 I 20 ; 11,655 11, 639 32 i 52 12,949 Alabama 321 26 ' 26 295 292 i 3 ! 17 ! 338 Arkansas 39C 69: 69 327 325 2 ! 3 ! 399 Colorado 27C 12 ! 12 258 25S 270 Connecticut-.- 237 10 I 10 227 227 ! 237 Florida 207 48 ! 48 159 159 I 207 Idaho 137 44 i 44 93 93 ! 137 Illinois 1,683 102 ! 102 1,581 1,581 | 1,683 Indiana 915 27 | 26 888 885 I 3 ! 924 Iowa 1,216 72 72 1,144 i! 1,144 i 1,216 Kansas 1,051 89 89 962 |; 962 ' 1,051 Minnesota 1,015 280 278 i 2 i 735 • 735 1,021 Missouri 1, 235 38 38 i. 1,197 i! 1,197 1,235 Montana 185 45 ;i 45 ! 140 !| 140 185 Nebraska 773 66 !! 66 i 707 > 705 | 775 Nevada 35 14 I1- 14 j, 21 :: 21 j 35 New Mexico... 53 8 ; 8 45 45 ! 53 Oregon 228 36 I 36 192 : 191 ! 229 Texas 1,27Q 87 , 87 1,192 ! 1,192 ; 1,279 Utah 102 26 ! 26 76 ; 76 i 102 Washington 333 80 i| 78 I 253 252 ! 338 West Virginia. 29C 290 "' 290 290 Wisconsin 63 j 61 5 ' 873 •; 869 945 NO PROVISION IN STATE LAW REGARDING BRANCH BANKING 2 Total..- _ 1,543 ! 278 ! 278 1,265 ;; 1,264 1 1 1,544 New Hampshire 121 : 121 120 1 1 1 122 North Dakota 366 98 98 268 268 366 Oklahoma 598 : 87 87 511 : 511 598 South Dakota 374 ! 62 62 312 j: 312 i 374 Wyoming 84 i 31 31 53 I, 53 84 i * Branches established prior to prohibitory legislation. Other States which have prohibited establishment of branches (no branches in operation) include Colorado, Connecticut, Idaho, Illinois, Iowa, Kansas, Missouri, Montana, Nevada, New Mexico, Texas, Utah, West Virginia. 2 The branch shown for New Hampshire was authorized by the Comptroller of the Currency in 1930 upon the submission of satisfactory evidence that it had been in operation for 25 years prior to the enactment of the McFadden Act. Other States which have enacted no legislation respecting branch banking are North Dakota, Oklahoma, South Dakota, and Wyoming. No branches are in operation in these States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

812 FEDERAL RESERVE BULLETIN DECEMBER, 1930> TABLE 2.—NUMBER OF BANKING OFFICES, BANKS, TABLE 3.—NUMBER AND LOCATION OF BRANCHES AND BRANCHES: JUNE 30, 1924, and JUNE 30, 1930 WITHIN AND OUTSIDE OF HOME-OFFICE CITY AND COUNTY, BY STATES: DECEMBER 31, 1929, and JUNE 30, 1930 Number of banking offices Number of Number of (banks plus banks branches branches) Number of branches June 30,June 30,June 30, June 30,June 30,June 30, Outside home-office city 1930 1924 1930 1924 1930 1924 Total In home- Total 27,470 31,289 23,852 28,996 3,618 2,293 States office city In o h ff o ic m e e- ho O m u e t - s o i f d fi e ce county county STATE-WIDE BRANCH BANKING PER- MITTED June Dec. June Dec. June Dec. June Dec. Total 3,267 3,554 1,959 2,719 1,308 835 1 3 9 0 3 , 0 1 3 9 1 2 , 9 1 3 9 0 3 , 0 1 3 9 1 2 , 9 1 3 9 0 3 , 0 1 3 9 1 2 , 9 1 3 9 0 3 , 0 1 3 9 1 2 , 9 Arizona 71 83 44 63 27 20 California 1,290 1,213 437 675 853 538 D D e is l t a . w o a f r C e. olumbia—. 6 6 1 5 6 6 5 5 4 4 0 8 4 4 7 6 2 1 5 3 1 1 8 9 Total 3,618 3,547 2,470 2,432 428 423 720 692 Maryland 355 338 226 250 129 88 N R So h o u o r t t d h h e C C Is a a l r r a o o n l l d i i n n a a 4 2 7 4 7 5 4 1 6 4 2 3 6 0 1 6 3 1 9 3 7 1 5 3 4 5 1 5 4 1 4 5 8 3 7 4 6 1 6 2 2 0 6 1 STATE-WI P D E E R M BR IT A T N E C D B[ BANKING Vermont 113 105 103 105 10 Virginia 522 568 462 523 60 45 Total 1,308 1,286 461 475 226 217 621 594 BRANCHES RESTRICTED AS TO LOCA- Arizona 27 22 10 8 17 14 TION California 853 863 301 318 101 94 451 451 Delaware 13 13 3 3 4 6 6- Total 9,710 9,448 7,453 8,051 2,257 1,397 District of Colum- K L M M M G M o e e a i a i u o c s n i s s i r h n t s s g i u i e a s i i g a c c s a a n i k h p n a y u p s i e . t _ ts - 1,1 4 3 6 3 5 1 6 3 1 3 9 8 1 5 0 7 7 2 0 8 1,0 6 3 3 6 5 1 5 2 4 6 4 6 9 0 4 4 0 6 5 7 3 2 4 2 5 7 1 9 2 4 9 4 3 3 0 2 9 3 9 1 1 4 3 6 6 2 7 1 4 3 1 1 5 1 5 8 5 2 2 1 8 0 4 1 1 3 0 6 4 3 6 2 4 8 8 2 1 6 5 33 4 2 9 5 9 1 2 7 5 8 3 3 2 V V N S M R o i h e o b r a u r o r g i r m t a t d i h y h n e o l i C a n C a I . n t s a a l d r r a o o . n . l l d i i n n a a 1 8 2 2 3 7 6 1 4 5 9 6 1 0 0 1 6 2 5 3 2 7 1 1 4 7 5 4 7 0 2 2 1 7 1 5 7 6 0 2 7 6 2 2 1 1 8 7 8 4 6 1 3 2 2 1 8 8 6 6 0 3 2 3 2 1 8 7 0 5 9 2 2 4 5 1 1 6 8 3 7 2 3 4 2 1 7 2 1 2 4 7 New Jersey 666 500 560 479 106 21 N O e h w io Y . ork.. . 1 1, , 2 8 5 7 0 2 1 1, , 3 4 1 8 0 2 1,1 9 2 8 2 6 1 1 , , 1 1 2 0 0 7 2 7 6 5 4 0 3 2 6 0 2 3 BRANCHES RESTRICTED AS TO Pennsylvania 1,735 1,748 1,541 1,650 194 98 LOCATION Tennessee 548 622 479 569 69 53 ESTABLISHMENT OF BRANCHES Total 2,257 2,207 1,982 1,930 193 195 82 82 PROHIBITED BY LAW i Georgia 42 39 19 16 10 10 13 13 Kentucky.. 31 28 28 25 2 1 1 Total 12,949 16,000 12,897 15,939 52 61 Louisiana 10S 106 51 49 52 52 5 5 Alabama 338 381 321 362 17 19 Maine 66 63 7 6 38 37 21 20 A Co rk lo a r n a s d a o s _ 3 2 9 7 9 0 4 3 8 4 8 2 3 2 9 7 6 0 3 4 4 8 2 5 3 3 M M i a c s h s i a g c a h n usetts 4 1 3 6 4 8 4 1 3 6 9 1 4 1 3 4 4 8 4 1 3 4 6 2 19 1 3 8 1 1 C Fl o o n r n id e a cticut 2 2 3 0 7 7 2 3 2 0 2 0 2 2 3 0 7 7 2 2 2 9 2 9 1 M Ne i w ss i J s e si r p se p y i- .. 1 2 0 5 6 1 2 0 5 3 96 1 93 1 2 8 7 1 2 7 1 2 7 Idaho 137 177 137 177 New York 750 722 750 721 1 I I l n li d n i o a i n s a 1,6 9 8 24 3 1 1 , , 1 9 1 0 6 6 1,6 9 8 1 3 5 1 1 , , 9 1 0 0 6 8 9 8 O Pe h n io nsylvania 2 1 6 9 4 4 2 1 6 8 8 5 2 1 3 8 2 5 2 1 3 7 5 6 2 9 8 2 9 9 4 4 Iowa 1,216 1,616 1,216 1,616 Tennessee 69 68 31 30 20 20 18 18 Kansas 1,051 1,293 1,051 1,293 Minnesota 1,021 1,433 1,015 1,422 6 11 Missouri 1,235 1,612 1,235 1,612 ESTABLISHMENT OF BRANCHES Montana 185 248 185 248 PROHIBITED BY LAW » Nebraska 775 1,102 773 1,100 2 2 Nevada. 35 34 35 34 New Mexico.. . 53 76 53 76 Total... 52 54 27 27 9 11 16 16 Oregon 229 278 228 211 1 1 Texas. _ 1,279 1,522 1,279 1,522 Alabama 17 19 3 14 14 Utah.. 102 116 102 116 Arkansas 3 3 3 3 Washington 338 386 333 379 5 7 Indiana 9 9 8 8 1 1 West Virginia 290 350 290 350 Minnesota 6 6 6 6 Wisconsin 945 1,002 936 993 9 9 Nebraska 2 2 2 2 Oregon.. 1 1 1 i NO PROVISION IN STATE LAW RE- Washington.. 5 5 3 3 1 l 1 1 GARDING BRANCH BANKING * Wisconsin.. 9 9 8 8 1 l Total 1,544 2,287 1,543 2,287 1 NO PROVISION IN STATE LAW REGARD- New Hampshire.. _ 122 123 121 123 1 ING BRANCH BANKING 2 North Dakota 366 687 366 687 Oklahoma 598 808 598 808 S W o y u o th m i D ng a . kota 37 8 4 4 5 1 5 1 3 6 37 8 4 4 5 1 5 1 3 6 New Hampshire... 1 1 i 1 1 i See note 1, Table 1. 2 See note 2, Table 1. 1 See note 1, Table 1. JSee note 2, Table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1930 FEDERAL RESERVE BULLETIN 813 TABLE 4.—SUMMARY OF BRANCH BANKING DEVELOP- TABLE 5.—NUMBER OF BANKS OPERATING BRANCHES MENTS: 1924-1930 AND NUMBER OF BRANCHES IN OPERATION, BY STATES, FOR SPECIFIED DATES June Dec. June June June Class of bank or branch 30, 31, 30, 30, 30, Number of banks operat- 1930 1929 1929 1928 1924 ing branches Number of branches Class of bank or Number of banks: State June Dec. June June June Dec. June June T O o p t e a r l ating branches.. 23,8 8 5 1 2 7 24, 8 6 2 3 2 0 25,1 8 1 1 5 8 25,9 8 5 3 0 5 28,9 7 9 1 6 4 1 3 9 0 3 , 0 1 3 9 1 2 , 9 1 3 9 0 2 , 9 1 3 9 0 2 , 4 1 3 9 0 3 , 0 1 3 9 1 2 , 9 1 3 9 0 2 , 9 1 3 9 0 2 , 4 National banks 165 166 164 169 108 N St o at n e m -b e a m nk b e m r em c b o e m rs mer- 169 180 190 186 191 Total 817 818 714 3,618 3,547 3,440 2,293 M Pr c u iv i t a u a l t a e l b b s a a a n v n k i k n s s g . - s banks _. 414 40 6 7 4 5 6 4 2 4 5 1 7 8 5 C1) 3 2 8 8 7 N S S t t a a a t t t i e e o n m n a o e l n m m b e e m r ber 4 1 1 1 6 6 4 9 5 4 1 1 0 6 8 7 6 0 1 1 6 9 4 0 3 1 1 8 0 9 7 8 1 1 1 1, , , 1 3 0 6 0 4 4 8 1 1 1 1 , , , 0 2 1 2 9 1 7 9 5 1 1 , , 0 2 4 9 6 8 1,1 2 9 3 0 4 7 8 8 Number operating branches: Mutual savings. . 65 28 101 0) Only in home city 512 517 518 ! 526 391 Private 4 0) 4 0) Only outside home city... 256 257 252 ; 262 Both in and outside home city. 49 48 48 | 47 40 STATE-WIDE BR M A IT N T C E H D BANKING PER- Number of parent banks in cities with population of: 100,000 or more__ 344 351 359 j 372 284 Total 218 216 215 2371,308 1,265 835 50,000 to 100,000.... 78 81 84 81 25,000 to 50,000 75 | 70 108 Arizona 27 22 22 20 Less than 25,000. 315 315 j 305 | 316 289 California. 853 863 861 538 Not classified _. 2 33 Delaware 13 13 12 18 Dist. of Columbia. 25 24 23 19 Number operating: Maryland 129 124 125 88 1 branch 443 448 | 443 I 469 376 North Carolina.-. 84 77 77 66 2 branches 144 150 j 153 i 150 129 Rhode Island 36 35 35 21 3-5 branches 132 124 | 130 126 South Carolina 71 57 50 20 6-10 branches 38 41 ; 37 i 35 Vermont 10 10 11-30 branches 41 41 i 38 ; 41 176 Virginia 38 31 60 61 60 45 Over 30 branches. 19 18 i 17 , 14 Not classified 2 33 BRANCHES RESTRICTED AS TO LOCA- Number of branches: TION Total 3,618 3,547 I 3,440 3,230 2,293 O O f f n S a ta ti t o e n -b a a l n b k a n m ks embers... 1 1, , 3 0 0 4 8 1 1 1, , 2 0 9 2 9 7 , | 1,2 9 9 9 8 3 I j 1,2 9 2 4 0 1 1,1 2 3 4 7 8 Total. 575 581 578 4472,2572,2072,121 Of nonmember commer- O O f f c i m p a r l u i b v tu a a n a te l k s s b a a v n i k n s g s _ _ banks.. 1,1 1 6 0 4 4 1 1,115 j 1,04 9 6 6 ' 9 8 7 6 3 0 0 ) ) 908 K L M G o e e a u o n i i r n t s g u e i i a c a n k a y _ I 2 1 4 1 5 0 3 6 4 2 1 1 2 4 0 6 4 2 1 9 2 4 6 3 2 2 4 4 1 3 1 6 4 3 0 6 2 1 8 1 6 3 2 0 3 9 8 6 1 3 6 2 0 4 1 6 8 4 9 5 1 7 3 3 2 In home city 2,470 2,432 2, 362 ! 2, 214 | 1, 508 M M a ic s h sa i c g h a u n s .. e tts ___! 8 6 8 2 6 8 2 8 8 6 6 1 6 6 1 3 4 1 3 6 4 8 4 1 3 6 9 1 4 1 3 5 3 4 33 9 2 8 Outside home city.. 1,148 1,115 1,078 1,016 j 785 Mississippi 11 11 11 25 25 25 25 Outside branches in places New Jersey 55 53 14 106 103 103 21 with population of: New York 106 106 77 750 722 682 362 2 5 L , , 5 0 e 0 0 ss 0 0 t t t h o o a 5 1 n , 0 0 , 2 0 0 , 0 5 0 0 0 . 0 6 1 3 9 4 4 2 4 6 1 1 3 2 6 5 1 8 9 3 4 1 3 ! ; I 5 1 7 7 2 9 2 8 T O Pe e h n n io n n e sy ss l e v e a . n . ia ! j 3 8 5 2 0 5 5 8 3 8 1 1 6 5 2 7 1 1 2 1 6 6 9 9 4 4 2 1 6 6 8 8 8 5 2 1 6 5 6 7 9 9 203 10,000 or over 278 270 j 237 Number established: ESTABLISHMENT OF BRANCHES PRO- De novo as branches 2,410 2,379 2,329 2,214 HIBITED BY LAW 2 By conversion of banks... 1,060 1,017 958 i 853 Not reported 148 151 153 163 Total- 23 25 25 30 ba 1 2 n M N ks o u . t t " u s a e l p a s r a a v t i e n l g y s t a a n b d u l p a r t i e v d a ; te i n b c a lu n d k e s d . with ''nonmember commercial A A Fl r l o a k r b a i a d n m a sa a s 2 5 • ; ' 1 3 1 9 3 Not available. Indiana 4 ! 8 Minnesota... l\ 11 Nebraska 2 Oregon 1 Washington. 1 ; 7 Wisconsin 5 I 7 i NO PROVISION IN STATE LAW RE- GARDING BRANCH BANKING3 New Hampshire . 1 Not separately tabulated. 2 See Note 1, Table 1. 3 See Note 2, Table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

814 FEDERAL RESERVE BULLETIN DECEMBER, 1930 TABLE 6.—NUMBER OF BANKS OPERATING BRANCHES AND NUMBER OF BRANCHES IN OPERATION, BY CLASS OF BANK, BY STATES: JUNE 30, 1930 Number of banks operating branches Number of branches Operated by— Location l States Total National m S e t m at b e er \ m N em on b - er Total N b a a ti n o k n s al I m emb ^ ers m b N e a m o n n k b - s er o I f n fi c h e o m ci e ty - o O f h fi u o c t m e s i e c d - i e ty Total_ 817 165 169 483 3,618 1,041 1,308 1,269 2,470 1,148 STATE-WIDE BRANCH BANKING PERMITTED ! : Total. 218! 35 | 19 164 1,308 512 186 610 461 847 Arizona 10 i ! I 9 27 11 16 27 California 53 12 i 4 37 853 469 104 280 301 552 Delaware 7 '•• i 2 5 13 2 11 3 10 District of Columbia- 12 '• 6 6 25 12 13 25 Maryland 31 3 | 2 26 129 8 24 97 70 59 North Carolina 36 2 ' 2 32 84 3 7 74 12 72 Rhode Island 12 ! 2 ! 4 6 36 2 26 8 16 20 South Carolina.. 11 i 2 1 8 71 6 1 64 7 64 Vermont 7 10 10 10 Virginia 39 : 8 i 3 28 60 12 11 37 27 33 i BRANCHES RESTRICTED AS TO LOCATION Total- _. 575 m 145 309 2,257 511 1,113 533 1,982 275 Georgia 16 4 42 7 11 19 23 Kentucky 10 4 31 15 4 28 3 Louisiana 43 1 108 35 65 51 57 Maine 66 3 63 i 7 59 Massachusetts 88 17 168 67 27 74 148 20 Michigan 62 12 434 72 302 60 434 Mississippi 11 1 25 1 24 1 24 New Jersey 57 19 19 106 33 41 32 96 10 New York 103 31 35 750 210 467 73 750 Ohio 52 7 21 264 13 178 73 232 32 Pennsylvania. 76 16 14 194 45 38 111 185 9 Tennessee 32 9 43 31 38 ESTABLISHMENT OF BRANCHES PROHIBITED BY LAW * Total. 23 10 52 26 27 25 Alabama 17 Arkansas.... 3 Indiana 1 i 1 Minnesota.. 2 L Nebraska... 2 |_ Oregon 1 L Washington. 1 L Wisconsin... 1 i NO PROVISION IN STATE LAW REGARDING BRANCH BANKING 3 _._ New Hampshire . 1 j I 1 Of the.2,470 branches located in head-office cities, 701 were operated by national banks, 1,177 by State bank members, and 592 by nonmember banks. Of the 1,148 branches located outside head-office cities, 340 were operated by national banks, 131 by State bank members, and 677 by nonmember banks. 2 See note 1, Table 1. 3 See note 2, Table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBEE, 1930 FEDERAL RESERVE BULLETIN 815 TABLE 7.—NUMBER OF NATIONAL, STATE MEMBER, AND NONMEMBER BANKS IN CHAIN OR GROUP SYSTEMS, BY STATES: JUNE 30, 1929, DECEMBER 31, 1929, AND JUNE 30, 1930 [In this table the banks are included in those States in which the banks themselves are actually located, regardless of where the headquarters of the groups or chains are located] State Total ..__! 2,144 STATE-WIDE BRANCH BANKING PERMITTED Total. 72 ; 46 38 36 I 2 2 4 I 34 ! 32 Arizona 1 ! 5 5 California 58 35 ! 24 22 Delaware.. 3 3 District of Columbia.. Maryland North Carolina 1 I. Rhode Island 1 I South Carolina Vermont li Virginia BRANCHES RESTRICTED AS TO LOCATION Georg T ia o . tal. _. 53 2 8 5 51 2 1 2 38 2 7 0 209 Ii 19 Q 5 14 Q 3 25 8 0 23 8 3 18 8 2 Kentucky 15 16 4 : 10 4 6 4 Louisiana 10 10 10 6 6 3 4 4 Maine 17 12 5 2 11 7 3 Massachusetts 49 48 353 •' 30 19 13 12 9 Michigan 131 134 86 27 9 22 24 83 83 65 Mississippi 21 21 21 2 2 19 19 19 New Jersey 63 60 56 ; 26 25 14 14 22 20 17 New York 100 102 81 ! 52 45 18 18 30 32 20 Ohio 13 6 9 3 3 6 1 Pennsylvania _ 51 48 48 15 15 10 11 24 22 22 Tennessee 32 23 11 8 25 21 15 ESTABLISHMENT OF BRANCHES PROHIBITED BY LAW * Total- 1,242 1,208 1,087437 431 363 44 38 36 761 739 Alabama 26 11 13 15 9 Arkansas 69 12 15 56 56 44 Colorado 12 9 9 3 3 3 Connecticut 10 4 4 6 4 Florida 48 43 21 19 27 21 29 Idaho 44 41 9 11 32 27 27 Illinois.. 102 85 21 20 74 64 60 Indiana 27 14 7 - 7 19 17 9 Iowa _. 72 83 27 32 44 53 51 Kansas-- 89 85 26 24 62 63 62 Minnesota 280 274 234 124 123 154 149 133 Missouri 38 35 34 9 9 23 21 20 Montana 45 40 27 19 17 22 18 15 Nebraska 78 73 20 22 46 56 55 Nevada 13 16 3 3 11 10 12 New Mexico 9 9 5 5 2 4 4 Oregon _.. 36 33 19 18 13 13 12 Texas 84 81 26 25 59 57 55 Utah 26 27 6 6 16 17 17 Washington 75 33 28 42 44 38 West Virginia- Wisconsin _. 63 54 53 26 I 21 20 35 33 33 I NO PROVISION IN STATE LAW REGARDING BRANCH BANKING « Total- 278 272 256 138 131 105 134 135 145 New Hampshire- North Dakota. __ 98 94 88 42 61 Oklahoma-- 87 87 83 54 South Dakota 62 60 54 33 25 Wyoming ___ 31 31 31 9 21 i See note 1, Table 1. 3 See Note 2, Table 1. r Revised figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

816 FEDERAL RESERVE BULLETIN DECEMBER, 1930 TABLE 8.—LOANS AND INVESTMENTS OF BANKS IN AND NOT IN CHAIN OR GROUP SYSTEMS, OPERATING AND NOT OPERATING BRANCHES, BY STATES: JUNE 30, 1930 n millions of dollars] Banks in chains or groups Banks not in chains nor groups State All banks Total 1 Operating Operating Total Operating Operating ino branches branches no branches branches Total 58,108 12,019 5,122 6,897 4V6,089 27,825 18,264 STATE-WIDE BRANCH BANKING PERMITTED Total 6,524 2,195 236 1,959 4,329 2,241 2,088 Arizona 75 18 17 1 57 32 25 California . _ .__ 3,353 1,974 190 1,784 1,379 530 849 Delaware 166 1 1 165 59 106 District of Columbia 243 243 96 147 Maryland 847 847 529 318 North Carolina 354 3 3 351 203 148 Rhode Island __. __ - 540 153 11 142 387 153 234 South Carolina 160 45 13 32 115 71 44 Vermont 246 1 1 245 218 27 Virginia 540 540 i 350 190 BRANCHES RESTRICTED AS TO LOCATION Total 36,843' 6,121 1,601 4,520 30,722 14,629 16,093 Georgia 329 173 42 131 156 124 32 Kentucky _ 529 134 47 87 395 325 70 Louisiana 396 33 17 16 363 133 230 Maine 435 80 23 57 355 260 95 Massachusetts __ 4,296 893 93 800 3,403 2,376 1,027 Michigan 1,982 1,220 261 959 762 558 204 Mississippi _ . __ _ 211 15 12 3 196 169 27 New Jersey 2,405 431 156 275 1,974 1,161 813 New York 17,422 2,059 199 1,860 15,363 5,049 10,314 Ohio 2, 629 99 45 54 2,530 1,149 1,381 Pennsylvania .__ 5,779 808 678 130 4,971 3,122 1,849 Tennessee __ _______ 430 176 28 148 254 203 51 ESTABLISHMENT OF BRANCHES PROHIBITED BY LAW * Total ._ 13, 774 3,470 3,051 419 10, 304 10, 225 79 Alabama __ _ 262 37 37 225 217 g Arkansas 194 49 49 145 143 2 Colorado _ . _ _ . 242 28 28 214 214 Connecticut 1,355 72 72 1,283 1,283 Florida 213 142 142 71 71 Idaho - - - - 70 39 39 37 37 Illinois 3 814 1 248 1,248 2 566 2 566 Indiana . . . 811 67 45 22 744 718 26 Iowa - 756 65 65 691 691 Kansas 376 47 47 181 329 329 Minnesota. 877 581 400 296 296 Missouri 1 183 161 161 1 022 1 022 Montana. 135 82 82 53 53 Nebraska . .. 334 61 61 273 265 8 Nevada 37 24 24 13 13 New Mexico 40 3 3 37 37 Oregon . . 249 135 135 114 113 1 Texas 966 106 106 860 860 Utah _- . 159 53 53 106 106 Washington . .. . .. 455 217 145 72 238 237 1 West Virginia 333 333 333 Wisconsin _ _. 907 253 109 144 654 621 33 NO PROVISION IN STATE LAW REGARDING BRANCH BANKING * Total _ 968 234 234 734 733 1 New Hampshire. 300 300 299 1 North Dakota _. 101 60 60 41 41 Oklahoma . . 381 105 105 276 276 South Dakota 131 48 48 83 83 Wyoming 55 21 21 34 34 1 See note 1, Table 1. 1 See note 2, Table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER, 1930 FEDERAL RESERVE BULLETIN 817 TABLE 9.—LOANS AND INVESTMENTS OF NATIONAL, STATE MEMBER, AND NONMEMBER BANKS IN CHAIN OR GROUP SYSTEMS, BY STATES: JUNE 30, 1929, DECEMBER 31, 1929, AND JUNE 30, 1930 Iln this table the banks are included in those States in which the banks themselves are actually located, regardless of where the headquarters of the group is located] Loans and investments (in millions of dollars) Total National banks State member banks Nonmember banks State J 1 u 9 n 3 e 0 , ce 1 D m 92 e b - 9 e ' r, J 1 u 9 n 29 e, r J 1 u 9 n 3 e 0 , ce 1 m D 92 e b 9 - e r r, J 1 u 9 n 29 e r , | J 1 u 9 n 3 e 0 , ce 1 m D 92 e b 9 - e r ' , J 1 u 92 n 9 e , r J 1 u 9 n 3 e 0 , ce 1 m D 9 e 2 b - 9 er ' , J 1 u 9 n 2 e 9 , ' I Total. 12, 019 11,624 8,766 6,535 6,343 4,604 i 3,411 3,381 2,500 2,073 1,900 1,662 STATE-WIDE BRANCH BANKING PERMITTED Total 2,195 j 2,179 2,123 1,443 1,434 1, 326 367 367 368 385 376 427 Arizona 18 j 18 18 6 12 12 I 12 California 1,974 ! 1,943 1,394 1,417 1,310 225 225 i 226 355 355 406 Delaware 1 i 1 1 1 1 District of Columbia. Maryland North C arolina 3 ! Rhode Island 153 : 153 153 142 142 142 South Carolina 45 8 Vermont 1 ! 1 Virginia BRANCHES RESTRICTED AS TO LOCATION Total. 6,121 5,982 4,027 2,677 2,600 1,581 ! 2,614 2,615 1,875 i 832 771 573 Georgia 173 166 157 153 144 143 4 2 i 1 Kentucky 134 124 8 77 78 8 17 7 I Louisiana 33 33 33 30 30 30 3 3 ! 3 Maine 80 70 53 15 15 10 65 55 ! 43 Massachusetts. 893 877 530 782 768 281 69 ! 220 ! 42 40 29 Michigan 1,220 1,252 428 368 356 21 663 707 i 348 i 189 189 ! 59 Mississippi 15 15 15 8 8 8 8 8 New Jersey 431 396 358 123 97 98 : 111 109 : 197 190 184 New York 2,059 2,011 1,571 599 624 576 I 1,324 1,238 j 861 137 149 134 Ohio 86 37 31 I 54 54 I 8 2 Pennsylvania.. 803 782 355 344 344 i 337 377 | 356 ! 116 82 82 Tennessee 176 149 92 130 105 62 ! : 46 44 i 30 ESTABLISHMENT OF ]BRANCHES PROHIBITED BY LAW Total 3,470 3,241 2,417 2,216 2,122 1,534 427 396 254 827 720 Alabama _ ... . . 37 32 7 32 31 7 5 1 Arkansas 49 50 41 16 22 15 14 11 11 19 17 Colorado 28 28 28 20 20 20 7 7 Connecticut 72 37 4 4 68 33 Florida 142 134 129 125 120 94 17 14 Idaho _ . . - 39 37 37 16 17 17 9 9 9 15 11 Illinois 1,248 1,214 993 707 706 636 173 176 53 369 332 Indiana .. . 67 64 31 35 35 5 22 22 22 10 8 Iowa 65 69 66 45 48 45 1 1 1 20 20 Kansas .. . 47 46 44 26 24 22 1 1 1 20 Minnesota 581 568 261 465 458 191 2 2 114 Missouri 161 158 157 26 26 26 113 111 111 22 Montana 82 80 44 43 42 15 26 29 23 13 Nebraska 61 65 30 46 46 14 15 Nevada 24 20 23 8 8 9 16 New Mexico .. .. .. 3 3 3 2 2 2 1 Oregon 135 82 82 125 71 69 3 3 3 7 Texas 106 104 92 78 78 66 14 14 14 14 Utah 53 50 51 29 29 29 7 2 3 17 Washington 217 189 91 159 154 74 26 15 1 31 West Virginia Wisconsin 253 211 207 209 181 178 16 27 i 1 See note 1, Table 1. 2 See note 2, Table 1. r Revised. ot oot OOOOOs NH 625 1 14 7 35 11 304 4 20 20 68 20 6 19 15 12 14 1 1 8 12 19 20 29 oot 18 16 29 NO PROVISION IN STATE LAW REGARDING BRANCH BANKING ? Total. ... . ... 234 223 198 196 186 161 3 3 3 34 33 34 New Hampshire North Dakota 60 53 42 47 41 29 ... 12 13 Oklahoma 105 104 96 98 97 89 6 7 South Dakota ._.; 48 45 39 36 33 28 3 3 3 10 9 8 Wyoming ! 21 21 21 15 15 15 6 6 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 16 Acceptances: Page Annual report—Continued. Bankers'— Bank of Greece 631 Buying rates of Federal reserve Bank of Hungary 432 banks— Bank of Italy 430 Changes in__. 54, 143, 277, 340, 399, 486 Bank of Japan 302 Monthly figures 10, 61, 103, 161, Bank of Java 793 281, 347, 419, 490, 539, 619, 680, 772 Bank of Latvia 436 Holdings by Federal reserve banks, Bank of Netherlands 503 discussion of 535 Bank of Norway 363 Market rates in foreign countries 26, Bank of Poland 364 77, 122, 245, 318, 376, 449, 514, 564, 642, Bank of Rumania 551 743, 801 Bank of Switzerland 305 Open-market discount rates 10, 61, 103, Bank of Yugoslavia 368 161, 281, 347, 419, 490, 539, 619, 680, 772 Federal Reserve Board 278, 340 Outstanding— German Reichsbank 298 Chart showing 535 Argentina: Monthly figures 13, 64, 105, 163, Buenos Aires commercial banks, condition 283, 349, 421, 492, 541, 621, 681, 773 of 25, 76,121, 253, Banks granted authority to accept bills and 317, 375, 448, 513, 563, 641, 742, 800 drafts up to 100 per cent of capital and Foreign exchange rates— surplus 34, 387, 531 Monthly averages 28, 78, 123, 255, Act authorizing construction of building for 319, 377, 450, 515, 565, 638, 739, 797 Federal reserve branch bank at Pittsburgh __ 342 Yearly averages, 1922-1929 27 Act, Federal reserve, amendments to. (See Gold holdings— Federal reserve act.) Discussion of 3 Administrator, power to act as. (See Fiduciary Monthly figures 22, 73, 118, powers.) 250, 314, 372, 445, 510, 560, 637, 738, 796 Admission of State banks in Federal reserve Years 1913-1929 171 system 33, 83, Assessment for expenses of Federal Reserve 128, 267, 332, 386, 469, 530, 601, 649, 751, 809 Board 95, 532 Advisory Council, Federal: Assets and liabilities. (See Resources and liabil- Changes in personnel 615 ities.) Conferences, expenses of 95,532 Assignee, power to act as. (See Fiduciary pow- Meetings of 100, 615 ers.) Agent general for reparation payments, final Attorney General of United States, opinion of, report of 694-737 relative to status of branches of a national Agricultural conditions, discussion of 336, 614 bank resulting from conversion of a State bank Agricultural credit: having branches 81 Discussion of 614 Australia: Germany, discussion by agent general for Bank of— reparation payments 726 Condition o. 23,74,119, Latvia. 437 251, 315, 373, 446, 511, 561, 639, 740, 798 Rumania 553 Gold holdings— Agricultural paper, maturity and limitation of Monthly figures 22,73,118,250, notes of farmers for purchase of farm 314, 372, 445, 510, 560, 637, 738, 796 implements; ruling 453 Years 1913-1929 171 Agricultural prices: Legal reserve requirements 502 Discussion of 336,614 Commonwealth bank act, text of 116 Monthly statistics 14, 65, 106, Retail food prices and cost of living 32 257, 321, 379, 451, 517, 567, 644, 745, 803 Wholesale prices 30, 79, Albania, Bank of: 124, 256, 320, 451, 516, 566, 643, 744, 802 Gold holdings, 1913-1929 171 Legal reserve requirements 502 Austria: Annual report: Bank of— Bank of Austria 359 Annual report 359 Bank of Belgium 294 Condition of 23, 74, 119, Bank of Bolivia 439 251, 315, 373, 446, 511, 561, 639, 740, 798 Bank of Brazil 442 Discount rates— Bank of Bulgaria 554 Changes in 4, 54, Bank of Colombia 789 100, 143, 340, 615 Bank of Czechoslovakia 506 Monthly figures 25, 76,122, 254, Bank of Denmark 785 318, 376, 449, 514, 564, 642, 743, 801 Bank of Estonia 558 Gold holdings, 1913-1929 171 Bank of France 112 Legal reserve requirements 502 818 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 16 819 Austria—Continued. Page Bank of Peru. (See Peru.) Page Foreign exchange rates— Bank of Poland. (See Poland.) Monthly averages 28, 78, 123, Bank of Portugal. (See Portugal.) 255, 319, 377, 450, 515, 565, 638, 739, 797 Bank of Rumania. (See Rumania.) Yearly averages, 1922-1929 27 Bank of Russia. (See Russia.) Money rates 26, 77, Bank of the Kingdom of Serbs, Croats, and 122, 254, 318, 376, 449, 514, 564, 642, 743, 801 Slovenes. (See Serbs, Croats, and Slovenes.) Retail food prices 32 Bank of South Africa. (See South Africa.) Wholesale prices 30, 79, Bank of Spain. (See Spain.) 124, 256, 320, 378, 451, 516, 566, 643, 744, 802 Bank of Sweden. (See Sweden.) Automobiles: Bank of Switzerland. (See Switzerland.) Factory employment and pay rolls— Bank of Yugoslavia. (See Yugoslavia.) Monthly index 18, 69, 109, 167, Bank premises, Federal reserve banks 39, 89, 287, 353, 425, 496, 545, 625, 685, 777 328-330, 383, 384, 467, 528, 599, 647, 749, 807 New employment index 665, 674 Bank suspensions 44, 94, Production index 16, 67, 111, 169, 293, 357, 429, 500, 549, 629, 692, 783 108, 166, 286, 352, 424, 495, 544, 624, 684, 776 Bankers' acceptances. (See Acceptances.) Balance of payments: Bankers' balances: Germany, discussion by agent general for Monthly average of weekly figures 13, 64, reparation payments 733 105, 163, 283, 349, 421, 492, 541, 621, 681, 773 Greece 631 Weekly figures 43, Latvia 436 93, 292, 356, 428, 499, 548, 628, 691, 782 United States, 1923-1929 414 Banking, branch: Balance of trade: Digest of State laws relating to 258 B ulgaria 554 Opinion of Attorney General relative to Estonia 558 status of branches of a State bank when France 114 converted into a national bank 81 Greece 632 Study of 144-157, 766-768, 811-817 Hungary 433 Banking legislation: Japan 304 Australia 116 Latvia 436 Denmark 72 Balance sheet. (See Condition of banks.) Switzerland.. 312 Balances, bankers'. (See Bankers' balances.) Bankruptcies. (See Failures.) Balances, reserve, of member banks. (See Banks, foreign central. (See Foreign central Reserve balances.) banks.) Bank credit. (See Credit.) Banks, foreign commercial, condition of 25, 76, Bank debits 44, 94, 121, 253, 317, 375, 448, 513, 563, 641, 742, 800 110, 168, 290, 385, 468, 529, 600, 648, 692, 783 Banks granted authority to accept bills and Bank deposits. (See Deposits.) drafts up to 100 per cent of capital and sur- Bank failures 44, 94, plus 34,387,531 111, 169, 293, 357, 429, 500, 549, 629, 692, 783 Belgium: Bank for International Settlements: Bank of— Condition of 638, 739, 797 Annual report 294 Mentioned in annual report of Bank of Condition of 23, 74, 119, Switzerland 306 251, 315. 373, 446, 511, 561, 639, 740, 798 Organization 358 Discount rates— Bank of Albania. (See Albania.) Changes in 4, 54, 277, 340, 486 Bank of Australia. (See Australia.) Monthly figures 25, 76, 122, 254, Bank of Austria. (See Austria.) 318, 376, 449, 514, 564, 642, 743, 801 Bank of Belgium. (See Belgium.) Gold holdings— Bank of Brazil. (See Brazil.) Monthly figures 22, 73, 118, 250, Bank of Bulgaria. (See Bulgaria.) 314, 372, 445, 510, 560, 637, 738, 796 Bank of Chile. (See Chile.) Years 1913-1929 171 Bank of Colombia. (See Colombia.) Legal reserve requirements 502 Bank of Czechoslovakia. (See Czechoslovakia.) Foreign exchange rates— Bank of Danzig. (See Danzig.) Monthly averages 28, 78, 123, Bank of Denmark. (See Denmark.) 255, 319, 377, 450, 515, 565, 638, 739, 797 Bank of Egypt. (See Egypt.) Yearly averages, 1922-1929 27 Bank of England. (See England.) Money rates 26, 77, Bank of Estonia. (See Estonia.) 122, 254 ? 318, 376, 449, 514, 564, 642, 743, 801 Bank of Finland. (See Finland.) Retail food prices and cost of living 32 Bank of France. (See France.) Wholesale prices 30,79, Bank of Greece. (See Greece.) 124, 256, 320, 378, 451, 516, 566, 643, 744, 802 Bank of Hungary. (See Hungary.) Bills: Bank of India. (See India.) Discounted by Federal reserve banks— Bank of Italy. (See Italy.) Amendment to Federal reserve act re- Bank of Japan. (See Japan.) garding rediscount of paper of one Bank of Java. (See Java.) borrower 325 Bank of Latvia. (See Latvia.) Averages of daily figures 8, 59, 102, Bank of Lithuania. (See Lithuania.) 160, 280, 346, 418, 489, 538, 618, 679, 771 Bank of Netherlands. (See Netherlands.) By months 9, 60, 110, Bank of Norway. (See Norway.) 186, 290, 355, 427, 498, 547, 627, 688, 780 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

820 INDEX TO VOLUME 16 Bills—Continued. Page Brazil: Page Discounted by Federal reserve banks—Con. Bank of— By weeks 38, Annual report 442 89, 289, 355, 427, 498, 547, 627, 688, 780 Condition of 23, 74, 119, Chart showing 9, 60, 251, 315, 373, 446, 511, 561, 639, 740, 798 142, 288, 354, 426, 497, 546, 626, 687, 779 Gold holdings— Earnings and rates of earnings on 55 Monthly figures 22, 73, 118, 250, End of month figures 328-330, 314, 372, 445, 510, 560, 637, 738, 796 383, 384, 467, 528, 599, 647, 749, 807 Years 1913-1929 171 Maturities 42, Foreign exchange rates— 92, 331, 385, 468, 529, 600, 648, 750, 808 Monthly averages 28, 78, 123, Discount rates— 255, 319, 377, 450, 515, 565, 638, 739, 797 Changes in 54, 143, 277, 340, 399, 486 Yearly averages, 1922-1929 27 Monthly figures 10,61,103, Brokers' loans: 161, 281, 347, 419, 490, 539, 619, 680, 772 Call report dates 659, 753 Bills payable and rediscounts: Chart showing 276, 764 All banks on call dates— Discussion of 97, 141, 276, 396, 484, 611, 763 By Federal reserve districts 45, Monthly figures 13, 64, 270, 472, 650 105, 163, 283, 349, 421, 492, 541, 621, 681, 773 By States 46, 271, 473, 651 Building: Member banks on call dates 136, Contracts awarded— 137, 392, 393, 604-610, 755-761 By Federal reserve districts 19, 70, 110, National banks on call dates 47, 272, 474, 652 169, 293, 357, 429, 500, 549, 629, 692, 783 State banks on call dates 48, 273, 475, 653 By types of building 19, 70, 108, Bolivia: * 164, 284, 350, 422, 493, 542, 622, 682, 774 Bank of— Canada 127,381, 569, 805 Annual report 439 Chart showing 19, 70 Condition of 740, 798 Index of 15, 66, 107, Discount rates 743, 801 165, 285, 351, 423, 494, 543, 623, 683, 775 Legal reserve requirements 502 Discussion of 53 Organization of 439 Materials, wholesale prices 14, 65, Foreign exchange rates— 106, 257, 321, 379, 451, 517, 567, 644, 745, 803 Monthly averages 28, 78, 123, Permits issued 19, 70, 255, 319, 377, 450, 515, 565, 638, 739, 797 110, 169, 293, 357, 429, 500, 549, 629, 692, 783 Yearly averages, 1922-1929 27 Bulgaria: Bonds, industrial: Bank of— Average price of 40 issues 14, 65, Annual report 554 106, 164, 284, 350, 422, 493, 542, 622, 682, 774 Condition of 23, 74, 119, Prices, discussion of 277 251, 315, 373, 446, 511, 561, 639, 740, 798 United States, held by Federal reserve Discount rates 25, 76, 122, banks 38, 89, 254, 318, 376, 449, 514, 564, 642, 743, 801 328-330, 383, 384, 467, 528, 599, 647, 749, 807 Gold holdings, 1913-1929 171 Boots and shoes: Legal reserve requirements 502 Production, index of 17, Foreign exchange rates— 68, 116, 286, 352, 424, 495, 544, 624, 684, 776 Monthly averages 28, 78, 123, Wholesale trade 20, 71 255, 319, 377, 450, 515, 565, 638, 739, 797 Borrowings of brokers. (See Brokers' loans.) Yearly averages, 1922-1929 27 Borrowings of member banks from Federal re- Retail food prices 32 serve banks: Wholesale prices : 30, 79 All member banks— Bureau of Labor Statistics price index 30, 79 Averages of daily figures 168, Business and financial conditions: 289, 355, 427, 498, 547, 627, 688, 780 Austria 359 Monthly averages of weekly figures 103, Belgium 294 161, 281, 347, 419, 490, 539, 619, 680, 772 Bolivia 439 Classification, on call dates 136, Bulgaria 554 137, 392, 393, 604-610, 755-761 Colombia 792 Discussion of 97, 140, 275, 396, 484, 534, 763 Czechoslovakia 506 Reporting banks in leading cities— Denmark 788. Average of weekly figures 12, 63, 105 Estonia 558 163, 283, 349, 421, 492, 541, 621, 681, 773 Germany 298 Weekly figures 43, Discussion by agent general for repara- "93, 292, 356, 428, 499, 548, 628, 691, 782 tion payments 734 Branch banking: Gree ce 631 Digest of State laws relating to 258 Hungary 432 Study of 144-157,766-768,811-817 Italy 430 Branches of national bank resulting from con- Japan 302 solidation or conversion of State banks having Java 795 branches, status of; opinion of Attorney Gen- Latvia 436 eral 81 Netherlands 503. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 16 821 Business and financial conditions—Continued. Page Cattle: Page Norway 363 Prices, chart showing 337. Poland 365 Receipts at stockyards, Canada 127, Rumania 551 381, 569, 805 Switzerland 305 Slaughtered, index of 17, United States— 68, 166, 286, 352, 424, 495, 544, 624, 684, 776 Discussion of 52, 534 Cement: National summary 6, 57, 101, Factory employment and pay rolls— 158, 278, 344, 416, 487, 536, 616, 661, 769 Monthly index 18,69,109, Business failures: 167, 287, 353, 425, 496, 545, 625, 685, 777 Canada 127, 381, 569, 805 New employment index 665, 666, 674 France 126, 380, 568, 804 Production 16,67, Germany 127, 381, 569, 805 166, 286, 352, 424, 495, 544, 624, 684, 776 United States 111, Central banks of issue, foreign: 169, 293, 357, 429, 500, 549, 629, 692, 783 Annual reports. (See Annual reports.) Calljdates, condition of banks on. (See Condi- Condition of. (See Condition of banks.) tion of banks.) Discount rates. (See Discount rates.) Call money rates: Gold holdings— Discussion of 395, 613 Monthly figures _• 22, 73,118, Monthly figures 10, 61, 103, 250, 314, 372, 445, 510, 560, 637, 738, 796 161, 281, 347, 419, 490, 539, 619, 680, 772 Years 1913-1929 170 Canada: Legal reserve requirements 502 Chartered banks, condition of 25, 76, Central reserve city banks: 121, 253, 317, 375, 448, 513, 563, 641, 742, 800 Classification of loans, investments, de- Foreign exchange rates— posits, and borrowings. _ 137, 393, 607, 608, 759 Monthly averages 28, 78, 123, Condition of, on call dates 133, 389, 607, 758 255, 319, 377, 450, 515, 565, 638, 739. 797 Reserve position on call dates 135,391 Yearly averages, 1922-1929- 27 Certificates of indebtedness, Treasury. (See Gold holdings— Treasury certificates.) Discussion of 4 Chain banking 144-157, 766-768, 811-817 Monthly figures 22, 73, 118, Chain stores, sales of 20, 71 250, 314, 372, 445, 510, 560, 637, 738, 796 Chairmen of board of directors of Federal reserve Years 1913-1929 171 banks. (See Federal reserve agents.) Gold imports, discussion of 657 Changes in discount rates. (See Discount Industrial statistics 127, 381, 569, 805 rates.) Retail food prices and cost of living 32 Changes in weekly statement: Wholesale prices— Federal reserve banks 341 All commodities 30,79, Member banks 277 124, 256, 320, 451, 516, 566, 643, 744,802 Changes in membership in Federal reserve sys- Groups of commodities 31, 80 tem 33, Cancellation of Federal reserve bank stock: 83, 128, 267, 332, 386, 469, 530, 601, 649, 751, 809 Amendment to Federal reserve act regard- Charters issued to national banks 34, ing 325 83, 130, 333, 387, 471, 531, 602, 649, 752, 810 Amendment to Regulation I regarding 454 Charts: Capital: "All other" loans of member banks 51, Federal reserve banks 40,90, 140, 397, 763 328-330, 383, 384, 467, 528, 599, 647, 749,807 Bankers' acceptances outstanding 535 National banks 49, 480 Brokers' loans 276, 764 State bank members 50, 481 Building contracts awarded 19, 70 Capital issues: Discounts of Federal reserve banks 142, Czechoslovakia 509 288, 354, 426, 497, 546, 626, 687, 779 Germany, discussion by agent general for Employment, factory 53, 662, 663 reparation payments 724 Monthly index 18, 69, Monthly statistics 14,65, 109, 167, 287, 353, 425, 496, 545, 625, 685 106, 164, 284, 350, 422, 493, 542, 622, 682,774 New index 662, 663 Netherlands 503 Gold stock of United States 655 Capital market: Loans and investments of member banks. 98, 763 Germany 300 Loans, investments, and deposits of mem- Hungary 432 ber banks 341 Switzerland 308 Money in circulation 140, 533 United States, discussion of 276 Monthly 7, 58, Capital stock of Federal reserve banks, cancella- 159, 279, 345, 417, 488, 537, 617, 678, 770 tion of: Money rates 139, 395, 613 Amendment to Federal reserve act regard- Pajr rolls in factories 18, 69 ing 325 Prices, wholesale— Amendment to Regulation I regarding 454 Farm products, mineral and forest Car loadings: products, raw imports 336 Canada, England, France, and Germany, _ 126, Silver, copper, pig iron, and steel 338 380, 568, 804 Sugar, coffee, silk, and rubber 338 Index of 15, 20, 66, 71, Wheat, cotton, cattle, and hogs 337 107, 165, 285, 351, 423, 494, 543, 623, 683, 775 Production, industrial 52 Case, J. H., appointed Federal reserve agent at Reserve balances of member banks 7, New York 100 58, 159, 279, 345, 417, 488, 537, 617, 678, 770 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

822 INDEX TO VOLUME 16 Charts—Continued. Page Coffee prices: Page Federal reserve bank credit 765 Brazil, discussion of 338 Reserve bank credit outstanding and Chart showing 338 principal factors in changes 7, Coin circulation 36, 58, 159, 279, 345, 417, 488, 537, 617, 678, 770 m% 87, 385, 468, 529, 600, 648, 750, 808 Time and demand deposits of country Collateral held by Federal reserve agents as banks 613 security for Federal reserve notes 41, 91 Check clearing and collection: 328-330, 383, 384, 467, 528, 599, 647, 749,807 Amendment to* Regulation J 523 Colombia: Number of banks*on par list 44, Bank of— 94, 331, 385, 468, 529, 600, 648, 750, 808 Annual report 789 Chemicals: Conditionof 23, 74, 119, Factory employment and pay rolls— 251, 315, 373, 446, 511, 561, 639, 740, 798 Monthly index 18, 69, 109, Discount rates— 167, 287, 353, 425, 496, 545, 625, 685, 777 Changes in 340, 615 New employment index 665, 666, 676 Monthly figures. __ 25,76,122,254, 318, Wholesale prices...- 14, 65, 376, 449, 514, 564, 642,743,801 106, 257, 321, 379, 451, 517, 567, 644, 745, 803 Gold holdings, 1913-1929 171 Chile: Legal reserve requirements 502 Bank of— Foreign exchange rates— Condition of 23, 74, 119, Monthly averages 28, 78, 123, 251, 315, 373, 446, 511, 561, 639, 740, 798 255, 319, 377, 450, 515, 565, 638, 739, 797 Discount rates— Yearly averages, 1922-1929 27 Change in 535 Commercial failures: Monthly figures 25, 76, 122, 254, Canada 127,381,569,805 318, 376, 449, 514, 564, 642, 743, 801 France 126, 380, 568, 804 Gold holdings, 1913-1929 171 Germany 127, 381, 569, 805 Legal reserve requirements 502 United States 111, Foreign exchange rates— 169, 293, 357, 429, 500, 549, 629, 692, 783 Monthly averages 28, 78, 123, 255, 319, 377, 450, 515, 565, 638, 739, 797 Commercial paper: Yearly averages, 1922-1929 27 Open-market discount rates 10,61, China: 103, 161, 281, 347, 419, 490, 539, 619, 680, 772 Foreign exchange rates— Outstanding 13, 64, Monthly averages 28, 78, 123, 105, 163, 283, 349, 421, 492, 541, 621, 681, 773 255, 319, 377, 450, 515, 565, 638, 739, 797 Relation between agricultural paper and, Yearly averages, 1922-1929 27 under section 13 of Federal reserve act Wholesale prices 30, and section 5200 of Revised Statutes; 79, 124, 256, 320, 451, 516, 566, 643, 744, 802 ruling 453 Cigars and cigarettes, index of production 17, Commodity prices 14, 68, 166, 286, 352, 424, 495, 544, 624, 684, 776 65, 106, 257, 321, 379, 451, 517, 567, 644, 745, 803 Circulation, currency. {See Currency; Money.) Condition of banks: Classification of loans and investments of all All banks in United States, on call dates— member banks on call dates 753 By Federal reserve districts 45, Classification of loans, investments, deposits, 143, 270, 472, 615, 650 and borrowings of member banks 136, By States 46, 271, 473, 651 137, 392, 393, 604-610, 755, 761 Balance sheet— Clayton Antitrust Act: Austria 362 Amendment to Regulation L, exempting Bank of Belgium 297 joint-stock land banks from provisions of _ 455 Bank of Bolivia 441 Permits under, effect of consolidation of Bank of Brazil 444 banks on; ruling 525 Bank of Bulgaria 557 Clearing-house bank debits 44, Bank of Colombia 792 94, 110, 168, 290, 385, 468, 529, 600, 648, 692, 783 Bank of Czechoslovakia 509 Closed member banks 33, Bank of Denmark 788 83, 128, 267, 332, 386, 469, 530, 601, 649, 751, 809 Bank of Estonia 559 Clothing, wholesale trade 20, 71 Bank of France 116 Coal: Bank of Greece 636 Exports— Bank of Hungary 435 England 126, 380, 568, 804 Bank of Italy 432 Germany 127, 381, 569, 805 Bank of Japan 304 Imports— Bank of Java 795 Canada 127, 381, 569, 805 Bank of Latvia 439 France 126, 380, 568, 804 Bank of Netherlands 505 Production— Bank of Norway 363 Canada 127, 381, 569, 805 Bank of Poland 367 England 126,380,568,804 Bank of Rumania 553 France 126, 380, 568, 804 Bank of Switzerland 312 Germany 127, 381, 569, 805 Bank of Yugoslavia 371 United States, index of 16, 67, 108, 166, German Reichsbank 301 286, 352, 424, 495, 544, 624, 684, 776 Bank for International Settlements. 638, 739, 797 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 16 823 Condition of banks—Continued. Credit, bank—Continued. Federal reserve banks— Page Federal reserve— Page Change in form of weekly statement, _ 341 Averages of daily figures 8, 59, End of month figures 36, 87, 328- 160, 280, 346, 418, 489, 538, 618, 679, 771 330, 383, 384, 467, 528, 599, 647, 749, 807 Chart showing 7, 58, In detail 131, 159, 279, 345, 417, 488, 537, 617, 678, 770 269, 327, 382, 466, 527, 598, 646, 748, 806 Discussion of 51 Weekly figures 37, 88 97, 140, 396, 483, 534, 614, 764 Foreign central banks 23, 74, 119, Germany, discussion by agent general for 251, 315, 373, 446, 511, 561, 639, 740, 798 reparation payments 709 (See also Annual reports.) Foreign commercial banks 25, 76, 121, Greece 634 253, 317, 375, 448, 513, 563, 641, 742, 800 Member bank— Member banks— Discussion of__ 51, 97, 141, 396, 483, 534, 763 All banks, on call dates 132-137, Monthly averages of weekly figures. _ 12, 340, 388-393, 603-610, 659, 754-761 63, 105, 163, 283, 349, 421, 492, 541, 621, Change in form of weekly statement. _ 277 681, 773. Reporting banks in leading cities 43, National summary 6, 57, 93, 290, 356, 428, 499, 548, 628, 690, 782 101, 158, 278, 344, 416, 487, 536, 616, 661, 769 National banks, on call dates 47, 272, 474, 652 Poland 366 State banks, on call dates 48, 273, 475, 653 Rumania 551 Consolidations, bank: Yugoslav! a 368 Austria 360 Crop estimates 21, 501, 550, 630, 693, 784 Member banks 33, 83, Crop moving, credit for: 128, 267, 332, 386, 469, 530, 601, 649, 751, 809 Discussion of 614 Copper: Federal Reserve Board statement regard- Imports, Germany 127, 381, 569, 805 ing 614 Prices, chart showing 338 Cuba, foreign exchange rates: Production 16, 67, Monthly averages 28, 78, 108, 166, 286, 352, 424, 495, 544, 624, 684, 776 123, 255, 319, 377, 450, 515, 565, 638, 739, 797 Corn-crop estimates 21, 501, 550, 630, 693, 784 Yearly averages, 1922-1929 27 Corporate stocks, digest of State laws relating Cunningham, Edward H., member of Federal to purchase of, by banks and trust companies. 456 Reserve Board, death of 763 Cost of living, principal countries 32 Currency: Cotton: Circulation— Consumption, index of 17, Belgium 295 68, 166, 286, 352, 424, 495, 544, 624, 684, 776 Germany, discussion by agent general Crop estimates 21, 550, 630, 693, 784 for reparation payments 729 Manufactures— Poland 364 Exports, England 126, 380, 568, 804 Switzerland 311 Production, France 126,380,568,804 United States— Prices, chart showing 337 Averages of daily figures. 8, 59, 102, 160, Raw, imports— 280, 346, 418, 489, 538, 618, 679, 771 Canada 127, 381, 569, 805 By kinds 36. England 126, 380, 568, 804 87, 385, 468, 529, 600, 648, 750, 808 France 126, 380, 568, 804 Discussion of 140, 483, 533, 765 Germany 127, 381, 569, 805 Federal reserve, cost of 95, 532 Wholesale prices 14, 65, Currency legislation: 106, 257, 321, 379, 451, 517, 567, 644, 745, 803 Czechoslovakia 506 Country banks: Denmark 72 Classifications of loans, investments, de- German Reichsbank, proposed change in posits, and borrowings. _ 137, 393, 607, 608, 759 law 300 Condition of, on call dates 133, 389, 607, 758 Switzerland 312 Loans and investments, discussion of 398 Court opinion—Supreme Court of Tennessee in Czechoslovakia: case of First National Bank of Chattanooga Bank of— Annual report 506 v. Chapman; transfer of trust powers upon Condition of 23,74,119, consolidation of a national bank and a State 251, 315, 373, 446, 511, 561, 639, 740, 798 trust company 322 Discount rates— Credit, agricultural: Changes in 340, 399 Discussion of 614 Monthly figures 25,76,122,254, Germany, discussion by agent general for 318, 376, 449, 514, 564, 642, 743, 801 reparation payments 726 Gold holdings, 1913-1929 171 Latvia 437 Legal reserve requirements 502 Rumania 553 Credit, bank: Foreign exchange rates— Brazil 443 Monthly averages 28,78,123, Bulgaria 556 255, 319, 377, 450, 515, 565, 638, 739, 797 Colombia 791 Yearly averages, 1922-1929 27 Crop moving— Retail food prices and cost of living 32 Discussion of 614 Wholesale prices 30,79, Federal Reserve Board statement re- 124, 256, 320, 378, 451, 516, 566, 643, 744, 802 garding 614 Dairy products, wholesale prices 14, 65, 106 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

824 INDEX TO VOLUME 16 Danzig, Bank of: Page Deposits—Continued. Page Condition of 23,74, Member banks—Continued. 119, 251, 315, 373, 446, 511, 561, 639, 740, 798 Government deposits 43, Discount rates— 93, 292, 356, 428, 499, 548, 628, 690, 782 Changes in 143, 277, 340, 399, 535, 659 Time and demand— Monthly figures 25,76,122, Averages, of daily figures 168, 254, 318, 376, 449, 514, 564, 642, 743, 801 289, 355, 427, 498, 547, 627, 688, 780 Legal reserve requirements 502 Chart showing 341 Debits to individual account 44,94, Classification, on call dates 136, 110, 168, 290, 385, 468, 529, 600, 648, 692, 783 137, 392, 393, 604-610, 755-761 Debt: Discussion of 612 Germany, discussion by agent general for Reporting banks in leading cities. _ 43, reparation payments 700 93, 292, 356, 428, 499, 548, 628, Italy 430 690, 782. Switzerland 307 National banks, on call dates 47, 272, 474, 652 Yugoslavia 368 State banks, on call dates 48, 273, 475, 653 Decision of Attorney General of United States Depreciation charges, Federal reserve bank relative to status of branches of a national premises 96 bank resulting from conversion of a State Deputy chairmen of Federal reserve banks, bank having branches 81 appointment of 5 Decision of Supreme Court of Tennessee in case Digest of State laws regarding purchase of of First National Bank of Chattanooga v. Chap- corporate stocks by banks and trust comman; transfer of trust powers upon consolida- panies 456 tion of a national bank and a State trust Directors of Federal reserve banks: company 322 Case, J. H., appointed class C at New Deferred availability items, Federal reserve York 100 banks 36, 87, 131, 269, Election of— 328-330, 383, 384, 467, 528, 599, 647, 749, 807 Amendment to Federal reserve act Deficiencies in reserves: regarding 518 Amendment to Regulation D regarding. 645 For 3-year term 5 Penalties on 95, 532 Expenses of meetings 95, 532 Definition of paper eligible for rediscount at Heath, Wm. A., resignation of, at Chicago.- 658 Federal reserve banks 401 McGarrah, Gates W., resignation of, at Demand deposits. (See Deposits.) New York 100 Denmark: Stevens, Eugene M., appointed class C at Bank of— Chicago 658 Annual report 785 Wood, John S., appointed class C at St. Condition of 23,74,119, Louis 339 251, 315, 373, 446, 511, 561, 639, 740, 798 Discount rates: Currency legislation 72 Bank of Belgium, discussion in annual re- Discount rates— port 295 Changes in 4, 143, 277, 340, 766 Bank of Bolivia, discussion in annual re- Monthly figures 25, 76, 122, 254, port 441 318, 376, 449, 514, 564, 642, 743, 801 Bank of Denmark, discussion in annual Gold holdings, 1913-1929 171 report 785 Legal reserve requirements 502 Bank of Latvia, discussion in annual re- Foreign exchange rates—• port 438 Monthly averages 28,78,123, Bank of Switzerland, discussion in annual 255, 319, 377, 450, 515, 565, 638, 739, 797 report 310 Yearly averages, 1922-1929 27 Bank of Yugoslavia, discussion in annual Joint-stock banks, condition of 25, 76, report 370 121, 253, 317, 375, 448, 513, 563, 641, 742, 800 Bill rates- Wholesale prices 30, 79, Changes in 54, 143, 277, 340, 399, 486 124, 256, 320, 378, 451, 516, 566, 643, 744, 802 Monthly figures 10, 61, 103, Department-store sales and stocks, index of: 161, 281, 347, 419, 490, 539, 619, 680, 772 By Federal reserve districts 20, Federal reserve banks— 71, 111, 169, 293, 357, 429, 500, 549, 629 Changes in— By months 686, 778 Atlanta 277,486 Deposits: Boston 100, 340, 399 All banks in United States on call dates— Chicago 100, 399 By Federal reserve districts..45, 270, 472, 650 Cleveland 100, 143, 399 By States 46, 271, 473, 651 Dallas 100,277,615 Federal reserve banks— Kansas City 4, 100, 536 Daily average 37, 88, 110, Minneapolis 100, 277, 615 168, 289, 355, 427, 498, 547, 627, 688, 780 New York 100, 143, 340, 399 End of month figures.. 36, 87, 131, 269, 328- Philadelphia 54, 143,399 330, 383, 384, 467, 528, 599, 647, 749, 807 Richmond 100, 277, 486 Member bank with nonmember bank, limi- St. Louis 100, 277, 536 tation on; ruling 747 San Francisco 143, 536 Member banks— Discussion of 139 All banks, on call dates 136, Monthly figures 10, 61, 103, 161, 281, 137, 392, 393, 604-610, 755-761 347, 419, 490, 539, 619, 680, 689, 772, 781 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 16 825 Discount rates—Continued. Due to and from banks and bankers. {See Foreign central banks— Page Bankers' balances.) Page Changes in— Dutch East Indies, wholesale prices 30, Austrian National Bank 4, 79, 124, 256, 320, 451, 516, 566, 643, 744, 802 54, 100, 143, 340, 615 Dyes, exports, Germany 127, 381, 569, 805 Bank of Belgium 4, 54, 277, 340, 486 Earnings and expenses: Bank of Chile 535 Federal reserve banks 55, 95, 532 Bank of Colombia 340, 615 Member banks 49, 50, 411, 476-481 Bank of Czechoslovakia 340, 399 Earnings on bills and securities held by Federal Bank of Danzig 143, reserve banks 55, 95, 532 277, 340, 399, 535, 659 Ecuador: Bank of Denmark __ 4, 143, 277, 340, 766 Bank of— Bank of Ecuador 54 Discount rates— Bank of England. __ 4, 100, 143, 277, 340 Changes in 54 Bank of Estonia 659 Monthly figures 25, 76, 122, 254, Bank of Finland 277, 535 318, 376, 449, 514, 564, 642, 743, 801 Bank of France 277, 340 Gold holdings, 1913-1929 171 Bank of Hungary 54, 100, 143, 340 Legal reserve requirements 502 Bank of India...: 143, 277, 486, 766 Foreign exchange rates— Bank of Italy 143, 277, 340 Monthly averages 28, 78, 123, Bank of Japan 659 255, 319, 377, 450, 515, 565, 638, 739, 797 Bank of Java 100, 143 Yearly averages, 1922-1929 27 Bank of Latvia 659 Edge Act: Bank of Netherlands 54, 143 Amendment to regulation K regarding Bank of Norway 4, 143, 766 titles of corporation? organized under 455 Bank of Peru. J 486, 535 Corporation formed under 399 Bank of Poland 100, 143, 399, 659 Egypt: Bank of Portugal 399 Bank of— Bank of Spain 486 Gold holdings, 1913-1929 171 Bank of Sweden 4, 54, 143, 277 Legal reserve requirements 502 Bank of Switzerland 143, 277 Foreign exchange rates— Bank of Yugoslavia 340 Monthly averages 28, 78, 123, German Reichsbank 54, 255, 319, 377, 450, 515, 565, 638, 739, 797 100, 143, 340, 399, 659 Yearly averages, 1922-1929 27 South African Reserve Bank 659 Wholesale prices 30, Discussion of 139 79, 124, 256, 320, 451, 516, 566, 643, 744, 802 Monthly figures 25, 76, 122, Election of directors of Federal reserve banks. 254, 318, 376, 449, 514, 564, 642, 743, 801 (See Directors.) German Reichsbank— Eligibility of paper for rediscount at Federal Discussion by agent general for repa- reserve banks, study of 400 ration payments 715 Eligible paper held by Federal reserve agents as Discussion in annual report 298 security for Federal reserve notes 328-330, Hungary, discussion in annual report of 383, 384, 467, 528, 599, 647, 749, 807 Bank of 434 Employment: Netherlands, discussion in annual report Canada 127, 381, 569, 805 of Bank of 503 England 126,380, 568, 804 Open-market rates in New York City 10, France 126, 380, 568, 804 61, 103, 161, 281, 347, 419, 490, 593, 619, Germany 127, 381, 569, 805 680, 772. United States— Prevailing rates charged customers 11, Chart showing 18, 53, 69, 62, 104, 162, 282, 348, 420, 491, 540, 109, 167, 287, 353, 425, 496, 545, 625, 685 620, 680, 689, 772, 781. Discussion of 53 Yugoslavia 370 Index of— Discounts of Federal reserve banks: By industrial groups. __ 18, 69, 109, 167, Amendment to Federal reserve act regard- 287, 353, 425, 496, 545, 625, 685, 777 ing rediscount of paper of one borrower. _ 325 New index 662-677 Amendment to Regulation A regarding 519 Total 15, 66, 107, 165, Paper eligible, study of 400 285, 351, 423, 494, 543, 623, 683, 775 {See also Bills discounted by Federal reserve National summary 6, 57, 101, banks.) 158, 278, 344, 416, 487, 536, 616, 661, 769 Dividends: England: Federal reserve banks 96, 532 Bank of— Member banks 49, 477 Condition of 23, 74, 119, National banks 49, 480 251, 315, 373, 446, 511, 561, 639, 740, 798 State bank members 50, 481 Discount rates— Drug chain stores, sales of 20, 71 Changes in 4, 100, 143, 277, 340 Drugs: Monthly figures 25, 76, 122, 254, Wholesale prices 14, 65, 106 318, 376, 449, 514, 564, 642, 743, 801 Wholesale trade 20, 71 Gold holdings— Dry goods, wholesale trade 20, 71 Discussion of 3 Due from foreign banks to Federal reserve banks 36, Monthly figures 22, 73, 118, 250, 87, 131, 269, 328-330, 383, 384, 467, 528, 599, 314, 372, 445, 510, 560, 637, 738, 796 647, 749, 807. Years 1913-1929 171 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

826 INDEX TO VOLUME 16 England—Continued. Page Federal reserve act, amendments to—Con. Page Bank of—Continued. Section 11 (k), regarding surrender of trust Legal reserve requirements 502 powers by national banks 518 Foreign exchange rates— Section 13, regarding rediscounts by Federal Monthly averages 28, 78, 123, reserve banks of paper of one borrower. _ 325 255, 319, 377, 450, 515, 565, 638, 739, 797 Federal reserve agents: Yearly averages, 1922-1929 27 Appointment of, for year 1930 5 Gold imports and exports 22, 73, Case, J. H., appointed at New York 100 118, 250, 314, 372, 445, 510, 560, 637, 73.8, 796 Conferences, expenses of 95, 532 Industrial statistics 126, 380, 568, 804 Federal reserve note accounts 41, 91, London clearing banks, condition of 25, 76, 328-330, 383, 384, 467, 528, 599, 647, 749, 807 121, 253, 317, 375, 448, 513, 563, 641, 742, 800 Heath, Wm. A., resignation of, at Chicago. 658 Money rates 26, 77, McGarrah, Gates W., resignation of, at 122, 254, 318, 376, 449, 514, 564, 642, 743, 801 New York 100 Retail food prices and cost of living 32 Stevens, Eugene M., appointed at Chicago. 658 Wholesale prices— Wood, John S., appointed at St. Louis 339 All commodities 30, 79, 124, Federal reserve bank credit. (See Credit.) 256, 320, 378, 451, 516, 566, 643, 744, 802 Federal reserve bank notes, circulation 36, Groups of commodities 31, 80, 125, 87, 385, 468, 529, 600, 648, 750, 808 257, 321, 379, 452, 517, 567, 644, 745, 803 Federal reserve bank stock, cancellation of: Estonia, bank of: Amendment to Federal reserve act regard- Annual report 558 ing 325 Condition of 23, 74, Amendment to Regulation I regarding 454 119, 251, 315, 373, 446, 511, 561, 639, 740, 798 Federal reserve banks: Discount rates— Branches of, act authorizing construction Change in 659 of building at Pittsburgh 324 Monthly figures 25, 76, 122, Change in form of weekly statement 341 254, 318, 376, 449, 514, 564, 642, 743, 801 Condition of. (See Condition of banks.) Gold holdings, 1913-1929 171 Discount rates. (See Discount rates.) Legal reserve requirements 502 Dividends paid 55, 96, 532 Examination of member banks, amendment to Earnings and expenses 55, 95, 532 Federal reserve act regarding 518 Fiscal agency expenses 96, 532 Exchange, Federal reserve, liability incurred by Franchise tax paid 55, 96, 532 member-bank in purchasing 81 Resources and liabilities 37, 88, Exchange rates, foreign. (See Foreign exchange 328-330, 383, 384, 467, 528, 599, 647, 749, 807 rates.) Federal Reserve Board: Executor, power to act as. (See Fiduciary Annual report 278, 340 powers.) Assessment on banks for expenses of 95, 532 Expenses of Federal Reserve Board, assessment Cunningham, Edward H., member, death for 95, 532 of 763 Exports. (See Imports and exports.) Meyer, Eugene, appointed governor 615 Expressage, Federal reserve banks, cost of 95, 532 Platt, Edmund, vice governor, resignation Failures: of ,_ 615 Bank 44, 94, Statement by, relative to credit for crop 111, 169, 293, 357, 429, 500, 549, 629, 692, 783 moving 614 Commercial— Young, R. A., governor, resignation of 535 Canada 127, 381, 569, 805 Federal reserve clearing system: France 126, 380, 568, 804 Amendment to Regulation J 523 Germany 127, 381, 569, 805 Number of banks on par list 44, United States 111, 94, 331, 385, 468, 529, 600, 648, 750, 808 169, 293, 357, 429, 500, 549, 629, 692, 783 Federal reserve exchange, liability incurred by Farm products, prices of: member bank in purchasing; ruling 81 Discussion of 614 Monthly figures 14, 65, Federal reserve notes: 106, 257, 321, 379, 451, 517, 567, 644, 745, 803 Circulation— Federal advisory council: Averages of daily figures 37, 88, 110, Changes in personnel 615 168, 289, 355, 427, 498, 547, 627, 688, 780 Conferences, expenses of 95, 532 End of month figures 36, Meetings of 100, 615 87, 385, 468, 529, 600, 648, 750, 808 Federal intermediate credit banks, loans of 44, 94 Cost of 95, 532 Federal land banks, loans of 44, 94 Federal reserve agents' accounts 41, 91, Federal reserve act, amendments to: 131, 269, 327, 382, 466, 527, 598, 646, 748, 806 Section 4, relative to election of directors of Gold held against 37, 88, Federal reserve banks 518 328-330, 383, 384, 467, 528, 599, 647, 749, 807 Sections 6 and 9, facilitating cancellation of Fiduciary powers: Federal reserve bank stock of member Amendment to Federal reserve act 518 banks 325 Amendment to Regulation F 746 Section 9, regarding notice required of banks Granted to national banks 34, 83, withdrawing from Federal reserve sys- 130, 268, 333, 387, 471, 531, 602, 649, 752, 810 tem 325 Transfer of, upon consolidation of a national Section 9, relative to cost of examinations of bank and a State trust company; opinion member banks 518 of Supreme Court of Tennessee 322 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 16 827 Finland: Page Foreign exchange—Continued. Page Bank of— Poland 365 Condition of 24, 75, 120, Rumania 552 252, 316, 374, 447, 512, 562, 640, 741, 799 Switzerland 310 Discount rates— Yugoslavia 368 Changes in 277, 535 Foreign exchange rates: Monthly figures 25, 76, 122, 254, Monthly averages 28, 78, 318, 376, 449, 514, 564, 642, 743, 801 123, 255, 319, 377, 450, 515, 565, 638, 739, 797 Gold holdings, 1913-1929 171 Yearly averages, 1922-1929 27 Legal reserve requirements 502 Foreign trade: Cost of living 32 Bulgaria 554 Foreign exchange rates— Denmark 786 Monthly averages 28, 78, 123, Estonia 558 255, 319, 377, 450, 515, 565, 638, 739, 797 France 114 Yearly averages, 1922-1929 27 Germany, discussion by agent general for Joint-stock banks, condition of 25, 76, 121 reparation payments 731 Wholesale prices 30, 79, Greece 632 124, 256, 320, 378, 451, 516, 566, 643, 744, 802 Hungary 433 Fiscal agency expenses of Federal reserve Japan 304 banks 96,532 Latvia 436 Five-and-ten-cent chain stores, sales of 20, 71 France: Float, reserve bank 36, Bank of— 87, 131, 269, 327, 382, 466 527, 599, 646, 749, 807 Annual report 112 ; Flour production: Condition of 23, 74, 119, Canada 127, 381, 569, 805 251, 315, 373, 446, 511, 561, 639, 740, 798 United States 17, Discount rates— 68, 166, 286, 352, 424, 495, 544, 624, 684, 776 Changes in 54, 277, 340 Food prices 14, Monthly figures 25, 76, 122, 254, 65, 106, 257, 321, 379, 452, 517, 567, 644, 745, 803 318, 376, 449, 514, 564, 642, 743, 801 Food products: Gold holdings— Factory employment and pay rolls— Discussion of 2 Monthly index 18, 69, 109, Monthly figures 22, 73, 118, 250, 167, 287, 353, 425, 496, 545, 625, 685, 777 314, 372, 445, 510, 560, 637, 738, 796 New employment index 665, 666, 672 Years 1913-1929 171 Production of 16, Legal reserve requirement 502 67, 108, 166, 286, 424, 495, 544, 624, 684, 776 Commercial banks, condition of 25, 76, Foreign bank deposits held by Federal reserve 121, 253, 317, 375, 448, 513, 563, 641, 742, 800 banks 39, 90, Foreign exchange rates— 328 330, 383, 384, 467, 528, 599, 647, 749, 807 Monthly averages 28, 78, 123, T Foreign banking corporations, amendment to 255, 319, 377, 450, 515, 565, 638, 739, 797 Regulation K regarding titles of, organized Yearly averages, 1922-1929 27 under provisions of section 25a of Federal Gold imports, discussion of 656 reserve act 455 Industrial statistics 126, 380, 568, 804 Foreign banks, due from, to Federal reserve Money rates 26, 77, banks 39, 122, 254, 318, 376, 449, 514, 564, 642, 743, 801 89, 328-330, 383, 384, 467, 528, 599, 647, 749, 807 Retail food prices and cost of living 32 Foreign capital issues. (See Capital issues.) Wholesale prices— Foreign central banks: All commodities 30, 79, 124, Annual reports. (See Annual reports.) 256, 320, 378, 451, 516, 566, 643, 744, 802 Condition of. (See Condition of banks.) Group of commodities 31, 80, 125, Discount rates. (See Discount rates.) 257, 321, 379, 452, 517, 567, 644, 745, 803 Gold holdings— Franchise tax paid by Federal reserve banks 55, 96 Monthly figures 22, 73, 118, Freight car loadings: 250, 314, 372, 445, 510, 560, 637, 738, 796 Canada, England, France, and Germany. _ 126, Years 1913-1929 170 380, 568, 804 Legal reserve requirements 502 Index of 15, 20, 66, 71, 107, Foreign commercial banks, condition of 25, 165, 285, 351, 423, 494, 543, 623, 683, 775 76, 121, 253, 317, 375, 448, 513, 563, 641, 742, 800 Gasoline production 17, Foreign exchange: 68, 166, 286, 352, 424, 495, 544, 624, 684, 776 Austria 362 Germany: Bulgaria 555 Balance of trade, discussion by agent gen- Denmark 788 eral- for reparation payments 733 Germany— Berlin commercial banks, condition of 25, 76, Discussion in annual report of Reichs- 121, 253, 317, 375, 448, 513, 563, 641, 742, 800 bank 299 Budget, discussion by agent general for Discussion by agent general for repara- reparation payments 695 tion payments 715 Business conditions, discussion by agent Greece 631 general for reparation payments 734 Hungary 435 Credit conditions, discussion by agent Italy.__" 431 general for reparation payments 709 Japan 304 Currency circulation, discussion by agent Netherlands 504 general for reparation payments 729 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

828 INDEX TO VOLUME 16 Germany—Continued. Gold—Continued. Debt, discussion by agent general for Imports and exports—Continued. reparation payments 700 Canada, discussion of 657 Foreign exchange, discussion by agent France, discussion of 656general for reparation payments 715 Germany 299 Foreign exch ange rates— United States— Monthlv averages 28,78, 123, Discussion of 1, 483, 534, 655 255, 319, 377, 450, 515, 565, 638, 739, 797 Monthly figures 8,59,102,160, Yearly averages, 1922-1929 27 280, 346, 418, 489, 538, 618, 679, 771 Foreign trade, discussion of, by agent United States, Germany, Great Britain, general for reparation payments 731 Netherlands, South Africa, India. _ 22,. Gold imports and exports 22, 73, 73, 118, 250, 314, 372, 445, 510, 560, 637, 118, 250, 314, 372, 445, 510, 560, 637, 738, 796 738, 796. Industrial statistics 127, 381, 569, 805 Reserves of Federal reserve banks 37, 88, Money rates 26, 77 328-330, 383, 384, 467, 528, 599, 647, 749, 807 122, 254, 318, 376, 449, 514, 564, 642, 743, 801 Stock monetary— Reichsbank— Averages of daily figures 8, 59, 102, Annual report 298 160, 280, 346, 418, 489, 538, 618, 679, 771 Condition of 23, 74, 119, Chart showing 7, 58, 159, 251, 315, 373, 446, 511, 561, 639, 740, 798. 279, 345, 417, 488, 537, 617, 655, 678, 770 Discount rates— Discussion of 655, 765 Changes in__. 54, 100, 143, 340, 399, 659 Gold redemption fund 37, Discussion of, by agent general for 88, 32&-330, 383, 384, 467, 528, 599, 647, 749, 807 reparation payments 715 Gold settlement fund 37,42,88, Monthly figures 25, 76, 122, 254, 92, 328-330, 383, 384, 467, 528, 599, 647, 749, 807 318, 376, 449, 514, 564, 642, 743, 801. Gold standard: Gold holdings— Bolivia 440 Discussion of 3 Japan 72, 304 Monthly figures 22, 73, 118, 250, Government deposits: 314, 372, 445, 510, 560, 637, 738, 796. Held by Federal reserve banks 39, 90, Years 1913-1929 171. 328-330, 383, 384, 467, 528, 599, 647, 749, 807 Legal reserve requirements 502 Held by member banks 43, w Reparations— 93, 292, 356, 428, 499, 548, 628, 690, 782 Hague conference, final act of 172 Governor of Federal Reserve Board: Report of agent general 694-737 Meyer, Eugene, appointed 615 Retail food prices and cost of living 32 Young, Roy A., resignation of 535 Wholesale prices— Governors of Federal reserve banks: All commodities 30,79,124, Conferences, expenses of 95, 532' 256, 320, 378, 451, 516, 566, 643, 744, 802 Harding, W. P. G., death of, at Boston 143 Groups of commodities 31, 80, 125, Young, Roy A., appointed at Boston 535 257, 321, 379, 452, 517, 567, 644, 745, 803 Greece: Glass, production of 16, Bank of— 67, 166, 286, 352, 424, 495, 544, 624, 684, 776 Annual report 631 Gold: Condition of 24, 75, 120, Coin and certificates— 252, 316, 374, 447, 512, 562, 640, 741, 799 Circulation 36, Discount rates 25, 76, 122, 87, 385, 468, 529, 600, 648, 750, 808 245, 318, 376, 449, 514, 564, 642, 743, 801 Held by Federal reserve banks 41, Gold holdings, 1913-1929 171 91, 328-330, 383, 384, 467, 528, 599, 647, Legal reserve requirements 502 749, 807. Foreign exchange rates— Exports, embargo on, removed in Japan-.. 72 Monthly averages 28, 78, 123, Holdings— 255, 319, 377, 450, 515, 565, 638, 739, 797 Argentina, discussion of 3 Yearly averages, 1922-1929 27 Australia, amendment to bank act Retail food prices and cost of living 32 regarding 116 Grocery chain stores, sales of 20, 71 Bulgaria 555 Group banking 144-157, 766-768, 811-817 Canada, discussion of 4 Guardian of estates, power to act as. (See Czechoslovakia 507 Fiduciary powers.) Denmark 788 Guatemala, Bank of: England, discussion of 3 Gold holdings, 1913-1929 171 Foreign central banks— Legal reserve requirement s 502' Monthly figures 22, 73, 118, 250, Hague, Conference, final act of 172 314, 372, 445, 510, 560, 637, 738, 796 Harding, W. P. G., governor of Federal Reserve Years 1913-1929 170 Bank of Boston, death of 143 France, discussion of 2 Hay crop estimates 21, 501, 550, 630, 693, 784 Germany, discussion of 3 Heath, Wm. A., Federal reserve agent at Greece 634 Chicago, resignation of 65& Netherlands 504 Hides: United States, discussion of 1, 612 Imports, England 126, 380, 568, 804 Imports and exports— Wholesale prices 14, 65, Belgium 294 106, 257, 321, 379, 451, 517, 567, 644, 745, 80& Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

829 INDEX TO VOLUME 16 Hogs: Page Page Prices, chart showing 337 Industrial stocks, index of prices 14 f Receipts at Canadian stockyards 127, 65, 106, 164, 284, 350, 422, 493, 542, 622, 682, 774 381, 569, 805 Insurance agency, eligibility of note of, for re- Slaughtered, index of 17, discount by Federal reserve bank; ruling 746 68, 166, 286, 352, 424, 495, 544, 624, 684, 776 Insurance, Federal reserve banks, cost of 95, 532 Hong Kong, foreign exchange rates: Interest rates: Monthly averages 28,78, 123, Call loans— 255, 319, 377, 450, 515, 565, 638, 739 797 Discussion of 395, 613 ; Yearly averages, 1922-1929 27 Monthly figures 10, 61, 103, House-furnishing goods, wholesale prices 14, 161, 281, 347, 419, 490, 539, 619, 680, 772 65, 106, 257, 321, 379, 451, 517, 567, 644, 802 Prevailing in principal cities 11, 62, 104, 162, Hungary: 282, 348, 420, 491, 540, 620, 680, 689, 772, 781 Bank of— (See also Discount rates.) Annual report 432 Interlocking bank directorates under Clayton Condition of 24, 75, 120, Act: 252, 316, 374, 447, 512, 562, 640, 741, 799 Amendment to Regulation L regarding 455 Discount rates— Permits, effect of consolidation of banks on. 525 Changes in 54, 100, 143, 340 Intermediate credit banks, loans of 44, 94 Monthly figures 25, 76, 122, 254, International pavments of the United States, 318, 376, 449, 514, 564, 642, 743, 801 balance of, 1923-1929 414 Gold holdings, 1913-1929 171 Investments. (See Loans and investments.) Legal reserve requirements 502 Iron and steel: Cost of living 32 Exports— Foreign exchange rates— England 126, 380, 568, 804 Monthly averages 28, 78, 123, Germany 127, 381, 569, 805 255, 319, 377, 450, 515, 565, 638, 739, 797 Factory employment and pay rolls— Yearly averages, 1922-1929 27 Monthly index 18, 69, 109, Money rates 26, 77, 167, 287, 352, 425, 496, 545, 625, 685, 777 122, 254, 318, 376, 449, 514, 564, 642, 743, 801 New employment index 665, 666, 668 Wholesale prices 30, 79, Production— 124, 256, 320, 378, 451, 516, 566, 643, 744, 802 England 126, 380, 568, 804 Imports and exports: France 126, 380, 568, 804 Bulgaria 554 Germany 127, 381, 569, 805 Canada 127, 381, 569, 805 United States 16, 67, 108, England 126, 380, 568, 804 166, 286, 352, 424, 495, 544, 624, 684, 776 Estonia 558 France— Iron ore: Discussion in annual report 114 Imports, Germany 127, 381, 569, 805 Monthly statistics 126, 380, 568, 804 Shipments, United States 16, 67, Germany 127, 381, 569, 805 108, 166, 286, 352, 424, 495, 544, 624, 684, 776 Gold, United States- Italy: Discussion of 655 Bank of— Monthly figures 8, 59, 102, Annual report 430 160, 280, 346, 418, 489, 538, 618, 679, 771 Condition of 23, 74, 119, Greece 632 251, 315, 373, 446, 511, 561, 639, 740, 798 Hungary 433 Discount rates— Japan 304 Changes in 143, 277, 486 Latvia __ 436 Monthly figures 25, 76, 122, 254, India: 318, 376, 449, 514, 564, 642, 743, 801 Bank of— Gold holdings— Discount rates— Monthly figures 22, 73, 118, 250, Changes in 143, 277,486, 766 314, 372, 445, 510, 560, 637, 738, 796 Monthly figures 25, 76, 122, 254, Years 1913-1929 171 318, 376, 449, 514, 564, 642, 743, 801 Legal reserve requirements 502 Gold holdings— Commercial banks, condition of 25, Monthly figures 22, 73, 118, 250, 76, 121, 253, 317, 375, 448, 513, 563 314, 372, 445, 510, 560, 637, 738, 796 Years 1913-1929 171 Foreign exchange rates— Foreign exchange rates— Monthly averages 28, 78, 123, Monthly averages 28, 78, 123, 255, 319, 377, 450, 515, 565, 638, 739, 797 255, 319, 377, 450, 515, 565, 638, 739, 797 Yearly averages 1922-1929 27 Yearly averages, 1922-1929 27 Money rates 26, 77, Gold imports and exports 22, 73, 122, 254, 318, 376, 449, 514, 564, 642, 743, 801 118, 250, 314, 372, 445, 510, 560, 637, 738, 796 Retail food prices and cost of living 32 Retail food prices and cost of living 32 Wholesale prices 30,79, Wholesale prices 30, 124, 256, 320, 378, 451, 516, 566, 643, 744, 802 79, 124, 256, 320, 451, 516, 566, 643, 744, 802 Japan: Industrial production. (See Production.) Bank of— Industrial statistics for England, France, Ger- Annual report 302 many, and Canada 126,380,568,804 Condition of 23, 74, 119, 251, 315, 373, 446, 511, 561, 639, 740, 798 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

830 INDEX TO VOLUME 16 Japan—Continued. Law department—Continued. Bank of—Continued. Page Federal reserve act, amendments to—Con. Page Discount rates— Sections 6 and 9, facilitating cancel- Changes in 659 lation of Federal reserve bank stock Monthly figures 25, of member banks 325 76, 122, 254, 318, 376, 449, 514, 564, Section 9, regarding notice required of 642, 743, 801. banks withdrawing from Federal Gold holdings— reserve system 325 Monthly figures 22, Section 9, relative to cost of examina- 73, 118, 250, 314, 372, 445, 510, 560, tions of member banks 518 637, 738, 796. Section 11 (k), regarding surrender of Years 1913-1929 171 trust powers by national banks 518 Legal reserve requirements 502 Section 13, regarding rediscounts by Embargo on gold exports removed 72 Federal reserve banks of paper of Foreign exchange rates— one borrower 325 Monthly averages 28, 78, 123, Insurance agency, note of, eligibility for re- 255, 319, 377, 450, 515, 565, 638, 739, 797 discount by Federal reserve bank 746 Yearly averages 1922-1929 27 Opinion of Attorney General relative to Money rates 26, 77, 122 status of branches of national bank 254, 318, 376, 449, 514, 564, 642, 743, 801 resulting from conversion of State bank Return to gold standard 72 haying branches 81 Tokyo commercial banks, condition of 25, Opinion of Supreme Court of Tennessee in 76, 121, 253, 317, 375, 448, 513, 563, case of First National Bank of Chatta- 641, 742, 800. nooga v. Chapman; transfer of trust Wholesale prices 30, powers upon consolidation of a national 79, 124, 256, 320, 451, 516, 566, 643, bank and a State trust company 322 744, 802. Regulation A, amendment to, relative to Java: rediscounts by Federal reserve banks 519 Bank of— Regulation D, amendment to, relative to Annual report 793 penalties for deficiencies in reserves 645 Condition of 24, 75, 120, Regulation F, amendment to 746 252, 316, 374, 447, 512, 562, 640, 741, 799 Regulation H, amendment to, regarding Discount rates— withdrawals of State member banks 453 Changes in 100, 143 Regulation I, amendment to, regarding Monthly figures 25, 76, 122, 254, Federal reserve bank stock held by 318, 376, 449, 514, 564, 642, 743, 801 member banks 454 Gold holdings 1913-1929 171 Regulation J, amendment to, regarding Legal reserve requirements 502 check clearing and collection 523 Regulation K, amendment to, regarding Foreign exchange rates— title of corporations organized under Monthly averages 28, 78, 123, section 25a of Federal reserve act 455 255, 319, 377, 450, 515, 565, 638, 739, 797 Regulation L, amendment to, regarding Yearly averages 1922-1929 27 interlocking bank directorates 455 Joint-stock land banks: Rulings— Exempted from provisions of Clayton Act; Clayton Act permits, effect of consoliamendment to Regulation L 455 dations pf banks on 525 Loans of 44, 94 Deposits of member banks with non- Labor. (See Employment.) member banks, limitation on 747 Latvia, Bank of: Federal reserve exchange, liability Annual report 436 incurred by member bank in pur- Condition of 24, 75, chasing 81 120, 252, 316, 374, 447, 512, 562, 640, 741, 799 Relation between provisions of statute Discount rates— as to eligibility of paper for redis- Changes in 659 count and provisions limiting amount Monthly figures 25,76,122, of paper of one borrower which may 254, 318, 376, 449, 514, 564, 642, 743, 801 be rediscounted 453 Gold holdings, 1913-1929 171 State laws relating to bank reserves, sum- Legal reserve requirements 502 mary of 570 Law department: Laws, banking: Act of Congress authorizing construction Australia 116 of building for Federal reserve branch Denmark 72 bank at Pittsburgh 324 State laws relating to bank reserves, sum- Branches of State banks, status of, upon mary of 570 conversion into national bank; opinion of State laws relating to branch banking, Attorney General 81 digest of J_ 258 Digest of State laws relating to purchase of Lead production 16, 67, corporate stocks by banks and trust 108, 166, 286, 352, 424, 495, 544, 624, 684, 776 companies 456 Leather: Federal reserve act, amendments to— Factory employment and pay rolls— Section 4, relative to election of direc- Monthly index 18, 69, 109, tors of Federal reserve banks 518 167, 287, 353, 425, 496, 545, 625, 685, 777 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 16 831 Leattier—Continued. Page McGarrah,.Gates W.—Continued. page Factory employment and yay rolls—Con. Resignation of, as Federal reserve agent at New employment index 1 665, 666, 674 New York 100 Production 16, 67, Member bank call report 132, 388, 603, 754 108, 166, 286, 352, 424, 495, 544, 624, 684, 776 Member bank credit. (See Credit.) Legal fees, Federal reserve banks 95, 532 Member banks: Light, heat, and power, Federal reserve banks, Bankers' balances. (See Bankers' balcost of 95, 532 ances.) Lithuania, Bank of: Borrowings from Federal reserve banks. Condition of 24, 75, (See Borrowings.) 120, 252, 316, 374, 447, 512, 562, 640, 741, 799 Changes affecting membership 33, 83, Discount rates 25, 76, 128, 267, 332, 386, 469, 530, 601, 649, 751, 809 122, 254, 318, 376, 449, 514, 564, 642, 743, 801 Classification of loans and investments on Gold holdings, 1913-1929 171 call dates 753 Legal reserve requirements 502 Classification of loans, investments, de- Living, cost of 32 posits, and borrowings, on call dates 136, Loans and investments: 137, 392, 393, 604, 606, 755 All banks in United States on call dates 750 Condition of— By Federal reserve districts 45, All banks, on call dates 132-137, 143, 270, 472, 615, 650 340, 388-393 By States 46, 27li 473, 651 By class of bank__ 133, 389, 607, 608, 756 Discussion of 612 By Federal reserve districts 134, Member banks— 390, 609, 610, 760 All banks, on call dates 132-137, Reporting banks in leading cities— 340, 388-393, 602-610, 755-761 Revision of weekly statement 277 "All other" loans, discussion of 51, Weekly figures 43, 93, 140,275,396,534,611 209, 356, 428, 499, 548, 628, 690, 782 Chart showing 98, 341, 397, 763 Deposits. (See Deposits.) Classification of, on call dates 136, Dividends 477 137, 392, 393, 604-610, 753, 755-761 Earnings and expenses 49, 50, 411, 476-481 Discussion of 97, Examination of, amendment to Federal 141, 275, 396, 483, 543, 611, 763 reserve act regarding 518 Monthly averages of weekly figures. _ 12, 63, Loans and investments. (See Loans and 105, 163, 283, 349, 421, 492, 541, 621, 681, investments.) 773. Loans to brokers. (See Brokers' loans.) Weekly figures 43, National banks. (See National banks.) 93, 290, 356, 428, 499, 548, 628, 690, 782 Number on par list 44, National banks, on call dates 47, 272, 474, 652 94, 331, 385, 468, 529, 600, 648, 750, 808 State banks, on call dates 48, 273, 475, 653 Reserve balances. (See Reserve balances.) Loans to brokers: State banks. (See State banks.) Call report dates 659 Suspensions 44, 94, Chart showing 276, 763 111, 169, 293, 357, 429, 500, 549, 629, 692, 783 Discussion of 97, 141, 276, 396, 484, 611, 763 Membership in Federal reserve system, changes Monthly figures 13, 64, in 38, 83, 105, 163, 283, 349, 421, 492, 541, 621, 681, 773 128, 267, 332, 386, 469, 530, 601, 649, 751, 809 Locomotives, index of production 17, Mergers, member banks 33, 83, 68, 166, 286, 352, 424, 495, 544, 624, 684, 776 128, 267, 332, 386, 469, 530, 601, 649, 751, 809 Lumber: Metals, wholesale prices: Exports, Canada 127, 381, 569, 805 Chart showing 338 Factory employment and pay rolls— Discussion of 337 Monthly index 18, 69, 109, Monthlv figures 14, 65, 167, 287, 353, 425, 496, 545, 625, 685, 777 106, 257, 321, 379, 451, 517, 567, 644, 745, 803 New employment index 665, 666, 672 Mexico, foreign exchange rates: Production 17, 68 Monthly averages 28, 78, Machinerv: 123, 255, 319, 377, 450, 515, 565, 638, 739, 797 Exports, Germany 127, 381, 569, 805 Yearly averages, 1922-1929 27 Factory employment and pay rolls— Meyer, Eugene, appointed governor of Federal Monthly index 18, 69, 109, Reserve Board 615 167, 287, 353, 425, 496, 545, 625, 685, 777 Minerals, index of production: New employment index 665, 666, 668 By industries 16, 67, Imports, Canada 127, 381, 569, 805 108, 166, 286, 352, 424, 495, 544, 624, 684, 776 Manufacturing production, index of: Total 15, 66, By industries 16, 67, 107, 165, 285, 351, 423, 494, 543, 623, 683, 775 108, 166, 286, 352, 424, 495, 544, 624, 684, 776 Money in circulation: Total 15, 66, By kinds. _ 36, 87, 385, 468, 529, 600, 648, 750, 808 107, 165, 285, 351, 423, 494, 543, 623, 683, 775 Chart showing 7,58, 140, 159, Maps. (See Charts.) 279, 345, 417, 488, 533, 537, 617, 678, 770 Maturity of bills and short-term securities 42, Discussion of 140, 483, 533, 612, 765 92, 331, 385, 468, 529, 600, 648, 750, 808 Money market: McGarrah, Gates W.: Austria 359 Elected chairman of board of directors of Bulgaria 556 Bank for International Settlements 358 Chart showing 10, 61, 139, 395, 613 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

832 INDEX TO VOLUME 16 Money market—Continued. Netherlands—Continued. Czechoslovakia 508 Wholesale prices 30, 79, 124, Denmark 787 256, 320, 378, 451, 516, 566, 643, 744, 802 Discussion of 139, 395, 613, 763 New Zealand: Estonia 558 Gold holdings, 1913-1929 171 Foreign countries, monthly figures 26, 77, Retail food prices 32 122, 254, 318, 376, 449, 514, 564, 642, 743, 801 Wholesale prices 30, France 112 79, 124, 256, 320, 451, 516, 566, 643, 744, 802 Germany 298 Nonferrous metals: Italy 430 Factory employment and pay rolls— Japan 302 Monthly index 18, 69, 109, Java 794 167, 287, 353, 425, 496, 545, 625, 685, 777 Netherlands 503 New employment index 665, 666, 676 New York City 10,61, Production 16, 67, 103, 161, 281, 347, 419, 490, 539, 619, 680, 772 108, 166, 286, 352, 424, 495, 544, 624, 684, 776 Norway 363 Prevailing rates charged customers 11, 62, Nonmember banks: 104, 162, 282, 348, 420, 491, 540, 620, 680, Condition of, on call dates 45, 270, 472, 650 689, 772, 781. Deposits with member banks, limitation on; Switzerland 309 ruling 747 Yugoslavia 369 Number on par list 44, Municipal warrants held by Federal reserve 94, 331, 385, 468, 529, 600, 648, 750, 808 banks, maturities of 42, Suspensions 44, 94, 92, 331, 529, 600, 648, 750, 808 111, 169, 293, 357, 429, 500, 549, 629, 692, 783 National bank notes, circulation 36, Norway: Bank of— 87, 385, 468, 529, 600, 648, 750, 808 Annual report 363 National banks: Condition of 24, 75, 120, Capital, increases and reductions in 34, 252, 316, 374, 447, 512, 562, 640, 741, 799 83, 130, 333, 387, 471, 531, 602, 649, 752, 810 Discount rates— Changes affecting membership 33, 83, Changes in 4, 143, 766 128, 267, 332, 386, 469, 530, 601, 649, 751, 809 Monthly figures 25, 76, 122, 254, Charters issued to 34, 318, 376, 449, 514, 564, 642, 743, 801 83, 130, 333, 387, 471, 531, 602, 649, 752, 810 Gold holdings, 1913-1929 171 Classification of loans, investments, de- Legal reserve requirements 502 posits, and borrowings, on call dates 136, Commercial banks, condition of 25, 76, 121, 392, 606, 756 253, 317, 375, 448, 513, 563, 641, 742, 800 Condition of, on call dates— Foreign exchange rates— By class of bank 133, 389, 606, 756 Monthly averages 28, 78, 123, By States 47,272,474,652 255, 319, 377, 450, 515, 565, 638, 739, 797 Earnings and expenses 49, 411, 480 Yearly averages, 1922-1929 27 Number of, on call dates 47, 272, 474, 652 Retail food prices and cost of living 32 Trust powers— Wholesale prices 30, 79, 124, Amendment to act regarding surrender 256, 320, 378, 451, 516, 566, 643, 744, 802 of 518 Number of banks on par list 44, Amendment to Regulation F 746 94, 331, 385, 468, 529, 600, 648, 750, 808 Granted 34, 83, 130, 268, 333, 387, 471, 531, 602, 649, 752, 810 Number of reporting banks on call dates— Transfer of, upon consolidation with a All banks in United States 46, 271, 473, 651 State trust company; opinion of National banks 47, 272, 474, 652 Supreme Court of Tennessee 322 State banks 48, 273, 475, 653 Netherlands: Oats, crop estimates 21, 501, 550, 630, 693, 784 Bank of— Open-market discount rates. (See Discount Annual report 503 rates.) Condition of 24, 75, 120, Opinion of Attorney General of United States 252, 316, 374, 447, 512, 562, 640, 741, 799 relative to status of branches of a national Discount rates— bank resulting from conversion of a State Changes in 54, 143 bank having branches 81 Monthly figures 25, 76, 122, 254, Opinion of Supreme Court of Tennessee in case 318, 376, 449, 514, 564, 642, 743, 801 of First National Bank of Chattanooga v. Goldjholdings— Chapman; transfer of trust powers upon con- Monthly figures 22, 73, 118, 250, solidation of a national bank and a State trust 314, 372, 445, 510, 560, 637, 738, 796 company 322 Years 1913-1929 171 Paper: Legal reserve requirements 502 Eligible for rediscount at Federal reserve Foreign exchange rates— banks, study of_ 400 Monthly averages 28, 78, 123, Factory employment and pay rolls— 255, 319, 377, 450, 515, 565, 638, 739, 797 Monthly index 18, 69, 109, Yearly averages, 1922-1929 27 167, 287, 353, 425, 496, 545, 625, 685, 777 Gold imports and exports 22, 73, New employment index 665, 666, 672 118, 250, 314, 372, 445, 510, 560, 637, 738, 796 Production— Money rates 26, 77, Canada 127, 381, 569, 805 K 122, 254, 318, 376, 449, 514, 564, 642, 743, 801 Index of 16, Retail food prices and cost of living 32 67, 108, 286, 352, 424, 495, 544, 624, 684 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 16 833 Page Portugal—Continued. Par list, number of banks on 44, Foreign exchange rates— 94, 331, 385, 468, 529, 600, 648, 750, 808 Monthly averages 28, 78, 123, Par value of foreign currency 27, 255, 319, 377, 450, 515, 565, 638, 739, 797 78, 123, 255, 319, 377, 450, 515, 565, 638, 739, 797 Yearly averages 1922-1929 27 Pay rolls in factories, index of: Postage, Federal reserve banks, cost of 95, 532 By industrial groups 18, 69, Potash production, Germany 127, 381, 569, 805 109, 167, 287, 353, 425, 496, 545, 625, 685, 777 Potatoes, crop estimates 21, 501, 550, 630, 693, 784 Chart showing 18, 69 Prices: Total 15,66, Agricultural, discussion of 336, 614 107, 165, 285, 351, 423, 494, 543, 623, 683, 775 Commodity, index of 165, Penalties for deficiencies in reserves, amendment 285, 351, 423, 494, 543, 623, 683, 775 to Regulation D regarding 645 Food, in principal countries 32, Permits, building, issued 19, 257, 321, 379, 451, 517, 567, 644, 745, 803 70, 110, 169, 293, 357, 429, 500, 549, 629, 692, 783 Security 14, 65, Peru: 106, 164, 284, 350, 422, 493, 542, 622, 682, 774 Bank of— Wholesale— Condition of 24, 75, 120, By commodity groups 14, 65, 106, 252, 316, 374, 447, 512, 562, 640, 741, 799 257, 321, 379, 451, 517, 567, 644, 745, 803 Discount rates— Chart showing 336, 337, 338 Changes in 486, 535 Discussion of 54, 335 Monthly figures 25, 76, 122, 254 National summary ._ _ 6 57, 101, ; 318, 376, 449, 514, 564, 642, 743, 801 158, 278, 344, 416, 487, 536, 616, 661, 769 Gold holdings, 1913-1929 171 New form of compilation 124, 256 Legal reserve requirements 502 Principal countries 30, 79, 124, Foreign exchange rates— 256, 320, 378, 451, 516, 566, 643, 744, 802 Monthly averages 28, 78, 123, Printing and stationery, Federal reserve banks, 255, 319, 377, 450, 515, 565, 638, 739, 797 cost of 95, 532 Yearly averages 1922-1929 27 Production, industrial: Wholesale prices 30, Canada 127,381,569,805 79, 124, 256, 320, 451, 516, 566, 643, 744, 802 England 126, 380, 568, 804 Petroleum: France. _ 126, 380, 568, 804 Imports, Canada 127, 381, 569, 805 Germany 127, 381, 568, 805 Factory employment and pay rolls— United States— Monthly index 18, 69, 109, Chart showing 16, 52, 67 167, 287, 353, 425, 496, 545, 625, 685, 777 Discussion of 52 New employment index 665, 676 Index of— Production 16, 67, By industries 16, 67, 108, 166, 108, 166, 286, 352, 424, 495, 544, 624, 684, 776 286, 352, 424, 495, 544, 624, 684, 776 Pig iron prices, chart showing 338 Total 15,66,107,165, Pittsburgh branch bank, act authorizing con- 285, 351, 423, 494, 543, 623, 683, 775 struction of building for 324 National summary 6, 57, 101, Platt, Edmund, vice governor of Federal Reserve 158, 278, 344, 416, 487, 536, 616, 661, 769 Board, resignation of 615 Poland: Profit and loss account of Federal reserve banks 96 Bank of— Public-utility stocks, index of prices 14, Annual report 364 65, 106, 164, 284, 350, 422, 493, 542, 622, 682, 774 Condition of 24, 75, 120, Railroad stocks, index of prices 14, 252, 316, 374, 447, 512, 562, 640, 741, 799 65, 106, 164, 284, 350, 422, 493, 542, 622, 682, 774 Discount rates— Railwav freight-car loadings: Changes in 100, 143, 399, 659 Canada 127,381,569,805 Monthly figures 25, 76, 122, 254, England 126, 380, 568, 804 318, 376, 449, 514, 564, 642, 743, 801 France..- 126,380,568,804 Gold holdings 1913-1929 171 Germany 127, 381, 569, 805 Legal reserve requirements 502 Index of 15, 66, Commercial banks, condition of 25, 76, 121 107, 165, 285, 351, 423, 494, 543, 623, 683, 775 Cost of living 32 Rates: Foreign exchange rates— Discount. (See Discount rates.) Monthly averages 28, 78, 123, Earnings, of Federal reserve banks 55 255, 319, 377, 450, 515, 565, 638, 739, 797 Foreign exchange. (See Foreign exchange Yearly averages 1922-1929 27 rates.) Wholesale prices 30, 79, Money. (See Money rates.) 124, 256, 320, 378, 451, 516, 566, 643, 744, 802 Receiver, power to act as. (See Fiduciary Portugal: powers.) Bank of— Rediscounts and bills payable: Condition of 24, 75, 120, All banks in United States on call dates— 252, 316, 374, 447, 512, 562, 640, 741, 799 By Federal reserve districts. 45, 270, 472, 650 Discount rates— By States 46, 271, 473, 651 Changes in 399 Member banks, on call dates 136, Monthly figures 25, 76, 122, 254, 137, 392, 393, 604-610, 756-761 318, 376, 449, 514, 564, 642, 743, 801 National banks, on call dates. __ 47, 272, 474, 652 Gold holdings 1913-1929 171 State banks, on call dates 48, 273, 475, 653 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

834 INDEX TO VOLUME 16 Rediscounts of Federal reserve banks: Resources and liabilities: Page Amendment to Federal reserve act regard- All banks in United States, on call dates— ing rediscount of paper of one borrower__ 325 By Federal reserve districts. 45, 270, 472, 650 Amendment to Regulation A regarding 519 By States 46, 271, 473, 651 Paper eligible, study of 400 Federal reserve banks 36, 87, (See also Bills discounted by Federal reserve 131, 269, 328, 383, 467, 528, 599, 647, 749, 807 banks.) Member banks— Regulations, amendments to: All banks, on call dates 132-137, Regulation A, relative to rediscounts by 388-393, 603-610, 754-761 Federal reserve banks 519 Reporting banks in leading cities 43, Regulation D, relative to penalties for de- 93, 290, 356, 428, 499, 548, 628, 690, 782 ficiencies in reserves 645 National banks, on call dates 47, 272, 474, 652 Regulation F 746 State banks, on call dates 48, 273, 475, 653 Regulation H, regarding withdrawals of Retail trade. (See Department stores.) State member banks from membership Revision: in system 453 Index numbers of factory employment. _ 662-677 Regulation I, regarding Federal reserve Weekly Federal reserve bank statement 341 bank stock held by member banks 454 Weekly member bank statement 277 Regulation J, regarding check clearing and Rubber: collection 523 Crude, exports, England 126, 380, 568, 804 Regulation K, regarding titles of corpora- Factory employment and pay rolls— tions organized under section 25a of Monthly index 18, 69, 109-, Federal reserve act 455 167, 287, 353, 425, 496, 545, 625, 685, 777 Regulation L, regarding interlocking bank New employment index 665, 666, 676 directorates 455 Prices, chart showing 338 Reichsbank, German. (See Germany.) Rulings of the Federal Reserve Board. (See Rent, Federal reserve banks, cost of 95, 532 Law department.) Repairs, Federal reserve bank buildings, cost Rumania: of 95,532 Bank of— Reparations: Annual report 551 Bank for International Settlements, organ- Condition of 24, 75, 120, ization of 358 252, 316, 374, 447, 512, 562, 648, 741, 799 Final act of Hague Conference 172 Discount rates 25, 76, 122, Final report of agent general 694-737 254, 318, 376, 449, 514, 564, 642, 743, 801 Reports: Gold holdings, 1913-1929 171 Agent general for reparation payments- 694-737 Legal reserve requirements 502 Annual, of banks. (See Annual reports.) Foreign exchange rates— Reserve balances of member banks: Monthly averages 28, 78, 123, Average of daily figures 8, 59, 255, 319, 377, 450, 515, 565, 638, 739, 797 102, 160, 280, 346, 418, 489, 538, 618, 679, 771 Yearly averages, 1922-1929 27 Charts showing 7, Russia: 58, 159, 279, 345, 417, 488, 537, 617, 678, 770 Bank of— End of month figures 36, Condition of 24, 75, 120, 87, 131, 269, 328-330, 383, 384, 467, 528, 599, 252, 316, 374, 447, 512, 562, 640, 741, 799 647, 749, 807. Discount rates 25, 76, 122,. Weekly figures 43, 254, 318, 376, 449, 514, 564, 642, 743, 801 93, 291, 356, 428, 499, 548, 628, 690, 782 Gold holdings— Reserve bank credit. (See Credit.) Monthly figures 22, 73, 118, 250, Reserve bank float 36, 314, 372, 445, 510, 560, 637, 738, 796 87, 131, 269, 327, 382, 466, '527, 598, 646, 748, 806 Years 1913-1929 171 Reserve city banks: Legal reserve requirements 502 Classification of loans, investments, de- Foreign exchange rates— posits, and borrowings. _ 137, 393, 607, 608, 759 Monthly averages 28, 78, 123, Condition of, on call dates 133, 389, 607, 758 255, 319, 377, 450, 515, 565, 638, 739, 797 Reserve ratio: Yearly averages, 1922-1929 27 Federal reserve banks 37, 88, Retail food prices 32" 110, 169, 288, 355, 427, 498, 547, 627, 688, 780 Wholesale prices 30, 79, Member banks, on call dates 135, 391 124, 256, 320, 378, 451, 516, 566, 643, 744, 802 Reserve requirements, legal, of foreign central Salaries: banks 502 Federal reserve banks 95, 532 Reserves: Member banks 49, 476- Deficient— Securities: Amendment to Regulation D regard- Held by Federal reserve banks— ing 645 Earnings and rates of earnings 55 Penalties on 95, 532 End of month figures 36, 87, Federal reserve banks— 131, 328, 383, 467, 528, 599, 647, 749, 807 Daily average 37, 88, 110, Held by member banks, classification, on 168, 289, 355, 427, 498, 547, 627, 688, 780 call dates__ 136, 137, 392, 393, 604-610, 753-761 End of month figures 36, 87, 131, Security loans: 269, 328, 383, 467, 528, 599, 647, 749, 807 Chart showing 276 State laws relating to, summary of 570 Discussion of 98, 141, 276, 396, 484, 611, 763 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 16 835 Security loans—Continued. page State banks: Page Monthly figures 13, 64, Admissions and withdrawals from member- 105, 163, 283, 349, 421, 492, 541, 621, 681, 773 ship in system 33, 83, Total reported quarterly 659 128, 267, 332, 386, 469, 530, 601, 649, 751, 809 Security market: Branches of, status of, upon conversion into Austria 362 national bank; opinion of Attorney Gen- Belgium 296 eral 81 Germany, discussion by agent general for Condition of all banks on call dates 48, reparation payments 724 273, 475, 653 Poland 365 Number in system 33, 83, Security prices 14, 128, 267, 332, 386, 469, 530, 601, 649, 751, 809 65, 106, 164, 284, 350, 422, 493, 542, 622, 682, 774 Member banks— Serbs, Croats, and Slovenes, Kingdom of, Bank Classification of loans, investments, of, change in name 368 deposits, and borrowings on call Sheep slaughtered, index of 17, dates 136, 392, 606, 757 68, 166, 286, 352, 424, 495, 544, 624, 684, 776 Condition of, on call dates 133, Shipbuilding, index of 17, 389, 606, 756 68, 166, 286, 352, 424, 495, 544, 624, 684, 776 Earnings and expenses 50, 411, 481 Ships cleared: Withdrawals from system, amendment England 126, 380, 568, 804 to Regulation H, regarding 453 France 126, 380, 568, 804 State laws: Germany 127, 381, 569, 805 Relating to bank reserves, summary of 570 Silk: Relating to branch banking 258 Prices, chart showing 338 Relating to purchase of corporate stocks by Production, index of 17, banks and trust companies, digest of 456 68, 166, 286, 352, 424, 495, 544, 624, 684, 776 Steel: Raw, imports, France 126, 380, 568, 804 Prices, chart showing 338 Silver: Production, index of 16, 67, Coin and certificates in circulation 36, 108, 166, 286, 352, 424, 495, 544, 624, 684, 776 87, 385, 468, 529, 600, 648, 750, 808 Stevens, Eugene M., appointed Federal reserve Prices, chart showing 338 agent at Chicago 658 Production 16, 67, Stock, Federal reserve bank, held by member 108, 166, 286, 352, 424, 495, 544, 624, 684, 776 banks, amendment to Regulation I regarding, 454 South Africa: Bank of— Stocks: Condition of 24, 75, 120, Common, index of prices 14, 65, 252, 316, 374, 447, 512, 562, 640, 741, 799 106, 164, 284, 350, 422, 493, 542, 622, 682, 774 Discount rates— Corporate, digest of State laws relating to Changes in 659 purchase of, by banks and trust com- Monthly figures 25, 76, 122, 254, panies 456 318, 376, 449, 514, 564, 642, 743, 801 Department stores— Gold holdings, 1913-1929 171 By Federal reserve districts 20, Legal reserve requirements 502 71, 111, 169, 293, 357, 429, 500, 549, 629 Gold imports and exports 22, 73, By months 686, 778 118, 250, 314, 372, 445, 510, 560, 637, 738, 796 Straits Settlements, foreign exchange rates: Retail food prices and cost of living 32 Monthly averages 28, 78, Wholesale prices 30, 123, 255, 319, 377, 450, 515, 565, 638, 739, 797 79, 124, 256, 320, 451, 516, 566, 643, 744, 802 Yearly averages, 1922-1929 27 Spain: Sugar, price of, chart showing 338 Bank of— Supreme Court of Tennessee, opinion of, in case Condition of 24, 75, 120, of First National Bank of Chattanooga v. 252, 316, 374, 447, 512, 562, 640, 741, 799 Chapman; transfer of trust powers upon Discount rates— consolidation of a national bank and a State Changes in 486 trust company 322 Monthly figures 25, 76, 122, 254, Surplus: 318, 376, 449, 514, 564, 642, 743, 801 Federal reserve banks— Gold holdings— Amount transferred to 56, 96 Monthly figures 22, 73, 118, 250, End of month figures 36, 314, 372, 445, 510, 560, 637, 738, 796 87, 131, 328, 383, 528, 599, 647, 749, 807 Years 1913-1929 171 National banks 49, 480 Legal reserve requirements 502 State bank members 50, 481 Cost of living 32 Suspensions, bank 44, Foreign exchange rates— 94, 111, 169, 293, 357, 429, 500, 549, 629, 692, 783 Monthly averages 28, 78, 123, Sweden: 255, 319, 377, 450, 515, 565, 638, 739, 797 Bank of—• Yearly averages, 1922-1929 27 Condition of 24, 75, 120, Wholesale prices 30, 79, 252, 316, 374, 447, 512, 562, 640, 741, 799 124, 256, 320, 378, 451, 516, 566, 643, 744, 802 Discount rates— Speculation, loans for: Changes in 4,54, 143,277 Chart showing 276 Monthly figures 25, 76, 122, 254, Discussion of 98, 141, 276, 396, 484, 611 318, 376, 449, 514, 564, 642, 743, 801 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

836 INDEX TO VOLUME 16 Sweden—Continued. Page Bank of—Continued. Traveling expenses, Federal reserve banks 95, 532 Gold holdings, 1913-1929 171 Treasury bonds, average yield on 10, Legal reserve requirements 502 61, 103, 161, 281, 347, 419, 490, 539, 619, 680, 772 Commercial banks, condition of 25, 76, Treasury certificates of indebtedness: 121, 253, 317, 375, 448, 513, 563, 641, 742, 800 Average yield on 10, Cost of living 32 61, 103, 161, 281, 347, 419, 490, 539, 619, 680, 772 Foreign exchange rates- Held by Federal reserve banks— Monthly averages 28, 78, 123, End of month figures 328-330, 255, 319, 377, 450, 515, 565, 638, 739, 797 383, 384, 467, 528, 599, 647, 749, 807 Yearly averages, 1922-1929 27 Maturities 42, Money rates 26, 77, 92, 331, 385, 468, 529, 600, 648, 750, 808 122, 254, 318, 376, 449, 514, 564, 642, 743, 801 Treasury notes: Wholesale prices— Circulation 36, All commodities 30, 79, 124, 87, 385, 468, 529, 600, 648, 750, 808 256, 320, 378, 451, 516, 566, 643, 744, 802 Held by Federal reserve banks 38, 89, Groups of commodities 31, 80 328-330, 383, 384, 467, 528, 599, 647, 749, 807 Switzerland: Trust powers of national banks: Bank of— Amendment to Federal reserve act regard- Annual report 305 ing surrender of 518 Condition of 24, 75, 120, Amendment to Regulation F 746 252, 316, 374, 447, 512, 562, 640, 741, 799 Granted 34,83, Discount rates— 130, 268, 333, 387, 471, 531, 602, 649, 752, 810 Changes in 143, 277 Transfer of, upon consolidation of a national Monthly figures 25, 76, 122, 254, bank and a State trust company; opinion 318, 376, 449, 514, 564, 642, 743, 801 of Supreme Court of Tennessee 322 Gold holdings— Turkey: Monthly figures 22, 73, 118, 250, Foreign exchange rates— 314, 372, 445, 510, 560, 637, 738, 796 Monthly averages 28,78,123, Years 1913-1929 171 255, 319, 377, 450, 515, 565, 638, 739, 797 Legal reserve requirements 502 Yearly averages, 1922-1929 27 Foreign exchange rates— Unemployment: Monthly averages 28, 78, 123, Canada 127,381,569,805 255, 319, 377, 450, 515, 565, 638, 739, 797 England 126, 380, 568, 804 Yearly averages, 1922-1929 27 France 126, 380, 568, 804 Money rates 26, 77, Germany 127, 381, 569, 805 122, 254, 318, 376, 449, 514, 564, 642, 743, 801 (See also Employment.) Retail food prices and cost of living 32 United States.bonds held by Federal reserve Wholesale prices 30, 79, banks.. 38, 89, 124, 256, 320, 378, 451, 516, 566, 643, 744, 802 328-330, 383, 384, 467, 528, 599, 647, 749, 807 Tax, franchise, paid by Federal reserve banks. _ 56, 96 United States Government securities: Taxes, Federal reserve banks 95, 532 Held by Federal reserve banks— Telephone and telegraph expenses of Federal Averages of daily figures 8, 59, 102, reserve banks 95, 532 160, 280, 346, 418, 489, 538, 618, 679, 771 Textiles: Factory employment and pay rolls— End of month figures 36, 87, 131, Monthly index 18, 69, 109, 269, 328, 383, 467, 528, 599, 647, 749, 807 167, 287, 353, 425, 496, 545, 625, 685, 777 Held by member banks— New employment index 665, 666, 670 Classification on call dates 136, Index of production 16, 67, 137, 392, 393, 604-610, 755-761 108, 166, 286, 352, 424, 495, 544, 624, 684, 776 Weekly figures 43, Wholesale prices 14, 65, 93, 292, 356, 428, 499, 548, 628, 690, 782 106, 257, 321, 379, 451, 517, 567, 644, 745, 803 United States notes, circulation 36, Time deposits. (See Deposits.) 87, 385, 468, 529, 600, 648, 750, 808 Tires, rubber, index of production 16, Uruguay: 67, 108, 166, 286, 352, 424, 495, 544, 624, 684, 776 Foreign exchange rates— Tobacco: Monthly averages 28, 78, 123, Crop estimates 21, 501, 550, 630, 693, 784 255, 319, 377, 450, 515, 565, 638, 739, 797 Man uf actures— Yearly averages, 1922-1929 27 Factory employment and pay rolls— Gold holdings, 1913-1929 171 Monthly index 18, 69, 109, 167, Venezuela, foreign exchange rates: 287, 353, 425, 496, 545, 625, 685, 777 Monthly averages 28, 78, New employment index 665, 666, 676 123, 255, 319, 377, 450, 515, 565, 638, 739, 797 Index of production 16, 67, 108, Yearly averages, 1922-1929 27 166, 286, 352, 424, 495, 544, 624, 684, 776 Wages. (See Pay rolls.) Trade: Warrants, municipal, held by Federal reserve Retail- banks, maturities of 42, Department store sales 20, 71, 111, 92, 331, 529, 600, 648, 750, 808 169, 293, 357, 429, 500, 549, 629, 686, 778 Weekly statement: National summary 6, 57, 101, Federal reserve banks, change in form 341 158, 278, 344, 416, 487, 536, 616, 661, 769 Member banks, change in form 277 Wholesale, index of 15, 20, 66, 71 (See also Condition of banks.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 16 837 Wheat: Page Page Crop estimates 21, 501, 550, 630, 693, 784 Woolen exports, England 126, 380, 568, 804 Prices, chart showing 337 Young, Roy A.: Receipts and exports, Canada.. 127, 381, 569, 805 Appointed governor of Federal Reserve Wholesale prices. {See Prices.) Bank at Boston 535 Wholesale trade index of 15, 20, 66, 71 Resignation as governor of Federal Reserve Withdrawals from Federal reserve system: Board 535 Amendment to Federal reserve act regard- Yugoslavia: ing 325 Bank of— Amendment to Regulation H regarding 453 Annual report 368 Monthly figures 33, 83, Change in name 368 128, 267, 332, 386, 469, 530, 601, 649, 751, 809 Condition of 24, 75, 120, Wood, John S., appointed Federal reserve agent 252, 316, 374, 447, 512, 562, 640, 741, 799 at St. Louis 339 Discount rates— Wood pulp: Change in 340 Exports, Canada 127, 381, 569, 805 Monthly figures 25, 76, 122, 254, Production 17, 318, 376, 449, 514, 564, 642, 743, 801 68, 166, 286, 352, 424, 495, 544, 624, 684, 776 Gold holdings, 1913-1929 171 Wool: Foreign exchange rates— Consumption, index of 17, Monthly averages 28, 78, 123, 68, 166, 286, 352, 424, 495, 544, 624, 684, 776 255, 319, 377, 450, 515, 565, 638, 739, 797 Imports— Yearly averages, 1922-1929 27 England 126, 380, 568, 804 Zinc production 16, Germany 127, 381, 569, 805 67, 108, 166, 286, 352, 424, 495, 544, 624, 684, 776 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS \ .1 MINNEAPOLISJ KANSAS CITY KANS. OKLA. Oklahoma City 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