Federal Reserve Bulletin June 1929 - St. Louis Fed...FEDERAL RESERVE BULLETIN JUNE, 1929 ISSUED BY...
Transcript of Federal Reserve Bulletin June 1929 - St. Louis Fed...FEDERAL RESERVE BULLETIN JUNE, 1929 ISSUED BY...
FEDERAL RESERVEBULLETIN
JUNE, 1929
ISSUED BY THE
FEDERAL RESERVE BOARDAT WASHINGTON
A Year of High Money RatesCondition of All Member BanksAnnual Reports of Central Banks: Italy,
Hungary, and ChileWorcester County National Bank Case
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1929
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FEDERAL RESERVE BOARD
Ex officio members:A. W. MELLON,
Secretary of the Treasury, Chairman.
J. W. POLE,
Comptroller of the Currency.
ROY A. YOUNG, Governor.EDMUND PLATT, Vice Governor.ADOLPH C. MILLER.CHARLES S. HAMLIN.GEORGE R. JAMES.EDWARD H. CUNNINGHAM.
WALTER L. EDDY, Secretary.
J. C. NOELL, Assistant Secretary.E. M. MCCLELLAND, Assistant Secretary,W. M. IMLAY, Fiscal Agent.J. F. HERSON,
Chief, Division of Examination, and Chief FederalReserve Examiner.
WALTER WYATT, General Counsel.
E. A. GOLDENWEISER, Director, Division of Researchand Statistics.
CARL E. PARRY, Assistant Director, Division of Re*search and Statistics.
E. L. SMEAD, Chief, Division of Bank Operations.
FEDERAL ADVISORY COUNCIL
District No. 1 (BOSTON) ARTHUR M. HEARD.District No. 2 (NEW YORK) WM. C. POTTER.
District No. 3 (PHILADELPHIA) L. L. RUE.District No. 4 (CLEVELAND) HARRIS CREECH.District No. 5 (RICHMOND) JOHN POOLE.District No. 6 (ATLANTA) J. P. BUTLER, Jr.
District No. 7 (CHICAGO) FRANK O. WETMORE, President.District No. 8 (ST. LOUIS) W. W. SMITH.District No. 9 (MINNEAPOLIS) THEODORE WOLD.District No. 10 (KANSAS CITY) P. W. GOEBEL.District No. 11 (DALLAS) B. A. MCKINNEY, Vice President.District No. 12 (SAN FRANCISCO) F. L. LIPMAN.
I I
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OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
BostonNew York..
Chairman
Frederic H. Curtiss.Q. W. McGarrah...
Philadelphia .
Cleveland
Richmond
[ Atlanta
j Chicago
R. L. Austin
George DeCamp..
Wm. W. Hoxton..
Oscar Newton
Wm. A. Heath....
Governor
W. P. G. Harding..Geo. L. Harrison...
Geo. W. Norris.
St. Louis Rolla Wells
Minneapolis..
Kansas City..Dallas
San Francisco .
John R. Mitchell.M. L. McClure..C. C. Walsh
Isaac B. Newton.
E. R. Fancher _
George J. Seay
Eugene R. Black
J. B. McDougal
Win. McC. Martin.
W. B. Geery.
W. J. Bailey.Lynn P. Talley..
Jno. U. Calkins...
Deputy governor
W. W. Paddock..J. H. CaseL. F. SailerE. R. KenzelA. W. Gilbart—.L. R. RoundsWm. H. Hutt,...
W. Willett.J. W. Jones.*Ray M. Gidney.1J. E. Crane.*W. B. Matteson.iC.H. Coe.iC. A. Mcllhenny.W. G. McCreedy.iH. F. Strater. *
Geo. H. Keesee.John S. Walden, jr.1M. W. Bell.
W. C. Bachman.1K. C. Childs.»J. H. Dillard.'D. A. Jones.8O. J. Netterstrom.iA. H. Haill."F. N. Hall.»S. F. Gilmore.*G. O. Hollocher.'C.A. SchachU
Harry Yaeger Gray Warren.H. I. Ziemer... Frank C. Dunlop.1C. A. Worthington J. W. Helm.R. R. Gilbert Fred Harris.R. B. Coleman i W. D. Gentry.1Wm. A. Day j Wm. M. Hale.Ira Clerk I
M. J. FlemingFrank J. ZurlindenC. A. Peple—R. H. BroaddusHugh FosterCreed TaylorC. R. McKayJohn H. Blair
Cashier
0. M. Attebery..
1 Assistant deputy governor. > Controller.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:Buffalo branch _Cincinnati branchPittsburgh branch
Richmond:Baltimore branch _.Charlotte branch
Atlanta:N&w Orleans branchJacksonville branchBirmingham branchNashville branch ___
Chicago:Detroit branch
St. Louis:Louisville branchMemphis branch .,_Little Rock branch
Managing director
W. W. Schneckenburger.C. F. McCombs.J. C. Nevin.
A. H. Dudley.Hugh Leach.
Marcus Walker.W. S. McLarin, jr.A. E. Walker.J. B. Fort, jr.
W. R. Cation.
W. P. Kincheloe.W. H. Glasgow.A. F. Bailey.
Federal Reserve Bank of—
Minneapolis:i Helena branch
Kansas City:! Omaha branch
Denver branchOklahoma City branch ._
Dallas:El Paso branchHouston branchSan Antonio branch.
San Francisco:Los Angeles branchPortland branchSalt Lake City branchSeattle branchSpokane branch
Managing director
R. E. Towle.L. H. Earhart.J. E. Olson.C. E. Daniel.
W. 0. Ford.D. P. Reordan.M. Crump.
W. N. AmbroseR. B. West.W. L. Partner.C. R. Shaw.D. L. Davis.
SUBSCRIPTION PRICE OF BULLETIN
THE FEDERAL RISSERVE BULLETIN is the board's medium of communicationwith member banks of the Federal reserve system and is the only official organor periodical publication of the board. The BULLETIN will be sent to all memberbanks without charge. To others the subscription price, which covers the cost ofpaper and printing, is $2. Single copies will be sold at 20 cents. Outside of theUnited States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25cents.
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TABLE OF CONTENTS
PageReview of the month—A year of high money rates 359
Recent decline of bank credit—Course of money rates—Credit demand of secuiity market—Sys-tem's firm money policy—Effect on growth of bank credit—Business continues active—Effecton money rates abroad.
Condition of all member banks on March 27, 1929 363,422-425
Annual report of the Bank of Italy 380Annual report of the National Bank of Hungary 385Annual report of the Central Bank of Chile ° 392
National summary of business conditions 364
Financial, industrial, and commercial statistics:Reserve bank credit, gold stock, money in circulation, and member bank reserve balances 365-367Analysis of changes in monetary gold stock 366Discount rates and money rates 368Member bank credit 370Bankers' balances 371Bankers' acceptances and commercial paper outstanding e 71Brokers' loans 371Commodity prices, security prices, and security issues 372Production, employment, and trade 373Industrial production 374Factory employment and pay rolls 375Building 376Trade and distribution 377, 378Bank suspensions and commercial failures 379
Financial statistics for foreign countries:Gold holdings of central banks and Governments 396Gold exports and imports 396Condition of central banks 397, 398Condition of commercial banks ^ _ 399Discount rates of central banks 399Money rates 400Foreign exchange rates 401Price movements 402-404Industrial statistics for England, France, Germany, and Canada 405, 406
Law department:Decision of Supreme Court re right of consolidated national bank to succeed to trust business of
trust company 407Changes in National and State bank membership 410Fiduciary powers granted to national banks 411
Detailed banking statistics for the United States „ 412IV
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FEDERAL RESERVE BULLETINVOL. 15 JUNE, 1929 No. 6
REVIEW OF THE MONTH
The volume of bank credit outstanding hascontinued to decline in recent weeks. Further
^ , ,. reductions in security loansRecent decline 1 . J / ,
of bank credit a m lnvestments oi member- banks in leading cities have
been partly offset by a growth in loans forcommercial purposes. The total volume ofloans and investments of these banks at theend of May was $600,000,000 lower thanin the middle of March and $160,000,000below a year ago. During the same periodreserve-bank credit outstanding also declined,owing chiefly to further additions to thecountry's stock of monetary gold. As com-pared with a year ago, the volume of re-serve-bank credit in the latter part of May wassmaller by about $200,000,000. While mem-ber-bank and reserve-bank credit, includingindebtedness of the member banks at thereserve banks, has declined, conditions in themoney market have remained firm, and interestrates on most classes of loans have advancedfurther. In the latter part of May, however, aconsiderable liquidation of brokers7 loans wasaccompanied by a decline in rates on securityloans placed on call.
It is proposed in this review to present asurvey of the existing level of money rates,
compared with those a year agoand in other recent years, andto consider the factors that
brought about the present position. The fol-lowing chart shows the course of monthlyaverages of open-market rates on acceptances,commercial paper, and call loans, together
Course ofmoney rates.
with average rates charged bank customersfor the period since 1921:
•— Commercial Paper. . . Acceptances
Cat/ MoneyCustomers
1922 1924 1925 1926
Figures for rates charged customers are weighted averages of prevailingrates in Federal reserve bank and branch cities during week endingloth of month. Open-market rates are monthly averages of prevailingrates at New York City
It will be seen from the chart that since thebeginning of 1928 rates on commercial paperand on acceptances have increased by about2 per cent and the rate on call loans by about5 per cent, while rates charged to customersincreased on the average by about 1 per cent.In the case of all these rates the present levelis higher than at any time since 1921.
The advance in money rates, wilieh hascarried them to the highest level in eight years,
began at the opening of 1928.Credit demand ofsecurities market 0 1 1 t h e d e m a n d S l d e t h e
cipal factor in the rise ofmoney rates has been the continued and rapidgrowth in the demand for credit in the securi-ties market. The extent of this growth is in-dicated in the following table, which brings to-gether changes during the past year in securityloans by reporting member banks, and in loans
359
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360 FEDERAL RESERVE BULLETIN JUNE, 1929
to brokers by others than banks, as shown inthe reports to the Federal Reserve Board byreporting member banks in New York Cityand to the stock exchange by the borrowingbrokers:
GROWTH OF SECURITY LOANS
[Monthly averages of weekly figures. In millions of dollars]
Security loans of reporting member banksBrokers' loans for "others" reported by mem-
ber banks in New York CityBrokers' loans for "others" reported to the
stock exchange
May, i May,y,1928
7,075
1,514
*684
Total •_ 9,273
y,1929 Increase
7,218
2,965
* 1,188
11,371
143
1,451
504
2,C
* Average figures for end of April and end of May.
The growth in the aggregate of securityloans included in the table has been inexcess of $2,000,000,000 and at a rapidrate. This growth has been only to a minorextent in security loans of reporting memberbanks, and such increase as has occurred inthese loans has not been in open-market loansto New York brokers, but in collateral loansto the banks' customers. Increase in thedemand for credit to finance security opera-tions, therefore, during the past year has notbeen met to any considerable extent by do-mestic banks, but by others, including foreignbanks, individuals, and corporations havingsurplus cash arising out of profits and out ofsecurities floated in the favorable marketprevailing in recent years. Although the sup-ply of additional funds on which the securitymarket has drawn during the past 12 monthshas not come from the banks, the demand forthese funds through its influence on rates hasbeen nevertheless a powerful factor in thebanking and credit situation. As has beenpointed out, the rise in money rates has beengreatest for that class of loans for which thedemand has been strongest, namely, securityloans made on the stock exchange, but thecompetition of high rates offered for theseloans has exerted an influence on all classesof money rates, and the advance in rates hasbeen general.
While the growth in the volume of stock-exchange loans indicates the extent to which
the growing demand for fundsSystem's firm h a g feeen ft f a c t o r ^ r a i s i
money policy. . . ,°money rates, on the supply side
an important factor in the situation has beenFederal reserve credit policy. This policybegan to be exerted in the direction of firmermoney late in the autumn of 1927, when anoutward movement of gold set in and theFederal reserve system, beginning in Novem-ber, permitted this outflow of gold to have adirect and immediate effect OL the credit situa-tion. Prior to that time the Federal reservebanks had offset the effects of gold exports bypurchasing United States Government secu-rities. In November, however, when the peakof the crop marketing season and of the pres-sure on foreign exchanges was passed, theFederal reserve banks, in view of the rapidgrowth of loans on securities, discontinued thepurchase of securities. The growth of securityloans by member banks continued after theturn of the year, and the reserve banks beganto sell United States securities out of theirportfolios, with the consequence that member-bank reserves were subjected to pressure notonly by gold exports, but also by the open-market policy of the reserve banks. Later inthe season the reserve banks' holdings of accept-ances were also rapidly reduced. As a conse-quence of the withdrawals of funds from themarket on all these accounts, the memberbanks increased their borrowings at the reservebanks, and by June, 1928, these borrowingswere in excess of $1,000,000,000 for the firsttime in seven years.
Indebtedness at the reserve banks makesmember banks less willing to expand their loans,and this more conservative attitude is usuallyreflected in a rise of money rates. The closerelationship between the volume of discountsfor member banks and the level of money rates,as reflected in the rate for open-market com-mercial paper, is brought out by the chart. I twill be noted, however, that from the middleof 1928 a slight downward tendency of dis-
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JUNE, 1929 FEDERAL RESERVE BULLETIN 361
counts has been accompanied by a further risein money rates. This development reflectsthe unusual condition of the money marketsince last autumn, when rates were forced upby a persistent demand for funds from thesecurity market rather than by growing in-debtedness of member banks to the reservebanks. The policy of the Federal reserve sys-
DISCOUNTSMILLIONS OF DOLLARS
1500
1000
COMMERCIAL PAPERPER CEMT
1922 1923 192A- 1925 1926 1927 1928
Monthly averages of daily figures
1929
tern in discouraging frequent or continuousborrowing by member banks having a largevolume of security loans, a policy which hasbeen in effect since the establishment of theFederal reserve system but has receivedspecial emphasis in recent months, has alsobeen a factor in this situation.
Growth of indebtedness of member banks tothe reserve banks during the past 18 monthshas reflected the Federal reserve system's goldand open-market policy, and has been accom-panied by a series of advances in discount rates,which have made this indebtedness moreexpensive. Discount rates, which at thebeginning of 1928 were 3% per cent at all thereserve banks, were gradually advanced, andin July were established at 5 per cent at eightof the banks and 4% per cent at the banks inthe four western agricultural districts. In thepast three months the rates at these bankswere also advanced to 5 per cent. Buying ratesfor bills have also advanced from a range of3}s-3K per cent in January, 1928, to a range of5%-5% per cent at the present time.
Effects on bank credit of firm money condi-tions and high interest rates, which have pre-
vailed during the past year, areE fA e ^ V ° ,n clearly indicated in the changesgrowth of bank . J ?
credit m the condition of reportingmember banks during the year
ending in May, 1929, and during the precedingyear, shown in the following table:
REPORTING MEMBER BANKS (REVISED SERIES)
[Monthly averages of weekly figures. In millions of dollars]
Total loans and investments.
Security loans _ . _All other loansInvestments. . .
May,1927
20, 273
6,0178,6495,608
May,1928
22,148
7,0758,8846,188
May,1929
22,113
7,2189,0595,837
Increase be-tween—
May,1927and1928
1,875
1,058235580
May,1928and1929
•35
143175
•351
* Decrease.
As compared with a growth of $1,875,000,000during the year ending in May, 1928, loans andinvestments of reporting member banks showedno growth during the past year. This absenceof growth has been the net result of an increasein security loans and in all other loans, offset bya decline of member bankin vestments. The fig-ures indicate that high money rates and Federalreserve policy during the past year have resultedin a halt in the rapid growth of bank credit whichhad continued for a number of years, and in a liq-uidation of security holdings by member banks inan effort to meet the demand for loans out of theirown resources. The year was characterized alsoby a considerable decline in member bank depos-its, both time and demand, met largely throughan increase in the banks' capital and surplus.
High money rates, which thus had a restrain-ing effect on the growth of bank credit, have
not, however, been reflected ina general slowing down of busi-ness activity. Industrial pro-
duction was larger in volume during the firstquarter of 1929 than in any previous three-
Business con-tinues active.
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362 FEDERAL RESERVE BULLETIN JUNE, 1929
month period, and factory pay rolls were alsoat a high level in the spring of this year.There is no evidence, however, of overexpan-sion, except possibly in a few industries. Theabsence of overexpansion during a period ofrecord activity may be ascribed in part to therestraining influence of high money rates. Theprincipal line of activity in which there hasbeen a recession due in part to the influenceof high money rates has been the building in-dustry. Dear money has affected the construc-tion industry chiefly through its unfavorableinfluence on the bond market, which has beeninactive for a number of months.
Unfavorable conditions in the bond markethave also resulted in a drastic reduction in the
flotation of foreign securitiesEffect on m ^ i s country. Reduced bor-
money rates . * «. •abroad. rowings oi foreign countries in
the United States, togetherwith the attractiveness of short-term moneyrates in New York, have caused a strain on theforeign exchanges, a sale of dollars by manyforeign central banks in the support of theirexchanges, and finally a movement of gold tothis country, first from England and Canadaand later from Germany and Argentina. Theloss of gold and of dollar balances by the foreigncentral banks has caused many of them to ad-vance their discount rates. Since the first ofthe year 13 banks of issue have raised their dis-count rates, and some of them have had twoadvances in rates since the beginning of 1929.Commercial money rates have also advancedabroad, reflecting the rise in central bank ratesand the general firmness of money conditions.
To summarize, the rise in money rates in thiscountry during the past year has been due onone side to the continuously growing demandfor funds to finance security transactions and onthe other side to the firm money policy of theFederal reserve system, adopted largely with aview to restraining the rapid growth of security
loans. High money rates have had the effect ofarresting the growth of bank credit, but notuntil recently the growth of funds used in thestock market. High money rates in the UnitedStates have brought about a reversal of the di-rection of gold movements and have caused for-eign central banks to raise their discount ratesin order to protect their reserves. In the do-mestic business situation the high level ofmoney rates appears to have been a conserva-tive influence working against overexpansionwithout having a generally unfavorable effecton production and trade.
Statement by Federal Advisory Council
The Federal Advisory Council at a regularmeeting on Tuesday, May 21, made the follow-ing recommendation:
The Federal Advisory Council has reviewed care-fully the credit situation. It continues to agree withthe view of the Federal Reserve Board expressed in itsstatement of February 5, 1929, that "an excessiveamount of the country's credit has been absorbed inspeculative security loans." The policy pursued by theFederal Reserve Board has had a beneficial effect duelargely to the loyal cooperation of the banks of thecountry. The efforts in this direction should be con-tinued. The council notes, however, that while thetotal amount of Federal reserve credit being used hasbeen reduced, "the amount of the country's creditabsorbed in speculative security loans" has not beensubstantially lowered.
Therefore, the council recommends to the FederalReserve Board that it now grant permission to raisethe rediscount rates to 6 per cent to those Federalreserve banks requesting it, thus bringing the redis-count rates into closer relation with generally prevailingcommercial money rates. The council believes thatimprovement in financial conditions and a consequentreduction of the rate structure will thereby be broughtabout more quickly, thus best safeguarding commerce,industry, and agriculture.
Advances in Discount Rates
Advances of discount rates from 4K to 5 percent on all classes of paper of all maturitieswere made at the Federal Reserve Bank ofMinneapolis, effective May 14, and at theFederal Reserve Bank of San Francisco,effective May 20.
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JUNE, 1929 FEDERAL RESERVE BULLETIN 363
Changes in Central Bank Discount RatesThe following changes have been made since
the end of April in the discount rates of centralbanks in foreign countries: April 30, Bank ofDanzig from 6 to 7 per cent; May 3, NationalBank of Kumania from 6 to 8 per cent; May 9,Imperial Bank of India from 7 to 6 per cent;May 14, National Bank of Rumania from 8 to9}i per cent.
Annual Report of the Federal Reserve BoardThe complete edition of the Fifteenth
Annual Report of the Federal Reserve Board,covering operation^ for the year 1928, isnow available. It contains, in addition to thetext of the report which was issued earlier inthe year, tables relating to reserve bank credit,gold stock, money in circulation, discount andmoney rates, and banking and business condi-tions. It also gives the recommendations madeby the Federal Advisory Council during 1928 andthe regulations of the Federal Reserve Board.
Revised series relating to reserve bankcredit outstanding on the basis of monthlyaverages of daily figures are given for the lifeof the Federal reserve system, and corre-sponding data on a weekly average basis aregiven for the period 1922-1928. Weekly andmonthly averages of gold stock and money incirculation are also shown for the entire periodsfor which these series are available.
Condition of All Member Banks on March 27, 1929Decrease of $300,000,000 in the volume of
member bank loans and investments during the
first quarter of 1929 carried the total to$35,393,000,000 on March 27, as shown by themember bank call report for that date. Theaccompanying chart shows the course ofmember bank credit during the past nineyears.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
10
1919 1920 1921 1922 1923 1924* 1925 1926 1927 1928 1929Figures are for dates on which member banks made call reports
Detailed figures of condition for all memberbanks, based on required reports for March 27,are given on pages 422-425 of this issue of theBULLETIN, and in greater detail by States,cities, and class of bank in Member Bank CallKeport, No. 43.
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364 FEDERAL RESERVE BULLETIN JUNE, 1929
NATIONAL SUMMARY OF BUSINESS CONDITIONSIndustrial activity continued at a High level
in April, and the volume of factory employ-ment and pay rolls increased further. Loansand investments of member banks in leadingcities continued to decline between the middleof April and the middle of May and were atthat time at approximately the same level asa year ago.
Production.—Industrial activity increased inApril to the highest level on record. The ironand steel and automobile industries continuedexceptionally active during April. Activity incopper refining, lumber, cement, silk and wooltextiles, and the meat-packing industry in-creased, and production of cotton textilesshowed a less than seasonal reduction. Fac-tory employment and pay rolls increased, con-trary to the seasonal trend.
Output of mines was also larger in April.Copper and anthracite coal production in-creased, and the seasonal decline in output ofbituminous coal was smaller than usual.Petroleum production declined slightly.
Preliminary reports for the first half ofMay indicate a continued high rate of opera-tion in the iron and steel industry. Output oflumber and bituminous coal was somewhatlarger during the first part of May than at theend of April.
Building contracts awarded during the monthof April increased sharply and for the first timein five months approximated the total for thecorresponding month in the preceding year.The increase was not continued, however, inthe first part of May when awards averaged20 per cent below the same period in May,1928. During April most classes of buildingshowed seasonal increases over March, thelargest being in contracts for residentialbuilding and public works and utilities.
Distribution.—Shipments of commodities byrail increased during April and were the largestfor this month in any recent year. The in-crease from March reflected larger loadings ofmiscellaneous freight, lumber, livestock, andore, During the first half of May shipments offreight continued to increase.
Sales at wholesale declined seasonally inApril, except in the case of grocery and hard-ware firms. In comparison with April, 1928,all lines of trade reporting to the Federal
reserve system showed increases. Depart-ment-store sales were also smaller in April thanin March, but continued above the level of ayear ago.
Prices.—Wholesale commodity prices aver-aged slightly lower in April than in March,according to the index of the United StatesBureau of Labor Statistics, reflecting primarilydeclines in prices of farm products and theirmanufactures. Prices of mineral and forestproducts and their manufactures, on theaverage, showed little change. There wereincreases in the prices of iron and steel, andsharp declines in copper, lead, and tin. Sea-sonal declines occurred in prices of coal andcoke, while gasoline prices advanced.
Prices of farm products and their manufac-tures averaged lower in April than in March.Prices of grain, especially wheat, moved down-ward more sharply, and wool and cotton con-tinued to decline. Livestock and meat pricescontinued the upward movement of the previ-ous month, but at a slower rate; hides averagedslightly higher in price, and leather somewhatlower. Among imported raw materials, rubber,sugar, and coffee showed marked price recessions.Early in May cattle and wheat prices declinedsharply, and the price of rubber increased.
Bank credit.—During the four weeks endingMay 15 loans and investments of memberbanks in leading cities showed a decrease ofnearly $200,000,000, largely in loans on securi-ties, together with some further decline in in-vestments. All other loans, chiefly for com-mercial and agricultural purposes, remainedunchanged at a relatively high level.
There was a further reduction in the averagevolume of reserve bank credit outstandingbetween the weeks ending April 24 and May 22,owing largely to additions to the country'smonetary stock of gold. The decline was indiscounts for member banks; holdings of accept-ances and of United States securities showedpractically no change.
Open-market rates for commercial paper re-mained unchanged, as did rates on primebankers' acceptances, except for a temporarydecline at the end of April and the first week inMay. In the first three weeks of May rateson collateral loans averaged considerably higherthan in April.
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JUNE, 1029 FEDERAL RESERVE BULLETIN 365
RESERVE BANK CREDIT
RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGESMILLIONS OF DOLLARS MILLIONS OF DOLLARS51,00 I 1 1 1 1 ' 1 1 1 1 1 r— j i j i | i ] i | 5i*00
Member BankReserve Balances
1925 1926 1927 1928 1929Based on weekly averages of daily figures; latest figures are for week ending May 25
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366 FEDERAL RESERVE BULLETIN
RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES[Averages of daily figures. In millions of dollars]
JUNE, 1929
Reserve bank credit outstanding
Month or weekBills and securities held by Federal reserve banks
i Totalj volume i
Total 2
1928—AprilMayJuneJulyAugustSeptemberOctoberNovemberDecemberJanuary
1929—FebruaryMarchAprilMay
Week ending-Apr. 27May 4May 11May 18
1,4051,4721,5311,531 !1,4851,5811,622,653,824,613,502,481 i,3 r
Bills dis-counted for
memberbanks
Billsbought
UnitedStates
securities
., 303
,347 il
'.2<L> j !
Increase or doorcase of week ending May 25compared wilh week ending—
.AFay IS . . .
May 20, 192S.- 8 5 !|
- 2 1 0 I
1,371 |1,442 li1,495 I1,488 i1,449 '1,5341,5841,6101,7661,570 i1,468 |1,442 |1,338
1,3121,3331,2941,2471, 229
- 1 9-84
-218
661830
1.0191, 0901,001 i1,064 |
975 |897
1,013859889909
3,004 j950 I
998 j9SS I
93(iIBS
j- i i
- 0 4 !+05 |
3583492441851782263684714834733852051501-15
142107lft! >M S134
-14—<i
- 2 0 3
j MemberMonetary , Money in bankgold stock i circulation reserve
I i balances
35125723221321024023723S263229184197105153
150157150J.",(>152
- S 7 |
4, 2874,2074,1194,1134,1184,1254,1334,1514,1424,115 j4,143 |4,100 !4,220 !
4,292 II
4. 239 i4; 2024,2S0 !4,29S I4,300 i
+J20
4,7304,7224,7364.7464,7434,8044, 8304,8005,0084, 7484, 6804, 7094, 0794, <5S4
4, 0044. MS!)4,0X74.0774, 071
— 0-\-~— 3S
2,3962.3882, 3552,3242, 2742,3142,3322,3522,3672,3872,3572,3372, SOS2, 290
2. 2972,311•) 3] 0
•']! 3 1 02; 279
-31-18-98
i Includes total bills and securities, amounts due from foreign banks, and reserve bank float.3 Including "other securities" and foreign loans on gold.
ANALYSIS OF CHANGES IN MONETARY GOLD STOCK
[End of month basis. In millions of dollars]
! ' Increase (+) or decrease (—) duringmonth
Month
j Goldj stock! at end
I month Total
I
j Throughnet goldimport
orexport
; j
Through Through
1927—May i 4,60S ; - 1 . 4June j 4, 5S7 .. -20.9July 4,580 j - 7 . 5August. ! 4,5S8 I +8.5September 4,571 i —17.5October 4,541 | -30.1November i 4,451 ; -89.7December 4,379 j -71.7
Total (12mos.)..
1928—JanuaryFebruaryMarchAprilMay. .June _JulyAugust-Sep tern herOctober.NovemberDecember
-112.7
Total (12mos.).
873 I302 !305 |2G« !100 i109 j113 !123 !125 !
142 :
128 ;
141 i
- 6 . 0-11 .2-57 .0- 3 8 . 7
-105.7— 51.0+3.4
+ 10.3+2.1
+ 17.3-14.0+13.2
-237.9
1929—January 4.127 ;February I 4,153 ,March.." \ 4,1SSApril j s. 200M a y p > 4.;soi
-14.4+26. 4+ 34.4+72. 4+40.4 I
+31. 7+12.8+8.9+6.4
-11.5-8 .0
-53.2-07.4
markingopera-tions
domesticproduc-
tion,etc1
2 -35. 5 I2 -30 . 7 |2 - 23 .1
- 2 . 5- 9 . 0
-25 .0-40 . 0
- 8 . 5
+2.4+3.0+0.7+4.6+3.0+3.4+3.5+4.2
+6.2 ; -160.1 j +41.2
-13 .8 !-11 .1 !-94 .9 '.-91 .2 --81 .7 i-79 .9 ,-03 .9 i
+.7 i+.5;
+ 13.3 |+6.7 j
+23.3 i
+5. 5+2. 9
+35. 8+45. 7-26. 5+30.1+00. 9+5.9— 1.2+1.2
-25. 0-15.7
-392.0 ! +119.0
+47.1 : -65.0+25.5 !
+24.8 ' +7.5+23. 1 : +48. 0+ 19.9 +10.1
+2.3-3.0+1.5+0. 8+2.5-1.2+0.4+3.7+2.8+2.8+4.3+5.6
+34.5
+3. 5+0.9
+0. 7
i For detailed explanation of Ibis figure, which is derived from pre-ceding columns, see BULLETIN for December, 1928, p. 831.
»Includes effect of earmarking operations connected with gold heldabroad by Federal reserve banks.
p Preliminary.
GOLD MOVEMENTS TO AND FROM UNITED STATES
[In thousands of dollars]
From or to— May i
1929
April January-April
Im-ports
Ex-ports
Im-ports
Ex-ports
Im-ports
Ex-ports
:__ " . _• io ' -is10,000 ' i M.ftSO : 31.-009
:
-10,033 |j
BelgiumEnglandFranceGermanyItaly : iNetherlands _. ; : :.Canada __ • • 2,.riS<">: -;:jCentral America ' : 07 . ._Mexico : ?7H 'Argentina. 4,000 \ f.,-12.7)BrazilChile - . - 37ColombiaEcuadorP e r u . . .Uruguay . .Venezuela.. _ ' !British IndiaChina and Hong
KongDutch East Indies . . ! . \ 90 f><) :•;•.*»;Jj-vnan \ ] 'Philippine Is lands. . ; ' -•>•! 7'.)7 :_All other countries..I 220i 2300 ' 7L> 292 1
944ft0
19
11-19303
J77 .:M7 :___
4 4 9 j . -
J.200
79002
30S
Total. 20,201 305 24,0S7 0,033
3 May figures are preliminary—3 customs districts: Zsew York, St.Lawrence, and San Francisco.
2 Includes all movements of unreported origin or destination.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JUNK, 1029 FEDERAL RESERVE BULLETIN 367
MILLIONS OF DOLLARS
2000MILLIONS OF DOLLARS
2000
1500
1000
500
RESERVE BANK CREDIT
1500
1000
500
1925 192S 1927 1928 1929This chart is based on weekly averages of daily figures; latest figures are for week ending May 25
DISCOUNTS FOR MEMBER BANKS
[Monthly averages of weekly figures. In millions of dollars]
Month
1927—AugustSeptember. __OctoberNovember. . .DecemberJanuary
1928—FebruaryMarchApril _.MayJune _.-JulyAugust _September. __OctoberNovemberDecemberJanuary
929—FebruaryMarchAprilMav
Allmem-
berbanks
413417428421532439463489637826
1, 0121,0791,0451,063
960901
1,039891893978991951
!I Reporting member banks in
leading cities
Total
256267283276388314338362488644796854806822736681799663 !659 !740 ,725061
NewYorkCity
74907573
127947875
145222271274223266202157221190131166162145
Othercit
Total
1S2176208203261220260287343422525580583556534524578473528574563516
eadingies
Chi-cago
68
1011212313253549618080415867917196
1214636
Mem-ber
banksout-sidelead-ing
cities
157150145145143125125127149182216225239241224220240228234238266290
MILL ONS OF DOLLARS
600
500
MILLIONS OF DOLLARS1700
600
500
400
/ 0 0 1 DISCOUNTS FOR MEMBER BANKS
1925 1926 1927 1928 1929Based on monthly averages of weekly figures
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
368 FEDERAL RESERVE BULLETIN J U N E , 1929
PER CENT
3 -
1 -
MONEY RATES IN NEW YORK CITY
- 3
1923 1924- 1925 1926 1927 1928 1929
FEDERAL RESERVE BANK RATES
DISCOUNT RATES
[Rates on all classes and maturities of eligible paper]
Federal reserve bank
BostonNew YorkPhi lade lphia . - - . .ClevelandRichmondAtlantaChicago .St. LouisMinneapolis _ . .Kansas CityDallasSan Francisco..
Rate ineffect onJune 1
555555555555
Date established
July 19, 1928July 13, 1928July 26, 1928Aug. 1, 1928-July 13, 1928July 14, 1928July 11, 1928July 19, 1928May 14, 1929May 6, 1929Mar. 2, 1929May 20, 1929
Previousrate
BUYING RATES ON ACCEPTANCES
[Buying rates at the Federal Reserve Bank of New York]
Maturity
1-15 days16-30 days . .31-45 days . .46-60 days. .61-90 days . .91-120 days.121-180 days
Rate ineffect onJune 1
Date established
Mar. 25, 1929.dodododo._
Mar. 21, 1929.Mar. 25, 1929.
Previous
NOTE.—Rates on prime bankers' acceptances. Higher rates may becharged for other classes of bills.
OPEN-MARKET RATESRATES IN NEW YORK CITY
Month or week
Prevailing rate o n - Average rate Averageyield
Primecom-
mercialpaper,4 to 6
months
1928MayJuneJuly.AugustSeptemberOctoberNovemberDecember
1929JanuaryFebruaryMarchAprilMayWeek ending-
May 4May 11May 18May 25
m5 -5H5U-5H
5U-5H
5H-5H
Primebank-
ers'accept-ances,
90days
Call loans *
Time jloans,
90 idays J j New
4 -AM4H-4H
m
5 -5X
5 -5H5H-5H
66 -6H
7 -7H6^-77 -1%
7%
7%-S5W
i 8H-9
5.696.216.066.917.407.126.868.86
6.947.479.809.468.79
$H 11. 33" 11.83
9.406.48
Re-newal
5.706.326.056.87
7.26
6.678.60
7.05
7.069.108.898.91
11.4012.409.206.60
U.S .Treas-
urynotesand
certifi-cates,3 to 6
months
Treas«ury
bonds8
•3.90•3.92
4.124.364.57 \
<4.57 /4.704.264.244.35
M.66\ 4.63
4.644.79
f<4.80I 4.84
5.04
4.924.985.055.13
3.353.403.603.563.543.553.483.63
8.593.663.763.67
3.67
3.623.643.653.72
1 Stock exchange call loans; new and renewal rates.1 Stock exchange 90-day time loans.1 3 issues—3%, 4, and 4K per cent; yields calculated on basis of last
redemption dates—1956,1954, and 1952.* Change of issues on which yield is computed* Maturities of 6 to 9 months.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JUNE, 1929 FEDERAL RESERVE BULLETIN 369
PREVAILING RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIESThe rates shown are those at which the bulk of the loans of each class were made by representative banks
during the week ending with the 15th of the month. Rates reported by about 200 banks with loans exceeding$7,500,000,000.
FEDERAL RESERVE BANK CITIES
Month
1928—MayJuneJulyAugustSeptember.OctoberNovember.December..
1929—January.._February-MarchAprilMay
1928—November.December.
1929—January. __February..MarchAprilMay
1928^November.December..
1929—January. __February..MarchAprilMay
1928—November.December.
1929—January. __February..MarchAprilMay
Boston NewYork
Phila-delphia
Cleve-land
Rich-mond Atlanta Chicago St. Louis Minne-
apolisKansas
City Mia. *"££*'
Prime commercial loans
4*4-4?44K-55 -65*4-5*45*4-65*4-65*4-65*6-65*6-6
5*45H-5U5*6-5%5%-d
4*6-54%-55 -5*45*4-5*6
5*45*6
5*4-5*65*45*45*4
5*6-5%5%
5%-6
4*6-54%-5*45*4-5*65*4-5*45*6-5%5*6-5%5*6-65*4-65*6-5%5*6-65*4-65*4-65*4-6
4*4-64%-64%-65*4-65*6-65*6-65*6-65*4-65*6-65*6-65*6-65*4-65*4-6
4*6-5 |5*4-5*6 j
6*6-5% i5*4;
5*6-6 •5*6-6 i5*6-6^ 6 !5^6 !
5*6-5%5*6:
5*6-5%j5%-6
4*4-65*4-65 -65*6-65*4-65*4-65*4-65*4-65*6-65*6-6*65*6-6*45*4-65*6-6*4
4*4-54%-5*45 -5*45 -5*65*4-5%5*4-5%5*4-5%5*4-65*6-65*4-65*4-65*4-65*6-6
4*4-54*6-5*65 -5*65 -5*65*6-5%5*6-5%5*6-5%5*6-65*6-65*6-65*6-65%-65%-6
434-5*4
5 -65 -65M-6W
5^-65M-65^-5%53/4-653/4-6
534-6H
55
6 -5H5 -5H
5H5^-6
5H5H-6
5H
5H-65^-6
4^-64%-65 -64^-65 -653 -̂65^-65H-65H-6H5J^-653^-7
66
43^-54^6
43^5H4*6-5*4
53-2-6
Loans secured by prime stock-exchange collateral
5*4-666
5H-65H-65M-6
53 -̂65H653^-65^-6534-65M-65%-6
534-6-66
-66
5H-75H-75H-76 -7534-7
6 -6H6 -76 -76 -76 -75?4-7
^ 7
5?4-6
5M-65?466 X6 - 6 3/21
534-6534-6
66 -634
5 -65 -6
53^-65H-6534-6
6 -86 -76 -76 -86 -86 -76 -7
5H-653^-65H-653^-6
666
Loans secured by warehouse receipts
5 -66
5*4-65%-65%-65%-65%-6
66
6666666
666666
6 -7
666666
5*4-65*4-65*4-65*4-65*4-6
66 -7
5*4-65*4-65*4-65*4-6534-6*45%-6*2
6
5*4-66
5*4-65*4-65%-65?4-6
6
5*4-5%5*4-5%5*4-5%5*4-6
5%-66
5*4-6
5*4-65*4-65*4-65*4-65*4-6
6 -76
6 -766
6 -6*66 -7
Interbank loans
53^-6
5H-65H-65}^6
5^-65 -65M-65H-65^-65H-65H-6
53^-5?4
5 ^5^-53/45H-5345^-5%
5M
5H-6534-6
6 ^5 ^
5^-65^-653^-6
5H-6
m534-65%-6
534554
5^-65H-65H-65^-65H-65^-65H-6H
5^5H-65H-653^-65^-653/4-653/4-6
5H-65H-653^-65H-65^-653^-6534-6
53^-65?4-65H-653^-6534-6534-6
6
5^-65H-65H-65H-65^-65H-G
6
5 -65 -65 -53^
65^-65^-653^-6
5 -65 -65 -65 -65 -65 -65 -6
FEDERAL RESERVE BRANCH CITIES
City
53^-6534-653^-65 } 6
BuffaloCincinnatiPittsburgh.BaltimoreCharlotteBirmingham. _JacksonvilleNashvilleNew OrleansDetroit ^Little Rock ! 4%-6L i i l l 6
Prime commercial loans Loans secured by primestock-exchange collateral
March,1929
53^-653^-6
cLouisvilleHelenaDenverOklahoma CityOmahaEl Paso_HoustonSan AntonioLos AngelesPortland-Salt Lake CitySeat t le . . .Spokane
68
53^-76
53 -̂5346 -8
66 -7
666
5H-76 -7
April,1929
66
53^-65*4-651/4-7
66
5*4-6*65*2-6
651/4-6
6 -7666
6 -6*26 -7
May,1929
March,1929
5*6-66
5*4-65*6-6
65*4-7 !
6 i6 :
5*4-6*415*2-6
668
6 -6 *46 i6 I
7 -8 !
66 -85*4-65*4-6
65*4-85*4-7
66*4-76 -6*46 -7
6 -76 -76 -76 -85*4-66 -86 -76 -6*4
6 -6*4' 6 -76*4-7 6 -7
April,1929
66 -7*4
666
5*4-86 -7
66*4-76 -6*46 -7
68
6 -76 -76 -76 -8
66 -86 -6*46 -7
66 -7
7
May,1929
Loans secured by warehousereceipts
March,1929
April,1929
5*6-86 -7
66*4-7 I6 -6*46 -7
68
6 -76 -86 -76 -8
66 -86 -76 -7
66 -7
7
66 -7
66
-7-8
5*6-66 -7
65*4-7
6666766
6
-8-8-7-7-8-7-8
7-7
76*4-7
7
66
-7-8
5*4-666
-7-6*4
5*4-7A
666676666
-8-8_7-7-8-7-8-7
76*6-7
7
May,1929
6 -7666
6 -76 -85*4-66 -7
65*4-8
66 -86 -76 -76 -77 -86 -76 -8
76 -7
76*4-7
7
Interbank loans
March,1929
5*4-65*4-6
65 -65*4-65*4-6
65*4-6
65*4-6
65*4
6 -76 -6*4
65 -£5 -6
April,1929
5*4-65*4-6
65*4-6
65*4-7
65*4-6
65*4-6
65*4
6 -76 -6*4
66 -6*4
65 -65*4-6
May,1929
5*4-65*4-6
65*4-6
65*4-6
65*4-6
65*4-6
65*4-66 -76 -6H
66 -6*4
65 -65*4-6
66666
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
370 FEDERAL RESERVE BULLETIN JUNE, 1929
MEMBER BANK CREDIT
REPORTING MEMBER BANKS (REVISED SERIES)
[In millions of dollars. Monthly data are averages of weekly figures]
Date
Total:Mar. 6-__ .__.Mar. 13... ._Mar. 20Mar. 27Apr. 3Apr. 10Apr. 17Apr. 24May 1May 8May 15May 22May 29..
New York City:Mar. 6Mar. 13Mar. 20Mar. 27Apr. 3Apr. 10Apr. 17Apr. 24May 1MaySMay 15May 22
. May 29Other leading cities:
Mar. 6Mar. 13Mar, 20Mar. 27Apr. 3Apr. 10..Apr. 17Apr. 24May 1MaySMay 15May22May 29
City of Chicago:Mar. 6Mar. 13.Mar. 20Mar. 27Apr. 3Apr. 10.... _.Apr. 17Apr. 24May 1M a y 8 .May 15May 22May 29
Loans and investments
Total
Loans
Total
22, 38322, 38222, 58122, 54322, 56122, 39322, 34022, 25922,31322, 09422,15622, 00522, 001
7,2707,2097,3407,3667,4057,2767,2527,2537,3327,1657,1947,1207,100
15,11415,17415, 24015,17715,15615, 11815, 08815, 00414, 98114,93214,96114, 88514, 901
2,1412,1402,1422,096
2,0502,0362.0272,0302,0012,0172,0092,017
16, 42516, 43016, 55216, 55716, 58316, 45516, 43116, 38816,43816,25716,30116,18716, 202
5,4165,3485,4495,4845,5215,4215,3985,4105,4765,3145,3375,2945,299
11,01011,08111,10411,07311,06311,03411, 03310. 97810, 96210, 94310, 96410, 89210, 902
1,6911,6931,6781,6431,6311,5991,6001,5931,6011,5881, 5941,5931,602
Onsecuri-
ties
7,5737,5117,6427,5927,5167,3807,3537,3357,3717,2417,2217,1447,112
2,8592,7492,8332,8522,8192,7082,6822,7072,7772,6472, 6412,6142,585
4,7144,7624,8094,7404,6974,6714,6714,6284,5934,5944, 5814,5304,526
949959972919914907
897
905 j
Allother
8,852
8,9108,9659,0689,0769,0789,0529,0679,0169,0799,0439,090
2,5572,5992,6162,6322,7022,7132,7162,7022,6992,6672,6962,6802,714
6,2966,3196,2946,3336,3656,3636,3626, 3506, 3696,3506,3826,3636,376
741734706724717692692704703695699697697
Totalin-
vest-ments
Bor-row- I
ings at IFed- |
eral re-serve ibanks!
Month
5,9585,9536,0285,9865,9775,9385,9095,8715,8755,8365, 8555,8185,799
1,8541,8601,8921,8811,8841,8541, 8541,8441,8561,8521,8571,8251,801
4,1044,0924,1374,1054,0934,0844,0554,0274,0193,9893,9983,9933,998
450447464453437451436434429413423416415
756716711779 j'766 I706 !729 '698703684626614680
196139126204135158 !179177157 i189166 i111103
560 |578585575631549550521 i546495 I460 I503 '577 j
121 j130 |146 !
Total:1928—May
JuneJulyAugustSeptember. _OctoberNovember...December...
1929—JanuaryFebruaryMarch.AprilMay
New York City:1928—May
JuneJulyAugustSeptember...OctoberNovember...December
1929—JanuaryFebruaryMarchApril _.May
Other leading cities:1928—May
JuneJulyAugustSeptember...OctoberNovember...December
1929—JanuaryFebruaryMarchAprilMay
City of Chicago:1928—May
JuneJulyAugustSeptember.OctoberNovember.December..
1929—January....February...MarchAprilMay
Loans and investments
Total
Loans
Total
ii
22,14822, 06322, 00621, 80921,87121, 93821, 98322,18922, 32022, 26322, 47222, 38822,114
Onsecuri-
tiesAll
other
Totalin-
vest-ments
15,96015, 87115, 89215, 82515, 89816, 00316, 09616, 25316, 30016,26016,491 |
, 16,464 j| 16,277 i
7,282 Ii7,166 !!7,170 j I6,962 I;7,022 I7,013 |!7,056 117,1527,2627,1907,2967,2977,182
14, 86514, 89714, 83714,84614,84914,92514,92815, 03715,05815, 07315,17615, 09214, 931
2,0722, 0742, 0402,0502,0342,0612,0632,0832, 0652,0962,1302,0452,015
5,4085,2485,2705,1865,2215,2095,2555,3395,3785,3065,4245,4375,344
10, 55210, 62310, 62210, 63910, 67710, 79410,84010, 91310, 92210, 95411,06711,02710, 933
1,5561. 5731,5501,5771,5721,6041,6041,6321,6131,6411,6761,6061,596
7,0756,9626,9556,8166,8406,8747,0827,1987,5047,'5227,5807,3927 21£
2,7872,6132,6262,5182, 5442,5592,6942,7472,9042,8202,8232,7292, 653
4,2884,3494,3304,2984,2964,3144,3884,4504,6004,7024,7564,6574,565
859874854848850854
887911950905897
8,8848,9098,9379,0099,0599,1309,0149,0558,7968,7378,9119,0739,059
2,6212,6352, 6442, 6681.6782,6502, o622, 5*22,4712,4862,6012,708
6,2636,2746,2936,3416,3816,4806,4526,4636,3236,2516,3106,3606,368
729722751735742726731726701698 !
6,1886,1936,1145,9845,9735,934
5,9366,0216,0045,9815,9245,837
1,8741,9181,9001,7771,8011,8031,8001,8121,8841,885:, 8721/8591,838
4,3134,2754,2144,2074,1724,1314,0874,1244,1364,1194,1094,0653,998
516502489473462456459452452455454440419
!
Bor-row-
ings atFed-
eral re-servebanks
644796854806822736681799663659740725661
222271274223266202157221190131166162145
422525580583556534524578473528574563516
6180804158679171961214636
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JUNE, 1929 FEDERAL RESERVE BULLETIN 371
BANKERS' BALANCES[Monthly averages of weekly figures for reporting member banks in
leading cities. In millions of dollars]
Month
January...February..MarchAprilMayJuneJulyAugustSeptember.October...November.December.
Due to banks
Total
1928 1929
3,4843,3743,2923,2073,0642,8972,9362,8012,9483,0733,0403,011
3,0742,9182,8612,7092,545
New York City O t h e ;^? j f n g
1928 1929
1,1371,0981,0891,0531,020933957901934992981956
1,012949916874817
cities
1928
2,3472,2762,2032,1542,0441,9641, 9791,9002,0142,0812,0592,055
1929
2,0621,9691,9451,8351,728
ACCEPTANCES AND COMMERCIAL PAPER
[In millions of dollars]
End of month
JanuaryFebruaryMarchAprilMayJuneJuly _August.._SeptemberOctoberNovember..December
Bankers' acceptancesoutstanding *
1927
774785809811775751741782864975
1,0291,081
1928
1,0581,0561,0851,0711,0411,026978952
1,0041,1231,2001,284
1929
1,2791,2281,2051,111
Commercial paper out-standing a
1927
551577606599582579569591600611603555
1928 1929
577567570571541503483458430427421383
407411387351
1 Figures collected and compiled by American Acceptance Council.2 Paper maturing within 7 months. Figures reported by 24 dealers.
BROKERS' LOANSBROKERS' BORROWINGS ON COLLATERAL IN NEW YORK CITY REPORTED BY THE NEW YORK STOCK EXCHANGE
[Net borrowings on demand and on time. In millions of dollars]
End of month
January...February..MarchAprilMayJuneJulyAugustSeptemberOctober...November.December.
Total
1926
3,5133,5363,0002,8362,7672,9262,9983,1423,2193,1113,1293,293
1927
3,1393,2563,2903,3413,4583,5693,6423,6743,9153,9464,0924,433
1928
4,4204,3234,6404,9085, 2744,8984,8375,0515,5145,8806,3926,440
1929
6,7356,6796,8046,775
16, 665
From New York banksand trust companies
1926
3,0433,0802,5532,4682,3922,5092, 5832,6982,7452,6682,6362,804
1927
2,6702,7572,7902,8652,9683,0653,1453,1703,3403,3633,5193,812
1928
3,8053,7373,9474,2464,5684,1694,1504,2604,6474,9945,4125,401
1929
5,6645,6195, 7135,5806,483
From private banks, brokers,foreign banking agencies, etc.
1926
i Call loans, $6,099,920,000; time loans, $565,217,000.
LOANS TO BROKERS AND DEALERS IN SECURITIES MADE BY REPORTING MEMBER BANKS IN NEW YORK CITY[In millions of dollars. Monthly data are averages of weekly figures]
Date or month
Date:1
Mar. 6......Mar. 13Mar. 20Mar. 27Apr. 3Apr. 10Apr. 17Apr. 24May 1May 8May 15May 22May 29
Month:JanuaryFebruary...March..April..MayJuneJulyAugustSeptember..OctoberNovember..
Total
1928
3,6963,7463,7793,8253,9793, 9944,1294,1444,2824,3614, 5024,4564, 469
3,8023, 7843,7614,0624.4144,3604, 2324,2394,4174,7015,102
December _ 5,193
1929
5,6475, 6275,7935,6495,5625,4275,4255,4925,5325,5515,5655,5205,288
5,4085,5555,6795,477* 5,491
For banks For others
Total
1928
2,4802,5362,4942,5482,7652,7932,8672,8142,9152,9362,9672,8552,827
2,8122,6672,5142,8092,9002,6162,4722,3572,4942,6532,8542,874
1929
In New YorkCity 2
1928 1929
2,8242,7652,8592,7512,6732,5462,5392,5762,6562,5982,5852,4782,313
2,9742,8992,8002,583 :2,526
1111
019090027121
1,2651,1441,1641,2001, 3291,2521,3121.2471)219
1,342 !1,167 !1,064 '1,1931,2721,048
929835887933
1,1051,114
1,1171,0041,0911,0711,021
915877924979864860827773
1,1731,0821,071
934861
Outside NewYork City 3
1928
1,4611,4461,4671,4271, 5001,6491,7031, 6141,5861,6841,6561,6071,608
1,4701,5001, 4501,6161,6281, 568
1929
1,7071,7611,7681,6801,6521,6311,6621,6521,6761,7341,7251,6511,540
1,8011,8171,7291,6491,665
1,5431,5221,607 j.1,720 '1,7491,760
1928
1,2151,2101,2851,2781,2151,2011,2631,3311,3661,4251,5351,6021,642
9901,1171,2471,2521,5141,7441,7601,8811,9242,0482,2482,319
1929
2,8232,8622,9342,8982,8892, 8822,8862,9162,8762,9532,9793,0422,975
2,4342,6562,8792,8932,965
1 Dates for 1929; corresponding dates for 1928 are slightly later.2 Weekly reporting member banks in New York City.
52985—29 2
3 Member and nonmember banks outside New York City (domesticbanks only); includes unknown amount for customers of these banks.
* Call loans, $5,134,000,000; time loans, $357,000,000.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
372 FEDERAL RESERVE BULLETIN JUKE, 1929
COMMODITY PRICES, SECURITY PRICES, AND SECURITY ISSUES
Month
1928—FebruaryMarchAprilMayJuneJulyAugustSeptember-OctoberNovember.. _December...
1929—JanuaryFebruaryMarchApril
All com-modities
96.496.097.498.697.698.398.9
100.197.896.796.797.296.797.596.8
Farmproducts
104.5103.5107.6109.8106.7107.1107.0108.8103.5101.6103.6105.9105.4107.1104.9
WHOLESALE PRICES, BY[1926
Foods
98.798.099.5
101.2100.3102.3104.1106.9102.3100.198.098.898.198.197.7
Hidesand
leatherproducts
124.1124.0126.7126.3123.7124.2121.0120.7117.5115.5115.7113.6109.0108.3107.9
Textileproducts
96.696.596.596.696.396.896.395.696.196.196.196.496.196.195.5
COMMODITY GROUPS »=100]
Fuel andlighting
81.280.880.881.882.182.884.685.184.984.483.582.581.380.680.6
Metalsand
metalproducts
98.398.498.498.698.798.6
100.4100.5101.0101.7102.9103.6104.4106.4106.4
Buildingmaterials
91.091.092.593.593.994.494.694.795.096.096.896.697.5
'98.897.9
Chemi-cals and
drugs
95.895.695.895.394.994.594.795.195.696.096.195.996.195.694.9
House-furnish-
ing goods
98.498.397.997.897.096.997.297.296.596.496.496.696.696.596.7
Miscel-laneous
87.386.884.985.182.280.879.379.780.380.080.180.580.480.079.2
Nonagri-culturalcommod-
ities
94.294.094.795.695.295.996.797.896.495.494.894.994.394.994.7
* Index of Bureau of Labor Statistics.
PRICES OF FARM PRODUCTS AT THE FARM *
[August, 1909-July, 1914=100]
Month
1928MarchAprilMayJune.JulyAugustSeptember .OctoberNovember.December..
1929JanuaryFebruary. _MarchAprilMay
30 com-mod-ities
137140148145145139141137134134
133136140138136
Grains
136144160152142120117116110112
115123124120113
Fruitandvege-tables
174179181168156137127114109108
109111112110119
Meatanimals
139142151150157162174160150143
146150160164164
Dairyand
poultryprod-ucts
137134134132134136145150155159
149148144138137
Cottonand
cotton-seed
147154166162170153142147146148
148149155152148
Un-classi-fied
89858687888785838690
0291908886
1 Index numbers of Department of Agriculture.
FOREIGN CAPITAL ISSUES[In millions of dollars]
Class of issue
Total.
New issueEuropeCanada and Newfound-
landLatin AmericaUnited States insular pos-
Miscellaneous ___Refunding issues
Total Government andcorporate
April,1929
Gov-ern-ment
3.0
.3
.3
2.7
Cor-po-rate
7.4
7.4
4.9
1.31.3
January-April
1929
Gov-ern-
ment
55.3
46.123.6
.620.4
1.5
9.2
Cor-po-rate
196.4
194.414.7
35.42.2
7.0135.2
2.0
10.4 251.6
1928
Gov-ern-
ment
389.0
302.0171.2
13.3109.9
1.16.5
87.0
Cor-po-rate
161.6
137.988.4
26.24.4
18.923.7
550.6
r Revised.
SECURITY PRICES
Month or week
1928—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember..OctoberNovember. .December...
1929—JanuaryFebruaryMarchAprilMay
Week e n d i n g -May 4_May 11May 18__May25_
Common stocks i (1926=100)
406stocks
combined
134.4132.3137.9145.9152.1145.3144.2148.3156.1159.1169.2172.9183.6188.8189.4186.6189.7
192.0191.0190.6185.2
338indus-trials
137.4134.8141.1149.5154.9148.2147.8152.6161.6166.2177.1180.0191.4192.4196.1193.4195.2
198.8196.7196.0189.1
33 rails
125.3121.6125.9130.7133.2126.7124.6126.5129.7128.2133.7135.9141.0142.3140.8138.3138.7
139.5139.0137.7138.4
35public
utilities
129.5130.9134.4142.5155.3148.1145.3147.9155.2154.5165.5174.7188.3203.1204.4201.4213.2
211.0214.4216.0211.5
Bonds:Averageprice of40 issues
99.3599.3199.2099.1898.7997.3896.5695.8296.4796.5896.9096.2496.1295.6094.8294.5894.46
94.9294.6494.3493.93
i Index of common-stock market values (revised series) computed byStandard Statistics Co. from closing prices on Thursday.
DOMESTIC CAPITAL ISSUES[In millions of dollars]
Class of issue
Total.
Corporate issuesBonds and notes-
Long termShort term
StocksFarm-loan issuesMunicipal issues
Total new and re-funding
April,1929
New
661.1
576.1
160.129.5
386.5
85.0
Re-fund-ing
86.012.0
795.9
January-April
1929
New
134.8 3,124. 2
134.2 2,803.4
785.367.1
36.2 1,951.0
320.8
Re-fund-ing
271.020.0
164.4
5.2
3,584.8
1928
New
406. 6 1,973.0 1,033. 6
455.4 1,485.9 1, 022. 3
856.166.3
563.56.0
481.1
Re-fund-ing
782.929.8
209.6
11.3
3,006.6
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JUNE, 1929 FEDERAL RESERVE BULLETIN 373
PRODUCTION, EMPLOYMENT, AND TRADE[Index numbers of the Federal Reserve Board]
Year and month
ANNUAL INDEX
1919192019211922192319241925192619271928
MONTHLY INDEX
1925JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1926JanuaryFebruaryMarchAprilMayJuneJuly.AugustSeptemberOctoberNovemberDecember.
1927JanuaryFebruaryMarchApril . .May _JuneJuly.AugustSeptemberOctoberNovemberDecember
1928JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1929JanuaryFebruaryMarchApril
Indus-trial
produc-tion i
Produc-tion ofmanu-fac-
tures *
Produc-tion ofminer-
als i
Mo. av. 1923-1925=100
8387678510195104108106110
106105105103103102104103102105107109
107107108108107108108111112111108106
107109112109111109106107105103QQyy100
105109109109109109110112114114112113
117117119
*122
8487678710194105108106111
106106106104103102104102104108109111
109109108108107109108111112111107104
105107110109112109108107106103QQy»99
106110110110110111111113115114112114
117117120
*123
778970741059699108107106
104999599104101104107«89909493
9295104107104106107109110114118119
11611811810610810599106103105101102
103102103105105101100105107114113112
117120107
Factoryemploy-
ment
Factorypa;rol»lls
Mo. av. 1919=100
10010382901049595969290
1001248489113104107109105104
103109110107107105102105104111112112
107112113110109109104108108112109108
102109110108108106101104104105101102
104105103104104100104105109106107
103110113114
Building contractsawarded 1
Unad- Ad-justed justed
Freightcar
load-ings1
Wholesale dis-tribution 1
Unad- Ad-justed justed
Department-store sales l
Unad-justed
Ad-justed
Depart ment-store stocks 1
Unad-justed
Ad-justed
Monthly averages 1923-1925 = 100
646357818495122130128135
7576120138124137133149138129116129
111106146139134133126148137126119131
9496151147135154130135127137114116
104113144157163158142126143145115105
10088118156
98104107113113128128135135125127145
143145129120123121124133134122130142
120131134127122141128121125133125126
133153128135148145139113140141126116
128119104135
8491798610098103107103104
10310399104104101101105102100105106
102104104107107109108108109109109107
1051091081081061041011041041019795
100102102104105102102104106106104103
104107103111
1111158789100981021019796
93951059793959711211712310292
95961069695959511111811110187
8891102929191911121131089785
8893100889389901101111129984
939010196
1021021001009910010210210210610298
104103101991011001001011039610198
9597989597969610298949795
9699969299929410196979995
1019696100
789487889899103106107108
86809510610099757894130114178
88811011031071017983101123121184
89831001111021027589100119122186
88861031021081047885107124122189
'92'86110104
98103103102101101100101102111104106
105104101103108103105107109109106110
106107105105103103104111108106107111
104105104103103105107105119105106116
105110rll3105
79105898998101102103103
' 101
909610510610398949810711211597
939810710710498939710711411796
939810710710498959810811411796
'92'98
' 105' 106'102'96'93'97'103'112' 115'94
'89'95'102104
102101102102101101101102103101102103
105104104103102101100101102104103102
104103103103102101102102104104104103
'103' 103'101' 101'100'99'100'101'99'102'102'100
'100'100'99100
i As revised in February, 1929; see BULLETIN for March. The indexes of production and car loadings are adjusted to allow for seasonal vari-ation; the indexes of building contracts, wholesale distribution, and department-store sales and stocks are shown both with and without seasonaladjustments.
e Corrected »Preliminary. 'Revised.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
374 FEDERAL RESERVE BULLETIN JUNE, 1929
INDUSTRIAL PRODUCTIONINDEX OP INDUSTRIAL PRODUCTION
[Index numbers, adjusted for seasonal variations. As revised in Febru-ary, 1929; see BULLETIN for March. 1923-1925 average=100]
Month
January. . .FebruaryMarch . __AprilMay .June...JulyAugust-September...OctoberNovemberDecember
Annual index
1923
100100103107107106104102100999897
101
1924
1001021019589858489949597101
95
1925
106105105103103102104103102105107109
104
1926
107107108108107108108111112111108106
108
1927
10710911210911110910610710510399100
106
1928
105109109109109109110112114114112113
no
1929
117117119
80
601925 1926 1927 1926 1929
INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS
Allmanu-factures
106110110110110111111113115114112114
117117120
P123
Ironandsteel
107113114122116115124121128126120123
117126132135
Textiles
107108107101107108100107107112113111
116113116120
Foodproducts
10311010598969389909598102104
10310196102
Paperand
printing
115116118118121118117117118116115114
122'123125122
Lumber
929394959391948782818587
897883
J>86
Auto-mobiles
9310111110810711711913313912294103
154'152163157
Leatherandshoes
9910310297961081121121101039792
95'98'9897
Cement,brick,
and glass
114117112111116123119126130122122130
134123
••135
127
Non-ferrousmetals
100108108109111115113117117121126128
124123
'129137
Petro-leum
refining
135139141147150153156160162160159159
159161160166
Rubbertires
124135134134133143149151169167155143
147152
••152P161
Tobaccomanu-
factures
1928JanuaryFebruaryMarchAprilMayJuneJuly.AugustSeptemberOctoberNovember...December.. .
1929JanuaryFebruaryMarchApril
119120120120120125125129128126124127
131129126142
INDEX OF PRODUCTION OF MINERALS, BY PRODUCTS
All min-erals
Bitumi-nous coal
Anthracitecoal
Crudepetroleum Zinc Lead Silver
1928JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember...
19291929—January _.FebruaryMarch .April
103102103105105101100105107114113112
117120
' 107115
99
103109
100
8010711276679495119113
110110r77
121119121120120118119123124127127132
138134133
80107104104110114106
102104102103110110113116123128131133
129136135141
p Preliminary. r Revised.
105107112113113117117120114110111106
100106112116
10310910910010110097107115108111112
11199
••112122
83948985937687797993
'100
91'93
"106
NOTE.—These tables contain, for certain months, index numbers of industrial production, together with group indexes for important com-ponents. The combined index of industrial production is computed from figures for 60 statistical series, 52 of manufactures, and 8 of minerals.Adjustments have been made in the different industries for the varying number of working days in each month and for customary seasonal varia-tions, and the individual products and industries have been weighted in accordance with their relative importance. The sources of data and meth-ods of construction were described in the BULLETIN for February and March, 1927. Revisions of figures from 1923 to 1928 were published in theBULLETIN for March, 1929, pp. 192-194; corrected annual figures for certain group components are given above.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
J U N E , 1929 FEDERAL RESERVE BULLETIN 375
PRODUCTION OF MANUFACTURES, BY INDIVIDUAL LINES 1
April1929
March,1929
April1928
April1929
88
7692
12399
109127144
147122116143
19493
141125
14541
P166* 126
109173
95
March,1929
85
7386
112104
99117148
140' 112
112128
18794
136123
14242
'157118
93153
91
April192S
Iron and steel:Pig ironSteel ingots
Textiles:Cotton consumptionWool-
ConsumptionMachinery activityJ
Carpet and rug loom activity»_Silk-
DeliveriesLoom activity *__
Food products:Slaughtering and meat packing-
HogsCattle..Calves. _ _Sheep
FlourSugar meltings
Paper and printing:Wood pulp and paper-
Newsprint.-Book paperFine paperWrapping paper _Paper board _Wood pulp, mechanical _Wood pulp, chemical _.
Paper boxes. _ . . .Newsprint consumption
Lumber:Lumber, cutFlooring
Transportation equipment:AutomobilesLocomotives. _Shipbuilding
117137
119
1079795
159159
10093101119107111
P12711810313591115153132
P 8 690
15753
116134
117
1009294
152128
9097105104111
9213211810213996114159138
8477
16328
102124
102
878097
127112
9110010110994
12711910812487108131126
94111
1082957
Leather and products:Leather, tanning-
Sole leather«Upper leather-
CattleCalf and kipGoat and kid
Boots and shoesStone, clay, and glass:
CementFace brickPlate glass
Nonferrous metals:
Lead... _ ____.ZincTin» —
Chemicals and allied products:Petroleum refining—
Gasoline a
KeroseneFuel oil2
Lubricating oil *Coke production-
By-productBeehive
Rubber tires and tubes:Tires, pneumaticInner tubes
Tobacco products:Cigars _ _Cigarettes...Manufactured tobacco and snuff
105
7398
12994
10890
126
106101113129
165106127131
12734
136115
14195
i As revised in February, 1929; see BULLETIN for March. * Without seasonal adjustment. » Preliminary.
FACTORY EMPLOYMENT AND PAY ROLLS[Index numbers without seasonal adjustment. Monthly average, 1919=100]
r Revised.
i
Employment:1928—April
M a yJuneJulyAugustSeptember-October. . .November.December—
1929—JanuaryFebruary. _MarchApril
Pay rolls:1928— MarchApril
MayJuneJulyAugustSeptember.OctoberNovember-December..
1929—JanuaryFebruary..MarchApril
Total
89.389.589.688.590.091.292.091.691.391.093.0
r93.994.2
104.9102.6103.7103.6100.1103.9105.0109.3105.9106.6103.0110.5112.9113.5
Metals andproducts
Group
84.685.385.584.786.087.288.289.289.490.192.4
'94.495.8
93.992.995.194.590.094.194.399.699.299.998.2
104.9'108.4
110.3
Ironandsteel
84.284.985.084.686.087.288.289.189.490.392.6
'94.696.3
93.392.294.393.789.393.393.598.798.499.097.9
104.4107.9110.3
Textiles and products
Group
90.087.887.484.585.386.889.490.290.690.091.892.791.7
101.994.793.493.588.791.794.4
100.597.9
101.097.2
103.3105.9102.5
Fabrics
91.088.988.686.286.387.090.892.993.893.294.093.893.0
100.395.595.394.290 291.493.3
100.5100.7104.399.5
104.1105.3104.8
Prod-ucts
88.786.385! 982.284.186.687.686.886.485.988.991.389.9
103.993.891.192.686.992.095.7
100.694.396.994.2
102.3106.899.7
Lum-berand
prod-ucts
87.087 087.786 789! 189.689.589.787.485.185.285.987.2
98.198.398.899.996.4
100.3102.6105.5104.2100.792.395.097.299.2
Rail-roadvehi-cles
72.072. 512.171 771.671.270.670.570.469.670.771.472.8
80.481.280.781.376 577.075.780.279.779.673.580.984.386.6
Auto-mobiles
133.6141.214l!l141.0149.9154.2152.1138.4136.6150.4164.5166.6167.0
168.9171.8178.8169. 5166.0184.9185.8193.3165.0161.9165.0212.3213.6218.9
Paperandprint-ing
105.9106.3106! 1106 1106! 3106.7108.1109.5109.5108.3109.2108.9108.3
147.7146.7146.7146.7144! 6144.5146.8149.6149.6153.0150.1152.2155.5153.0
Foodsandprod-ucts
82.883.084.284.483! 986.888 788.388.585.885.984.983.6
100.496.599. 0
101.3lOl! 4100.1103.4105.6104.3105.5101.3101.8100.9100.0
Leatherandprod-ucts
79.877.777! 681.282! 983.181.877.176.679.481.380.278.4
87.575.372.776! 3
•82 688! 087.284.070.275.278.982.780.077.1
Stone,clay,andglass
109.1113.8114! 9112.8115! 7114.6112.1109.3106.299.398.6
101.7107.2
128.7134.6140.914l!3136 1143! 3139.6140.8135.4131.7116.6118.4124.6132.6
To-baccoprod-ucts
76.076 877. 573 479! 080.682.682.479.870.276.776.876.1
79.473.877.382! 578! 18l!685.487.686.586.770.676.178.079.6
Chem-icalsa-nAana
prod-ucts
76.774.575! 173.973! 977.078.479.179.079.081.680.880.5
110.2108.8106.6106! 1103 4104! 0105.7112.3111.6111.2109.5115.2114.1114.9
r Revised.
NOTE.—This table contains for certain months general index numbers of employment and pay rolls, together with group indexes for importantindustrial components. The general index is a weighted average of relatives for 34 individual industries. The method of construction was describedin detail and indexes for the above groups since January, 1919, were published in the BULLETIN for May, 1925. See also p. 668 of BULLETIN for Sep-tember, 1925, for certain revisions.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
376 FEDERAL RESERVE BULLETIN J U N E , 1929
BUILDINGBUILDING CONTRACTS AWARDED
[Index numbers based on value of contracts. Monthly average,1923-1925 = 100]
Month
January.. _.FebruaryMarchApril . . .MayJuneJulyAugustSeptember..OctoberNovemberDecember . . _
Annual index
Without seasonaladjustment
1926
111106146139134133126148137126119131
130
1927
9496
151147135154130135127137114116
128
1928
104113144157163158142126143145115105
135
1929
10088
118156143
With seasonal adjust-ment l
1926
143145129120123121124133134122130142
i
1927
120131134127122141128121125133125126
1928
133153128135148145139113140141126116
1929
128119104135130
1 As revised in February; see BULLETIN for March.
100
50
BUILDING CONTRACTS AWARDEDmmm With Seasonal Adjustment— Without Adjustment
| |
1925 1926 1927 1928 1929
BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS
Value of contracts in thousands of dollars]
Month Total
Federal Reserve District
Boston NewYork
Phila-delphia
Cleve-land
Rich-mond Atlanta Chicago St. Louis Minne-
apolisKansas
City Dallas
1928AprilMayJuneJulyAugustSeptember..OctoberNovember . .December.. .
1929JanuaryFebruaryMarchApril
643,137668,097650,466583,432516,970587,674597,104471,482432, 756
409, 968361,274484, 848642,061
42,95756,09738,51934,45636,37069,91839, 52129,15426,405
26, 55625, 35230, 04438,459
154,369188,687178,448139,821129.524156, 588189,696136.525140,159
104,44776, 064113,466171, 551
60,98249, 743
41,25933,96745,63446,09828,01732,082
26,30632, 36935, 39967,064
70,18463,81369,60556,10350,40867, 74857,11856,68431,755
54, 68036, 36047, 07851,469
66, 59139,42146,22732,88430,17239,84340,32933,62129,973
28,74834, 25232.97952,139
24,37132,49728,60031,99628,54825,98936,09718,55023,362
25,74522, 36325, 39837,387
128,643139,784128,60>140,689108,30699,176110,79599,42976,924
77,43969,845107, 289108,181
43,81836,36044,22550,55740,70633,24132,40927, 30231, 378
25,47923,37238, 79554,363
10,24913,17811,04211,08812,9449,21312,6457,896
7,4664,7578,34314,735
20,65820,19928, 07023,80726,17722,61115,69913,90816, 511
15, 66812,87422,85422, 365
20,31528,31828,42620, 77119,84717,71516,69720, 39718,323
17,43523, 66523, 20424, 346
BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING
[Value of contracts in thousands of dollars]
Month
1928M a r c h . . .AprilMayJuneJ u l y . . .August . -SeptemberOctoberNovemberDecember
1929JanuaryFebruaryMarchApril
Resi-dential
275,192276,586288,826258,084228,703213, 705202,807239,692200,226178,323
138,069129,486197,172256, 780
Indus-trial
48,80485,09337,14663,53731,40042,607
114, 78062,25938,66538,248
63,10956,09255,83768, 230
Com-mercial
73,07582, 75891,2009b,94295,69758,91160,06867,33068,30966,773
100,37868,26575, 58477,988
Publicworks
andpublic
utilities
110,338117,401150,223130,852137,075118,890119. 014148,69793,22880,194
66, 52257, 59371, 508
152,127
Educa-tional
33,88132,88547,85146,13536,92635, 71338,80131,29330,02325,370
17,74622, 57737, 52529, 857
BUILDING PERMITS ISSUED, BY FEDERAL RESERVEDISTRICTS
[Value of permits in thousands of dollars]
Allother
Federal reserve district
51,27748,41352,85157,91753,63247,14452,20547,83341,03243,849
24,14527, 26147, 22157,079
United States.
BostonNew YorkPhiladelphia..Cleveland
RichmondAtlantaChicagoSt. Louis
Minneapolis . .Kansas City_.D a l l a s . . .San Francisco.
Numberof cities
168
14221412
1515195
9149
20
April,1929
458, 302
12,017270, 252
13,36216,030
11, 4767,980
51, 9057,381
10, 65910, 56818, 65928, 014
March,1929
352,637
12,572188,517
14,80816,104
13, 0137,595
44,2795,952
2,5459,1547,371
30,729
April,1928
276,520
10,197103,12114,64225,126
9,8107,951
53,5328,397
3,2628,0766,057
26,350
NOTE.—Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation.Adjustedjndexes by months back to 1910 were published in the BULLETIN for August, 1927, p. 563.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JUNE, 1929 FEDERAL RESERVE BULLETIN 377
TRADE AND DISTRIBUTIONFREIGHT-CAR LOADINGS, BY LINES
[Index numbers, adjusted for seasonal variations. 1923-1925=100]
Month
1928—MarchAprilMay _JuneJulyAugustSeptemberOctoberNovemberDecember
1929—JanuaryFebruaryMarchApril _
Total
102104105102102104106106104103104107103111
Grainand
grainprod-ucts
11510810289
10910210910710810599
10610398
Live-stock
9689888680819391828582828190
Coal
9599
100928996
10010210510210811889
102
Forestprod-ucts
8987908990919091929190808794
Mer-chan-dise
1. c. 1.and
miscel-lane-ous
107108110107109109111111107108109109111114
As revised in February, 1929. See BULLETIN for March.
PER CENT1251
100
75
50
Total
RAILROAD FREIGHT CAR LOADINGS
1925 1926 1927 1928 1929
PER CENT[125
100
75
50
INDEX OF WHOLESALE DISTRIBUTION—EIGHT LINES OF TRADE[As revised in February, 1929; see BULLETIN for March. Monthly average, 1923-1925=100]
Month
JanuaryFebruary. __MarchAprilMayJuneJuly_AugustSeptember..OctoberNovember..December..
Annual average..
Sales with seasonal adjustment
1923 1924 1925 1926 1927 1928 1929
10199103100103102991029810210093
10310294989590959510010099102
1021021001009910010210210210610298
104103101991011001001011039610198
9597989597969610298949795
9699969299929410196979995
1019696100
Sales without seasonal adjustment
1923 1924 I 1925 1926 1927 1928 1929
92921089798979411211311810083
100
959598959086901041151169991
98
93951059793959711211712310292
102
95961069695959511111811110187
101
8891102929191911121131089785
97
8893100889389901101111129984
96
939010196
SALES IN INDIVIDUAL LINES OF WHOLESALE TRADE[Index numbers. Monthly average, 1923-1925=100]
Month
1928February
AprilMay .
JulyAugust - •-September .October - . .NovemberDecember
1929January. _FebruaryMarch . -April
Gro-ceries
989793999491
10092959489
999591
Meats
113109112109112111116122111122115
117119122123
With seasonal adjustment
Drygoods
8883788679809084859186
88838890
Men'scloth-
ing
99947796767990899995
101
96889888
Bootsand
shoes
1109694
11382
123109
9087
10072
1191079595
Hard-ware
939186949291949297
10093
92'86
9297
Drugs
110110111117110107117112116113128
133114108116
Fur- !niture
96 i95 187 i92 i94 I95 1
106 i112112 !101 !94 |
9191 !93 !
P100
Gro-ceries
859588969792
10110010810088
918389
P 9 1
Meats
108105105109114113118130125117108
117113117115
Without seasonal adjustment
Drygoods
898770757174
110105999069
84849280
Men'scloth-
ing
12813175573968
1481371236651
7411413685
Bootsand
shoes
8711199
1147798
11911010810559
9884
110100
Hard-ware
82958897969095
1001089886
82769599
Drugs
101121113110104102115119134114120
131105119119
Fur-niture
9610788878378
10812613310689
8091
105P101
Preliminary. • Revised.NOTE.—The basic data used and the methods of construction of the index of wholesale distribution were described and monthly indexes back
*to January, 1919, were published in the BULLETIN for December, 1927, pp. 817-828. For revisions made in February. 1929, see BULLETIN for March.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
378 FEDERAL RESERVE BULLETIN JUNE, 1929
DEPARTMENT STORE SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers.1 Monthly average 1923-1925=100]
Sales (unadjusted):1928—February
MarchApril. ,
1929—February __MarchApril.
Sales (adjusted) :1928—February
MarchApril _
1929—FebruaryMarch . . _Apr i l - _
Stocks (unadjusted):1928—February
March___April
1929—FebruaryMarch _April
Stocks (adjusted):1928—February . _ _ _
MarchApril
1929—February _MarchApril
UnitedStates
86103102'86110104
105104103110
' 113105
'98'105'106' 9 5
' 102104
' 103' 101' 101'100
' 9 9100
Bos-ton
78969976
10197
1009897
10210495
97I 105I 107
9199
102
i 103103103' 9 7
9799
NewYork
89102103'90
' 111108
109106106
' 115' 116
110
9710510899
' 107110
104103104
' 106'105
106
Phila-delphia
769691759990
909592939891
939897859090
989393908586
Cleve-land
8510110183
105105
103102100105107102
961031039197
100
1019996969393
Federal Rest
Rich-mond
821059978
114102
105105102105115103
9610310494
100102
10110099999797
At-lanta
9111010287
113104
108113103108117104
10110510898
101103
1031021031009998
srve District
Chi-cago 2
9210910995
' 120110
113113108123
' 125109
102110112
'106' 113
114
106106107
' 110'109
108
St.Louis
851059985
11099
10110510010611199
939698869193
999494929088
Minne-apolis
72918275
10193
949578
10110687
858889757878
888586
' 7 87575
KansasCity 3
77939376
10299
111118116122122124
Dallas
8810910285
115105
106109108107116110
838687798384
868483828080
SanFran-cisco
9211011491
115111
115110121118116117
10511111198
106107
109109106103104102
1 For description of department store indexes given in this table see BULLETIN for February, 1928.2 Revised in February, 1929; see BULLETIN for March.3 Monthly average in 1925=100.r Revised.
SALES OF CHAIN STORES AND MAIL-ORDER HOUSES i
[Index numbers of sales. Monthly average 1923-1925=100]
Chains:Grocery5-and-10-centApparelDrugCigarShoe .Candy
Mail-order houses *
Num-ber of
report-ing
firms
34145
13474
4
Number of stores
April,1929
30,2473,4081,3821,199(3)
704315
(3)
March,1929
* 30, 2843,3831,3541,1893,650
703309
(3)
April,1928
28,8752,9751,156
9773,470
653282
(3)
Sales without seasonaladjustment2
April,1929
232142220186
(4)123121
(4)
March,1929
'237156241196108159152
»156
April,1928
202135195155100130130
•115
Sales with seasonament2
April,1929
224153233187
(4)103113
(4)
March,1929
'231167266197114161160
M42
1 adjust-
April,1928
203147205161105109125
•117
1 It is to be noted that some of the reporting mail-order houses have been establishing throughout the country during recent years an increasingnumber of branch stores in which sales are made "over the counter." Changes in the volume of sales by these firms, therefore, no longer measurechanges in sales through the mails.
2 Figures relate to reporting firms—with no adjustment to eliminate the influence of increase in the number of stores operated; thus indexesgiven reflect the full growth of the business of the reporting companies.
3 Figures for number of stores not available.* Computation of index discontinued, basic data available having become unsuitable.5 Including sales made through branch stores.* Revised.
NOTE.—For description of indexes given in this table see BULLETIN for April, 1928.
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JUNE,.1929 FEDERAL RESERVE BULLETIN 379
BANK SUSPENSIONS AND COMMERCIAL FAILURESBANK SUSPENSIONS,! BY CLASS OF BANK
[Amounts in thousands of dollars]
MonthNum-
ber posits*
1927January __FebruaryMarchApril.MayJuneJulyAugust.SeptemberOctoberNovemberDecember
Total. . 662
1928January _ 53February. . . . . 50March 66April 43May 29June j 28July s 24August i 21September 20October | 41November ] 72December ..! 44
All banks
Total de- Num-
1338175494741372736444349
Total .
January..February.March r___April
1929
491
32,03825,15731,22211, 75013,19810, 78412,16217,364
Member banks
berTotal de- Num-
11,54211,2108,476
193,891
10,98318, 35216,953
8,1906,394
13,4965,3686,1477,8889,011
24, 78411,076
138,642
17, 90523,498
8, 4499,162
Total, 4 months I 194 1 59,014
posits *
124
11,5558,7447,7005,4626,4345,5212,6388,8811, 2573,7293,1051,310
66,336
2,5529,3733,0262,4461,9271,819413
1,9442,997803
11,0213,919
Nonmemberbanks
ber
1066559
Total de-posits *
538
42, 240
10,1584,9242,4901,922
32 19,494
34
418
162
20,48316,41323, 5226,2886,7645,2639,5248,4837,7317,8138,1057,166
127, 555
8,4318,979
13,9275,7444,467
11,6774,9554,2034,8918,208
13,7637,157
96,402
7,74718,5745,9597,240
39, 520
r Revised figures.
BANK SUSPENSIONS i IN APRIL, 1929, BY DISTRICTS[Amounts in thousands of dollars]
Federal reserve district
Boston. _ _New YorkPhiladelphia-..Cleveland-.RichmondAtlanta _ _ChicagoSt. Louis.MinneapolisKansas CityDallasSan Francisco
Total _
All banks
Num-lTotalde-ber posits2
324447212
4 29
1, 3582,632
3651,132
686861619
1,096413
9,162
Memberbanks 8
Num-ber
1
1
1
1
4
Total de-posits *
687
38
101
1,096
1,922
Nonmemberbanks
Num-ber
2234462
2
25
Total de-posits 2
6712,632
3271,132
68G760619
413
7,240
1 Banks closed to the public by order of supervisory authorities or bythe directors of the banks on account of financial difficulties.
2 Figures represent deposits for the latest available date prior to thesuspensions and are subject to revision when information for the dates ofsuspension becomes available.
a Includes 3 national banks with deposits of $1,884,000 and 1 Statemember bank with deposits of $38,000.
4 Includes 1 private bank for which deposit figures are not available.
COMMERCIAL FAILURES, BY CLASS OF ENTERPRISE i
[Amounts in thousands of dollars)
Number
1927January. __February-MarchAprilMay.JuneJulyAugustSeptemberOctoberNovemberDecember.
Total . .
1928January. . .February-MarchAprilMayJune.July.AugustSeptemberOctober™NovemberDecember.
Total. .
1929January.. .February.MarchApril
Total, 4mos.__
23,146
Total
2,4652,0352,1431,9681,8521,8331,7561,7081,5731,7871,8642,162
2,6432,1762,2361,8182,0081,9471,7231,8521,63;2,0231,8381,
23,842
2,5351,9651,9872, 021
8,508
Manu-factur-
ingTrad-ing
501411569492444427448438389488478597
5,682 16,082
553468546432470513450493454528519498
614478 _512 1,499 1,
Agents,brokers,
etc.
1,8421,5081,4681,3421,2921,3101,1871,1741,0831,1701,2761,430
1,9461,5811,5661,276
•1,40'1,3251,1611,2411,0731,3691, 2021,324
5,924 16, 471
:,769378349388
103 5,884
12211610613411696
12196101129110135
1,382
144127124110131109112118108126117121
1,447
152109126134
521
Liabilities
Total
51,29046,94157,89153,15637, 78534,46543,15039,19632,78636,23636,14751,062
520,104
47,63445,07154,81437,98536,11729,82729, 58758,20233,95'34, 99040,60140, 774
489, 560
53,87'34,036
Manu-factur-
ingTrad-
ingAgents,brokers,
etc.
19,99610,51822,36825, 27813,80213, 587!16,74314,921115,349|17,134!12,78629,024|
24,530123,40628,191|
19,97817,85616,832!14,702!12,052s14, 657!16,94916, 733
211,505 228,194
14,87112,75120,41216, 236|14, 230|12,72312,93216,87714,72713,49015,44617, 783
16,690 32,02411,891 17,891
36,356 15,001 17,19035,270! 10,423j 19,102
26,44624,95226,18616,04918,90013, 78112,89919, 09613, 56717, 26817,22418,933
182, 478 225,301
159, 538 j 54,0041 86,207
6,76413,0177,3325,5704,0053,0229,5759,5735,3854,4456,4125,305
80,405
6,3187,3678,2165,7002,9873,3243,755
22, 2295,6624,2327,9324,059
81,780
5,1644,2554,1655,745
19, 328
COMMERCIAL FAILURES, BY DISTRICTS i
[Amounts in thousands of dollars]
Federal reservedistrict
BostonNew YorkPhiladelphiaCleveland.RichmondAtlantaChicagoSt. Louis _MinneapolisKansas City _.DallasSan Francisco
Total , -
Number
April,1929
223328
90158132
9429512681
12851
315
2,021
March,1929
200310
77194140101366123
3911949
269
1,987
April,1928
143305
76125106156279
9788
10646
291
1,818
Liabilities
April,1929
3,9048,8472, 0152,5392,5732,0764,9841,993
7181,272
5153,833
35,270
March,1929
3,0177,2261,5844,1412,1682,9836,3291,988
5411,707
5594,113
36, 356
April,1928
2,3856,4362,0057,0552,3173,4075,5311,208
8531,0761,2844,428
37,985
i Figures furnished by R. G. Dun & Co.
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380 FEDERAL RESERVE BULLETIN JUNE, 1929
FOREIGN BANKING AND BUSINESS CONDITIONS
ANNUAL REPORT OF THE BANK OF ITALY
The annual report of the Bank of Italy for1928, presented to the regular general meetingof shareholders on March 28, 1929, containsthe following sections dealing with financialand economic conditions during the pastyear: l
Italian finance.—The situation in Italyduring the year 1928 may be said to haveprogressed satisfactorily on the whole. Wemust consider, however, that 1928 was the firstyear after monetary reform and was preceded,as is generally known, by a period of effectiveand extensive currency revaluation which wasnot without influence upon the prices of com-modities and consequently upon their pro-duction and the revenue therefrom.
The accounts of the State for the fiscal year1927-28 were finally closed with a favorablebalance of 497,000,000 lire ($26,142,000),resulting from a surplus of 5,211,000,000 lire($274,099,000) in ordinary revenues over ex-penses, which more than compensated for thedeficiency of 4,714,000,000 lire ($247,956,000)in extraordinary revenues. For a better ap-preciation of this result, it should be remem-bered that during this fiscal year the special taxreductions decreed in connection with the mon-etary reform and mentioned in our last reportbecame operative.
For the current fiscal year of 1928-29,estimated cash revenues are 17,643,000,000lire ($928,022,000), and expenditures 17,372,-000,000 lire ($913,767,000), or a surplus of271,000,000 lire ($14,255,000). For the firsteight months of this fiscal year, including lastFebruary, the total cash revenue, ordinary andextraordinary, amounted to 12,507,200,000lire ($657,879,000), while expenses incurredwere 12,403,700,000 lire ($652,435,000), leavinga surplus of 103,500,000 lire ($5,444,000).The continued existence of a surplus is, at allevents, well assured and the value of a wisefinancial policy will be amply proved.
As regards the public debts of the State, it ishardly necessary to say that there were nomaterial increases during the year. On thecontrary, owing to the operation of the Auton-omous Amortization Office for Internal Public
1 The full report, available in Italian, contains in addition sectionsdealing with the international financial situation, with individual in-dustries, with the classification and examination of banks, with theoperations of the various financial institutes, and with the operationsand personnel of the Bank of Italy and other matters of detail.For earlier reports see FEDERAL RESERVE BULLETIN, July, 1928, andAugust, 1927.
Debts, the actual amount of bonds in circula-tion has undergone appreciable reduction. Itshould be noted, however, that at the beginningof the current fiscal year the Minister of Financereformed the accounting system of the RoyalTreasury for the purpose of rendering it morecomprehensive and complete. This reformresulted in adding to the items grouped asfloating debt of the State several liabilities ofthe Treasury not originally included, such ascurrent interest-bearing accounts. Thus, totalpublic obligations, consolidated, redeemableand floating, of 86,423,000,000 lire ($4,545,-850,000) in 1927, rose to 86,446,000,000 lire($4,547,060,000) on June 30, 1928, and to87,006,000,000 lire ($4,576,516,000) on De-cember 31.
The floating debt items still include thoseState notes which have not yet been withdrawnand replaced by silver coin. By December 31,1928, these notes had been reduced to the almostnominal sum of 161,000,000 lire ($8,469,000).With regard to monetary circulation, it shouldperhaps be stated that the total amount ofState notes and silver coin declined during theyear from 1,810,300,000 lire ($95,222,000) to1,424,800,000 lire ($74,944,000)—a decrease of21 per cent.
Quotations of Government bonds advancedduring 1928, although the year closed withquotations lower than the maximum reached inthe first half of the year. Consolidated 5 percent bonds rose from an average of 79.40 inDecember, 1927, to 85.17 in May and then fellto 80.85 in November, finishing the year at81.17. Similarly, the Rendita bonds (3^s)rose from 69.44 to 74.62 (May), and werequoted at 70.08 to 70.12 during the last twomonths of 1928.
The weakening in quotations of consolidatedbonds during the second half of the yearprobably can be attributed to the recent tend-ency of our markets to absorb other fixedinterest bonds, especially industrials. Thistendency led to the floating of a number of bondissues, which were easily absorbed as a result ofincreased Italian savings deposits.
The general index of stock prices makes amore favorable showing for the past year—due not so much to a general movement ofprices as to the movement of particular groupsof securities favored by the public.
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JUNE, 1929 FEDERAL RESERVE BULLETIN 381
Italian exchange operations with foreigncountries in 1928, with few exceptions, were car-ried on within the gold points.1 These operationsfall into two periods—a period of steady down-ward pressure from the beginning of the yearuntil the autumn, followed by a period of mod-erate improvement until the close of the year.
The dollar rose from its lowest average of18.89 lire per dollar in February until itreached its highest point of 19.12 in Septemberand then declined to 19.09 in December. Thepound sterling, from an average quotation of92.08 lire, rose to a maximum of 92.83 in July;it declined to 92.57 in November and stood at92.65 at the end of the year. A similarmovement was noted in the case of Swiss andFrench exchange, the average quotations ofwhich fluctuated between 368.11 and 363.40lire per 100 Swiss francs, and 74.75 and 74.25lire per 100 French francs.
The moderate range of these fluctuationsreflects the influence of our currency reform.Within a period of little more than one yearafter this memorable step it is a matter ofrecord that Italian exchange has remainedgenerally stable in the face of disturbedconditions in international money markets andan adverse balance of Italian foreign trade.
Balance of international payments.—Ourforeign trade balance was less favorable for1928 than for the preceding year; total importsof 22,041,000,000 lire ($1,159,357,000) com-pared with total exports of 14,527,000,000 lire($764,120,000) resulting in a deficit of 7,514,-000,000 lire ($395,236,000), whereas in 1927imports were less by 1,666,000,000 lire ($87,-632,000) and exports were greater by 1,205,-000,000 lire ($63,383,000).2
These figures in themselves have no greatvalue as indicating the character of the trademovement during 1928, because of the changedconditions of industry and trade during thepast two years. During 1927 the revalua-tion of the lira culminating in the currencyreform reacted on the manufacturing indus-tries which, under the influence of unstableprices, made greater efforts to dispose of theirstocks of commodities than to procure newsupplies of raw material. Imports did notshow the influence of the greater domesticdemand for foodstuffs to any great extent.Later on, however, in 1928, this demand in-creased in volume because of reduced agri-cultural production in the districts close to
1 The royal decree of February 26, 1928, fixes the gold points at19,10 lire and 18.90 lire to the dollar.
2 The figures for exports are not so reliable as those for imports, exportsbeing less under the control of the financial authorities. Probably exportifigures larger by at least 10 per cent would be nearer the reality.
the centers of consumption. For the firstsix months of 1928 imports were, in fact,smaller than in the corresponding period ofthe year before; but in the second half of theyear they increased, exceeding the 1927 figuresby approximately 28 per cent. Exports de-clined steadily, on a half-yearly basis, from thebeginning of 1927 until the end of June, 1928;they rose considerably, however, in the sec-ond half of the year, almost reaching thefigures shown for the second half of 1927.At present the general situation shows a moresatisfactory trend which should continue dur-ing the current year.
Thus the entire deficit in our trade balancefor 1928 appears to be the result of excep-tionally heavy imports, rather than of unusu-ally light Italian exports. The growth in ourimports is chiefly due to the following twofactors: First, larger requirements for food-stuffs—for although agriculture enjoyed agood year, and the world production of grainincreased, Italian harvests were deficient;secondly, replenishment of our stocks of rawmaterials, which had been reduced during theprevious year because of the revaluationprocess which both preceded and followedstabilization of the lira—the purchases abroadof raw material coming after the 1927 crisis.These increased purchases, however, indicatea genuine recovery in the country's industrialactivity. The decline in exports may beattributed to a greater domestic demand forItalian products, accompanied, as has beenstated, by a marked decrease of exportableagricultural commodities.3
Furthermore, the change which has takenplace in emigration and in the situation ofItalians in foreign countries has diminishedthe former abundant flow of remittances toItaly. The improvement in our foreign ex-change quotations also contributed indirectlyto this result, because it removed a potentialsource of exchange profits which those makingremittances to Italy formerly enjoyed. Inaddition to cutting down the flow of emi-grants7 remittances, decreased emigration, byleading to enlargement of population of theState and therefore to increased consumption,has reacted adversely on the balance of tradewith foreign countries.
The present status of our balance of pay-ments may perhaps be attributed to a relativeexcess of expenditures on our part outside Italy
3 Imports of foodstuffs and animal products were larger than in 1927by about 670,000,000 lire ($35,242,000), while exports were less by520,000,000 lire ($27,352,000). Hence the deficit in the balance of tradeon account of foodstuffs was greater in 1928 by some 1,200,000,000 lire($63,120,000).
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and a relatively large volume of foreign debtsincurred by us.4 Probably also investment ofItalian capital outside of Italy in foreign issueshas not been without its unfavorable influenceon exchange quotations. Operations of thissort have led directly and indirectly to an in-crease in transfers abroad and have influencedthe balance of payments.
To improve this state of affairs it is neces-sary to pursue a conservative policy as regardsnote circulation; to institute strict measures tocheck excessive bank loans, even if this shouldinvolve a relatively high discount rate; tohinder in every possible way the flight fromItaly of capital which is needed at home; andto check excessive spending.
Analysis of the invisible items in the inter-national balance of payments is not easy.There is no reason to believe, however, thatthese items during recent months have in-creased sufficiently to cover in full the consid-erable deficit, which is shown by a comparisonof commodity imports with exports. Thetrade deficit, accordingly, will have to be metin part by the use of foreign exchange reservesas temporary cover for the payment of Italy'sadverse balance with foreign countries.
We must bear in mind, however, that a notunimportant portion of these foreign exchangereserves had originated, prior to the stabiliza-tion of the lira, against the issue of bank notes,all of which could not remain in circulationunder the changed conditions obtaining in thedomestic market as a result of the monetaryreform. It is well known that such part of theState debt as was represented by bank noteswas liquidated by using for this purpose thesurplus values created in the metallic reservesby revaluation, the notes issued on behalf ofthe State being charged to the bank. Thelatter could not, however, maintain indefinitelyin circulation a volume of currency out of pro-portion to the normal volume of businesstransactions. Accordingly, a reduction of thelarge reserve of foreign exchange at the Bankof Italy was inevitable in the absence of a quiteunexpected shift in our commercial relationswith other countries such as to turn the balanceof international payments in our favor.
That is the explanation of the gradual declinein foreign exchange reserves, shown in thetable [omitted]. This table shows that theratio between the aggregate of all forms ofreserve at the end of the last fiscal yearamounted to about 56 per cent of the total
* It is estimated that, including the $100,000,000 Morgan loan, the debtsincurred abroad up to and including February, 1929, amount to a totalnominal sum of approximately $375,000,000.
demand liabilities of the bank of issue, so thatwith a legal minimum of 40 per cent againstthese liabilities there is still an available sur-plus reserve of about 3,000,000,000 lire ($158,-000,000)—provided, of course, that we controlthe volume of notes in circulation and exerciseprudence in the use of bank credits.
During the past fiscal year the average vol-ume of ordinary transactions of the Bank ofItaly declined altogether by more than 2,000,-000,000 lire ($105,000,000). This fact, to-gether with a- decline in deposits in currentaccount, explains the reduced note circulationand also the maintenance of the favorablereserve ratio, notwithstanding the employmentof foreign exchange reserves as described above.
General progress of industry.—Italian in-dustry has made rapid progress in 1928. Oneyear from the date on which the lira waslegally stabilized at a new par value—anevent which enabled industry to eliminatefrom production all speculative factors result-ing from fluctuations in the value of the cur-rency—it may be said that the difficult workof adapting production to the new monetarysystem has been almost completely achieved.During this laborious period of recovery ourindustrial leaders have completely reorganizedthe productive capacity of their various organ-izations by constant, painstaking effort alongthe lines of technical improvement and finan-cial reconstruction. As a result, there hasbeen notable progress in the efficiency ofindustrial firms—progress which is being ac-tively furthered by the reorganization andbetter utilization of plant, by the eliminationof unnecessary factories or those operating onan unprofitable basis, and by the coordinationand amalgamation of similar concerns. Briefly,efforts have been made to "rationalize77 pro-duction to a greater extent in order to cut downproduction costs, to adjust prices to the incomeof the consumer, and to produce Italian com-modities which can be sold on foreign marketsin the face of an increasingly severe inter-national competition.
Signs of industrial recovery, noticeable hereand there toward the end of 1927, became morenumerous the following year. Although duringthe first half of 1928 the need was still apparentof efforts to overcome the difficulties resultingfrom the revaluation and stabilization of thelira, during the second half of the year, andespecially in the most recent months, variousimportant branches of industry have given evi-dence of a quickened activity.
Some of the significant indications of thisstate of affairs are a notable increase in imports
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of raw materials needed by industry; a generalimprovement in employment in spite of theunavoidable reduction of personnel caused bytechnical and administrative reorganization andthe increasing efficiency of hand labor; a con-siderable increase in the use of hydroelectricpower; larger capital investments for industrialpurposes; the recovery of railway and maritimetraffic; and a greater stability in the prices ofraw materials.
Labor conditions everywhere have beenorderly and peaceful, controlled by organizedbodies. During the past year collective laborcontracts on a national basis were entered intomore frequently. The organization of industryby syndicates, which has been extended andstrengthened, is proving a useful element ofcooperation among the various classes of pro-ducers.
This does not mean, however, that alltroubles and difficulties have been overcome.While in some branches the improvement ismarked, in others the recovery is slower andless certain. Difficulties are frequently en-countered because the demand for certaingoods is in excess of manufacturing capacity;or prices of commodities are out of line withcost of production; or the credit of customersis uncertain—a factor which increases risk,creates lack of confidence, and discouragesenterprise. We can not, however, fail torecognize the important results achieved bymuch patience and hard work during a yearwhich may be regarded by Italian manufac-turing interests as a period of genuine con-solidation and efficient preparation for futureincrease in production. In the restoration ofinitiative and in the increase of business activityaccompanied by national order and peace, wecan discern the signs of a prosperous future forItalian industry.
[A section is here omitted in which the situa-tion in a large number of individual industriesis described.]
Legislative provisions.—It will be recalledthat Royal decree No. 1377 of June 17, 1928,gave legal status to the agreements enteredinto between the Royal Treasury and the bankon May 5, 1928, for the purpose of reorganizingthe bank of issue in accordance with the basicprinciples of the monetary reform. Althoughthese agreements were fully explained at thelast special general meeting which approvedthem unanimously, it does not seem out ofplace to give a brief summary of the principalprovisions.
After restating the obligation of the bank tomaintain a reserve in gold or gold exchange of
not less than 40 per cent of the notes outstand-ing and all other demand liabilities (demanddrafts outstanding, ordinary Treasury accounts,and other demand deposits), the first articlestipulates that whenever the ratio between thereserve and note circulation, after setting asidefrom the reserve an amount equivalent to40 per cent of the other demand liabilities asprovided for by law, should fall below 40 percent, but not below 30 per cent, a special taxshall be levied on notes not legally covered andshall be equal to the rate of discount increasedby one-tenth. For each additional 10 per centdecline in the ratio between reserve and notesin circulation, the aforesaid special tax leviedon uncovered notes shall be increased by anadditional one-tenth of the official discount rate.
When the bank reserve exceeds the legal ratioof 40 per cent of the aggregate of notes in circu-lation and other demand liabilities, there willbe a margin of issue equal to the volume ofnotes which can be put in circulation beforethe 40 per cent reserve ratio against demandliabilities shall again have been reached. Butit is evident that even within this margin thebank of issue, which is the final regulator ofthe market, must carefully control its note cir-culation; that is to say, the bank must notincrease the circulation in such manner as toexert an unfavorable influence on the moneymarket.
Article 3 provides that the bank-note circu-lation, in excess of the legal reserves remainingafter 40 per cent against other demand liabili-ties has been set aside, shall be subject to anannual circulation tax of 1.50 per mille. Thetax is computed on the 6-month average ofnote circulation, less the average amount of thereserves in gold and gold exchange.
By authority of article 7 the bank may,whenever it appears desirable, convert intoactual gold a part of its gold exchange reserve.This authorization is given because of the dis-proportionate volume of gold exchange in thereserve of the bank as originally built up inanticipation of the monetary reform. Thebank is also authorised to reduce its note circu-lation when such action is warranted by thegeneral situation of the market, even if thiscourse necessitates the sale of foreign exchangein its reserve.
All earlier provisions relative to loans to theState have been abolished by article 4, whichconfers on the Royal Treasury the right torequest, and on the bank the right to grant,only temporary loans up to a total of 450,000,000lire ($23,670,000) at an interest rate of 2 percent net per annum. Bank notes put into
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circulation as a result of these loans are, as inthe past, exempt from the circulation tax.They must, however, be covered by a 40 percent reserve in gold or gold exchange.
Services to the Royal Treasury in the Prov-inces are to be rendered by the Bank of Italywithout its having to give security (art. 6).The Government bonds deposited as securitytherefore become part of the resources of thebank. The expenses incurred by this serviceare to be adjusted from time to time betweenthe State and the bank.
As cash balance for regular Treasury service, apermanent fundof 50,000,000lire($2,630,000), inplace of the 30,000,000 lire ($1,578,000) formerlyset aside for this purpose, has been depositedwith the bank. When the funds at the disposalof the Treasury amount to more than 50,000,000lire ($2,630,000), or fall below that sum, theTreasury or the bank, as the case may be,shall be charged net interest at the rate of 1%per cent per annum on the difference. Ordi-nary deposits in the Treasury fund for accountof the State up to a total of 300,000,000 lire($15,780,000) constitute a demand depositand must, therefore, be covered to at least40 per cent by a gold or gold exchange reserve.The Royal Treasury may also have a fixeddeposit which shall not require a gold or goldexchange reserve in the bank. When thetotal credit of the State for the Treasuryservice (that is, the amount of the demanddeposits plus the fixed deposits) exceeds500,000,000 lire ($26,300,000), interest shallbe paid by the bank on the excess at the rateof 3 per cent per annum, as formerly.
In respect to the relations between the bankand the Istituto di Liquidazioni, Article 9states that the provisions of the decree law ofSeptember 27, 1923, shall remain in force,according to which, until the end of 1930, theportion of the annual profits of the bank dis-tributed to the shareholders and the Stateshall not exceed the amount thus distributedfor the fiscal year 1922. All surpluses shall beapplied to liquidation of the credit extendedby the bank to the Istituto. Likewise, three-fourths of the annual proceeds of the newcirculation tax of 1.5 per mille (as well as anyspecial taxes) shall be thus applied, as was doneprevious to the monetary reform in the caseof revenues derived from the former specialtax equivalent to the full rate of discount.
Protection of deposits.—The necessity ofgiving legal effect to the basic principles ofcredit regulation became more urgent as aresult of the changes which took place, duringand after the war, in the credit situation inItaly.
The ease with which deposits could besecured during the period of currency inflationled to the establishment of many banks notadequately provided with capital and perhapsnot efficiently managed. Old as well as newfirms expanded their activities without limit,establishing costly branches in order to acquiredeposits of every type, even at very high ratesof interest. Consequently in a number ofcommunities large sums flowed into the vaultsof banks and bankers. These sums wereinvested in speculative operations, with theresult that capital was immobilized, and not^infrequently other interests were prejudiced.
Under such conditions decrees No. 1511 ofSeptember 7, 1926, and No. 1830 of November6, 1926, could not fail of wide application, not-withstanding the fact that the legislature,prompted by the desire to proceed gradually,had restricted itself to considering only suchmatters as were most in need of regulation.At any rate the situation was considerably im-proved, the acceptance of deposits and theiremployment being so regulated as to eliminatethe worst developments.
Through the extensive organization at itsservice the Bank of Italy has scrupulouslyperformed the duties assigned to it. It hassucceeded in systematizing this difficult workand in making it effective in practice. It hasprevented the establishment of new concernsof an undesirable type, as well as ill-advisedexpansions; it has moderated credit demands;it has examined balance sheets and semi-monthly statements, has made inspections andwarned the various institutions to carry on noirregular practices, and has urged managementsto introduce various desirable measures. Allthese complicated and unceasing activities,initiated at the end of 1926, are graduallyassuming a more concrete form and are con-vincing the public that control is being exer-cised at all times and in all places, and thatinstitutions which have not given proof of theirability to handle the funds of others properlywill not be permitted to carry on credit trans-actions.
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BALANCE SHEET OF THE BANK OF ITALY AS OF DECEMBER 31, 1928
Reserve:Gold at hortie-
Other gold assets-Balances abroadForeign Treasury bills _
Total reserveState debt to the bank on account of gold <
posited as collateral abroadOther cashDomestic billsItems for collectionAdvances to customers.Government securities
Due from domestic banks:Clearing housesOthers..
Interest due from Treasury for account of"Ist i tuto di Liquidazioni"
Credit with "Istituto di Liquidazioni"
Lire (inthousands)
5, 051, 944
4, 383,1841, 635, 721
6, 018, 905
11, 070, 849
1, 836,187102, 322
3, 720, 30536,413
1, 761, 8971, 080, 357
173, 67681, 315
254, £
1,160, 012
Dollars l
(in thou-sands)
265, 732
230, 55586, 039
316, 594
582, 327
96,5835,382
195, 6881,915
92,67656, 827
RESOURCES—continued
Bank premises __Unpaid capital..Other resources.
Total resources..
9,1354,277
LIABILITIES
Notes in circulationDemand drafts outstandingPublic deposits (Treasury accounts).Other demand deposits _
13,413
14,56961,017
Capital ._Statutory reserveExtraordinary reserveUndivided profits (net for the year)Current accountsFixed Treasury depositsTreasury deposit for account of "Instituto di
Liquidazioni"Other liabilities-._
Total liabilities.
Lire (inthousands)
140,46360,000642, 693
22,143,471
17, 295, 393716,086300, 000
1, 525, 213
19, 836, 693
240, 00048,00012, 02557, 36670,709
824, 775
60,000993, 902
22,143, 471
Dollars 1
(in thou-sands)
7,3883,15633,806
1,164, 747
909, 73837, 66615, 78080, 226
1,043,410
12, 6242,525633
3,0173,719
43, 383
3,15652, 279
1,164, 747
1 Conversion at par: 1 lira=$0.0526.
ANNUAL REPORT OF THE NATIONAL BANK OF HUNGARY
The annual report of the National Bank ofHungary for 1928, as presented to the meetingof shareholders on February 4, 1929, containsthe following sections dealing with financialand economic conditions during the past year:*
International situation.—During 1928 therestoration and legal reestablishment of cur-rency values based on the gold standard wasput into effect in several additional countries asa prerequisite for regulated economic activities.Of chief importance was the stabilization of theFrench franc, since it largely influenced theinternational flow of gold. Owing to ourgeographical location, however, it is essentialfor us to note particularly the steps of similarcharacter taken by some of the Balkan coun-tries, which have either already adopted meas-ures, as Bulgaria and Greece, or have indicatedthat they are about to introduce them.
The greatest economic accomplishment ofthe first decade following the World War hasbeen the almost world-wide stabilization ofcurrency values. Primarily as a result of thisachievement interrupted international eco-nomic relations are being once more resumedon a sound basis, and speculation is givingplace to honest work.
1 The full report, available in German and in official English transla-tion as well as in Hungarian, contains in addition sections dealing withbank operations, personnel, etc. For earlier reports see FEDERALRESERVE BULLETIN, August, 1928, June, 1926, etc.
The undoubtedly great achievements of thepostwar period have not been accomplishedwithout interruption. More and less favorableyears have succeeded one another, and in orderto get a true perspective for the whole periodone has to look back over several years. Thismust be borne in mind in reviewing the eventsof 1928 which, in comparison with the pre-ceding year, hardly present a favorable picture.Dark clouds hang in the horizon of inter-national politics, where negotiations are inprocess aimed at the solution of problemsgrowing out of the World War and still await-ing adjustment. On the great internationalexchanges waves of speculation have risenonce more, and the consequent demand forfunds has increased the difficulties of furnish-ing credit to those countries which depend fortheir supply of capital upon foreign nations.The growth of western European markets,especially England and France, has not beensufficient to offset the refusal of Americancapital to undertake further engagements inEurope. As a natural consequence some de-cline has been perceptible in the businessactivity of those countries whose requirements,owing to the insufficient supply of domesticcapital, must be met largely from foreignsources. In all this the increasing dependenceof the economy of nations with limited capitalupon foreign investment becomes apparent.
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General features of Hungary's economicsituation.—The cardinal problem of our eco-nomic life, therefore, as is being recognizedmore and more clearly, is that of building updomestic capital. Its solution can be broughtabout only through the greatest possible increasein the production of actual values, by sacrificingthe gratification of present wants, and throughthe employment of the greatest possible por-tion of such values produced and saved for thepromotion of future welfare, or, in other words,for purposes of further production. Whilechief responsibility in this connection mustrest with industry which must develop a higherdegree of initiative, we can not refrain fromrenewing our appeal, addressed in last year'sreport to the proper authorities, that freerscope be given to private enterprise. Our taxsystem is in urgent need of reform in variousrespects. The budget surpluses of past fiscalyears could be set aside as a reserve for suchpossible losses in revenue as might be incidentalto such reform. Salutary effects in the direc-tion indicated would be obtained through amore precise definition of the scope of govern-mental functions and, following administrativeand fiscal reforms at the earliest possible mo-ment, fixation of the legal ba,sis of commerceand industry, since confidence in the permanentcharacter of legal regulation is a most vitalprerequisite for the free development ofeconomic activity.
From a statistical point of view the economicoutcome of the year 1928 can not be regardedas unfavorable. Compared with the precedingyear the figures for total production show nosubstantial changes either in agriculture or inindustry. Examination of the indexes of con-sumption, although these figures are of some-what doubtful reliability, might justify the as-sumption that there has been an increase in pros-perity. Traffic figures also indicate progress.
In considering apparently favorable figures,however, we must not lose sight of thosephenomena which can be expressed in figureseither not at all or with difficulty, and whichgive to the economic history of Hungary for1928 a somewhat more gloomy aspect.
There has been no improvement in the un-favorable status of our international balance ofpayments. Owing to the continued importa-tion of foreign capital our interest charges haveincreased from year to year; during the pastyear we may estimate that they have reachedthe amount of approximately 120,000,000peaces ($20,988,000). The unfavorable bal-ance of our foreign trade, according to tenta-
tive figures, amounts to 366,000,000 pengos($64,013,000), and is therefore larger than in1927. Since, however, other items in ourbalance of payments, although they are ofsmaller importance, tend nevertheless to in-crease the debit total, the amount by whichour outstanding debits increased, or our out-standing credits decreased during the year1928, may be estimated at approximately500,000,000 pengos ($87,450,000).
It is evident that the keen competition offeredby foreign industries, of greater financialpower and producing in some instances at lowercosts, has been a factor in bringing about theconditions described. Money is dear or un-available altogether, with the result that tradeis restricted to the use of mercantile credits inthe granting of which domestic manufacturersfind difficulty in competing with foreign indus-tries. The increase in pur imports maybeattributed partly to this circumstance. Intheir struggle for foreign markets the difficultiesof Hungarian industries, particularly of agri-culture, have been aggravated by lack ofopportunity to sell at a profit. The undoubt-edly heavy losses from which our agriculturalindustry suffered, in consequence of the factthat grain stocks could not be marketed atthe opportune time, must also be greatlydeplored from the point of view of the generalpublic, because the purchasing power of thecountry was thereby diminished.
While the rural communities have been de-pressed by the farmers' difficulties, the urbanpopulation has complained of restricted meansof earning a livelihood. These phenomena,which doubtless merit serious consideration,are, however, overestimated by our easilyinfluenced public opinion, which inclines topessimism. This mass psychology, which isan essential factor in economic development,can not be disregarded. Superficial encourage-ment will not cure it; there is no way out,except to weather the storm. We refer to theinadequacy of our capital resources, to thedeficiencies in competitive power of our indus-tries, and to the lack of judgment displayed inthe marketing of our commodities, only forthe purpose of pointing out the sources of ourdifficulties. We, may, however, derive com-fort and encouragement from the fact that notone of these conditions is of such a nature thatit could not be remedied by our own effortsthrough the exercise of determination and aspirit of public service.
Agriculture.—Taking up the separate factorsof our economic life, we may note that the hopes
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which the farmers were justified in entertainingduring the spring months have materializedboth in the volume and the quality of crops.There was little inducement for sales, however,owing to the decline of wheat prices caused bythe exceptionally abundant world crop; con-sequently, liquidation of grain stocks wasextremely slow, and this, owing to the farmers'lack of working capital, necessitated an in-creased resort to the use of credit. Thus, theprofits expected by the farmers from an increasein the harvest have been in large measureoffset on the one hand by interest charges,which as the year advanced tended to becomeheavier, and on the other by the constantrecession of grain prices. The cattle raisingindustry has offered no compensation for this.The drought during the summer monthsaffected several ground vegetables and fodder,so that the keeping of cattle became moredifficult, and cattle prices did not keep pacewith the rising prices of fodder. Measurestaken by the Government—including modifica-tions of the sales tax and of railroad freightrates, introduction of the import permitsystem, and extension on favorable terms ofcredits for fattening cattle—and favorableautumn weather, while affording some relief,did not offer a permanent solution of theproblem of rendering cattle raising profitable.Under the conditions described, it was notsurprising that the indebtedness of Hungarianfarmers, who suffer under the burden of pro-duction costs which have handicapped them inworld competition and in many instances haveconsumed all the profits of their work, shouldhave increased rather rapidly. I t should benoted, however, that this indebtedness, as maybe seen from the official real-estate register, hasuntil now amounted on the average to barely 8per cent of realty values. On the other hand,the fact that, compared with the preceding year,the consumption of artificial fertilizers has in-creased by 12 per cent, while the import of trac-tors has almost tripled since the autumn of 1926,is reassuring since these facts seem to prove thatin agriculture scientific methods are being usedin the struggle for prosperity. Further encour-agement may be derived from enactment oflaws and regulations which are intended tobring into effect, as well as to regulate financiallythe agrarian reform, and which will enable thefarming industry to obtain a substantial amountof capital from abroad.
How to secure for our agricultural surplus anoutlet abroad has become a matter of increas-ing concern. The hopes which had been enter-
52985—29 3
tained regarding a revival in exportation offarm products as a result of recently concludedcommercial treaties have not materialized.The sale of our grain requires the conclusionof preferential tariff agreements; our cattle ex-ports are declining, and removal of the obstaclescausing this decline is one of the most importanttasks of our commercial policy. The policy ofadjacent industrial countries aims avowedly atan expansion of their agricultural production tosuch a degree as to make them self-sufficient.Sooner or later, therefore, we shall be com-pelled to take our products to more remotemarkets, although in these markets it will beeven more difficult to compete with overseasnations, whose industries, free of regulation,are better able to take advantage of technicalprogress and are constantly lowering their manu-facturing costs. Greater attention must, there-fore, be given to the development of such anadaptable foreign-trade policy as will enable usto meet the constantly changing demand, andwill supply consumers with our marketablegoods in the quickest and least expensive way.
Industries.—Among the several branches ofproduction our manufactures present the mostfavorable picture. Our textile industry, as istrue of this industry in most foreign countries,must look back on a year which has been, incomparison with previous years, less successful.In the other branches of industry, however,with few exceptions, no substantial change isto be noted over the year; in some instances,especially toward the end of the year, a distinctimprovement was perceptible. In particularthe gradual increase in the production and con-sumption of coal indicates that our industrialactivity continues to be a material factor in theeconomic reconstruction of the country. Theprocess of concentration continued, especiallyin the iron and machinery industries, in thechemical industry, and also in the brick indus-try; from these developments, as well as fromthe formation of new companies in the textile,chemical, and paper industries, a further in-crease in the value of industrial production—a factor of constantly increasing significance inour national income—may be expected. Ex-ports of Hungarian manufactures, furthermore,showed a gratifying increase of 33 per cent forthe first nine months of 1928, compared withthe corresponding period of the preceding year.The fact, however, must not be overlookedthat, in this field also, we are still in the initialstages of the work to be done, since the possi-bilities of export for our industrial productshave not yet been properly developed.
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Mercantile business.—It can not fairly besaid that 1928 was a good year for trade. Thatstratum of society which, through the opera-tion of the peace treaty, wTas dislodged from itsformer position, can only gradually accommo-date itself to the changed conditions. Thedifficulties of finding suitable employment forthe intellectual classes tend to force individualsin constantly increasing number into the mer-cantile business. Lack of operating capitalinduces overextension of mercantile credits;the lack of purchasing power, as well as therelatively large volume of stocks on hand,causes an increasing number of commercialfailures in Hungary. The number of suchcases where arrangements with creditors weremade during 1928 exceeded the number of thepreceding year by 42 per cent, and for totalliabilities involved the excess amounted to 80per cent. Of the different branches of busi-ness, failures are still most numerous in thetextile trade, about 50 per cent of the totalnumber of insolvencies occurring in thatbranch of mercantile business.
The credit situation.—In respect to thesupply of credit, conditions in the first half ofthe year differed greatly from those prevailinglater on. During the first few months moneywas distinctly easier and money rates declinedby one-fourth to one-half per cent. This maybe attributed partly to the usual seasonal de-cline in the demand for credit during the firstmonths of the year, and partly to the circum-stance that the inflow of foreign credits, in-cluding long-term and short-term credits, con-tinued unabated until the end of the springseason. The increase of rates in the Americanmarket, causing dollar credits to become dearerall over central Europe, was felt more keenly inthe early summer months. In the domesticmarket the effect of these higher rates wasapparent in the rates on "Lombard77 creditsas early as July. On the discount market andin fixing interest rates for provincial credits,the effect of this factor was for a time compen-sated by the bank, which in order to lowerrates for credits in the provinces, temporarilyextended the credit facilities of the provincialbanks. At the beginning of autumn, how-ever, the interruption of the inflow of foreigncapital, as well as the demand for creditsresulting from the accumulation of our grainstocks, began to be increasingly felt. Thebank was unable to avoid raising the discountrate—we shall come back to this point later—as a result of which interest rates in generalrose, although by an amount less on the whole
than the 1 per cent official increase in the bankrate, so that interest rates generally quoted atthe end of 1928 were only one-fourth to one-half per cent higher than at the close of the pre-ceding year. Although the total volume ofcapital accumulation showed no increase forthe year, credit requirements were met withoutmore than temporary strain. This was duepartly to the liberal credit policy pursued bythe bank of issue as to the eligibility of thepaper accepted, under the statutory require-ments. Adoption of this policy was the morenecessary for furnishing an adequate supply offunds because foreign capital was used on amore limited scale during 1928 than duringthe preceding year.
The stringency in foreign money markets,particularly in the United States, increasedsteadily throughout the year and was especiallynoticeable in the case of short-term credits.Increase in the amount of such credits—notcounting mercantile credits—may be estimatedat approximately 100,000,000 pengos ($17,-490,000)—that is, hardly more than half theamount of the year before. The volume ofshort-term foreign loans, however, wouldprobably not have been much larger even ifforeign money rates had been more favorable,since any considerable increase would havebeen contrary to sound business principlesand to that policy of caution which has estab-lished the reputation enjoyed abroad by ourleading financial institutions that specialize inshort-term credit.
During the year under review the grantingof long-term credits also was effected largelywith the aid of foreign capital. While foreignfunds contribute in large measure to the in-creases of capital of our corporations, they arepredominantly important in the arranging oflong-term loans, for which domestic creditsources are of but minor importance. Thenominal total sum of our foreign bond issuesmay be estimated at approximately 280,000,000pengos ($48,972,000), about equal to the vol-ume of the preceding year. As to the distri-bution of these loans, however, an essentialchange is to be noted in comparison with theprevious year, inasmuch as approximately 90per cent of the loans went into private hands.Mortgage loans amounted to almost 120,000,000pengos ($20,988,000), as compared with only100,000,000 pengos ($17,490,000) the year be-fore. As to bond issues for industrial purposes,their nominal value—including the loan for theconstruction of the trans-Danubian electricpower station—may be estimated at nearly
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130,000,000 pengos ($22,737,000), while in thepreceding year no issues at all were floatedfor industrial purposes.
From these figures it is evident that nochange has taken place in the willingness offoreign nations to furnish our country withcredit. Unfortunately, however, the develop-ment of the situation in the money and invest-ment markets is reflected in the prices of ourearlier bond issues, as well as in the terms ofrecent flotations. Also the terms on which ourindustries can obtain such loans through therespective sources have become more burden-some. From the point of view of the competi-tive power of Hungarian agriculture, handi-capped as it is by the lack of operating capital,such an increase in the actual interest andsinking fund charges is to be the more regretted,as measures were taken during the year tomake long-term credits available in more amplevolume to the owners of small farms.
Our financial institutions showed signs ofcontinued healthy development. The increaseof deposits in Budapest has generally beenequal to that of the preceding year, while insome places in the Provinces, especially duringthe second half of the year, the growth ofdeposits came to a standstill. It was un-fortunate that the slowness with which capitalaccumulated through the building-up of depositsfrequently led to excessive competition and tooverexpansion of rediscount credits. . . .
In connection with the outline of our creditsituation mention should be made of some ofthe more important legislative measuresenacted—first of all the law dealing with therevaluation of certain private debts, and thosemeasures which provided for the assistance ofwar-loan bond holders with small incomeswho had subscribed to these bonds in con-siderable amounts. There was some furtherlegislation providing for the organization of aninstitution for the granting of long-term mort-gage loans. These laws modify the previouslegislation for the safeguarding of mortgagebonds and debentures and provide for thepossibility of an issue of industrial mortgagebonds.
Stock exchange.—With the accumulation ofdomestic capital so inadequate, increased ac-tivity on the stock exchange was to be expectedonly in case foreign capital were attracted toour securities. But, as foreign funds were at-tracted rather to other countries by the greateropportunities for profit and the higher interestrates obtainable on stock-exchange loans, andas domestic capital was also invested in foreignsecurities, while sales effected abroad for do-
mestic account were in relatively small amount,the situation of the stock exchange throughoutthe year was depressed, and prices graduallydeclined.
Prices.—Our price indexes were on the wholeabove the level of the preceding year. Thedrought in the summer caused a sharp advancein prices of foodstuffs, under the influence ofwhich retail prices as well as indexes of the costof living increased, reaching their peak in Sep-tember. Some alleviation of the cost of livingwas undoubtedly afforded by a measure takenby the Government providing, in contrast tothe original plan, for a delay in the gradualadvance of house rents. As a result of thismeasure, house rents during the year show anadvance of only about 15 per cent.
Statistics of the development of trade—es-pecially as reflected in clearings—indicate afurther growth which, however, is relativelyless than that of the previous year. For aproper interpretation of the statistics of clear-ings we must take into consideration not merelythe natural tendency of trade to increase—which must similarly be considered in the in-terpretation of other economic statistics—butalso the fundamental changes in the nature ofclearings, since payments other than in formof actual cash are of growing importance.
As regards steamship traffic on the Danube,the opening of the free port at Csepel is anevent worthy of note. It is to be hoped thatthe capital invested in this large-scale enter-prise may lead to a revival of the Danubesteamship service, which has shown but slightactivity since the war.
Public finance.—In contrasc with the incom-pleteness of economic recovery, financial recon-struction has made great progress. Surplusrevenues amounted to approximately 95,000,-000 pengos ($16,616,000) in the fiscal year1927-28, thus raising the total surplus realizedsince the beginning of the reform to nearly400,000,000 pengos ($69,960,000) This show-ing justified a liberalization of our tax policywhich previously had to be determined entirelyby our urgent fiscal needs. This change ofpolicy has already been put into effect in theeasing of certain sales and building taxes. . . .
Condition of the bank, metal and foreignexchange reserve.—The factors influencing ourcredit situation have also brought aboutchanges in the condition of the bank. Ashas been noted, during the first half of theyear our industries were provided with for-eign capital without difficulty. Our trade bal-ance ran parallel with that of the precedingyear. Under these circumstances the changes
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in our metallic and foreign exchange reservewere in accordance with expectations. Con-sistently with the agricultural character of thiscountry, exports customarily decline duringthe first half of the year, so that the decreaseof the metallic and foreign exchange reserveduring this period may be characterized as aregularly recurrent phenomenon. As against317,500,000 pengos ($55,531,000) shown for theend of 1927, the metallic reserve gradually felloff to 263,100,000 pengos ($46,016,000) onJuly 23. While there was a moderate reactionin August, it was only temporary. Our exportsof manufactures could not be increased. Theadvance of 1 to 1% per cent in interest rates onforeign credits as against rates prevailing atthe beginning of the year reversed the directionof flow for funds seeking short-term invest-ments. In August and September the foreignplacing of our long-term loans came to analmost complete standstill, so that in Septem-ber our metallic and foreign exchange reservebegan to sink once more, reaching its lowestpoint of 252,100,000 pengos ($44,092,000) onSeptember 30. Owing to the persistent reces-sion of grain prices and the failure of our tradebalance to improve, the increase in the bankrate had, during the remaining months of theyear, only a limited effect upon the metallicreserve. During the last three months of theyear our reserve fluctuated generally between260,000,000 ($45,474,000) and 270,000,000 pen-gos ($47,223,000), and at the end of the yearamounted to 263,600,000 pengos ($46,104,000).The holding of gold in our reserve showed afurther moderate increase, amounting on De-cember 31 to 201,100,000 pengos ($35,172,000),and giving a cover of 39.1 per cent even to our rel-atively high bank-note circulation on that date.
Increase in the discount rate.—Holdings ofdiscounted bills and warehouse receipts fromthe beginning of the year were considerablyabove the level of the corresponding period in1927. During the first three months of theyear this increase—as figured from monthlyaverages of weekly statements—exceeded 50per cent. . . . As a consequence of thedecline in the inflow of foreign capital aroundthe middle of the year, and of the decrease inexports, the greater demand for money duringthe autumn months was reflected in an in-creasing use of bank credit. After the end ofJuly the holdings of discounted bills continuedmaterially in excess of the volume of the pre-ceding year, September figures being 25.6 percent above those of the year before. At theend of September holdings of discounted bill
increased nearly to the 400,000,000 pengos($69,960,000) mark. From the character ofthe holdings of discounted bills and of thereserve, as described, it became apparent thatwhile on the one hand the use of bank creditin proportion to the domestic demand forcredit was excessively large, on the other hand,the inducement of the higher interest ratesprevailing in foreign markets not only reducedthe supply of available foreign short-term fundsbut also affected adversely the inflow to thebank of foreign exchange resulting from ex-ports, and actively stimulated investment ofdomestic funds abroad. Under these circum-stances the board of directors of the bank atits meeting on October 1 concluded that a 1per cent increase in the bank rate—from 6 to7 per cent—was unavoidable, as it becameclear that it was more important to correctthe financial situation than to give domestictrade the benefit of lower interest rates, eventhough they would reduce production costs.
During the period following the increase ofthe bank rate holdings of discounted billscontinued on the whole in normal amount,reaching a high point for the year of417,400,000 pengos ($73,003,000) on the lastday. This figure represents an increase of19,000,000 pengos ($3,323,000) over the totalat the end of September, while the increase inthe corresponding period of the precedingyear had amounted to 22,400,000 pengos'($3,918,000).
A notable development in the use of bankcredit has been the evergrowing importance ofbills discounted for the provinces and bills ofagricultural origin. While the share contrib-uted by the provinces in 1926 amounted, onan average for the year, to 48.7 per cent of theentire volume of bills, this ratio increased in1927 to as much as 51.9 per cent, and in 1928to 53.8 per cent. One development connectedwith the warehousing of grain stocks is foundin the relative increase in volume of warehousereceipts. While the amount of such paper atthe close of the previous year has risen toslightly less than 4,400,000 pengos ($770,000),it amounted at the close of 1928 to as much as7,900,000 pengos ($1,382,000). It is worthyof note also that, during the second half of theyear, the demand for liquid funds at the end ofeach month was on the whole covered by thediscounting of bills at the bank of issue to amuch greater extent than during the precedingtwo years. Our discounted bills were through-out the year of prime character, as shown bythe fact that the bank has not suffered any
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loss from its discount transactions. This is initself the best sort of evidence of the efficiencyof our examiners and of their thorough-goingwork, meriting the appreciation of stockholdersand management alike.
Note circulation.—In our note circulationduring the past year the underlying tendencyof natural growth was again reflected. Theannual average calculated from our weeklystatements shows that the actual note circula-tion in 1928 was 5.3 per cent greater than in1927. This underlying tendency, however,was less noticeable during the second half ofthe year. While the average monthly notecirculation was higher, in March by 7.9 percent and in June by 7.3 per cent, than in thecorresponding months of the preceding year,beginning with August the average exceededthat of the corresponding month in thepreceding year by only 3.7 to 4.4 per cent.
As token coins were only gradually put intocirculation during the first quarter of 1927, afairer comparison is for combined totals of thetwo kinds of actual money in circulation,namely, bank notes and token coins. In thiscomparison the tendency toward a slowerrate of increase during the closing monthsof the year, as outlined above, becomes moreobvious, inasmuch as, while the averageaggregate circulation in January shows anincrease of 8.8 per cent as compared withJanuary, 1927, the rate of increase sloweddown to from 3 to 3.7 per cent for the periodAugust-December. The average aggregate cir-culation was 5.1 per cent higher than the aver-age for 1927.
We get a slightly different picture if we takeinto account also the volume of demand de-posits (current accounts) which, although sub-ject to the same reserve requirements as banknotes, are less important from the point of viewof purchasing power. In our discussion ofpublic finance we have already noted that thebalances in our favor in the State accounts de-clined in the second half of the year below thelevel of the preceding year. Since, however,these balances during the first half of the yearwere at their highest level, the average annualamount of State credit balances exceededsomewhat—by 0.5 per cent—the average of thepreceding year. The so-called " other" de-mand deposits, much smaller in amount (pri-vate credit balances on current account), showan average annual volume greater by 16 percent than in the preceding year, so that thetotal amount of demand liabilities (includingthose of the State and others) exceeded theannual average of the preceding year by 1.4
per cent. For the aggregate of bank-note cir-culation and all other demand liabilities, there-fore, the relative increase was smaller than forthe bank-note circulation alone, the averageannual increase amounting to 3.7 per cent.Owing to change in the volume of State creditbalances, the downward tendency in the totalamount of the note circulation became stillmore pronounced toward the close of the year.While during the first three months of the yearthe aggregate note circulation was 11.6 per centhigher than in the previous year, the amountfrom September on declined below the level ofthe preceding year, the December averagebeing 5.4 per cent lower than in the correspond-ing month of 1927.
The seasonal diminution of the note cir-culation at the beginning of the year was againobservable in 1928. As in the preceding yearthe note circulation attained its lowest pointon April 23 at 383,900,000 pengos ($67,144,000).The aggregate volume of note circulation anddemand liabilities however—owing to the de-creasing trend of State credit balances—at-tained its low point on July 23, at 663,300,000pengos ($116,011,000).
State debt to the bank—Reserve ratio.—Theincrease in the note circulation and the decreasein the metal and foreign exchange reserve wasreflected in the decline of the reserve ratio pre-scribed by the statutes. To a certain extentthis effect was intensified by the circumstancethat the amount of the State debt to the bank—under the agreement concluded between theState and the bank regarding amortizations—shows a further substantial decrease for theyear, figuring in the balance sheet of the bankat 97,200,000 pengos ($17,000,000), as against111,400,000 pengos ($19,484,000) the year be-fore. Reflecting a substantial decrease in thenote circulation, the reserve ratio, as comparedwith the ratio at the end of 1927 when it stoodat 46.41 per cent, moved on a higher level dur-ing the first half of the year, the highest pointof 49.46 per cent being attained on March 23.In the second half of the year, however, theratio fell off gradually and reached its lowpoints of 40.09 and 40.11 per cent on October31 and December 31, respectively.
Cooperation among banks of issue.—Duringthe past year we have taken a more active partin the cooperation of banks of issue. Particu-lar mention should be made of the conferenceof directors of research bureaus of centralbanks, which was held in Paris last spring anddevoted its attention to developing and makingmore useful the statistical and other informa-tion services.
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BALANCE SHEET OF THE NATIONAL BANK OF HUNGAKY AS OF DECEMBER 31, 1928
RESOURCESMetallic reserve:
Gold coin and bullion, foreign and commer-cial gold coin (1 kilogram of fine gold=3,794pengos)
Foreign bills of exchange and curriencies in-cluded under art. 85 of the bank statutes
Silver . _ „ _
Token coin..-Total metallic reserve __
Domestic bills, warrants, securitiesAdvances on securities _ _.State debtBank premises _Other resources __ _
Total resources
Pengos(in thou-sands)
201,083
54.003792
7,674
263, 552
417,41147
97, 2446,170
94,172
878, 596
Dollars *(in thou-sands)
35,169
9,445139
1,342
46,095
73,0058
17,0081,079
16,471
153,666
LIABILITIESCapitalSurplus _Note circulation:
Pengo notesCrown notes -
Total note circulation _ _Current accounts, deposits and other liabilities
payable on demand:Public -Private
Total
Other liabilities-__ . - .Profits carried forward to 1929._ __N"pfr nrofit5? for 1928
Total liabilities
Pengos(in thou-sands)
34,7566,951
511,1722,288
513,460
209,69831,116
240,814
66,9422,553
13,119
878, 596
Dollars »(in thou-sands)
6,0791,216
89. 404400
89,804
36, 6765,442
42,118
11,708447
2,295
153, 666
i Conversion a t par : 1 pengo=$0.1749.
ANNUAL REPORT OF THE CENTRAL BANK OF.CHILE
The third annual report of the Banco Cen-tral de Chile, covering the year 1928, was sub-mitted to the superintendent of banks onMarch 15, 1929. Sections of the report deal-ing with financial and economic developmentsduring the year are given herewith:l
General situation.—The year 1928 showedsteady progress in the commercial situation ofChile, the principal products, nitrate andcopper, have considerably increased their pro-duction, agriculture has had a satisfactoryyear, extensive building is going on in manyparts of the country, and the Governmentfinances are in good condition. Interest rateshave fallen and money is plentiful for allsound business needs. The outlook for 1929is good.
Discount rates.—Until October 22 the dis-count rates fixed by the bank on December 12,1927—6^ per cent for operations with banksa,nd 7J^ per cent for operations with the pub-lic—remained unchanged. On that date theserates were reduced to 6 and 7 per cent, respec-tively, and they continued at those pointsuntil the end of the year.
The board of directors reduced the rates ofdiscount in October in order to adjust the ratesof the Banco Central to the prevailing interestrates for high-grade paper. Due to the steadyincrease in the deposits in the commercial
1 Taken with minor textual revisions from the full report, availablein official English translation published by the bank; it contains in addi-tion sections dealing with bank operations, personnel, etc. For earlierreports, see FEDERAL RESERVE BULLETIN, June, 1928, and September,1927.
banks, interest rates have been showing a con-stant tendency to decline to lower levels.
It was also felt that it would be advisableto take advantage of the ease in the moneymarket to put the discount rates of the BancoCentral on a lower basis, so that if later itbecomes necessary to raise them in order tocorrect an unfavorable situation, such as acrisis or a period of excessive speculation, thebasic point would be lower, thus avoiding arise to a rate injurious to the business interestsof the country.
Interest rates on deposits.—For a long timepast the banks of Chile have been paying ex-cessively high rates of interest on deposits ofall classes, and these rates did not decline inharmony with the general decrease in interestrates in the country. A number of efforts weremade to obtain an agreement among the banksfor a reduction of the rates of interest paid ondeposits, but without success.
In view of the failure to obtain an agreementon this subject, Congress passed a law author-izing the Banco Central and the banking super-intendent, acting jointly, to fix maximum rateswhich the banks can pay. The Banco Centraland the banking superintendent issued a jointcircular fixing these rates . . .
Exchange.—. . . Exchange rates have re-mained very steady at all times. The lowestpoint for 90-day sterling drafts during theyear was 39.38 and the highest 39.708 pesosto the pound, the difference of about 33 pointsbeing less than 1 per cent.
Exchange ruled fairly low during the first halfof the year, reaching its low point in March, and
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was firmer during the last half of the year.This is due to the greater offering of nitratedrafts during the first part of the year, corre-sponding to the active season in this industry.Several times during the year the BancoCentral has entered the market as a seller at39.70 to prevent rates going too close to thegold export point. The bank has also pur-chased large amounts of foreign currencies fromthe Government in connection with foreignloan issues.
Transfers.—The Banco Central effects trans-fers between its offices free of charge. Thisservice has been of great benefit to the banksand business interests of the country, as itfacilitates the transfer of funds to the sectionof the country where they are needed, thus pre-venting shortages of currency at some pointsand excess accumulations at others, with re-sulting premiums or discounts for the papercurrency of the country. It has also a tendencyto bring interest rates to nearly the same levelin all sections. . . . With the opening ofnew offices of the Banco Central these facilitieswill have a more extensive application.
Clearing houses.—The Banco Central hascontinued to operate clearing houses for thebenefit of the banks in the cities where it hasoffices—that is, in Santiago, Antofagasta, Val-paraiso, and Valdivia. By this means thebanks are enabled to collect with the utmostfacility the checks on other banks received bythem, the balances being settled by debits orcredits on the books of the Banco Central, thusavoiding the handling of money in effecting thesettlement of such balances. The volume ofbusiness passing through these clearing houseshas increased considerably. . . .
The statistics of the clearings are very inter-esting as showing the volume of business activ-ity of the country, but they are incomplete, asmany checks do not pass through the clearinghouse, being deposited in the bank on whichthey are drawn. The banking superintendentand the general statistical office thereforerequested the banks to submit figures eachweek showing the totals of their debits to de-posit accounts during the week. These figuresare sent to the Banco Central and are com-piled and published by us and by the generalstatistical office. They reflect much betterthan the figures of the clearing houses thebusiness activity of the country. . . .
The gathering of these figures was only be-gun on July 1, and so far covers only the banksin cities where the Banco Central maintains anoffice—Santiago, Antofagasta, Valparaiso, andValdivia.
Operations with the Government.—TheBanco Central has continued to serve theGovernment in every way in its power, and therelations have continued completely harmo-nious and entirely satisfactory to both parties.
No new loans were made to the Govern-ment during the year, and the holdings ofGovernment bonds have only varied slightly.The total of Government obligations has al-ways been well within the limits set by thelaw, and it is worthy of note that the Govern-ment deposits in the bank are almost alwaysconsiderably in excess of the bank's holding ofGovernment paper.
During the first part of the year the Govern-ment closed its branch fiscal office in London,and since then all the financial transactionsof the Government abroad have been carriedout through the agency of the Banco Central.
Old Government note issues.—The amountof the old Government note issues outstand-ing at the first of the year was about 44,000,000pesos ($5,334,800). This has been reducedduring the year to below 17,000,000 pesos($2,068,900).
The responsibility for the payment of allthese issues was assumed by the Banco Centralwhen it opened for business, and the originalamount of about 405,000,000 pesos ($49,488,-500) has been reduced until it is now under17,000,000 pesos ($2,068,900).
The greater part of these old issues nowoutstanding are probably lost or destroyed,and Congress therefore passed a law providingthat after September 1 next the Banco Centralwould be relieved from the obligation to redeemthe notes then outstanding and this obliga-tion would, from that date, be assumed bythe national Government. The Banco Centralwill, on that date, return to the Governmentan amount of money equal to the amount ofthe gold Government notes then outstanding.
Silver coins.—During the past year Congresspassed a law changing the form of the silverand nickel coins of the country, with theobject of making the silver coins smaller andmore convenient. The nickel coins will be ofabout the same size as at present but will beperforated to distinguish them from the silvercoins.
The new coins will be put in circulation assoon as the mint can coin a stock sufficient forthe needs of the country. The Banco Centralwill cooperate with the Government in effectingthe exchange.
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The new silver coins will be of 1 and 2 pesos,720 fine, weighing 6 and 12 grams. The newnickel coins will be of 5, 10, and 20 centavos.
Section of economic research.—A committeeof the board of directors has been named toorganize and direct a department of the bankto be devoted to economic research.
This department is to accumulate statisticsregarding the business and economic conditionof the country to guide the administration ofthe bank in its work, to make such investiga-tions regarding the commercial and financialsituation of the country as may be useful to thebank, to study new theories and trends ofthought throughout the world concerning cen-tral banks, and to attend to the publicationsof the bank.
Branches.—No new branches have beenopened by the Banco Central during the year,but properties have been purchased in Iquiqueand Concepcion, and work is well advanced onbuildings in those cities, and it is expected thatoffices will be opened in those cities early in1929.
During the year the agencies of the bankhave continued to perform their functions to theentire satisfaction of the public and the admin-istration of the bank.
Building.—On December 17 the bank openedfor business in its new building . . . whichhas been under construction for almost twoyears. The cost of the new building, includingland, up to December 31, 1928, was somewhatmore than 8,666,000 pesos ($1,053,000), but thiswill increase somewhat as there is still work todo to finish the building entirely.
Capital.—The number of shares outstandingat the beginning and end of 1928 are shownbelow:
Class AClass BClass C __Class D
Total
Dec. 31,1927
20,00037, 00222, 8079,704
89, 513
Dec. 31,1928
20,00037, 73922,26010, 626
90, 625
The changes are due to new issues or transferof shares because of increases or changes in theamount of the capital and reserves of themember banks. All the banks in the countrymust readjust their share holdings in the BancoCentral so as to hold shares amounting toexactly 10 per cent par value of their capitaland reserves as of June 30 each year.
In making these readjustments the bankshaving an excess number of shares can sellsuch excess in the market or can transfer suchexcess shares to shares of class D and continueto hold them if the total amount does not exceed5 per cent of the member bank's capital andsurplus.
If the member bank has to purchase sharesin connection with this readjustment it canpurchase the number needed of class D in theopen market and have them exchanged for thesame number of shares of the class needed, orit can buy the shares from the Banco Central.In this latter case the price is either the bookvalue or the average price in the market duringthe previous year, whichever is higher.
Profits.—Article 99 of the bank law providesthat 20 per cent of the net profits of the bankshall be passed to surplus account until it isequal to one-half the paid-in capital; also5 per cent to a special fund for the benefit ofthe employees, and from the balance a dividendof 8 per cent.
The profits for the six months ending June30 and December 31 of last year left a consid-erable excess after making these distributions.Therefore, in conformity with the law citedabove, this excess was used to pay to the Gov-ernment a special tax of 4 per cent of the paid-in capital of the bank, and an equal fund wasused to pay an additional dividend to the share-holders and to increase the special surplus fund.The board of directors has continued its policyof assuring the shareholders a regular dividendof 10 per cent per annum, and to this end didnot pay out all the above-mentioned amount asdividend but paid an extra dividend of only 2per cent, using the balance to increase thespecial surplus fund, which was begun in 1926and which is destined to insure regular divi-dends.
In the second six months of 1928 there stillremained some undistributed profits, which, inconformity with the law, were distributed 75
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per cent to the Government and the other 25per cent to increase the special surplus fund.
The surplus fund of the bank has also grownby reason of the premium charged for theshares of classes B and C, which the banks arerequired to purchase from time to time to ad-just their holdings of stock in the Banco Cen-tral to exactly 10 per cent of their capital andsurplus funds.
Publication of balance sheets, etc.—Eachweek the bank has submitted to the bankingsuperintendent a report in the form prescribedby him and showing details as required by law.These weekly reports have been published inthe Diario Oficial, as well as in the principalpapers of the country, and copies have alsobeen sent to the various central banks abroadas well as to financial publications and im-portant banks in all parts of the world.
On June 30 and December 31 semiannualbalance sheets have been prepared, and inaccordance with them the profits have beendistributed as provided by law.
On March 3, May 5, September 1, and Octo-ber 31 special reports were called for by thebanking superintendent, which were furnishedin the form required by him and published inthe papers of Santiago and Valparaiso.
The second annual report of the bank waspublished both in Spanish and English andextensively circulated both in the countryand in foreign countries.
In January the bank began the publicationof a monthly bulletin giving certain statistics re-lating to business and finance in Chile, together
with such comments on the statistics and thegeneral business situation of the country asmight be of interest and assistance to thosedesiring to be informed regarding the commer-cial and banking situation of the country.This bulletin is published in Spanish and Eng-lish and is circulated widely both in Chile andabroad.
BALANCE SHEET OF THE CENTRAL BANK OF CHILE ASOF DECEMBER 31, 1928
RESOURCES
Gold ...Foreign gold coinsSilver and nickelDeposits abroadChecks on other banksGovernment loansBills discountedForeign bills purchased___ _Deposits with banking superintendent.Branches and agenciesReal estateGovernment bonds -Interest receivableSuspense accountsPaper for bank notes _._
Total resources
LIABILITIES
Bank notesGovernment issues _Demand depositsOther deposits _ ._-Time drafts outstanding _Dividends unpaid...Interest received but not earnedSuspense accountsCapital paid in_ _SurplusReserve for future dividends
Total liabilities
(inthousands)
Dollars *(in
thousands)
60, 204296
8,013476,836
3,3391,997
22, 4082,232
4917
10, 5749,3031,706
435593
598, 003
334, 83616, 875
104, 001650
32, 6533,537
1742
90, 62510, 2654,385
598, 003
7,32736
97558, 031
406243
2,727272
62
1,2871,132
2085372
72, 777
40, 7502,054
12, 65779
3,974430
21
11,0291,249
534
72, 777
^Conversion at par: 1 peso=$0.1217.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
396 FEDERAL RESERVE BULLETIN JUNE, 1929
FINANCIAL STATISTICS FOR FOREIGN COUNTRIESGOLD HOLDINGS OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
MonthTotal(40
coun-tries) i
UnitedStates gen-
tinaAus-tra-lia*
Bel-gium6
Bra-zil 7
Can-ada^
Eng-land»
France10
Ger-many3
India3 11 Italy ; Ja-
pan1Neth-
er-lands 5
Rus-s i a " Spain l i
Swit-zer-
land a
24othercoun-tries
1922-December1923-December1924-December1925-December1926-December1927-December1928-June
JulyAugustSeptember-._OctoberNovember. __December
1929-JanuaryFebruaryMarchAprilMay
8,348f 8,607
8,9388,9129,1859,536
9,7499,8409,8799,9389,9449,991
10,00010,03210,054
P10, 085P10, 057
3,5063,8344,0903,9854,0833,977
3,7323,7373,7493,7523,7693,7543,7463,7463,7763,8143,8893, 931
473466444451451529622622621633611610607605603585
P585
116121121128107105
109110110107107107108109109110110
5252535386100
111112112112113115126126126126134
2749545456101
140140143143146148149149150150
P150
14712715115715815210498101106108133114797878
P 7 8
752754757703735742
838857
803778750744736748
708709710711711954
1,1361,1731,1901,2001,2071,2391,2541,3331,3341,3401, 4031.435 i
227111181288436444
496524536571603625650650650639451
P420
118109109109109119
119119119119119120124128128128128
217216218219221239
259263263266266266
266270270
586576562542
542542542542542542541541541542542
234234203178166161
175175175175175175175175175170174
487488489490493502
503503503504504494494494494494494
103104989091
100
868687909191
10393939395
572585601627634672
694
701702702702703
P707P701
p Preliminary, based on latest available figures.r Revised.1 All countries for which satisfactory figures are available; see explana-
tion in Bulletin for April, 1929 (p. 263), where separate figures for eachcountry are given by years back to 1913. The 16 countries for whichfigures are here shown separately by months include all those whichhave held gold in recent years to the amount of $90,000,000 or more.
2 Treasury and Federal reserve banks.3 As of end of month.* Figures for December as of end of month; for other months figures
of Bank of the Nation are as of end of month; figures of Governmentconversion fund as of last Wednesday in the month.
6 As of last Monday in month.6 As of last Thursday in month.
7 As of end of month for Bank of Brazil, last Saturday in month forstabilization fund.
8 Includes gold held by Government against Dominion notes andsavings bank deposits, and such gold as is held by chartered banks inthe central reserve.
8 As of last Wednesday in month. Gold held by Bank of Englandand, prior to 1925, gold held by exchequer in currency note reserve.
i° As of last Friday in month,u Currency and gold standard reserves.12 Domestic holdings of Bank of Japan and the Japanese Government.
Figures are as of end of month, except that in 1928 figures for holdingsof the bank are as of last Saturday in month. No figure for December1924, is available, the figure given being that for January, 1925.
13 Reported as of day after end of month,u As of last Saturday in month.
GOLD MOVEMENTS[In thousands of dollars]
Month
1928—AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1929—JanuaryFebruaryMarch _April __
United States
Im-ports
5,3191,968
20,00010,3312,4454,273
14,33129,59124,95048, 57726,91326, 47024,687
Ex-ports
96,46983,68999,93274,190
1,6983,810
99222,916
1,6361,3781,4251,6351,594
Net
-91,150-81,721-79,932-63,859
747463
13,3396,676
23,31447,19925,48824,83523, 093
Germany
Im-ports
29,8341,175
11,27628,02414,05837,08434,14623, 26126, 923
1,2501,3381,7011,768
Ex-ports
822688707632765783844943802577764804
223, 247
Net
29,012487
10,56927,39213,29336,30133,30222,31826,121
672574897
-221,480
Great Britain
Im-ports
11,76018,74639,67223,95824,05519,23315,82422,26117,79211,84412,34725, 73416,144
Ex-ports
2,9435,4986,4099,436
20,18028, 24745,59741,98925,50227,89121,3837,7463, 714
Net
8,81613,24833,26314,5223,875
-9,014- 2 9 , 773- 1 9 , 728-7,710
-16,047-9,03617,98712,430
Netherlands
Im-ports
6615789
107125389856414170504181133165
Ex-ports
193793831223
362365146
Net
47-222
5176
103386820392
5490175
14,3201-14,1872! 163
SouthAfrica
• Net
-17,923-17,339-21,028-16,919- 2 2 , 300-15,315-12,847-20,081-12,253-16,607
India
Net
8,2508,6646,2382,1242,9901,6884,6046,4269,8394,7307,700
13,063
MOVEMENTS TO AND FROM GREAT BRITAIN[In thousands of dollars]
From or to—
France _GermanyNetherlands _ _RussiaSpain and CanariesSwitzerland-United StatesSouth AmericaBritish IndiaBritish MalayaEgyptRhodesiaTransvaalWest AfricaAll other countries...
Total.
1929
April
Im-ports
10119
1,003
34214, 277
33073
16,144
Ex-ports
3081,102
97
3723
" " 9 5 6 "2
58
465
3,714
January-April
Im-ports
80342
14, 368
641,052
1,42746,637
1,188486
66, 069
Ex-ports
1, 2362,834
810
324,980
29,449
5,2391,4501,303
613, 394
60,733
1928
Calendar year
Im-ports
912258145
18,5829,733
32,5321,166
711,3095,280
144,4823,384
14,803
232, 658
Ex-ports
97,178102,423
7,081
19913,49332,132
1,07410,7701,8101,384
1626,978
294, 539
MOVEMENTS TO AND FROM BRITISH INDIA[In thousands of dollars]
From or to—
England __United StatesAden and dependen-
cies __ .ArabiaBritish OceaniaBahrein Islands. _CeylonChinaMesopotamia _ _Straits Settlements._EgyptNatalAll other countries..
Total
1929
March
Im-ports
2,318
99164303
15243
15176
4709,268
13,075
Ex-ports
12
12
i 1928
J Z T Calendar year
Im-ports
4,66622
267360894
61243
50724
31,006
17,2065
25, 509
Ex- 1 Im-ports ports
11,0714,086
910870
_ __ 5,067285720153
. . . ! 1,54314 200
: 6 714• 44,387
15 ; 76,007
Ex-ports
48
44
99
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
J U N E , 1929 FEDEKAL KESERVE BULLETIN 397
CONDITION OF CENTRAL BANKS[Figures are for the last report date of month]
1929
April March Febru-ary
1928
April
1929
April March Febru-ary
1928
April
Bank of England (millions of poundssterling):
Issue department-Gold coin and bullionNotes issued
Banking department-Gold and silver coinBank notesGovernment securitiesOther securitiesDiscounts and advancesPublic depositsBankers depositsOther depositsReserve ratio1 (per cent)
Bank notes in circulation J
Currency notes and certificates-
Bank of France (millions of francs): •GoldSight balances abroadForeign billsLoans and discountsNegotiable bondsNote circulationPublic depositsOther deposits
German Reichsbank (millions ofreichsmarks):
Gold reserveGold abroadReserves in foreign exchangeBills of exchange and checksDeposits _Reichsmarks in circulationRentenmarks in circulation
Bank of Italy (millions of lire):Gold at homeCredits and balances abroadLoans and discountsTotal note circulationPublic depositsOther deposits
Bank of Japan (millions of yen):GoldAdvances and discountsGovernment bondsNotes issued..Total deposits
Commonwealth Bank of Australia(thousands of pounds sterling):
Issue department-Gold coin and bullionSecurities
Banking department-Coin, bullion, and cashMoney at short call in Lon-
donLoans and discounts.. __.Securities _Deposits _
Bank notes in circulation
Austrian National Bank (millions ofschillings):
GoldForeign exchange of the reserve..Other foreign exchangeDomestic billsGovernment debtNote circulationDeposits
156.0416.0
.558.844.315.611.018.358.435.752.7
357.3
153.3413.3
.451.550.617.113.019.758.236.445.4
361.8
150.9410.9
.458.643.015.68.4
14.057.036.754.7
352.3
35, 7888,544
18, 5398,7375, 930
62, 84811, 8767,283
34,18610, 57718,4349,1605,93064,57511,617
1,71917399
2,790585
4,631498
2,55313036
2,296478
4,822515
5,1254,8795,52316,274
3001,844
5,1265,3345,21416,396
3002,125
1,064792175
1,247789
1,063793172
1,354770
22, 57820, 340
1,728
15, 46011, 73311,44839, 64938, 841
22, 58121, 740
1,524
17,40312, 55210, 25242,08339, 635
16919734620711099538
169210357188110
1,00433
34,03811, 53918,4067,5025,93062,50612,3007,175
2,6438690
1,876526
4,553517
5,0595,5175,20516,197
3002,340
1,061798172
1,231919
22,48122, 741
1,436
18,63812,1879,37741,14440, 763
16920936116411697745
159.2178.9
1.344.229.155.918.094.840.378.5292.0
1,95586168
2,493558
4,409626
4,7727,7394,06617,124
3003,365
1,063929178
1,348918
22,00022, 723
1,582
10, 49812,94312, 90139, 27140, 524
11729827512516894738
National Bank of Belgium (millionsof belgas):
GoldForeign bills and balances in gold.Domestic and foreign billsLoans to StateNote circulationDeposits
962456764345
2,431123
488746345
2,412124
906490738344
2,432110
National Bank of Bulgaria (millionsof leva):
GoldNet foreign exchangeTotal foreign exchangeLoans and discountsGovernment obligationsNote circulationOther sight liabilities
1,3511,7502,3081,4713,6854,3662,711
1,3421,8362,9531,4853,6854,1013,082
1,3321,9343,0001,3773,6853,8943,210
Central Bank of Chile (millions ofpesos):
Gold at homeDeposits abroadLoans and discountsNote circulationDeposits
61463
366180
6141392
366114
6142367
345131
Bank of the Republic of Colombia(thousands of pesos):
Gold at homeGold abroadLoans and discountsNote circulationDeposits
25, 59"26,14:15, 27348, 3029.596
25,39526,55416,95451,0729,360
Czechoslovak National Bank (mil-lions of Czechoslovak crowns):
Gold and silverForeign balances and currency. __Loans and advancesAssets of banking office in liqui-
dationNote circulationDeposits
1,2071,688
653
4117,133
466
1,2061,781
527
4227,333
350
Danish National Bank (millions ofkroner):
GoldForeign bills, etc._Loans and discounts.Note circulationDeposits
1738975
35933
1738871
35727
Bank of Danzig (thousands of Dan-zig gulden):
Balances with Bank of England. .Foreign bills, etcLoans and discountsNote circulationDeposits
Bank of Estonia (thousands ofkrones):
Gold. . . .Net foreign exchangeLoans and discountsNote circulationDeposits-
GovernmentBankersOther
13,40716, 03224, 22837,4022,107
16,06913,96725,32938, 7392,116
6,27119, 80330, 04834, 728
12,0443, 7052,702
6,24322,25731, 62836,259
14,5942,2082,934
25, 26034,19710,40051,39510, 754
1,2061,841196
4257,063405
1731026434230
14,51618, 26721,19436,9232,174
6,23422,98031, 33935,760
16,3131,8763,101
760472557392
2,106133
1,291
435881
4,4713, 7971,056
6251319
306173
21,42134,1248,62046,1489,307
1,1191,669188
4797,098310
1821047035231
14,07825,95123,14635,4043,275
10, 28128,01228, 32739,033
14,8971,8524,396
1 Ratio of gold and notes in banking department to deposit liabilities.1 Notes issued, less amounts held in banking department and in cur-
rency note account.3 New form of bank statement adopted in June, 1928.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
398 FEDERAL RESERVE BULLETIN JUNE, 192»
CONDITION OF CENTRAL BANKS—Continued[Figures are for the last report date of month]
1929
April March Febru-ary
1928
April
1929
April March Febru-ary
1928
April
Bank of Finland (millions of Fin-nish marks):
Gold.Balances abroad and foreign
credi ts . . -Foreign billsDomestic billsNote circulationDemand liabilities
Bank of Greece (millions of drach-mae) : *
GoldNet foreign exchange in r e s e r v e -Total foreign exchangeLoans and discountsGovernment obligationsNote circulationOther sight liabilities
National Bank of Hungary (mil-lions of pengos):
Gold _Foreign bills, e tc .Loans and discountsAdvances to t reasury. -Other assetsNote circulationDepositsMiscellaneous liabilities
Bank of Java (millions of florins):GoldForeign billsLoans and discounts. .Note circulationDeposits
Bank of Latvia (millions of lats):Gold. _Foreign exchange reserveBi l l s . - . __LoansNote circulationGovernment deposits.Other deposits
Bank of Lithuania (millions of litas):GoldForeign currency _Loans and discounts.._Note circulationDeposits
Netherlands Bank (millions of flor-ins):
Gold _Foreign b i l l s . . .Loans and discountsNote c i rculat ion. . .Deposi ts . . .
Bank of Norway (millions of kroner):GoldForeign balances and billsDomestic creditsNote circulationForeign depositsTotal depos i t s . . .
Reserve Bank of Peru (thousands oflibra):
GoldGold against demand deposits.. . .Foreign exchange reserveBil ls . .Note circulationDeposi ts . . .
302
6618
1,3231,556
217
5703,4704,893
1083,6565,6171,856
17733
3709259
48515466
2457865445
105
432
84027
14756
273308
1114
4,169247827
1,7936,046
493
302
70611
1,3551,596
265
141,3601,523
376
5653,4724,588
1233,7905,4882,122
5603,4464,605127
3,7905,4652,136
204223459286458
204433149211445121675
167288230442
16937
30050
247182474410275
93
4234225278310
43516717277632
147492743122
4,215201790
1,7176,075401
14736266301291
4,266150815
1,5746,021300
313
93526866
1,619217
19785320106195479255142
174228130447
247382434011759
70
43519021985332
147492933212
125
4,111305965
1,6255,913610
Bank of Poland (millions of zlotys):Gold at homeGold abroadForeign exchange of the reserve...Other foreign exchangeLoans and discountsNote circulationCurrent account of the treasury. _Other current accounts
42819548394783
1,274338153
427195530129790
1,333270242
426195544154745
1,249387206
380182568212550
1,126343205
Bank of Portugal (millions of escu-dos):
GoldBalances abroadBills _Note circulationDeposits
National Bank of Rumania (millionsof lei):
Gold at homeGold abroadForeign exchange of the reserve..Other foreign exchangeLoans and discountsState debt __Note circulation _Deposits _ _
State Bank of Russia (thousandsof chervontsi):
Loans and discountsDepositsIssue department—
Gold.Other precious metalsForeign exchange__Note circulation-
9314278
1,79870
326280
1,85272
9329280
1,88072
202228
1,82577
5,0493,5922,520
3879,4277,672
19, 9686,560
5,0213,5913,6551,1338,051
10, 08020,96410,151
5,0113,264(6)()
12,1044,000
20,0744,385
5 4,920s 3, 644r
(6)()
6 12, 22110,67921,017
1, 248
358, 006206,156
17,8834,3599,165
110, 212
358, 006206,156
17, 8834,3599,165
110, 212
356, 212206,375
17, 8854,3409,219
108,365
315,175189,199
15, 8082,8717,557
95, 768National Bank of the Kingdom of
Serbs, Croats, and Slovenes (mil-lions of dinars):
GoldForeign notes and creditsLoans and discountsAdvances to StateNote circulationDeposits
South African Reserve Bank (thou-sands of pounds sterling):
GoldForeign billsDomestic billsNote circulationDeposits-
GovernmentBankersOthers
92192
1,6192,9665,212
891
92192
1,6552,9665,265
729
91185
1,6142,9665,159
750
90263
1,5202,96&5,325
875
8,0497,7061,4318,755
2,3925,140
311
8,2067,7131,412
7,7577,064
933
1,6135,613
2444,964
263
8, 0268,513
8048,684
1,6795,036
234Bank of Spain (millions of pesetas):
GoldSilverBalances abroad..Loans and discountsNote circulationDeposits
Bank of Sweden (millions of kronor):GoldForeign bills, etcLoans and discountsNote circulationDeposits
Swiss National Bank (millions offrancs):
GoldForeign balances and billsLoans and discountsNote circulationDemand deposits
2,56072096
1,7194,2581,070
2,56071695
1,8374,243980
2,55971393
1,6964,2941,029
70441
1,7314,2501,020
235186364518
235189374544174
235199331499186
232137395501196
493247201875112
481218242886111
48218124184377
43521122084572
* New form of bank statement adopted in May, 1928.fi Converted into the terms of the leu adopted Feb. 7, 1929.6 Foreign exchange not reported separately.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
J U N E , 1929 FEDERAL RESERVE BULLETIN 399
CONDITION OF COMMERCIAL BANKS[Figures are for the last report date of month except for London clearing banks, which are daily averages]
Nine London clearing banks (mil-lions of pounds sterling):
Money at call and short notice..Advances and discountsInvestmentsDeposits
Six Berlin banks 1 (millions of reichs-marks):
Bills and treasury notesDue from other banksMiscellaneous loansDepositsAcceptances _
Tokyo banks (millions of yen):Cash on handTotal loansTotal deposits _Total clearings _
Banks of Buenos Aires, Argentina(millions of gold pesos):
G o l d -Bank of the NationOther banks
Other ca sh -Bank of the NationOther banks
Loans and discounts-Bank of the NationOther banks.
Deposits-Bank of the NationOther banks
Chartered banks of Canada (mil-lions of dollars):
Gold coin and bullion 2
Current loans and discountsMoney at call and short notice...Public and railway securitiesNote circulationIndividual depositsGold reserve against Dominion
notes ___Dominion note circulation
1929
April
1431,178
2441,743
2,3631,2096,904
10, 036459
2632,0562,1092,457
March
1341,195
2441,739
2,6441,2437,189
10,404441
2602,0972,1402,231
Febru-ary
1331,228
2461,777
2,8191,0946,963
10,185434
3442,0712,1082,283
1929
March
12512
125190
Febru-ary
12512
144197
Jan-uary
531870
7721,027
631,560
560524189
2,560
58205
525862
7801,011
641,506
597530162
2,560
59192
12512
148202
511851
1,018
641,481
595530158
2,595
59198
1928
April
1521,132
2331,690
2,113944
5,9518,423
397
2,2551,9992,515
1928
March
12311
139213
493755
734940
1,439468544177
2,500
93189
Joint-stock banks of Denmark (mil-lions of kroner):
Loans and discountsDue from foreign banksDue to foreign banksDeposits and current accounts. _.
Joint-stock banks of Finland (mil-lions of Finnish marks):
Loans and discountsDue from abroadDue to abroadDeposits
Three commercial banks of France(millions of francs):
Bills and national-defense bonds..Loans and advancesDemand depositsTime deposits
Four private banks of Italy (millionsof lire):
Cash.. . _Bills discountedDue from correspondentsDue to correspondentsDeposits
Joint-stock banks of Norway (mil-lions of kroner):
Loans and discountsDue from foreign banksDue to foreign banksRediscountsDeposits _
Joint-stock banks of Peland (mil-lions of zlotys):
Loans and discountsDue from foreign banksDue to foreign banksRediscounts _.Deposits _
1929
March
1,72216990
1,939
9,782201587
7,625
1,29411686
1021,568
Joint-stock banks of Sweden (mil-lions of kronor):
Loans and discounts _Foreign bills and credits abroad..Due to foreign banksRediscounts _Deposits
P 809P34
P 178P 147P509
4,130265151230
3,540
Feb-ruary
1,723166
941,940
218552
7,462
20,22610,35333,972
707
1,1638,9385,09113,5233,045
1,29812882
1011,588 |
Janu-ary
1,70415986
1,911
9,560261492
7,563
1928
March
1,8765790
2,071
244380
20, 589 17,4419,434 5, 94833,635 j 26,870
573 453
1,29712483102
1,587
796 I 78336 I 43165 155152 155505 i 493
4,137266122167
3,527
4,119274126165
3,530
3 1, 2823 9,1753 5, 090
3 14,1773 2,739
1,45172135176
1,649
62330101125410
4,111271156192
3,518
i The merger of the accounts of the Mitteldeutsche Creditbank with those of the Commerz-und-Privatbank, which was begun in March, 1929,.has now been completed.
1 Not including gold held abroad.3 Figures are for February, 1928.p Preliminary.
DISCOUNT RATES OF 33 CENTRAL BANKS(Prevailing rates, with date of last change]
Country
AustriaBelgiumBulgariaChile.ColombiaCzechoslovakia-Danzig..DenmarkEcuador
Rate
49685758
In effectsince—
Apr. 24,1929June 30,1928Dec. 15,1928Oct. 22,1928Mar. 18,1929Mar. 8,1927Apr. 30,1929June 24,1926June 26,1928
Country
EnglandEstoniaFinland.. .FranceGermany.GreeceHungary..IndiaItaly
Rate
3 ^
9 2
867
In effectsince—
Feb. 7,1929Jan. 2,1928Nov. 16,1928Jan. 19,1928Apr. 25,1929Nov. 30,1928Apr. 24,1929May 9,1929Mar. 14,1929
Country
JapanJavaLatviaLithuania.. .NetherlandsNorwayPeru.-Poland
Rate
5.48
6-77
79
In effectsince—
Oct. 10,1927Feb. 25,1929Apr. 1,1928Feb. 1,1925Mar. 25,1929Mar. 27,1928Mar. 7,1929Apr. 19,1929
Country
PortugalRumania. _.RussiaSouth AfricaSpainSwedenSwitzerland-Yugoslavia..
Rate
8
8 2
6 2
In effectsince—
July 27,1926May 14,1929Mar. 22,1927Jan. 9,1928Dec. 19,1928Aug. 24,1928Oct. 22,1925June 23,1922
Changes.—Bank of Danzig from 6 to 7 per cent on April 30, 1929; Imperial Bank of India from 7 to 6 per cent on May 9, 1929; National Bank.of Rumania from 8 to 9H per cent on May 14, 1929.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
400 FEDERAL RESERVE BULLETIN JUNE, 1929
MONEY RATES IN FOREIGN COUNTRIES
Month
1927April - -3VIayJuneJulyA usfustSeptember _ -OctoberNovemberDecember
1928Janu&rvFebruaryMarch _April -May
JulyAugustSeptemberOctoberNovemberDecember
1929JanuaryFebruary
April
Month
1927AprilM a yJune -JulyAucustSeptemberOctober - -NovemberDecember
1928JanuaryFebruaryMarch
MayJuneJulyAugustSeptemberOctober _NovemberDecember
1929JanuaryFpbruarv]VtarchApril
England (London)
Bankers'accept-ances, 3months
4.043.884.344.334.334; 324.324.334.31
4.194.184.124.023.973.823.994,274.234.354.384.37
4.325.055.335.21
Belgium(Brussels)
Privatediscount
rate
4.334.234.173.843.843.753.874.094.15
4.083.904.104.254.254.274.024.003.963.943.943.94
3.943.943.943.94
Treasurybills, 3months
4.043.844.364.334.354.334.334.344.31
4.134.184.074.013.953.803.974.264.194.374.304.37
4.294.965.305.18
France(Paris)
Privatediscount
rate
3.172.462.252.132.042.011.822.752.95
2.812.752.722.622.622.903.123.233.263.373.373.41
3.503.393.373.44
Day-to-daymoney
3.643.733.433.503.613.553.573.623.44
3.493.633.633.573.583.263.273.503.553.803.643.22
3.414.334.514.43
Italy(Milan)
Privatediseount
rate
9.258.507.607.007.006.816.506.276.00
6.005.895.755.495.255.255.255.255.255.255.455.50
5.836.006.316.75
Bankers'allowance
on deposits
3-2342342tt234Wi2342342342te
2H2H2H2H2H2H2342H2H2H2342\i
2H
3H
Germany (Berlin)
Privatediscount
rate
4.614.905.395.905.825.906.696.766.87
6.276.206.726.716.666.596.746.686.656.576.286.28
5.805.806.316.63
Austria (Vienna)
Privatediscount
rate
5H -5H
5H -5^8m -en634 -6H634 -6Me6H -6M«6H -6J46H -6Me
55,£ -5 lHe5% -5^85He - 5 H534 - 5 %51Me-51M65% -6J4694 e -8J46Me -6)4
6M6 ^
6H -6H
6Me-63^6Me-6Me634 -6%6M6-7K
Moneyfor 1
month
6^-7^634-86H-7%7 -&A7}i-SU7 -8H734-8%734-8^
6^-8634-734634-7H6J4-734634-7346M-8346%-834734-834734-834734-834
7y2sn7H-8H
7U-m7U-8H734-8347H-m
Money for1 month
6.576.957.738.498.388.308.728.729.10
7.667.307.517.577.808.088.188.198.588.268.158.77
7.517.077.307.57
Day-to-daymoney
5.635.995.797.065.816.007.196.037.24
5.166.666.816.647.006.377.746.126.656.706.707.30
5.136.336.976.85
Hungary
Primecommer-cial paper
63^-73^6J^-7^7 -7%7H-87H-8H7^-8H7J^-8J^7 -83^7H-&H
7H-SH796-8H734-83^734-8H7H-8H7HSH7 H - 8 H73-4-83^734-8H7H-97%-97Ji-8%
7H-8^7^-83^7H-8^
Day-to-daymoney
5^-6^5U-6H
6 -76 -7Y46 -7H6 -7%5H-7H5H-7H
5fc-7H534-7H5 -7H534-7^534-7%5fc-7%5H-7HhVi-7%53^-7^6^-8H6H-8H6^-8H
6X-8X6>i-834
Netherlands (Amster-dam)
Privatediscount
rate
3.473.463.573.533.453.564.114.504.49
4.293.973.974.184.274.184.104.134.394.404.444.46
4.204.39
T4.645.32
Sweden(Stock-holm)
Loans upto 3
months
4 -64 -64 -64 -64 -64 -64 -64 -64 -6
4 -64 -64 -64 -64 - 6 H4 - 6 H4 - 6 H434-634434-634434-634434-634434-6^
4V4-6*443^-63^434-6344^-6^
Money for1 month
3.723.763.873.253.403.824.294.734.85
4.103.803.893.934.174.113.843.904.354.424.744.68
4.464.78
r5.055.80
Switzer-land
Privatediscount
rate
3 133.193 423 478.443.393.383 393.40
3 293.123.203.29
3.403.443 413.383.383.353.32
3.283.313.393.45
Japan (Tokyo)
Discountedbills
5.84-& 036. 57-7. 676. 57-8. 766. 21-8.405.48-8. 035.11-7. 674. 75-7. 305.11-7. 305.48-7. 67
4. 38-7. 674. 38-6. 214.02-5. 844. 75-5. 844. 75-5. 844. 38-5. 844. 38-5. 844. 38-5. 844. 75-5. 844. 75-6. 214. 75-6. 754.93-6.94
Callmoney
overnight
4.38-5. 294. 38-4. 754. 38-5.113. 65-5.113. 65-4. 752.19-4. 382.19-4. 382. 74-4. 022.19-5. 84
1.64-5.111. 46-4. 022.92-4.022. 56-4. 021. 46-4. 021. 46-4. 021. 46-4.022. 92-4. 022. 37-4.022.92-4. 022. 01-4. 021.83-6. 57
1.46-5.842 01-4 022.19-4. 02
r Revised.
NOTE.—For sources used, methods of quotation, and back figures, see the FEDERAL RESERVE BULLETIN for November, 1926, and April, 1927.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JUNE, 1929 FEDERAL RESERVE BULLETIN 401
FOREIGN EXCHANGE RATES[Monthly averages of daily quotations.1 In cents per unit of foreign currency]
Par value „.
1928—MayOctoberNovemberDecember
1929—JanuaryFebruaryMarchAprilMay
Par value
1928—MayOctoberNovember.. .December
1929—JanuaryFebruaryMarchAprilMay
Par value
1928—May..OctoberNovemberDecember
1929—JanuaryFebruaryMarchAprilMay__
Par value
1928—MayOctoberNovember.. .December
1929—January.FebruaryMarch _AprilMay__
Austria(schilling)
14.07
14. 065614. 607914.060214.062814.059814. 054314.052214. 046714.0468
Italy(lira)
5.26
5. 26885. 23655. 23855. 23695.23375. 23435. 23515. 23555. 2357
Belgium(belga)
13.90
13.959713.895913.896613.907313.895813.89-1413.883613. 884713. 8826
Nether-lands
(florin)
40.20
40. 347340. 090840.137440.174840.109640.049040. 053540.140940.1984
Bulgaria(lev)
0.72
.7191
. 7203
.7193
.7190
.7191
.7202
.7206
.7212
.7210
Norway(krone)
26.80
26. 782926.654326. 651126. 672826.656026. 663326.660926. 664426. 6550
NORTH AMERICA
Canada(dollar)
100.00
99.911799.9667
100. 004399. 787299. 750999. 641199.403099.239499. 3012
SOUTHAMERICA—
continued
Vene-zuela >
(bolivar)
19.30
19.250019. 250019. 283919.380019.340019. 263619. 250019. 255019. 3300
Cuba(peso)
100.00
99. 961599.927099.930099.933299. 9583
100. 0307100.026199.9721
100. 0101
Mexico(peso)
49.85
48.558847.574247.890147.984148.367848. 458148.051548. 241947. 9715
Czechoslo-vakia
(crown)
(*)
2. 9624% 96272. 96262.96242.96052.96042.96102. 96002.9599
Poland(zloty)
11.22
11.213311.201211.198511.191311.188311.194211.192311.191011.1859
Denmark(krone)
26.80
26.824526. 657826. 654126.686826. 670426. 666426.649326.652726. 6473
Portugal(escudo)
108.05
4.22074.49934.47084.40824.42814.40694.44954.46454. 4738
England(pound)
486.65
488.1594484.9500484.9213485. 2442484.9878485. 2140485. 2626485. 3225485.0785
Rumania(leu)
0.60
.6194
.6072
.6042
.6005
.6018
.6001
.5964
.5955
.5946
Finland(markka)
2.52
2. 51742. 51672.51732. 51702. 51712. 51692. 51652. 51602. 5155
Russia *(chervo-
netz)
514.60
« 515. 0000* 515.0000< 515.0000« 515.0000« 515. 0000* 515.0000* 515. 0000* 515.0000* 515. 0000
France(franc)
3.92
3. 93593.90613.90663. 90983.90823. 90573.90583. 90703. 9071
Spain(peseta)
19.30
16. 730916.179816.120116. 234816.295415. 558715.065614.749514. 2245
Germany(reichs-mark)
23.82
23. 929223.814323.823423.832523.769423. 730623.721823.703923. 7570
Sweden(krona)
26.80
26.830026. 737826. 727826. 763326. 739226.727526.710126.705426. 7181
Greece(drachma)
1.30
1. 30361. 28681. 29251. 29241.29171. 29151. 29201. 29241. 2924
Switzer-land
(franc)
19.30
19. 272419. 244719. 249419. 272919.240519. 231819.233319. 246819. 2572
Hungary(pengo)
17.49
17. 458917.425617.422017.418517.424617.427817.425517.423917. 4269
Yugo-slavia(dinar)
19.30
L. 7602L. 7591L. 7581L. 7587L. 7580L 7573L. 7563L. 7563I. 7570
SOUTH AMERICA
Argentina(peso-gold)
96.48
97.200895.593395.815095. 750495.764295. 765095. 562495. 556395. 5184
Bolivia •(boliviano)
36.50
34.800036.490036.490036.469636.330836. 500036. 500036.500036. 5000
Brazil(milreis)
11.96
12.032711.947711.942911.890011.916011.917111.823511.834811. 8634
Chile(peso)
12.17
12.191012.084312. 060312.067812.063012. 047912.064512. 064412. 0423
Colombia •(peso)
97.33
98.192397. 614697.110997.090097.090097. 090096. 766996.390096. 3900
Ecuador •(sucre)
20.00
20. 000020.000020.000020.000020.000020. 000020.000020. 000020.0000
Peru*(libra)
486.65
399.2692399.0385400.3043400.4000400. 0000399.7727400. 0000400. 0000400. 0000
ASIA
China(Mexicandollar)«
47.26
47.789946.559146. 553846.045545. 683744. 793244. 885644. 2260
j 43.2824
China(Shanghai
tael) «
59.42
66.445064.037464.002063. 551063.116862.197362. 230461. 251659. 6191
China(Yuandollar) «
42.30
47.294846.196346.167545. 680845. 407044. 555844. 620543.983942. 8005
HongKong
(dollar)»
42.46
51.016849.947149.976349.787949.816148. 884948. 843748. 696348. 3424
India(rupee)
36.50
36. 591336.454136.456336.465336.448736. 362936. 362336. 310736.1817
Japan(yen)
49.85
46.609746. 201946.350345. 894045. 510245. 210344.520344.617644. 6460
Java*(florin)
40.20
40. 244640.116140.122640.139640. 062339. 921839.939639. 989640.1000
StraitsSettle-ments
(Singaporedollar)
56.78
56.136256. 340456.440956. 248856. 002755. 968156.075255.961555. 9824
Turkey(Turkishpound)
439. 65
51. 202350.835450. 086749. 292448.728649. 215048. 9973
Uruguay(peso)
103.42
102.9908101. 8431102.3049102.6068102. 7469102. 6037101. 617799.112097. 7018
AFRICA
Egypt(Egyptian-
pound)
494. 31
500. 5540497.4003497. 2970497. 6198497.3430497. 5544497. 6292
i Based oa noon buying rates for cable transfers in New York as certified to the Treasury by the Federal Reserve Bank of New York, in pur-suance of the provisioQS of sec. 522 of the tariff act of 1922. For back figures see BULLETIN for January. 1928, and January, 1929.
1 The National Bank of Czechoslovakia opened Apr. 1, 1926, under the obligation "to maintain the relation of the Czechoslovak crown to theundepreciated foreign gold currencies at the level of the last two years." During the period April, 1924, to March, 1926, inclusive, the range ofthe Czechoslovak crown was between 2.9193 cents and 3.0312 cents; the quotation on Mar. 31,1926, was 2.9616 cents.
» Averages based on daily quotations of closing rates as published by New York Journal of Commerce.< Nominal.a Silver currency. The figure given for parity represents gold value of unit in May, 1929, computed by multiplying silver content of unit by
New York average price of silver for May, 1929, which was $0.54435 per fine ounce. On the same basis, parity in May, 1928, for the Chinese Mexi-can dollar was 47.62 cents; for the Shanghai tael, 66.16 cents; for the Yuan dollar, 47.10 cents; and for the Hong Kong dollar, 47.28 cents.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
402 FEDERAL RESERVE BULLETIN JUNE, 1929
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES
ALL COMMODITIES
Month
1927August _September. _„OctoberNovember . .December
1928JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember. .OctoberNovember__ .December.
1929January __FebruaryMarchAprilMay
Month
1927AugustSeptember.October ._NovemberDecember
1928January . . .FebruaryMarch. ._AprilMayJuneJuly__ . . .AugustSeptember.OctoberNovemberDecember
1929January.February.MarchAprilMay
UnitedStates(Bu-
reau ofLaborStatis-tics) i
9597979797
9696969799989899
100989797
97979897
Po-land 3 <
101101101102101
10099
102105103103102100100
* 100'100
100
98999999
EUROPE
Aus-tria(goldbasis)
133130129127127
129128129131131133133133131129128127
128130133134
Bel-gium
850837839838841
851848848847844844841831830835847855
867865869862
Bul-garia
2,7452,7362,7472,7072,739
2,7822,8262,8392,8912,9062,8662,9112,7902,8052,8442,8752,865
2,8692,9452,974
E UROPE—continued
Russia2
171170170170170
171171171171171172172173173176176177
177177178179
Spain
168169169168169
166166165166164164164166168174176175
171* 173
174
Sweden
146148147148148
148147149151152151150149146145145145
144145144141
Czecho-slo-
vakia
983975966967975
982985978984987986979996986971957955
953950964963
Switzer-land *
143144145147146
145144145146145145144145145145145144
143143142140
Den-mark
153153154154154
153152153154155155155154151150151151
151159154150
Can-ada i
9897979797
979798989897969596959595
959696
Eng-land
(Boardof
Trade)
141142141141140
141140141143144143141139138138138138
138138140139
Peru
204205200200199
199195193197195195193190188187186185
186r 186
189185186
Fin-land(gold
basis) i
102101101103103
102102103103103103103103101101101101
100100100
99
Aus-tralia
165170173166162
163160160162159158157154153152152154
157156157
France
Statis-tical
Bureau
618601587595604
607609623619632626624616620617626624
630638640627
FederalReserveBoard
578574554545567
569569587601617621613607598585580588
591r599
ASIA AND
China(Shang-
hai)
171172WJiti6164
163164163163165160159157156159159160
160182164181
DutchEast
Indies
154153152151150
150149149150151150150148149149149149
150150
Ger-many(Fed-eral
Statisti-cal Bu-reau)
138140140140140
139138139140141141142142140140140140
139139140137136
Hun-gary(goldbasis)
134133133133135
135134135136135135133134137138137135
134137138138
OCEANIA
India(Cal-cutta)
151150147148148
145144144146147145148143142143146145
145144143
Japan(To-kyo)
167169170168168
169169169170171189169170174174173174
172171171170
Italy(Bachi)
465465468466463
463461464464465462453456458463466464
461463461460
NewZea-land
14614614-i
147148
150147147147148148148147148149150149
147146
Nether-lands
149150150152152
154151153153152152148145146146148148
146146147
Nor-way
(Oslo)
161158157157156
157157157156156158160153153151150150
149150150148
AFRICA
Egypt(Cairo)
117120118
114
114114I I P
r-Hj117117117119120126129126
125122123120
SouthAfrica
I >~i
120
£2!
119
120
120
iNewindex-1926=100. 1 First of month figures. »New official index. * 1927 = 100. r Revised.
NOTE.—These indexes are in most cases published here on their original bases, usually 1913 or 1914, as determined by the various foreign statis-tical offices which compile the index numbers and furnish them to the Federal Reserve Board. In several cases, however, viz, France, Nether-lands, Japan, New Zealand, and South Africa, they have been recomputed from original bases (1901-1910; 1901-1910; October, 1900; 1909-1913;1910) to a 1913 base. Index numbers of commodity groups for most of the countries are also available in the office of the Division of Research andStatistics and may be had upon request. Further information as to base periods, sources, numbers of commodities, and the period of the monthto which the figures refer may be found on pages 769-770 of the BULLETIN for November, 1927.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JUNE, 1929 FEDERAL RESERVE BULLETIN 403
WHOLESALE PRICES—Continued
GROUPS OF COMMODITIES
ENGLAND-BOARD OF TRADE
All commoditiesTotal food
Cereals ,.._Meat and fish _Other foods
Industrial productsIron and steel.Other minerals and metals. _CottonOther textilesMiscellaneous
1929
Apr.
139148137146160134114125159156135
Mar.
140150140145165135113126162158136
Feb.
138149142144160133113118159159137
Jan.
138148140144159133113116162161139
1928
Dec.
138148140145158133112115164160138
FRANCE—STATISTICAL BUREAU
All commoditiesAll foods.-
Animal foodsVegetable foodsSugar, coffee, cocoa-
All industrial material..MineralsTextiles..Sundries.._
627623624629591631560783605
640624603648596653602811612
638625614637602650564821624
630612604623590645549822623
624601602597592642547808624
All commodities _ _Total agricultural products rf_
Vegetable foodsCattle _Animal products _F o d d e r . . . . _
Provisions _Total industrial raw materials
and semifinished productsCoalIronNonferrous metals ._TextilesHides and leatherChemicalsArtificial fertilizersTechnical oils and fatsRubber _Paper materials and p a p e r . .Building material
Total industrial finished prod-ucts
Producers' goodsConsumers ' goods
137128130122127140127
1331361281271481291268812629150157
158138173
140134133123142142128
1341381281321501301278812634151157
158137174
139134132120151140125
1341391281181491311268712634151157
158138174
139132130118147138124
1341381281131531391278712728151157
159138175
140134126118162137125
1341371281101541431278412825151158
160138176
All commoditiesTotal food _Vegetable foodsAnimal foods
All industrial products.TextilesChemicalsMinerals and metalsBuilding materialsOther vegetable products. _.Sundries
493562569552466433446452541501516
499570585552472440449456541519522
498569574562471440454450541511527
496559572543472445455442536508547
497560574543472450450439529515555
NOTE.—See footnotes on preceding page.
52985—29 4
Apr.
143159156139182135113111169170142
619601536633653641530823625
GERMANY—FEDERAL STATISTICAL BUREAU
140134154100133158136
13412812610416516012683
11525
148158
158136174
ITALY—CHAMBER OF COMMERCE OF MILAN
493557599505468460448423522512555
SWEDEN—BOARD OF TRADE
All commoditiesVegetable productsAnimal productsFuels and oilsRaw materials for manu-facture in iron and metalindustry
Paper pulp and paperRaw materials for manu-facture in leather indus-try
Raw and manufacturedchemicals .
Raw materialsSemifinished materialsFinished materialsProducers' goodsConsumers' goods
1929
Apr.
141128136117
120162
130
153136142143135146
Mar.
144131139122
120161
132
155141143145137150
Feb.
145131144126
117161
131
165143143146137151
Jan.
144129144116
116161
135
165139142147135151
1928
Dec.
145130150115
lid162
141
165141145148137153
Apr.
151151134112
113161
151
165148154151143158
CANADA—DOMINION BUREAU OF STATISTICS
All commodities _Vegetable productsAnimal productsTextiles..Wood and paper products.Iron and its productsNonferrous metalsNonmetallic mineralsChemicals
I l l939993
1029495
901089398939694 I94
9587107939893949494
9587
109939893929494
102104949994899495
AUSTRALIA-BUREAU OF CENSUS AND STATISTICS
All commoditiesMetals and coalTextilesAgricultural products.Dairy productsGroceries and tobacco.MeatBuilding materialsChemicals
157174157150152166118159189
156174160159155166117159189
157172159167156163117159189
154172160161149164111161189
162174176163146166139159188
INDIA (CALCUTTA)—DEPARTMENT OF STATISTICS
All commoditiesCerealsPulsesTeaOther foodsOilseedsRaw juteJute manufacturesRaw cottonCotton manufactures..Other textilesHides and skinsMetalsOther articles
1929
Mar. Feb.
144133166157149150108138158162140125124141
Jan.
145131171165156149107139153163140116126139
1928
Dec.
14513118115715315297147159160140125127138
Nov.
146139183143153151100148159160140131127138
Mar.
14413014616916313695147168155137147125137
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
404 FEDERAL RESERVE BULLETIN JUNE, 1929
RETAIL PRICES FOOD AND COST OF LIVINGRETAIL FOOD PRICES
[Pre-war -100]
Month
1927MayJuneJulyAugustSeptember.October. __November.December.
1928January...Februay...MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December.
1929January...February..MarchAprilMay
UnitedStates(SI cit-
ies)
152155150149151153153153
152149148149151150150151155153154153
151151150149
EUROPEAN COUNTRIES
Aus-tria(Vi-
enna)
119122122120119120119118
118117116117117122119120120120120119
120123121119
Bel-gium1
196201205202206210211212
211207201202197200202205210215223222
221221215
Bul-garia
2,6302,6992,6532,6252,6152,6262,5872,618
2,6602,7012,7132,7662,7782,7402,7832,6672,6822,7192,7492,739
2,7422,8162,843
Czecho-slovakia
930949962914910907905913
913910902905908928943943928907900905
'900911913
Eng-land'
154154159156157161163163
162159155155156157156156156157159
'160
159156157150
Esto-n i a "
119120122118111112113113
118118122126126126130129124125126
'125
133138142
France(Paris)
589580557539532520500523
530522524532546
»113•111•111« 110•1151119•121
3 121•1223123»124
Ger-many
151153156150151152152153
152151151152151152154156153152152153
153156159154154
Greece(Ath-ens)
2,0632,0632,0592,0442,0702,0712,0862,101
3 146•144«143»144»145«144»138•134•132«137»137»133
U 3 33 135
Italy(Mi-lan)
565541524§18509509510513
*140* 141» 141* 141»140»142•140•138•140» 1413 144•145
3 1473 1473 1553 151
Neth-er-
lands4
163
163
167
166
169
166
164
163
Nor-way
169172175175174173171171
170170171171172170173170164163161161
158157158156
Rus-sia)
201199199199198198199200
201202203203205206211211210211213215
216218223230
Swit-zer-land
156157156156158158159159
158157156156156157157156157158158158
157157156
OTHER COUNTRIES
Can-ada-
145146147147147148149151
151149147146146145146149150152152152
152'150'151
148
Aus-tra-lia
152153152155157159157155
154152153154154154152150150149150152
161161160
India(Bom-bay)
150151154155151148147149
151146142140140142143142141142144145
146146146145143
NewZea-land
145144144143143143144146
147145145144146147147146147149150152
149148
SouthAfrica
121120119118117119119119
119118118119120114116115115115118115
115115117
COST OF LIVING
[Pre-war-1001
Month
1927MayJuneJulyAugust . -September.October ._NovemberDecember .
1928JanuaryFebruary .MarchAprilMayJune..._.__July ,AugustSeptember.October .NovemberDecember .
1929JanuaryFebruaryMarchAprilMay -
Mas-sa-
chu-setts
157156155155155155157157
157156155155156155157157158157157157
157156157157
Bel-gium1
193196199198202207208208
210207204205202204205207211215220219
21922021.
Czecho-slovakia
756761753739736734735740
741739737741743741753761756735730734
737745754
Eng-land*
164163166164165167169169
168166164164164165165165165166167168
167165166162
Fin-land
1,1661,1841,2031,2371,2301,2371,2511,243
1,2161,2061,2141,2121,2071,2191,2361,2581,2491,2541,2621,260
1,2421,2321,2291,219
France(Paris)
525
507
498
507
• 105
•105
•108
3111
EUROPEAN
Ger-many
147148150147147150151151
151151151151151151153154152152152153
153154157154154
Greece(Ath-ens)
1,9381,9511,9601,9511,9551,9561,9641,978
•155•154•153•153•153•152•148•146•145» 148•148•146
8 14831508 149
COUNTRIES
Hun-gary
119121119119119120120120
121120119121121121121126127126125126
126127127
Italy(Mi-lan)
612586548543537536536531
•145•145•145•145•144•145•143• 142•143•144» 146•147
3 1473 1483 1533150
Neth-er-
lands
167
167
170
169
170
169
168
169
Nor-way
201
197
195
193
193
185
183
180
Po-land «
101101989999
101103103
102100101102103103104104104104106106
106108106106
Spain
186185184192187189188186
178165176175171172173174178179181187
184183184
Swe-den
169
-----
171
"in
173
"*172"
170
"In"
Swit-zer-land
160160160160161161162162
161161160160160161161161161162162162
161161161
OTHER COUNTRIES
Can-ada1
148149149149149150150151
151150149149149148148150151152152152
152'151'152
150
Aus-tra-lia
155
157
159
157
157
155
155
India(Bom-bay)
152154156157154151150151
154148145144147146146146145146147148
149149149148147
SouthAfrica
132132132131131132132132
132131132133133132131131131131132131
131131132
11921=100. « First of month figures. » Revised on a gold basis. * Amsterdam only. 1911-1913=100. '1927=100. 'Revised.
NOTE.—Information as to the number of foods and items included, the original base periods, and sources may be found on page 276 of theApril, 1925, issue of the BULLETIN.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JUNE, 1929 FEDERAL RESERVE BULLETIN 405
INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADAENGLAND
PRODUCTION
1928JanuaryFebruary..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..
1929JanuaryFebruary..MarchApril
Coal Pigiron
Steelingotsandcast-ings
Fin-ishedsteel
Rawcottonvisible
supply i
Thousand long tons
20, 04520,119
3 25,19417,67919,191
3 21,05616, 90216,199
3 23, 27518, 51919, 213
3 23,310
19, 77821, 326
3 26,99219, 462
561551593563592564538519504544544540
564520591611
626764793644753709667643719756763683
765775860809
567614674530615614549540572
'632628546
Thous.bales
1,0611,0701,0651,0801,057
973892818737809
1, 070!1, 255!
1,2771,3261,268
Ironandsteelman-ufac-tures
Coal
Thousandlong t$ras
Mil-lion
sq.yd.1
332317409344359366333370295377399359
350340
3,9054,0084,1113,7224,4874,3464,1634,2743,9954,6304,2314,184
4,4733,8904,7634,756
Cot-ton
man-ufac-tures
Woolenand
worstedtissues
340319401317292281342344301337335293
383329337353
Thous.sq. yd.
16,91914,45815,1199,970
11, 78914, 68217,95419, 39512, 77312, 71212,49212,406
18, 56314, 58712, 061J9,513!
Rawcot-ton
Rawwool
Millionpounds
130142134127114848452109216225
241128144118
102119135929952282719213453
10310085
119
Cruderubber
Rawwet
hides
Shipsclearedwith
cargo2
Thousandpounds
Thous.tons
24, 75419,851
20, 28712,86019, 07718, 47317, 50023, 07916, 50112,14634. 921
42,00520, 37430, 23728,387
6,6656,9306,3996,8606,1725,8505,8537,6966,6885,5466,0746,860
5,8083,6224*9476,437
TRANSPORTATION
Freight- Freight-train train
receipts traffic
4,!4,7535, 3824,8595,499
5,4915,9725,4665,7215,4875,159
• 5 ,4074,6175,5105,514
British railwaysUnem-ploy-ment
amonginsured
Thous.£ ster-
ling
8,6008,7669,5028,1298,6688,3388,2198,4118,5159,3619,033
9,1328,239
Million,ton-
miles
1,5041,3851,5281,2751,3641,3271,3131,3601,3961,4911,4331,353
1,497i r ~ ~
Percent
10.710.49.6
'9 .59.9
10.811.711.711.511.812.211.2
12.312.210.19.9
^End-of-month figures. 2 Includes Irish Free State.
FRANCE
3 5 weeks. r Revised.
1928JanuaryFebruary, _.MarchApril. _.MayJuneJulyAugustSeptember..OctoberNovember..December...
1929JanuaryFebruary. _MarchApril
PRODUCTION
Coali Pigiron
Crudesteel
Thousand metric tons
5,5415,2835,7635,1295,2455,5275,3605,5895,3315,8995,5625,263
5,4855,2275,803
809785858834871844836857821857850
'882
904781880
750738804738794797757793759834800828
841742
Cottonyarn
Thous.kilo-
grams
12,2049,24112,23110,93711,53011,34710, 74611, 29511,32111,99411,04312,137
Cottoncloth
Piecesof 1,000meters
27,78426,99429, 74426, 59828,42326, 74525, 61526, 22525, 24329,51828,06326, 820
t
EX-PORTS
Totalvolume
Totalvolume
Thousandmetric tons
' 3,031«• 3,4473,3143,4223,2623,5763,3673,7383,8463,3293,3533,262
3,0063,273
' 3,543' 3,6214,0864,3284,1614,1533,9264,2384,2344,3554,2124,240
4,3164,288
Rawcottonfor con-sump-tion
IRawsilk
for con-sump-tion
Metric tons
39,05628,92428,17927, 74821,49430,15319,00621,88815,18430, 24836, 68445,854
44,15439, 988
415598677584452772526303
1,169750933622
439437
Coalfor con-sump-tion
Thous.metrictons
1,2991,3491,5401,5521,6581,4251,3261,5921,2231,5571,3691,386
1,5161,703
TRANSPORTATION
Shipsclearedwithcargo
Thous.tons
Averagedaily
number
3,1483,1133,8503,9134,0293,3644,0673,9943,9513,9583,9734,050
3,5343,2364,035
Freight- Receiptscar I of princi-
load- pal rail-ings ways
60,42664,79265,44661,26560, 68061, 53559, 76361, 69666,18666,53467,86162,805
59, 98461,19365,185
Thous.francs
917,976968,577
* 1,064, 2861,098,1751,103, 660
* 1,400, 3421,083,8261,175,462
* 1, 561,4661,228,4451,150,061
« 1,428,406
1,023,0111,055,4661,162, 2581,480,393
Unem-ployedreceiv-ing mu-nicipalaid inParis 2
Num-ber
14,01212,98910,4835,7962,9781,227
796732474365395723
1,4033,291
852513
Busi-nessfail-
ures3
Num-ber
188161146184184199145158106116171197
1 Coal and lignite, including Lorraine and the Saar.2 End-of-month figures.3 Number of failures in the Department of the Seine.
4 5 weeks.'Revised
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
406 FEDERAL RESERVE BULLETIN JUNE, 1929
INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA—Continued
GERMANY
PRODUCTION
CoalLig-nite
Pig Crude Pot-steel ash
Thousand metric tons
Ironandiron
manu-fac-
tures
Ma-chinery
andelec-tricalsup-plies
Dyesanddye-stuffs
Coal Raw
wool
Rawcop-per
Cot-ton
Ironore
Metric tons
TRANSPORTA-TION
Arriv-als ofves-selsin
Ham-burg
Freightcar
load-ings
Thous.net
tons
Thous.wag-ons
Trade-unionmem-bers
unem-ployed
UNEMPLOY-MENT
Per-cent
Unem-ployedpersonsreceiv-
ingStateaid
Busi-nessfail-ures
Number
1928January . __Februa ry -MarchAprilMayJuneJuly ,AugustSeptember.October. _.November.December.
'1929J a n u a r y . . .February. .MarchApril
13, 31112,14111, 819 14,
.-, . - . 14, 222 1,1812,92613,4191,122' — ., 170|
15 12, 263 1,045932 12,964 1, 04483113,2411,021483 13, 531 1, 035|02114,330 1,0311
985'12,157 13, 61615,226 1,01614, 548
,105
13, 490 14, 817 1,12,13, 502 14, 727 1, 06113,407 14, 226 1,105
267883
1,4691,3231,4221,1611,2481,2951,3111,3291,1901,306
3571,091
1,4701,2701,3141,415
133132
111113123113128130118
363, 026390, 776434,798412,810398,470453, 231466, 079505, 857480, 647415, 690410,171298,890
419,589341,312346, 262
48, 81050, 44954, 78857,10256,51653,88053,19452, 39374, 00664,16354, 01463,846
6 1 , 3 8 66 3 , 2 3 9
_.,___ 5 8 , 4 6 36 1 9 , 4 6 0 1 6 8 , 1 5 9
1 2 , 4 5 811, "15, 79914,31814,64514, 61313,41113,60213, 38712, 95914, 33"14, 353
14, 97511,63913,58516,469
2,272,99518,0842,229,956 25,260!2, 250, 616,21, 4332,115,161 22, 3331, 665,48119, 3121,420,802J16,4731, 841,9621, 850, 5771, 829, 5562, 019,1772, 278, 5542,120, 291 11, 682
1, 909, 65'1, 307, 227 20,2, 240, 475 19,2, 355, 068 24, 544
8 , 4 0 37 , 9 5 85 , 2 7 4
5 , 8 1 8
1 7 , 7 8 6~ ~ > , 2 9 4
2 0 , 5 6 61 8 , 5 6 32 2 , 9 4 1 12 0 , 4 4 3 |1 9 , 2 1 4 11 9 , 3 6 2 J2 1 , 8 0 92 0 , 6 4 21 7 , 1 4 41 6 , 6 5 01 4 , 0 8 91 5 , 5 6 0
3 7 , 0 3 23 6 , 8 3 92 8 , 0 0 13 0 , 7 7 23 1 , 0 4 52 9 , 9 8 92 3 , 8 6 11 9 , 3 5 71 6 , 7 3 03 3 , 6 6 24 9 , 6 6 24 4 , 6 4 5
1 5 , 6 6 0 5 4 , 2 8 21 2 , 2 2 7 3 1 , 8 9 31 8 , 4 9 0 i 2 8 , 9 0 02 1 , 3 4 9 3 2 , 9 3 3
1 , 1 8 3 , 2 1 31 , 1 4 6 , 1 8 8 j1 , 4 0 7 , 9 8 9 !1 , 2 7 5 , 0 8 8 !1 , 0 5 3 , 6 2 11 , 2 7 9 , 6 8 81 , 2 8 2 , 7 6 7i,5i6,r1 , 3 9 4 , 7 1 51 , 5 5 2 , 1 8 21 , 1 5 7 , 8 9 1
6 1 5 , 6 3 0
1 , 8 3 51 , 5 6 41 , 7 6 71 , 8 4 91 , i1 , 8 1 91 , 7 9 11 , 9 2 61 , 7 4 9
r 1 , 7 1 5r 1 , 7 6 0' 1 , 7 5 2
1 , 3 1 2 , 3 4 6 J4 9 6 , 1 5 9
1 , 0 9 0 , 9 5 8 .1 , 5 8 8 , 6 0 7 L
1 , 6 7 91 , 3 0 7
3 , 5 4 13 , 5 8 44 , 0 6 93 , 4 3 93 , 7 2 73 , 8 4 43 , 9 1 74 , 9 8 34 , 0 3 64 , 3 7 53 , 9 5 73 , 4 0 4
3,37i3,0723, 733
11.2J110. 4il9 .216.96.36.26.36.56.67.39.51,
16. 7 1,
333,115237, 504010, 763729, 321629, 470610, 687564,064574, 475577, 093670, 997029, 658702, 342
I
19. 4 2, 246, 27822. 3 2, 460, 76016. 9 1, 889,125
1,125,0*°
766699791614692702655552530685674624
832775930
CANADA
1928JanuaryFebruary...MarchApril.MayJune._July....AugustSeptember-OctoberNovember. .December..
1 9 2 9JanuaryFebruary. .MarchApril
Indexofin-
dus-trialpro-duc-tion
1919-1924=
100
160.3166.1168.2160.6187.9176.2172.9181.6171.7187.2175.9165.3
209.0203.1200.1
PRODUCTION
Coal News-print
Thousandshort tons
::i]
L, 6981,406, 404
146, ?63, 331,309
L, 535,396,702
L, 695L, 519
,537,611j 370393
187190198913
20192184201185217224208
212187218
Flour
Thous.bar-rels
1,5791,4641,6171,3041,5411,3591,4581,1581,8922,1302,1751,672
1,6981,600
Con-struc-tioncon-
tractsaward-
ed
T h o u s .d o l -l a r s
2 0 , 4 8 02 5 , 8 7 52 2 , 9 4 65 6 , 3 4 67 0 , 6 8 45 9 , 9 2 63 8 , 3 6 03 9 , 4 4 14 5 , 4 3 94 4 , 5 8 42 9 , 0 3 81 8 , 9 0 5
4 1 , 9 6 32 8 , 4 2 62 7 , 1 2 5
Re-ceipts
ofwheat
atFortWil-liamandPortAr-thur
Thous.bush-
els
21, 0959,5453,251
87917,61
20,14614, 3933,538
39,13281, 36172, 86151, 633
10, 9712,9185,2239,691
Receipts atstock-
yards inToronto and
Winnipeg
Cat-tle Hogs
Number
44, 31133, 88931, 37437, 306
839, 89832, 80657, 55373, 23371,48781, 59960, 80636, 941
39, 45927, 50732,10142, 003
71, 53563, 28647,73350, 00050, 45844, 04743, 26232 59824, 87339,17838,48447,316
60, 97842, 22638, 59747, 464
EXPORTS
Planksand
boards
Mil-lionfeet
111
Woodpulp
Thous.lbs.
113, 297117 128, 606150 182, 22999 113,220
151 148. 272178 146. 917182146,184161137,829140134,440153162, 286158155,448124 158, 875
111136, 36594 112, 273
145 142. 909
Wheat
Thous.bush-
els
1 5 , 2 0 11 8 , 3 7 21 8 , 6 5 5
8 , 3 6 13 0 , 2 8 22 1 , 9 6 03 2 , 4 2 62 5 , 0 5 72 6 , 9 2 34 3 , 6 8 77 5 , 4 1 74 9 , 0 8 9
2 0 , 8 3 11 5 , 2 2 02 1 , 2 0 7
Coal
Thous.tons
1 , 2 2 61 , 2 3 51 , 3 5 0
9301 , 2 8 81 , 1 7 61 , 1 6 8
' 1 , 6 1 2
IMPORTS
Crudepetro-leum
Thous.gals.
' 56,453'45,871' 80, 654
23, 87675, 67095, 72580,43488,164
r 1 , 4 7 8 1 0 7 , 2 9 71 , 7 7 9 1 0 0 , 0 2 31 , 6 3 71 , 6 3 9
1 , 3 4 41 , 4 0 91 , 6 5 1
86, 01479, 939
60, 75349,16276,397
Rawcot-ton
Thous.lbs.
19, 63511, 85412, 2397,1006,9108,4697,4627,3004,971
13, 84216, 95517,481
18,48513, 08916, 671
Ma-chin-ery
Thous.dol-lars
3,9043, 8585,7204,0585,2045,4025,1254,7904,5524,8844,9634,682
5,0044,6756,922
Totalreve-nuecar
load-ings
Num-ber
265,487267,131285, 567252,131300, 295294,451290, 677312, 816361, 247420, 263380,405275, 678
252, 217261,410282, 315
Indexof
em-ploy-ment !
1926 =100'
100.7102.0102.6102.3106.8113.8117.7119.3119.1118.8118.9116.7
' 109.1110.5111.4110.4
Busi-nessfail-
ures2
Num-ber r
197188164138148133139142165200193230
252197176
i First of month. 2 Total number of firms failing during the month. r Revised.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JUNE, 1929 FEDERAL RESERVE BULLETIN 407
LAW DEPARTMENTRight of consolidated national bank to succeed to trust
business of constituent trust company
There is published below a recent decisionof the Supreme Court of the United States inthe case Ex parte Worcester County NationalBank of Worcester, with reference to the rightof a national bank, with which a State trustcompany has consolidated under the provisionsof the act of Congress approved February 25,1927, to succeed to the trusteeships, executor-ships, and other fiduciary appointments pre-viously held by the trust company.
SUPREME COURT OF THE UNITED STATES
No. 469.—October Term, 1928
Ex parte Worcester County National Bank of Wor-cester, Appellant. Appeal from the Probate Courtfor Worcester County, State of Massachusetts
[May 13, 1929]
Mr. Chief Justice TAFT delivered the opinion of theCourt.
The Worcester County National Bank is a consoli-date'd banking corporation formed by uniting, on June27, 1927, the Fitchburg Bank & Trust Company, aState institution of Massachusetts, and the MerchantsNational Bank of Worcester, a national bank of Wor-cester County, Massachusetts, under the Act of Con-gress of February 25, 1927, c. 91, 44 Stat. 1224, amend-ing the Act of November 7, 1918, c. 209, 40 Stat. 1044.The amendment added a new section, 3, and this caseturns cniefly on the construction, effect and validity ofthat new section.
The consolidated bank filed in the Probate Court ofWorcester County a first and final account of the Fitch-burg Bank & Trust Company, executor of the last willand testament of Julia A. Legnard, late of Fitchburgin the county of Worcester. The account was for theperiod beginning April 21, 1926, and ending February 9,1928. The account was rendered by the WorcesterCounty National Bank for the Fitchburg Bank &Trust "Company to June 27, 1927, and thereafter as itsown account.
The Fitchburg Bank & Trust Company had beenappointed by the Probate Court executor of the willof Julia A. Legnard on April 21, 1926, and qualified bygiving bond approved on that day.
The consolidated bank claimed that in view of theproceedings, its right and duty wTas to render theaccount presented for allowance, and as all the partiesinterested had assented to it, that it should be allowedby the Court.
The Probate Court found that the account was inproper form for allowance and should be allowed asrendered, if the said Worcester County National Bank,as successor or otherwise, was executor of said will orhad the right to render the account.
The Probate Judge reported a certificate from theComptroller of the Currency that the two banks hadcomplied with all the provisions of the Acts of Congressand had been consolidated under the charter of theMerchants National Bank with the capital stock of
$1,875,000, that the consolidation had been approvedand that pursuant to the Federal Reserve Act, enactedDecember 23, 1913, § 11 (k), c. 6, 38 Stat. 251, 262, theconsolidated bank had permission to act as executo .
He further reported that many estates were beingadministered by the consolidated bank under a claimof right where the Fitchburg Bank had been appointedadministrator, executor or in some other fiduciarycapacity, and no new appointment of the consolidatedbank in place of the Fitchburg Bank had been madeby decree of the Probate Court.
He concluded the report as follows:" Without action upon said account, I report the
above facts and the question of law involved, for theconsideration and determination of the Full Court, asto whether the petitioner is entitled to render saidaccount.
"Fredk. H. Chamberlain,Judge of Probate Court."
After a hearing on the report, a rescript of theSupreme Judicial Court was as follows:
" Ordered that the register of probate and insolvencyin said county make the following entry under saidcase in the docket of said court, viz: The questionreported, namely, ' Whether the petitioner is entitledto render said account', is answered in the negative.Probate Court instructed accordingly."
Following the rescript, the Probate Court made thefollowing entry:
"The foregoing account having been presented forallowance, after rescript from the Supreme JudicialCourt (Full Court) and pursuant to the terms of saidrescript, it appearing that the Worcester CountyNational Bank of Worcester, the accountant and pe-titioner in this case, has not succeeded the FitchburgBank & Trust Company as executor of the will ofsaid testatrix and is not entitled to render this account,this petition for the allowance of the same is herebydismissed."
A petition for appeal to this Court, with an assign-ment of errors, was filed, and an appeal was allowedunder Section 237 (a) of the Judicial Code, as amendedby the Act of February 13, 1925, c. 229, 43 Stat.936, 937.
The Supreme Judicial Court stated its reasons forthe conclusion reached in an elaborate opinion. 162N. E. 217.
The court began with a statement of the substanceof Section 3 of the Act of February 25, 1927, c. 91, 44Stat. 1224, 1225, providing that any bank, including atrust company incorporated under the laws of anyState, may be consolidated with a national banklocated in the same county under the charter of thenational bank, on such terms and conditions as maylawfully be agreed upon in the manner specified; thatall the rights, franchises, and interests of the State bankin and to every species of property, real, personal andmixed, and choses in action thereto belonging, shall bedeemed to be transferred to and vested in such nationalbank into which it is consolidated, without any deedor transfer; and that the national bank shall hold andenjoy all this property, franchises and interests, includ-ing the right of succession as trustee, executor, or in anyother fiduciary capacity, in the same manner and to thesame extent as was held and enjoyed by the State bank.The section closes with the limitation: "No such con-solidation shall be in contravention of the law of theState under which such bank is incorporated."
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408 FEDERAL RESERVE BULLETIN JUNE, 1929
The court examined the question whether there wasany statute of Massachusetts or any policy declaredin its statutes which prevented or forbade such con-solidation, and found that there was none, but pointedout that there was a provision in the General Laws ofMassachusetts, c. 172, Sec. 44, as amended by Stat.1922, c. 292, which should be regarded as a limitationupon such consolidation, as follows:
"The charter of a trust company, the business of.which shall, on or after July 1, 1922, be consolidated ormerged with, or absorbed by, another bank or trustcompany, shall be void except for the purpose of dis-charging existing obligations and liabilities."
With this qualification, the court found the field to beleft open, under Massachusetts law, to the exercise byCongress of whatever power it possessed over thesubject. The court then considered the Congressionalpower, and cited the case of Casey v. Galli, 94 U. S. 673,to show that under Section 44 of the Banking Act ofCongress, c. 106, 13 Stat. 99, 112, a State bank couldchange its organization into that of a national bankwithout any authority given by the State in itscharter or otherwise to make the change. TheSupreme Judicial Court could not find any distinctionbetween the power of Congress to authorize the con-version of a State bank into a national bank and itspower to authorize the consolidation of a State bankwith a national bank under the charter of the NationalBank, and concluded that if no State legislation wasnecessary to accomplish the conversion, there wa,s nolegislation necessary to accomplish consolidation, andthat the consolidation of a Massachusetts trust com-pany with a national bank under the Section 3 of theAct of Congress of February 25, 1927, was permissibleand valid.
The court then considered what was the legal effectof the consolidation on the Trust Company and theNational Bank, and emphasized the explicit provisionof Section 3 that the consolidation was to be under thecharter of the National Bank. It referred again tothe provision of the State law that upon the consoli-dation, the charter of the Trust Company should be"void except for the purpose of discharging existingobligations and liabilities." It held that the word"franchises" directed to be transferred to the NationalBank by virtue of Section 3 did not mean its charteror its right to be a corporation, for that would be incontravention of the law of the Commonwealth; thatit was only the National Bank that retained its corpor-ate identity; that the certificate of the Comptrollerdid not constitute a charter, but only his approval ofthe consolidation; that the Trust Company had goneout of existence and all its property had become theproperty of the consolidated bank; and that the latterwas not a newly-created organization, but an enlarge-ment of the continuously existing National Bank.Thus the court found that the identity of the TrustCompany had not been continued in a national bank,but had been extinguished. The court distinguishedthis case from cases of union where contract obligationsiiad been held to pass from one of the uniting corpora-tions to the other. Such cases were held not to be^applicable to sustain the view that positions of trustlike executor, administrator and other fiduciaries couldJbe transferred to the National Bank by the mere con-solidation under Massachusetts law.
The court then set put at some length the reasonswhy under the Constitution and practice of Massa-chusetts the appointment of an executor was a judicialact and that in the case before the court no one couldsucceed to the void and defunct State Trust Companyas executor except by appointment by the Probate
Court. The trust involved was highly personal. Thecourt said:
"To treat the national banking association intowhich the State trust company has been consolidatedas preserving the identity of the trust company in thisparticular would be contrary to the juridical conceptionand practice touching the appointment of such fiduci-aries under the law of this Commonwealth."
The third question the court discussed and decidedwas the validity and binding effect on courts of Massa-chusetts of the declaration in Section 3 of the Act ofCongress that the right of succession as trustee, execu-tor or in any other fiduciary capacity, would followto the same extent as it was held and enjoyed by suchState bank. It first inquired what was its meaning,and held that it meant that the original appointmentof the State bank was to continue wholly unaffectedby the fact that the State bank had ceased to be, andthat another and different corporation, whose credit,standing and competency had never been the subjectof judicial inquiry for this purpose must be substitutedby virtue of Section 3. The court found that this resultwas in contravention of the law of the Commonwealthand contrary to the State and Federal Constitutions.
The court found, however, that this provision wasnot the dominant part of Section 3, that the clausewas separable and distinct, that the rest of the sectioncould stand independently and that there was no suchconnection between the two as to indicate that Con-gress would not have enacted the valid part withoutthe other.
The court, therefore, held that the Worcester CountyNational Bank of Worcester, the accountant andpetitioner in the case at bar, had not succeeded theFitchburg Bank & Trust Company as executor of thewill of the testatrix and was not entitled to render anaccount as such executor, that it could only account asexecutor de son tort, and that the question of theProbate Court must be answered in the negative.
In passing on this appeal, we must observe that indetermining the policy of a State from its statutes andtheir construction, we of course follow the opinion ofthe State court except as it may be affected by theFederal Constitution. When, therefore, the Statecourt holds that an executor to act as such in the State,must be appointed by the Probate Court, this Courtmust respect that conclusion and act accordingly.But when the question arises as to what is the properinterpretation and construction of Federal legislation,this Court adopts its own view.
It is very clear to us that Congress in the enactmentof Section 3 of the Act of February 25, 1927, was anxiouseven to the point of repetition to show that it wishedto avoid any provision in contravention of the law ofthe State in which the State trust company and thenational bank to be consolidated were located. Sostrongly manifest is this purpose that we do not hesitateto construe the effect of Section 3 in Massachusetts tobe only to transfer the property and estate from thetrust company to the national bank to be managedand preserved as the State law provides, for adminis-tration of estates, and not to transfer the office ofexecutor from the State trust company to the succeed-ing national bank. As this requires another judicialappointment by a probate court, it would become theduty of a consolidated national bank, after the union,immediately to apply for the appointment of itself asexecutor, subject to the examination and approval ofthe proper probate court. Because of the interest ofthe National Bank in all of the assets of the TrustCompany, including the estate at bar; transferred to itscustody, the Bank would seem to have a right to make
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JUNE, 1929 FEDERAL RESERVE BULLETIN 409
such an application to the Probate Court and awaitthe action of that court. If, on the other hand, itassumed improperly that it was made an executor" bythe mere consolidation, and held the transferred prop-erty as such, it must be held to have become an executorde son tort and should bring the assets before theProbate Court and proceed by proper application tosecure the appointment of a legal executor by the court,as pointed out by the Supreme Judicial Court in thiscase and in Commonwealth-Atlantic National Bank,261 Mass. 217, and Commonwealth-Atlantic NationalBank, 249 Mass. 440.
These views lead us to agree with the conclusionsof the Supreme Judicial Court in respect to the legalityof the consolidation of the Trust Company and theNational Bank and only to differ from it in its construc-tion of Section 3, by which it would hold that sectionunconstitutional under the Constitution of Massachu-setts, and so under the Constitution of the UnitedStates.
We think Section 3 enjoins upon the National Bankcomplete conformity with the Massachusetts law in itsconduct of estates of deceased persons when acting astrustee or administrator thereof.
The Supreme Judicial Court refers in its opinion inthis case to that of Commonwealth-Atlantic NationalBank of Boston, 261 Mass. 217, as showing that theconsolidated bank in this case could not act as executor.In that case a State trust company was appointed bythe probate court as trustee under wills in two casesand as conservator of property in a third. It qualifiedby giving bond and for some time held and admin-istered the property as fiduciary. Thereafter it wasconverted into a national bank, which still later wasconsolidated with another national bank. No newappointment as trustee was made by the probate court.The consolidated national bank petitioned for allowanceof accounts as fiduciary. The court held that whilethe accounts were accurate and complete, the consoli-dated bank was not a duly appointed fiduciary merelyby virtue of the original appointment of the Statetrust company, and could only account de son tort.The court relied on Commonwealth-Atlantic NationalBank of Boston, 249 Mass. 440. There a State trustcompany was named as executor in a will. Thereafterit became converted into a national bank, which stilllater was consolidated with another national bank.The testator having died, the consolidated nationalbank petitioned for the issuance of letters testamentaryto it as the executor named in the will. The court heldthat it was not the executor named therein, and thatthe designation of the State trust company as executordid not confer on it a property right passing to itssuccessor, the consolidated national bank.
The court in both Commonwealth-Atlantic Bankcases accepted the effect of the decisions in FirstNational Bank of Bay City v. Fellows, 244 U. S. 416,and Burnes National Bank of St. Joseph v. Duncan,265 U. S. 17, the latter holding that national banksmay act as executors in a State where State trustcompanies have that privilege. The court in 249 Mass,said, "We accept, as we are bound to accept, thatprinciple in all its amplitude and with all its implica-tions", but said that "that principle does not reach tothe facts here presented." There was similar languagein 261 Mass. The Supreme Judicial Court did notthen hold and has not held that a Probate Court ofMassachusetts may not appoint a national bank,otherwise qualified, to be executor, administrator ortrustee, if it approves one as such. In construingSection 3, we think it to be in conformity therewith forthe national bank after consolidation to apply to theMassachusetts Probate Court for appointment as asucceeding fiduciary to carry on the duties. In thepresent case, no such appointment has been made bythe Probate Court.
Under the Massachusetts authorities as alreadycited the Bank in attempting in this case to act asexecutor has become an executor de son tort, and thatsituation must be disposed of in accordance with thelaws applicable in Massachusetts to such a situation.Clabborn v. Phillips, 245 Mass. 47. When the executorde son tort has been released, it would seem that appli-cation might be made to the Probate Court for appoint-ment of the National Bank as executor to close theestate. It seems to us that our construction of Sec-tion 3 of the Act of 1927 in differing from that of theSupreme Judicial Court of Massachusetts makes itpossible by the appointment of the Probate Judge, ifhe approves, to enforce the requirements which the lawsof that State impose in the execution of such trusts, andstill preserve the constitutional effectiveness of Section 3.
This result requires us to affirm the dismissal of thepetition of the Worcester County National Bank inseeking to render the first and final account of theFitchburg Bank & Trust Company as executor of thelast will and testament of Julia A. Legnard, deceased,and its own account as executor of her will, but toremand the cause to the Probate Court for a proceed-ing by the petitioner as executor de son tort, and forsuch further proceedings as it may be advised and asare permissible by the laws of Massachusetts and thestatutes of the United States not inconsistent withthis opinion.
And it is so ordered.A true copy.Test:
Clerk, Supreme Court, U. S.
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410 FEDERAL RESERVE BULLETIN JUNE, 1929
Changes in State Bank Membership
The following list shows the changes affectingState bank membership during the month ended May21, 1929, on which date 1,188 State institutions weremembers of the system.
ADMISSIONS
District No. 2
Hanover Bank of the City of NewYork, N. Y
Chemical Bank & Trust Co., NewYork, N . Y
J. Henry Schroder Trust Co.,New York, N. Y
District No. 4
Peoples Savings & Trust Co.,Pittsburgh, Pa
District No. 8
University City Bank & TrustCo., University City, Mo
Mercantile-Commerce Bank &Trust Co., St. Louis, Mo
District No. 10
Park County Bank, Powell,Wyo
Capital
$10,000,000
10,000,000
700,000
4,000,000
100, 000
10, 000, 000
25, 000
Surplus
$15,000,000
15,000,000
350, 000
9,000,000
26, 200
5, 000, 000
2,500
$320,
252,
1,
Totalresources
273,000
888,000
050,000
54,264,931
,053, 305
, 666, 288
171, 605
C H A N G E S
District No. 2
Claremont Bank of Jersey City,N. J. (merged with Trust Co.of New Jersey, Jersey City,N. J., nonmember).
First Trust & Deposit Co., Syra-cuse, N. Y., member, has ab-sorbed the following:
Liberty National Bank &Trust Co., Syracuse, N. Y__
Third National Bank, Syra-cuse, N. Y
Bloomfield Bank & Trust Co.,Bloomfield, N. J., member, hasabsorbed the following:
Bloomfield National Bank,Bloomfield, N. J
Municipal Bank & Trust Co.,Brooklyn, N. Y. (merged withand under title of Bank ofUnited States, New York,N. Y., a member)
Bank of Commerce in New York,N . Y . (merged with and undertitle of the Guaranty Trust Co.,New York, N. Y., a member)..
Corn Exchange Bank, New York,N. Y. (title changed to CornExchange Bank Trust Co.).
$200,000
300,000
300,000
300,000
5,000,000
25,000,000
$400, 000
75,000
300,000
300, 000
6,000,000
40,000,000
$12, 063, 950
5, 602, 940
5, 702,000
7,451, 650
81,850,937
730,387,814
CHANGES—Continued
District No. #—Continued
Hanover Bank of the City of NewYork (merged with CentralUnion Trust Co. under title ofCentral Hanover Bank & TrustCo.i a member) _
District No. 4
Antwerp Exchange Bank Co.,Antwerp, Ohio (voluntarywithdrawal) __
District No. 5
Savings Bank of Richmond, Va.(title changed to Savings Bank& Trust Co.).
District No. 6
Chattanooga Savings Bank &Trust Co., Chattanooga, Tenn.(consolidated with and undertitle of First National Bank ofChattanooga)
Peoples Bank, Sardis, Ga. (closed)
District No. 7
American State Bank, Fort Madi-son, Iowa (closed)
Central State Bank, Des Moines,Iowa (converted into CentralNational Bank & Trust Co.)- —
Old Kent Bank, Grand Rapids,Mich., member, has absorbedthe following:
Old National Bank, GrandRapids, Mich
Second Security Bank, Chicago,111. (voluntary withdrawal)
District No. 8
Mercantile Trust Co., St. Louis,Mo. (succeeded by Mercantile-Commerce Bank & Trust Co.,a member)
District No. 9
Swift County Bank, Inc., Ben-son, Minn., has absorbed theFarmers & Merchants StateBank, De Graff, Minn., a non-member
District No. 10
First Security Bank, RockSprings, Wyo. (voluntary with-drawal)
District No. 12
Bingham State Bank, Bingham,Utah (title changed to FirstSecurity Bank of Bingham).
Capital
$10,000,000
25,000
1,000,00025, 000
100,000
250, 000
800, 000
350, 000
3,000, 000
25,000
100,000
Surplus
$15,000,000
9,500
500, 0006,000
22, 000
250,000
800, 000
350, 000
7,000, 000
10,000
100,000
Totalresources
$320, 273,000
623, 780
9,154, 232121, 496
846, 06Q
9, 081, 008
17, 312, 570
6, 820, 582
72, 773,442
268, 290
2,115,274-
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JUNE, 1929 FEDERAL RESERVE BULLETIN 411
Fiduciary Powers Granted to National Banks
During the month ended May 21, 1929, the FederalReserve Board approved applications of the nationalbanks listed below for permission to exercise one ormore of the fiduciary powers named in section 11 (k)of the Federal reserve act as amended, as follows:(1) Trustee; (2) executor; (3) administrator; (4) regis-trar of stocks and bonds; (5) guardian of estates;(6) assignee; (7) receiver; (8) committee of estates oflunatics; (9) in any other fiduciary capacity in whichState banks, trust companies, or other corporationswhich come into competition with national banks arepermitted to act under the laws of the State in whichthe national bank is located.
Location
Callicoon, N. YNew York, N. YNew York, N. Y
Pleasantville, N. Y._.Roslyn, N. Y.
Point Pleasant Beach,N. J.
Lewistown, PaPainesville, Ohio
Culpeper, VaBluffton, IndCharlotte, MichDes Moines, Iowa
Wyandotte, MichCarrollton, KyDuluth, Minn
Fargo, N. Dak
Shawnee, OklaLubbock, TexStockton, Calif
Dis-trictNo.
222
22
3
3
4
577
7
789
9
101112
Name of bank
Callicoon National BankBrooklyn National BankBroadway National Bank &
Trust Co.First National BankRoslvn National Bank &
Trust Co.Point Pleasant Beach Na-
tional Bank.Mifflin County NationalPainesville National Bank
& Trust Co.Second National BankOld National BankFirst National BankCentral National Bank &
Trust Co.First National BankFirst National BankFirst and American Na-
tional Bank.Merchants National Bank
& Trust Co.Federal National BankFirst National BankFirst National Bank
Powersgranted
1 to 9.I t o 9 .1 to 9.
I t o 9 .1 to 9.
I t o 9 .
I t o 9 .
I t o 7 .
1 to 9.1 to 9.2, 3, 5, and
Q
I t o 9 .
1 to 9.I t o 9 .9.i
I t o 9 .
1 to 9.1 to 9.4, 8, and 9.*
1 Supplemental.
Changes in National Bank Membership
The Comptroller of the Currency reports the follow-ing increases and reductions in the number and capitalof national banks during the period from April 20 toMay 24, 1929, inclusive:
New charters issued « __Restored to solvencyIncrease of capital approved i
Aggregate of new charters, banks, restoredto solvency, and banks increasing capital-
LiquidationsReducing capital2
Total liquidations and reductions of capital-
Consolidation of national banks under act ofNov. 7, 1918
Consolidation of a national bank and a Statebank under act of Feb. 25, 1927
Total consolidations
Aggregate increased capital for periodReduction of capital owing to liquidations, etc
Net decrease
Num-ber ofbanks
170
29
46
303
33
3
1
4
Amount ofcapital
$5,390,000.000
15, 222, 591. 67
20, 612, 591. 67
21, 210, 000. 009, 750, 000. 00
30, 960, 000. 00
34, 640, 925. 00
200, 000. 00
34, 840, 925. 00
20, 612, 591. 6730, 960, 000. 00
10, 347,408. 33
1 Includes one increase in capital of $8,640,925 incident to a consolida-tion under the act of Nov. 7, 1918, and one increase of $200,000 incidentto a consolidation of a State bank under act of Feb. 25, 1927.
2 Includes one reduction in capital of $50,000 incident to a consolida-tion under act of Nov. 7, 1918.
Acceptances to 100 Per Cent
The following member institutions have been author-ized by the Federal Reserve Board to accept draftsand bills of exchange up to 100 per cent of their capital:and surplus: Chemical Bank & Trust Co., New York,,N. Y.; First National Bank, Lake Charles, La.
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412 FEDERAL RESERVE BULLETIN JUNE, 1929
DETAILED BANKING STATISTICS FOR THE UNITED STATESFEDERAL RESERVE BANKS
BILLS DISCOUNTED, AND DEPOSITS BY CLASS OF DEPOSIT
[Monthly averages of daily figures. In millions of dollars]
Bills discounted:1928—May
JuneJulyAusustSeptember -OctoberNovemberDecember
1929—J anuarvFebruary -MarchApril
Total deposits:1928—May
June . . . .JulyAugustSeptemberOctoberNovemberDecember
1929—January.- -FebruaryMarchAprilMay
Member bank reserve balances:1928—May
JuneJulyAugust - -SeptemberOctoberNovemberDecember
1929—JanuaryFebruaryMarchAprilMay -
Government deposits:1928—May
June .JulyAugust.SeptemberOctoberNovemberDecember
1929—JanuaryFebruaryMarchAprilM a y
All other deposits:1928—May
JuneJulyAugustSeptemberOctoberNovemberDecember
1929—JanuaryFebruaryMarch\prilM a y
Total
835.51,018.71,089. 61,060.81,064.3
975.2897.3
1,013. 0859.2889.2968.6
1, 004.4956.3
2,438.82,394. 92,372. 62, 330. 22,370.12, 380.62,401. 62,415.12,436. 32,406. 72,384. 72,367. 52, 350.9
2, 387. 62, 354. 52, 323. 52,273.92,314. 32, 332. 22, 352. 32, 366.82, 386. 72,357. 32,336. 52,307.92,296.4
23.812.819.527.917.618.717.518.818.220.916.824.822.5
27.327.529.728.438.229.731.829.431.328.531.334.832.0
Federal Reserve Bank
Boston
59.684.868.061.150.945.950.665.060.461.958.675.896.5
155.7150.6151.4149.6152.6155.0154.7150.7152.4149.2145.5146.4143.5
153.6149.3149.9147.1149.6152.5152.0148.6150.5146.7144.3144.1141.9
1.6. 6. 7
1.61.61.71.41.41.21.3.6
1.6. 9
.6
. 7
. 9
. 91.4. 7
1.3. 6.6
1.2. 6. 7. 6
New-York
296.9376.1382.6321.3352.3300.7238.1298.7245.9216.3231.5264.6234.5
965.1942.1919.4889.8897.8902.9920.9939.1953.2943.2944.5937.1932.6
946.8925.9902.4872.0883.2889.7903.4923.4936.3928.5924.6915.2914.7
5.34.13.76.94.23.32.94.63.74.76.36.54.6
13.112.113.410.810.49.9
14.611.113.210.013.715.413.3
Phila-delphia
60.480.293.899.1
106.593.779.391.373.185.5
101.6110.086.7
140.8137.8137.2134.4137.9137.0136.4136.8139.4135.4134.9135.9136.7
138.5136.2134.7132.0134.9134.8134.4134.5137.2133.5133.4133.2133.8
1.6. 8
1.31.41.31.21.31.61.31.1.8
1.92.1
. 8
. 91.11.01.71 0. 8. 8.8.7. 7. 9. 8
Cleve-land
68.489.3
100.880.177.875.585.6
108.079.784.776.096.693.8
191.8188.9190.1189.3195.8190.9188.9186.2190.1188.7188.2186.4187.0
188.7185.9186.8185.8
187.8185.4183.4187.0185.7185.6183.4184.1
1.6. 8
1.01.21.3. 9
1.21.2. 9
1.31.11.21.4
1.62.12.32.34.22.12.41.62.21.81.51.81.5
Rich-mond
43.048.054.956.657.247.842.540.840.741.043.452.658.1
71.870.270.169.770.871.371.571.771.971.169.570.268.3
69.068.567.266.267.668.369.169.669.768.667.667.265.6
2.31.22.22.71.72.21.91.71.72.11.52.62.3
.4
. 5
.7
. 71.5. 8. 5. 5.5.4.4. 5.4
At-lanta
51.959.868.576.882.979.468.757.858.555.851.763.673.4
70.967.866.566.465.265.867.169.669.169.168.967.966.1
68.366.664.763.762.763.464.867.567.267.667.766.264.5
2.0. 8
1.42.21.61.61.81.71.51.1.8
1.31.1
.6
.4
. 5
.61.0. 8. 5.4.4.4.4.4.5
Chicago
109.5136.1156.7159.4113.8134.1138.8178.9142.7165.9210.6133.4109.8
358.2355.9355.4350. 6357.0357.7357.7357.2358. 2357.0349.8346.8346.9
353.2352.0351.0344.8352.3353.3354.0353.0354.3352.8346.5341.6340.8
2.81.11.82.71.21.41.41.51.62.31.33.23.9
2.32.82.73.13.53.02.32.72 31.91.92.12.1
St.Louis
39.052.955.158.865.049.843.939.637.437.848.151.848.7
84.181.681.680.883.683.583.885.385.985.081.881.580.3
82.380.379.778.580.180.581.583.484.282.978.777.876.6
1.3. 7
1.11.2. 8
1.21.2. 9
1.11.3.7
1.11.2
. 6
. 7
. 81.02.81.71.11.0.7.8
2.42.52.5
Minne-apolis
10.68.5
12.218.517.818.116.010.412.012.815.619.318.1
53.154.053. 352.655.057.057.556.455.354.054.152.951.5
51.652.952.050.753.055.156.155.153.952.553.151.650.2
1.1. 6. 9
1.4. 8. 9. 9. 8
1.01.1.6. 9. 9
. 4
. 5
. 5
. 51.21.0. 5. 5.5.4.4. 5
• 4
KansasCity
22.922.423.922.724.031.343.144.266. 632.531.838.849.1
92.891.893.794.897.595.794.894.495.693.893.091.089.0
90.690.391.792.492.892.593.093.093.991.991.889.287.5
1.4. 6
1.21.4. 7
1.1. 9. 8
1.21.3.6
1.11.2
. 9
. 9
. 81.04.02.1. 9. 6.5.6. 5. 7. 4
Dallas
9.011.316.729.829.625.321.317.920.619.214.818.623.1
66.365.265.664.867.370.873.173.773.372.870.968.666.5
64.964.163.762.565.568.971.472.271.870.770.066.865.1
1.1. 7
1.52.01.21.61.41.21.31.1
1.61.1
. 3
. 3
. 4
. 4
. 5
. 3
. 3
. 3
.31.0. 2. 3. 3
SanFran-cisco
64.349.456.576.786.573.569.660.355.075.885.079.364.4
188.0189.0188.3187.4189.5193.1195 1194.0191.8187.3183.6182 7182.6
180.3182.5179.9178.2182.4185.2187.3183.2180.7176 0173.1171.7171.6
1.9. 9
2.73.21.11 61.31.41.82.01.91.91 7
5.95.65.76.06.16 36.69.49.39.38.69 19.2
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JUNE, 1929 FEDERAL RESERVE BULLETIN 413
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES AT END OF MONTH
[In thousand^ of dollars]
RESOURCES
Total gold reservesKeserves other than gold.
Total reserves..Nonreserve cashBills discounted
Bills bought:Outright _Under resale agreement.
Total bills bought..
United States securities:Bought outrightUnder resale agreement.
Total United States securities.Other securitiesForeign loans on gold
Total bills and securities.Due from foreign banksHeserve bank float *
Total reserve bank credit outstanding...
Federal reserve notes of other reserve banks__.Other uncollected items not included in float.Bank premises .All other resources
Total resources..
.Federal reserve notes:Held by other Federal reserve banks.Outside Federal reserve banks
LIABILITIES
Total notes in circulation.
Deposits:Member bank—reserve account..GovernmentForeign bank _Other deposits _
Total depositsDeferred availability i tems.Capital paid in-SurplusAll other liabilities
Total liabilities
Contingent liability on bills purchased for foreign correspondents..
1929
M a y 31 April 30
2,813,403137, 320
2, 791,490173,193
2,950,723 I71, 262
1,067, 867
104,44812, 331
116,779
137,2095,785
142, 9947,816
1, 335,456727
24, 060
1,360,243
16.378602, 72458,5817,947
5, 067,858
16, 3781,655,863
1,672,241
2,288,19232,1267,742
25,198
2, 353, 258602, 724157, 600254, 39827,637
5, 067, 858
388,891
2, 964, 68371, 966
' 934,468
129, 24249, 327
178, 569
140,12123, 250
163, 3717,368
14,899
f 1, 298, 673725
' 27,024
' 1, 326,422
13, 333634,338
58, 739r 7, 302
5, 076, 783
13, 333' 1,649, 518
' 1, 662, 851
' 2, 281, 60527,9538,980
'- 26,132
2, 344, 670634, 338155, 912254, 398
24, 614
1928
M a y 31
2, 594, 650147, 552
2, 742, 20256,143
1,021, 352
271, 08820, 528
291, 616
204, 35215, 535
219, 8781,090
1, 533,945573
13, 600
1, 548,118
18, 219599,45960,0139,165
5,033,319
18, 2191, 588, 278
1, 606,497
2,371, 26539,9145,673
19, 026
2,435, 878599,459139,614233,319
18, 552
5,076,783 | 5, 033, 319
345, 071 267, 536
r Revised. i Uncollected items (exclusive of Federal reserve notes of other Federal reserve banks) in excess of deferred availability items.
KINDS OF MONEY IN CIRCULATION[End of month figures. In thousands of dollars]
1928—May 31June 30 „July 31Aug. 31Sept. 29Oct. 31Nov. 30.._Dec. 31
1929—Jan. 31Feb. 28
Total Goldcoin
4, 744, 0744,796,6214, 700, 5354, 802,8204,846,1984,806,2304, 990,1144,973,1684,656.6174, 698, 36247476*3Mar. 31- 4,747,6*3
Apr. 30. 4.675,647May 31 P ! 4,739,822
379, 684377,017374, 980373, 558372,909373, 202374, 306395, 3103X0. 952377.512374.255371, 623370,15$
Gold cer-tificates
1,013,1391,019,149977, 077981, 785977,6739 >y, 652
1,030,54b990,996923, 193935, 4-18937, 247905, 513944, * 53
Stand-ard
silverdollars
Silvercertifi-cates
46,22846, 22346,08246,241 I46,411 |46,298 i46,342 ;46,475 j44,458 j44,075 j43,921 !43,72745,250 ;
379, 604384, 577384,159391, 047397, 589394, 328404,860410,334381,672385,389390, 583386, 241392,408
Treas-ury
notes of1890
1,3051,3041,3011,3001,2981,2961,2951,2941,2921,2911,2901,2881,286
Subsid-iary
silver
277,404278,174279,072280,661283,296285,350288, 002291,314280, 751280, 736280,655281,229283,141
Minorcoin
110,921111, 067111, 400111,937112,431113,427114,641115, 613114,007113, 692113.536114, 085114,644
UnitedStatesnotes
296,189
293, 235300, 563303,110300, 659306,015294,199282,172283, 603283,100276, 227288,214
Federalreservenotes
1,586,9751,626,4331, 592,1371,662,2491,698,9081, 689,1711,770,1841,808,0531,631,4321, 646, 5231,673,4801, 648,3921, 654, 794
Federalreservebanknotes
4,0724,0293,9853,9483,9163,8803,8483,8203,7753,7473,7093,6803,649
Na-tionalbanknotes
648,552650,212637,109649, 532
638,965650,077615, 761612,915626,344645,908643, 639642, 220
Preliminary.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
414 FEDERAL RESERVE BULLETIN J U N E , 1929*
L, 1929
[In thousands of dollars]
Federal reserve bankTotal cash reserves
May- April
Total deposits
M a y April
Federal reserve notesin circulation Reserve percentages
M a y April M a y April
BostonNew YorkPhiladelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis..Kansas City..Dallas.San Francisco.
Total...
172,675987, 419196, 789288, 70478, 285120, 359542, 54384,41988, 55393, 82566,196267, 717
194,933977, 439167, 097276, 072' 84, 315133, 015
' 514,141r 83,939r 86, 287' 102,417r 71, 077246, 203
143, 464932, 550136, 669186,99568, 30366,149346,85580, 34751, 53989,03566, 461182, 560
146, 369937,149135,926186, 37270, 24767.890
346, 79481, 47652.89191, 02368, 643182, 739
138, 536284,480144,182207, 34667, 526132, 714307, 22558. 06063; 42366,38437, 561156, 067
133, 368297, 621143, 096207, 752' 70, 247134, 773
' 301, 679r 57, 775' 64,187r 66, 543T 37, 965155, 898
61.281.170.173.257.660.582.961.077.060.463.679.1
2,987,484 ' 2, 936, 935 2, 350,927 2, 367, 519 1, 663, 504 i? 670, 904 74.4
69.779.259.970.160.065.679.360.373.765.066.772.7
72.7
«• Revised.FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS
RESOURCES
[In thousands of dollars]
Total Boston NewYork
Phila-del-phia
Cleve-land
Rich-mond
At-lanta
Chi-cago
StLouis i Dallasi San
Fran-cisco
Gold with Federal reserveagents:
M a y lMay 8_.May 15May 22May 29
Gold redemption fund withU. S. Treasury:
M a y lMay 8May 15May 22May 29
Gold held exclusively againstFederal reserve notes:
M a y lMay 8May 15May 22May 29
Gold settlement fund withFederal Reserve Board:
May 1May 8May 15May 22May 29
Gold and gold certificates heldby banks:
May 1May 8.May 15May22._May 29
Total gold reserves:May 1 _ _May 8__ _._May 15__ _May 22 -May 29
Reserves other than gold:M a y l -May 8May 15. . .May22. ._May 29 _
Total reserves:M a y lMay 8. - -May 15May 22 _„_May 29
1, 317,4491, 309, 9051, 329,1171, 318, 5511, 315,181
61,17262, 06065, 07161,19666, 969
75,18571, 736168, 69866, 04262, 852
7, 322!5,4187,9369,878
12, 590|
281, 203i 93, 538281,1271 98,889261,0341 117,299261,0341 116,148265,927 114,533
154, 518154,684154, 284154,474150, 679
39, 58238, 74037, 52531, 87433, 758
11, 55611,154)10, 664110,117|9, 694
5,2416,4177,3588,0589,226
1, 378, 6211, 371, 9651, 394,1881, 379, 7471, 382,150
671,114678, 058654, 848652, 404663, 795
762, 295790, 924789,0871809, 751777,836
82, 50777,15476, 63475, 920i75, 442|
55, 70961, 248i51, 75250, 34256, 237
26,68827, 26227,49526, 75023,995
292, 759! 98, 779292, 2811 105,306271,698! 124,657271,1511 124,206275,621! 123,759
186,451138, 333156, 248190, 111247,192
49,19460, 29147, 64542, 42432,954
5, 0146, 286!6, 052!5, 2424,993
3,8404,1014,6933,132,3,535
83,07282, 05080, 28080, 89086, 943
3,8174,2994,9754,2424 - "
!
159, 532160, 970160, 336159, 716155, 672
67,14766, 09466, 24369, 24972,142
2, 812,0302, 840,9472,838,123]2, 841, 9022,823, 781
173, 732171, 332173,400166, 229146,1771
2, 985, 7623, 012, 2793,011, 5233, 008,1312,969,958
164,904165, 664155, 881153,012155, 674
14,17414, 25313, 68012, 76911, 539
179,078179,917169,561165, 781167,213
474, 950 24,356 51, 781488,332j 26,651' 51,857486,300 25,120 49,902505,125 26,107 50, 002479, 859 25, 525 50, 605
954,160918,946914, 246966, 387
1,002, 672
52,19452,10350, 29347,67241,484
1,006, 354971,049964, 539
1,014,0591,044,156
172,329 278,460192,248! 278,921197,4221 276,481192,737] 278,967182,238 278,419
7,'7,9648,5678,4206,881
179,825200, 212205,989201,157
13, 55312, 54414,15112,64510, 271
292,013291,465290, 632291, 612
189,1191 288,690
43,42242,84142, 21835, 00637, 293
13, 82614, 75011, 92711,91114,476
16, 64316, 38716,90117,36417,405
267,103267, 044276, 943276, 944279, 8""
6,2765,6265,0524,3936,746
24, 08923,48122,37421, 69721, 308
7, 037!7, 362!5,175 j5,5625,665
i86,889 273,37986,349 272,67085,255! 281,99585,132J 281,33791,404: 286,623
15, 81016, 90020, 68118, 83514, 685
7,4137,3236,7046,2496,531
73, 89173,97871,04664, 28169, 747
8,7458,0758,3768,3557,462
110,112110, 572112, 640110, 216112, 620
8,5488,336
7,5937,268
82,636 118,82,053! 118,90879,4221 121,03872,636! 117,80976,636J 119,888
143,894145,422132, 584119, 84372, 340
101, 677113,159116, 775117,647114,165
31,12630, 84327, 54927, 25926,973
33, 86534,94233, 32630, 99937,237
10, 08110, 54810, 26110, 37110,091
518,950531,251531,354518,827473,128
26, 39726,48428, 34928,14425,86"
75, 07276,33371,136
54,12254,12260, 27661,91556,122
2,9552,7563,4641,6582,218
48, 75943,11742, 03340, 43538, 629
2,8033,1664,0463,4412,477
23,107 173,17122,395 172, 520>22,034! 186,33721, 500! 185,598-21,055 183,498
1,8692,0311,9191,8661, 775
3, 4423,4443,7373,6073, 58£
57, 07756, 87863, 74063, 57358, 340
20, 29626, 87016, 82016,11622,130
5,6205,7035,6645,8125,912
51, 56246, 28346,07943, 87641,106!
28,17842, 28641,12137, 953!33, 749
5,2635,;"""5,3955,5365,396
24,976 176,61324,426 175,96423,953 190,074r23,366 189,20522,830 187,087
74,301
11,8111, 54511,10810,9898,901
82,99389,45186, 22485, 50186,382
2,4652,4032,5932,5192,436
85,00393,96792,59587, 36580, 251
5, 679J5,4045,7685,6684,802
26,11427,10425, 29125, 87123, 765
10, 75310, 90810, 91710, 96810, 966
545, 34'557, 735559, 703546,971
86,97187,878j82, 244179,6181
83,202
85,45891,85488, 81788,02088,818
90, 68299, 37198, 36393,03385,053
61,84362,43860,16160, 20557, 561
6,9796,9417,0686,8895,152
68,82269, 37967, 22967, 09462, 713
30, 63043, 81851, 21038, 75036,888:
27, 07027, 39627, 65327,820*27,386
234,313247,178268,937255, 775>251,361
15,60415, 28015,04914, 56614,114
249,917262,458283,986'-270, 341265,475.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JUNE, 1929 FEDERAL RESERVE BULLETIN 415
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS-Continued
RESOURCES—Continued
[In thousands of dollars]
Total BostonNewYork
Phila-del-phia
Cleve-land
Rich-mond
At-lanta
Chi-cago
St.Louis
Min-neap-olis
KansasCity Dallas
SanFran-cisco
Nonreserve cash:May 1May 8May 15May 22May 29.
13ills discounted:Secured by U. S. Govern-
ment obligations—•May 1May 8. __May 15May 22May 29..
Other bills discounted—May 1. _._.May8May 15May 22May 29
74, 28778, 317,83, 981!85, 517|82,473
547, 996525, 814512,837,502, 558536,177J
437, 833'436, 208401, 762401,868452,017
Total bills discounted:May 1May 8 __May 15May 22May 29
Bills bought in open market:May 1May 8..May 15May 22May 29
U.[S. Government securities:Bonds-
May 1__May 8May 15May 22May 29
Treasury notes-May 1May 8. _May 15...May 22....May 29-_-
Certificates of indebted-ness-
May 1—_May 8May 15..-May 22May 29
985, 829|962, 022914, 599904, 426
Total TJ. S. Government se-curities:
May 1May 8May 15-May 22..May 29
Other securities:May 1May 8May 15 -May 22May 29 -
Foreign loans on gold:May 1May 8-May 15May 22May 29
Total bills and securities:May 1May 8.May 15May 22May 29—
Due from foreign banks:May 1. -May 8...May 15May 22May 29
170,421157,181146,107137,986117,919
50, 38450,40750,40050, 38650,384'
84,478!84,49590, 61091,83984, 965!
15,86814, 586:14, 81611,0629, 223;
150, 730149,488;155, 826153, 287144, 572
7,;6,8667,8177,8177, 817
14,8996,355
6,4566,8747,3897,2136,195
36, 35844,86346, 46650, 50861, 074
47,45042, 08746, 69751, 59848, 285
30, 66332, 74036,89540, 07539,350
169, 67'173, 331171, 324136,38"130, 658
77, 905103, 55883,04860,'~~63, 768
2,2632,3092,2762,1702,052
62, 28549,40042, 69146,03958, 871
39, 57734, 85533, 77530, 82437, 906
4,1533,1594,1053,3932,964
58, 24658,12560, 09156,01660, 501
33,10133, 38328,90434,19935,143
4,9955,2425,2525,1014,992
20, 27521, 04824,1125, 09824, 016
34, 08633, 40832, 41436,25733, 957
4,9246,1566,0495,8355,679
18, 08917, 48516, 814
15, 009
58, 42257, 04555, 96154, 20856, 389
7,1767,9488,1498,0717,670
65,19059, 55257,13366,93995,:
45, 53535, 76631,37131, 78254, 056
3,8124,0243,9573,7643,762
24,92222,16625,40029,84623, 989
22, 41122, 48622, 30024,15027,168
1,2831,1591,2061,1301,392
14, 7289,4648,6038, 679|4,071
7,6427,1577,7668,08712, 767
86, 95093,163102,106109, 359
30, 07229, 87628,97726, 06526,281
2,0661,795If'"""
1,7941,794
1,3961,3961,3491,3501,350
247, 582276, 889254, 372197, 325194,426
56, 83444, 00435,11527,44111, 649
155155155155155
11, 84111, 73417, 27918,40912, —
5,1704,6605,2952,120
495
101,86284, 25576, 46676, 86396, 777
11,40212, 06710,94911,59710, 041
585585585585585
9,3279,0819,0819,0819,081
7,0277,0277,0277,0277,027
91, 34791, 50888.99590, 21595, 644
12,99112, 65512,00311, 7229,921
548548548548548
27,40927,11227,11227,11227,112
54, 36154, 45656, 53161, 35557,973
6,3275,5095,2695,3114,734
1,1521,1521,1521,1521,152
65765765765'657
4,1513,8803,8343,8333,833
17,16616, 54922, 72920,68413,449
1,465965
1,9151,9151,915
16,93916, 69316, 69316, 69316, 693
401401402402402
27, 96227, 66527, 66527, 66527, 665
1,182504!
5,2332,232
1,534654
1,629695
76, 51174, 53072, 77573,19671, 398
7,4547,9958,1838,2167,982
2115241715
3,2113,1233,1283,1233,124
110,72595, 31888, 50498, 721149, 264
6,9798,44910, 64612, 73412,!
19,93719,93719, 93'19,93719, 937
5,2094,7635,3286,1434,!""
1,0851, 400J.1,0351
520285
47, 33344,65247, 70053,99651,157
1,4111,1911,1521,1421,118
7,1257,1257,1257,1257,125
4,2137,2137,2136,5006,500
I,1
1,8051,8201,8321,739
17, 01615, 04114, 36716,49819, 076
29,10529, 45930, 84433, 52137, 497
2,8323,0033,1462,9892,900
12, 82011, 37912, 30711, 57912,429
9,90511,1289,808
11, 98612, 054
22, 37016 62116, 369|16, 766!16, 838
3,682!3, 755j3,6513,4032,876!
46,12144, 50045, 21150, 01956, 5735,8915,5425, 5066,1295,892
4, 540!4,5684,5524,5454, 545J
4,102|3,9661.3,965j_3,969!.3,964;.
7,7557, 756|7, 756!7,7567,756
902
23!52i
1,136
8 6 .
1,11,809ir~
3,2423,1493,1613,1513,141
26, 23126,100
26, 60025,105
685292
581248
2,041871
11,33814, 33814, 33813, 62513, 625
8,6658,5868,6038,5438,559
2,0002,0002,0002,0002,000
254399170
22, 72522, 50722,11523, 56524,483
10, 77410, 50910,15310, 75410, 325
7,8137,8137,8137,8137,813
3,5983,4113,4113,4113, 411
9,7937, 756!7, 756J7,7567,756
1,5001,5001,5001,5001,500
492210
11,42711,25911, 23411, 22411,233
1,2501,2501, 250|1, 2501, 250J
527L225 L
3,9323,8983,7373,9443,778
48, 39043,96033, 52435,98131, 275
32, 69425,87618, 87424,31833, 027
81, 08469, 83652, 39860, 29964, 302
16, 60415,62914,50313,47214,111
6464646464
11,94311, 64011, 64011, 64011,640
12, 00711, 70411, 70411, 70411, 704
750750750750750
1, 329, 2451, 281,9121, 224, 3491, 203,5161, 258, 502
725725723726727
119, 213121, 210125,974132,004139,473
545454!5454
328,280340,639314,131247, 365221,439
220220217220221
132,138114,070104, 510105, 555123, 913
7070707070
133,929132, 523128, 663129,602133, 230
7474747474
63,18262,06663,60968,47564, 516
87, 788| 145,97685,92284,11984, 56382, 521
130, 738125,450138,055187, 358
99100100100
60,67860,43563,19068, 76365,900
2929292929
37,11631,13230,62330, 71230, 273
1818181!1!
63, 79:59, 50859,97365,40471, 721
2424242424
46, 70345, 75044, 75246, 79347, 291
2424242424i
110,44597,91979, 35586, 22590, 867
5252525252
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
416 FEDERAL RESERVE BULLETIN JUNE, 1929
FEDERAL RESERVE BANKS-RESOURCES AND LIABILITIES, BY WEEKS—Continued
RESOURCES—Continued
[In thousands of dollars]
Total BostonNewYork
Phila-del-phia
Cleve-land
Rich-mond
At-lanta
Chi-cago
St.Louis
Min-neap-olis
KansasCity Dallas
SanFran-cisco
Uncollected items:May 1May 8May 15May 22May 29
Bank premises:May 1May 8 _..May 15May22.._May 29 _..
All other resourcesMaylMay 8 _.May 15May 22May 29
Total resources:MaylMay8__May 15May 22May 29
707,771657,596847,343691,828655,928
58,73958, 73958,76158,76158, 761
8,3587,9978,3618,3198,543
71,07865,88783,055
66,076
3,7023,7023,7023,7023,702
54
202, 715180,486251,653187,965180, 758
16,08716,08716,08716, 08716,087
1,7051,3061,3261,3061,349
5,164,8875,097, 5655,235,0415,056, 7985,034,892
379,635377, 703389, 794377,178382, 768
1,586,0241, 542, 5271, 584,8481, 507, 0771,503,360
61,93353,08067,84759,32755,142
1,7621,7621,7621,7621,762
171192202216251
67, 727
84,37472,03567,128
6,5356,5356,5356,5356,535
1,2881,309
1*3421,365
49, 65247, 77258, 26151,91047,266
3,5753,5753,5753,5753,575
534505520497495
23,43422, 24126,19822,85918, 838
2,7442,7442,7442,7442,744
1,9721,9642,1302,1182,090
I
88,0511 28,83482,6381 29,790
106,923 39,10182,392' 30,46787871 28 75687,871
8,5298,5298,5298,5298,529
521540599581590
28, 756
3,9293,9293,9513,9513,951
335361370378381
12,85812,89415,17913,17612,243
2,1102,1102,1102,1102,110
524521540547531
38,45338,09943,09237,15335,385
4,1404,1404,1404,1404,140
24,02825,09628, 22723, 64821, 259
378,162371,695382,656370,257372,309
505,719495,654515, 707504, 593499,986
204,607201,246210,672202, 227197, 513
239,550237,963242, 306235,956231, 788
795,6991 184,587788,227809,453784,699791,113
186,446192,842186, 970185,981
139,367139,688
135, 713135,385
199, 250203, 282207, 744201, 923198,484
144,735145, 578145,737142,878136, 553
39,00839,02443,43342, 53335, 206
3,7043,7043,7043,7043,704
494501522528570
407,552407, 556414, 789407, 327399, 652
LIABILITIES
Federal reserve notes in circu-lation:
MaylMay 8 . .May 15 _.. _—May 22May 29 . . . . .
Deposits:Member bank—reserve aa
count—MaylMay 8May 15May 22.May 29
Government-May 1_—May8_May 15 ___May 22. _May 29..
Foreign bank—MaylMay 8...May 15May 22May 29
Other deposits-May 1May8May 15....May 22.May 29.
Total deposits:t Mayl. .| May 8
May 15May 22May 29
Deferred availability items:MaylMay 8May 15May 22May 29
Capital paid in:May 1May 8May 15May 22May 29...
1,663,6391, 663,6781,646,6581, 639, 5541,653,685
2, 335,8172, 330,0332, 319,8872,275, 7522,285,870
33,89228, 63513,67819,29115,366
8,3407,2386,1066,3628,085
32, 30923, 30825,83723,10621,873
2,410,3582,389, 2142, 365, 5082, 324, 5112,331,194
656,462608,834786,019655, 232611, 242
155, 958156,179156, 296156, 279156,446
135,854138,026137,227137, 688142,314
139,993142,521139,237138,540142,646
1,714152488
1,255251
665502502502502
526017411365
142,424143, 235140,401140,410143,464
69, 98365,00380, 62967,45765, 203
10,38410, 39010, 38910, 37410, 375
295,815288,490277,973275,051274,542
947, 320940, 309931,019913,102917,034
7,3677,3283,0073,2021,749
2,0812,5111,3791,6353,358
17,4629,6559,3658,7419,101
974, 230959,803944, 770926, 680931, 242
182,468160,276227, 523170, 704162, 795
55, 82955, 96956,04856, 20256, 264
141, 357141,589142,262140, 646146,550
134,107136,775136, 200133,459131, 831
4,3013,475699828789
862651651651651
65193114196114
139, 335141,094137, 664135,134133,385
56, 73648,03561, 72853, 36251,191
15,13315,28915,28915, 30315, 303
205,620206,675207,019203,921208, 507
190,671184, 719183, 338186, 729181,052
2,5221,6331,0511,4431,443
916692692692692
1,029797698495639
195,138187,841185, 779189, 359183,826
61,15557, 21878,89967, 24563,419
15,08915,08915,10015,10115,121
67,88168,03566, 54266,16366,091
65,82967, 24365, 76564,93864,849
3,5991,8532,0161,3252,421
413312312312312
96939087222
69,93769, 50168,18366, 66267,804
46,86443, 73855,90349, 35243, 548
6,1836,1766,1766,1776.177
132,157132,693131,945131,497130, 569
66,07364,95167,37963,61263,463
1,4521,733826
1,6361,247
350264264264264
1101113122
67,98567.06168, 59165, 60565.062
21, 73820,41323, 95120,94618,131
5,3325, 3325,3335,3335,r"
305,143306,035304, 599305,411307,265
340,106339, 276341, 717330,831338, 535
7,1916,0371,7793,1892,409
1,230929929929929
1,243589
2,182766
1,270
349, 770346, 831346, 607335, 715343,143
80, 61275,08897,93683,09479,951
19,49419,48319, 50019, 52819, 543
57, 55857, 72557,88657, 78857,973
75, 95877,12476, 46076,10278, 312
1,7301,2101,1061,3411,074
359271271271271
1,8542,3362,2342,4072,134
79, 90180, 94180,07180,12181, 791
29, 51530,02737,12131,41828,495
5.4285,4275,4295,2315,230
63, 71964,35163, 38663, 05362,148
51,92551,60050,03648,89749, 740
1,117917586735973
225170170170170
229224315199185
53, 49652,91151,10750,00151,068
10, 96911, 26912, 82611,45910, 923
3,0883,0423,0413,0533,067
65,82566, 59366,03766,43165, 936
84,17486,71087, 45286, 79185,940
1,1311,5951,0411,388
97
296224224224224
146230189133185
85, 74788,75988, 90688, 53686,446
33,41933, 63138,46332, 55231, 604
4,2854,2784,2774,2794,277
37, 547J 155,16338,154! 155,31236,884 154,89837,420, 154,48536,526 155,264
66,778| 172,88365,706, 173,09965,287j 175,99764,508 168,24363,641 168,827
1,4641,792700
1,468400
296224224224224
1932731937
68, 55767, 75466, 28466, 21964, 302
24, 84525, 82828, 74225, 38621,816
4,4694,4604,4584,4574,444
304910379
1,4812,513
647488
488
10,0048,98610,2819,8577,833
183,838183,483187,145180,069179,661
38,15838, 30842, 29842, 25734,166
11, 24411, 24411,25611, 24111,252
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JUNE, 1929 FEDERAL RESERVE BULLETIN 417
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
LIABILITIES—Continued
[In thousands of dollars]
Total BostonNewYork
Phila-del-phia
Cleve-land
Rich-mond
At-lanta
Chi-cago
St.Louis
Min-neap-olis
KansasCity Dallas
SanFran-cisco
Surplus:May 1May 8May 15 _._May 22.... .._.May 29
All other liabilities:May 1May8_.May 15May 22May 29
Total liabilities:May 1May 8May 15May 22May 29
MEMORANDA
Ratio of total reserves to Fed-eral reserve note and depositliabilities combined (percent):
May 1 —May 8.May 15 ,May 22May 29
Contingent liability on billspurchased for foreign cor-respondents:
May 1May 8May 15May 22....May 29 _
Own Federal reserve notesheld by Federal reservebanks:
May 1May 8May 15May 22May 29.
254,398254, 398254, 398254,398254,398
24,07225,26226,16226, 82427,927
19, 61919, 61919, 61919, 61919, 619
1,3711,4301,5291,6301,793
71, 28271, 28271,28271,28271,282
6,4006,7077,2527,1587,235
24,10124,10124,10124,10124,101
1,5001,5871,6121,7111, 779
26,34526, 34526, 34526,34526,345
2,3722,4862,5652,6222,768
12, 39912, 39912, 39912, 39912, 399
1,3431,3971,4691,4741,494
10, 55410, 55410, 55410, 55410, 554
1, 7841,9101,9322,0212,079
36,44236,44236,44236,44236,442
4,2384,3484,:4,5094,769
10,82010,82010, 82010,82010, 820
1,3651,5061,5151,5921,672
7,0827,0827,0827,0827,082
1,0131,0331,0511,0651,097
8,690
935975
1,0391,135
8,690
627692!679 j706775
17,97817,97817,97817, 97817,978
1,1711,2311,2141,2971,331
5,164,8875,097, 5655, 235,0415,056, 7985,034,8921
73.374.375.175.974.5
349,257355,195367,498381, 751385,754
394,488417,206418,265426, 510420,133
379, 635377, 703389, 794377,178382, 768
64.464.061.159.58.5
25,53525,88326,72427,19528, 250
23,30324, 53222,29322, 57618,995
1, 586, 0241, 542, 5271, 584,8481, 507,0771, 503,360
79.277.878.984.486.6
108, 742111, 405115, 792125, 605119, 673
110,835136,865137, 635140,880149, 729
378,162371, 695382, 656370, 257372, 309
64.170.873.672.967.6
33,12733,57834, 66835,28036,648
38,18137,30039,03742,50236,003
505, 719495, 654515, 707504, 593
72.973.974.074.173.6
35,19735, 67736,83537,48538,939
34, 62135, 53234,48838,07532,035
204, 607201, 246210, 672202, 227197, 513
60.059.758.954.757.2
15,874
16, 61216, 90517, 561
19,42818,43219, 53019, 25918,115
239, 550237, 963242, 306235,956231, 788
59.359.560.459.861.3
13,45813,64114,08414, 33314,888
31,67429,45728,49529, 55331, 753
795, 699788, 227809,453784, 699791,113
83.385.485.985.376.7
47,27547, 91949,47550, 34752, 299
32,88534,06232,85430, 736
184, 587186,446192,842186,970185,981
63.363.459.657.759.5
13,80313,99114,44514, 70015, 270
10,11510, 2019,1538,9748,900
139, 367139, 688138,493135, 713135, 385
72.978.377.677.978.5
8,6278,7449,0289,1879,544
9,3258,6938,8128,78410,056
199,250 144,735! 407,552203,2821 145,578 407,556207,7441 145,737 414,789201,923 142,878! 407,327198,484 136,5531 399,652
59.864.063.560.055.
11, 38711, 54211,91712,12712, 598
10,42110,46111, 77310, 78111,370
64.9]65.565.264. 762.2
11, 38711, 54211,91712,12712, 598
9,0759,0369,9448,87510,483
73.777.583.080.879.3
24,84525,18426,00126,46027,486
64,61263,81263,04363,39761,958
MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS AND MUNICIPAL WARRANTS
[In thousands of dollars]
Bills discounted:May 1 _ __May 8May 15May 22May 29
Bills bought in open market:May 1 _May 8 __May 15 _May 22May 29
Certificates of indebtedness:May 1May8.._May 15...May 22 _. . .May 29
Municipal warrants:May 1May 8 _May 15May 22May 29
Total
962,022914, 599904,426988,194
170,421157,181146,107137,986117,919
15, 86814,58614,81611,0629,223
401401402402402
Within 15days
806,106787,922739,927718,591762,915
94, 55180,07375,98073,11054, 291
4,1774,7594,6952,120495
16 to 30days
44,02443,28647,44045, 64452, 052
30,09235,59733,17631,11831,848
42535
293
102
31 to 60days
75, 56772,49268,18571,40284, 852
32,03728, 79325, 73221, 62119, 506
1,245205617
101101102102
61 to 90days
40,77837,58735, 76742,69457,418
11,0699,9029,10810,26510, 080
91 days to6 months
16,52717,99321,50024,12529,136
2,6722,8162,1111,8722,194
8,3787,8377,9137,5267,034
300300300300300
Over 6months
2,8272,7421,7801,9701,821
2,0681,7811,5661,3811,401
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
418 FEDERAL RESERVE BULLETIN JUNE, 1929
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Federal Reserve Bank
Boston NewYork
Phila-delphia
Cleve-land
Rich-mond Atlanta Chicago St.
LouisMinne- Kansasapolis City Dallas
SanFran-cisco
Federal reserve notes receivedfrom comptroller:
May 1May 8___ _May 15May22._ _ —.May 29—
Federal reserve notes held byFederal reserve agent:
May 1May 8May 15May22._.May 29 -
Federal reserve notes issued toFederal reserve bank:
May l.._May 8May 15May 22May 29
Collateral held as security forFederal reserve notes issued toFederal reserve bank:
Gold and gold certificates-May 1May 8 _..May 15... .May 22May 29.-..
Gold redemption fund-May 1May 8May 15._May 22 _May 29
Gold fund-May 1May 8May 15May 22May 29-__
Eligible paper-May 1May 8May 15May22.__May 29
Total collateral:May 1May 8..May 15May 22 .._ __.May 29.
2,813,4542,933,4803,055,8003,227, 6613,432,180i
755, 327852,596990, 877
1,161, 5971, 358, 362
218,032240,183261,945
732, 605747,040757,893779,016
289,299 822,936
58,87577,625102,425125,225127,990
2, 058,1272, 080,8842, 064, 9232, 066,0642. 073, 818
381, 294378, 295378,295376, 295372, 895
94, 21992,05980,710102,211100, 092
841,936839,551870,112840,045842,194
1,106,8911,076,9611,017,200999,891
1,057,853
159,157162, 558159, 520160, 264161, 309
35, 30035,30035,30035,30035, 300
16,88513,43610,39817, 74214, 552
23,00023,00023,00013,00013, 000
113,802116, 749122,062128,093135, 562
2,424, 3402,386,8662, 346,3172, 318,4422, 373,034
188,987188,485190,760194,135198,414
325,955321,685342,285363, 085398, 665
209,438 269,391208,789 279,557208,359! 289.657209,2081 310,846208,613 354,012
29, 900 29,15029,900 37,35027,060 48,15026,060 68,85026,060 113,470
113,020 218,831127,978} 229,369132,763! 250,860161,113 264,610192,157 276,262
406, 650425, 355415, 608415,931424, 271
171, 880171, 880171,880171,880171, 880
14, 32314, 24714,15414,15414, 047
95,00095,00075,00075,00080,000
281, 314299, 027270,529205,614188, 052
25, 711:41,51146, 69175, 691107,951
179, 538178, r181, 299183,148182, 553
31,00030, 00030, OOO!30,00030, 000
9,48112, 83211,40210, 25113, 636
53,05756, 05775, 89775,89770,897
96,84584, 52070,15076,96588, 208
562, 51580,154531, 563466,648453,979
190, 383183,409187,449193,113202. 741
240, 241242, 207241, 507241,996240, 542
47, 20047, 20047,20047,20043,800
12, 31812,48412,08412,27411,879
95,00095, 00095,00095,00095,000
103, 527103,373100,749100,918104: 901
87,30986,46786,07285, 42284, 206
55,00067,21990,420103, 560113, 940
414,661427, 320431,561442, 265464, 081
76, 62088,40092,900104,000126, 080
79,683 88,568 101,29685,456 98,568! 110,65490,249 112,722! 122,77092,552 125,161 138,17296,583 142,368 143,566
12,01017, 53023,21025, 79029,710
6,6906,690
5,8925,0503,8358,184
27,00027, 00027,00017,00020,000
55,05855,50057,21358,20654, 326
258,045258,057255,033255, 392255, 580
163, 831162,150160, 440161, 050162, 322
17, 25015, 25015,25013, 25013, 250
8,8227,8006,5305,6404 " ~
338, 041338,920338, 661338, 265338, 001
67, 67367,92667,03966, 76266, 873
57,00059,00058, 50062,00069,000
83,49282,10180,70081,13779,029
1,1031,044943
2,9442,877
266, 000266,000276,000274,000277,000
117,437103, 503
111, 205161,995
8,0508,0508,0508,0508,050
3,0392,4311,3242,6472,258
13,00013,00013,00011,00011, 000
48,04345,16848,35254,64551, 788
94,640 166,56494,240 164,15194,738 160,98090,080 162,02788,084 165,972
384,540370, 547375,842388,149441, 872
72,13268,64970,72676, 34273, 096
15, 52425, 52440, 52453, 32470,164
73, 04473, 04472,19871,83772,204
14,16714,16714,16714,16714,167
2,9552,9552,1093,7482,955
37,00037,00044,00044,00039,000
25,93720,27519,92820,08819, 621
80,05974,39780,20482,00375, 743
25,050
44,96060,960
61, 75461, 04f66,68070,14774, 741
15,13213,85219, 85223,852
66, 260| 27, 732
306,175317, 524330,341349, 082367, 562
86,40098,400112,400131,200150, 340
76, 24677,05477,81077, 21277, 306
3,7572,6733,0753,269
44, 36039, 36039,36037,36035, 360
51, 59549, 59550,34555,88662, 252
100,35492,71292,37896,321100, 881
46, 62247,19046, 82846, 29547,009
14, 75714, 75814,75814,75814, 758
2,3503,6373,2762,7424,297
6,0004,0004,0004,0002,000
33,37032,87732,16334,18334, 608
219, 775219,124217, 941217,882217, 222
35,00035,00035, 00035,00035,000
12,65212,38611,98218, 81018, 581
125, 519125,134139,355131, 788129,937
96,47184, 27366,11072,95177,511
56,47755,27254,19755, 68355, 663
269,642256,793252,447258, 549261,009
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
J U N E , 1929 FEDERAL RESERVE BULLETIN 419
WEEKLY REPORTING MEMBER BANKS IN LEADING CITIESPRINCIPAL RESOURCES AND LIABILITIES BY WEEKS
[In millions of dollars]
Total
Loans and investments:May 1May 8May 15May 22May 29
Loans:May 1May 8May 15May 22May 29 _ __.
On securities—May 1 _- _-_May 8May 15...May 22May 29
All o ther -May 1.. .May 8May 15—May 22May 29._
Investments:May 1May 8 _May 15May22____May 29
U. S. Government securities—May 1May 8May 15May 22May 29
All o ther -May 1May 8 ._May 15. . . .May 22May 29
Eeserve with Federal reservebank:
May 1May 8May 15May 22May 29
Cash in vault:May 1May 8.May 15 _ _May. 22...May 29
Net demand deposits:May 1May 8May 15 _May 22...-.May 29
Time deposits:May 1 -May 8May 15 —May 22. _„__May 29. — * —-
Government deposits:May 1 —May 8 -May 15May 22 -May 29
22,31322, 09422,15622, 00522,001
16, 43816,25716,30116,18716, 202
7,3717,2417,2217,1447,112
9,0679,0169,0799,043
5,8755,8365,8555,8185,799
2,9972,9792,9722,9512,897
2,8782, 8582,8832,8672,902
1,7021,6821,6821,6471,617
223237227235242
13, 23412, 98613,13912, 81012, 791
6,7606,7716,7956,7896,765
143108105
Federal Reserve District
Boston
1,4861,4851,4861,4771,481
1,1021,1001,0991,1011,104
470472465464467
632628634637637
384385386 I376377
190190184183
195196196192194
9494959395
1616171615
913 i
857
456463458460459
NewYork
8,5958,4158,4448.345
. 8, 326
6,4186,2496,2736,2096,217
3,2113,0823,0743,0242,995
3,2063,1673,2003,1853,223
2,1772,1652,1712,1362,109
1,1791,1771,1641,1401,120
9881,006
811792790767740
6569666975
5,9495,7525, 8035, 6525,710
1,6981,6961,7201,7081,693
6247464343
Phila-del-phia
1,2271,2191,2111,2061,208
907902895890891
487476466460459
420426430430431
320317316316317
104104104104104
216213212212213
7679787776
1314131416
706721723711705
274271267265264
75555
Cleve-land
2,1952,1922,1812,1772,170
1,5261,5261,5181,5171,508
707707699694687
819819823821
665663660662
321322319318319
344344342343
132128125129125
1,0321,0151,0271,0271,012
960964955951949
119
Rich-mond
677675676675
519517518517510
191191188190187
328326329327324
158159158159159
7475757475
8484848484
1012111112
349351354344342
242241239240240
43333
At-lanta
645649652646644
510513516509512
147150150148147
363363366361365
136135136136132
6565656561
7070717171
3939414039
9109109
326328332320315
228229236239239
75555
Chi-cago
3,2993,2763,3063,2773,283
2,5812,5732,5952, 5742,582
1,2041,1991,2091,1991,210
1,3761,3741,3861,3751,372
719703711703702
343328332327325
376374380377377
247245248246245
3637363637
1,8251,8191,8501,8021,765
1,2401,2301,2381,2381,232
1713131212
St.Louis
696697701711732
519524524516520
234241241238239
286283283278281
176173177195212
6968718866
107105106107147
4444454345
67667
377377377362368
231232232233232
21111
Min-neap-olis
370368368367377
247245244242252
8282828291
164163162160161
123123124125125
6869697069
5554555556
2625232324
56566
207211209208215
130131131130136
11111
Kan-sasCity
686683687684682
450449452450448
123121123122120
327327329327327
237235235234234
111110110109109
125124125125125
5153545454
1011101111
486481487474472
179181181181180
21111
Dallas
482481483477475
348345347342342
1001021039998
248243244243243
134135135135134
9494959493
4141414140
3534343433
78788
297296302290286
141141141140141
107777
SanFran-cisco
1,9551,9541,9611,9641,953
1,3121,3131,3191,3211,316
415417422424413
897896897897903
643641642643637
379377378376374
264264264267263
107108110105105
1819181819
768755785751743
979991997
1,004997
1410101010
52985—29
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
420 FEDERAL RESERVE BULLETIN JUNE, 1929
WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES—ContinuedPRINCIPAL RESOURCES AND LIABILITIES BY WEEKS—Continued
[In millions of dollars]
Total
Federal Reserve District
Boston NewYork
Phila-del-
phia
7164625659
158155158151145
Cleve-land
10687938885
200197201190184
Rich-mond
4946484643
9690958783
3129303430
At-lanta
7570736666
9899
1009288
5250474743
Chi-cago
i 248191219198195
454442436412398
79666271
120
St.Louis
Min-neap-olis
Kan-sas
City
105105111102100
184186178173169
3333353945
Dallas
5760575150
8083817571
1615141515
SanFran-cisco
131143142130131
177175179168166
6656404751
Due from banks:May 1 _ _ _.May8.._May 15.May 22 __.May 29
Due to banks:May 1May 8 __May 15.May 22. _._May 29
Borrowings from Federal reservebanks:
May 1May 8 _.May 15May 22May 29 _. _
1,1571,0381,0991,0141,012
2,7172,5822,5942,4432,389
703684626614
51534750
11610711010495
154116137131141
858878823820
193223197140134
58 4356 4857 4854 4447 46
112 74116 74110 ! 69102 i 66103 ; 66
29 i 1828 1220 ! 1234 | 1132 I 11
1 This figure (and corresponding back figures) subject to correction.
GOLD SETTLEMENT FUND—INTERBANK TRANSACTIONS FROM MARCH 21 TO APRIL 17, 1929, INCLUSIVE
[In thousands of dollars]
Federal reserve bank
Boston _.New YorkPhiladelphia...Cleveland.RichmondAtlantaChicagoSt. LouisMinneapolis...Kansas City...DallasSan Francisco..
Total four weeks ending-Apr. 17, 1929.Mar. 20, 1929___Apr. 18, 1928.. _Mar. 21, 1928..
Transfers for Govern-ment account
Debits
6,30024,400
i 6,000i 6,000' 11, 500
8,5006,000
1,0007,0004,000
80, 700141,90065,900
179, 900
Credits
3,50042, 800
4,0002,000
fcl 1,900&•* 7 , 9 0 0i\ 8,600fe.k 500
4,200cr. 300
5, 000
80, 700141, 90065, 900
179, 900
Transit clearing Federal reserve noteclearing
Debits Credits Debits
930,9763, 563, 559fc 926,135
833, 968k 714,262
335,4961,450,876
543, 931161, 586438,138352, 633419,804
10, 671,36410, 869,34110, 296, 93310,491, 811
928,4883, 468, 294, 933,781
827,740710, 270325, 423
1, 575,451547, 256155, 600423, 587351, 767423,707
10, 671, 36410, 869, 34110, 296, 93310, 491, 811
4,3128,0425,4577,5692,6393,0697,7962,2911,5762,1971,3602,505
48,81350, 99039, 84147, 537
Credits
2,57312,8174,5593,5393,2804,0157,0843,787
9722,4751,6502,062
48, 81350, 99039, 84147, 537
Changes in ownershipof gold through trans-
fers and clearings
Decrease
7,02772,090
, 12, 258112,851i 15,727
6,09011,0737,276
144, 392
Increase
748
125, 76313,421
4,460
144,392
Balance infund atclose ofperiod
71,157167,37627.35266,56212,19316,704154,59937,05915, 55234, 98827,80443, 218
GOLD SETTLEMENT FUND—INTERBANK TRANSACTIONS FROM APRIL 18-MAY 22, 1929, INCLUSIVE
[In thousands of dollars]
Federal reserve bank
BostonNew YorkPhiladelphiaCleveland _Richmond....Atlanta. .Chicago _St. Louis _ _MinneapolisKansas CityDallas .San Francisco
Total five weeks ending-May 22, 1929Apr. 17, 1929 _May 23, 1928Apr. 18, 1928
Transfers for Govern-ment account
Debits
16,0004,300
2,0002,000
29, 500
1,000500
55, 300197,40032, 700
211, 300
Credits
1,0006, 500
9,0001,0001,000
5008,5003, 500
12, 800500
11, 000
55, 300197,40032, 700
211, 300
Transit clearing •
Debits
1,123,9654, 048, 0041, 008, 0541, 033, 3701, 010, 210
421, 3841,812, 083
682, 418203, 345546,148421,123509,120
12,819, 22413, 705, 67012, 745, 79413, 501, 357
Credits
1,090,1794, 074, 7991, 036, 2281, 048, 7091, 004. 313
415, 4971,817,319
667, 209205, 292524,049419. 535516, 095
12. 819, 22413, 705, 67012, 745, 79413, 501, 357
Federal reserve noteclearing
Debits
5,2149,1827,3688,5263,3474,771
10, 2762,8141,9682,6561,7533,454
61, 32960, 24253,28953, 727
Credits
3,68617,1545,3104,3765,2113,5397,7843,9622,5822,9201,9072,898
61, 32960, 24253, 28953, 727
Changes in ownershipof gold through trans-
fers and clearings
Decrease
34,314
5,0338,119
26,2565,561
9,0351,934
90,252
Increase
25,26721,81620,189
6,061
16, 919
90,252
Balance infund atclose ofperiod
50,342190, 11142,42469, 24911,91118,835
119,84331, 00016,11537.95325.87138, 750
652,404674, 564814, 594773,029
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JUNE, 1929 FEDERAL RESERVE BULLETIN 421
LAND BANKS AND INTERMEDIATE CREDIT BANKS
LOANS OF FEDERAL AND JOINT-STOCK LAND BANKS[In thousands of dollars]
Apr. 30...May 3 1 . .June 30. .July 3 1 . .Aug. 3 1 -Sept. 30.,Oct. 3 1 - .Nov. 30..Dec. 3 1 . -
Date
1927
1928
Net amount of loans outstanding
j FederalTotal ! land banks
! (12 banks)Joint-stockland banks i
395 !
275 i165 i575393665 |185 i834 |121 !
1,117,9141,124, 0551.130,6481. 134, 8961, 139, 5021,143,1301,147,1351,150, 9431, 155, 644
014,481617, 220607, 517fiO7, 679609, S9J609, 535610.050007. 891600. 477
Jan. 31 1,767,515Feb. 29 1,778,338Mar. 31 ..__ 1, 786,862Apr. 30 - . 1,791,341May 31 — 1,793,035June 30 - - 1, 794. 236July 31 - . - - . . 1,793.630Aug. 3 1 - 1, 796, 591Sept. 30 - . 1,797,796Oct. 31-_ 1,797,910Nov. 30 - - - ' 1,797,319Dec. 31 --I 1,799,045
1929Jan. 31 - . -Feb. 28Mar. 30Apr. 30_
1,799,464 j1,803,593
«1,803, 691 !1,803,115
1,158,7171,168, 3541,175,8681,180, 4201,183,6721,184, fi5fi1,185,7141,187, 3651,189, 3451,190, 2781,191,7241,193, 846
1,195, 0891,199, 7661, 202, 5701, 203, 724
608. 798609, 984611,004610. 92160P, 363609, 580607,896609, 226608, 451607, 632605, 595605,199
604, 375603, 827
c 601,121599, 391
« Corrected.i Number of banks, 1927: January-March, 55; April-May, 54; June-
August, 53; September-November, 52; December, 51. 1928: January-April. 51; May-November, 50; December, 49. 1929: January to date, 49.
BANK DEBITS
DEBITS TO INDIVIDUAL ACCOUNTS, BY FEDERALRESERVE DISTRICTS
[In thousands of dollars]
New York CityOutside New York City.
Federal reserve district:Boston ___New YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallas.San Francisco
Tota l . . .
Num-ber of
centers
1140
11
152159
151018
141
April,1929
47, 979,14026, 802, 629
2, 936, 28149, 021, 2572,899,3413, 111, 297
792,1861,227,0586, 931, 7241, 299, 220
738, 4621,427, 976
740, 7483,656,219
74,781,769
March,1929
55, 424, 97828,131, 415
3, 032,13156,472, 2052,845,4302, 945, 335
777,8941, 245, 6137, 650,3491, 357, 520
745, 3501,452, 343
769,1704, 263, 053
83,556,393
April,1923
41, 777, 84325, 225, 418
2, 994, 68242, 674,874
2, 523, 6982,741,802
759,4001,098, 6076, 582, 2381, 236,854
709, 4351, 254. 732
631, 5493,795, 390
67, 003,261
LOANS OF INTERMEDIATE CREDIT BANKS
[In thousands of dollars]
1929 1928
Class of loanApr.
30
Direct loans outstanding ion— I
Cotton | 15, 5u3Tobacco, . . j 815Wheat | 1,289Canned fruits and vege- j
tables ..[ 809Raisins J 4,162Wool !Rice.. | 582All other. 279
Mar.30
Feb.28
Jan.31
Total . . . I 23,499 j 30,038
Rediscounts outstandingfor—
Agricultural credit cor-porations _.
National banks. _State banksLivestock loan compa-
niesSavings banks and trust
companies.
Total.,
28,065 !147 ;732 i
I25,160 j
6 j
25, 60645
406
24, 529
8354,110 50,
Apr.28
8,4»22,7461,039
4935,512
291,302
141
33,402 I 35,037 19,744
20,
1,
1,4,
886873721
260162
13880243
22~l '
1,
1,4,
1,
668145873
557653152091263
! 221
753491
; 2,461
i4
1
863672290226281
20, 47944
342
24,182
8445,131
19, 87552
268
24,147
30, 6148
411
21, 565
44,425 52,606
PAR COLLECTION SYSTEMMEMBERSHIP, BY FEDERAL RESERVE DISTRICTS
[Number of banks at end of April]
Federal reservedistrict
United States
BostonNew YorkPhiladelphia _ClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallas-San Francisco..
Member banks
1929
8,743
408937777811539442
1,236585708917764619
1928
8,949
412934782827559459
1,266593730951792644
Nonmember banks
On par list
1929
12,411
252404485
1,005608295
3,5431,713
6322,191
617666
1928
12,960
248407497
1,025637304
3,6531,834
7182,291
652694
Not on
1929
3,903
9567958213485
1,132268211
60
par list
1928
3,908
10581
1,013193454
1,13027319757
1 Incorporated banks other than mutual savings banks.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONDITION OF ALL MEMBER BANKS
CONDITION ON CALL DATES APRIL 12, 1926, TO MARCH 27, 1929
[Amounts in thousands of dollars]
1926
Apr. 12 June 30 Dec. 31
RESOURCES
Loans (including overdrafts) i _United States Government securitiesOther securities _ IIIIIIITotal loans and investmentsCustomers' liability on account of acceptances.
21, 785,018 22, 060,187 22,652,044 22,3,805,4675, 228, 564
30,819,049486, 259
3,744, 9295, 378,479
431, 307969, 380Banking house, furniture, and fixtures.._ . . 955,563
Other real estate owned. _ _._ i 173,906 172,986Cash in vault j 540,2611 534,120Reserve with Federal reserve banks ._ _ J 2,135,948! 2, 236,172Items with Federal reserve banks in process of collection ! 722,0551 732,161Due from banks in United States i 1,933, 50l| 1,980,051Due from banks in foreign countries 2 ''Exchanges for clearing house and other checks on local banks ! 1,450,457Outside checks and other cash items | 142,939Redemption fund and due from United States Treasurer _. J 32,879Acceptances of other banks and bills of exchange or drafts sold •
with indorsement _ j 221,290Securities borrowed " """; 45,304Other assets _ _ __ _ . _ I 3 416.029
LIABILITIESCapital stock paid inSurplus I.III.I.I.._I.IUndivided profits—net I.I I.I___IIIIIIIIIIIIIIIIIIIReserves for dividends, contingencies, etc I I .Reserves for interest, taxes, and other expenses accrued and unpaid.Due to Federal reserve banksDue to other banks in United StatesDue to banks in foreign countries 4_._ __Certified and officers' checks outstandingCash letters of credit and travelers' checks outstanding I.jDemand depositsTime depositsUnited States depositsTotal deposits *Agreements to repurchase United States Government or other
securities soldBills payable and rediscountsAcceptances of other banks and bills of exchange or drafts sold
with indorsementAcceptances executed for customers I.IIIIIII.I.III.Acceptances executed by other banks for account of reporting
banks.
1, 762, 736137, 86f32, 99-
207, 29244,631
3 419, 895
3,388,9635, 600, 708
512, 945998 212173,' 727522, 596
2, 210, 048810, 250
2, 065. 518
1927 1928
Mar. 23 June 30 | Oct. 10 Dec. 31
5, 786, 776
Feb. 28 June 30
327, 037 22, 938, 207123, 226, 513!23.886,;835,151 3, 796, 347 3, 856,1491 3, 977,,, 557 4, 215, 822
l,927| 6,103, H9i 6, 382, 962 6,373,630
393 J23,098,936 24,302, 787 24, 325,010 25,155, 255 24,944,641
500, 232012,103178, 230538, 3051321, 414I673, 5l2j
502, 024I, 036, 731
175, 829537, 856280, 439740, 816
1,896, 383 j 1,968,326287,104! 275,887
2,077,090! 1,222.670! 1,912,942181,593
32, 785
254, 50844, 3451
3 504, 314|
101, 676! 177, 77132, 480! 32, 891
205, 382J 210, 51941, 521 i 33, 539
158, 488! 168,141
Total _ _ 40, 075, 440 40, 845,189 42, 029, 644[41, 118, 464112, 810,192 43,155, 718 44, 888,140 43, 581, 656 45, 091, 8491*5, 483, 697 48, 935, 64646, 673, 097
National-bank notes outstanding-Securities borrowedOther liabilities
Total.. .
Number of banks _
2,162,4341,880,620 1.
783, 01
132, 68847, 893
], 801, 513
863, 46623, 266
i, 823,148 17,), 954, 74
379, 450!, 893,483 33,
15, 800619, 568
221, 290470,292
55, 002648, 95445,304
* 146, 993
9,412
, 169, 4841 2,,899,565! 1,763,156|124, 484145, 2141935,113 4,962,694 1,38, 415380,041117,172, 863111227, 647761, 987 34,
5,632611, 619
207, 292425, 751
203, 44955, 349785, 517120, 38651,44,
002, 995141.10220, 499
42, 054650, 66244,631
5 138, 872
>,375
128,142J 152,53,043 54,
3, 507, 732 3, 567;567,800 586,
1, 084, 605 977,41,696 26,
638, 648 16, 830, 709 17, 735, 244 17, 374,'" 859 11, 817, 694112, 209, 834 12, 459,
406,850! 217,622
32, 53'759, 866
254, 508515,046
35,917645, 95644, 34.5
8 148,108
2,248.210 2,273,7371,992,174| 2,030,342845, 596 843, 319139, 31547, 221
f3, 388,441451, 747788, 52225, 015
180, 546539,137
2, 319, 736739, 871
2, 077, 441255, 821
1, 564, 796157, 84133, 054
11,183, 595 31, 641, 715 31, 948, 964 32, 756,481 33,185, 781 34, 246. 912 33, 688, 383 35,061,173 34, 928,985 35,683, 935 35,393,026"" " ~~~ 576,223 699i 701 695,319 710,207 — — —
1,059,930 1,067,200 1,077.529 1,099,210— 229i 180.511 184,109
370! 525,992 449,198465 2, 36(3, 605 2, 342,045 _, __..,.__ _,_...,__.391 686,881 680,492 S56,655| 967,838
177,523,
2, 514,784,
2, 209,258,
1, 508,200,33,
265,0071 431,29, 4641 35,171,070| 197,
1,940, 619269, 373
1,311,817134, 91632, 823
454, 95829, 248186, 677
2,304,2, 049,
P10,325j505153l!402!
2, 337, 7802,124, 020
879,480128, 75752, 073
3, 495, 722
439,234,116528, 664 33, 756,19935, 397, 576 35 481
13, 248546, 433
205, 382505, 586
17, 967541, 248
210, 519503, 595
29, 013 32, 042642, 067 650, 44541, 546 33, 564153, 695 147, 696
9,260 9,144 9, 099!
435
193! 3.808,222869! 745,691944! 839,558391 21,641426118,170,14017,248i 12, 764, 798 12, 922,475 266,981948 36, 669,102 35,
17, 845528, 215
265,007575, 636
26, 075649, 39029,471135,062
9,C
32, 785663, 475
431, 968721, 473
22, 318649, 87735, 936191,169
40, 075, 440 40, 845,189 42, 029, 644 41,11.8, 464J42, 810,192 43,155, 718 44, 888,140 43, 581, 650 45, 091, 849 45, 483, 697 48,935, 646J46,673,097
9,034
2, 345, 5192,144,182914,114137, 34,45,360
4, 224, 7306, 533, 656
1,897,231297, 535
1,447,219217, 29133, 025
436,48837, 733 j198, 895
Oct. 3
4,385,8306, 218,145
727, 2581,105, 558178,443519,126
2, 348,018
Dec. 31
4,311, 7906, 216,890
929, 5401,107, 287
177, 716564,384
2, 409, 367
2,026, 259291, 858
1, 634, 689163, 52733,001
433, 66836, 551200,101
2, 415, 37i2, 285, 536
924, 012145,45849, 823
3, 263, 494613, 732787, 77043,177
21, 375580, 892
454, 958705,001
26,008646,16229, 352
201, 899
8,983
18,1031, 209, 437
436,486716,270
28, 235648, 60237, 782166.726
8,929
2,124, 252306, 950
1929
Mar. 27
4,453,9535,994,432
836,0281,118,418
184,873516, 742
2,338, 569841,606
1, 741,478292,018
3,493,0611 2,486,203203,884! -'"""32,995|
677,994'• 35,947j220, 498
142, 39532, 761
475,15548, 844
224, 981
2, 453,8592, 382, 393f 888,025t 120,020
150,43865, 379
3,462, 377508, 571
1, 041,11427, 338
643,372848, 06429, 015
', 304, 646il7, 606; 564 17,;1,63813,438,585 13,409,1
86,032 256, 681i, 374, 840 36, 059,82G 36,174, 578 39,074, 560 36, 799,346
95,161
2,474,223i 2,563,2782,440,709i 2,548,155
832, 564| 918,145151, 744! 144,242120, 6761 157,144
56, 510! 51,4333,649,037 3,070,084
462,649543,2731 4 ,2,184,138! 1,739,947
_ . , „ _ 23,128| 27,3857, 501,430 18, 903, 658,17, 708, 269, 409, 608 13,453,31113,328, 712
158, 761 261, 505 410, 867
134,084 102, 4231,153,916 1,162,178; 1,153,035
433, 6651717,931
41,417648, 046
36, 556189, <—
677, 994 475,155928,329} 846,370
43,636649, 893
35, 947209,109!
45,025647,35448, 844
224, 581
8,837 8,755
1 Excludes "Acceptances of other banks and bills of exchange or drafts sold with indorsement," now shown separately.7 Includes amounts due from own foreign branches. Prior to Mar. 23, 1927, amounts due from banks and branches in foreign countries are included ID "other assets."* Includes amounts due from banks and branches in foreign countries.* Beginning Mar. 23, 1927, includes amounts due to own foreign branches, which prior to that time are included in "other liabilities."6 Includes amounts due to own foreign branches.
til
1
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL MEMBER BANKS—CONDITION OF NATIONAL AND STATE MEMBERS ON MARCH 27, 1929, BY CLASSES OF BANKS
[Amounts in thousands of dollars]
RESOURCES
Loans (including overdrafts) 1 _ _.United States Government securitiesOther securities _Total loans and investmentsCustomers' liability on account of acceptancesBanking house, furniture, and fixturesOther real estate ownedCash in vault _.Reserve with Federal reserve banksItems with Federal reserve banks in process of collection..Due from banks in United StatesDue from banks in foreign countries 2__Exchanges for clearing house and other checks on local
banksOutside checks and other cash items __Redemption fund and due from U. S. Treasurer-Acceptances of other banks and bills of exchange or drafts
sold with indorsementSecurities borrowed _Other assets _ _
TotalLIABILITIES
Capital stock paid inSurplusUndivided profits, netReserves for dividends, contingencies, etc.Reserves for interest, taxes, and other expenses accrued
and unpaid _Due to Federal reserve banksDue to other banks in United States—Due to banks in foreign countries3 . .Certified and officers' checks outstandingCash letters of credit and travelers' checks outstanding._Demand deposits _ _.Time depositsUnited States deposits -Total deposits __.Agreements to repurchase United States Government or
other securities soldBills payable and rediscountsAcceptances of other banks and bills of exchange or drafts
sold with indorsement __.Acceptances executed for customersAcceptances executed by other banks for account of
reporting banksNational-bank notes outstandingSecurities borrowed -Other liabilities _ ._
Total. .__ _ -
Number of banks _ _
Total
24, 944, 6414,453,9535, 994, 432
35,393,026
All member banks
1,118,418184, 873516, 742
841, 6061,741,478
292, 018
2,486, 203142, 395
32, 7G1
475,15548, 844
224, 981
46, 673, 097
2, 563, 2782, 548,155
918,145144, 242
157,14451, 433
3,070, 084462, 649
1, 739, 94727, 385
17, 708, 26913, 328, 712
410, 86736, 799, 346
102, 4231,153, 035
475,155846, 370
45, 025647. 35448,844
224, 581
Centralreserve
citybanks
7,210, 5151,298,7971, 010,0859,519,397
651, 638190, 799
8,44570, 699
930,309335, 218195,110222, 611
2,139,30366, 0561,994
395,11515, 009
101,179
Otherreserve
citybanks
8, 732, 9241, 731, 6061, 667, 92813,132,458
170,496407,91162, 869149,157763, 767394, 536766,14065,117
286, 94054, 2608,051
79, 35521, 06176, 552
Countrybanks
9,001,2021,423, 5503,316,419
13,741,17113, 894
519, 708113, 559296,886644, 493111,852780, 228
4,290
59, 96022, 07922, 716
68512, 77447, 250
14, 856, 3623,094, 3073, 970, 885
21,921,554472,486726, 083126, 880362,458
1,404, 528525, 681
1, 288, 725199,017
1,473, 061
14,842,882 15,438,670 16,391,545
752,342 827,103933,355 ! 788,774283,707 | 265,545
69, 772 43, 845
53, 219
46, 673, 097
8,755
1, 231,812413, 642
1, 501, 98919, 788
6,115,1121, 721, 592
169,16211,173, 097
40, 610321, 392
395,115658, 247
27, 58738, 93415,00980, 496
14. 842, 882
75
60,12612, 974
1, 464,13446, 622
153, 2887,065
5, 761,1474, 780, 609
164, 94012, 390, 779
54, 425471, 853
79, 355176, 725
14,809159, 203
21, 06185, 067
15, 438, 670
495
National banks
TotalCentralreserve
citybanks
Otherreserve
citybanks
,3,111,904! 712,3671 439,9394,264,210
330,46878, 9403,036
31, 781434,218183, 01076, 923
151,193
5,046,1551,212,430
923, 8477,182,432
134,233241, 63433,45695,143
475, 591264, 718560, 04944, 708
Countrybanks
6,698,3031,169,5102, 607,09910,474,912
7,785405, 50990,388
235, 534494, 71977, 953
651, 7533,116
41,13717, 00622, 716
62,862 33611, 066 9,17943, 255 30,146
12,425,044 | 5,151,678! 112,012 I 58,308i7,480, 078 10,071,588
3366, 472
1,437449, 2179,17917, 691
12, 562,189
8,185 7.187
State bank members
Total
10,088,2791,359, 6462,023, 547
13,471,472363, 542392,335
57, 993154, 284934,041315, 925452, 753
93, 001
1,013,14270,142
227, 28813, 590
105, 940
17, 665, 448
930, 8821, 020, 887
379, 54477, 008
76, 45111, 744
892, 787205, 384707, 343
15, 5316, 778, 6235,164, 447
140, 65613,916, 495
48,972449,473
227, 288372, 861
24,107
13, 590127, 890
17, 665, 448
1,186
Centralreserve
citybanks
4,098,611586,430570,146
5,255,187321,170111,859 j
5,409 |38,918 !
496,091 i152, 208118,18771,418
892, 83444,196 i
Other Ireserve i Country
city i banksbanks >
3, 686, 769519,176 ;744,081 i
4,950,026 !36, 263 !166, 277 i29,413 !54,014 !288,176 !129,818 |206,091 !20,409 |
101,485 I20,873 |
12,302,899| 254,040i 709,320|3,266,259! 6,109j 114,199j 23,171
61,352j 149,774j 33,899! 128,475I 1,174
18,8235,073
210,446 16,493 I 349| 9,995 ! 3,595
55,539 33,297 i 17,104
7,773,462 6,062,630 3,829,356
408,192 308, 370 i 214, 320474, 650 356, 249 I 189,988191,164 I 110, 620 | 77, 76043,355 | 21,735 | 11,918
35,510
479, 234193, 565624, 062
14,9963, 326, 7351,134, 049
69, 2715,841, 912
28,117165,880
25, 6872,090
343, 50311, 21060,901
4422, 084, 0622, 355, 565
52, 9284, 910, 701
19, 565180, 038
210,446325,875 |
15, 325
16,49342,060
33, 036
7, 773, 462
42
15, 2549,654
70, 050589
22, 38093
1, 367,8261, 674,833
18,4573,163,882
1,290103, 555
4,926
1,192
9,99553. 527
6, 062, 630
146
3, 59541,327
3,829,356
998
1 Excludes "Acceptances of other banks and bills of exchange or drafts sold with indorsement," now shown separately.2 Includes amounts due from own foreign branches.> Includes amounts due to own foreign branches. CO
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL MEMBER BANKS—CONDITION ON MARCH 27, 1929, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
RESOURCES
Loans (including overdrafts)1
United States Government securitiesOther securitiesTotal loans and investmentsCustomers' liability on account of acceptancesBanking house, furniture, and fixturesOther real estate ownedCash in vaultReserve with Federal reserve banksItems with Federal reserve banks in process of col-
lectionDue from banks in United StatesDue from banks in foreign countries2
Exchanges for clearing house and other checks onlocal banks
Outside checks and other cash itemsRedemption fund and due from United States
Treasurer..Acceptances of other banks and bills of exchange or
drafts sold with indorsementSecurities borrowedOther assets
TotalLIABILITIES
Capital stock paid inSurplusUndivided profits, netReserves for dividends, contingencies, etcReserves for interest, taxes, and other expenses ac-
crued and unpaidDue to Federal reserve banksDue to other banks in United StatesDue to banks in foreign countries 3
Certified and officers' checks outstandingCash letters of credit and travelers' checks outstand-
ing.__Demand deposits.Time depositsUnited States depositsTotal deposits 3Agreements to repurchase U. S. Government or
other securities sold _Bills payable and rediscountsAcceptances of other banks and bills of exchange or
drafts sold with indorsement _.Acceptances executed for customersAcceptances executed by other banks for account of
reporting banksNational-bank notes outstandingSecurities borrowedOther liabilities _
Total. __Number of banks
Total
24,944, 6414, 453,9535,994,43235,393,026
836, 0281,118,418184, 873516, 742
2, 338, 569
841,6061,741,478292, 018
2, 486, 203142, 395
32, 761
475,15548, 844224,981
46,673,097
36,
,563,278,548,155918,145144, 242
157,14451, 433
070, 084462, 649739, 947
27, 385708,269328, 712410,867799,346
102,423., 153,035
475,155846, 370
45, 025647,35448,844224, 581
46, 673.097
Federal Reserve District
Boston
1,823, 340285,195491, 500
2,600,03580,69670,4846, 85838,127142, 396
68, 08084, 87324, 683
52, 724
7, 035
2,180
32, 312135
13,0293, 221, 647
174,807167, 92685,8919,627
11, 7797,348
136,46519, 33223, 229
4761,308,090970, 56320,223
2,485,726
32, 71079, 792
32, 31281, 229
3,00743,628
13513,078
NewYork
8,139,4961, 393, 0951, 784, 592
11,317,183612,961258,404
21, 317111,929930, 041
345,142220,157210, 231
2, 083, 630
37, 524
4,351
391,8591,252
110,10416,656,085
Phila-delphia
1,813, 353227, 898672,433
2,713,68418,48297, 70517,15642, 662
136,094
54, 60098, 9403,835
59,1114,316
2,733
5,1634, 723
13, 509
3, 272, 713
813,9961,019,109
352, 78053,881
57, 58220, 624
993,148400, S28
1,488,178
17, 9436, 514,9943,157,080
151,04012,743,835
44,221342, 651
391, 859618,128
28, 31585,3351,252
103,141
175, 578330,56985,9319,062
8,3337,201
162,0104.651
32, 309
2241,107,4501,087, 755
22, 2432,423,843
9,778125, 933
5,16315, 771
3,59354,0374,723
20, 399
Cleve-land
2, 352, 327450, 671674, 589
3,477,58711,390
140, 66423, 72254, 898
184, 871
77,153149, 644
3,339
32,0938,361
3,964
9,6739,768
16, 832
4, 203, 959
|3, 221,647 116,656,085
755 407 939
223,875264,98677,31815,798
16, 6693,721
212, 7163, 032
20, 524
5,1661,439,8771, 670, 439
30, 8333,386,308
1,280101, 605
9,67311,404
52478,4489,7686, 303
3, 272, 713
777
4, 203, 959
811
Rich-mond
1,023, 816143, 695183, 718
1,351,2299,08760,82116,94727, 23466, 906
Atlanta
132, 450151,938
1,191,27511,06361, 79114,11628, 26268, 951
3,776,730527,261 I768,155 j
5,072,146 1,377,349
39,712 I 24,57684, 581 125, 248
516 2,042
15, 5982,447
2,695
3,8692,6514, 558
13, 6557,148
2,245
2,2951,7794,788
1,688,851 11,559,234 6,333,342 (1,685,360
114,535 I88,998 |33,0864,516 |
6,6305,803
110, 988742
11,315
71561, 489596, 20127,122
1,313,731
51755,183
3,8699,209
5253,1952,6512,679
103,98071,10228,9673,110
4,2582,108
136,4962,8278,381
46573,207457,46926,144
1,206,678
2,47460,800
2,29517, 378
7,32944, 540
1,7794,544
1, 688, 851
541
1, 559, 234
444
Chicago St. Louis
944,686159, 269273,394
50,870171, 78826,01578,912
340, 339
1,58640,8159, 248
21, 79178, 333
97,097 j 32,191258,538 92,185
18,964 ! 1,388
118,856 i44,956
4,437
3,77920, 54826,097
16,0072,041
1,923
1,0553,9445,504
366,061 |276,158 I97,305 i35,126 j
25,725 !2,274 i
505,88715,23860,122
2,2102,383, 5092,117, 596
48,1165,134,952
7,890201,092
3,77951, 262
62988, 03120, 54824,784
Minne-apolis
563,858149,447224,449937,754
2,09423,1409,391
18,95154,923
6,98588, 927
1,920
7,9573,715
1,369
16096
5, 773
799, 503214,282228, 422
1,242,20784
45,8509,112
26,76892, 621
34, 043185, 640
1,922
Dallas
730,030190,31479,188999,5324,71743,98310, 79424,17769,381
26,432129, 928
747
5an Fran-cisco
17,672 9,586 I3,733 3,460 j
1,637 2,378 |
1,163,155
110,45865, 54433,1882,723 !
4,065 '243 f
152,805 |442
9,484
80631, 611533, 5548,800
1,337,019
1,24658,460
1,055 |1,590 !
338,0253,94428,040
6, 333, 342
377848
4,325
566713
2,297
1,666,839 1,328,691
1, 685, 360
1,237 585
64,91535, 89115,3911,479
2, 855246
101, 2241,2099,496 I
31 !406,626470, 838
6,903996,573
5115,101
1601,561
67526, 924
901,483
1,163,155
712
94, 36344,42122,4302, 524
3,85852
227,074238
17,370
116811,339372, 899
9,1371,438,225
87022,953
37783
132, 480
8483,406
1,666,839
919
96,64247, 72825,829
1,888
2,8031,270
118,5841,302
14, 962
59685, 785236,51226,324
1,084,798
82413,093
5664,722
646, 836
7132,243
1, 328, 691
765
2,070,615580, 376462,054
3,113,04532,998
102,97320,19743,031
173,713
37,595222,81722,431
59,31417,659
2,849
24, 0472,387
18,165
3,893,221
224, 068135, 72360,0294,508
12, 587543
212, 68712,80844, 577
9631,284,2921,657,806
33,9823,247,658
56276,372
24,04734, 033
89155,8752,387
14, 481
3,893, 221
618
1 Excludes "Acceptances of other banks and bills of exchange or drafts sold with indorsement," now shown separately.2 Includes amounts due from own foreign branches,s Includes amounts due to own foreign branches.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JUNE, 1929 FEDERAL RESERVE BULLETIN 425
ALL MEMBER BANKS—RESERVE POSITION ON MARCH 27, 1929[Amounts in thousands of dollars]
Class of bank and Federalreserve district
All member banks
Central reserve city banks.Reserve city banks...Country banks
All member banks:BostonNew YorkPhiladelphia. _.ClevelandRichmondAtlantaChicago __St. LouisMinneapolisKansas Ci ty . . .DallasSan Francisco..
Net demand deposits
Demanddeposits,
jxclusive ofbank andGovern-
mentdeposits 1
17,708,269
6,115,1125, 761,1475, 832,010
1, 308, 0906, 514,9941,107, 4501, 439,877
561.489573, 207
2, 383, 509"631,611406,626811,339685, 785
1, 284, 292
Central reserve city banks: tN e w York | 5,122,575
992, 537
655, 936288, 773599, 020874, 207246,500285.490677,360355,286148,815444,223273, 775911,762
Chicago..Reserve city banks:
BostonNew YorkPhiladelphiaClevelandRichmond _AtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco.._
Country banks:BostonNew YorkPhiladelphia...ClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas City. . .DallasSan Francisco..
652,1541,103, 646508,430565, 670314, 989287, 717713, 612276, 325257,811367,116412,010372, 530
Due tobanks,net2
1,124,892
618, 558420, 274
86, 060
29, 900458, 25844,15264,15725,03834, 208227, 07058, 52344, 97567,17825, 52845, 605
441, 510177,048
24,11510,12140, 61159, 60815,05928, 94837, 56843, 95939,13660, 32219, 38041, 447
5,7856,6273,5414,5499,9795,260
12,45414, 5645,8396,8566,1484,458
Total
18,833,161
6, 733,6706,181, 4215, 918, 070
1, 337,9906,973, 2521,151, 6021, 504,034
586, 527607,415
2, 610, 579690,134451, 601878, 517711,313
1, 330,197
5, 564, 0851,169, 585
680,051298,894639, 631933,815261, 559314,438714, 928399, 245187, 951504, 545293,155953,209
657, 9391,110,273511.971570, 219324, 968292,977726,066290,889263, 650373.972418,158376,988
Timedeposits
13,328,712
1, 721, 5924, 780, 6096,826,511
970, 5633,157, 0801,087, 7551, 670,439596, 201457, 469
2,117, 596533, 554470,838372, 899236, 512
1,657,806
1, 290,020431, 572
272,204292, 722234, 375839, 238170,117202,486747,216240,96998,412183,0G9139, 340
1,360,521
1, 574, 338853, 380831, 201426, 084254,983938,808292, 585372,426189,89097,172297,285
Netdemand
plus timedeposits
32,161,873
8,455, 26210, 962, 03012, 744, 581
2,308, 55310,130, 3322, 239, 3573,174,4731,182, 7281, 064, 8844, 728,1751, 223, 688922,439
1,251,416947, 825
2, 988,003
6, 854,1051,601,157
952, 255591, 616874,006
1, 773,053431, 676516, 924
1,462,144640, 214286,363687, 554432,495
2,313, 730
1, 356, 2982, 684,6111, 365,3511,401,420751, 052547, 960
1, 664,874583,474636,076563,862515,330674, 273
Reserves with Federal reservebanks
Required
2,307,432
926, 811761,561619, 060
Held
2, 338, 569
930, 309763, 767644,493
143,178925,438132, 433183,410
66, 78965, 677
337, 89276, 29451, 37587,82065, 682
171, 444
761,818164,993
76,17138, 67170, 994
118, 55931,259 !37,519 !93,910 !47,154 i21,74755,94533,496 I136,136 I
67,007124,94961,43964, 85135,530 !28,158 !78,989 |29,14029, 62831,875 i32,186 !35,308
142,396930, 041136, 094184, 87166,90668, 951340,33978, 33354, 92392, 62169,381173, 713
766,019164, 290
73, 77236, 59770.837
117, 75931,07138,81393, 23348,08823,99157.83835,356136,412
68, 624127,42565,25767,11235,83530,13882, 81630, 24530,93234,78334,02537, 301
Excess 3
31,137
3,4982,206
25,433
-7824,6033,6611,461
1173,2742,4472,0393,5484,8013,6992,269
4,201-703
-2,399-2,074-157-800-1881,294-677934
2,2441,8931,860276
1,6172,4763,8182,261
3051,9803,8271,1051,304
1,8391,993
Ratio ofrequiredreservesto net
demandplustime
deposits(per cent)
7.2
11.06.94.9
6.29.15.95.85.66.27.16.25.67.06.95.7
11.110.3
8.06.58.16.77.27.36.47.47.68.17.75.9
4.94.74.54.64.75.14.75.04.75.76.25.2
1 Exclusive also of certified and cashiers' or treasurers' checks outstanding and of letters of credit and travelers' checks sold for cash andoutstanding.
2 Combined excess of amounts due to banks over amounts due from banks as shown by individual bank reports. When for a given bank,amounts due from banks exceed amounts due to banks, the excess due from can not be deducted in determining deposits on which reserves arecomputed, and for this reason amounts in this column do not agree with the difference between aggregate amounts due to banks and due from banks.In this calculation the amounts due to banks include due to Federal reserve banks, bankers, and trust companies, certified and cashiers' or treas-urers' checks outstanding, and letters of credit and travelers' checks sold for cash and oustanding, while amounts due from banks include itemswith Federal reserve banks in process of collection, amounts due from banks and trust companies in United States, balances payable in dollars duefrom foreign branches of other American banks, and exchanges for clearing house and other checks on local banks.
3 Deficiencies in reserves indicated by a minus (—) sign.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE DISTRICTS
- —
—JBOUNDARIES OF FEDERAL RESERVE DISTRICTS-—-BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES® FEDERAL RESERVE BANK CITIES• FEDERAL RESERVE BRANCH CITIESO FEDERAL RESERVE BANK AGENCY
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis