Federal Reserve Bulletin October 1930 - St. Louis Fed · federal reserve bulletin october, 1930...

FEDERAL RESERVEBULLETIN

OCTOBER, 1930

ISSUED BY THE

FEDERAL RESERVE BOARDAT WASHINGTON

Credit Conditions and the Marketing of CropsChange in Reserve CalculationAnnual Report of Bank of Greece

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON : 1930

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD

Ex officio members:A. W. MELLON,

Secretary of the Treasury, Chairman.

J. W. POLE,Comptroller of the Currency.

EUGENE MEYER, Governor.1 Vice Governor.

ADOLPH C. MILLER.CHARLES S. HAMLIN.GEORQE R. JAMES.EDWARD H. CUNNINGHAM.

WALTER L. EDDY, Secretary.E. M. MCCLELLAND, Assistant Secretary.J. C. NOELL, Assistant Secretary,W. M. IMLAY, Fiscal Agent.

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 Researchand Statistics.

E. L. SMEAD, Chief, Division of Bank Operations*

FEDERAL ADVISORY COUNCIL

District No. 1 (BOSTON) . HERBERT K. HALLETT.District No. 2 (NEW YORK) WM. C. POTTER.District No, 3 (PHILADELPHIA) HOWARD A. LOEB.District No. 4 (CLEVELAND) . HARRIS CREECH.District No. 5 (RICHMOND) JOHN POOLE.District No. 6 (ATLANTA) J. P. BUTLER, Jr.District No. 7 (CHICAGO) MELVIN A. TRAYLOR.District No. 8 (ST. LOUIS) W. W. SMITH, Vice President.District No. 9 (MINNEAPOLIS) GEO. H. PRINCE.District No. 10 (KANSAS CITY) W. S. MCLUCAS.District No. 11 (DALLAS) B. A. MCKINNBY, President.District No. 12 (SAN FRANCISCO) x F. L. LIPMAN.

WALTER LICHTENSTEIN, Secretary.n


OFFICERS OF FEDERAL RESERVE BANKS

Federal Reserve Bank of— Chairman Governor Deputy governor Cashier

BostonNew York..

Frederic H. Curtiss.J. H. Case

Roy A. Young.Qeo. L. Harrison-

Philadelphia..

Cleveland

Richmond

Atlanta

Chicago

R. L. Austin

George DeCamp.

Wm. W. Hoxton

Oscar Newton...

Wm. A. Heath...

St. Louis. John S. Wood-

Minneapolis...

Kansas City..,

Dallas........

San Francisco.

John R. Mitchell __

M. L. McClure

C. C. Walsh

Isaac B. Newton

Geo. W. Norris

E. R. Fancher

George J. Seay

Eugene R. Black

J. B. McDougal

Wm. McC. Martin.

W. B. Geery

W. J. Bailey

Lynn P. Talley.

Jno. U. Calkins.,

W. W. PaddockW. R. BurgessJ. E. CraneA. W. GilbartE. R. KenzelWalter S. LoganL. R. RoundsL. F. SailerWm. H. Hutt

M. J. FlemingFrank J. Zurlinden..C. A. PepleR. H. BroaddusHugh FosterCreed TaylorC. R. McKayJohn H. BlairJ. H. Dillard

O. M. Attebery

Harry YaegerH. I. ZiemerC. A. Worthington.J. W. HelmR. R. GilbertR. B. ColemanWm. A. DayTra Clerk

W. Willett.C. H. Coe.1Ray M. Gidney »J. W. Jones.iW. B. Matteson.iJ. M. Rice.iAllan Sproul.i

C. A. Mcllhenny.W. G. McCreedj .2H. F. Strater.

Geo. H. Keesee.John S. Walden. jr.2M. W. Bell.

W. C. Bach man. 1D. A. Jones.i0. J. Netterstrom 1E. A. Delaney.iS. F. Gilmore.2A. H. Haill 2F. N. Hall.2G. O. Hollocher 2C. A. Schacht.2H. I. Ziemer.Frank C. Dunlop 2J. W. Helm.

Fred Harris.W. O. Ford.iWm. M. Hale.

1 Assistant deputy governor. Controller.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS

Federal Reserve Bank of—

New York:Buffalo branch__

Cleveland:Cincinnati branchPittsburgh branch

Richmond:Baltimore branchCharlotte branch

Atlanta:New Orleans branchJacksonville branchBirmingham branchNashville branch

Chicago:Detroit branch

St. Louis:Louisville branchMemphis branch*.Little Rock branch

Managing director

R. M. O'Hara.

C. F. McComba.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: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 branch.Spokane branch...

Managing director

R. E. Towle.

L. H. Earhart.J. E. Olson.C. E. Daniel.

J. L. Hermann.W. D. Gentry.M. Crump.

W. N. Ambrose.R. B. West.W. L. Partner.C. R. Shaw.D. L. Davis.

SUBSCRIPTION PRICE OF BULLETIN

The FEDERAL RESERVE 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,25 cents.

i n


TABLE OF CONTENTS

PageReview of the month—Credit conditions and the marketing of crops 611

Continued monetary ease—Banks in New York City and outside—Liquidation of bank loans—Growth of deposits—Decline in money rates—Decline in farm income—Statement by FederalReserve Board.

Annual report of the Bank of Greece 631

Condition of all banks on June 30, 1930 650-653

National summary of business conditions 616

Financial, industrial, and commercial statistics:Reserve bank credit and factors in changes (chart and table) 617. 618Analysis of changes in monetary gold stock 618Gold movements to and from United States 618Member bank borrowing at Federal reserve banks 619Discount rates and money rates ± 619, 620Member bank credit 621Bankers' acceptances and commercial paper outstanding 621Brokers' loans, i 621Security prices, security issues, and building contracts awarded 622Production, employment, car loadings, and commodity prices 623Industrial production 624Factory employment and pay rolls 625

Banking and business conditions in Federal reserve districts:Federal reserve banks—

Discounts (chart and tables) 626, 627Reserves, deposits, note circulation, and reserve percentages 627

All member banks—Deposits subject to reserve, reserves held, and indebtedness at reserve banks. _ 627Member banks in leading cities—Prinicpal resources and liabilities 628Building 629Department stores—Indexes of sales and stocks 629Commercial failures 629Bank suspensions 629September crop report 630

Financial statistics for foreign countries:Gold holdings of central banks and governments." 637Gold exports and imports 637Condition of Bank for International Settlements _# 638Condition of central banks 639, 640Condition of commercial banks 641Discount rates of central banks 642Money rates 642Foreign exchange rates 638Price movements 643, 644

Law department:Change in reserve calculation—Amendment to Regulation D 645

Detailed Federal reserve statistics, etc.:Resources and liabilities of Federal reserve banks in detail and Federal reserve note statement 646Condition of each Federal reserve bank at end of month 647Maturity distribution of bills and short-term securities held by Federal reserve banks 648Membership in par collection system . 648Bank debits. ._ _ — 648Kinds of money in circulation 648Changes in national and State bank membership 649Fiduciary powers granted to national banks 649

IV


FEDERAL RESERVE BULLETINVOL. 16 OCTOBER, 1930 No. 10

REVIEW OF THE MONTH

Conditions in the money market remainedeasy through September. Although the usual

seasonal trend at this time ofmoSrrease ^ e a r i s upward, there was little

change in the demand for re-serve-bank credit, and increase in holdings ofacceptances by the reserve banks was reflectedin a further decline of discounts for memberbanks. Ease of the reserve position of memberbanks was indicated by the prevailing low rateon Federal funds, that is, on balances with thereserve banks in excess of reserve requirements,which were traded in at rates substantiallybelow the official discount rate. Some increasein the volume of member-bank credit was indi-cated by reports from member banks in leadingcities, but this increase consisted entirely of agrowth in investments and in loans on securi-ties, while all other loans, which include loansfor commercial and agricultural purposes, re-mained practically unchanged at the lowestlevel in four years.

A comparison of changes in the loan andinvestment account of reporting member banks

at the end of September of thisBanks in New y e a r a n ( j of |a s£ y e a r showingYork City a n d J J ' . &

outside separate figures lor banks inNew York City and outside

of New York City, is presented in the tablebelow:

REPORTING MEMBER BANKS

[Changes between September 25, 1929, and September 24, 1930]

[In millions of dollars]

Loans and investments,

Loans on securitiesAll other loans .Investments

total

All report-ing banks

+615

+741—1,073

+947

Reportingbanks in

New YorkCity

+618

+736-480+362

Reportingbanks out-side NewYork City

- 3

+5-593+585

The table brings out the fact that for re-porting member banks in leading cities as awhole there was an increase in loans and in-vestments during the year, but that the entireincrease was at banks in New York City, thebanks outside of the city showing no changefor the year. The growth, furthermore, wasentirely in investments and in loans on securi-ties, while all other loans, including commer-cial loans, showed a decline of more than$1,000,000,000. Declines in this class of loanswere reported for banks in New York City aswell as for outside banks, while the growth insecurity loans was almost entirely confined tothe banks in New York City. Both groups ofbanks increased their investment holdings.These changes in the condition of reportingmember banks are such as usually occur duringa period of relative business inactivity andreflect primarily a decrease in the demand forcredit by industrial, commercial, and agricul-tural borrowers throughout the country. Inthe interior of the country the funds releasedthrough the decline in commercial borrowingswas used in the purchase of investments.While in New York City there was also anincrease in investments, there was a largerincrease in loans on securities. This growth inloans on securities by New York City banksrepresented the taking over by these banks ofa part of the loans previously made in themarket by out-of-town banks and by nonbank-ing lenders. " Street loans" by out-of-townbanks showed a decline of about $1,100,000,000for the year and loans of nonbanking lendersplaced through the reporting banks and throughother channels a decline of about $4,000,000,000;about $750,000,000 of this decline of more than$5,000,000,000 was taken over by the New YorkCity banks. The abundance of funds at the dis-posal of the New York banks was indicated bythe fact that, in addition to increasing their

611


612 FEDERAL RESERVE BULLETIN OCTOBER, 1930

security loans by $750,000,000, they purchasedinvestments to the extent of $350,000,000 andalso increased their holdings of acceptances andof commercial paper purchased in the open mar-ket. These banks, furthermore, have been outof debt to the Federal reserve bank, except forshort periods, for more than six months.

The extent to which the growth of bankcredit during the year was confined to New

York City banks is brought outbLnkioans °f m o r e clearly by a comparison

of the New York City memberbanks with all the other banks in the UnitedStates, including member and nonmemberbanks in rural as well as in urban districts.The latest figures available for all banks in theUnited States refer to the end of June, and acomparison of the changes during the fiscalyear for all banks in the United States, formember banks in New York City, and for allother banks is shown in the following table.Since the figures do not refer in all cases to ex-actly the same dates, they are shown in ap-proximate amounts to the nearest $50,000,000.

CHANGES BETWEEN END OF JUNE, 1929 AND 1930


Loans and investments.

LoansInvestments..

All banksin theUnitedStates

-400

-900+500

Memberbanks in

New YorkCity i

+650

+250+400

All otherbanks

-1,050

- 1 , 1 5 0+100

i Central reserve city banks.

Loans and investments of all banks in theUnited States decreased by about $400,000,000during the year ending in June, 1930. Whenmember banks in New York City are consid-ered separately, they show an increase of$650,000,000 for the period, while all otherbanks combined reported a decrease of $1,050,-000,000. The contrast is even more pro-nounced when loans alone are considered.Loans of New York City banks increased by$250,000,000, while loans of all other banksdeclined by $1,150,000,000. Each group ofbanks increased its investment holdings. Whileat New York City banks, therefore, securityloans and investments increased by a larger

amount than the decline in commercial loans, sothat their total loans and investments showedan increase, banks outside of New York City,though they somewhat increased their hold-ings of investments, showed a large contractionof total assets as the result of the diminisheddemand for credit by trade and industry.

Turning once more to the reporting memberbanks in leading cities, for which figures up to

the end of September are avail-deposits0 able, a comparison is presented

between changes in loans andinvestments and in time and demand depositsfor the year ending in September.

REPORTING MEMBER BANKS

[Changes between September 25, 1929, and September 24, 1930]


Net demand depositsTime deposits

Total demand and timeLoans and investments

All report-ing banks

+470+655

+1,125+615

Reportingbanks in

New YorkCity

+444+175+619+618

Reporting'banks out-side NewYork City

+26+480+506

- 3

Growth of deposits, combining demand andtime, was nearly twice as large during theyear as the growth of loans and investments.In New York City banks the deposits andloans and investments increased by about thesame amount, most of the growth being indemand deposits, while in banks outside NewYork City, with no growth in loans and invest-ments, there was an increase of about $500,-000,000 in deposits, nearly all of this growthbeing in time deposits. The more rapid growthof deposits than of loans and investments dur-ing the year, which is usual during a period ofbusiness recession, reflected in part an inflowinto the banks of gold from abroad and of cur-rency from circulation. The country's stockof monetary gold increased during the year byabout $130,000,000, and the outstanding vol-ume of money in circulation diminished by$300,000,000, owing to decreased demandcaused by reduced pay rolls, a smaller volumeof retail trade, and a lower level of commodityprices. Both the inflow of gold and of currencytended to increase the volume of bank depositsrelative to the amount of loans and investments.


OCTOBER, 1930 FEDERAL RESERVE BULLETIN 613

All the factors in the situation, which havejust been discussed, have exerted an influence inthe direction of monetary ease, and money rateshave consequently been lower this autumnthan at any other time in more than 10 years.

The course of call-money rates and rates oncommercial paper for the period since the

beginning of 1919 is shown onmoneyera"es t h e c h a r t> which brings out

certain contrasts in the ratesituation during the period of the businessrecession that began in the spring of 1920 andended in the middle of 1922, and the presentperiod which began about a year ago. Thechart shows that call-money rates last year

1919 1920 1921 1922 1923 1924- 1925 1926 1927 1928 1929 1930

Monthly averages of daily figures

reached about the same level as in 1919-20,with the exception of October, 1919, when anexceptional rise in these rates occurred. Com-mercial paper rates, on the other hand, whichwere above 8 per cent in 1920, never wentabove 6% per cent in 1929.

The decline in rates during the past year hasbeen much more rapid than in 1920-21, andrates are lower now than in 1922 or in 1924.The more rapid easing of money conditionsduring the past year constitutes an importantdifference between the two periods. The ex-tended condition of the banks and of manyborrowers in 1919-20 and the heavy indebted-ness to the Federal reserve banks made thedecline in money rates slower in 1920-21, whileduring the past year the strong reserve positionof the member banks as well as of the reserve

banks and the strong cash position of manyenterprises, together with Federal reservepolicy of reducing rates and purchasing securi-ties, was reflected in a much more rapid declinein money rates. In the earlier period, further-more, the overexpansion of credit was basedlargely on commodities and was reflected in ahigh level of commercial loans, while last yearit was based on securities and was reflected inan expansion of security loans. Liquidation ofthis class of loans is usually more rapid andduring the past year has proceeded faster thanthe liquidation of commercial loans during theearlier period.

Easy credit conditions at the present timeare general throughout the country, as indi-

cated by the small volume offarmTncome indebtedness of member banks

to the reserve banks in allFederal reserve districts. The growth ofdeposits, however, which has occurred duringthe year, has not been felt by rural communi-ties, as is shown by the following chart, whichpresents the course of net demand and timedeposits of country banks in 21 agricultural

MILLIONS OF DOLLARS

1300

1200

1100

1000

900

800

COUNTRY BANKS IN 21 AGRICULTURAL STATESMILLIONS OF DOLLARS

1*00

Net Demand Deposits

Time Deposits

\

1930

1300

1200

1100

1000

900

8001923 1924 1925 1926 1927 1928 1929

Deposits of member banks in towns with a population of less than15,000, located in 21 agricultural States

States. The chart shows that there has beena rapid decline in deposits of both kinds inthese banks for more than a year and that atthe present time their level is lower than atany time in recent years. This low level ofdeposits of country banks is related to thefact that the income of farmers in these Stateshas been diminished by the decline in the valueof products marketed.



Current agricultural income is being sharplyreduced, as compared with a year ago, chieflyby the decline in prices of farm products,which has not been offset by larger output.The following table shows production of thenine leading crops, as estimated by the Depart-ment of Agriculture on September 1, 1930,compared with the volume in 1929 and the5-year average 1924-1928:

PRODUCTION

Corn (bushels) _Winter wheat (bushels).„Spring wheat (bushels). _ _Oats (bushels)Barley (bushels)..-Tame hay (tons)Cotton (bales)White potatoes (bushels).Tobacco (pounds)

OF NINE LEADING CROPS

1930, Sept. 1estimate

1,983,000,000597,000,000240,000,000

1,391,000,000323,000,00082,095,00014,340,000

339,000,0001, 420,947,000

1Q9Q

2,614,000,000578,000, 000228,000,000

1,234,000,000306,000,000101, 786,000

14,828,000360,000,000

1,519,000,000

5-year aver-age, 1924-1928

2, 700,000,000551,000,000283,000,000

1,372,000,000241,000,00093,600,00015,028,000

393,000,0001,302,000,000

Corn production this year as a result of thedrought is expected to fall below 2,000,000,000bushels, as compared with 2,600,000,000 lastyear and 2,700,000,000 on the average duringthe preceding five years. The wheat crop inthe aggregate is expected to be somewhat largerthan last year, and about as large as the 5-yearaverage. The cotton crop is expected to besmaller this year than either in 1929 or in thepreceding five years. This decrease in two ofthe important crops has been accompanied bypronounced declines in the prices of agricul-tural commodities at the farm, as indicated inthe following table:

FARM PRICES OF LEADING AGRICULTURAL COMMODI-TIES

Crops:Corn (cents per bushel) _Wheat (cents per bushel)Oats (cents per bushel)Barley (cents per bushel)Cotton (cents per pound)Hay (dollars per ton)Potatoes (cents per bushel).. .

Livestock and livestock products:Hogs (dollars per 100 pounds).Beef cattle (dollars per 100

pounds)Lambs (dollars per 100

pounds)Butter (cents per pound)Wool (cents per pound)

Sept. 15,1930

91.7070.3036.1045. 309.90

12.14109.90

9.44

6.61

6.6738.4020.20

Sept. 15,1929

97.20112.1044.1055.2018.2011.05

135.50

9.53

9.22

11.0843.7029.00

o t 1f- Average,

1928 ' ^ P t - 15>[1924-1928

95.10 I94.4036.70 I54.10 !17.60 |10.59 I64.80

11.17

9.96

11.9744.3036.50

95.00118.0040.3062.6020.3011.82101.00

10.60

7.13

11.3141.2434.72

Source: Department of Agriculture.

Statement byFederal ReserveBoard

Smaller crops at lower prices have reducedthe farmers' return for the year's operationsand indirectly the income of those engaged inthe sale of commodities to the farmer. Thisdecline in income is presumably the principalcause of the relatively low level of deposits inagricultural banks, which in turn indicates areduced purchasing power of rural com-munities.

In order to inform the member banks andthe general public of the reserve system's posi-

tion in relation to the orderlymarketing of crops, the FederalReserve Board on September 24issued the following statement:

At a preliminary conference held by theFederal Reserve Board in connection with theregular fall meeting of the governors and chair-men of the 12 Federal reserve banks, a com-prehensive review was made of the agricul-tural, general economic, and credit situationthroughout the country. Being the season ofusual marketing of the country's crops, reportswere made with particular reference to thestatus of agricultural staples in each of theFederal reserve districts and there was specialdiscussion of the conditions affecting theirmarketing and financing.

The board was assured and, satisfied thatin each of the 12 Federal reserve districtsample credit facilities are available for financ-ing the marketing of the crops, and that suchfacilities are being provided by the banks andother agencies concerned in the orderly mar-keting of agricultural commodities. The 12Federal reserve banks through rediscounts fortheir member banks, loans to Federal inter-mediate credit banks on agricultural paper ofcooperative associations, and purchases ofbankers' acceptances covering agricultural com-modities, are making their resources availablefor the marketing of the country's crops atthe lowest rates in the history of the system.

It was the view of the conference that theextension of credit to support the orderlymarketing of crops—at all times an importantfunction of the Federal reserve banks—is ofspecial importance at the present time. Tothat end, the Federal Reserve Board wasassured that the Federal reserve banks willcontinue their efforts to acquaint their com-munities with the facilities of the system andthe disposition of the management of thosebanks to meet the problems connected withthe marketing of the crops.



The exceptionally strong position of com-mercial banks and of the reserve banks, theprevailing ease in credit conditions, the lowlevel of money rates, and the attitude of theFederal reserve system as expressed in thisstatement give assurance that the country'scredit resources will be available to facilitatein every possible way the orderly movement ofagricultural commodities from the producerthrough the channels of trade to the ultimateconsumer.

Appointment of Governor of the Federal ReserveBoard

On September 16, 1930, Mr. Eugene Meyer,of New York, was appointed a member of theFederal Reserve Board to fill the vacancycreated by the resignation of Vice GovernorPlatt, and was designated as governor of theboard.

Resignation of Vice Governor Platt

Mr. Edmund Platt, who had been a memberof the Federal Reserve Board since June 8,1920, and its vice governor since July 23,1920,resigned on September 15, 1930, to become vicepresident of the Marine Midland Corporation.

Changes in Advisory Council

The Federal Advisory Council at its meetingon September 16, 1930, made certain changesin its organization as a result of the recentdeath of Mr. Frank O. Wetmore, of Chicago,and the resignation from the council of Mr.Levi L. Rue, of Philadelphia.

Mr. Melvin A. Traylor, of the First NationalBank of Chicago, succeeds Mr. Wetmore asrepresentative of the seventh district, and Mr.Howard A. Loeb, of the Tradesmen's NationalBank & Trust Co. of Philadelphia, succeedsMr. Rue.

Mr. B. A. McKinney, of Dallas, former vice-president of the council, has been elected pres-ident to fill the vacancy caused by Mr. Wet-more's death, and Mr. Walter W. Smith, ofSt. Louis, has been elected vice-president.These officers as ex officio members, and Mr.

14480—30——2

William C. Potter, of New York, Mr. HarrisCreech, of Cleveland, Mr. Loeb, and Mr. Tray-lor will comprise the executive committee ofthe council. Mr. Walter Lichtenstein, ofChicago, will continue as secretary.

Changes in Discount Rates

The discount rate on all classes and maturi-ties of paper was reduced from 4 to 3K percent at the Federal Reserve Bank of Dallas,effective September 9, and at the Federal Re-serve Bank of Minneapolis, effective Septem-ber 12.

Changes in Foreign Central Bank Discount Rates

The following changes have been made sincethe 1st of September in the discount rates ofcentral banks in foreign countries:

September 10.—Austrian National Bank, from 5}i to5 per cent.

September 19.—Bank of the Republic of Colombia,from 8 to 7 per cent.

Condition of All Banks in the United States on June30, 1930

Loans and investments of all banks in theUnited States—including national banks, Statebanks, trust companies, mutual and stock sav-ings banks, and all private banks under Statesupervision—increased by $722,000,000 duringthe second quarter of 1930, to the level of$58,108,000,000, according to figures recentlycompiled by the Federal Reserve Board. Forthe year ending June 30, 1930, however, bankloans and investments decreased by $366,000,-000, or 0.6 per cent.

The increase of $722,000,000 for the quarterin total loans and investments reflected a de-crease of $68,000,000 in loans and an increaseof $790,000,000 in investments. The loans ofnonmember banks decreased by $164,000,000,while those of member banks increased by $95,-000,000. Both member and nonmember banksincreased their investments during the quarter,member banks by $505,000,000 and nonmem-ber banks by $285,000,000.

Detailed compilations of the principal re-sources and liabilities of these banks, by Federalreserve districts and by States, are given onpages 650-653 of this BULLETIN.



NATIONAL SUMMARY OF BUSINESS CONDITIONS[Compiled September 21 and released for publication September 25]

Industrial production as a whole was in thesame volume in August as in July, contrary tothe usual upward trend at this season, althoughthere were seasonal increases in activity in anumber of basic industries. Factory employ-ment and pay rolls declined further. The gen-eral level of commodity prices at wholesale,which had declined continuously for a year, re-mained unchanged between July and August,advances in price being reported for certain im-portant agricultural staples.

Production.—The board's index of industrialproduction, which makes allowance for seasonalvariations, continued to decline in August.Production of automobiles, pig iron, lumber,and sugar decreased, and there was a reductionin the consumption of cotton and wool. In thebituminous coal and silk industries there wasless increase than is usual at this season, whilein steel, cement, flour, and shoes the increasewas slightly more than seasonal. During thefirst two weeks of September activity at steelplants increased, while a further reduction inoutput of automobiles was reported.

Building contracts awarded, as reported tothe F. W. Dodge Corporation, were in slightlysmaller volume during August, largely on ac-count of reductions in educational and indus-trial construction projects. Residential build-ing contracts continued small. During the firsttwo weeks in September awards averaged aboutthe same as in August.

At the middle of August, the latest date forwhich figures are available, the number ofwage earners employed in factories and thevolume of factory pay rolls was smaller than inthe middle of July. There were decreases inemployment in the iron and steel and cottontextile industries and at foundries and machineshops, automobile plants, and sawmills. Sub-stantial seasonal increases occurred in thecanning and preserving, bituminous coal min-ing, and clothing industries.

Agriculture.—September 1 estimates by theDepartment of Agriculture indicate a corncrop of 1,983,000,000 bushels, about 700,000,000bushels less than the 5-year average; a springwheat crop of 240,000,000 bushels, slightlylarger than last year's unusually small crop,making the total wheat crop about equal to

the 5-year average; and a crop of oats of aboutthe usual size. Condition of pastures on Sep-tember 1 was reported to be unusually poor.The cotton crop is expected to be about14,340,000 bales, nearly 500,000 bales less thanlast year.

Distribution.—Volume of freight shipped byrail increased by slightly less than the usualseasonal amount during August. Sales ofdepartment stores were larger than in July,but continued considerably smaller than ayear ago.

Wholesale prices.—There were increasesduring August in prices of many agriculturalproducts, especially meats, livestock, andgrains, while the price of cotton decreased.Prices of mineral and forest products and ofimported raw materials and their manufacturesin general declined, with the principal exceptionof silk. The Bureau of Labor Statistics indexof wholesale prices showed no change from thepreceding month.

During the first half of September there werepronounced declines in prices of wheat, corn,hogs, pork, and rubber. Prices of cotton andwoolen textiles remained fairly stable, whilethose of hides and coffee increased.

Bank credit.—Between August 20 and Sep-tember 17 there was an increase in memberbank holdings of investments and in their loanson securities, while all other loans, whichinclude loans for commercial purposes, declined,contrary to the usual seasonal trend.

The volume of reserve bank credit outstand-ing showed a growth for the period, as is usual atthis season, but the increase was relatively small,owing to the fact that the seasonal demand forcurrency was smaller than in other recent yearsand owing to an addition of $15,000,000 to thecountry's stock of gold. The increase was inholdings of acceptances, offset in part by afurther decline in discounts for member banksto the lowest level since 1917.

Money rates continued at low levels duringAugust and the first half of September, andthe yield on high-grade bonds declined further.Discount rates at the Federal Reserve Banksof Dallas and Minneapolis, the only bankswhich had maintained a 4 per cent rate, werereduced to 3K per cent during September.



FEDERAL RESERVE BANK CREDIT

RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN-CHANGESMILLIONS OF DOLLARS MILLIONS OF DOLLARS

200

1926 1927 1928 1929 1930Based on weekly averages of daily figures; latest figures are for week ending September 30


618 FEDEKAL RESERVE BULLETIN OCTOBER, 1930

RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES

[Average of daily figures. In millions of dollars]

Month or week

1929—April.MayJune..JulyAugustSeptemberOctoberNovemberDecember

1930—JanuaryFebruaryMarchAprilMay -June _..JulyAugustSeptember

Week ending (Saturday)—Sept. 6Sept. 13Sept. 20Sept. 27

Reserve bank credit outstanding Factors of decrease1

Bills dis-counted

1,004956978

1,0961,043

969885953803501378274231247251226214189

223187169170

Billsbought

1561459975

124229337296320314285246266182141154153197

177198207200

UnitedStates

securities

165153179147155165154315446485480540530529571583599597

Other

bankcredit«

602592595601

38373726

Total

1,3771,3031,3171,3801,3761,4271,4501,6311,6431,3571,1811,0951,072996

1,0001,003998

1,016

1,0401,0141,008997

Monetarygoldstock

Treasurycurrency

(ad-justed)

4,2264,2924,3114,3354,3514,3684,3814,3744,3244,2834,3194,3954,4434,5054,5284,5324,4964,503

4,5014,5024,5044,503

1,7851,7871,7791,7901,7811,7661,7851,7891,7971,7841,7811,7971,7811,7791,7751,7891,7871,785

1,7831,7931,8021,771

Factors of increase *

Moneyin circu-

lation

4,6794,6844,6874,7644,7774,8114,8104,8454,9434,6524,5564,5334,5184,4974,4894,4834,4764,492

4,5264,4934,4814,469

Memberbank

reservebalances

2,3082,2962,3142,3342,3222,3352,3862,5212,3952,3492,3052,3302,3502,3562,3922,4172,3922,397

2,3872,4032,4142,385

Non-memberdeposits,

etc.

Unex-pendedcapitalfunds

366370376376382387392

394393397400398395389385

385386391392

1 For explanation see BULLETIN for July, 1929, pp. 432-438.1 Includes "other securities," amounts due from foreign banks, and reserve bank float; for explanation see BULLETIN for July, 1929.Back figures—See Annual Report for 1929 (Tables 1, 2, and 3).

ANALYSIS OF CHANGES IN MONETARY GOLD STOCK

[End of month basis. In millions of dollars]

Month

1928—December-

Total (12mos.).

Goldstockat end

ofmonth

4,141

1929—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember-OctoberNovemberDecember

Total (12mos.)_

1930—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember *_

4,1274,1534,1884,2604,3014,3244,3414.3604,3724,3864,3674,284

4,2934,3554,4234,4914,5174,5354, 5174,5014,510

Increase or decrease (—) duringmonth

Total

Throughnet goldimport

orexport

13.2

-237.9

-14.426.434.472.440.623.416.318.912.114.4

-19.2-82.9

142.4

8.861.968.268.525.917.6

-18.4-15.5+9.3

23.3

-392 .0

Through Throughear-

markingopera-tions

domesticproduc-

tion,etc.*

- 1 5 . 8

119.6

47.225.524.823.123.630.234.718.417.617.5

- 2 3 . 2- 6 4 . 4

175.1

4.060.055.565.723.513.9

- 1 9 . 6- 1 9 . 6- 1 . 1

- 65 .0

7.548.616.1

- 7 . 5- 2 2 . 0- 1 . 0- 6 . 6- 4 . 5

1.0- 2 2 . 0

-55 .4

2.50.0

13.00.52.02.0

- 3 . 00.04.0

6.7

34.5

3.4.9

2.10.70.90.73.61.51.11.42.33.5

22.7

2.31.9

- 0 . 32.30.51.74.34.26.4

* For explanation of this figure, which is derived from preceding col-umns, see BULLETIN for December, 1928, p. 831.

* Preliminary.

GOLD MOVEMENTS TO AND FROM UNITED STATES

[In thousands of dollars]

From or to—

EnglandFranceGermanyItalyNetherlandsCanada ._Central AmericaMexicoArgentinaBrazilChile _._.ColombiaEcuadorPeru _VenezuelaUruguayChina and Hong

KongDutch East IndiesJapan _. _Philippine IslandsNew ZealandAll other countries-.

Total

1930

September(preliminary)

Im-ports

1,352

1,0002,300

4,643

1666

2 9,961

Ex-ports

3,000

7,000

965

110

11,075

August

Im-ports

631

843263

2,386

14628

1,144161228» 65

2,000

3,19437

8,001342

33834

19, 714

Ex-ports

35,3095

4,018

39,331

January-August

Im-ports

1311227

117

18,0991 212

17, 424391

r 65, 846203

4, 9851,1176,2313,5426,000

19, 5371,089

122, 0332,423

135r 3, 366

273, 802

Ex-ports

28973 808

161

r 15 647

415

6250

91

90, 523

includes all movements of unreported origin or destination.2 At New York—imports, $5,318,000; exports, $3,965,000. Elsewhere—

imports, $4,643,000; exports, $7,110,000.r Revised.



MEMBER BANK BORROWINGS AT FEDERAL RESERVE BANKS

[Monthly averages of weekly figures. In millions of dollars]

Month

January ,FebruaryMarch _ _AprilMayJune __-July-AugustSeptember - . - --OctoberNovemberDecember

Total 1

1929

891893978991951972

1,1001,013

974885944755

1930

462371247225226222218196186

Reporting member banks in leading cities

Total

1929

663659740725661670801717706634655490

1930

24717481715953534344

New York City

1929

190131166162145165319196166746080

1930

3921

117115

49

Other leading cities

Total

1929

473528574563516505482521540560595410

1930

20815380544848533935

Chicago

1929

93121463664473218382837

1930

71

2

211

Membeoutside

citi

1929

228234238266290302299296268251289265

r banksleadingesi

1930

215197166154167169165153142

i Includes (in small amounts) discounts by Federal reserve banks for nonmembers: (1) Bills discounted for intermediate credit banks and (2)notes secured by adjusted-service certificates discounted for nonmember banks.

FEDERAL RESERVE BANK RATES

DISCOUNT RATES

[Rates on all classes and maturities of eligible paper]

Federal reserve bank

BostonNew YorkPhiladelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis..Kansas City-DallasSan Francisco

Rate ineffect on

Oct.. 1

32V2

WiV/2

3H2>%S/2

zy23 ^3H3\i

m

Dateestab-lished

JulyJuneJulyJuneJulyJulyJuneAug.Sept.Aug.Sept.Aug.

32037

181221

7121598

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 . .61-75 days . .76-90 days . .91-120 days .121-180 days

Rate in Dateeffect on I estab-Oct. 1 lished

VA\ June 30do . . . . .

. . .do. .__.July 21...doJune 20.. .do. . . do . . . . .

Previousrate

222222 ^2H23/4

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 on—

Primecom-

mercialpaper,4 to 6

months

1929SeptemberOctoberNovemberDecember

6H

1930January 4?4-5February . 4^-5MarchAprilMayJuneJulyAugustSeptemberWeek e ding—

Sept. 6Sept. 13Sept. 20Sept. 27

3 -31/33

Primebank-ers'

accept-ances,

90days

3H-AH3%-A

334-3%2^-32^-321J

Timeloans,

90days 2

83/4-97 -9

4?4-543^-53?4-4344 -4M

2/2-2%2/2-2%

2/2-2%p 2^-2%

j 2H-2H

Average rate

Call loans 1

New Re-newal

U.S.Treas-

urynotesand

certifi-cates,3 to 6

months

"I"

8.626.105.404.88

4.314.283.563.79 I3.05 I2.602. 182.222.17

2.352.502.022.00

8.506.435.444.83

4.644.323.694.003.122.622.202.212.19

2.252.502.202.00

Average yield

Treas-ury

bonds8

M.584.373.47

4 3.03

3.393.36

4 2.953.002.41

4 1.891.831.53

4«1.84

1.471.53

4 5 2. 092.11

3.70

3.67

3.45

3.46

3.513.503.403.463.413.373.37

'3.383.37

3.373.363.36

1 Stock exchange call loans; new and renewal rates.* Stock exchange 90-day time loans.8 3 issues—3%, 3%, 4 per cent; yields calculated on basis of last redemp-

tion dates—1947, 1956, and 1954.4 Change of issues on which yield is computed,fi Maturities of 6-9 months.r Revised.



PREVAILING RATES CHARGED CUSTOMERS BY BANES IN PRINCIPAL CITIESWEIGHTED AVERAGES

Month

January - - -FebruaryMarchApril - . - .MayJuneJuly . _ -_August - -September - « _ « _ .OctoberNovember -December

New York City

1927

4.664.564.564.634.634.604.564.414.444.494.354.50

1928

4.564.444.594.724.975.095.385.565.635.635.565.63

1929

5.745.735.815.855.885.935.886.056.066.085.865.74

J930

5.645.355.224.914.744.594.484.414.29

Eight other northern andeastern cities

1927

4.994.984.884,904.954.934.904.874.774.794.824.76

1928

4.734.764.814.915.045.365.575.595.805.805.825.91

1929

5.875.865.916.006.096.026.086.116.246.256.125.94

1930

5.885.665.475.225.135.064.814.774.72

Twenty-seven southern andwestern cities

1927

5.725.715.655.575.595.545.525.535.615.565.565.60

1928

5.535.535.545.545.565.675.775.805.825.875.905.91

1929

5.945.966.046.076 106.166.176.226.276 296.296.20

1930

6.126.045.985.865.755.695.62

r5.575.54

NOTE.—Figures relate to rates charged by reporting banks to their own customers as distinguished from open-market rates (which are givenon preceding page). All averages are based on rates reported for three types of customer loans—commercial loans, and demand and time loanson securities. The method of computing the averages takes into account (a) the relative importance of each of these three types of loans and (6)the relative importance of each reporting bank, as measured by total loans. In the two group averages the average rate for each city included isweighted according to the importance of that city in the group, as measured by the loans of all banks.

' PREVAILING QUOTATIONS

Federal reservebank or branch city

New York City

Northernand East-ern Cities

Buffalo . -PhiladelphiaPittsburghCleveland - . . .

Chicasro »..-

Southern and West-ern Cities

Baltimore

Atlanta --—

NashvilleNew Orleans..St. Louis -Little Rock

MinneapolisSelena - . ..—Kansas City . —

Oklahoma City

Dallas -El PasoHouston... . . -San AntonioSan Francisco....—Los AngelesPortlandSalt Lake CitySeattleSpokane .

Prime commercial loan

July,1930

4

3*ft44V4ft5

-4*6

M-6-5

-6-6-6

4 -5

4W-5435

4-6-6

5*6-7"4*4-5

5

4

6- 5 %

-ft66

4 -58

4*6-55 -6

ft

ft

i

*-65

866

-666666

August,1930

4

33'ft3*ft4ft44

4

b5

-4K

-6

-5*4-5*4-6-6-5

-54-5*4-6-5V4

5*4-7"A\

5

4

4

4>~5

6-6H-4*4,66

-58

5H-65

4*4-5*46

ft

-866

-6P6

666

s ,

Septem-ber, 1930

4

3^-45V

ft4ft44

4*4'*

—5*4-6-fi-6- 5

U5*4-64 -5V4.5*

5

4

4-7

6-5*4

66

8 2

%56

4-64-5

-85*4-6

ft6

6

OS OS OS

6

Loans secured by prime stock-exchange collateral

July,1930

4*6-5

4*6-5

4*6-65 -5*65 -65 -6

4 -5*6

5 -64*6-6

65 -6

6*6-76

6 -6*65 -66 -7

6

85*6-6

68

6 -6*66 -7

86

6 -7

6 -6*66 -6*6

66 -6*66*6-7

August,1930

\vAy

byft'5

5±y

55V

6ft6

ft

666

6ft

66*

US-6H»2- 6-6

6

OS OSy

f-7?-76

-6-76

-68

6-6f-6

8-7-7-8

6-8

6-fiV?

Septem-ber, 1930

4 -5

4^-5fiV

ftftft5

4-6«rfi-6-6-6-6

4*4-5

5*^-64*

5

6-6

5*4-7fi*

6

ft6

4-76

-76

5 -68

5H-66

6

66

6

653666

8-6*4-7-8

6-7

-6*64-6K

-6*<?

-€*6

Loans secured by warehousereceipts

July,1930

4

6

- 5

5 V?- 6 U

5*6-6

ft

4

ft66ft*5*fta46566

ft

6-6

66

-5

66O

C

D

-8-7

-6-6-6-76

-5-8-6-8-86

-686

6 -85*6-6fi6

-7-7

777

August,1930

4^

565

fi6

2

-6

-66

H-7

64 ^ 5

ft65V5V

ft6

46566

5

65^66

66

-8<-7<5-6

is-6-76

-8-6• 8

is os

do

86

-8-f-6

-7-7777

Septem-ber, 1930

Ay

fi

fi

2-5

6-6

6-6

66

4^-5

,H

46fi*fiV5>

fi6

465

6

S

5

4-66

-84-74-6is-6-86

-4V6-8-6-8-86

8-6

6 -85^-666

-7-7

777

Interbank loans

July,1930

4 -4*6

45 -5*64 -55 -65 -5*65 -5*65 4—64^4—5*6

4*6-55 -6

5 -666

5*6-65 - 6

5 -5*66

5 -6

5*6-66 - 8

5*6-66

Cn OS OS OS

65 - 65*6-6

566666

August,1930

4

fi4

4-6-5

5V4-6fifi5^

-6-fiU

i -6334-5*4

4*4- Sft

h\5

5*6

5*

fifi

-66

66

4-6-6

6

<6-6-8

4-66

-6-66

ft66666

Septem-ber, 1930

4

4ftftft53/4*

41.ft5*

"ftfi

5V5

fi

6

5*

fi

fi

6

-4H

4fi

-5-6-6

i-hy?,

4-5-6

4-6

-66

4-6-6

6

-8

4-66

OS OS

-5V46

-66

fi6

OS OS OS

—6*4

r Revised.NOTE.—Rates shown are those at which the bulk of the loans of each class were made by representative banks during week ending 15th of

month. Rates from about 200 banks with loans exceeding $8,000,000,000; reporting banks are usually the larger banks in their respective cities.



MEMBER BANK CREDITREPORTING MEMBER BANKS

[In millions of dollars. Monthly data are averages of weekly figures]

BY MONTHS

Total:1929—May

JuneJulyAugustSeptember...OctoberNovember....December

1930—JanuaryFebruaryMarchAprilMayJuneJulyAugust _September...

New York City:1929—May

JuneJuly.. . .AugustSeptember...OctoberNovember....December

1930—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember...

Other leading cities:1929—May

JuneJuly...AugustSeptember...OctoberNovemberDecember

1930—JanuaryFebruaryMarchAprilMayJuneJuly—AugustSeptember...

BY WEEKSTotal:

1930—August 27September 3 . .September 10.September 17_September 24.

New York City:1930—August 27

September 3 . .September 10.September 17.September 24.

Other leading cities:1930—August 27

September 3 . .September 10.September 17.September 24.

Loans and investments

Total

22,11322,23122,47922,46522,64623,12423,663!23,012|22,36822,08322, 352!

22, 65722,66223,024!23,101123,12823,220

7,1827,2817,4967,4077,5077,8378,3498,0017,66*7,4937,6497,8297,8528,1178,0788,097

14,93114,95014,98315,05815,13915,28815,31415,01114,70514,59014, 70314,82814,81014,90715,02315,03115,132

23,12223,16823,16523,25023,297

8,1088,1618,0418,0588,092

15,01515,00715,12415,19215,205

Loans

Total

16,27716,48016,95016,96917,19717,70618,04117,44416,82116,54216,74616,90116,82517,04816,906 i16,83816,859

5,3445,4685,8045,6885,8036,108j6,3806,0215,7055,5845,720'

On se-curi-ties

5,8786,0995,9846,004

11,01211,14611,28111,39411, 59811,66111,42411,11510,95811,02611,03310,94810,94910,92210,83410,860

16,79316,83016,81216,88116,912

6,0106,0575,9335,970

10,78310. 77210,88010,91110,879

Allother

In-vest-

ments

7,2187,3327,7167,5787,654

8,249

7^7947,6717,9648,2708,3128,568

r 8,3578,390

2,6532,7493,0452,8452,8923,1913,3403,1122,9452,9093,1153,3833,4593,7013,5583,5883,584

4,5654,5824,6704,7344,7624,9064,9094,8564,8494,7624,8504,8884,8534,866

' 4,839r 4, 769

4,806

• 8,3588,3648,3328,4048,461

3,6083,6523,5233,5403,619

' 4,7504,7134,8084,8634,842

9,0599,1499,2349,3909,5439,6089,7929,4769,0278,8718,7818,6318,5138,4808,5088,4818,469

2,6912,7192,7582,8432,9112,9163,0402,9092,7602,6752,6052,4852,418

2,4262,4162,415

6,4306,4766,5476,6326,6926,752

6,2676,1966,1766,1466,0956,0826,0826,0656,054

8,4358,4658,4818,4778,451

2,4022,4052,4092.4292,414

6,0336,0606,0716,0486,037

Dueto

banks

Bor-row-ingsat

F. R.banks

5,8365,7515,52915,4965,4495,4185,6235,5675,5485,5415,6075,7565,8375,9776,19416,2916,361

L, 838, 812,692,720,704,729

,959,909

.,9291,9611,9742,0192,0942,0932,090

3,9383,8373,7763,7453,6903,6543,5873,5893,6323,6773,7953,8623,9584,1014,1984,272

6,3386,353

6,385

2,0982,1042,1092,0882,059

4,2324,2344,2444,2824,326

2,5452,5322,7382,6042,7182,9143,0082,8862,8282,8182,8982,9402,8703,0633,404

3,508

817796935827887

1,0231,132980931902952982931

1,0091,100999

1,076

1,7281 , —1,8031,7771,8301,8911,8751,9061,8971,9161,9461,9591,9392,0542,3042,3362,433

3,3023,4943,4383,5903,512

66167080171770663465549024717481715953534344

14516531919616674

51650548252154056159441020815280544848533935

1,0911,0171,1091,086

2,3222,4032,4212,4812,426

36

4043372833

r Revised.

BROKERS' LOANSREPORTED BY THE NEW YORK STOCK EXCHANGE

[Net borrowings on demand and on time. In millions of dollars]

End of month

January _FebruaryMarchAprilMayJuneJulyAugust.SeptemberOctober _NovemberDecember

Total

1929 1930 i 1929 1930

6,7356,6796,8046,7756,6657,0717,4747,8828,5496,1094,0173,990

From NewYork banks

and trust com-

3,985 |i4,168 114,656 I5,063 I,4,748 j3,728 I

3,599 ,1 3,481 I

5,6645,6195,7135,5805,4825,7976,1546,4927,0775,3133,4323,370

3,5294,0264,4094,1393,2013,2273,1093,057

From privatebanks, brokers,foreign banking

agencies, etc.

1929 1930

1,0711,0601,0911,1941,1831,2751,3201,3901,472

796585620

616639631654609527462489425

i Call loans, $2,830,000,000; time loans, $651,000,000.

MADE BY REPORTING MEMBER BANKS IN N. Y. CITY

[In millions of dollars. Monthly data are averages of weekly figures]

Month or date

1929—AugustSeptemberOctoberNovemberDecember

1930—JanuaryFebruaryMarchAprilMay -_June__JulyAugustSeptember

September 3September 10September 17September 24

Total

6,0696,5406,4984,0233,3913,3513,4593,7414,115

1 4,0303,8253,2243,150

3 3,174

3,1103,1433,2223,222

Total

2,7782,8982,8961,8691,6011,7061,9132,3102,7402,7272,7482,3782,3512,426

2,3412,3842,4762,503

For banks

i I n

NewYorkCity i

9931,0481,2571,090

888844942

1,2101,5571,6651,8311,6311,6591,676

1,721i 1,614j 1,649

1, 721

OutsideNewYorkCi ty '

1,7861,8501,639

779713862971

1,1001,1831,062

917747692750

620770826782

Forothers

3,2903,6423,6022,1541,7901,6441,5461,4301,3761,3021,078

846798748

759746719

i Weekly reporting member banks in New York City.8 Member and nonmember banks outside New York City (domestic

banks only); includes unknown amount for customers of these banks,a Call loans, $2,577,000,000; time loans, $597,000,000.

ACCEPTANCES AND COMMERCIAL PAPER[In millions of dollars]

End of month

January .February,MarchAprilMayJuneJulyAugustSeptemberOctober

December

Bankers' acceptances out-standing

1927

774785809811775751741782864975

1,0291,081

1928

1,0581,056J.085

1

]

1,071,041

1,026978952

1,004L, 1231,2001,284

1929

1,2791,2281.2051,111,107

1,1131,127L, 201L,2721,5411,6581,732

1930

1,6931,6241,5391,4141,3821,3051,3501,339

Commercial paper out-standing

1927

551577606599582579569591600611603555

1928

577567570571541503483458430427421383

1929

407411387351304274265267265285316334

1930

404457529553541527528526

Figures for acceptances as compiled by American Acceptance Councilfor commercial paper as reported by about 25 dealers.



SECURITY PRICES, SECURITY ISSUES, AND BUILDING CONTRACTSSECURITY PRICES

[Index numbers of Standard Statistics Co. Monthly data are averages of weekly figures]

Month or date

Number of issues

1929—AugustSeptemberOctoberNovember - -December

1930—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberSept. 3Sept. 10Sept. 17Sept. 24

Bonds1

60

95.094.895.195.796.596.596.497.897.997.998 298.799.6

100.099.999.999.9

100.2

Pre-ferredstocks1

20

126.3126.8126.4123.9126.4126.5126.9127.8128.2127.6126.8125.9126.5127.9126.9127.8128.0128.7

Total

404

218225202151154

156166172181171153149148149

150154150142

Indus-trial

337

210216194145147

149156163171160143140139139

140144140133

Rail-road

33

165168157135136

137143143142136125124121123

123125123120

Publicutility

34

304321277195201

209231242264250224215213216

216224220206

Auto-mobile

13

241241196134134

135145155162152134132134133

134139

• 134124

Common stocks (1926

Build-ing

equip-ment

13

165172152114113

117125125127116100

9897

100

10110310095

=100)

Selected groups of industrial issues

Chainstore

17

149155139104106

1021001001019790899096

93899892

Chem-ical

9

320238305214228

240254266282257223217219230

233240230215

Cop-perand

brass

9

289294259204196

193193193174151135129121114

114124115104

Elec-tricalequip-ment

4

405399345227241

265307323359237290277278283

28529728C265

Ma-chin-ery

10

177191172135143

146154161173170152155152154

155158155149

Oil

16

158167161131132

129128141156148133133130125

127127126121

Steel

10

238244217169170

177188192196174161159160162

163166163154

Tex-tile

30

1181141037877

788585837769676667

67706864

i Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity. 2 20 high-grade industrials; average price.

DOMESTIC CAPITAL ISSUES

[In millions of dollars. Source: Commercial and Financial Chronicle]

January-August

Class of issue1930

NewRe-

fund-

Total.Corporate issues

Bonds and notes-Long-termShort-term

StocksFarm-loan issuesMunicipal issues.

Total new and re-funding

1929

! Re-New i fund-

| ing

165. 9 j 83. 5 j 4, 726. 9 i 380. 2 6, 470. 8 j 944. 7

83.5

35.28.5

39.8

68.4

67.0

3, 771. 9

2,086. 9354.9

1, 330.130.5

924. 5 29.1

351.1 5,664.8

278. 7 1, 388. 557. 6 127. 714. 8 4,148. 6

5,106. 9

936.3

405.543.9

486.9

806.0 j 8.4

7, 415. 5

FOREIGN CAPITAL ISSUES


Class of issue

Total

New issuesEuropeCanada and Newfound-

landTiatin AjnejiofiU.S. insular possessionsMiscellaneous

Refunding issuesTotal Government and

corporate

August, 1930

Gov-ern-ment

3.2

. 5

. 5

2.7

Cor-po-rate

21.9

21.9

21.9

25.1

January-August

1930

Gov-ern-ment

636.0

547.9134.3

102.8147.1106.557.388.0

Cor-po-rate

321.0

321.036.6

75.817.6

190.0

956.9

1929

Gov-ern-

ment

223.8

208.384.1

63.358.92.0

15.6

623

Cor-po-rate

400.0

384.575.9

91.449.77.7

159.815.5

. 9

BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING[Value of contracts in millions of dollars]

January .FebruaryMarchApril „MayJuneJuly__ __ . .August

Year to dateSeptemberOctoberNovemberDecember

Total

1929

410.0361.3484.8642.1587.8545.9652.4488. 9

4,173.1445.4445.6391.0316.4

1930

324.0317.1456.1482.9457.4600.6367.5347.3

3,352.9

Residential

1929

138.1129.5197 2256.8192.0189.8199.9146.1

1,449.3118.4137.7113.5114.0

1930

66.674.8

101.5123.1116.696.884.382.7

746.4

Industrial .

1929

63.156.155.868.280.870.066.675.3

535.952 660.939.767.4

1930

38.333.574.338.154.693.635.220.7

388.3

Commercial

1929

100.468.375.678086.580.991.372.0

652. 976 967.7

101.833.4

1930

54.172.977.073.273.359.146.950.9

507.4

Public works andpublic utilities

1929

66.557.671.5

152.1139.4120.8194.5119.3

921.8117 285 172.451.8

1930

112.185.8

105. 3149.7134.9251.9114.9124.2

1,078.8

Educational

1929

17.722.637.529.938.243.448.032.3

269.629 836 925.719.8

1930

19.021.235.435 236.948.942.725.9

265.2

All other

1930

24.127.347.257.150.940.952.043.9

343.550 467 338.029.9

1930

34.028.862.663.541.150.243.543.0

366.7

Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation.



PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND PRICES[Index numbers; 1923-1925 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variations]

Year and month

Industrial production *

Total

Unad-justed

Ad-justed

Manufactures

Unad-justed

Ad-justed

Minerals

Unad-justed

Ad-justed

Build-ing con-tracts

award-ed

Unad-justed

Fac-toryem-

ploy-ment

Unad-justed

Fac-torypayrolls

Unad-justed

Freight car loadings *

Total

Unad-justed

Ad-justed

Merchandise inless-than-car-

load lots

Unad-justed

Ad-justed

Commodityprices t

Allcommod-ities

Farmprod-ucts

19191920 _...19211922192319241925192619271928-.-1929

1926AprilMayJune _.JulyAugust _.SeptemberOctoberNovemberDecember

1927JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1928JanuaryFebruaryMarchAprilMay _.JuneJuly _.AugustSeptember....OctoberNovemberDecember

1929JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1930JanuaryFebruaryMarchAprilMayJune. .JulyAugust

8387678510195104108106111118

108107106103109113114110101

105111113110112107102105107105101

105111112110110108105110116118115108

11612012112412512511912112312010895

10310910610710510091

'90

107106108107110112111108105

10610811110911110810610710510399100

106109110109109109110112114115113113

117117118122124127124123122117106

10410710410610410094

8487678710194105108106111119

110108106102108112112108

10411011311211310710210410610410095

106114115113111109106110116117115109

11612012512712712611912112211910792

1021101091101069989

107106108107111112111106103

10510711010911110910710710510299

106110111110109111111113116115113114

11711612012312512912612512211710596

10210610510710410193

778970741059699108107106115

103109110115119124123113

1121131119610810810311111111210597

100999894104104103111115123117106

114116101104116116118121127127114110

1071049193102

' 102100

P 101

108104106107109110114118119

116117118107109105100106104105101103

103103103105105101101105107114113112

118120107115116113114115118

. 118110116

11210996104

'10210097

»96

646357818495122130128135117

139134133126148137126119131

9496151147135154130135127137114116

104113144157163158142126143145115105

100881181561431331591191081099577

79771111181111468985

1071088290104961001019997100

10210110199101103103101100

10010010099999899101999795

949697969696

10010099

971001011021021011011021031029895

85

118778110396101104102102107

10510410499104105108105104

105106105104102991021021039899

10110310010110198103104107104104

101108111111111109105109111110102

8491798610098103107103103106

106110111113122123113

9710010210010510610410911611410188

9294979610410310510911911910895

95999810211010911111412111810290

107107109108108109109109107

1051091081081061041011041041019795

100102102104105102102104106106104103

1041071031111111081081091081049997

97999510198949291

72 i87939699104107105104104

107108108106107112112110103

100104108108106105104105110109106

101105105106105104104109109106100

9710110610710810510510611010910696

9498101101101989495

106105107106106107107108108

108109107107104104104104104105104103

106105104104104103104103104105104105

105105105106108104105105105105104101

10210210010099979494

139154989710198104100959897

10010110110099100

99100989797

979798979696

* Average per working-day, except for annual indexes.t Wholesale price index of Bureau of Labor Statistics; 1926=» 100. Index numbers for all major groups of commodities are given on p. 644v Preliminary. r Revised.

14480—30 3



INDUSTRIAL PRODUCTION, BY INDUSTRIES[Index numbers of the Federal Reserve Board. Adjusted for seasonal variations. 1923-1925 average=100]

Industry

MANUFACTURES

IRON AND STEELPig ironSteel incots

TEXTILESCotton consumptionWool

ConsumptionMachinery activity 1Carpet, rugloomactivityi.

SilkDeliveriesLoom activity l

FOOD PRODUCTSSlaughtering, meat packing..

Hogs ._CattleCalvesSheep

Flour -Sugar meltings

PAPER AND PRINTINGWood pulp and paper

NewsprintBook paperFine paper

Wrapping paperPaper boardWood pulp, mechanical..Wood pulp, chemical

Paper boxes *Newsprint consumption

TRANSPORTATION EQUIPMENT:AutomobilesLocomotives ._ .Shipbuilding

LEATHER AND PRODUCTS - .Tanning

Sole leather 1Upper leather-

CattleCalf and kipGoat and kid

Boots and shoesCEMENT AND GLASS:

Cement _ __Glass, plate

NONFERROUS METALS 2

Copper (smelter)Tin (deliveries) 1

FUELS, MANUFACTURED:Petroleum refining

Gasoline1 _KeroseneFuel oiULubricating oil * . __

Coke (by-product)RUBBER TIRES AND TUBES

Tires, pneumaticInner tubes

TOBACCO PRODUCTSCigars . __Cigarettes

MINERALSCOAL:

Bituminous .Anthracite

Petroleum, crude - . . .Tron nr(\ shipmp.TitRCopper (mined)Zinc .Lead ._Silver

June

1551271581211221011079395

1491601289690908783

11710910312811992

133120107131100118180142

16246

13011310698

74104153118

116154126130137

170199110140126151162167125139100172

10276

13512612412011294

July

15213115411811997

1098583

1461561279694968890

12410194

12512191

138122101136103117152131

14259

15611410586

75111158120

118164127133123

171205

9513812315114114610513197

160

10272

14311912212411488

Aug.

1431281441201191011148690

15016113010093948885

12610711312511995

134118101131101120169135

14355

17511710393

80108136125

122168122126120

17620910814213115211912387

13399

163

9981

145121119127107

9 1

1929

Sept.

14012214211611598

1068990

14815812898

1011069199

1269984

13012194

143119101128100120178148

13349

10111610594

87102144123

118174125127131

17320895

14112314711612090

136100168

10310614012112512011989

Oct.

1241181251181171011099196

1481581309697

1048688

1259199

12612094

14511996

13091

118156139

1135775

11310894

98100147117

113172122125125

17821510314212114611411787

13599

168

10311614010712311911594

Nov.

10010710010810489948288

1451531289695

1018288

12592

10612311892

13912097

13185

113144133

814569

10610395

8888

145108

109149119126112

17120993

136110139949774

13096

160

9892

13198

118106114114

Dec.

909590969077807475

1401481249591968191

11394

11111811393

13911695

10791

116125134

493297939994

8370

15190

110117113122106

16620190

132115131808270

13383

172

104121132

11598

10587

1930

Jan.

9994

10010310278857269

1411451339689898797

11692

12712211895

14011893

12796

115147131

10339

170969399

7668

12998

10812410511099

16319989

12112013210610985

13184

167

100106132

1011049288

Feb.

119101120999476817370

1451491389492938692

1329794

12211697

12511892

131111119147137

11040

1029693

101

6676

12797

11012210110392

16820496

12512613610711085

13392

166

92101135

9598

10698

Mar.

113102114989471776566

1501551409085808892

14110190

12111691

12812199

125106117149130

1094880989897

8080

13697

111117104103117

168204

9911713013510510884

12887

161

8169

125

8896

10789

Apr.

11410211596

10072806266

12512312897949389

10014710596

12211686

13311698

13289

114149132

10951

128999999

7985

13199

108131105103132

17421493

12113813812312797

13692

172

9773

128

9094

10488

May

111104112909170746960

1171211119894948889

14210410511911389

12011199

13290

115151132

10443

1479499

100

7295

12891

119143

J>100101107

17321390

12313313712112596

13494

167

9281

1271049094

80

June

110101111848571787349

10099

1029390889086

13710484

11710888

11510595

12298

110173132

9842

164101103100

77.92

14598

119114

9499

17021090

11712613211912293

14191

183

8978

1241088699

75

July

939193848269806543

1131209894898589

W

CD

CO

CO

10110611110584

'11110889

123' 8 8103146124

7540

100107100

7310615495

116105

95103

16620685

113126123939671

13788

177

8682

120958392

' 6 9

Aug.

938694817867766247

109117919189858995

14310384

10810183

10510089

11492

107151123

6738

p ggP 102

*67P 101P 143

11765

92101

16420584

109124119969879

13089

164

8288

117968594

68

i Without seasonal adjustment. 2 Includes also lead and zinc; see " Minerals." » Preliminary. T Revised.NOTE.—The combined index of industrial production is computed from figures for 58 statistical series, 50 of manufactures, and 8 of minerals

most of which are shown in this table. Adjustments have been made in the different industries for the varying number of working days in eachmonth and for customary seasonal variations, and the individual products and industries have been weighted in accordance with their relativeimportance. The sources of data and methods of construction were described in the BULLETIN for February and March, 1927.


OCTOBEE, 1930 FEDERAL RESERVE BULLETIN 625

FACTORY EMPLOYMENT AND PAY ROLLS

INDEXES OF FACTORY EMPLOYMENT AND PAY ROLLS

[Without seasonal adjustment. Monthly average 1923-1925=100]

Month

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December.. .Annual in-

dex

Factory employment

1927

98.199.7

100.499.899.199.098.099.2

100.699.396.995.5

98.8

1928

94.295.796.696.095.796.295.798.3

100.3100.298.898.1

97.2

1929

97.499.7

101.3101.8101.6101.2100.7102.0103.4102.198.294.8

100.4

1930

92.992.992.792.190.488.284.683.8

z

Factory pay rolls

1927

98.6104.8106.3105.0104.3102.598 6

102.2101.9102.598.599.4

102.0

1928

95.7101.1102.5100.3100.8100.998.3

102.5104.2107.5103.6104.2

101.8

1929

100.7108.0110.8111.3111.2109.2104 8109.4110.5110.0102.098.7

107.2

>

1930

94.297.498.096.794.190.382.080.9

z

FACTORY EMPLOYMENT( 1923-25=100 )

• « Adjusted for Seasonal VariationsWithout Seasonal Adjustment

80 801923 1924 1925 1926 1927 1928 1929

Seasonal adjustment provisional1930

FACTORY EMPLOYMENT: INDEXES BY GROUPS

Month

1929—MayJuneJulyAugustSeptember..OctoberNovember. _December...

1930—JanuaryFebruaryMarchApril _MayJune...JulyAugust

Ironandsteel

100.7100.899.8

101.0101.099.497.092.2

91.793.592.893.092.790.086.183.6

Ma-chinery

119.1120.8121.5119.4119.5118.7115.0112.1

109.9109.3108.5106.9103.6100.195.290.9

Textiles

97.396.391.594.298.499.897.194.3

92.892.992.990.386.883.676.677.9

Foodprod-ucts

97.399.299.899.7

102.4104.2101.6100.5

97.496.795.094.094.595.695.092.9

Paperand

print-ing

102.8103.2103.6104.1106.0106.1106.7106.9

105.1104.0103.7102.6102.4101.5100.599. 7

Lum-berand

prod-ucts

89.290.090.592.291.890.186.781.6

76.875.075.074.273.471.768.266.5

Transportationequipment

Group

101.597.696.495.594.890.282.981.3

83.283.983.284.084.080.274.872.1

Auto-mobiles

130.0120.6117.8115.0113.1101.383.779.6

85.789.791.093.995.388.881.076.3

Leather

prod-ucts

90.389.494.698.199.599.394.490.0

91.492.491.589.886.884.586.687.4

Ce-ment,clay,andglass

93.193.891.693.893.691.988.982.3

74.775.378.481.281.780.475.874.8

Nonfer-rous

metals

105.3102.9100.599.898.698.593.689.9

85.984.684.382.981.280.277.775.1

Chemicals

Group

110.3107.9108.9111.2114.5116.1113.8111.8

110.6110.2112.5111.7104.6101.8101.0101.5

Petro-leum

refining

114.4116.4120.0121.9124.0124.6123.7120.9

120.8120.9118.5116.1114.1114.0113.6112.2

Rubberprod-ucts

115.3115.0114.2111.5108.3102.791.289.2

89.787.987.288.688.388.082.781.0

To-baccoprod-ucts

90.391.490.593.093.795.096.189.2

84.288.989.688.089.489.288.284.0

FACTORY PAY ROLLS: INDEXES BY GROUPS

Month

1929—MayJuneJulyAugustSeptember..OctoberNovember. _December...

1930—JanuaryFebruary. __MarchAprilMay _.JuneJulyAugust

Ironandsteel

111.6109.9103.5109.3108.9107.9100.093.5

90.598.197.197.795.590.878.677.5

Ma-chinery

131.9131.6128.2127.5127.9129.0121.6119.9

113.8115.2115.1113.4108.3102.790.985.8

Textiles

99.397.890.497.4

103.0104.896.293.8

92.294.196.689.382.777.869.273.2

Foodprod-ucts

103.1105.6105.6105.0108.1108.8105.5105.5

102.5101.699.799.7

100.7102. 3100.297.6

Paperand

print-ing

114.3113.6111.4112.8116.3117.8117.2118.2

114.9114.9115.0113.5113.3111.9107.3106.9

Lum-berand

prod-ucts

92.892.293.594.796.696.889.282.7

72.872.674.673.873.270.963.061.6

Transportationequipment

Group

116.0107.997.1

106.8103.399.889.485.6

80.989.890.692.091.183.871.766.3

Auto-mobiles

147.1130.9110.2128.0120.3108.084.372.9

74.092.797.3

100.8101.789.272.458.1

Leatherand

prod-ucts

88.189.897.8

105.0104.3100.083.984.1

85.486.285.281.675.673.878.680.0

Ce-ment,clay,andglass

91.892.586.191.291.390.686.480.2

67.370.273.477.176.976.166.466.4

Nonfer-rous

metals

123.1117.0112.6113.2112.1112.599.696.1

91.591.791.088.384.485.076.072.0

Chemicals

Group

113.1111.2111.2113.0116.0118.2115.6114.0

109.3110.0111.6110.9106.6105.3100.8100.7

Petro-leum

refining

118.9120.0123.3125.1129. 3 "129.4126.3124.8

121.1125.0123.1122.1120.5121.7118.1117.2

Rubberprod-ucts

125.7120.6115.1110.9104.9100.985.985.0

88.992.190.094.595.488.380.877.6

To-baccoprod-ucts

86.188.587.990.693.494.294.388.8

77.080.081.077.182.184.481.977.2

NOTE.—These tables contain index numbers of factory employment and factory pay rolls for certain months, together with group indexes forimportant industrial components. The nature and sources of basic data and the method of construction were described and the indexes for theperiod January, 1919, to November, 1929, were published in the BULLETIN for November, 1929, pp. 706-716.



BANKING AND BUSINESS CONDITIONS IN FEDERAL RESERVE DISTRICTS

MILLIONS OF DOLLARS1M)

FEDERAL RESERVE BANK DISCOUNTS-BY DISTRICTS( Weekly report date figures ) MILLIONS OF DOLLARS

1926 1927 1928 1929 1930 1926 1927 1928 1929 1930Latest figures are for September 24; see table on following page



FEDERAL RESERVE BANKS—RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES

[Averages of daily figures. Amounts in thousands of dollars]


BostonNew YorkPhiladelphia.. .ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis. . .Kansas Ci ty . . .DallasSan Francisco.

Total 3,106, 714

Total cash reserves

1930

Septem-ber

225, 5661,023,300

231,514334,14492, 518131,391436, 337100, 39571, 750

112, 62953,441

293, 729

August

230,906973,123232,180339,66193, 239132,815453, 602109,25669, 391117, 47451, 521298, 758

3,101,926

1929

Septem-ber

262,192973, 749201,112286,11290,903138, 606558,84882, 91376, 607126, 67666,685271,491

3,135,894

Total deposits

1930

Septem-ber August

149, 6181,007, 221

143, 948205, 21067,04962,180352, 57777, 51252,48690, 32160, 744182, 996

148,623999,654143,466205,19667, 74862,187356,13178, 59351,06591,02859, 098184, 924

2,451,862 J2, 447, 713 2,395,383

1929

Septem-ber

149, 637953,484136,950190, 49869, 03064, 551356, 30378, 32955, 00092, 91964, 879183,803

Federal reserve notes in cir-culation i

1930

Septem-ber

133, 538196, 209124,912190, 290PA, 484114, 523163, 35864,93751, 33968, 47835,085158, 921

1,366,074 1,347,058

August

136,476162,926127,172189,88163, 275

114,564174, 33267, 74149,40769, 35332,946

158, 985

1929

Septem-ber

193,114327,126152, 339188,40681,631157,480321, 57168,41467,48279,83650, 530181,847

776

Reserve percentages

1930

Septem-

79.785.086.184.570.374.484.670.569.170.955.885.6

August

81.083.785.886.071.275.185.574.769.073.256. 0

81.4 81.7

1929

Sep-tember

76.576.069.575. 560.362.482.456.562.573.357.874.2

73.5

1 Includes " Federal reserve notes of other Federal reserve banks " as follows: Latest month, $20,774,000; month ago, $19,196,000; year ago, $27,947,000.

ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, RESERVES HELD, AND INDEBTEDNESS AT FEDERALRESERVE BANKS

[Averages of daily figures. In millions of dollars]

Federal reserve district

BostonNew York _ .Philadelphia _ _ClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

Total . . .

Net demand deposits

July

1,3667, 2471,1751,616

526513

2,590659420829592

1,287

18,820

June

1,3407,3051,1641,563

524519

2, 599668433821603

1,274

18,812

Time deposits

July

1,0043,4443,1451,683

558440

2,216533447378241

1,753

13,843

June

9883,4541,1291,670

559447

2,114521449369244

1,748

13, 693

Reserves held

Total

July

149.31,000. 7

139.4200.663.560.6

351. 2

June

145. ft990.3137. 8195.163.261.3

348.876. 9 I 76. 650.4 1 51.888.959.0

176.9

2,417.3

88.059.9

173.1

2,391. 8

Excess

July

2.333.42.24.42.12.88.32.72.34.82.5f.. 0

74.0

June

1.615.22.34.62.13.19.02. 12.64.92.63.8

53.9

Indebtedness atFederal reserve

banks

July

12.641.624.424.919.828.819.016.3

4.210.411.5

G.K

223.4

June

17.357.028.123.619.630.118.118.1

3.813.610.210.3

249.8

DISCOUNTS OF FEDERAL RESERVE BANKS, BY WEEKS[In thousands of dollars]


BostonNew Y o r k . . . .Philadelphia..ClevelandRichmondAtlanta _.ChicagoSt. LouisMinneapolis-.Kansas Ci ty . .DallasSan Francisco.

Total__.

Sept. 3

14,09763, 57516,49315, 50121, 64832,14115,76216, 9274,0828,70314, 4067,925

Sept. 10

10, 89326,12218,03313,14020, 29930, 70313, 04817,1174,1418, 51013, 9687,221

231,260 183,195 163,149I

Sept. 17

9,96621,60314, 67011,81018, 94724, 71611,09717, 8584,2378,835

12, 7866,624

Sept. 24

10, 23124,13814,43515,17319, 03624, 60711, 28617,0364,0399,004

11,9616,216

167,162

DISCOUNTS OF FEDERAL RESERVE BANKS, BY MONTHS

[Average of daily figures, in millions of dollars]

September August

BostonNew YorkPhiladelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis. _Kansas Ci ty . .DallasSan Francisco

To ta l . . .

1930

11.632.216.414.620.028.214.417.74.18.8

13.27.6

188.7

September

12.647.618.215.721.429.916.515.14.49.2

13.99.5

1929

214.0 !

71.3230.990.678.860.169.6

103.972.734.438.841.376.4

969. 0



WEEKLY REPORTING MEMBER BANKS IN LEADING CITIESPRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS


Total

Federal Reserve District

Boston New-York

Phila-del-phia

Cleve-land

Rich-mond

At-lanta

Chi-cago

St.Louis

Min-neap-olis

Kan-sas

CityDallas

SanFran-cisco

City

NewYork

Chi-cago

Loans and investments:Sept. 3Sept. 10Sept. 17Sept. 24

Loans:Sept. 3Sept. 10Sept. 17Sept. 24 . . .

On securities—Sept. 3Sept. 10Sept. 17

* Sept. 24All other—

- Sept. 3Sept. 10 ...Sept. 17_Sept. 24

Investments:Sept. 3Sept. 10Sept. 17Sept. 24

United States Governmentsecurities-


All o the r -Sept. 3Sept. 10Sept. 17Sept. 24

Reserve with Federal reservebank:

Sept. 3Sept. 10Sept. 17Sept. 24 ,

Cash in vault:Sept. 3Sept. 10Sept. 17_Sept. 24

Net demand deposits:Sept. 3Sept. 10Sept. 17Sept. 24 •

Time deposits:Sept. 3Sept. 10—Sept. 17Sept. 24._.___

Government deposits:Sept. 3 _Sept. 10Sept. 17Sept. 24

Due from banks:Sept. 3.Sept. 10Sept. 17. . . .Sept. 24

Due to banks:Sept. 3Sept. 10Sept. 17Sept. 24

Borrowings from Federal re-serve banks:


23,16823,16523,25023, 297

16,83016,81216,88116, 912

8,3648,3328,4048,461

8,4658,4818,4778,451

6,3386,3536,369

2,9102,9152,9322,933

3,4283,4383,4373,452

1,7861,8171,8361,816

207216204208

13,62913,70013,61813, 542

7,4717,4787,4487,489

16

1,5161,5201,5111,514

1,1381,1451,1391,138

499502508507

639643631632

378375372376

151150149151

227225223224

97

887871

525527531531

9,4079,3119,3289,351

6,9306,8286,8626,904

4,0783,9663,9874,045

2,8532,8622,8762,859

2,4762,4842,4652,447

1,2011,2091,1981,182

1,2751,2741,2671,265

831863877

56595556

6,1996,1536,1316,160

1,9972,0051,9691,982

1,2681,2981,2981,291

920944941932

476492489487

444453451444

348354358359

85

269271

84868784

12131212

743776763744

335334341341

2,2802,2892,3092,310

1,5021,5081,5071,501

732743745744

770765762756

778782802809

379380395406

402407404

147147144141

1,1471,1581,1451,133

1,0211,0271,0371, 037

1

648650659659

462467467468

174178179179

287289

186183193191

80778786

106106105105

42414140

11111111

352353348348

255256256256

590604602

450451452451

150151149148

300300302302

137139152151

315315311312

242241241241

3,3893,3943,3993,418

2,5962,6072, 630

1,2851,3061,3341,341

1,3111,3001,2961,298

793787769780

359353331330

434434438450

271268275262

33333133

1,9121,9291,9171,876

1,3441,3411,3361,345

660671668662

503513511503

229236235227

275276276275

156159158159

34343434

122125124125

369377371366

240239239235

362372371368

237246247241

797978

158166167163

126127125127

27262626

5555

225234232227

132133133139

651663662661

418427424423

126133130129

292293294295

233236238238

96100101101

136137137137

62565656

10111011

484488487479

209210210

436437452455

331332337340

101

235233237242

105105115115

34353536

7777

272279285279

150149148148

1,9621,9681,9872,007

1,3411,3451,3651,373

442446467477900

897

621623623

331333334341

290290288292

104113111105

17181718

723751757748

1,0221,0161,0071,024

1

8,1618,0418,0588,092

6,0575,9335,9706,033

3,6523,5233,5413,619

2,4052,4092,4292,414

2,1042,1092,0882,059

1,0751,0831,0691,048

1,0291,0261,0181,011

800809820

44464344

5,6135,5545,5265,574

1,4351,4431,4031,415

2,0332,0312,0282,056

1,5581,5591,5841,601

930940

628619618614

475471444456

197193165165

278278280291

189184191181

13131213

1,2731,2851,2651,270

674

182182

1,5791,5691,6801,635

3,4943,4383,5903,497

1616

60708279

132132132124

si123

5252

161146162160

1,1751,1001,1921,168

1313

1018087101

224224233227

2222

137134146149

356367381379

858889

114111114112

105103106104

1010

268278303274

530524536523

69

127125128120

90

33

211210218205

255247245229

1818

95101116107

102105114114

3 I

l\2 I

1010

231240245224

310320308

4646

9285101

1,0911,0171,1091,086

36

66

164165187175

363366360



BUILDING CONTRACTS AWARDED[Value of contracts in thousands of dollars]

1930


BostonNew YorkPhiladelphia- _ClevelandRichmondAtlantaChicago.—St. LouisMinneapolisKansas CityDallas

Total (11 districts).

August i July

94,41819,85933, 78423, 67715,06258,59923,320 !8,822 t

31,455 |11,438 !

29,95188, 56420,36248,12836, 35718, 08454, 59125, 58911, 29419,18115,427

347,318 ! 367, 528

1929

August

30,83697,13024, 90262, 11129,41446, 637100,43339,22411,46524,80221, 929

488,882

Figures for building contracts awarded are for 37 States east of theRocky Mountains, as reported by the F. W. Dodge Corporation.

INDEX OF DEPARTMENT-STORE SALES[Monthly average 1923-1925=1001

Federal reservedistrict

BostonNew YorkPhiladelphiaCleveland -_RichmondAtlantaChicago -St. LouisMinneapolis -Kansas City 1

DallasSan Francisco

Total .

Num-ber ofstores

365957552841941918272234

490

Without seasonaladjustment

19

Aug.

7477637877778473737978

108

79

30

July

717758707367726661686991

72

1929

Aug.

838269928185

10087788585

120

89

With seasonaladjustment

1930

Aug.

1031139096

1111021069984

III114

103

July

971088292

10089

' 9 59477

96110

96

1929

Aug.

I l l11595

10911311012111387

116122

111

i Monthly average 1925=100. ' Revised.

COMMERCIAL FAILURES *[Amounts in thousands of dollars]


BostonNew York. . . .Philadelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis..Kansas City..Dallas..San Francisco.

Total...

Number

Aug.

19840510314511984297112479948256

1,913

July

22134196168114963821075112437291

1929

Aug.

21635210411712280238103409550245

2,028 1,762

Liabilities

1930

Aug. i July

3,47218,1912,3433,1761,1872,2248,0491,909

8832,944

8903,910

2,9216,9962,5132,4261,3422,675

10, 6272,272

4161,893 I

765 !4,979 |

1929

Aug.

4,0499,2642,7142,0222,4541,6484,8651,393

2031,609

8182,708

49,181 39,826 | 33,746

1 Figures reported by R. G. Dun Co.

BUILDING PERMITS ISSUED[Value of permits in thousands of dollars]


Boston .New YorkPhiladelphia - .ClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallas -San Francisco

Total

Num-ber ofcities

1422141215151959

149

20

168

1930

August

9,51135,876

5, 29714,4736,7402,994

17,7052,7202,3914,4866,446

15, 575

124, 213

July

5,98562, 9514,9678,4577,4695,030

19, 9732,5273,5936,993

10,18615,370

153,499

1929

August

11,66861,6269,261

16,7428,8496,286

39,9605,0094,1568,7987,353

19,412

199,120

INDEX OF DEPARTMENT-STORE STOCKS[Monthly average 1923-1925=100]


Boston _.New YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas Ci ty 1

DallasSan Francisco

Total

Num-ber ofstores

344245492829761914212130

408

Without seasonaladjustment

1930

Aug.

789770808285998666

1077096

87

July

819771808383998262

100

1929

Aug.

8710180908993

1139071

11966 i 8196

87

102

96

With seasonaladjustment

1930

Aug.

8410274838987

1018666

6897

91

July

8910578869190

'1088866

71100

' 94

1929

Aug.

9410685959795

1169072

79103

100

i Monthly average 1925=100. ' Revised

BANK SUSPENSIONS 1 IN AUGUST, 1930[Amounts in thousands of dollars I


BostonNew York...PhiladelphiaClevelandRichmond—Atlanta - .Chicago _.St. LouisMinneapolisKansas CityDallasSan Francisco

Total

All banks

Num-ber

3

531

18194

1021

66

De-posits 3

1,852

2,0283,503

1628,0312,452

4123, 252

17546

21, 913

Memberbanks2

Num-ber

2

3

111

1

9

De-posits »

Nonmemberbanks

Num-ber

1,158 f 1

1,437

138543182

103

231

17183

1011

3,561 j 57

De-posits •

694

5913,503

1627,8931,909

2303,252

7246

18, 352

1 Banks closed to the public on account of financial difficulties byorder of supervisory authorities or directors of the bank.

2 Includes 8 national banks with deposits of $3,044,000 and 1 Statemember bank with deposits of $517,000.

3 Subject to revision



SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS[Based on estimates, by States, for Sept. 1 as made by the Department of Agriculture]

[In thousands of units]


Corn

Produc-tion, 1929

Estimate,Sept. 1,1930

Total wheat

Produc-tion, 1929


Winter wheat

Produc-tion, 1929


Spring wheat

Produc-tion, 1929


BostonNew YorkPhiladelphia..ClevelandRichmond*-..Atlanta-ChicagoSt. LouisMinneapolis. _Kansas City..DallasSan Francisco

Total . . .

Bushels8,818

24,62542,371

170, 082148,109174,605880, 741312,957294,781445,415101,149

10,654

Bushels9,830

24,38526,931

100, 739102,886127, 325678,981186,410239,241382, 65893,07510,304

Bushels110

5,37318,62038,53926,1474,144

62, 55044,676

184,665267,493

39, 923113,550

Bushels91

6,52922,95235, 86529, 2783,717

69, 07548, 943

187,850290,444

28, 636114,381

Bushels Bushels

5, 23718, 52138,44226,1474,144 |

58,14044,259 !12,315

255,30639, 58075, 693

2, 614, 307 1,982, 765 805, 790 837, 761 577, 784

6,36922,83535, 76229, 2783,717

63, 01448,33311,053

279, 27728,36569, 389

Bushels11013699

Bushels91

160117103

4,410417

172, 35012,187

34337,857

6,061610

176,79711,167

27144,992

597,392 228,006 240,369


BostonNew YorkPhiladelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis __Kansas City..DallasSan Francisco

Total . . .

Oats Tame hay Tobacco White potatoes Cotton

Produc-tion, 1929


Bushels8,722

25, 93718, 77164,49826,87515, 814

501,16951,166

283,837152,44749,43434,904

1, 233, 574

Produc-tion, 1929


Bushels9,407

45,31624, 70381,33225,87215, 313

562, 53361, 991

303,691167, 54855, 35237,834

Tons4,9816,9583,0617,1684,1902,890

23,3339,105

12,19012,3481,284

14, 278

1,390,892 101, 786

Produc-tion, 1929


Tons4,5076,1692,6224,1812,4972,042

16, 7805,547

10, 34311,5841,204

14, 619

Pounds38,406

1,07847,601

149,879726, 638185,39046,360

316, 5074,5082,714

82,095 1, 519, 081

Produc-tion, 1929


Pounds39,847

1,08537,905

120,871720,860202, 55645,853

244, 5994,4102,961

Bushels58, 59328,01023,62319,69537,84511,96444,91413,31347, 70731,9333,122

39,077

1,420, 947

Produc-tion, 1929


Bushels50,33433,48820,48012, 28132,86011, 62739,34514, 66840,30734,4784,415

44, 995

Bales

1,6253,468

1 3,306

1,1694,862

359, 796 339, 278 14,828

Bales

1,8563,542

2 2, 568

9165,091

367

14,340

1 Includes 9,000 bales grown in miscellaneous territory.2 Includes 5,000 bales grown in miscellaneous territory.



FOREIGN BANKING AND BUSINESS CONDITIONS

ANNUAL REPORT OF THE BANK OF GREECE

The annual report of the Bank of Greece for1929 was presented to the general meeting ofshareholders on March 19, 1930. The majorpart of the report, with the omission of asection on public finances, is given herewith: *

The second working year since the estab-lishment of our bank, although it showed moresatisfactory results than the first eight months7

period of 1928, was, nevertheless, not quite sonormal in its course as the preceding year.

Our bank was confronted by new problemswhich were attributable, on the one hand, tothe international economic situation, particu-larly to conditions in the world money market,and, on the other hand, to special causes fallingwithin the range of our own national economy.

Foreign exchange policy.—During the pastyear we were again guided by the same generalprinciple which was the basis of our policyduring the first period of the bank's operations—namely, that of maintaining the value of thedrachma intact. To that end we thought itincumbent upon us to maintain the rate ofexchange close to the gold parity of the drachmaby restricting its natural fluctuations within themaximum and minimum gold points, fluctua-tions which necessarily occur as a result ofthe varying relation between the supply of anddemand for foreign exchange. Our policy wasto provide the amount of foreign exchangedemanded at any particular moment in excessof the supply available in the market at astable selling rate, which was the parity rate,and to accept what was offered by the marketlikewise at a stable purchasing rate, main-taining only a small margin between the sellingand buying rates. We aimed to afford absolutesecurity to transactions generally and to savecommerce the additional expense which iscaused even by the fluctuation of exchangewithin the limits of the gold points. Indeed,the selling rate of foreign exchange may, with-out running counter to the conditions and termsof stabilization, reach the level of 377.50drachmas ($4.9075 to the pound sterling), thatis to say, the parity rate increased by the costof the transport of gold, while the buying ratemay fall to 372.50 drachmas ($4.8425), that is,the parity rate reduced by the cost of the trans-port of gold. If the person requiring foreignexchange for the usual three months' commer-

i Taken with some textual revision from the official English trans-lation furnished by the bank.

cial transactions were to buy at the maximumrate, and after three months to sell at the mini-mum rate, this would represent an additionalexpense equivalent to an increase of the annualcapital charge at a rate exceeding 5 per cent.

It must not, however, be thought that weare bound by law to adopt this policy or thatwe have imitated the policy usually adoptedby banks of issue. There is only one obliga-tion binding upon our bank in virtue of itsquality as central bank and in view of thebasis upon which stabilization has been es-tablished both in Greece and in other countries,namely, the obligation to buy all the foreignexchange offered at the parity rate after de-duction of the cost of transport of gold andto sell all the foreign exchange demanded atthe same parity rate increased by the cost oftransport of gold, even if the relation betweensupply and demand at a given moment weresuch that, if the market were left uncontrolled,the rates w ould be forced below or above thegold points.

The policy of a bank of issue is not to inter-fere with the free operation of the law of de-mand and supply within the legal limits ofthe gold points, but to interfere if and whenthe rates show a tendency to approach themaximum or minimum gold-point limit. Ourbank is not debarred from following such apolicy, if deemed necessary. The reason isthat the security afforded to transactions ingeneral through the stability of the rate ofexchange often acts as an incentive to specula-tion, which, in turn, encourages the outflowof capital abroad with a view to profiting fromtransient favorable conditions prevailing insome foreign money market, without, however,at the same time involving any risk, owing tothe security afforded by reason of such sta-bility in the rate of exchange to the repatria-tion at any moment of Greek capital withoutimpairment of principal. In such circum-stances the bank of issue could, by properlymanipulating the rates of exchange, rendersuch a movement of capital useless or evenunprofitable.

Balance of international payments.—Of theitems constituting Greece's balance of in-ternational accounts, the balance of tradeand the movement of capital must be speciallyexamined because during the past year thesetwo items underwent important changes.



Our balance of trade is definitely unfavor-able. The results arrived at by comparing thebalance of trade in 1928 and 1929 are asfollows:

19281929

19281929. . .

Imports

(In mil

12,488.113,275. 5

( Inm

162.3172.6

Exports

ions of dn

6,282.17,018.8

llions of d(

81.791.2

Deficit

chmas)

6.206.06,256.7

Dllars)

80.781.3

The inference from this comparison is thatboth exports and imports in 1929 show anincrease as compared with those of 1928 andthat the relation between exports and importsduring both these years has remained the same.One might readily come to the conclusion thatour adverse balance of trade has influenced ourgeneral balance of accounts during both yearsto exactly the same degree. This, however,does not seem quite to correspond to the actualfacts of the case. The time when a certaincommodity is exported or imported usuallydoes not coincide with the time of payment ofits value, and consequently the figures of theimport and export trade do not coincide withthe figures of the balance of accounts. Espe-cially as regards the export of tobacco, the inflowinto the country of capital in foreign exchangefor the payment of its value precedes the actualexport of the tobacco itself, while as regardsother commodities the opposite is the case.

The purchases of the annual tobacco cropbegin in September of each year and usuallyend in May of the following year. During1928, from October until December, the pur-chases effected represented a value of £3,000,000($14,599,500). During the past year trans-actions in tobacco were rather uncertain andpurchases were deferred, with the result thatup to the end of 1929 the total purchases oftobacco represented a value which hardlycorresponded to half of the amount realizedduring the same period of the previous year.As a result of this situation there was created adefinite deficit of foreign exchange amountingto £1,500,000 ($7,299,750). This deficit, whichconstituted a charge upon the balance of pay-ments of 1929, probably will not figure as afinal loss to our economy. The stagnationobserved during the last quarter of 1929, duepartly to special conditions affecting productionin that year, will simply have the effect of post-poning the purchases and consequently ofcausing a retardation of the inflow into the

country of foreign exchange equivalent to thetotal value of the purchases effected.

The value of currants exported during thepast year fell short of that of 1928 by an amountwhich is calculated to be approximately equalto £400,000 ($1,946,600). This loss, which ismainly due to the reduction of prices and tothe competition of colonial currants of thistype, is definite and has affected our balanceof payments. In addition, there has also beenobserved abroad a reduction in the prices oftwo other products of our home production—namely, oil and wine. Consequently, the de-crease in the amount of foreign exchange thatentered the country during the past year, asa result of the movement of our export trade,whether of a definite or of a transient nature,certainly exceeded £2,000,000 ($9,733,000).

Another very important and delicate factorin the balance of accounts is the movement ofcapital. Capital, in endeavoring to find aprofitable investment, takes advantage of anychange in the conditions affecting the re-muneration of capital. The high price forcapital in the great foreign money markets andthe speculative movement on the New Yorkstock exchange exercised an influence on theGreek market, as it did on the other mar-kets of the world, and diverted the outflow ofcapital toward foreign money centers. On thebasis of accurate information from the stockexchange and the commercial banks we es-timate the visible outflow of capital during1929, as a result of the repatriation of Greeksecurities and of the purchase of foreign ones,at about £1,600,000 ($7,786,400). The in-visible outflow of capital can not, of course, becalculated, but it must not be thought thatit has been of no consequence.

During the past year the movement of cap-ital has been somewhat adverse, whereas dur-ing the previous year (1928) it was favorableto us, having contributed in considerablemeasure to the results attained during thatyear. This phenomenon, however, was inevidence everywhere during the past year,and the whole of Europe was under severepressure from the New York money mar-ket, which promised great profits to inflowingcapital.

The reestablishment of more or less normalconditions in the international money markets,which began to be observed during the lastfew months of 1929, operated as a check tothis tendency. As far as can be anticipated,this tendency is now likely to be reversed.There is already some evidence of a revivingdemand for Greek securities.



Of the other items of the balance of accounts,special mention must be made, on the one hand,of the assistance coming from abroad and, onthe other, of the remittances of emigrants.

The importance of temporary assistance toour economy from abroad can not be over-looked. This assistance consists of foreigncapital funds in the shape of long-term sinking-fund loans. These foreign loans, the serviceof which will devolve upon financial years tocome, are contracted neither with a view todealing with ordinary requirements of oureconomy, nor in order to enable us to follow apolicy of unproductive consumption. By theseloans we aim exclusively at satisfying theextraordinary requirements which have beencreated as a result of the permanent settle-ment of refugees and of the amelioration ofconditions generally, as well as of the exten-sion of our national production. The generalassistance coming from abroad during recentyears is calculated to be approximately £3,000,-000 to £3,500,000 ($14,599,500 to $17,032,750)a year, by which amount the country has beendebited. Simultaneously, however, there havebeen effected public debt amortizations to anamount of £1,233,393 ($6,002,307) and 862,-000,000 drachmas ($11,206,000), and also certainprivate debts have been extinguished by somehundreds of thousands. This reduction of thecharges, constituting a burden on the country,neutralizes to a great extent the charge createdby fresh borrowings.

On the other hand, the remittances of emi-grants which passed through the chief Greekbanks were calculated to have reached thefigure of nearly £6,500,000 ($31,632,250) in1928. For 1929 they were estimated at £7,815,-000 ($38,031,698)—that is to say, they showedan increase of £1,315,000 ($6,399,448), whichstrengthened the position of our balance ofaccounts. This factor has constituted forquite a long time a significant element of ournational economy, constantly influencing ourbalance of accounts. Thus during the lastfive years the remittances of emigrants were asfollows:1925 £7, 304, 000 ($35, 544, 916)1926 7, 370, 000 ( 35, 866, 105)1927 6, 924, 000 ( 33, 695, 646)1928 6, 431, 000 ( 31, 296, 462)1929 7, 815, 000 ( 38, 031, 698)

There are some people who are still disturbedas to the probable results of the deficit of ourbalance of accounts, especially by reason of thegreat deficit existing in our external trade.But in almost all countries, even in those en-joying a vigorous national economy, the bal-

ance of trade, as such, develops from time totime a considerable deficit. This deficit iscovered from other sources which the countryexploits. In the countries possessing a healthyeconomy and currency, the deficit whichoccasionally appears in the balance of accountsis covered principally by the movement ofcapital. Capital being attracted to thosepoints where it can be used, fills up the gaps,and thus automatically restores the balance ofaccounts. The economic systems of variouscountries are closely interrelated, influencingeach other; their common characteristic qualityat the present time being their perpetualmovement, the transfer from place to place ofthe newly created capital and their constantstate of mobility. There is to be found in theinternational money market a great amountof floating capital which has not as yet beendiverted to permanent employment. Theeconomic purpose of this kind of capital is tomeet various needs as they arise; but we mustbear in mind that in order to attract suchcapital, and thus to profit through its timelyinflow, the conditions prevailing must be suchas to afford the necessary pledges of securityand order, and there must also exist thoseother conditions which render easy the transferof capital.

This, then, is the direction toward whichGreece is now heading, by formulating itslegislation on a basis of protection for capital,and endeavoring to create an atmosphere at-tractive to floating funds in internationalmoney markets. The existing good order inthe realm of our public finances; the progressof our home production to which has been de-voted all capital funds borrowed either fromthe public or private economy; the normaland regular service and redemption of ourloans, so necessary for maintaining undis-turbed our national credit; the maintenance,above all, of the integrity of our currency-r-ail these are the indispensably necessary ele-ments of the economic and financial health ofthe country. If any one of these elements isdisturbed the reaction is immediately felt; andthe situation created is not susceptible of anyeffective or easy treatment.

We believe that, so long as the above-men-tioned elements are kept undisturbed, oureconomy will attract the capital w hich it is inneed of; which capital, as happens elsewhere,will on each occasion fill up the gap and willbalance our accounts whenever deficits arecreated from other causes. For these reasons,therefore, the soundness of which can not pos-sibly be disputed by any serious student, we



believe that the fears entertained in somequarters are absolutely unfounded.

Reserve position.—As is natural in the cir-cumstances, the adverse movement of foreignexchange during the past year caused a gradualreduction of the proportion of cover to circu-lation.

The proportion of gold cover, which on De-cember 31, 1928, stood at 54.2 per cent of thetotal sight liabilities and 74.5 per cent of theactual circulation, declined on December 31,1929, to 46.4 per cent of the total sight liabili-ties and to 60 per cent of the note circulation.

The decline experienced in our gold coverduring the past year can not be regarded as anunusual phenomenon nor need it inspire anx-iety. A bank of issue, following a policy ofkeeping its cover at a certain fixed level with-out regard to circumstances, can not be con-sidered as fulfilling its mission. The marginabove the legal proportion of the cover mustmove with due reference to the occasionallychanging conditions of the market, followingsuch changes closely and adjusting circula-tion according to the requirements of thetransactions.

To have maintained, especially under un-favorable conditions, a cover consisting ofabsolutely liquid and stable gold values at alevel exceeding 46 per cent of the total liabili-ties of the bank is more than satisfactory,especially when regard is had to the fact thatin pre-war times a cover of about one-thirdof actual circulation only was considered morethan sufficient to enable the bank of issue toface with confidence all probable economicemergencies.

Our country, however, in addition to its ownresources, has still at its disposal from the pro-ceeds of the Tripartite loan and of the publicworks loan £1,316,017 ($6,404,397) destinedfor the liquidation of budget arrears, £534,210($2,599,733) for the continuation of the Vardardrainage works, and £835,964 ($4,068,219) forthe continuation of the refugees' settlement—sums which are deposited at the Bank of Greece.It is quite obvious, of course, that the aboveamounts will actually be spent within the coun-try. Finally, our country will have at its dis-posal, after the ratification of the Hague Con-ventions, an additional amount of 19,000,000gold marks ($4,525,800), or £931,370, whichwas adjudicated to Greece as indemnity forGreek ships sunk during the German submarinewarfare. This sum will be immediately avail-able following the ratification of the Youngplan. These extra funds, the total of whichreaches £3,675,000 ($17,884,388), constitute a

very powerful reserve element and hence afresh stimulant to the economic vitality ofGreece.

State debt to bank.—As regards the otheritems of the assets of the bank, the alterationeffected in the public debt to the bank isworthy of notice. This debt, which on De-cember 31, 1928, amounted to 3,789,600,000drachmas- ($49,264,800), had by December31, 1929, reached the figure of 3,596,500,000drachmas ($46,754,500); that is to say, it wasreduced by 193,100,000 drachmas ($2,510,300).This reduction is due to the regular annualliquidation provided in the agreement ofOctober 27, 1927.

This annual decrease of the public debt is ofparticular significance in that it improves eachyear the composition of the bank's assets.With this end in view we proceeded to anagreement with the State by virtue of whichthe bank may discount these obligations of theState. Even during the past year there wasobservable a considerable improvement in therelative proportions of the bank's assets otherthan note cover. Whereas in December, 1928,out of total assets amounting to 3,899,100,000drachmas ($50,688,300), 3,789,600,000 ($49,-264,800) represented the State debt and only109,500,000 ($1,423,500) commercial invest-ments, on December 31, 1929, out of total assetsreaching the figure of 3,921,200,000 drachmas($50,975,600), the State debt amounted to3,596,500,000 ($46,754,500) and the commer-cial investments to 324,700,000 drachmas($4,221,100). The improvement during thepresent year will be still greater and willprove how wise was the solution accepted at thetime of stabilization in regard to the liquidationof the "cours force" and other State debts.

Credit policy.—As regards the granting ofcredits, the complaint was made that thebank did not sufficiently assist the marketwhen a shrinkage in circulation occurred.This complaint is surely the result of a mis-understanding.

It is necessary clearly to realize that it isnot the duty of a bank of issue to meet all thecapital requirements of the market. Theexistence of available capital funds within thecountry depends upon speed and efficiency ofproduction which, under favorable circum-stances, create a surplus of capital leading toactual saving.

Also, abundance of capital depends upon thecredit of the country, as foreign capital is at-tracted where the public credit is consideredsafe. The bank of issue can not grant suchcredits nor create such capital funds. What



the bank of issue really does is to make liquidcapital available; that is, capital destined toassist commercial transactions temporarilyby making liquid the values arising out of suchtransactions. The bank may create new funds,and place them at the disposal of business menon condition that the credits granted be usedfor values already in existence, the creditsbeing strictly short-dated and alsft of a purelycommercial character.

The Bank of Greece has never refused todiscount such bona fide commercial bills. If,however, it so happens that the extent of thesebills is strictly limited, and that the commercialbanks, for special reasons, do not think itdesirable to discount their portfolio in order toincrease their available cash and thus grantnew credits to the market; if it so happens that,again on account of special reasons, a necessityor simply a demand is felt for other kinds ofcredit facilities, it must be pointed out that thebank is not entitled to grant facilities of thiskind, because this sort of business is totallyforeign to the proper operations of an issuinginstitution.

On the contrary, the bank would have beenopen to criticism if, in order to assist distressedenterprises, it had decided to deviate from itsstatutes and depart from its proper field of oper-ations by directly granting open credits orcredits on guarantees that were not capable ofimmediate realization or by giving long-datedcredits. Such a policy would inevitably haveresulted in a diminution of the capacity of thebank to discharge its chief function, which isthe safeguarding of the stability of our nationalcurrency and the exercise of control over circu-lation and credit.

The policy followed by the bank during thepast year has also been criticized from anotherpoint of view, quite different from the previousone. It has been considered a mistake on thepart of the bank that, although it realized per-fectly well that there was a tendency towardan outflow of capital, it did not raise its dis-count rate in order to check that tendency.

It is, of course, beyond all doubt that theadjustment of the discount rate constitutes, as ageneral rule, one of the most important weaponsat the disposal of a bank of issue. The raisingof the discount rate exercises an influence uponfloating capital, which is induced either toremain in or return to the country, in viewT ofthe profits arising from the increase of the re-muneration of capital. It also encourages theconversion of foreign capital into home securi-ties, because the increase of the discount raterestrains speculation for the rise, tends to lower

the prices of securities on the stock exchange,and makes it profitable for foreign capital toinvest in such securities. It also exercises anindirect and slower influence on the other itemsof our economic balance.

It would, however, be an error to believe thatthe foregoing results are brought about me-chanically and recur inevitably at all times andplaces and under all circumstances. Economicphenomena do not partake of a mecnanicalnature; economic rules have only a relativeapplication. Consequently the reaction to amovement of the discount rate depends uponcertain antecedent conditions and is subject tocertain limitations, while its usefulness andefficiency depend upon the actual situation ofthe particular economy in relation to which itis applied.

Unfortunately Greece is classed among thecountries w here money is rather dear. If theofficial discount rate is 9 per cent, the lawfulconventional rate, to which in principle ourcurrent banking rates conform, is 4 per centhigher—that is, 13 per cent, and the rate onoverdue payments is 12 per cent. In spite, how-ever, of the legal restrictions, the actual chargeon capital in the open market is still higher.Keeping this fact in mind, let us examine theeconomic situation of the past year.

During the past year difficulties that wereapparent long ago resulted in a crisis whichaffected certain branches of our national econ-omy, especially industry. This crisis, which inthe beginning attacked the weaker enterprisesonly, extended afterwards, as was inevitable,to the most powerful concerns. Further, theabrupt change in the composition of the coun-try's population, as a result of the influx of newelements, differing from those already estab-lished, has continued to press hard upon ournational economy; the urban population hasincreased beyond due limits and has not as yetbeen able to conform, in a reasonable degree,to such limits. The consequence of this evolu-tion of our economy, in relation to the specialsubject that we are interested in, has beenthat, just as in the case of all countries passingthrough a critical period, tne factor inducingcapital to remain in or flow into Greece wasthe factor of safety. This factor being morepowerful than the one affecting capital remun-eration—that is, interest—was also governedby other than purely economic considerations,namely, by certain psychological influences.For the sake, then, of safety the discount ratewas maintained at a high level; but in spiteof this the result of attracting foreign capitalinto the countrv was not realized.



It appears that all the immediate resultswhich we might expect to obtain from keepingthe discount rate at a high level have been pro-duced by other factors more powerful than thediscount rate. Under such conditions theraising of the discount rate would have aggra-vated the abnormal situation without attainingthe desired result and would have affected themovement of capital and its inflow in the coun-try and consequently the improvement of theeconomic balance as long as there was in theair a spirit of uncertainty as regards the safetyof the capital disposable for investment.

With these considerations in mind, the bankdid not raise its discount rate during the pastyear. At the same time, however, it refrainedfrom encouraging any movement aiming at anartificial rise in the prices of securities, becausewe were of the opinion that any such attemptwould run counter to the interests of oureconomy and would have constituted anuncalled-for waste of capital. On the otherhand, the temporary depression in the pricesof absolutely safe securities necessarily leadsto the inflow of new capital which is attractedby the low quotations and the advantagesresulting therefrom.

But although the bank, for special reasonsalready explained, did not have recourse to themethod of raising the discount rate, neverthe-less, conscious of the necessity and efficiencyof this measure, we will not have the slighesthesitation in adopting this policy, if and whenthe vital interests of the country render such apolicy imperative.

BALANCE SHEET OF THE BANK OF GREECE AS OFDECEMBER 31, 1929

RESOURCES

Gold coin and bullionForeign gold exchange (art. 62 of statutes)Other foreign exchangeSubsidiary Greek coinsDomestic bills and notesAdvances:

I. Repayable in drachmasII. Repayable in foreign exchange

Drachmas(in thosands)

640,4764,132, 277

2,310112

157, 014

133, 75733, 968

167, 725

Dollars i(in thou-sands)

8,32653, 720

301

2,041

1,739442

2,180

1 Converted at par of exchange: 1 drachma=$0.013.

BALANCE SHEET OF THE BANK OF GREECE AS OFDECEMBER 31, 1929—Continued

RESOURCES—continued

State debts:I. From loansin respect of forced circulation2

II From othef loans _. ' _

Investments _

Bank buildings and equipmentLess amount written off

Cost of bank notes ._ __ _Less amount written off

Other assets

Total resources

LIABILITIES

Bank notes in circulation

Other sight liabilities, in drachmas:A. Current and deposit accounts—

I. Government accountsII . Bankers'accounts

III . Other accountsIV. Dividend, 1929

B. Bills and sight drafts.._Y

Foreign exchange liabilities:I. Foreign gold exchange (art. 62 of statutes).

II. Other foreign exchange

Capital paid up __ _

Reserve funds:I. Provision (art. 71 of the statutes)

II. Ordinary reserve fund

Other liabilities

Total liabilities .

Proportion of gold and net foreign gold exchangeto sight liabilities:

GoldNet foreign gold exchange (art. 62 of statutes).

Reserve (art. 62 of statutes) (total (a))

NotesOther sight liabilities in drachmas

(Total (b))Proportion of total (a) to total (b) =46.35 per cent.

Drachmas(in thou-sands)

2, 714, 111882, 380

3, 596, 49155, 544

62, 3646,665

55, 699

111, 99828, 000

83, 999237,911

9,129, 557

5,193, 264

689, 486431, 748357, 467

32, 000

1, 510, 70118, 685

1, 529, 386

1,656,8371,251

1, 658, 088400, 000

8,52054, 900

63, 420285, 400

9,129, 557

640, 4762,475, 440

3,115, 917

5,193, 2641, 529, 386

6, 722,650

Dollars(in thou-sands)

35, 28311,471

46, 754722

81187

724

1,456364

1,0923,093

118,684

67, 512

8,9635,6134,647

416

19,639243

19, 882

21, 53916

21, 5555,200

111714

8243,710

118, 684

8,32632,181

40, 507

67, 51219, 882

87, 394

2 Old fiduciary note circulation with legal tender powers issued forState account by the National Bank of Greece and taken over by theBank of Greece.



FINANCIAL STATISTICS FOR FOREIGN COUNTRIES

GOLD HOLDINGS OF CENTRAL BANKS AND GOVERNMENTSIn millions of dollars. Figures for end of month or latest available preceding date; see BULLETIN for June, 1929, p . 396, and for June, 1930, p . 372

Month

1929—AugustSeptember..OctoberNovember..December...

1930—JanuaryFebruary. . .

Total(44

coun-tries)

10,23310,26010, 29210, 29610, 29010,35610,431

March | 10,502April 10,565MayJuneJuly _AugustSeptember .

10, 61010,671

*10,706, 791

UnitedStates

3,9954,0084,0234,0033,9003,9213,9884,0614,1314,1594,1784,1604,148

P 4,159

Ar=gen^tina

507496476451434445448445442441440436434

Aus-tra-lia

113114109

978988

12412610991979797

Bel- ! Bra-gium j zil

141 , 151142 ! 151143 151151 i 151163 : 150164 i 139164164164167167167168

127127

Can-ada

777777787878787979808194

100

Eng-land

670648643659711732740759795765768746759

France

1,5261,545

, 570,600,633

,659,717,727

1,7751,8521,898

Ger-many

520527531534544547582595611617624624624

P590

In-dia

128128128128128128128128128128128128128

IJa-

271272272273273 j273 I273 j274 !274274274274

541541541542542520477453443434434440

275 I 433

Neth-

! lands

178178178180180177176174174174174157157

Rus-sia

Swit-zer-land

119132142142147147150156167177203233249249

495495495495495495476476477477477477477

103103105115108108108112112112118123

28othercoun-tries

703704708

711712709709707698699

* Preliminary, based on latest available figures.

NOTE.—Table covers all countries for which satisfactory figures are available; see BULLETIN for April (p. 170), where separate figures for the44 countries are given by years back to 1913. For the 16 countries here shown separately—all of which have held gold in recent years to the amountof $90,000,000 or more—the figures are for central banks only except as follows: United States—Treasury and Federal reserve banks; Argentina—Government conversion fund and Bank of the Nation; Brazil—Bank of Brazil and Government stabilization fund; Canada—Government reserveagainst Dominion notes and savings-bank deposits, and gold deposits of chartered banks in the central reserve; India—currency and gold standardreserves of Government; Japan—domestic holdings of Bank of Japan and Government.

GOLD MOVEMENTS[In thousands of dollars]

Month

United States

Im-ports

Ex-ports Net

Germany

Im-ports

Ex-ports Net

Great Britain

Im-ports

Ex-ports

Net.

Netherlands

Im-ports

Ex-ports Net

SouthAfrica

Net

India

Net

1929—AugustSeptember.October.—.November.December.

1930—January...February. .MarchAprilMayJuneJulyAugust

19,27118, 78121, 3217,1238,12112,90860,19855, 76865, 83523, 55213,93821, 88919, 714

8811,2053,80530,28972, 5478,948207290110'82!26!

'•41,529,39,331

18, 39017, 57617,516

-23,166-64,426

3,96059, 99155, 47865,72523, 47013,912

-19,640-19,617

27,7289,9394,6245,09311,0965,05238,25215,11918, 6707,3187,5611,4811,614

879851

1,002919806629687769703722

1,815628656

26,8499,0883.6224,17410, 2904,42337, 56514,35017,9676,5965,746853958

17,22618, 30128,59136,24965, 34341, 70238, 96138, 25842, 74145,38813, 74"24,64624, 201

59, 27841,28326, 79427,84416,43916,10234,07412,82614,82861,13420, 65940, 33521, 390i

-42,052-22,982

1,7968,40548,90325,6004,88625,43227,913

-15, 746-6,912-15,709

2,811

103116177107297248808981753448281

2,52217121517

3,2241,026

10211911

16, 587

-2,4199916692280

-2,975-946

7960S56j23

— 16,539!273

-20, 981-15,375-15,812-20,922-18,220-17,808-20, 786-13,777-18,134-22, 798-18,190-22, 415

2,7713,3903,1464,4084,6035,3703,8443,4475,9536,4529,204

• Revised.

MOVEMENTS TO AND FROM GREAT BRITAIN


From or to—

FranceGermanyNetherl andsSpain and Canaries.SwitzerlandUnited StatesSouth AmericaBritish IndiaAustraliaNew Zealand.-EgyptRhodesiaTransvaal __ _.West AfricaAll other countries..

Total

1930

August

Im-ports

89

24

5,852

4 039

51013, 236

39160

24, 201

Ex-ports

13, 772765249

5,251

642

1711

21, 390

January-August

Im-ports

1,4587

1919,493

28321, 009

88,801115

3,554130,653

3 311943

269,647

Ex-ports

122,12163, 787

605148

15, 655

497,120

2

94

1111, 778

221,369

1929

Calendar year

Im-ports

2,0663,203

14,3824

23,09039,129

24,6032,433

4,641184,954

4 2161,003

303,725

Ex-ports

162,52792,9912,006

35910,78161,293

10,320

3,786

833,434

377,505

M O V E M E N T S TO AND FROM BRITISH INDIA


From or to—

EnglandUnited StatesAden and dependen-

ciesArabia _ . _British OceaniaBahrein IslandsCeylon .ChinaMesopotamiaStraits Settlements-EgyptNatalAll other countries. .

Total

1930

June

Im-ports

1,135

4469

1581468

38316524397

6,827

9,204

Ex-ports

. . . .

January-June

Im-ports

5,949

347445

4,98880

1,619780

1,3281,0141,088

16, 6414

34,284

Ex-ports

14

15

1929

Calendar year

Im-ports

10,46122

1,0451,2877,701

1194,151

1882,613

196,867

29, 595206

64,275

Ex-ports

1

28

19

48



FOREIGN EXCHANGE RATES

[Monthly averages of daily quotations.1 In cents per unit of foreign currency]

Country Monetary unitPar

of ex-jhange July

1930

AugustCountry Monetary unit

Parof ex-

change

1930

July August

EUROPE

Austria _-BelgiumBulgariaCzechoslovakia.Denmark

Schilling

LevCrown.__Krone

EnglandFinlandFranceGermanyGreeceHungaryItalyNetherlandsNorwayPolandPortugalRumaniaRussia2

SpainSwedenSwitzerlandYugoslaviaNORTH AMERICA

CanadaCubaMexico

PoundMarkkaFrancReichsmark.DrachmaPengoLira-FlorinKroneZlotyEscudo

14.0713.90

.722.96

26.80486. 65

2.523.92

23.821.30

17.495.26

LeuChervonetzPesetaKronaFrancDinar

40.2026.8011.22

108. 05.60

514.6019.3026.8019.3019.30

14.107313.9754.7218

2. 965826.7914

486. 56912. 51733.934323.86931.296117.51175.2383

40. 237526.791311. 20854.4947. 5955

3 515.000011.524326.883719.42791. 7704

Dollar.Peso.

.do_

100.00 100.0697100. 00 99.909249.85 47.128'

14.118213.9838.72192. 966126. 8150

487. 07092. 51753. 9337

23. 88931.2

17. 52945. 2384

40. 290826. 810111. 20654. 5046.5958

3 515.000010. 876226. 891419. 44491.7727

100. 094399. 944947. 3364

14.113113. 9476.72242. 967226. 7670

486.11012. 51733. 9273

23. 82291.2958

17. 51605. 2371

40. 288026. 760411. 20634. 4925.5959

515. 000010. 725526. 868019. 40601. 7716

100.120699. 970447. 3740

SOUTH AMERICA

ArgentinaBolivia 2

BrazilChileColombiaEcuador 2

Peru 2-._ _.UruguayVenezuela 2

PesoBoliviano.Milreis... .Peso.

do__SucreSolPesoBolivar.

ASIA

China 4

China 4 .._.China 4

Hong Kong 4__.India _.JapanJava 2

Straits Settle-ments.

Turkey

Mexican dollar..Shanghai tael...Yuan dollarDollarRupeeYen.

AFRICA

Egypt

FlorinSingapore dol-

lar.Turkish pound.

Egyptian pound

96.4836.5011.9612.1797.3320.0040.00

103.4219.30

28.7839.6828.1528.5736.5049.8540.2056.78

439. 65

494.31

82.051136.000010.875212.090896.5542|20.000037. 692385.443019.0000

26.623836.942826.483931.179936.059849.359740. 256555.9408

5 46.9862

« 498.3372

82. 485536. 37509. 957112.113396. 524620.000035. 980882. 936718. 8304

27. 866638. 544527. 758032. 205436.041749. 385340. 302355. 9482

6 46. 9356

81.784336. 750010. 085012.136596. 530020. 000034. 410082. 374718. 5000

28. 759139. 679528. 550032. 201535. 989949. 407740.306856. 0320

6 498.2290 498.9320

1 Based on noon buying rates for cable transfers in New York.2 Averages based on daily quotations of closing rates as published by New York Journal of Commerce.3 Chervonetz quotations nominal.4 Silver currency. The figure give for parity represents gold value of unit in September, 1930, computed by multiplying silver content of unit

by New York average price of silver for September, 1930, which was $0.36632 per fine ounce. On the same basis, parity in September, 1929, for theChinese-Mexican dollar was 40.36 cents; for the Shanghai tael, 55.64 cents; for the Yuan dollar, 39.47 cents; and for the Hong Kong dollar, 40.06 cents.

s May, 1930. 6 j u n e , 1930. i j u i y > 1930.

Back figures.—See BULLETIN for January, 193Q, 1929, and 1928.

CONDITION OF BANK FOR INTERNATIONAL SETTLEMENTS[In thousands of dollars 1]

RESOURCES

Cash on hand and on current account withbanks _ _ _ _ _

Demand funds at interest

Rediscountable bills and acceptances (atcost):

Commercial bills and bankers' accept-ances

Treasury bills

Total _.

Time funds at interest:Not exceeding 3 monthsBetween 3 and 6 monthsBetween 6 and 9 months

TotalSundry investments (at cost):

Maturing within 2 yearsOver 2 years

TotalOther resources

Total resources

1930

August

64120, 765

29, 42916, 308

45, 737

104, 54185,11014, 595

204,246

29, 032282

29, 3141,080

301, 782

July

1,31515, 532

Juno

9884.448

35, 53934, 827

70, 366

57, 50668, 27814, 594

140,378

20, 8302,635

23, 465549

251, 605

46,18450,441

96,625

90,907 |

90,907

2 16, 265311

209,544 i

LIABILITIES

Short-term deposits:Central banks for own account—

DemandTime: Not exceeding 3 monthsTime: Between 3 and 6 months

TotalCentral banks for account of others—

DemandTime: Not exceeding 3 monthsTime: Between 3 and 6 months

TotalOther depositors:

Demand _ _Time: Not exceeding 3 months

Long-term deposits:Annuity trust accountGerman Government deposit .__French Government guarantee fund _

TotalCapital paid inOther liabilities

Total liabilities

1930

August

14, 38150, 64624, 930

89, 957

28, 25727, 43676, 018

131,711

1, 218

29, 82414, 74813,190

57, 76219, 7831,351

301, 782

July

18, 34930, 95510, 963

60, 267

42, 05515, 04552, 572

109, 672

1,219

29, 83916, 92013,187

59, 94619, 783

719

251, 605

June

21,444

21,444

29, 660

29, 660

703

29,18823,842

53, 03019, 783

i 84, 926

209, 544

1 Converted into dollars from Swiss francs at par: 1 Swiss franc=$0.1930.2 Composed of $3,073,000 short-term investments not exceeding 90 days and $13,192,000 of investments exceeding 90 days.3 Including undistributed proceeds of the German Government international 5H per cent loan 1930 to the amount of $84,572,000.


OCTOBER, 1930 FEDEKAL KESERVE BULLETIN 639

CONDITION OF CENTRAL BANKS[Figures are for the last report date of month]

Bank of England (millions of poundssterling):

Issue department—Gold coin and bullionNotes issued

Banking department-Gold and silver coinBank notes _._Government securitiesOther securitiesDiscounts and advancesPublic depositsBankers' depositsOther depositsReserve ratio * (per cent)

Bank notes in circulation J

: 1930

! August' Julyj j

154.8414.8

1.054.049.122.2

Bank of France (millions of francs):GoldSight balances abroadForeign billsLoans and discounts. - . .Negotiable bonds _Note circulation -Public deposits . .Other deposits

German Reichsbank (millions ofreichsmarks):

Gold reserveGold abroadReserves in foreign exchangeLoans and discountsDepositsReichsmarks in circulationRentenmarks in circulation

Bank of Italy (millions of lire}:Gold at home ". .Credits and balances abroad.Loans and discountsTotal note circulationPublic depositsOther deposits.. _

Bank of Japan (millions of yen):GoldAdvances and discounts _Government bondsNotes issuedTotal deposits

Commonwealth Bank of Australia(thousands of pounds sterling):

Issue department-Gold coin and bullionSecurities

Banking department-Coin, bullion, and cash..Money at short call in Lon-

donLoans and discountsSecurities _...Deposits

Bank notes in circulation _.

Austrian National Bank (millions ofschillings):

GoldForeign exchange of the reserve..Other foreign exchangeDomestic billsGovernment debtNote circulationDeposits

6.5 I18.2 i62.633.848.0

360.9

47,2426,838

18, 7649,2005,304

73, 67710,1097,734

152.3412.3

1.043.951.722.36.79.1

61.037.441.8

368.4

45, 2837,104

18, 9798,9115, 395

72,1109,1328,363

2,469150369

1, 942416

4,707448

2,469150261

1,930398

4,638448

5,232 ;5,103 '3,929 !

16,074 |300 !

1,674 j

5. 2105; 0803,854

16,182300

1,849

77679

1,165635

88073580

1,104677

June

156.9416.9

.958.448.915.315.921 563.836.148.8

358.5

1929

August

44,0526,905

18, 728

5,39572, 5944,938

10,420

2,469150459

1,969492

4,685449

19,976 20,0064, 941 4,941

1,555

5,10611,01522,458

1,528

5,80210,94721,458

40,887 I 40,97237,857 I 38,005

169274478110101

1,018 I117 I

19,9314,941

1, 613

5,85611,53321,41042, 41838,855

169 I273 i470 I115 I101

1,021115 I

169266421125101 1

1,028 j60 I

136.4396.4

1.332.373.322.33.820.558.036.129.3364.0

38, 9307,24818,58711, 8885,61266,46813,4446,175

2,034150308

2,834434

4,897440

5,208 ,4,893 !4,499 j

15,846 !300 ,

1,499 j

5,1604,9715,40216, 701

3001,632

870 :808 i80 !

1,282667

1,062768211

1,334

23, 20618, 331

2,164

8,53812, 71915,12537, 25838,005

169231383226110

1,04674

National Bank of Belgium (millionsof belgas):

GoldForeign bills and balances in gold.Domestic and foreign bills.Loans to StateNote circulationDeposits _

Bank of Brazil (millions of milreis) :G o l d . . . .Currency..Correspondents abroadLoans and discountsSecuritiesNote circulation.Deposits _

National Bank of Bulgaria (millionsof leva):

GoldNet foreign exchangeTotal foreign exchangeLoans and discounts _Government obligations _ _Note circulation.Other sight liabilities „

Central Bank of Chile (millions ofpesos):

Gold at homeDeposits abroad.Loans and discountsNote circulation...Deposits against which reserve

is heldBank of the Republic of Colombia

(thousands of pesos):Gold at homeGold abroadLoans and discounts.Note circulationDeposits __

Czechoslovak National Bank (mil-lions of Czechoslovak crowns):

GoldForeign balances and currency. - .Loans and advancesAssets of banking office in liqui-

dation _Note circulationDeposits

Danish National Bank (millions ofkroner):

GoldForeign bills, etcLoans and discounts.Note circulationDeposits

Bank of Danzig (thousands of Dan-zig gulden):

Balances with Bank of England. .Foreign bills, etcLoans and discountsNote circulation ._Deposits _ _

Bank of Estonia (thousands ofkrones):

GoldNet foreign exchange.._Loans and discounts ,„Note circulationDeposits—

GovernmentBankersOther __

1930

August

1,210872776311

3,056165

407418299

1,682126592

1,549

1,428223

1,155788

3, 2793,6831,372

6321577321

65

20,13011,46011,82027, 0456,647

1,4142,309337

3347,077555

17271

34927

14,29510, 63321, 78037, 5831,904

6,53316, 42424,68733,241

7,5864,4421,393

July

1 Ratio of gold and notes in banking department to deposit liabilities.JNotes issued, less amounts held in banking department and in currency note account.

1,204844776311

3,083112

407469268

1,547125592

1,486

1,422187910845

3,2793,4351,446

6316497322

20, 8278,23312,18828,3986, 568

June

1,202734785310

2,902170

407509231

1,463129592

1,438

1,418236837894

3,2793,3961,540

63201100340

85

20, 51310, 65013, 51830, 7766,452

1,414 1,3132, C63 j 2,135393 1 433

3426,897482

3437,196439

172668631728

14,77111, 32019, 50836, 6391,893

17278

39

13, 20010,68621, 86036, 5052,175

6, 52616,80324,86031,897

9,4014,9591,808

6,51616,08125, 52430,176

10,1273,7902,450

1929

August

1,014566797348

2, 024159

407766214

1,264136

I 5921,561

1,3871,1111,6381,5323,5464,1212,164

38481341

109

26, 23324,34713,86743, 30910. 496

1,1571,757953

3967, 500345

1731057036137

16, 20013,41823, 42739, 6881,717

6,33820,80826, 07534,343

10,1173,9591,657



CONDITION OF CENTRAL BANKS—Continued[Figures are for the last report date of month]

August July June

Bank of Finland (millions of Fin-nish marks):

Gold - -Balances abroad and foreign

creditsForeign billsDomestic bills _Note circulationDemand liabilities ___

Bank of Greece (millions of drach-mas):

GoldNet foreign exchange in reserve...Total foreign exchangeLoans and discountsGovernment obligations __.Note circulationOther sight liabilities

National Bank of Hungary (mil-lions of pengos):

GoldForeign bills, etc _ ..Loans and discounts __Advances to treasuryOther assetsNote circulation _ _DepositsMiscellaneous liabilities

Bank of Java (millions of florins):Gold —Foreign billsLoans and discountsNote circulation _Deposits

Bank of Latvia (millions of lats):Gold —Foreign exchange reserveBills _—LoansNote circulation _Government depositsOther deposits

Bank of Lithuania (millions of litas):Gold —Foreign currency _Loans and discountsNote circulationDeposits

Netherlands Bank (millions offlorins):

GoldForeign billsLoans and discountsNote circulationDeposits

Bank of Norway (millions of kroner):Gold _.Foreign balances and billsDomestic creditsNote circulation _Foreign depositsTotal deposits _

Reserve Bank of Peru (thousands ofsoles): i

Go ld - _Gold against demand deposits....Foreign exchange reserveBills _ _.Note circulationDeposits

1930

302

907191583

1,352149

5162,8533,770306

3,4894,7611,876

16342198701014405851

35769310395

39123413280025

147242203151

62

39,5843,57210,47316,96656,5247,145

301

949185630

1,355206

5662,7123,853282

3,4894,8161,576

1634320372914663347

139345326753

877191710

1,373151

5802,7263,555258

3,4894,8941, 505

1633223479844497146

139455627451

35789010096

39124113680916

147'222223151

60

40,8112,25112,74614,86357,0814,501

43223815984331

14753228316290

38,7864,18817,74114,23957,4538,376

1929

August

301

52020

1,3521,448

178

6192,7214,871158

3,5975,2141,551

1634029389108480117

14835146306

44315416280113

14741259315282

43,01310,71223,03121,78264,46517,610

ank of Poland (millions of zlotys):Gold at homeGold abroad__ _._Foreign exchange of the reserve...Other foreign exchangeLoans and discountsNote circulation _Current account of the treasury..Other current accounts

Bank of Portugal (millions of escu-dos):

Gold _Balances abroadBillsNote circulationDeposits

1930_L

1929

August July June August

484219226119696

1,35598144

National Bank of Roumania (millionsof lei): I

Gold at home !Gold abroad (.Foreign exchange of the reserve. _;

Other foreign exchange |Loans and discountsState debt _ _.Note circulation _.Deposits ___ __

State Bank of Russia (thousands ofchervontsi) :

Loans and discountsDepositsIssue depar tment-

GoldOther precious metalsForeign exchangeNote circulation

South African Reserve Bank (thou-sands of pounds sterling):

Gold _Foreign bills _.Domestic billsNote circulationDeposits—

GovernmentBankersOthers _

Bank of Spain (millions of pesetas):GoldSilver.Balances 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

National Bank of the Kingdom ofYugoslavia (millions of dinars):

GoldForeign notes and creditsLoans and discountsAdvances to StateNote circulationDeposits

6,8437,511

3608,676

1,8814,764

2,47472026

2,0004,456

826

242349160570106

63934265943176

2021,4412,9975,5211,072

484219222111685

1,32189153

9109347

1,951i

5,3563,9191, 527

408.7485, G9918,5346,979

6,4887,736206

7,459

2,3124,730122

2,47272132

1,9234,396818

243360131551110

61033379928171

2261,3942,9975,3171,153

484219211112054

1,31782155

9205315

1,89082

5,3503,9191,371

418,9215,79718,2227,481

402,025221,841

39,4502, o485.822

180,037

6,9237,505295

8,550

1,4964,602139

2,47172435

1,8704,335807

243398215594189

579300108929130

43221944184796

1,359269145

9351308

1,91254

97222

1,3452,9975,2301,247

5,1583,5925,793

7910,0607,47220,34010,495

395,607202, 747

23,0984,0458,428

135,989

7,9017,6551,6009,533

1,6874,816292

2,56571990

2,0864,327938

242205346549149

50721020991151

94255

1,6123,0005,659898

1 Figures for August, 1929, have been converted from libras (par $4.8665) into soles (par $0.4000).r Revised.See Federal Reserve Bulletin for May, 1930.



CONDITION OF COMMERCIAL BANKS

Country

Canada:Gold and subsidiary coin 1.Money at call and short notice . . .Current loans and discountsPublic and railway securitiesNote circulationIndividual depositsGold reserve against Dominion notes-Dominion note circulation..

Argentina:Bank of the Nation-

Gold.Other cashLoans and discountsDeposits

Other banks in Buenos Aires-GoldOther cashLoans and discounts

England:Cash in vault and at banksMoney at call and short notice . __Advances and discountsInvestmentsDeposits . _

France:Bills and national-defense bondsLoans and advancesDemand depositsTime deposits

Germany:Bills and treasury notesDue from other banksMiscellaneous loansDepositsAcceptances

Denmark:Loans and discountsDue from foreign banksDue to foreign banksDeposits and current accounts

Norway:Loans and discounts __ ..-Due from foreign banksDue to foreign banksRediscounts _Deposits

Sweden:Loans and discounts ._Foreign bills and credits abroadDue to foreign banksRediscountsDeposits

Japan:Cash on hand• Total loansTotal deposits _. .

Millions of national Icurrency

June

Mill60 i

435 I1,550

444166

2,44966

174

Mil7

123586726

10197870

1,015

1930

July August

1ons of dollars

63 62422 445

1,502 1,483447 458152 166

2,30177

166

ions of p7

12!)593731

10199867

1.007

2,38783

163

esos

Millions of poundssterling

189 j 191 188144

1,231233

1,788Mill

20,21910,83235 163

1,465Millioi3, 2561 1138, 588

12, 297481

Mill1, 823

12469

2, 003Mil

1,2261066878

1, 483Mil

4,407268259

71

2302,1922,072

1431, 236

2411,794

1351,215

2501.767

ions of francs

s of reichstnarks2 964 2.9181,2188, 579

12,067507

1,0548, 593

18, 804522

ons of kroner1 818' 123

66 i2,010

ions of k1,224

1206576

1,489ions of k

4,437304237

143,722

llions of197

2 1762, 052

roner1,211

1246576

1,485onor

4,487283220

363.709

yen181

2,1482,051

June

61594

1,566525187

2, 55959

210

75121549750

13177843979

938728

5,8131,1858,615

810391

1,30339

i

4733817

524

336272127

417

1,107703070

i 928

127933920

1929

July

62577

1,572470170

2, 57859

196

65125542734

12156852972

924696

5, 9321,1788,654

782415

1,27239

4763718

523

339332226

417

1,120743151

946

118951952

August

61584

1,585462190

2,55160

199

62122552734

12161853975

915701

5,8631,1768,558

757418

1,23742

644328

1,9022,687

121

4763917

528

340352327

418

1,125823154

946

141974983

Millions of dollars

March

60415

1,626418163

2,45963

174

698

525631

10166754867

882645

5,6311,0968,185

804418

1,31458

770282

2,0522,920

122

4883324

532

329282024

404

1,166723842

980

1141,0801,022

April

60415

1,601428155

2,47264

174

6108533646

10166780890

911650

5,7291,0958,331

773440

1,32557

755271

2,0762,921

117

4913022

532

333302124

402

1,167704224

989

1401,0611,017

1930

M a y

60417

1,573431165

2,40165

170

6110492629

10165759875

897666

5,8571,1278,478

762420

1,33861

755275

2,0592,916

116

4862922

532

331302022

399

1,173684215

981

1281,0771,021

June

60435

1,550444166

2,44966

174

6104495613

10166735857

921699

5,9931,1328,701

793425

1,37857

776265

2,0462,929

115

4893318

537

328281821

397

1,181726919

978

1151,0931,033

July

63422

1,502447152

2,39177

166

6104486599

10163712826

931697

6,0151,1718,730

706290

2,0442,874

121

4873318

539

328321821

399

1.1898164

4997

981,0861,023

August

62445

1,483458166

2,38783

163

915657

5,9121,2178,600

695251

2,04V4,479

124

325331720

398

1,193765910

994

901,0711,022

i Not including amounts held abroad.^JNOTE.—Banks included are as follows: Canada—Chartered banks; England—nine London clearing banks; France—four commercial banks;

Qermany—six Berlin banks; Denmark, Norway, and Sweden—joint-stock banks; Japan—Tokyo banks.



DISCOUNT RATES OF CENTRAL BANKS(Rate prevailing October 1, 1930, with date of latest change]

Country

AustriaBelgiumBulgariaChile

ColombiaCzechoslovakia-DanzigDenmarkEcuador

Rate

52*6

107

74449

In effectsince—

Sept. 10,1930Aug. 1,1930July 2,1929Aug. 4,1930

Sept. 19,1930June 25,1930Aug. 19,1930May 3,1930Jan. 10,1930

Country

England. .Estonia.. _Finland...France

Germany.GreeceHungary. .IndiaItaly

Rate

3862*6

495*655*6

In effectsince—

May 1,1930Oct. 3,1929Aug. 26,1930May 2,1930

June 21,1930Nov. 30,1928May 30,1930July 10,1930 iMay 19,1930

Country

JapanJavaLatviaLithuania.-.

Netherlands.NorwayPeruPoland

Rate

5.484*66-76

4*676*6

In effectsince—

Oct. 10,1927Mar. 10,1930Apr. 1,1928Apr. 1,1930

Mar. 25,1930Mar. 21,1930Sept. 1,1930June 13,1930

! Country

!

PortugalRumaniaRussiaSouth Africa-SpainSwedenSwitzerland-Yugoslavia—

Rate

7*6986

63*62*65*6

In effectsince—

June 2,1930Nov. 26,1929Mar. 22,1927Aug. 17,1929

July 17,1930Apr. 3,1930July 10,1930M a y 28,1930

Changes: Austria—September 10, from 5*2 to 5 per cent; Colombia—September 19, from 8 to 7 per cent.

MONEY RATES IN FOREIGN COUNTRIES

Month

1929 MarchAprilMay..June

July.. . . -AugustSeptemberOctober _.NovemberDecember

1930—JanuaryFebruaryMarchAprilMayJuneJulyAugust

Month

1929—MarchAprilMayJune

JulyAugustSeptemberOctoberNovemberDecember

1930—JanuaryFebruaryMarchAprilMayJuneJulyAugust

England (London)

Bankers'accept-ances, 3months

5.335.215.215.32

5.385.475.596.135.354.76

4.073.822.782.482.162.312.372.21

Belgium(Brussels)

Privatediscount

rate

3.973.973.963.97

4.044.934.944.944.574.40

3.403.413.313.332.872.782.782.44

Treasurybills, 3months

5.305.185.215.35

5.395.485.636.195.304.75

4.043.722.552.492.112.302.382.17

Day-to-daymoney

4.514.434.674.23

4.544.354.395.455.154.23

3.623.763.202.281.931.931.781.85

France Italy(Paris) (Milan)

Private Privatediscount discount

rate rate

3.373.443.493.50

3.503.503.503.503.503.50

3.382.912.702.572.362.112.082.10

6.316.756.836.75

6. 756.857.017.187.007.00

, 0 06.956.576.435.815.505.505.50

Bankers'allowanceon deposits

3*63*63*63*6

3*63*6

3*6-4*64*6-44 -3*63*6-3

33 -2*62*6-1*6

1*6

111

Germany (Berlin)

~ .fsst6.316.637.497.50

7.397.187.187.286.896.98

6.335.535.124.463.893.583.403.24

Austria (Vienna)

Privatediscount

rate

6*4 -63/66M 6-7*47H -7*473/16-7*4

7*4 -7%7*4 -V/U

7%8 -8*61% -8*47*4 -73/4

• 6*6-7*4CM 6-6*455/i -6 •5 -5*64H -5

4*4-41*164M 6-4 *64 -4*4

Moneyfor 1

month

7*4-8*47^-83/48 -98*4-9

8*4-98*4-981/4-9*49 -108-K-108*6-9*4

7H-8%7 -86%-7%6*6-7*i6*6-76 -6*66 -6^66 -6*6

7.307.579.659.89

9 359! 439.489.068.298.78

7.716.726.355.575.004.804.574.43

Day-to-daymoney

6.976.859.327.90

8.217.427.868.067.798.14

6.036.015.574.403.623.744.303.73

Hungary

Primecommer-cial paper

7-H- m8*6- 9

m- 9%8M-1083/4-10*483,4-10*49 -10*48*6- 9348*6- 93/4

7*6-107 - 9*4&%- 8*66*6- 8*45H- 85*6- 85*6- 73/4

Day-to-daymoney

6*6-8*47 -97 -97 -9

7 -8*47 -86?/4-87*4-86*6-7347 -7*6

6*6-7*65*6-6%5*6-6*$5 -6*64^-64*6-6*44*6-5*6

Netherlands (Amster-dam)

Privatediscount

rate

4.645.365.375.30

5.205.065.365.154.263.52

2.992.802.502.522.291.891.851.83

Sweden(Stock-holm)

Loans upto 3

months

4*6-6*64*6-6*64*6-6*64*6-6^6

4*6-6*64*6-6*65*6-75*5-75*6-75*6-7

4*6-64*6-64 -63*6-5*63*6-5*63*6-5*£3*6-5*63*6-5*6

Money for1 month

5.055.815.885.30

4.904.685.324.524.173.87

2.852.942.613.082.531.931.851.63

Switzer-land

Privatediscount

rate

3.393.453.343.26

3.193.333.383.383.323.15

2.972.712.602.612.442.061.921.75

Japan (Tokyo)

Discountedbills

5.66-5.845.48-5. 665.48-5.665.48-5. 66

5.48-5.665.485.485.485.485.48

5.485.485.485.485.485.485.48

Callmoney

overnight

3.103.653.293.29

3.103.102.923.473.473.10

2.743.833.833.653.103.833.65

NOTE.—For sources used, methods of quotation, and back figures, see BULLETIN for November, 1926, April, 1927, July, 1929, November, 1929, andMay, 1930.


OCTOBER, 1930 FEDEKAL RESERVE BULLETIN 643

PRICE MOVEMENTS IN PRINCIPAL COUNTRIESWHOLESALE PRICES—ALL COMMODITIES

Month

United States Canada

1929 1930

England France

1929 1930 1929 ! 1930

Germany

1929 1930

Italy

1929

Japan

1929 1930

January. _.February,.MarchAprilMayJune..JulyAugustSeptember.October...November.December. 96

84

138138140139136136137136136136134133

131128125124122121119118

657660654648643629624598608607603596

576567558548546540558561

139139140137136135138138138137136134

132129126127126125125125

461463461455452447440437437436431425

417408400396390382375379

228226226225223222220218218216211205

201199196193189181177176

Australia Austria Belgium China Czechoslovakia Denmark Dutch EastIndies

1929 1930

January...February..MarchAprilMayJuneJuly.AugustSeptember.October...November.December.

1929 1930 1929

128130133134135134132132128127125123

125123121119118121119118

867865869862851

. 848858850846838834823

1930 | 1929

791774777774750739729

Egypt

1929 ! 1930

January. . .February..MarchAprilMayJuneJulyAugustSeptember.October...November.December.

109106101101101100102104

Peru

1929 ; 1930

January...February..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December.

Finland

1929 1930

100100 I100 !

Poland

1929 1930

99

Hungary

1929

132136136135123122119114109111107107

1930

10610410096969499

Russia

160162164161162163163165167168165165

1930 1929

170175174174173186190189

139139141141137134135134132131130128

1930 1929 1930

126124122121120119120118

151159154150148146149150150149147146

1929 1930

143140136135132130129128

149149150148150149149148148147146144

143141139138136134

India Netherlands New Zealand Norway

1929

145144143140139138142143143140137134

1930 1929

131126125123121116115

146146147144142141141142141140137135

1930 1929 1930

131126122122118118

South Africa Spain

1929 1930 ! 1929 1930

177177178179180181180180181182181182

182' 185187187188187

135

131

129

1929 1930

121

128

171173174174171170169170171172171172

172172172172168166

155155155155155155156156157156155154

1929 1930

155155154154154

149150150148146147149148148147146146

144143142141140139138137

Sweden j Switzerland

1929

144145144141140139140141140138135134

1930 1929

131 ; 143128 ' 143125 ! 142124 j 140123 139123 i 139121 , 143

| 143• 142

._..: 142' 140! 139

1930

136133131129128126126126

••Revised.NOTE.—All of the indexes shown, with two or three exceptions, are compiled by official agencies in the countries to which they relate, as indi-

cated specifically in the BULLETIN for March (p. 124), where references are also given to sources in which current figures of the index numbers mavbe found.

The base periods are as follows: United States—1926; Australia—July, 1914; Austria—January-July, 1914; Belgium—April, 1914; Canada—1926;China—February, 1913; Czechoslovakia—July, 1914; Denmark—1913; Dutch East Indies—1913; Egypt—January 1, 1913-July 31, 1914; England—1913*Finland—1926; France—1913; Germany—1913; Hungary—1913; India—July, 1914; Italy—1913; Japan—October, 1900; Netherlands—1913; New Zealand—1909-1913; Norway—December 31, 1913-June 30, 1914; Peru—1913; Poland—1927; Russia—1913; South Africa—1910; -Spain—1913; Sweden—1913;Switzerland—July, 1914.

Annual indexes for the years 1925-1929 and in certain cases for 1913 and 1914 were given in the BULLETIN for April (p. 256).



WHOLESALE PRICES—GROUPS OF COMMODITIES

UNITED STATES (1926 = All com-modities

Farmproducts Foods

Other commodities

Total»Hidesand

leatherproducts

Fuel and Metalsand

metalproducts

Buildingmaterials

Chemi-cals and

drugs

House-furnish-

inggoods

Miscel-laneous

Non-agricul-

turalcom-modi-ties

1929—August....1930—February.

MarchAprilMay.TuneJulyAugust...

107

98959693898385

103

96949592918687

90

868483

110104103103103102101

93 104

1011019997959493

96

94

9190

8484

Foods Industrial products

ENGLAND (1913=100)All com-modities fcal

144

135129129127127127126

Cereals

146

122114117114111108109

Meatand fish

Otherfoods Total

Ironandsteel

115

115115114114114113112

Coal

121

129127122119117116116

Otherminerals

andmetals

117

11010710495939291

Cotton

154

134131131130126123119

Wool

161

135129127129127124122

Othertextiles

132

120116115110104

9897

Miscel-laneous

1929—August...

1930—FebruaryMarch. . . .AprilMayJuneJulyAugust . . .

136

128125124122121119118

145

152145141136135136138

133131130132137138134

131

124122121119117115113

134

129127127128126124122

Farm and food products Industrial products

FRANCE (1913=100) All commodities

1929—August...

1930— FebruaryMarch. . . .AprilMayJuneJuly .August . . .

598

567558548546540558561

Total

524

503495481483488540552

Animalproducts

590

634622599570587595591

Vege-table

productsTotal

484424419411431428507529

664623612606601587573

Mineralsand

metals

562

570562551547542539537

Textiles

745

639621620615583562554

Hidesand

leather

442

439425405405403399409

Chemi-cal prod-

ucts

593

613607598592593582576

Rubber

129

94908681746559

Paper

677

667667667667667

••664654

Lumber

969

987987987978978956937

Cementand

brick,etc.

636

708708708708708'725725

GERMANY (1913 = 100)All com-modities

Agricultural products

Total Vegetablefoods Cattle Animal

products FodderProvi-sions

Industrial raw and semifinished products

Total Coal

; 137

138138136136135136136

Iron

131

129129128128126125125

Nonfer-rous

metals

1929—August—1930—February

March...AprilMayJuneJulyAugust...

1929—August—.1930—February.

MarchAprilMayJuneJulyAugust...

138129126127126125125125

133

116110112111110115117

130

112109118119118120124

134

123116113110109112112

140

129118110109110121121

123

969097 [100 !

130115118118117115114111

132127126125124122119118

11811110910390878482

Industrial raw and semifinished products—Continued Industrial finished products

Textiles

137

118114116116111105101

Hidesand

leather

122

114111110111112108108

Chemi-cals

127

127127127126126125125

Artificialfertilizers

82

8686868384

'7879

Technicaloils and

fats

129

127126127135134131133

Rubber

29

22222120181715

Papermaterialsand paper

152

150150149147145143139

Buildingmaterial

161

158157157156153149145

Total

158

155153152152151151149

Pro-ducers'goods

140

139139139139138138139

Con-sumers'goods

171

166163162161161160158

1 The index for other commodities, recently published by the Bureau of Labor Statistics, includes %he prices of articles In the all-commoditiesindex with the exception of those for farm products and foods; the nonagricultural index omits merely larm products.

r Revised.NOTE.—Annual indexes for the groups shown in the table are given for the years 1913 and 1925-1929 in the BULLETIN for April (p. 257). Orig-

inal sources for these indexes are: United States— Wholesale Prices of Commodities, Bureau of Labor Statistics, Department of Labor; England-Board of Trade Journal and Commercial Gazette, Board of Trade; France—Bulletin de la Statistique G6n6rale de la France, Supplement Mensuel,Statistique G6n6rale de la France; and Germany—Wirtschaft und Statistik, Statistisches Reichsamt.



LAW DEPARTMENTAmendment to Regulation D permitting computation

of deficiencies in reserves on the basis of memberbanks deposits at opening of business instead ofclose of business

The Federal Reserve Board has amended sub-section (a) of Section IV of its Regulation Dso as to provide that, in computing penaltiesfor deficiencies in reserves, the required reservebalance of each member bank at the close ofbusiness each day shall be based upon its netdeposit balances at the opening of business, in-stead of the close of business, on the same day.No change, however, was made in the existingpractice of computing such deficiencies on thebasis of average daily net deposit balances cov-ering semiweekly, weekly, or semimonthlyperiods.

This change has been made because fluctua-tions in their own deposit balances during theday, especially toward the close of business,made it difficult for member banks to estimateaccurately what their reserve requirementswould be each day when they were computedon the basis of their deposit balances as of theclose of business.

The amendment becomes effective as to eachmember bank at the beginning of the first re-serve computation period of such member bankcommencing after midnight on October 31,1930.

Section IV (a) of the regulation, as amended,reads as follows:

SECTION IV. PENALTIES FOR DEFICIENCIES IN

RESERVES

Inasmuch as it is essential that the law withrespect to the maintenance by member banks

of the required minimum reserve balancesbe strictly complied with, the Federal ReserveBoard, under authority vested in it by section19 of the Federal reserve act, hereby pre-scribes the following rules governing penaltiesfor deficiencies in reserves:

(a) Basic penalty.(1) Deficiencies in reserve balances of mem-

ber banks in cities where Federal reservebanks or branches thereof are located and insuch other reserve cities as the Federal Re-serve Board may designate from time to timewill be computed on the basis of average dailynet deposit balances covering semiweekly pe-riods. Deficiencies in reserve balances ofmember banks in all other reserve cities willbe computed on the basis of average dailynet deposit balances covering weekly periods.Deficiencies in reserve balances of other mem-ber banks will be computed on the basis ofaverage daily net deposit balances coveringsemimonthly periods.

(2) In computing such deficiencies the re-quired reserve balance of each member bankat the close of business each day shall be basedupon its net deposit balances at the openingof business on the same day; and the semi-weekly, weekly, and semimonthly periodsreferred to in paragraph (1) hereof shall end atthe close of business on days to be fixed by theFederal reserve banks with the approval of theFederal Reserve Board.

(3) Penalties for such deficiencies will beassessed monthly on the basis of average dailydeficiencies during each of the reserve com-putation periods ending in the preceding cal-endar month.

(4) Such penalties shall be assessed at abasic rate of 2 per cent per annum above theFederal reserve bank discount rate on 90-daycommercial paper, in effect on the first day ofthe calendar month in which the deficienciesoccurred.



DETAILED FEDERAL RESERVE STATISTICS, ETC.FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES IN DETAIL AND FEDERAL RESERVE NOTE STATEMENT


RESOURCES

Gold with Federal reserve agents -_Gold redemption fund with United States Treasury

Gold held exclusively against Federal reserve notes _Gold settlement fund with Federal Reserve Board -- -Gold and gold certificates held by bank _ _ _

Total gold reserves. _ _ _ __ _ _Reserves other than gold _ _._ __

Total reserves __Nonreserve cash... _ _ _ _

Bills discounted 1 _ __ _ _.

Bills bought:Outright 2Under resale agreement __ _ _ _

TotaJ bills bought....

United States securities:Bought outright _ _Under resale agreement _ __ _.._ _

Total United States securities _ _ _ _Other reserve bank credit:

Other securities __ _ .Due from foreign banksReserve bank float3 _ _ _

Total reserve bank credit outstanding _

Uncollected items not included in floatFederal reserve notes of other reserve banks.. . . ._ _ > .Bank premisesAll other resources _ _ .,

Total resources _ _ ___ _.

LIABILITIESFederal reserve notes:

Held by other Federal reserve banks _.Outside Federal reserve banks _ _

Total notes in circulation _ _ _ _ _

Deposits:Member bank—reserve account _ _ .Government _Foreign bankOther deposits _

Total deposits _ _ _..

Deferred availability itemsCapital paid in _ _Surplus . __ _All other liabilities __ . _

Total liabilities _ _._ _ _ _

Contingent liability on bills purchased for foreign correspondents _ _FEDERAL RESERVE NOTE STATEMENT

Federal reserve notes:Issued to Federal reserve banks by Federal reserve agentsHeld by Federal reserve banks * _In actual circulation

Collateral held by agents as security for note issued to banks:

Eligible paper __ _ _ _ _

Total collateral.... _ _ _

1930

Sept . 30

1, 559, 25635,168

1,594,424549 362823, 568

2,967,354150,182

3,117, 53663,480

272, 361

193,11215, 630

208, 742

596, 538320

596,858

6,772701

17,398

1,102, 832

557,65718,26659,64412,196

4,931,611

18, 2661,360, 608

1,378,874

2,467, 39638, 795

5,24220,938

2, 532. 371

557, 65'<170, 648276,936

15,125

4, 931, 611

431, 634

1,779,582400, 708

1,3V 8, 874

1, 559, 256452, 200

2,011,456

Aug. 31

1, 564, 25635,918

1,600,174571, 305755, 293

2,926,772152,655

3,079, 42758,193

214, 545

••166,887'1,174

168,061

'601,648' 7 5

.601,723

8,572703

'31,694

'1,025,298

457,41719, 81259,609

'16,496

'4,716,252

19, 8121, 354, 065

1, 373, 877

2, 378,18721, 3875,350

18,479

2,423, 403

457,417169,790276,936'14,829

'4,716,252

470,674

1,728,762354, 885

1, 373, 877

1, 564,256' 360, 670

' 1, 924,926

1929

Sept . 30

1,549,34568,087

1,617,432740,537612,942

2,970,911154,789

3,125, 70061,170

958,290

214,01778,722

292,739

127,42834,810

162,238

15,425787

28,462

1,457,941

600,38722,73958,9369,793

5,336,666

22,7391,840,383

1,863,122• - —

2,326,12561,0505,670

21,988

2,414,833

600,387167,017254,39836,909

5,336,666

449,217

2,332,307469,185

1,863,122

1, 549,3451,159,394

2, 708, 739

1 Includes bills discounted for intermediate credit banks as follows: Latest month, $365,000; month ago, $296,000; year ago, $4,355,000; and notessecured by adjusted service certificates discounted for nonmember banks as follows: Latest month. $45,000; month ago. $39,000; year ago, $109,000.

2 Includes bills payable in foreign currencies as follows: Latest month, $1,075,000; month ago, $1,071,000; year ago, $16,955,000.a Uncollected items in excess of deferred availability items.* Excludes "F. R. notes of other F . R. Banks," which are consequently included in "actual circulation".

Revised.



RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 30,1930


RESOURCES

Gold with Federal reserveagent

Gold redemption fund withU. S. Treasury..

Total Boston NewYork

! Phila-; delphia

1, 559,256J 154,917

35,168 817

Gold held exclusively againstFederal reserve notes __ i

Gold settlement fund with jFederal Reserve Board J

Gold and gold certificates held jby banks i

1,594,424! 155,734

549,362; 21,951

823,568! 32,232

305,636! 140,000

14,448! 2, 047

320, 084| 142.04-

187,941; 50,930

Cleve-land

200,550

1,782

202, 332

56, 282

Rich-mond

61,000

1,527

62, 527

17, 700

503, 608 30,4791 59,0531 9,16/

Total gold reserves i 2,967, 354; 209,917! l,011f633! 223,456Reserves other than gold | 150,182; 13,272| 36,553; 8,073

Total reserves : 3,117,536i 223,189 1,048,186] 231,529Nonreserve cash I 63,480| 6,497| 17,890' 4,195

317,6677.81

89, 3948,258

325,485 97,652

At-lanta

119, 500

1,911

121,411

6,630

6, 708|

Chi-cago

179,000

1,2

134, 74912, 778

147, 527

180, 286

99,145

125,164

404, 59522, 236

St.Louis

53, 045

1,694

54, 739

22, 024

9,221

85, 9849,834

426,831| 95,8183,676j 3,744] 4,457J 9,625| 3,717

105,837!166, 524|

5,8645,142j

Bills discounted:Secured by U. S. Govern-

ment obligationsOther bills discounted

Total bills discounted. _. I 272,361; 11,006Bills bought ! 208,742; 21,487

"U. S. Government securities:Bonds.

I46,461 9,670| 14,13756, 672! 7, 603! 6, 803

103,133 17,27369,432j 104

Treasury notes j 287, 245Certificates and bills \ 271,397

20,94019, 316

23, 353'22, 0671

2,187! 640| 23675,366, 26,516 34,477104,987 25,096 23,142

Total U. S. Government !securities... 5S3, 858

Other securities ! 6,77246,1761,000

182, 540 52, 252! 57, 8554,750J 1,000

Total bills and securities.! 1,084,733 79,669 359,855! 70,629 98,111m m fnrpian hanlrs 701 K9 OOQ! fio' 71Due from foreign banks

Uncollected items.__Federal reserve notes of other

Federal Reserve banksBank premisesAll other resources

Total resources

LIABILITIES

Federal reserve notes in ac-tual circulation

Deposits:Member bank—reserve

accountGovernmentForeign bankOther deposits

7U1575, 0551

18, 26659, 64412,196

4,931,611

Total depositsDeferred availability itemsCapital paid in _Surplus . ._All other liabilities

Total liabilities

Reserve ratio (per cent).

FEDERAL RESERVE NOTE STATE-MENT

Federal reserve notes:Issued to Federal reserve

banks by Federal reserveagents

Held by Federal reservebanks 1

In actual circulationCollateral held by agents as

security for notes issued tobanks:

GoldEligible paper

1,378,874

2,467,39638, 7955,242

20, 938

2, 532, 371557, 657170, 648276, 93615,125

5264,244

2393,580

94

377, 564

131,168

146,1222,81939631

149, 36863, 31811,88121, 751

78

4,931, 611J 377,564

1, 779, 582

400, 7081, 378,874

1, 559, 256452, 200

79.6

170, 552

39, 384131,168

154, 91732, 414

229;158,498j 48, C

5,84015, 6644,300

1, 610,462

2432,614210

357, 574

I

215,199 122,950

1,071,206: 142,633

7158,231

1,1837,0601,308

495,125

10, 548]1, 652i9, 665!

1,920519187

1,093,071! 145,259150,43266, 34680, 0015,413

1, 610,462

10.1

340, 649

125,450215,199

305, 636147, 663

45,16916, 79626, 965

435

357, 574

86.3

142,016

19, 066122,950

140, 00015,103

187,120

199,3073,812

5351,661

205, 31556, 44815, 95129,1411,150

495,125

82.9

224, 202

37, 082187,120

200, 55040,091

3,22215,849

19, 071

828 13, £24, 965 6, 797

3,27615, 967|

Minne-apolis

46, 545

847

47,392

12,055

4,922

64,3694, £""

KansasCity

70,000

1,510

71, 510

26, 068

6,993

Dallas

24,300

1,139

25,439

11,612

10,243

104,571) 47,2946, 367! 7,489

SanFran-cisco

204,763

6,160

210,923

37,024

25,778

273,725o« 12,605

i9,268| 110,938; 54,783' 286,3301,066) 1,698] 2,544| 4,371

4153,698

25,793j 20,383 19,24311, 809| 18,452 9,132

1,176!8,1257,682

16,983

45,93730

457,7384,923

12, 706

50,30825

43, 800| 16, 280

, j3, 245!

533

196, 332

64, 678

62,6626,53822567

69, 49243,1145,81112,496

741

196, 332

72.8

82, 881

18, 20364, 678

61,00028,401

9742,6602,959

225,190

129,469

58,326

193175

61, 53315, 8495,35710, 8572,125

225,190

77.2

156, 764

27, 295129, 469

119, 50037,454

20, 01831, 72629,704

81,448

120, 28394

71, 66]

2,3768,295

734

639,899

156, 741

348,0912,482717850

352,14068, 690

52315, 9657,411

23, 899

4,1137,181

4,70812,4638,855

26,02622

52, 27425

24, 014

8823,811301

180,842

63,359

72,5351,884193264

74, 87625, 081

20,165' 5, 24540, 0941 10, 8772,069 1, 404

639,899! 180,842

83.9 69.3

183,172| 77,886

26,431! 14,527156, 741

179, 000

63, 359

53,04538,669 28,253

37, 34216

10,842

1,3092,018513

122, 374

51,165

48,1501,171123220

1,9556, 961

8,9169,586

4214, 75113,943

28, 736

47,23821

30,930

1,3493,972316

196, 462

66,864

85,3291,098160379

1,32610,011

11,337

7,84212, 050

29,228

48, 97421

19, 759

4071,876573

128, 937

34,930

57,6221,9951604'

49, 66410, 5123,0537,143837

86, 966.1 59, 82428, 9901 20, 210

5,0976,056

11,15323,951

4324, 71514, 251

39,009

74,11349

28, 710

2,0734,849355

400, 850

155, 231

175,4131,689369

7,392

4,3289,162

152

184, 86329, 844

4,3561 11,3598, 935' 19, 514

682. 39

122, 374

68.7

56, 835

196,462 128,937| 400,850

72. l!

78, 629

5, 670! 11, 76551,165! 66,864

46, 545 70, 00011, 111 18, 398

57. 8; 84.2

41,955 224,041

7, 025: 68,81034,930| 155,231

24,300 204,76319, 645 34, 998

i Excludes "Federal reserve notes of other Federal reserve banks," which are consequently included in "actual circulation."



BANK^DEBITS

[Debits to individual accounts. In millions of dollars]

New York CitvOutside New York City

Federal reserve district:BostonNew YorkPhiladelphiaClevelandRichmondAtlanta.ChicagoSt. Louis _Minneapolis.Kansas CityDallasSan Francisco

Total

Numberof centers

1140

117

10137

152159

151018

141

August,1930

25,05220,966

2,07925,864

1,9082,278

665848

5,597997730

1,290582

3,179

46,018

July,1930

29,60023,171

2,47630, 5152,1352,765

741917

6,1381,108

6791,396

6003,300

52,771

August,1929

49,03328,339

3,30250,1762,5052,989

8181,1267,9681,221

9901,577

7233,977

77,372

MEMBERSHIP IN PAR-COLLECTION SYSTEM1

[Number of banks at end of August]


United States.

Boston _New YorkPhiladelphiaCleveland .RichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallas .San Francisco

Member banks

1930

8,271

398921756780485408

1,122547658886718592

1929

8,656

408936772805530432

1,218573693908765616

Nonmember banks

On par list

1930

11,412

267401461948554211

3,2971,543

5261,996

587621

1929

12, 242

270405479999596256

3, 5231,694

6042,169

612635

Not on par list

1930

3,632

38 co

W C

O C

O

237483

1,053184214

60

1929

3,779

10552934227476

1,112199208

61

1 Incorporated banks other than mutual savings banks.

KINDS OF MONEY IN CIRCULATION[End of month figures. In thousands of dollars]

Gold coinGold certificatesStandard silver dollarsSilver certificatesTreasury notes of 1890Subsidiary silver—Minor coinUnited States notesFederal reserve notesFederal reserve bank notes.National-bank notes

Total

June 30

357,236994,84138,629

386,9151,260

281,231117,436288,389

1,402,0663,206

650,779

4,521,988

July 31

356,0791,001,923

38,108381, 285

1,259279, 736117, 236287,878

1,320,2633,155

639,593

4,426,494

Aug. 31 Sept. 30 *I

353,3581,050,595

38,234390, 203

1,254280,162117,187297, 603

1,353,2003,126

648, 274

351,7651, 026, 076

37, 511391, 249

1,252280,732117,909297,307

1,359,3933,104

635, 23 i

4,533,197 • 4 am FAR

p Preliminary.

FEDERAL RESERVE BANKS—MATURITY DIS-TRIBUTION OF BILLS AND SHORT-TERMSECURITIES


Bills discounted:Sept. 3Sept. 10Sept. 17Sept. 24

Bills bought inopen market:


Certificates andbills:


Municipal war-rants:


Total

231,260183,195163,149167,162

170,395193,120208,861197,743

222,120226, 579277, 037271, 542

22222222

Within15 days

144,44799,77593,17798, 003

62, 77554,17383,508

105,051

34, 201I 34,769

45,000

16 to 30days

23,61224,29420, 54920, 581

53,41774, 50873, 57648,705

5665

31 to 60days

33,51136,42129,95530, 206

50,94851,66641, 05839,930

25, 214

61 to 90days

24,63817,94215,38014,496

3,13512, 75010,5464,047

17,21417,21496,53983,379

_ _ _i

91 daysto 6

months

4,9144,6163,9413,686

12023

17310

86,83186,3303,5003,523

22

Over 6months

138147147190

83,30888,261

131,998159,426

222222



CHANGES IN MEMBERSHIP

On September 25, 1930, there were 8,260 activemember banks in the Federal reserve system, including7,204 national banks and 1,056 State bank members.Below are given all changes, except suspensions andinsolvencies, between August 26 and September 25affecting the list of active member banks.

Date Changes Capital

DISTRICT N O . 2—NEW YORK

Aug. 30 East Rockaway National Bank, East Rockaway,N. Y., title changed to East Rockaway Na-tional Bank & Trust Co.

Sept. 15 First National Bank, Odessa, N. YPrimary organization.

Sept. 16 Lefcourt National Bank & Trust Co., New York,N. Y., title changed to The National SafetyBank <k Trust Co.

DISTRICT N O . 3—PHILADELPHIA

Aug. 30 i Northeast-Tacony Bank & Trust Co., Philadel-j phia, Pa _.

Consolidated with County Trust Co., non-member.

Sept. 16 Bala-Cynwyd National Bank, Bala-Cynwyd, Pa-Absorbed by Merion Title & Trust Co., Ard-

more, Pa., nonmember.

Sept. 20

Sept. 3

Sept. 15

Aug. 30

Sept. 9

Aug. 28

Sept. 12

Sept. 19

Aug. 29

Sept. 4

Sept. 13

Sept. 20

Aug. 25

DISTRICT N O . 4—CLEVELAND

Citizens National Bank in Zanesville, OhioConsolidation of—

Old Citizens National BankZanesville Bank & Trust Co., non-

memberPeoples Savings Bank Co., nonmember...Guardian Trust & Safe Deposit Co., non-

member

DISTRICT N O . 5—RICHMOND

Farmers & Merchants National Bank, Baltimore,Md

Absorbed by Union Trust Co., nonmember.Drovers & Mechanics National Bank, Baltimore,

MdMerged with Maryland Trust Co., a member.Under title of Maryland Trust Co

DISTRICT N O . 6—ATLANTA

Macqn National Bank, Macon, GaContinental Trust Co., nonmember

Consolidated under title of First NationalBank & Trust Co

First National Bank, Luverne, AlaAbsorbed by Bank of Luverne, Ala., non-

member.

DISTRICT N O . 7—CHICAGO

Security National Bank, Downers Grove, 111Absorbed by First National Bank . .

Western State Bank, Cicero, 111.Voluntary withdrawal.

Commercial State Bank, Mediapolis, IowaMerged with Citizens State Bank, non-

member.

DISTRICT N O . 8—ST. LOUIS

Clayton National Bank, Clayton, MoSucceeded by Clayton National Bank (No.

13481)State Bank of Collinsville, Collinsville, 111 _.

Admitted to membership.

DISTRICT N O . 9—MINNEAPOLIS

First National Bank, Ashley, N. DakAbsorbed by First State Bank, nonmember.

Lake Norden National Bank, Lake Norden, S.Dak., title changed to The First National Bank& Trust Co.

State Bank of Anoka, Anoka, MinnVoluntary withdrawal.

$50,000

250,000

50,000

400,000

200, 000

150,000100,000

100, 000

650,000

1, 000,0001, 000,0002, 500, 000

200, 000350,000

500, 00030,000

100,000100,000350,000

100,000

60, 000

100, 000100,000

25,000

50,000

CHANGES IN MEMBERSHIP—Continued

Sept

Sept

Aug

ite

. 11

. 24

. 22

Changes

DISTRICT N O . 10—KANSAS CITY

First National Bank, Bushnell, Nebr.__Absorbed by Kimball National Bank, Kim-

Security National Bank, Independence, KansPrimary organization.

DISTRICT N O . 12—SAN FRANCISCO

Farmers Commercial & Savings Bank, Oakley,Idaho

Voluntary withdrawal.

Capital

$25,000

250, 000

25, 000

The Comptroller of the Currency presents the follow-ing summary of increases and reductions in the num-ber and capital of national banks during the periodfrom August 23, to September 26, 1930, inclusive:

Amount ofcapital

5 $550,0000 07 925,000

New charters issuedRestored to solvencyIncrease of capital approved 1-

Aggregate of new charters, banks restored tosolvency, and banks increasing capital 1,475,000

LiquidationsReducing capital.. 0

3,350,0000

Total liquidations and reductions of capital..

Consolidation of national banks under act of Nov.7, 1918 .__ |

Consolidation of national banks and State banks junder act of Feb. 25,1927

21 ! 3,350,000

Total consolidations.. I-

0

900,000

4 ! 900,000

Aggregate increased capital for period ! I 1,475,000Reduction of capital owing to liquidations, etc |._. ! 3,350,000

Net decrease- 1,875,000

1 Includes 2 increases in capital aggregating $500,000 incident to con-solidations under act of Feb. 25,1927.

Fiduciary Powers Granted to National BanksDuring the month ended September 20, 1930, the

Federal Reserve Board approved applications of thenational banks listed below for permission to exerciseone or more of the fiduciary powers named in section11 (k) of the Federal reserve act as amended, as fol-lows: (1) Trustee; (2) executor; (3) administrator;(4) registrar of stocks and bonds; (5) guardian of es-tates; (6) assignee; (7) receiver; (8) committee of es-tates of lunatics; (9) in any other fiduciary capacity inwhich State banks, trust companies, or other corpora-tions which come into competition with national banksare permitted to act under the laws of the State inwhich the national bank is located.

Location

Webster, MassCentral Square, N. Y_Avoca, PaConnellsville, PaAndalusia, AlaSt. Louis, Mo _ _Spring Valley, Minn.Homer La _

Dis-trictNo.

12346.89

11

Name of bank

First National BankFirst National BankFirst National BankNational Bank & Trust Co _Andalusia National Bank___Vandeventer National BankFirst National BankHomer National Bank

Powersgranted

1 to 91 to 9I t o 9I t o 9

131

1 to 91 to 8

i Supplementary.


650 FEDERAL RESERVE BXJLLETIN OCTOBER, 1930

CONDITION OF ALL BANKS IN THE UNITED STATESTABLE 1.—ALL BANKS IN THE UNITED STATES i -PRINCIPAL RESOURCES AND LIABILITIES, ON CALL DATES, BY FEDERAL

RESERVE DISTRICTS

[In millions of dollars. Figures for nonmember banks are for the dates indicated or nearest dates thereto for which figures are available]

Federal reserve dis-trict and calldate

All districts:1928—June 30—

Dec. 31 —1929—June 29. . .

Dec. 31 —1930—June 30—

1928—June 30—Dec. 31—

1929—June 29.. .Dec. 31 —

1930—June 30—

1928—June 30_. .Dec. 31 —

1929—June 29___Dec. 31 —

1930—June 30—Philadelphia:

1928—June 30—Dec. 31—

1929—June 29—Dec. 31 —

1930—June 3 0 - .Cleveland:

1928—June 30—Dec. 31 —

1929—June 29—Dec. 31 —

1930—June 30.. .XvlL/XlLLlOXlCL •

1928—June 30.. .Dec. 31 —

1929—June 29.. .Dec. 3 1 . . .

1930—June 30—

1928—June 3 0 . -Dec. 31 —

1929—June 29.__Dec. 31 —

1930—June 30.._

1928^June 30—Dec. 31 —

1929—June 29—Dec. 3 1 —

1930—June 30. _ _St. Louis:

1928—June 30.. .Dec. 31 —

1929—June 29—Dec. 31 —

1930—June 30—Minneapolis:

1928—June 3 0 . -Dec. 31 —

1929—June 2 9 . -Dec. 31 —

1930—June 30—Kansas City:

1928—June 30—Dec. 31 —

1929—June 29—Dec. 31 —

1930—June 3 0 - -Tinllac*uanas.

1928—June 30—Dec. 31 —

1929—June 29—Dec. 31 —

1930—June 30—San Francisco:

1928—June 30—Dec. 31 —

1929—June 29—Dec. 31 —

1930—June 30—

Total loans and invest-

Allbanks

57,26558,26658,47458,41758,108

6,6446,6496,8186,7826,862

18,20218, 77618,89819,49419, 718

4,3654,3954,4604,3954,420

4,8984,8544,9274,8694,840

2,5312,5222,5012,4352,398

1,7531,7491,7341,6291,528

7,8267,9047,9587,7407,655

2,1412,1632,0992,0722,013

1,5491,5551,5391,5071,455

1,8931,9291,8811,8421,740

1,1631,2471,2171,1791,105

4,3004,5234,4434,4724,375

ments

Mem-ber

35,06135,68435, 71135, 93435, 656

2,6422,5712,6132,5612,592

11,09811, 59311, 77512,31612, 385

2,6562,6662,7102,6872,713

3,4483,4143,4883,4553,479

1,3441,3381,3291,2781,204

! 1,1731,1881,1771,1151,059

5,1185,1635,0524,9344,933

1,3841,4061,3411,3371,289

909933923911870

1,2241,2501,2411,2121,151

916993957936870

3,1493,1693,1053,1923,109

Non

mem-ber

22,20422, 58222, 76322, 48322,453

4,0024,0784,2054,2214,270

7,1047,1837,1227,1787,333

1,7091,7301,7501,7081,706

1,4501,4401,4391,4141,361

1,1871,1831,1721,1571,194

579560558514469

2,7092,7412,9062,8062,721

756757757736724

640622616597585

669679640630589

248254260243235

1,1511,3541,3381,2791,265

Loans (includingoverdrafts

Allbanks

39,46440,76341,51241,89840, 618

4,2264,2714,4344,5084,440

12, 60513,43513,80114,25214,009

2,6362,7472,8592,8592,807

3,2373,2793,3803,4133,272

1,8811,8791,8651,8131,730

1,3781,3461,3451,2621,166

5,8105,9336,0465,9535,764

1,5351,5461,5311,5261,485

947951945936874

1,3361,3321,3101,2931,209

895938914907842

2,9773,1073,0823,1773,021

Mem-ber

24,30325,15525,65826,15025, 214

1,8491,8241,8711,9101,836

7,7598,4048,7699,0978,914

1,6901,7451,8321,8591,829

2,2662,2912,3762,4102,336

1,0211,0221,010

974888

910895898855791

3,6983,8123,7923,7703,682

942954937955910

544560559563516

789803810804750

692736705714653

2,1442,1092,0992,2392,109

)

Non-mem-

ber

15,16115,60715,85315, 74815, 404

2,3772,4462,5632,5982,604

4,8465,0315,0315,1555,096

9461,0021,0271,000

977

972988

1,0041,004

937

861857855838841

468451447408375

2,1132,1212,2542,1832,081

593592594571575

403391387373358

5475304S9489459

203201209193189

833998983938912

Invc

Allbanks

17,80117,50416, 96216, 51917,490

2,4182,3782,3842,2732,422

5,5985,3415,0975,2435, 709

1,729 !1,6491,6011,535 :1,613

1, 660 !1,575 !1,547 '1,456 ;1,568

650643636622669

375402 .389366362

2,0161,9711,9121,7881,891

605617568546528

601605594

i 572. 582

i 557i 596! 571

549531

268310

! 302273263

1,3231,4161,3611,2951,353

stments

Mem-ber

10,75810, 52910, 0529,784

10,442

793747742650756

3,3403,1893,0063,2203,472

966921878828884

1,1821,1231,1121,0461,144

324317319303316

263293279260268

1,4201,3501,2601,1641,251

442452405381379

365373364348354

436; 447j 430

408401

224257251222217

! 1,0051,0601,007

953I 1,001

Non-

mem-ber

7,0436,9756,9106,7357,048

1,6261,6321,6421,6231,666

2,2582,1522,0912,0232,237

763728723708729

479452435410425

326326317319353

11210911010693

596620652623640

163166163165149

237232230224227

122149141141130

4453515046

318356355342353

Deposits, exclusive ofinterbank deposits

Allbanks

53,39856,76653,85255, 28954, 954

6,1066,2256,2096,2986,351

16, 61418, 91517, 02818,49018,809

3,7643,8743,7603,7453,777

4,4984,5264,5234,4524,439

2,2842,3512,2552,2712,231

1,6401,6731,5811,5481,441

7,5177,6677,5437,3817,287

2,0022,0451,9111,9621,879

1,5671,5961,5471,5191,482

1,9622,0281,9291,9091,841

1,1461,2901,1771,1861,108

4,2974,5764,3914,5294,310

Mem-ber

32,13334,82632, 28433,86533, 690

2,3512,3972,2972,3912,355

9,98212,14010,35111,81011,981

2,2322,2872, 2512,2652,301

3,1393,1653,1903,1543,182

1,1881,2141,1661,1521,105

1,0721,0931,0411,020

994

4,8064,9144,7214,6174,615

1,2151,2561,1771,2131,172

895929904892876

1,2081,2411,2071,1901,187

885989

; 911913867

3,1603,2003,0683,2473,056

Non-

mem-ber

21,26521,94021,56721,42421, 264

3,7553,8283,9123,9073,996

6,6326,7766,6776,6796,829

1,5321,5871,5091,4801,476

1,3591,3611,3331,2981,257

1,0961,1371,0891,1191,125

568580540527447

2,7122,7522,8222,7642,672

787788733750706

673666642626606

755787722719655

261301266272241

1,1371,3761,3231,2821,254

Rediscounts and bills]

Allbanks

1,5701,5121,5981,238

722

10893

1117847

523542488279181

160153164175

95

141139138155

67

10774

1137660

9474

1046667

225234221205

65

11082985655

1913222213

2934524928

1814272122

3759605523

payable

Mem-ber

1,2091,1621,198

879435

9276864930

481499453258166

11399

1059445

111105

98100

39

6949704829

5452724232

165164143148

27

6539

! 59i 3 2

25

85

1212

5

1922393513

1112201713

1939424412

Non-mem*

ber

361350399359287

1617253017

4243352115

4754588151

2934405528

3825432831

3921322335

6071795838

4543392430

1189

108

912131515

62849

1720181112

i Includes all national and State banks (including stock and mutual savings banks) and all private banks under State supervision.

Back figures.—See Tables 40, 41, and 81-84, Annual Report of Federal Reserve Board for 1929.



TABLE 2—ALL BANKS IN THE UNITED STATES i—PRINCIPAL RESOURCES AND LIABILITIES ON JUNE 30, 1930, AND DECEM-BER 31, 1929, BY STATES

[Amounts in thousands of dollars]

State

New England:MaineNew Hampshire.VermontMassachusetts...Rhode IslandConnecticut

Middle Atlantic:


Total

June

434,810299, 536245, 550

4, 296,010539, 579

1, 355,049

Decem-ber

432, 528311, 333250,'"""

4, 224, 673533,091

1, 336, 338

Loans (includingoverdrafts)

June

231, 537150,829

, 155,171! 2,954,835

303, 856803, 733

New York 17,422, 267 17, 222,1391 i 12, 570, 758 12, 754, 661New Jersey ! 2.404,928 2,388,312' 1,566,543 1,633,659Pennsylvania ' 5,779,339

East North Central:OhioIndiana 810,663Illinois ! 3,813,970Michigan 1,982,062Wisconsin j 906,710

West North Central:Minnesota 877, 288Iowa ! 756,29l|Missouri 1,182,9771North Dakota * 101,488South Dakota 131,230

333,583376,487

5,703,176 1 3,483,778

2,628,617 2, 691, 4931' 1,981,636o i n '!CO 862,926!: 605,330

3,802, 2631 2,822,0622,020, 634 jj 1,452,920

917,092J 631,288

NebraskaKansas

South Atlantic:Delaware 160,336Maryland 846, 710District of Columbia i 242, 779Virginia 540,489West Virginia 333,463North Carolina 354,060South Carolina I 159,553)Georgia 328, 563)Florida 213,479!

East South Central: iKentucky I 528,574Tennessee 429,532!Alabama i 262,225!Mississippi ; 210,822

West South Central:Arkansas j 194,094Louisiana ! 396,134Oklahoma j 380,831Texas I 966,478

Mountain: [Montana 134,753Idaho - . 70,095Wyoming j 54,754Colorado ! 241, 509New Mexico 39,904Arizona . . . . . 75,347Utah 159,276Nevada i 36,

Pacific: jWashington j 455,072Oregon 249,445California I 3,352,738

901, 370!781, 597

1,199,268111, 647137,494359, 293 ,404,409|l

167,407 I837, 381244,510 I551,364'!345, 126369, 5481 j168,618!

334, 448 i|258, 321; i

554,237Ji429,8241282,442 1212,352!!

197,507!!429,215; j400,524!

1,036,407|I

144,13080, 723!

57,640,262,321!

40,55981,188,

161, 748:

37, 988i

459,827 i260,497;

3,419, 904:

Decem-ber

230,617157,469158, 449

3,007, 510310, 677806, 945

Investments

June

T o t a l . _ -58,108,347j58,416,990

505, 794645,997850,084

72, 83891, 622

241, 455276, 886

114,574495, 803176, 702438,132263, 817'298, 868]116,971266, 544108, 961

414,573354,552210,816161,920

157,437319,172247,005739,011

79,91647,13039,282

152, 97224, 78246,535'

121,42];

28,193

296, 749:

140,428

3, 574, 655

2,057,408648,49l|

2, 888,118]1, 514,120

654, 737

545, 564662, 441|868,107j

79, 091!96, 370!

272, 082'292, 628'

119, 013!

518, 324!

184, 672455, 975,280,143!312,154!125, 94 lj277,199149, 838 j

438,200i360,570:229,081157. 979;

155,1711347,536253,432J798,590

87, 70049,97340,000

173,47125,74349, 911

126,04229,196

303,645148,041

2,356,928, 2,487,056

203, 273148, 70790,379

1, 341,175235, 723551,316

4,851,509838,385

2, 295, 561

646,981205,333991, 908529,142275,422

371,494110,294332,89328, 65039, 60892,12899, 601

51, 762350, 90766,077102, 35^69, 64655,19242, 58262,019104, 518

114,00174,98051,40948,902

36,65776,962133,826227,467

54,837128, 96515,472;

88,537:15,122:28,812;37,8551

8,705

158,323109,017i995,810;

Decem-ber

Deposits, exclusiveof interbank

bank deposits

June

201,911153,86491, 649

1, 217,163222,414529,393

4, 467, 478754, 653

2,128, 521

634,085!214, 435914,145506, 514262, 355

355,806119,156331,16132, 55641,12487,211111, 78l|

48, 394|319,057j59,838|95,389!64, 983!57, 394142, 67757, 249108,483

116,03769,25453,36154,373

42,33681,679147,092237,817

56,43030,75017,64088,85014,81631,27735, 7068,792

156,182112,456932,908

403,853269,995232, 816

3, 981, 262506, 299

1, 242, 627

16, 638,016 16,2,271,299 "4,923,176

40,618,146 41,898,395!l7,490,201:16,518, 595 54, 953,899 55,289,185

2, 527,444784,385

3, 528,4661, 902, 921889,010

880, 279783,802

1,170,119104, 733139, 435343, 022385, 746

.137, 252799.446246, 970460, 380314, 572323,110159, 071302, 311228, 559

429.447411,485232,672195, 7021

184,685379,920408,2241

Decem-ber

Rediscounts andbills payable

June

396, 468282,104;235, 599

3, 932,012499, 685

1, 232,420

5,9524,4255,582

22, 395325

10, 723

1,340,125 2 159,6982, 260, 738 33, 4234,883,774 101, ~

2, 532,157809,987

3, 569,283;1, 900, 537

894, 209j

879,134821, 931

1, 200,482119,331149,808j360, 964!405, 375:

138, 396!792,0941239, 895!

460, 718j315, 589!356, 777;178,103!315,3891262, 639!

447,941403,645266,074228,027

208,490'409,", 72;417,127!

971,393| 1,030,215

39,42613,84422,74522, 7399,223

4,7337,41816, 0052,0232,7295,07910,032

2,0946,3081,00819, 69110,96619, 3094,12312,8273,138

11,69114, 75416,71122,432

14,08711,74."5,30715, 739

144,003i84,82956,929

272,57643,62282,975130,53138,888

156,46391,95862,672

283, 97846,04491, 918

139,75541,054

454,471 468,879260,820 268,181

3,290,351 3,461,269

Decem-ber

10,4714,2227,00243,8372,19316, 206

242, 45148,160207,163

93,81927,19077,90687,45018,350

15, 20712, 94519, 2841,1651,56814, 6619,413

2,71513, 7088,093

27, 850!17, 217!12, 677j1,2189,9206,230

Number ofreporting

banks

1311211034493523:

1,122560

1,541

ber

13312310445033237

1,127568

1,566

986j 1,0159151 969

1, 683 1,765731 743

960

1,0461,2571,277412387804

1,069

4723041474297416217405235

1,011,2161,235

366374|773

1,051

22640462290391173390207

21,595 549 57219,8631 479 48414,155! 321 3505,598{ 293 308

3,3511 396! 41517,950! 222 22516,198 598! 61718,512 1,279; 1,308

195137

722,4551,237,596 23,852| 24,630

1 Includes all national and State banks and all private banks under State supervision. Figures for State institutions are taken from Table 4and represent in some cases the condition of banks as of dates other than June 30, 1930, and December 31, 1929.1 2 Excess over figures shown in Tables 3 and 4 is due chiefly to technical differences between reports to the board and reports to State bankingauthorities.

Back figures.—See Tables 85-87, Annual Report of Federal Reserve Board, 1929.


652 FEDERAL RESERVE BULLETIN OCTOBER, 193Q

TABLE 3.—NATIONAL BANKS i—PRINCIPAL RESOURCES AND LIABILITIES ON JUNE 30, 1930, AND DECEMBER 31, 1929, BYSTATES


State


Total

June Decem-ber


June Decem-ber

Investments

June Decem-ber

Deposits, exclusiveof interbank de-posits

June Decem-ber

rediscountsand bills pay-

able

June Decem-ber

Number ofreporting

banks

June De-cember

New England:MaineNew HampshireVermontMassachusettsRhode Island _..Connecticut.

Middle Atlantic:New YorkNew JerseyPennsylvania

East North Central:OhioIndianaIllinoisMichiganWisconsin

West North Central:MinnesotaIowa __.MissouriNorth DakotaSouth DakotaNebraskaKansas

South Atlantic:DelawareMarylandDistrict of Columbia.Virginia _.West VirginiaNorth CarolinaSouth CarolinaGeorgiaFlorida __.

East South Central:KentuckyTennesseeAlabama.Mississippi _.

West South Central:ArkansasLouisianaOklahomaTexas

Mountain:MontanaIdahoWyomingColoradoNew MexicoArizonaUtahNevada

Pacific:WashingtonOregonCalifornia

Total

141,49375,42668, 280

1,363, 53253,083260,600

5,156,311880,249

2,628,103

678,800355,480

1,307, 730516, 255423, 740

504,570263,861411,93367,40564,125193,798182,363

20, 655209,966125,316307,504161,121106,47065,010208,011148,375

225, 092251,586178,01874,366

65,91496,146310,805750,017

73,12134,31331,305187,568

26, 70545,14516, 921

260,937182,975

1,960,007

139,19671, 33070,462

1,311,30154, 312

258, 212

4, 662,103897, 737

2,584,111

725,194373,493

1, 267, 508521, 906419,141

530,858277,283431,96871,42963,434188, 554198,338

22, 715229, 248126, 506319, 254167,001113,16689,434208,602162, 221

241,681254,815188, 37674,287

75,808104,215330,380806,864

77, 96237, 77f33,181203,90729,38827,67349,20617, 547

266,174190,942

2,018,130

76,47346,59740,196994,97034,105190,989

3, 576,015562,611

1,613,197

472,179246, 701961, 251360,027295,394

307,566171, 094296,06242, 77638, 076131, 562124, 226

12,081128, 75088,685241,312121,32985,99749,088159,44569,877

168,154207,328135,32455,247

45,20280,587

562,762

41,57222, 75320, 652114,06517,17414,63830,14311,107

163, 72896,866

1,349, 640

75, 35444,85142, 314

1,020,81935,368194,310

65,02028,82928,084

368,56218,97869,611

3, 221, 953il, 580, 296 1,602,064J 317,638

1,657,189 1,014,906

513, 715262,365954, 674384, 256303,347

343,483183,156312,03544,71737,150135,405132,803

13, 699151, 24491, 790257,054129,43591, 25366,150167,69089,480

184,838213, 635145, 79552,865

52,05889, 279

205, 996613,122

46, 64624,82721,365130,55318,22915, 69235,07611,822

170,180102,087

1,443,226

206,621108, 779346,479156, 228128,346

197,00492, 767115,87124, 62926,04962, 23658,137

8,57481,21636,63166,19239, 79220,47315,92248, 56678,498

21,749,373 21,584,328

44,25842, 69419,119

20, 71215,559:112,1621187,255

31,54911, 56010, 65373, 50311,69312,06715,0025,814

97,20986,109610,367

63, 84226,47928.148290,48218, 94463,902

[, 440,150295,673926,922

211,479111, 128312,834137,650115, 794

187,37594,127119, 93326, 71226,28453.14965,535

9,01678,00434,71662, 20037,56621,91323,28440, 91272, 741

56,84341,18042, 58121,422

23,75014, 936124,384193,742

31,31612,94811,81673,35411,15911,98114,1305,725

95, 99488,855574,904

129,07461,70358,838

1, 246,79042,102235,470

126, 96960, 59859,988

1, 236,31642,538240,199

4,987,521! 4,357,111842,527 854,960

2,234,6891 2,225,782

639, 913343,674

1, 216,375511,535401, 349

500,070255,653365, 80868,70165, 548186, 509186,965

16,410188,185!128,6341269, 785!146,79192,09863,711198,637159,159

196, 208231, 569159,39167,568

63,09784,932330,829751,266

77, 52337,47331, 782

213, 55931,40928,47938,62816,429

257,383190,868

1,903,137

14,874,216 15,136,414 6,875,157 6,447,914 20,555,754 20,290,373 229,033 545,587

670,434345,166

1,205,450510,058394,699

499,134266, 938387,83574,05266,409173,433200,825

18,450210,076121, 285268,365147,695103, 29386, 720193,687164,669

204, 053224,371168,14573, 681

73,93994,379

334, 668778,525

83,96241, 56934,421219,81433,52630,93545,65017,090

267,183193,695

2,057,633

1,8583,8301,94510,534

1254,840

23, 65815,42840,289

10,0614,8486,1403,6591,976

6761,6804,734

940959

2,2383,557

7731,727

2007,9336,0336,3251,1623,7021,492

3,3987,9037,4217,244

2,0503,0152,7679,934

948575357

1,9814662041370

1,2,2773,566

2,1813, 6702,733

23, 8911,3225,781

124,10321,11384,039

28, 29112,45319, 62522, 9525,651

8,7276,2645,839626504

8,6343,647

9734,9225,55915, 3738,7054,160

5292,6382,045

10,2969,8949,2263,210

9073,710

15, 69215,615

19035

3273,291

6826

589

2,3603,303

29,898

525645

1521062

55629:84;

210462126155

26324112511295

171245

1677

112157

1164357555

13399

10135

6731

278593

634125

12026141810

10593

205

535646

1521062

559300851

317219482130157

26625113012292

157246

178012

15911566477657

13899

10735

7234

292609

674325

12027142010

10594

205

7,247 7,403

i Member banks only; i. e., exclusive of national banks in Alaska and Hawaii.



TABLE 4.—STATE BANKS i—PRINCIPAL RESOURCES AND LIABILITIES ON JUNE 30,1930, AND DECEMBER 31, 1929, BY STATES


State

New England:MaineNew HampshireVermontMassachusettsRhode IslandConnecticut-

Middle Atlantic:New YorkNew JerseyPennsylvania

East North Central:OhioIndianaIllinoisMichiganWisconsin

West North Central:MinnesotaIowaMissouriNorth DakotaSouth DakotaNebraskaKansas

South Atlantic:DelawareMarylandDistrict of ColumbiaVirginiaWest VirginiaNorth CarolinaSouth CarolinaGeorgiaFlorida

East South Central:KentuckyTennesseeAlabama.Mississippi

West South Central:ArkansasLouisianaO klahomaTexas _._

Mountain:MontanaIdahoWyomingColorado.New MexicoArizonaUtahNevada

Pacific:WashingtonOregonCalifornia __.


Total

June

293,317224,110177,270

2, 932,478486,496

1,094,449


Decem-ber June

II293,332,j240,0031179,636M

2, 913, 372478, 779

1,078,126

12, 265, 956' 12, 560,036i1,524,679 1,490,575'3,151,236 3,119,065!

1,949,817 1,966,299455,183 489, 433:

2, 506, 240 i 2, 534, 755;1,465,8071 1,498,728

482, 970 497, 951

372, 718492,430771,04434,08367,105139, 785194,124

145,681636, 744117, 463232, 985172, 342247, 59094, 543120, 55265,104

303,482177,94684,207136,456

128,180299,98870,026216,461

61,63241,78223,44953,94111,03748,642114,13119,977

194,13566,470

1,392,731

370, 512504, 314j767, 300>'40, 21874,060170, 739206,0711

144,692608,133!118,0041232,110:178,125256, 382;

79,184125,84696,100

312, 556J175,00994,066138,065;

121,699j325,00070,1441

229, 543

66,16842,94824,45958,41411,17153, 515112,54220,441

193,65369,555

1,401,834

155,064104, 232114,975

1, 959,865269, 751612, 744

8, 994, 7431,003,9321, 870, 581

1, 509,457358, 629

1, 860,8111, 092,893335,894

198, 228474, 903554,02230,06253, 546109,893152, 660

102,493367,05388, 017196,820142, 488212, 87167,883107,09939,084

246,419147,22475,492106,673

112,235j238, 58548,362176, 249

38,34424,37718,63038,9077,60831,89791,27817,086

133,02143, 562

1,007, 288

Decem-ber

155, 263112, 618116,135

1, 986,691275, 309612, 635

9, 532, 7081, 031, 5951, 917, 466

1, 543, 693386,126

1, 933,4441,129, 864351,390

202,081479, 285556,07234,37459, 220136, 67159,825

105, 314367, 08092,882198,921150, 708220, 90159, 791109, 50960,358

253,362146, 93583,286105,114

103,113258,25747,436185,468

41,05425,14618,63542, 9187,514

34,21990,96617,374

133,46545, 954

1,043,830

Investments

June

138,253119,87862,295972, 613216, 745481, 705

3, 271,213520, 747

1, 280, 655

440, 36096, 554645,429372, 914147,076

174,49017, 527

217, 0224,02113, 55929, 89241,464

43,188269, 69129, 44636,16529,85434, 719

13,45326,020

57,06330,7228,71529,783

15,94561,40321,66440,212

23,28817,4054,81915, 0343,42916, 74522,8532,891

61,11422,908385,443

Total _ 36,358,974 36,832,662j 25,743,930 26,761,98110,615,044 10,070,681 34,398,145 34,998,812 422,953 692,009 16, 605 17,227

Decem-ber

138,069127, 38563, 501926, 681203,470465,491

3,027,328 11,458, 980

1, 201, 599

422, 606103, 307601,311

Deposits, exclusiveof interbank de-posits

June

274, 779208, 292173, 978

2, 734,472464,197

1,007,157

., 650,4951,428, 7722, 688,487

1,887, 531440, 711

2,312, 0911, 391,386

146', 561! 487,661

I168,4311

25,029211, 228

5,84414,84034,062!46, 2461

39, 378241,053

25,122:33,18927,41735,48119, 39316, 337135, 742

59,194128,074'10,78032,951

380,2093 528,1493 804, 311

36,03273,887

156, 5133 198, 781

120,842611,261118, 336190, 595167, 781231,012

95, 360103, 67469,400

233, 2393 179,916

3 73, 281128,134

18, 586! 121, 58866,743 i 294,98822,708 77, 39544,075 220,127

25,114j17,802;5, 8241

15,49613, 657

19,296,21, 5763,067

60,18823,601

358,004

66,4803 47, 356

25,14759,01712,213

3 54,49691,90322,459

197,08869, 952

1,387,214

Decem-ber

Rediscountsand bills pay-

able

Number ofreporting

banks

June Decem-ber

269,499221, 506175,611

2,695, 696j457,147992, 221

11,983,0141, 405, 7782, 657,992

1,861, 7231464,8211

2, 363,83311, 390,4791

499, 510

380,0003 554, 9933 812, 647

45, 27983, 399

187, 5313 204, 550

119, 946582,018118, 610192, 353167,894253,48491, 383121, 70297,970

243,8883 179, 2743 97,929154,346

134, 551315,39382,459251,690

72,5013 50,38928, 25164,16412, 518

3 60,98394,10523,964

201, 69674,486

1,403,636

2 29,3658,99616, 60519,0807,247

4,0575,73811, 8711,0831,7702,8416,475

1,32]4,581808

11, 7584,93312, 9842,9619,1251,646

8,2936,8519,29015,188

8,290552

4,269119,946;

871|10, 425

118, 34827,047123,124

6,4806, 681!13, 445

5391,0646,0275,766

1,7428, 7862,53112,4778,5128,517689

7,2824,185

11, 2999,9694, 9292,388

12, 037 2,4448,730 14,2402,540| 5065,805 2,897

1,257323

1,057798389

M682,628

2,4941,5397,681

318158275429133

4 5661,851

1,4781,401

13,387

De-

752975

1,110254279602;

416380220258

228135232

7501,283

613803

434385243273

235140232

1 Includes all State banks (including stock and mutual savings banks) and all private banks under State supervision. Figures relate to datesgiven or dates nearest thereto for which figures are available.

2 Includes bonds borrowed.3 Includes due to banks.< Includes miscellaneous liabilities.NOTE.—All figures in the June columns are as of June 30, except as follows: Minnesota, June 16; Missouri, Apr. 16; Tennessee, May 19. All

figures in the December columns are as of Dec. 31, except as follows: Maine,Dec. 28; New Hampshire, June 29; Massachusetts, State banks, Dec.28, savings banks, Oct. 31; Kansas, Dec. 3; Kentucky, June 29; Colorado, Nov. 25; Oklahoma, Dec. 28; Tennessee, Nov. 29.


FEDERAL RESERVE DISTRICTS

ii • • BOUNDARIES OF FEDERAL RESERVE DISTRICTS. . . . . BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES

® FEDERAL RESERVE BANK CITIES• FEDERAL RESERVE BRANCH CITIESO FEDERAL RESERVE BANK AGENCY


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